We recently highlighted how PIMCO’s Bill Gross has been touting high-yielding utility and telecom stocks, in large part because ultra-low interest rates are making many bond yields unappealing and money market accounts almost useless for those looking to growth their cash.

In terms of what to do with extra cash, Gross doesn’t seem to think government debt is the answer. According to Bloomberg, he cut back significantly on the government debt holdings in PIMCO’s $200 billion Total Return bond fund in November, decreasing the portion of the portfolio involving such debt to 51% from 63% the previous month.

Gross also increased the fund’s cash position to its highest mark — 7% of the portfolio — since Lehman Brothers collapsed in September 2008, Bloomberg reports. Gross, who earlier this month told CNBC that Treasuries are overvalued compared to potential inflation, also decreased his holdings of mortgage-related securities to 12%, down from 16% a month earlier, Bloomberg states.