Pimco’s Gross Shifts Family Holdings in Bond Market Rout

Pacific Investment Management Co.’s William Gross, the billionaire who runs the world’s largest mutual fund, is re-jiggering family investments in Pimco bond funds that have been beaten down by rising interest rates.

Gross paid about $4.3 million to buy shares of Pimco Corporate & Income Strategy Fund from June 10 to June 12, according to filings with the U.S. Securities and Exchange Commission. He raised $3.2 million in May and June by selling shares of Pimco Income Strategy Fund, Pimco Municipal Income Fund II and Pimco Corporate & Income Opportunity Fund, separate filings show.