...I started looking for possible clues in Morningstar's snapshot of PIMCO Total Return Fund (PTTRX).

This is what I found...

I see the top bond guru in the world returned a three year average of 3.83% in his "Total Return" Fund. One could have parked money in a money market fund, CDs, a bank, or short term treasuries and done better than that.

Digging deeper I see the top five holdings of the Total Return Fund are as follows.

1) Fannie Mae
2) Fannie Mae
3) Fannie Mae
4) Fannie Mae
5) Fannie Mae...

40.20% of the Total Return Fund is invested in mortgages which from the above tables it would appear that most of that is not even "quasi-government guaranteed".

The logical conclusion is that Bill Gross is overweight mortgages and wants a taxpayer bailout of PIMCO. Is it any wonder then that he is asking Bush to "Write some checks, bail ?em out, and prevent a destructive housing deflation that Ben Bernanke is unable to do."

The only thing Gross forgot to mention in his September Outlook was the return address on those checks needs to read "Bill Gross @ PIMCO".