Final answer:
The total return of a portfolio is the overall performance of the investments in it, and re-characterization depends on the trustee's authority.
Step-by-step explanation:
The total return of a portfolio is the overall performance of the investments in the portfolio. It includes capital gains, dividends, and interest. This can be calculated by summing up the returns of each individual investment in the portfolio.
As for re-characterizing the portfolio, it depends on the circumstances and the rules set by the trustee. The trustee may have the authority to make changes to the portfolio, such as reallocating assets or changing the investment strategy, but it will ultimately depend on the specific terms and conditions.