XXXX XXXXX TOTAL RETURN TRUST, INC. - PRIMARY SHARES
----------------------------------------------------
March 31, 1997 - March 31, 1998 (one year)
-------------------------------
Cumulative Total Return
-----------------------
ERV = (24.63 x 1.9080494) - (19.39 x 1.7015058) x 1000 + 1000 = 1424.43
-----------------------------------------
(19.39 x 1.7015058)
P = 1000
C = 1424.43 - 1 = .424435 = 42.44%
------- -----
1000
Average Annual Return: Same
---------------------
March 31, 1993 - March 31, 1998 (five years)
-------------------------------
Cumulative Total Return
-----------------------
ERV = (24.63 x 1.9080494) - (13.61 x 1.3842249) x 1000 + 1000 = 2494.53
-----------------------------------------
(13.61 x 1.3842249)
P = 1000
C = 2494.53 - 1 = 1.494532 = 149.45%
------- ------
1000
Average Annual Return:
---------------------
1/5
(1.494532 + 1) - 1 = 20.06%
-----
March 31, 1988 - March 31, 1998 (ten years)
-------------------------------
Cumulative Total Return:
-----------------------
ERV = (24.63 x 1.9080494) - (8.86 x 1.2048529) x 1000 + 1000 = 4402.36
----------------------------------------
(8.86 x 1.2048529)
P = 1000
C = 4402.36 - 1 = 3.402367 = 340.24%
------- ------
1000
Average Annual Return:
---------------------
1/10
(3.402367 + 1) - 1 = 15.98%
-----
XXXX XXXXX TOTAL RETURN TRUST, INC.
-----------------------------------
NAVIGATOR TOTAL RETURN TRUST
----------------------------
March 31, 1997 - March 31, 1998 (one year)
-------------------------------
Cumulative Total Return
-----------------------
ERV = (24.87 x 1.0018706) - (19.53 x .8863402) x 1000 + 1000 = 1439.41
----------------------------------------
(19.53 x .8863402)
P = 1000
C = 1439.41 - 1 = .439410 = 43.94%
------- -----
1000
Average Annual Return: Same
---------------------
December 1, 1994 - March 31, 1998 (life of class)
---------------------------------
Cumulative Total Return
-----------------------
ERV = (24.87 x 1.0018706) - (12.78 x .7824726) x 1000 + 1000 = 2491.65
----------------------------------------
(12.78 x .7824726)
P = 1000
C = 2491.65 - 1 = 1.491652 = 149.17%
------- ------
1000
Average Annual Return:
---------------------
1/3.334246
(1.491652 + 1) - 1 = 31.50%
-----
