In the example shown in the following figure, you calculate a return adjusted by loads with both the option to use the prior- and nextperiod load on the date that the load/fee changes.
This example uses the following sample database profile: MF Multiperiod Returns 6.0 – Anniversary Date Fees. 
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The spreadsheet in the following figure shows the methodologies for calculating these returns.
Figure : Use Prior Next Period Load Calculation
The first return (-5%) is calculated by adjusting the ending value by the load dollars determined using the current period load. Here you calculate a 1-year return using the first-year load.
For the second return, you adjusted the ending market value by the load in effect during the second year. That is, for a 1-year return, you switch to use the second year load. Because the loads decline over time, this results in a higher return (-4%).
To configure PACE to calculate this return, you selected the next fee/load tier on anniversary date processing option. See the following figure. 
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