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 next period 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. 
Anchor
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. 
Anchor
...
Troubleshoot Anniversary Date Load and Fee Calculations
Edit or view the entity and Dynamic Mutual Fund Returns field to see the parameters used in the return calculation.