Preston,

Thank you for bringing attention to the often unspoken costs that pervade mutual fund marketing. That said, I don't think the example you chose is the the best illustration.

For investors who invest in the funds through an advisor in a fee-based account, they will have access to the load waived A shares, which is essentially what was used to calculate those outperformance numbers.

For investors who choose to invest on their own, the fund family has F1 shares (substantially similar to the A shares) that are now available without a load at Fidelity and Schwab.

Again, I agree with your broader point and believe it is an important one, I just don't want people to limit their search for good investments because of a load they don't actually have to pay.