Yes, trail commission is included in the performance data of the report. This is because trail commission is funded from the fund annual management charge of bundled funds rather than from account unit deductions. As a result, the charge is reflected as lower fund performance of the bundled version of the fund. In comparison, investors on our unbundled charge basis, Charge Basis 3, holding the unbundled/clean version of the fund will see higher fund performance.
As the charge is implicitly included in the account performance, it would be inappropriate to include it in fees and charges as this would effectively be double-counting.