MWH Capital Transaction Account Approved Product List

Transcription

1 MWH Capital Transaction Account Approved Product List 11 August 2014 The MWH Capital Transaction Account Approved Products List ( Approved Products List ) is issued by Powerwrap Limited ABN , AFSL ) a registered Managed Investment Scheme under the Corporations Act (Cth) 2001 (ARSN ). The information should be read in conjunction with the MWH Capital Transaction Account Product Disclosure Statement (PDS) dated 24 June The information contained in this Approved Products List is general information only and does not take into account your personal objectives, financial situation and/or needs. Before you make an investment decision it is recommended you obtain professional financial advice from your Financial Adviser tailored to your personal circumstances. If you would like to request a printed copy of this Investment List, please contact your Financial Adviser or the Promoter; copies will be provided free of charge. Responsible Entity and Promoter Powerwrap Limited ABN AFSL Level 3, 150 Queen Street MELBOURNE VIC 3000 Phone: (03) Fax: (03)

2 MWH Capital Transaction Account Approved Product List Managed Funds Each of the funds listed below have their own Product Disclosure Statement. You must obtain and read a copy of the Product Disclosure Statements for all managed funds in which you choose to invest. AAP0002AU AAP0007AU AAP0103AU AAP0104AU ADV0045AU ADV0046AU ADV0049AU ADV0050AU ADV0078AU ADV0091AU AFM0005AU AJF0804AU AMP0254AU AMP0449AU AMP0452AU AMP0455AU AMP0557AU AMP0974AU AMP1015AU AMP1151AU AMP1179AU AMR0001AU ANZ0212AU APN0008AU APN0016AU APZ0003AU ARO0011AU AUG0001AU AUG0018AU AUG0019AU AUS0009AU AUS0030AU AUS0037AU AUS0108AU AUS0112AU BAR0814AU BFL0004AU AUSBIL AUSTRALIAN GEARED EQUITY AUSBIL MICROCAP FUND AUSBIL AUSTRALIAN ACTIVE EQUITY AUSBIL AUSTRALIAN EMERGING LEADERS ADVANCE AUSTRALIA SHR MULTI-BLEND WHOLESALE MAPLE-BROWN ABBOTT IMPUTATION WHOLESALE ADVANCE DEFENSIVE MULTI-BLEND WHOLESALE ADVANCE BALANCED MULTI-BLEND WHOLESALE MAPLE-BROWN ABBOTT AUSTRALIAN GEARED EQUITY WHOLESALE ADVANCE MODERATE MULTI-BLEND WHOLESALE AURORA FORTITUDE ABSOLUTE RETURN ONEPATH WHOLESALE AUSTRALIAN SHARE TRUST AMP CAPITAL INTERNATIONAL BOND A AMP CAPITAL SUSTAINABLE SHARE A AMP CAPITAL RESPONSIBLE INVESTMENT LEADERS BAL A AMP CAPITAL RESPONSIBLE INVESTMENT LEADERS INTERNATIONAL SHARE A AMP CAPITAL CORPORATE BOND FUND CLASS A AMP CAPITAL GLOBAL PROPERTY SECURITIES A AMP CAPITAL CORE PROPERTY A AMP CAPITAL RESPONSIBLE INVESTMENT LEADERS AUSTRALIAN SHARE FUND A AMP CAPITAL CORE INFRASTRUCTURE FUND ASCALON H3 COMMODITIES FUND ONEPATH WS DIVERSIFIED FIXED INTEREST APN AREIT FUND APN UNLISTED PROPERTY ASPEN PARKS WHOLESALE PROP ARNHEM AUSTRALIAN EQUITY AUSTRALIAN ETHICAL BALANCED TRUST AUSTRALIAN ETHICAL SMALLER COMPANIES B AUSTRALIAN ETHICAL LARGE COMPANIES B AUI VIANOVA STRATEGIC FIXED INT WHLS AUI PLATYPUS AUST EQUITIES WHOLESALE AUI HEALTHCARE PROPERTY TRUST A AUI ACORN CAPITAL MICROCAP TRUST W AUTRALIAN UNITY WHOLESALE HEALTHCARE PROPERTY BLACKROCK SCIENTIFIC AUSTRALIAN EQUITY FUND BENNELONG EX-20 AUSTRALIAN EQUITIES 2

3 BFL0010AU BGL0045AU BGL0108AU BLK0001AU BNT0003AU BNT0101AU BTA0055AU BTA0061AU CFM0404AU CNA0811AU CNA0812AU COL0001AU COL0007AU COL0018AU COL0019AU COL0020AU CRM0008AU CRS0004AU CRS0005AU CSA0038AU CSA0046AU CSA0062AU CSA0130AU DEU0109AU DFA0003AU DFA0004AU DFA0005AU DFA0009AU DFA0100AU DFA0101AU DFA0102AU DFA0103AU DFA0104AU DFA0105AU DFA0106AU DFA0107AU DFA0108AU EGG0001AU EQI0015AU EQI0028AU ETL0005AU ETL0015AU ETL0016AU ETL0018AU ETL0019AU ETL0020AU ETL0031AU ETL0032AU BENNELONG KARDINIA ABSOLUTE RETURN BLACKROCK SCIENTIFIC GLOBAL MARKETS FUND BLACKROCK INDEXED AUS LISTED PROPERTY BLACKROCK MULTI OPPORTUNITY FUND HYPERION AUSTRALIAN GROWTH COMPANIES HYPERION SMALL GROWTH COMPANIES BT AUSTRALIAN SHARE WS BT PROPERTY SECURITIES W CFS WHOLESALE AUSTRALIAN SHARE-CORE INVESCO WS AUSTRALIAN SHARE INVESCO W AUST SMALLER COMPANIES MAXIM PROPERTY SECURITIES FUNDS INVESTMENT SCIENCE ACCESS SRA 9 UNITS INVESTMENT SCIENCE ALLIANCE SRA 4 UNITS INVESTMENT SCIENCE ALLIANCE SRA 9 UNITS INVESTMENT SCIENCE ALLIANCE 16 UNITS CROMWELL PHOENIX PROPERTY SECURITIES ABERDEEN AUSTRALIAN FIXED INCOME ABERDEEN ACTIVELY HEDGED INT EQUITIES BENTHAM WHOLESALE GLOBAL INCOME BENTHAM WHOLESALE SYNDICATED LOAN ABERDEEN DIVERSIFIED FIXED INCOME ABERDEEN INCOME FOCUSED BOND IRONBARK GLOBAL DIVERSIFIED ALTERNATIVES FUND DIMENSIONAL AUSTRALIAN CORE EQUITY TRUST DIMENSIONAL GLOBAL CORE EQUITY TRUST DIMENSIONAL GLOBAL REAL ESTATE TRUST DIMENSIONAL GLOBAL CORE EQUITY AUD HDG DIMENSIONAL SHORT TERM FIXED INTEREST DIMENSIONAL AUSTRALIAN VALUE TRUST DIMENSIONAL GLOBAL VALUE TRUST DIMENSIONAL AUST LARGE COMPANY TRUST DIMENSIONAL AUST SMALL COMPANY TRUST DIMENSIONAL GLOBAL LARGE COMPANY TRUST DIMENSIONAL GLOBAL SMALL COMPANY TRUST DIMENSIONAL EMERGING MARKETS TRUST DIMENSIONAL FIVE-YEAR DIVERSIFIED F/I ELEY GRIFFITHS GROUP SMALL COMPANIES ABERDEEN INTERNATIONAL EQUITY ABERDEEN ASIAN OPPORTUNITIES EQT SGH LASALLE GLOBAL LISTED PROP SECS PIMCO AUSTRALIAN BOND PIMCO EQT WS DIVERSIFIED FIXED INTEREST PIMCO EQT WHOLESALE GLOBAL BOND PIMCO EQT WHOLESALE GLOBAL CREDIT FUND PIMCO EQT WHOLESALE GLOBAL REAL RETURN ABERDEEN CHINA OPPORTUNITIES ABERDEEN EMERGING OPPORTUNITIES 3

4 ETL0041AU ETL0042AU ETL0060AU ETL0062AU ETL0071AU ETL0109AU ETL0119AU ETL0182AU ETL0268AU ETL0324AU ETL0331AU FAM0101AU FHT0030AU FID0007AU FID0008AU FID0015AU FRT0004AU FRT0011AU FSF0003AU FSF0004AU FSF0008AU FSF0033AU FSF0038AU FSF0043AU FSF0084AU FSF0454AU FSF0486AU FSF0487AU FSF0488AU FSF0500AU FSF0502AU FSF0698AU FSF0908AU FSF0961AU FSF0976AU GMO0006AU GSF0001AU GSF0002AU GTU0008AU GTU0041AU GTU0102AU HBC0008AU HHA0001AU HHA0002AU HHA0007AU HML0016AU HOW0002AU HOW0026AU HOW0032AU HOW0034AU HOW0052AU IML0002AU IML0003AU MFS FULLY HEDGED GLOBAL EQUITY TRUST SGH20 ALLAN GREY AUSTRALIAN EQUITY SGH ICE FUND T ROWE PRICE GLOBAL EQUITY FUND EQT SMALL COMPANIES EQT SGH WHOLESALE PROP INCOME PIMCO AUSTRALIAN FOCUS SWITA INTERNATIONAL ASSET ALLOCATION LINCOLN AUSTRALIAN INCOME WHOLESALE 90 WEST NATURAL RESOURCES FUND CELESTE AUSTRALIAN SMALL COMPANIES THE MONTGOMERY FUND FIDELITY GLOBAL EQUITIES FIDELITY AUSTRALIAN EQUITIES FIDELITY INDIA TEMPLETON GLOBAL EQUITY FRANKLIN TEMPLETON MULTISECTOR BOND W CFS WHOLESALE IMPUTATION CFS WHOLESALE PROPERTY SECURITIES CFS WHOLESALE DIVERSIFIED CFS WHOLESALE CONSERVATIVE CFS WHOLESALE GLOBAL RESOURCES CFS WHOLESALE GEARED SHARE CFS WHOLESALE GLOBAL CREDIT INCOME COLONIAL FIRST STATE WHOLESALE COLLIERS GLOBAL PROPERTY SECURITIES COLONIAL FIRST STATE FIRSTCHOICE CONSERVATIVE FUND COLONIAL FIRST STATE FIRSTCHOICE DEFENSIVE FUND COLONIAL FIRST STATE FIRSTCHOICE WHOLESALE FIXED INTEREST CFS FIRSTCHOICE WHOLESALE MODERATE FUND CFS FIRSTCHOICE WHOLESALE AUSTRALIAM SMALL COMPANY CFS WHOLESALE GLB RESOURCES LONG SHORT GENERATION WHOLESALE GLOBAL SHARE CFS WHOLESALE EQUITY INCOME REALINDEX AUSTRALIAN SHARE - CLASS A GMO SYSTEMATIC GLOBAL MACRO TRUST GRANT SAMUEL EPOCH GLBL EQ SHLD YLD HEDGED GRANT SAMUEL EPOCH GLBL EQ SHLD YLD UNHEDGED INVESCO WS GLOBAL MATRIX HEDGED INVESCO WS GLOBAL PROPERTY SEC HDGD A INVESCO W GLOBAL MATRIX UNHEDGED SG HISCOCK WHOLESALE PROPERTY SECURITIES HUNTER HALL AUSTRALIAN VALUE TRUST HUNTER HALL GLOBAL ETHICAL TRUST HUNTER HALL GLOBAL DEEP GREEN TRUST UBS CLARION GLOBAL PROPERTY SECURITIES HUNTER HALL VALUE GROWTH TRUST ALPHINITY WS CONCENTRATED AUST SHARE FIVE OCEANS WHOLESALE WORLD FUND GREENCAPE WHOLESALE BROADCAP FUND KAPSTREAM WHOLES ABSOLUTE RETURN INCOME FUND INVESTORS MUTUAL WS AUSTRALIAN SHARE INVESTORS MUTUAL WS FUTURE LEADERS 4

5 IML0005AU INT0028AU INT0044AU INT0080AU INT0092AU INT0095AU IOF0044AU IOF0046AU IOF0048AU IOF0145AU IOF0206AU ITG0001AU JBW0009AU JBW0014AU JBW0018AU KAM0101AU MAL0012AU MAL0018AU MAL0030AU MAL0072AU MAL0079AU MAL0135AU MAN0002AU MAN0008AU MAQ0061AU MAQ0063AU MAQ0079AU MAQ0187AU MAQ0204AU MAQ0211AU MAQ0274AU MAQ0277AU MAQ0404AU MAQ0410AU MAQ0432AU MAQ0441AU MAQ0464AU MAQ0482AU MAQ0557AU MAQ0631AU INVESTORS MUTUAL EQUITY FUND IBBOTSON BALANCED GROWTH TRUST IBBOTSON INTERNATIONAL BONDS PASSIVE (HEDGED) TRUST IBBOTSON INTL BONDS ACTIVE HEDGED TRUST IBBOTSON GLOBAL LINKED SECURITIES (HEDGED) TRUST IBBOTSON DIVERSIFIED ALTERNATIVES TRUST PERENNIAL AUSTRALIAN PROPERTY WS TRUST PERENNIAL FIXED INTEREST WHOLESALE PERENNIAL GROWTH SHARES WHOLESALE TRUST PERENNIAL TACTICAL INCOME TRUST PERENNIAL VALUE SHARES WHOLESALE TRUST INTEGRITY AUSTRALIAN SHARE GOLDMAN SACHS AUSTRALIAN EQUITIES WHOLESALE GOLDMAN SACHS INTERNATIONAL WHOLESALE GOLDMAN SACHS ENHANCED INCOME WHOLESALE K2 AUSTRALIAN ABSOLUTE RETURN BLACKROCK W MONTHLY INCOME D BLACKROCK GLOBAL ALLOCATION AUST D BLACKROCK ASSET ALLOCATION ALPHA D BLACKROCK AUSTRALIAN EQUITY OPPORTUNITIES BLACKROCK AUSTRALIAN EQUITY ABSOLUTE RETURN FUND BLACKROCK WS HEDGED GLOBAL SMALL CAPITAL MAN AHL ALPHA MAN GLG GLOBAL MACRO (AUD) MACQUARIE AUSTRALIAN FIXED INTEREST MACQUARIE MASTER PROPERTY SECURITIES ARROWSTREET GLOBAL EQUITY HEDGED MACQUARIE MASTER CASH MACQUARIE DIVERSIFIED TREASURY (A) MACQUARIE TRUE INDEX AUSTRALIAN FIXED INTEREST MACQUARIE MASTER DIVERSIFIED FIXED INT MACQUARIE INCOME OPPORTUNITIES IFP GLOBAL FRANCHISE FUND WALTER SCOTT GLOBAL EQUITY MACQUARIE INTL INFRASTRUCTURE SECURITIES PREMIUM CHINA ARROWSTREET GLOBAL EQUITY FUND WINTON GLOBAL ALPHA WALTER SCOTT GLOBAL EQUITY HEDGED IFP GLOBAL FRANCHISE FUND (HEDGED) 5

6 MAQ0640AU MACQUARIE ASIA NEW STARS NO. 1 FUND MGE0001AU MAGELLAN GLOBAL MGE0002AU MAGELLAN INFRASTRUCTURE MGE0005AU MAGELLAN HIGH CONVICTION MGE0006AU MAGELLAN INFRASTRUCTURE UNHEDGED MGE0007AU MAGELLAN GLOBAL HEDGED MGL0010AU RREEF GLOBAL (EX-AUS) PROPERTY SECURITIES MGL0114AU ABERDEEN AUSTRALIAN EQUITIES MGL0019AU DWS GLOBAL EQUITY AGRIBUSINESS MIA0001AU MFS GLOBAL EQUITY TRUST MLC0014AU MLC VANGUARD AUSTRALIAN SHARES INDEX FUND MLC0260AU MLC HORIZON SERIES 4 MLC0261AU MLC WHOLESALE GLOBAL SHARE MLC0263AU MLC WHOLESALE PROPERTY SECURITIES MLC0264AU MLC INCOME BUILDER MLC0265AU MLC HORIZON SERIES 5 MLC0317AU MLC WHOLESALE PLATINUM GLOBAL MLC0397AU MLC HORIZON SERIES 6 MLC0398AU MLC WHOLESALE HORIZON 3 CONSERVATIVE GROWTH MLC0670AU MLC HORIZON SERIES 2 MMC0110AU EQT INTRINSIC VALUE INTERNATIONAL SHAREMARKETS NFS0209AU ANTARES PROF LISTED PROPERTY NML0018AU AMP WHOLESALE CASH MANAGEMENT NML0061AU AMP CAPITAL WHOLESALE AUSTRALIAN EQUITY VALUE FUND NML0318AU AMP W GLOBAL EQUITY GROWTH MLC0261AU MLC WHOLESALE GLOBAL SHARE MLC0263AU MLC WHOLESALE PROPERTY SECURITIES MLC0264AU MLC INCOME BUILDER MLC0265AU MLC HORIZON SERIES 5 MLC0317AU MLC WHOLESALE PLATINUM GLOBAL NML0348AU AMP W GLOBAL EQUITY VALUE OMF0001AU REALM HIGH INCOME FUND PAL0002AU RREEF PALADIN PROPERTY SECURITIES PAM0001AU ALPHINITY WHOLESALE AUSTRALIAN SHARE PAT0002AU IRONBARK KARARA AUSTRALIAN SMALL COMP PER0046AU PERPETUAL WHOLESALE INDL SHR PER0048AU PERPETUAL WHOLESALE SMALLER COMPANIES PER0049AU PERPETUAL WHOLESALE AUS SHR PER0050AU PERPETUAL WHOLESALE INT SHR PER0063AU PERPETUAL WHOLESALE BAL GRTH PER0066AU PERPETUAL WHOLESALE SPLIT GR PER0071AU PERPETUAL WHOLESALE GEARED AUS PER0072AU PERPETUAL W SHARE PLUS L/S PER0102AU PERPETUAL WHOLESALE CONCENTRATED EQ PER0116AU PERPETUAL WHOLESALE ETHICAL SRI PER0270AU PENGANA EMERGING COMPANIES FUND PER0561AU FIRSTMAC HIGH LIVEZ PLA0001AU PLATINUM EUROPE FUND PLA0002AU PLATINUM INTERNATIONAL PLA0004AU PLATINUM ASIA PLA0006AU PLATINUM UNHEDGED FUND 6

7 PLA0100AU PLATINUM INTERNATIONAL BRANDS PLA0101AU PLATINUM INTERNATIONAL TECHNOLOGY PMC0100AU PM CAPITAL ABSOLUTE PERFORMANCE FUND PMC0103AU PM CAPITAL ENHANCED YIELD PPL0002AU ANTARES PROF DIVIDEND BUILDER PPL0106AU ANTARES PROF HIGH GROWTH SHRS PPL0107AU ANTARES PROF SMALL COMPANIES PPL0114AU ANTARES PROF PREMIER FXD INCOME PPL0115AU ANTARES PROF ELITE OPPORTUNITIES PRE0001AU PRINCIPAL PROPERTY SECURITIES PVA0011AU PRIME VALUE GROWTH B PVA0022AU PRIME VALUE IMPUTATION B PWA0822AU BLACKROCK WS BALANCED PWA0823AU BLACKROCK W AUSTRALIAN SHARE RFA0025AU BT ETHICAL SHARE WHOLESALE FUND RFA0103AU BT IMPUTATION FUND RFA0811AU BT SUTAINABLE CONSERVATIVE FUND RFA0813AU BT FIXED INTEREST WHOLESALE RFA0815AU BT ACTIVE BALANCED WHOLESALE RFA0818AU BT CORE AUSTRALIAN SHARE WHOLESALE RIM0020AU VENTURA GROWTH 70 RIM0029AU RUSSELL AUST OPPORTUNITIES CLASS A RIM0032AU RUSSELL GLOBAL OPPORTUNITIES A SBC0007AU UBS DIVERSIFIED FIXED INCOME FUND SBC0812AU UBS CASH PLUS SBC0813AU UBS AUSTRALIAN BOND SCH0028AU SCHRODER FIXED INCOME SCH0032AU SCHRODER GLOBAL ACTIVE VALUE HEDGED SCH0036AU SCHRODERS AUSTRALIAN SMALL CAPS SCH0047AU SCHRODER REAL RETURN WHOLESALE FUND SCH0101AU SCHRODER WS AUSTRALIAN EQUITY SCH0102AU SCHRODER BALANCED SCH0103AU SCHRODER CREDIT SECURITIES SLT0005AU SELECT ALTERNATIVES PORTFOLIO SLT0006AU BAKER STEEL GOLD SSB0012AU LEGG MASON GLOBAL MULTI SECTOR BOND TR A SST0048AU SSgA AUSTRALIAN MANAGED VOLATILITY ALPHA SST0050AU SSgA GLOBAL MANAGED VOLATILITY ALPHA DSH SST0052AU SSgA RETIREMENT LIFESTYLE BUILDER SST0053AU SSgA RETIREMENT LIFESTYLE PROVIDER SST0054AU SSgA RETIREMENT LIFESTYLE SUSTAINER TGP0004AU GVI AUBREY GLOBAL GROWTH & INCOME - HEDGED TGP0008AU RARE INFRASTRUCTURE VALUE FUND TYN0010AU TYNDALL AUSTRALIAN SHARE VALUE TYN0028AU TYNDALL AUSTRALIAN SHARE W PORTFOLIO TYN0038AU TYNDALL AUSTRALIAN SHARE INCOME TYN0104AU TYNDALL AUSTRALIAN BOND UBS0008AU UBS GLOBAL PROPERTY SECURITIES VAN0001AU VANGUARD AUSTRALIAN FIXED INTEREST INDEX VAN0002AU VANGUARD AUSTRALIAN SHARES INDEX VAN0003AU VANGUARD INTERNATIONAL SHARES INDEX VAN0004AU VANGUARD PROPERTY SECURITIES INDEX VAN0005AU VANGUARD EMERGING MARKETS SHARES INDEX VAN0018AU VANGUARD INT PROPERTY SECURITIES INDEX 7

8 APIR code VAN0019AU VAN0021AU VAN0025AU VAN0042AU VAN0101AU VAN0102AU VAN0103AU VAN0104AU VAN0105AU VAN0106AU VAN0108AU VAN0109AU VAN0110AU VAN0111AU WFS0377AU WHT0015AU WHT0022AU YOC0100AU ZUR0061AU ZUR0064AU ZUR0517AU ZUR0518AU ZUR0538AU VANGUARD INT PROPERTY SECS INDEX (HDGD) VANGUARD INTERNATIONAL SMALL COMPANIES VANGUARD AUSTRALIAN GOVT BOND INDEX VANGUARD DIVERSIFIED BOND INDEX FUND VANGUARD INDEX DIVERSIFIED BOND VANGUARD CASH PLUS INDEX VANGUARD INT FIXED INTEREST INDEX HDGD VANGUARD AUSTRALIAN SHARES HIGH YIELD VANGUARD INTERNATIONAL SHARES INDEX HDGD VANGUARD INT CREDIT SECURITIES INDEX HDGD VANGUARD BALANCED INDEX FUND VANGUARD CONSERVATIVE INDEX VANGUARD GROWTH INDEX FUND VANGUARD HIGH GROWTH INDEX BT WHOLESALE ENHANCED CASH FUND RESOLUTION CAPITAL GLOBAL PROPERTY SECURITIES OMEGA GLOBAL GOVERNMENT BOND AUI PROPERTY INCOME FUND W ZURICH INVESTMENTS GLOBAL THEMATIC SHARE ZURICH INVESTMENTS AUSTRALIAN PROPERTY SECURITIES ZURICH INVESTMENTS HEDGED GLOBAL THEMATIC SHARE ZURICH INVESTMENTS UNHEDGED GLOBAL THEMATIC SHARE ZURICH INVESTMENTS EQUITY INCOME Information regarding the fees and costs charged by the managed funds (including any performance fees, if applicable) is contained in the Product Disclosure Statement for the relevant managed fund. A copy of each managed fund s Product Disclosure Statement is available from your Financial Adviser. 8

9 Transaction and Operational Costs Brokerage costs When you acquire or sell listed securities, brokerage will be charged at the rate negotiated between your Financial Adviser and the relevant broker. The fee charged will depend upon the broker selected and will be added to the purchase or deducted from the sale amounts of each transaction. For more information on the brokers available, please speak to your Financial Adviser. Other fees An Office of State Revenue in-specie online processing fee per transfer of $4.84 per transfer. An administration fee per in-specie transfer of each managed funds of $ An administration fee per in-specie transfer of each ASX listed equity may apply. Speak to your Financial Adviser for more information. Stamp Duty on investment transactions as applicable from time to time (currently only payable in NSW). NCBO transfers exceeding $8, incur stamp duty of $ If below $8, the stamp duty will be the higher of $10.00 or the ad valorem calculation of $0.60 per $ or fraction thereof of the value of the securities. These fees are deducted from your Cash Account if and when they are incurred 9