Sorry, my mistake. I meant to suggest we see each actual against each expected default for all 30 grades, not just the average for A to F. Overall, it seems harmony is delivering to expectations and a well spread portfolio will have delivered much better returns than most other investment opportunities, without a lot of thought required. It just takes getting one's head around seeing the defaults come through and focussing only on the net rate of return on the portfolio - which is what the big players like Heartland are doing - just let it all run. However, I do think we could know more about borrower circumstances when defaults are posted.