 Hello, my name's Simon Michelle, I'm the National Manager of Figure Advisor Services. I'd like to take a look at the bond market, fixed income market in Australia, look at the features and benefits of bonds and how those benefits can play out as you incorporate bonds into your investment portfolio. So I'd like to start by just setting the scene here and you can see here that we've charted the default fund allocation, the My Super Funds against SMSF allocation. You can see that larger institutions that have access to the bond market have a greater allocation to bonds whereas smaller SMSF investors are using cash and TDs as their fixed income allocation. That means they're missing out on the defensive behaviour that bonds can provide in an investment portfolio. So this really places SMS investors as a real disadvantage by not being able to incorporate that defensive nature. As you can see here in the capital structure of a bank, fixed income really refers to any of the tiers on the capital structure apart from equity. However bonds you can see refers to the senior and subordinated tiers on that capital structure. As we move up the capital structure from equity to debt you are afforded additional protections and we'll talk about those a little bit later. But only bonds provide the features that work to preserve capital and protect your income stream through cycles. The two features of bonds that provide these two protections are the fixed maturity date. That's a point in the future at which you know exactly what your investment is worth, the face value and that it's paid back to you in cash. As well you have fixed coupon payments either at a fixed rate or a fixed margin over prevailing interest rates or over inflation. These coupon payments must be paid on a quarterly or semi-annual basis then non-deferable and so they work to protect that income generation through economic cycles.