Segregated Funds Explained: Insurance Benefits and Creditor Protection
Segregated funds represent one of Canada's most misunderstood investment options. While many British Columbia investors focus exclusively on mutual funds or stocks, segregated funds offer a distinctive combination of investment growth potential and insurance protection that can transform your financial strategy.
If you're wondering what segregated funds are in Canada, you're not alone. These investment products blend the growth opportunities of mutual funds with the protective features of life insurance contracts. For British Columbia residents, understanding segregated funds becomes especially important when considering creditor protection, estate planning, and guaranteed capital preservation.
This comprehensive guide explores how segregated funds work, their unique insurance benefits, and why they deserve serious consideration in your investment portfolio.
Key Takeaways
Segregated funds are insurance contracts that invest in pools of securities while offering protection features unavailable with mutual funds
Creditor protection benefits help British Columbia business owners and professionals shield assets from potential lawsuits or bankruptcy
Maturity and death benefit guarantees protect 75-100% of your capital, reducing downside risk during market downturns
Estate planning advantages include probate bypass, named beneficiaries, and faster settlement for your loved ones
Higher fees than mutual funds are offset by insurance features and protection benefits for many investors
Professional guidance is essential to determine if segregated funds align with your financial goals and risk tolerance
Overview: Understanding Segregated Funds in Canada
What are segregated funds in Canada? Simply put, they're investment products issued by insurance companies that combine market participation with contractual guarantees. Unlike mutual funds, which are regulated as securities, segregated funds fall under insurance legislation in British Columbia and across Canada.
When you purchase segregated funds, you're buying an insurance contract rather than direct units in an investment fund. Your money gets pooled with other investors' capital and invested in various securities—stocks, bonds, or other assets—depending on the fund's mandate. However, the insurance company guarantees to return a percentage of your original investment at maturity or death, typically 75% or 100%.
This guide will walk you through the mechanics of segregated funds, their distinct advantages for British Columbia investors, potential drawbacks to consider, and how they compare to traditional investment vehicles. You'll discover specific scenarios where segregated funds excel, understand their tax implications, and learn whether these products suit your financial situation.
Whether you're a business owner seeking creditor protection strategies, a professional building retirement wealth, or someone prioritizing capital preservation, this article provides the clarity you need to make informed decisions about segregated funds.
What Are Segregated Funds in Canada?
Segregated funds are individual variable insurance contracts (IVICs) issued by life insurance companies in Canada. These financial products invest your money in a managed portfolio of securities while providing insurance guarantees that protect your capital.
The term "segregated" refers to how insurance companies keep these fund assets separate from their general corporate assets. This segregation ensures that if the insurance company faces financial difficulties, your investment remains protected and cannot be used to pay the company's creditors.
Core Components of Segregated Funds:
Insurance contract structure: You hold a policy with the insurance company, not direct ownership of underlying securities
Professional management: Fund managers select and manage the portfolio investments based on the fund's objectives
Guaranteed capital protection: Insurance companies guarantee to return 75-100% of your deposits at contract maturity (typically 10-15 years) or upon death
Potential for growth: Your investment participates in market performance, offering upside potential beyond the guarantee
British Columbia residents often confuse segregated funds with mutual funds because both invest in diversified portfolios. However, the insurance wrapper distinguishes segregated funds and provides unique benefits unavailable with standard mutual funds.
How Segregated Funds Work
When you invest in segregated funds, your money enters a pooled investment vehicle similar to a mutual fund. The insurance company's investment team manages this pool according to the fund's specific mandate—whether conservative bonds, balanced portfolios, or aggressive equity strategies.
Your contract specifies a maturity date, usually 10 to 15 years from purchase. On this date, the insurance company guarantees to return at least 75% or 100% of your original deposits, depending on your chosen guarantee level. If your investments have grown beyond this amount, you receive the higher market value instead.
The death benefit guarantee works similarly. If you pass away before the maturity date, your named beneficiaries receive at least the guaranteed percentage of your deposits, or the current market value if greater. This feature provides estate planning advantages that mutual funds cannot offer.
Reset Options:
Most segregated fund contracts allow you to "reset" your guarantee at certain intervals. If your investment has grown significantly, you can lock in these gains by resetting your guarantee to the new, higher value. This feature protects accumulated growth during strong market periods.
For example, if you initially invested $100,000 and your segregated fund grows to $150,000 after five years, resetting would establish $150,000 as your new guaranteed amount at maturity or death. However, this reset typically extends your maturity date by another 10-15 years.
Insurance Benefits of Segregated Funds
The insurance features embedded in segregated funds provide protections that standard investment products cannot match. These benefits often justify the higher fees associated with segregated funds for British Columbia investors with specific protection needs.
Maturity and Death Benefit Guarantees
The cornerstone benefit of segregated funds is capital protection through maturity and death benefit guarantees. Insurance companies typically offer two guarantee levels:
75% Guarantee:
Lower management fees compared to 100% guarantee products
Protects three-quarters of your deposits at maturity or death
Suitable for investors comfortable with modest downside risk
100% Guarantee:
Full protection of deposited capital at maturity or death
Higher management fees reflect increased insurance cost
Ideal for conservative investors prioritizing capital preservation
These guarantees become particularly valuable during severe market downturns. If British Columbia markets experience a prolonged decline and your segregated fund drops significantly in value, your guarantee ensures you'll recover at least the protected percentage of your original investment at maturity.
Consider a practical scenario: You invest $100,000 in a segregated fund with a 100% maturity guarantee and a 15-year term. If markets crash and your investment falls to $60,000 near your maturity date, the insurance company must pay you the full $100,000. Conversely, if your fund grows to $180,000, you receive the higher market value.
Creditor Protection Benefits
Creditor protection stands as one of the most compelling reasons British Columbia professionals and business owners choose segregated funds. When properly structured with an appropriate beneficiary designation, segregated funds may be protected from creditors in bankruptcy or lawsuit situations.
This protection stems from insurance legislation rather than investment regulations. The British Columbia Insurance Act provides exemptions for insurance contracts with designated beneficiaries who fall into specific categories.
Protected Beneficiary Categories:
Spouse or common-law partner
Children, grandchildren, or parents
Other family members in some circumstances
When you name an eligible beneficiary on your segregated fund contract, the funds may be shielded from creditors' claims. This protection differs fundamentally from mutual funds, RRSPs, or TFSAs, which generally lack creditor protection outside of bankruptcy (where RRSP and RRIF protections exist with limitations).
For British Columbia business owners, professionals, or anyone facing potential liability exposure, this creditor protection can be invaluable. Doctors, dentists, consultants, contractors, and entrepreneurs often face higher lawsuit risks in their professional activities. Segregated funds offer a legal method to protect accumulated wealth from such claims.
It's important to note that creditor protection isn't absolute. Courts may set aside beneficiary designations made with fraudulent intent to avoid creditors. The protection works best when you establish segregated fund contracts well before any financial difficulties or legal claims arise.
Estate Planning Advantages
Segregated funds provide several estate planning benefits that streamline wealth transfer to your beneficiaries:
Probate Bypass: Because segregated funds are insurance contracts with named beneficiaries, they typically pass directly to beneficiaries outside your estate. This means they avoid probate, the legal process of validating your will and distributing estate assets.
In British Columbia, probate fees are calculated at 1.4% on estate values exceeding $50,000. For a $500,000 estate, you'd pay approximately $6,300 in probate fees. Assets passing through segregated fund beneficiary designations avoid these fees entirely.
Faster Settlement: Because segregated funds bypass probate, beneficiaries often receive these assets much faster than estate assets distributed through a will. While probate can take months or even years in complex cases, insurance companies typically settle death benefit claims within weeks of receiving required documentation.
Privacy Protection: Your will becomes a public document once probated in British Columbia. Anyone can access it and see your assets and beneficiaries. Segregated funds with named beneficiaries remain private insurance contracts, keeping your financial affairs confidential.
Creditor Protection for Beneficiaries: When funds pass directly to named beneficiaries, they generally cannot be seized by your creditors. This protection extends to your beneficiaries as well—the inherited funds typically cannot be claimed by their creditors either, though they become part of the beneficiary's assets going forward.
These estate planning advantages make segregated funds particularly attractive for British Columbia residents with larger estates, complex family situations, or concerns about privacy and asset protection for their heirs.
Comparing Segregated Funds to Mutual Funds
Understanding what segregated funds are in Canada requires comparing them directly to mutual funds, since investors often consider both options for their portfolios.
Key Similarities
Both segregated funds and mutual funds pool investors' money to purchase diversified portfolios of securities. Professional fund managers make investment decisions based on the fund's objectives, whether growth-oriented equity funds, income-focused bond funds, or balanced approaches.
Both products offer:
Professional management and diversification
Various risk levels and investment strategies
Regular account statements and reporting
Options for systematic contributions and withdrawals
Critical Differences
Despite surface similarities, segregated funds and mutual funds differ fundamentally in structure, regulation, and benefits:
Legal Structure:
Segregated funds: Insurance contracts regulated under insurance legislation
Mutual funds: Investment trusts regulated under securities legislation
Capital Guarantees:
Segregated funds: 75-100% guarantee at maturity or death
Mutual funds: No guarantees; you bear all investment risk
Creditor Protection:
Segregated funds: Potential protection with proper beneficiary designation
Mutual funds: Generally no creditor protection
Estate Benefits:
Segregated funds: Probate bypass, faster settlement, privacy
Mutual funds: Pass through estate, subject to probate and delays
Cost Structure:
Segregated funds: Higher management fees (typically 0.25-0.75% more than equivalent mutual funds)
Mutual funds: Lower fees, but no insurance features
Regulatory Oversight:
Segregated funds: Governed by provincial insurance regulators and Financial Consumer Agency of Canada
Mutual funds: Regulated by provincial securities commissions
When Segregated Funds Make Sense
Segregated funds typically suit British Columbia investors with specific protection needs or estate planning objectives:
Business owners and professionals seeking creditor protection for investment assets
Conservative investors prioritizing capital preservation with guaranteed minimums
Individuals with large estates wanting to minimize probate fees and delays
Investors concerned about privacy in wealth transfer
Those with complex beneficiary arrangements requiring insurance contract flexibility
When Mutual Funds May Be Better
Mutual funds often work better for:
Cost-conscious investors who don't need insurance features
Younger investors with long time horizons who can weather market volatility
Those who value maximum investment flexibility without maturity constraints
Investors comfortable bearing full investment risk for lower fees
For many British Columbia investors, the ideal approach combines both products strategically. You might hold segregated funds for protected assets while using lower-cost mutual funds or ETFs for other portions of your portfolio.
Tax Treatment of Segregated Funds in British Columbia
Understanding the tax implications of segregated funds helps British Columbia investors make informed decisions about these products within their overall financial plans.
Taxation Inside Registered Accounts
When held inside registered accounts like RRSPs, RRIFs, TFSAs, or RESPs, segregated funds receive the same tax treatment as any other qualified investment. Your investment grows tax-deferred (in RRSPs/RRIFs/RESPs) or tax-free (in TFSAs).
The insurance features of segregated funds don't alter this tax treatment. You benefit from:
No annual taxation on investment growth
Tax-deferred compounding in RRSPs and RRIFs
Tax-free growth and withdrawals in TFSAs
Standard RRSP/RRIF withdrawal taxation rules
However, creditor protection benefits may be limited for registered accounts since RRSPs and RRIFs already enjoy some bankruptcy protection under federal law.
Non-Registered Account Taxation
In non-registered accounts, segregated funds follow standard investment taxation rules in British Columbia:
Annual Income Taxation: You'll receive T3 slips reporting your share of the fund's distributions, which may include:
Canadian dividends (eligible for dividend tax credit)
Capital gains (50% taxable)
Foreign income (fully taxable)
Return of capital (not immediately taxable but reduces your cost base)
Capital Gains on Disposition: When you redeem segregated fund units, you'll realize capital gains or losses based on the difference between your adjusted cost base and redemption value. These gains or losses follow standard capital gains taxation—50% of gains are included in income, while losses can offset gains.
Reset Feature Tax Implications: When you reset your guarantee to lock in gains, this doesn't trigger immediate taxation. You continue holding the same investment; only the guarantee level adjusts. Tax consequences occur only when you actually redeem units or receive distributions.
Death Benefit Taxation
When segregated funds pay out death benefits to named beneficiaries, taxation depends on several factors:
If your spouse is the beneficiary and the segregated fund is held in a non-registered account, the deemed disposition rules apply. Your final tax return will report capital gains based on the market value at death versus your original cost base.
However, spousal rollover provisions may allow tax-deferred transfer if structured properly. The death benefit guarantee paid by the insurance company—the amount exceeding market value at death—is generally not taxable income to beneficiaries, as it represents insurance proceeds.
For RRSP or RRIF segregated funds passing to your spouse, standard spousal rollover rules apply, allowing tax-deferral. Non-spousal beneficiaries face full taxation of RRSP/RRIF amounts as income.
Probate Fee Savings
While not a direct income tax benefit, avoiding British Columbia's probate fees through beneficiary designations provides significant savings. As mentioned earlier, probate fees of 1.4% on estate values over $50,000 add up quickly on larger estates.
A $1 million estate would incur approximately $13,300 in probate fees. Holding investments in segregated funds with named beneficiaries avoids these costs entirely, preserving more wealth for your beneficiaries.
Potential Drawbacks and Considerations
While segregated funds offer unique benefits, British Columbia investors should understand their limitations and potential disadvantages before investing.
Higher Costs
The most significant drawback of segregated funds is their cost structure. Management expense ratios (MERs) for segregated funds typically run 0.25% to 0.75% higher than comparable mutual funds with similar investment mandates.
This cost difference reflects the insurance guarantees and additional features provided. For example:
Equity mutual fund MER: 2.0%
Comparable segregated fund MER: 2.5-2.75%
Over decades of investing, this fee difference compounds significantly. On a $100,000 investment growing at 6% annually before fees over 25 years:
At 2.0% MER: Final value approximately $267,000
At 2.5% MER: Final value approximately $239,000
The $28,000 difference represents the cost of insurance features. Whether this cost is justified depends on the value you place on guarantees, creditor protection, and estate planning benefits.
Maturity Date Constraints
Segregated fund contracts include maturity dates, typically 10-15 years from purchase. While you can redeem units before maturity, doing so may forfeit your maturity guarantee.
If you need investment flexibility or anticipate requiring access to your money within the guarantee period, segregated funds may not suit your needs. Mutual funds offer greater liquidity without guarantee forfeiture concerns.
Guarantee Limitations
The capital guarantees provided by segregated funds come with important limitations:
Time Requirements: You must hold the contract until maturity or death to receive the guarantee. Early redemptions receive current market value only.
Guarantee Percentages: Even 100% guarantees protect only your deposits, not investment growth. If markets decline significantly, you're still exposed to losses up to the guarantee level.
Fee Impact: The higher MERs reduce your net returns, potentially offsetting some benefit of the guarantee during normal market conditions.
Not CDIC Insured
Unlike bank deposits, segregated funds are not covered by the Canada Deposit Insurance Corporation (CDIC). However, they are protected by Assuris, the organization that protects Canadian policyholders if their life insurance company fails.
Assuris guarantees 85% of promised guaranteed values or $60,000, whichever is higher. While insurance company failures are extremely rare in Canada, this protection differs from CDIC's $100,000 per depositor per institution coverage for bank accounts.
Complexity
Segregated funds are more complex than mutual funds, with insurance contract terms, guarantee provisions, reset options, and beneficiary considerations requiring careful understanding.
This complexity means you'll benefit from professional advice to determine whether segregated funds suit your situation and to structure them appropriately for maximum benefit.
Who Should Consider Segregated Funds?
Certain British Columbia investors benefit more from segregated funds than others. Consider these products if you identify with one or more of these profiles:
Business Owners and Professionals
If you're an entrepreneur, doctor, dentist, consultant, or other professional facing potential liability exposure, the creditor protection offered by properly structured segregated funds provides valuable asset protection.
Business owners often concentrate wealth in their companies. Segregating some assets in protected insurance contracts creates a financial safety net separate from business risks.
Conservative Investors
If capital preservation ranks as your top priority and you're willing to pay for downside protection, the maturity guarantees of segregated funds may provide valuable peace of mind, especially as you approach retirement.
Investors who experienced significant losses during the 2008 financial crisis or the 2020 market volatility often appreciate guaranteed minimum returns, even if they reduce upside potential through higher fees.
Estate Planning Focus
For individuals with larger estates concerned about probate fees, settlement delays, or privacy, the estate planning advantages of segregated funds become increasingly valuable as estate size grows.
If your estate exceeds $500,000, the probate savings alone may justify segregated fund costs for a portion of your non-registered investments.
Those with Complex Beneficiary Needs
Segregated funds offer more flexible beneficiary designation options than some other investment vehicles. If you have specific wishes about wealth distribution or want to ensure certain beneficiaries receive specific assets, insurance contracts provide greater control.
Not Ideal For
Segregated funds may not suit:
Young investors with decades until retirement who can ride out market volatility
Extremely cost-conscious investors who prioritize minimizing fees above all else
Those requiring frequent access to their money without guarantee constraints
Investors comfortable with full market risk exposure
How to Purchase Segregated Funds in British Columbia
Unlike mutual funds, which you can often purchase directly from fund companies or through online brokerages, segregated funds are sold exclusively through licensed insurance advisors in British Columbia.
Working with an Insurance Advisor
To purchase segregated funds, you'll work with an advisor licensed to sell life insurance in British Columbia. These professionals can:
Assess whether segregated funds suit your financial situation
Explain specific product features and guarantee options
Help structure beneficiary designations for optimal creditor protection
Integrate segregated funds into your broader financial plan
The advisor relationship proves particularly important for segregated funds because proper setup is crucial for maximizing benefits, especially creditor protection, which requires appropriate beneficiary designations.
Product Selection Process
Your advisor will help you select from available segregated fund options based on:
Investment Objectives: Choose funds matching your goals—growth, income, balanced approaches, or specialty mandates.
Risk Tolerance: Select equity-focused, bond-focused, or balanced funds appropriate for your comfort with market volatility.
Guarantee Level: Decide between 75% or 100% guarantees at maturity and death, balancing protection with cost.
Time Horizon: Ensure your investment timeline aligns with the maturity date to benefit from guarantees.
Documentation Requirements
Purchasing segregated funds involves completing insurance application paperwork, including:
Personal information and identification
Investment objectives and risk tolerance assessment
Beneficiary designations (critical for creditor protection)
Source of funds documentation
Acknowledgment of product features and costs
Monitoring and Reviews
Once you've invested in segregated funds, regular reviews with your advisor help ensure your investments remain aligned with your goals. Consider reviewing:
Performance relative to benchmarks and expectations
Appropriateness of guarantee levels as your situation changes
Reset opportunities to lock in gains during strong markets
Beneficiary designations if family circumstances change
For British Columbia residents looking to explore whether segregated funds suit their financial strategy, consulting with experienced advisors who understand both the investment and insurance aspects proves essential.
At Athena Financial Inc., our licensed professionals help British Columbia residents navigate complex financial decisions, including whether segregated funds fit within their broader wealth strategy. Based in British Columbia and serving clients across the province, we provide personalized guidance on insurance-based investment products, estate planning, and asset protection strategies. Contact us at +1 604-618-7365 to discuss your specific situation and explore how segregated funds might complement your financial plan.
FAQs
Q: What are segregated funds in Canada and how do they differ from mutual funds?
A: Segregated funds are insurance contracts offered by life insurance companies that invest in pools of securities while providing capital guarantees and additional protection features. Unlike mutual funds, which are investment trusts, segregated funds include insurance benefits such as maturity and death benefit guarantees (typically 75-100% of deposits), potential creditor protection with proper beneficiary designation, and estate planning advantages including probate bypass. The insurance wrapper makes them fundamentally different from standard mutual funds despite similar investment approaches.
Q: How does creditor protection work with segregated funds in British Columbia?
A: Creditor protection for segregated funds in British Columbia stems from the Insurance Act, which provides exemptions for insurance contracts with designated beneficiaries. When you name an eligible beneficiary—such as a spouse, child, grandchild, or parent—your segregated funds may be protected from creditors in bankruptcy or lawsuit situations. This protection differs from mutual funds or non-registered investment accounts, which generally lack such protections. However, courts may set aside beneficiary designations made with fraudulent intent, so establishing segregated funds well before financial difficulties provides the strongest protection.
Q: Are the guarantees on segregated funds worth the higher fees?
A: Whether segregated fund guarantees justify higher fees depends on your individual circumstances and priorities. The typical 0.25-0.75% additional cost compared to mutual funds may be worthwhile if you value capital preservation, need creditor protection as a business owner or professional, prioritize estate planning benefits like probate bypass, or want peace of mind during market volatility. Conservative investors nearing retirement often find the guarantees valuable, while younger investors with longer time horizons may prefer lower-cost options. Calculate the fee impact over your investment timeline and weigh it against the specific benefits you'd utilize.
Q: Can I access my money before the maturity date without losing guarantees?
A: Yes, you can redeem segregated fund units before maturity, but doing so typically forfeits your maturity guarantee for the redeemed amount. You'll receive the current market value at redemption. The death benefit guarantee remains in effect on any units you continue holding. Some contracts offer reset features that let you lock in gains and establish a new maturity date, providing flexibility while maintaining protection. If you anticipate needing frequent access to your funds, segregated funds may not suit your needs as well as more liquid investment options.
Q: What happens to segregated funds when I die?
A: When you die, segregated funds pay a death benefit to your named beneficiaries equal to the greater of the guaranteed amount (typically 75-100% of deposits) or the current market value. These funds pass directly to beneficiaries outside your estate, avoiding probate delays and fees in British Columbia. Settlement typically occurs within weeks rather than the months or years probate may require. Your beneficiaries receive the funds privately without the public disclosure that occurs when assets pass through your will. This makes segregated funds valuable estate planning tools, particularly for larger estates.
Q: How does the reset feature work with segregated funds?
A: The reset feature allows you to lock in investment gains by establishing a new, higher guarantee level based on current market value. For example, if you invested $100,000 and your segregated fund grows to $150,000, resetting would make $150,000 your new guaranteed amount at maturity or death. However, resetting typically extends your maturity date by another 10-15 years from the reset date. Most contracts allow resets at specific intervals, such as annually or on policy anniversaries. This feature helps protect accumulated gains during strong markets but requires balancing the extended time commitment against the increased protection.
Q: Are segregated funds a good choice for retirement savings in British Columbia?
A: Segregated funds can be appropriate for retirement savings depending on your priorities and circumstances. The capital guarantees provide downside protection that becomes increasingly valuable as you approach retirement with less time to recover from market downturns. However, higher fees compared to mutual funds or ETFs may reduce long-term wealth accumulation over decades of saving. Many British Columbia investors find segregated funds most valuable for a portion of their retirement assets—perhaps more conservative holdings as they near retirement—while using lower-cost options for growth-oriented investments with longer time horizons. Professional advice helps determine the right mix for your situation.
Q: Who regulates segregated funds and protects my investment if the insurance company fails?
A: Segregated funds are regulated by provincial insurance regulators in British Columbia and the Financial Consumer Agency of Canada (FCAC). If your insurance company fails, Assuris—the organization protecting Canadian life insurance policyholders—provides coverage. Assuris guarantees 85% of guaranteed values or $60,000, whichever is higher. While insurance company failures are extremely rare in Canada due to strict regulatory oversight and capital requirements, this protection provides an additional safety layer. Note that segregated funds are not covered by CDIC, which protects bank deposits.
Conclusion
What are segregated funds in Canada? They're sophisticated financial products that bridge the worlds of investing and insurance, offering unique advantages for British Columbia residents with specific protection needs and estate planning objectives.
The combination of investment growth potential, capital guarantees, creditor protection, and estate planning benefits makes segregated funds powerful tools for the right investors. Business owners and professionals facing liability exposure benefit from creditor protection. Conservative investors value guaranteed minimums during volatile markets. Those with substantial estates appreciate probate savings and faster settlement for beneficiaries.
However, segregated funds aren't universally appropriate. Higher fees compared to mutual funds represent a significant long-term cost that may outweigh benefits for investors who don't need insurance features. Younger investors with decades until retirement can often build more wealth using lower-cost investment vehicles, accepting market volatility as part of long-term wealth building.
The decision to include segregated funds in your portfolio requires careful analysis of your specific situation—your professional risks, estate planning needs, risk tolerance, investment timeline, and cost sensitivity. For many British Columbia investors, a strategic combination of segregated funds for protected assets alongside lower-cost investments for growth-oriented holdings provides an optimal balance.
Understanding what segregated funds are in Canada and how they work empowers you to make informed decisions about whether these products deserve a place in your financial strategy. With proper guidance from licensed professionals who understand both the investment and insurance aspects, you can determine if segregated funds align with your goals and leverage their unique benefits effectively.
Ready to explore whether segregated funds fit your financial strategy? Connect with experienced advisors who can assess your specific needs and help you make the right choice for your circumstances.