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National Instrument 81-102 Investment Funds
Part 1 Definitions and Application
Section 1.1 Definitions

illiquid asset

“illiquid asset” means

(a) a portfolio asset that cannot be readily disposed of through market facilities on which public quotations in common use are widely available at an amount that at least approximates the amount at which the portfolio asset is valued in calculating the net asset value per security of the investment fund, or

(b) a restricted security held by an investment fund;