Ontario Securities Commission Rule 14-501 Definitions
Section 1.1(3)

non-redeemable investment fund

For the purposes of the Act, the regulations and the rules,…

“non-redeemable investment fund” means an issuer

(a) whose primary purpose is to invest money provided by its securityholders;

(b) that does not invest for the purpose of exercising effective control, seeking to exercise effective control, or being actively involved in the management of the issuers in which it invests, other than other mutual funds or non-redeemable investment funds; and

(c) that is not a mutual fund.

Lexata note: also see the definition of non-redeemable investment fund in s. 1(1) of the OSC.