Investment fund survey

2020-2022 Investment Fund Survey (IFS) data

The 2020-2022 IFS data is now available. 

In 2021, the Ontario Securities Commission (OSC) launched the Investment Fund Survey to collect annual data on the capital markets that we oversee and regulate. The Investment Fund Survey collects data on several areas, including leverage, liquidity, and asset class exposures of investment funds. 

On January 17, the OSC will launch the 2024 Investment Fund Survey which seeks to collect information for the period ending December 31, 2023. The deadline to complete and submit the survey is April 30, 2024.

Why are we conducting this survey?

The OSC has a mandate to (i) protect investors, (ii) foster fair, efficient and competitive capital markets and confidence in capital markets, (iii) foster capital formation, and (iv) contribute to the stability of the financial system and reduce systemic risk. Given the importance of investment funds for Ontario’s investors and capital markets, the resilience of the investment fund industry is critical, particularly during periods of financial and economic stress. 

The OSC also collaborates on its monitoring activities with other regulatory bodies with a shared interest in promoting financial stability. Domestically, the OSC is part of the Heads of Agencies which provides a forum for federal and provincial bodies to discuss financial sector issues. Globally, the OSC is a member jurisdiction of the International Organization of Securities Commissions (IOSCO) and coordinates information sharing with organizations such as the Financial Stability Board (FSB).

The information provided in the Investment Fund Survey will allow for the development of a risk identification framework to deliver on the OSC’s mandate. In addition, the data gathered will allow for comprehensive and meaningful information sharing and interactions with regulatory partners, both domestically and internationally. 

What needs to be completed?

Part 1: Reportable Investment Funds

All investment funds managers registered in Ontario are requested to complete Part 1 of the Investment Survey. In Part 1, investment fund managers are asked whether they manage any investment funds (including labour-sponsored funds and scholarship plans).  Part 1 collects high-level profile information about the manager via the OSC’s Electronic Filing Portal. If you are a registered investment fund manager and your firm did not receive an email notification prompting you to complete Part 1 on January 17, 2024, please email: 

[email protected].

The deadline for completing Part 1 is January 30, 2024.


Part 2: The Investment Fund Spreadsheet

Investment fund managers are also asked to complete the Investment Fund Spreadsheet for all investment funds as of December 31, 2023. Once completed, the Investment Fund Spreadsheet should be submitted via the OSC’s Electronic Filing Portal.

The deadline for submitting the Investment Fund Spreadsheet is April 30, 2024.

Investment Fund Spreadsheet 2024 Document opens in new tab

Which funds need to be reported?

This survey covers all investment funds, including prospectus-exempt and prospectus-qualified investment funds as of December 31, 2023. Information on these funds should be reported in the Investment Fund Spreadsheet.

Investment funds can include a range of products, including mutual funds, exchange-traded funds, closed-end funds, hedge funds, pooled funds, labour-sponsored funds, scholarship plans, flow-through LPs, etc.

Key changes

IFMs registered in Ontario will be required to complete the Investment Fund Survey for all investment funds for which they act as the IFM, including labour-sponsored investment funds and scholarship plans. The $10 million net asset reporting threshold will be removed, meaning that investment fund managers are asked to report on all their funds, including small funds and funds that were closed, merged, or sold in 2023. 

For each investment fund, IFMs will be required to report the following information, as applicable: 

  • portfolio allocation methodology for all funds, previously this requirement only applied to ETFs and mutual funds with an ETF series;
  • revised drop-down options for daily holdings disclosure of ETFs and funds with ETF series;  
  • annual net performance return of the fund;
  • management expense ratio (MER) of the series or class with the highest MER (excluding deferred sales charge series);
  • performance fee/allocation charged, if any;
  • termination date for any investment funds that may have been closed, merged, or sold during the calendar year; and
  • risk rating. 

Historical Investment Fund Survey spreadsheets used to collect data can be found below:

Going forward

The OSC continues to explore, strategize, and execute on streamlined and efficient data collection and usage. We will continue to build capabilities, which we believe will result in reduced burden and a better experience around this process for our participants going forward.

The introduction of the Digital Solutions branch is one step towards the digital transformation of the OSC. By working closely with the Digital Solutions branch, we are modernizing our business and data collection platforms and processes in alignment with the strategic plans noted above.

To further the OSC’s mandate of contributing to financial stability and reducing systemic risk, data from the Investment Fund Survey may be shared confidentially with other government departments and regulatory agencies, such as the Bank of Canada, Statistics Canada, and other Canadian Securities Administrators (CSA) jurisdictions, pursuant to existing MOUs and applicable law. In addition, the aggregated results of the Investment Fund Survey are published annually to promote greater transparency in a manner that protects IFM confidentiality.


More information on the Investment Fund Survey is also available in OSC Staff Notice 81-732 Investment Fund Survey.

If you have any questions, concerns or suggested improvements, please contact: [email protected].

Frequently asked questions


Each investment fund manager must provide its National Registration Database (NRD) number in the Investment Fund Spreadsheet.

The legal entity identifier (LEI) must be reported in the Investment Fund Spreadsheet for each fund and IFM with an LEI. The Global Legal Identity Identifier Foundation website may assist with searching for the appropriate LEI.

The SEDAR+ profile number for each prospectus fund must be reported in the Investment Fund Spreadsheet. This number is an 9-character long numeric SEDAR+ code that can be found at the end of the weblink link to the fund’s SEDAR+ profile or in this spreadsheet.

Exchange-rate conversion

Fund dollar amounts can be reported in either Canadian dollars (CAD) or US dollars (USD). For funds with amounts denominated in foreign currencies other than US dollars, please use the Bank of Canada Daily Exchange Rates Lookup tool to convert the value to CAD.

Exchange-rate conversions of positions should be made as of December 31, 2023.

For expenses, gross sales, income, distributions, performance fees/allocations, and redemptions, please report this data with the appropriate daily exchange-rate conversions, if feasible, or with a December 31, 2023 exchange-rate conversion, otherwise.