Mutual funds that are not offered for sale to the general public. Non-publicly offered mutual funds are usually registered via private placement, not as securities, and investors who buy them must meet suitability requirements for income and net worth. These funds should not be confused with closed-end funds, which have a limited number of shares but are usually offered to the public at large.

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The expenses of non-publicly offered mutual funds are not automatically deducted from the returns realized by the investors in the same manner as publicly traded funds. Non-publicly offered mutual fund expenses appear in box 5 of Form 1099-DIV, and investors can deduct those expenses as miscellaneous investment expenses on www.iSchedule A of the 1040.