An industry superannuation fund is an Australian superannuation fund originally established to provide for the retirement of workers from a specific industry, but no longer industry-specific. They are not-for-profit, mutual funds which are membership-based and do not have shareholders. The main difference between industry super funds and retail super funds (or wholesale master trusts), which are public offer funds managed by financial institutions, is what happens with the profits. Retail funds distribute profits to shareholders or investors (the trustees of the fund), while industry funds return profits to members.