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I would like to purchase shares in a mutual fund that has closed itself to new investors. The account in which I would like to purchase the shares is in my current employer's retirement plan. I currently own shares in the fund in question in another (non-qualified) account. Does this ownership qualify me as a "current shareholder," allowing me to purchase the shares in my retirement account, or am I only able to purchase shares in the account that already holds the fund?

(As a note, I tried to make this purchase and it was rejected by my broker. I explained the situation to them and the response I got was, effectively, "Uh, I don't know. We'll find out and let you know." I haven't heard anything back, so I wanted to see if there was any kind of general rule in the industry)

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I'd call the fund's customer service number and ask. This type of issue may vary from one company to the next. –  JoeTaxpayer Jan 28 '13 at 3:13

1 Answer 1

In the case of Fidelity, the answer is "no." Although when you leave your employer and roll over the account to an IRA, leaving it with Fidelity allowed me to keep money in those closed funds. My Roth IRA was not able/allowed to buy those funds.

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