Tip #2 – Go through the back door.

Going in through the "back door" so to speak, is an investor's best bet if you are not sure whether that fund will ever open its doors again. Here's how you do it: Ask your fund company for a "Transfer of Shares to New Owner" or "Change of Ownership" form — most fund companies have one.

Then, find a trusted friend or family member who's already a shareholder in the fund, and give your friend enough money to meet the fund's investment minimum. Once it's invested, they can transfer the appropriate number of shares of the fund to you. It's the same thing as if someone transferred shares of IBM or Google into your name. (Note: Not all funds will allow this, and you might have to sort through a lot of rules, but it can work. A number of my readers have reported success with this technique with the Vanguard Fund Family over the years.)

Tip #3: Find the fund's long-lost twin.

So you've waited outside the front door, gone around back and knocked only to find the fund is really closed. There's no loophole, no window, no way to get in on the profits. Don't give up. You still have one last option: Start looking for the fund's long-lost twin. Seriously, if all else fails, look for a clone of the closed fund.

For example, Vanguard Capital Opportunity (VHCOX), run by PRIMECAP Management, is one of my favorite all-time funds. Unfortunately it closed to new investors back in 2004.

However, PRIMECAP also manages its own funds. PRIMECAP Odyssey (POGRX) and the PRIMECAP Aggressive Growth fund (POAGX) are a close match to Vanguard Capital Opportunity. In fact, I expect it to outperform in the long term due to its smaller size.

Tip #4: Clone management style.

Even if you can't find a similar fund managed by the same team, you can often find a fund that's just as good but managed by another team. For example, when I looked for a team that could match the performance at the closed Vanguard International Explorer (VINEX), I came upon a group of managers at Fidelity as well as at T. Rowe Price International Discovery (PRIDX) who all have comparable skill in providing great returns in international small-caps.

Don't Be Turned Away!

Hey, Dorothy got to see the Wizard. She wasn't going to be turned away at the front door.

So, next time your favorite fund family slams the door in your face, go around back and knock again!