In general, it is not a good idea to invest in closed funds. Many companies don't close a fund and the portfolio manager has to deal with a fund that has more money than he/she can invest wisely - according to the fund's strategy and his/her expertise. Vanguard is being responsible by closing funds to new investors to try to keep the fund's performance up. Many times the fund is included in 401k or similar plans and they are still allowed to invest. But when a company decides to close a fund it is a red flag that they are concerned about having too much money to invest wisely. My advice is find another fund you are probably interested in the closed fund based on it's past perfomance and they are signaling that the future is probably not as bright.