No, VBIAX is not
closed to new investors, but you probably have to buy it directly at Vanguard. Nobody in this forum has yet been able to get a completely straightforward answer on this, let alone what the business story behind it might be, but forum members' experience seems to suggest this, at least as a general rule:
- You can buy investor shares of Vanguard's non-index funds anywhere.
- You can buy Admiral shares of Vanguard's non-index funds, e.g. Wellington, anywhere, minimum $50,000 initial purchase.
- You can buy investor shares of Vanguard's index funds anywhere.
- You can buy Admiral shares of Vanguard's index funds at Vanguard. I don't think any of them are closed. VBIAX is NOT closed.
- You can NOT buy Admiral shares of Vanguard's index funds anywhere but at Vanguard.
- Phone reps at other brokerages often seem to be confused or inaccurate about this, and sometimes the only way you can find out whether you can buy a share class is to place an order and see what happens.
- Some brokerages where you cannot buy Admiral shares give the appearance that you are able to buy Signal shares, which have the same low expense ratio. Experiments by forum members suggest that attempts to buy Signal shares may in fact succeed. Nobody knows whether you're supposed to be able to, or whether a computer bug is letting you get away with something.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.