A new year and a new chance for investors to dip their hand into the Wells Fargo Advantage Small Cap Value Fund (SSMVX), as the investment adviser filed with the SEC this week to reopen the fund to new investors effective January 11.

As of end-December, the fund had $3.4 billion of assets.

The fund, which launched in 1997 but has been closed to new investors since 2003, will reopen Class A, Class C, Investor Class, and Institutional Class shares of the fund. The fund will not reopen Class B shares, though existing shareholders of Class B shares can continue to reinvest.

The fund carries a five-star Morningstar rating as of November 30 and has a net expense ratio of 136 bps, effective March 1 2009. The adviser to the fund has committed to waive fees and/or reimburse expenses to maintain the fund's current net expense ratio through February 28 2010. 

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