We have disappointing news on Third Avenue funds. The firm plans to roll out new share classes of its existing funds at the beginning of 2010 that will include 12b-1 fees and cost 10 to 20 basis points more than the existing share classes. The new share classes will carry a $2,500 investment minimum, but the old existing share classes will have their minimum investment levels raised to $100,000.

The funds already seemed to be charging a relatively high amount given their asset levels. Moreover, most fund companies lower fees when they have $100,000 minimum share classes, but Third Avenue isn't cutting the fees there. So, if you are considering buying a Third Avenue fund, you should make your mind up before the end of the year so that you won't have to pay a higher expense ratio or meet the steep minimum of the lower cost share classes.

Bogle Small Cap Growth Reopens
 Bogle Small Cap Growth BOGLX reopened to new investors on Nov. 1. This Fund Analyst Pick and model portfolio holding had been closed to new investors since 2002. Assets at the fund reached a high of $157 million at the end of 2006 but stood at about $90 million at the end of September 2009. Although the fund stumbled badly in 2008, it's up 31% for the year to date, beating 85% of its small-blend peers. It also held up well in the previous bear market and handily beats its peers since inception. 

Rekenthaler on What the Fund Fees Case Means
John Rekenthaler has had some interesting and entertaining posts on the mutual fund case and the Supreme Court hearing this week. Click here for the hearing recap and here for John's take on what's at stake.

Scary Details of Changes to Investor Bill
Meantime, Mercer Bullard informs us that Congress has turned an investor protection act on its ear. Instead of treating brokers like fiduciaries, it aims to turn planners into brokers.