Adviser Edge put the fund on hold in October last year after the financial services company suspended redemptions in response to a flight to cash by investors.
Challenger recently made investors withdrawal offers to which they can respond until 20 February.
The company will continue to offer a limited withdrawal amount based on the available liquidity at the end of each quarter.
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"Mortgage trusts are likely to outperform cash and term deposits in the long term," Adviser Edge property analyst Eduardo Tellez said, explaining the reinstatement.
Tellez would conduct a formal review of the fund in the second half of this year and would keep the fund and the mortgage sector on watch, he said.
