Seeking to take advantage of rising interest rates and a burgeoning supply of nonrated debt, Colonial Mutual Funds has reopened its high-yield municipal bond fund for a limited period.

The $115.6 million Colonial High Yield Municipal Fund, which reopened at the beginning of the month, hopes to gain up to $50 million in new assets before closing on Sept. 30, said Bonny E. Boatman, a Colonial senior vice president and portfolio manager.

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