Fidelity Investments Extra Income Fund has raised £43.1m since its launch on February 25.
The fund manager anticipates that sales of the fund, spurred on by the closing down sale of Peps, will reach £65m by the end of the tax-year on April 5.
The fund invests in corporate bonds, high yield bonds and gilts. It has an estimated gross yield of 7.5 per cent and was recently awarded a frAA rating from Standard & Poor's Fund Research.
The award was in recognition of the track record of the fund manager Ian Spreadbury who also runs the MoneyBuilder Income Fund.