Fidelity Investments has launched a corporate bond fund with retail and adviser shares.

The fund seeks to provide high levels of current income with at least 80% of assets in investment-grade corporate bonds and other corporate debt securities, as well as repurchase agreements for those securities.

“We currently offer investment-grade bond funds that invest in the entire market, as well as those that focus on specific underlying sectors or maturity ranges,” said John McNichols, senior vice president of investment product management at Fidelity Personal Investments. “With this new fund, we’re able to offer investors targeted exposure to corporate bonds, which represent about 20% of the investment-grade bond market.

“Through the fund, investors and advisers will gain access to the debt of many of the largest and most successful companies in America,” McNichols added.

The Fidelity Corporate Bond Fund is co-managed by David Prothro and Michael Plage, and is is benchmarked against the Barclays Capital U.S. Credit Bond Index.