Pioneer Investments is looking to fill a gap in their fund lineup with the launch of a new fund. The Short Term Income Fund, opened on Monday, will probably have an effective duration of 1.5 to 2 years, said Richard Schlanger, a portfolio manager of the fund.

The maximum weighted average maturity of the fund is three years.

The new fund fills the duration gap between the Pioneer America Income Trust fund and the Pioneer Cash Reserves Fund, said Schlanger.

The fund will be marketed and distributed in Pioneer's normal distribution channels, said Schlanger.

Pioneer originally submitted an SEC filing for the fund under the name Pioneer Short Term Bond Fund. "We believe the new name best reflects the types of securities the Fund invests in," said Tara Pescatore, spokeswoman for the firm.

The filing for the Short Term Income Fund was submitted on July 1.

Schlanger reports to Ken Taubes, Pioneer's director of US Fixed Income Investments. 

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