Dalton plans to
focus on companies whose shares are listed on exchanges in Hong Kong, Taiwan
and mainland China and take long positions in 20 to 30 companies and short
positions in 25 to 40 companies., has filed a registration
statement with the Securities and Exchange Commission in connection with a
proposed initial public offering of its common stock.

The rating is based on asset coverage and preferred share basic
maintenance amount tests, as well as the quality and experience of the
asset manager.

register investments

asp says that a RIA is
'An advisor, registered with the Securities and Exchange Commission, who manages the investments of others.

regulated http

Pioneer Floating Rate Trust (the fund) is a newly organized,
diversified, closed-end management investment company registered under
the Investment Company Act of 1940 and trades on the NYSE under the
ticker symbol PHD.P.

sec rias

31, 2004 , Pioneer and its affiliates had approximately $175
billion in assets under management, including over $43 billion in U.
open-end and closed-end investment companies.

investment investopedia

Pioneer is the investment advisor of the fund.

doesn managing

Rosenwald, an acknowledged authority on investing in Japanese
companies and Shanghai real estate, also manages a Japanese management buyout
strategy for Dalton.
Warner Music Group announced today that its
parent company, Warner Music Group Corp. Pioneer or its
predecessors have been managing investment companies since 1928 and is
an indirect, majority-owned subsidiary of UniCredito Italiano S.

rias doesn

James B.A.

25 investment

Rosenwald, co-founder and managing partner of Dalton Investments ,
will co-manage the new China initiative with Shu Yin Lee, who will oversee a
team in Shanghai that will identify investment opportunities. The offering will be made only by means
of a prospectus .

less 25

Banc of America Securities LLC and Citigroup will act
as joint lead managers.
These securities may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective.S. Highland is a registered investment adviser specializing in
credit and special situation investing.

http://www.

manages advisor

The fund may borrow funds through the issuance of
debt and preferred stock.

simply regulated

LOS ANGELES, Dalton Investments LLC today
announced that it is pursuing a new investment strategy in China aimed at
acquiring shares of publicly traded, entrepreneurial companies while selling
short shares of larger state-owned enterprises. Under the 1940 Act, closed-end funds may
borrow up to 50% of the fund's value through preferred share issuance.

'

advisor million

Dalton Investments to Pursue New Long /Short Strategy in China

Rosenwald said.

This document does not constitute an offering which can only be made to
qualified investors by means of the private placement memorandum, which
describes, among other things, the risks of making an investment. The fund invests principally in floating-rate debt
instruments with a substantial portion of its investments consisting
of senior loans.

In general, an RIA with more than $25 million under management must register with the SEC .

investment money

investing securities

In pursuing this strategy, Dalton takes significant
positions in undervalued, publicly traded Japanese companies and seeks to
maximize returns for all shareholders through management buyouts.

com/terms /r/ria.

This registration doesn't mean that the person is recommended by the SEC, it simply means that they are regulated by the SEC.

investment investopedia

and Morgan Stanley will act as joint global
coordinators and , together with Lehman Brothers, Merrill Lynch & Co.

RIAs managing less than $25 million are registered at the state level.

registered sec

In addition to the
Japanese management buyout strategy and the new China strategy , the firm
manages a global distressed securities/capital structure arbitrage strategy, a
risk -averse long and short global equity strategy and a long and short
Japanese equities strategy.

Goldman, Sachs & Co.

investopedia.

register investopedia

million securities

"
Mr. (Highland) is sub-advisor of the
fund .

mean investopedia

Dalton Investments is a registered investment advisor with the Securities
and Exchange Commission .

means million

"We see a broad range of investment
opportunities in Greater China - from Taiwan-listed companies that are trading
at historic lows to an up tick in real estate in Hong Kong to state-owned
companies in the PRC that are clearly overvalued.

managers advisor

"We have launched this new strategy in Dalton's tradition of being
globally opportunistic, bottom up investors seeking the highest possible
return," Mr . and
Deutsche Bank Securities, will act as joint book-running managers for the
proposed offering .
Highland Capital Management, L.

advisor http

When available, a copy of the preliminary prospectus relating to this
offering may be obtained from: Goldman, Sachs & Co.

A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.

Business Editors

NEW YORK----The following Pioneer
Floating Rate Trust taxable auction preferred shares have been rated
'AAA' by Fitch Ratings:

3,130 shares of series M7;

3,125 shares of series W7;

3,125 shares of series TH7.

investopedia rias

, Prospectus Department,
85 Broad Street, New York, New York 10004 (telephone: 212-902-1171) or
Morgan Stanley, Prospectus Department , 1585 Broadway, New York, New York
10036 (telephone: 212-761-4000).p. Highland currently manages
over $9 billion in leveraged loans, high-yield bonds, structured
products and other assets for banks, insurance companies, pension
plans, foundations, and high net worth individuals.

less rias

As of Dec.

mean sec

The firm has approximately $870 million under
management and offers a number of investment vehicles.

PRESS RELEASE Warner Music Group Files Registration Statement With the SEC for Initial Public Offering

This release shall
not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such State.

Fitch Rates Pioneer Floating Rate Trust Taxable Auction Preferred Shares 'AAA'

investing simply

---

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