Shareholder Letter | 3 |
Allocation of Portfolio Holdings | 5 |
Schedule of Investments | 6 |
Statement of Assets & Liabilities
|
11 |
Statement of Operations | 12 |
Statement of Changes in Net Assets | 13 |
Statement of Cash Flows | 14 |
Financial Highlights | 15 |
Notes to the Financial Highlights | 16 |
Report of Independent Registered Public Accounting Firm | 22 |
Additional Information | 23 |
Trustees and Officers | 24 |
Privacy Notice | 25 |
Sound Point Floating Rate Income Fund
|
||||||
ALLOCATION OF PORTFOLIO HOLDINGS
|
||||||
(Calculated as a percentage of Total Investments)
|
||||||
August 31, 2013
|
Sound Point Floating Rate Income Fund
|
||||||||||||||
SCHEDULE OF INVESTMENTS
|
||||||||||||||
August 31, 2013
|
||||||||||||||
Effective
interest
rate1
|
Due date
|
Cost
|
Fair value
|
|||||||||||
Bank Loans2 — United States — 97.59%3
|
||||||||||||||
Agricultural Suppy & Distribution — 3.52%3
|
||||||||||||||
Pinnacle Operating Corporation
|
4.750 | % |
11/15/2018
|
$ | 171,570 | $ | 172,696 | |||||||
Pinnacle Operating Corporation
|
11.500 |
5/13/2019
|
436,586 | 453,200 | ||||||||||
Total Agricultural Suppy & Distribution
|
608,156 | 625,896 | ||||||||||||
Automotive — 1.21%3
|
||||||||||||||
August U.S. Holding Company, Inc.
|
10.500 |
4/29/2019
|
216,365 | 215,568 | ||||||||||
Breweries — 2.83%3
|
||||||||||||||
North American Breweries
|
7.500 |
12/11/2018
|
488,219 | 502,475 | ||||||||||
Broadcasting — 0.83%3
|
||||||||||||||
NEP Broadcasting, LLC
|
9.500 |
8/18/2020
|
141,464 | 146,741 | ||||||||||
Building Products — 2.21%3
|
||||||||||||||
C.H.I. Overhead Doors
|
5.500 |
3/18/2019
|
179,646 | 180,848 | ||||||||||
Continental Building Products LLC
|
8.500 |
2/15/2021
|
60,390 | 61,152 | ||||||||||
Quality Home Brands Holdings LLC
|
6.750 |
6/30/2014
|
150,913 | 150,866 | ||||||||||
Total Building Products
|
390,949 | 392,866 | ||||||||||||
Chemicals — 1.67%3
|
||||||||||||||
Matrix Service Company
|
7.750 |
12/4/2020
|
138,600 | 142,100 | ||||||||||
OXEA
|
8.250 |
6/5/2020
|
67,668 | 68,129 | ||||||||||
Royal Adhesives & Sealants, LLC
|
9.750 |
1/25/2019
|
84,281 | 86,860 | ||||||||||
Total Chemicals
|
290,549 | 297,089 | ||||||||||||
Cinema Services — 0.30%3
|
||||||||||||||
AUFINCO PTY Limited
|
8.250 |
11/30/2020
|
52,477 | 53,166 | ||||||||||
Communication Services — 6.52%3
|
||||||||||||||
Asurion
|
3.500 |
7/8/2020
|
40,542 | 40,366 | ||||||||||
ConvergeOne
|
9.250 |
5/9/2019
|
360,731 | 363,712 | ||||||||||
FairPoint Communications, Inc.
|
7.500 |
2/14/2019
|
493,957 | 499,062 | ||||||||||
Hemisphere Media Group, Inc.
|
6.250 |
7/30/2020
|
58,411 | 59,295 | ||||||||||
Puerto Rico Cable Acquistion Company Inc.
|
5.250 |
7/31/2018
|
196,015 | 197,492 | ||||||||||
Total Communication Services
|
1,149,656 | 1,159,927 | ||||||||||||
Communication Technology — 1.48%3
|
||||||||||||||
Sorenson Communications
|
9.500 |
10/31/2014
|
268,046 | 262,740 | ||||||||||
Consumer Products — 1.41%3
|
||||||||||||||
Hunter Fan Company
|
6.500 |
12/20/2017
|
247,079 | 250,102 |
Sound Point Floating Rate Income Fund
|
||||||||||
SCHEDULE OF INVESTMENTS
|
||||||||||
August 31, 2013
|
Effective
interest
rate1
|
Due date
|
Cost
|
Fair value
|
Customs Brokerage — 1.20%3
|
||||||||||||||
Livingston International
|
9.000 | % |
4/17/2020
|
$ | 206,873 | $ | 212,759 | |||||||
Education Services — 3.76%3
|
||||||||||||||
Ascend Learning
|
7.000 |
5/23/2017
|
190,284 | 190,761 | ||||||||||
McGraw-Hill Education
|
9.000 |
3/22/2019
|
168,150 | 175,213 | ||||||||||
Springer Science+Business Media
|
5.000 |
8/14/2020
|
294,341 | 303,201 | ||||||||||
Total Education Services
|
652,775 | 669,175 | ||||||||||||
Energy Services — 6.67%3
|
||||||||||||||
Alinta Energy
|
6.375 |
8/7/2019
|
68,669 | 69,396 | ||||||||||
Bowie Resources, LLC
|
6.750 |
8/17/2020
|
153,268 | 158,395 | ||||||||||
Bowie Resources, LLC
|
11.750 |
2/9/2021
|
33,602 | 33,775 | ||||||||||
Fairmount Minerals
|
5.000 |
9/3/2019
|
71,640 | 72,238 | ||||||||||
NFR Energy
|
8.750 |
12/31/2018
|
495,229 | 506,565 | ||||||||||
Oxbow Carbon LLC
|
8.000 |
1/18/2020
|
57,420 | 58,870 | ||||||||||
Stallion Oilfield Services Ltd.
|
8.000 |
6/19/2018
|
207,930 | 210,252 | ||||||||||
US Infrastructure Holdings, LLC
|
4.750 |
7/30/2020
|
75,620 | 76,304 | ||||||||||
Total Energy Services
|
1,163,378 | 1,185,795 | ||||||||||||
Entertainment Services — 0.94%3
|
||||||||||||||
AMF Bowling Worldwide, Inc.
|
8.750 |
6/28/2018
|
163,958 | 167,732 | ||||||||||
Financial Services — 7.68%3
|
||||||||||||||
AlixPartners
|
9.000 |
7/2/2021
|
48,515 | 49,980 | ||||||||||
BATS Global Markets, Inc.
|
7.000 |
12/19/2018
|
427,341 | 447,633 | ||||||||||
Guggenheim Partners, LLC
|
3.250 |
7/22/2020
|
60,849 | 61,531 | ||||||||||
Liquidnet Holdings, Inc.
|
9.250 |
5/3/2017
|
223,921 | 226,974 | ||||||||||
Orchard Acquisition Company, LLC
|
9.000 |
2/8/2019
|
241,619 | 249,538 | ||||||||||
Walter Investment Management Corp.
|
5.750 |
11/28/2017
|
326,010 | 330,522 | ||||||||||
Total Financial Services
|
1,328,255 | 1,366,178 | ||||||||||||
Food Service — 0.51%3
|
||||||||||||||
CTI Foods Holding Co., LLC
|
8.250 |
6/14/2019
|
88,667 | 89,775 | ||||||||||
Forest Products — 1.39%3
|
||||||||||||||
Vestcom International, Inc.
|
7.000 |
12/26/2018
|
245,195 | 247,506 |
Sound Point Floating Rate Income Fund
|
||||||||||
SCHEDULE OF INVESTMENTS
|
||||||||||
August 31, 2013
|
Effective
interest
rate1
|
Due date
|
Cost
|
Fair value
|
Gaming — 2.99%3
|
||||||||||||||
Bally Technologies, Inc.
|
4.250 | % |
8/21/2020
|
$ | 89,550 | $ | 90,027 | |||||||
CBAC Borrower, LLC
|
8.250 |
7/2/2020
|
45,552 | 47,495 | ||||||||||
Ceasar's Entertainment Operating Company Inc.
|
9.500 |
10/31/2016
|
41,205 | 40,932 | ||||||||||
Ceasar's Entertainment Operating Company Inc.
|
5.250 |
1/29/2018
|
200,646 | 199,800 | ||||||||||
Ceasar's Entertainment Operating Company Inc.
|
5.440 |
1/29/2018
|
104,025 | 102,790 | ||||||||||
Ceasar's Entertainment Operating Company Inc.
|
9.500 |
1/29/2018
|
50,730 | 50,394 | ||||||||||
Total Gaming
|
531,708 | 531,438 | ||||||||||||
Health Care Products — 0.70%3
|
||||||||||||||
Water Pik, Inc.
|
5.750 |
7/8/2020
|
124,475 | 125,095 | ||||||||||
Health Care Services — 4.51%3
|
||||||||||||||
Carestream Health, Inc.
|
9.500 |
12/4/2019
|
134,260 | 136,401 | ||||||||||
DSI Renal, Inc.
|
5.250 |
8/15/2020
|
78,212 | 78,803 | ||||||||||
Genex Services, Inc.
|
5.250 |
7/26/2018
|
78,605 | 79,593 | ||||||||||
Therakos, Inc.
|
7.500 |
12/27/2017
|
241,929 | 249,216 | ||||||||||
Therakos, Inc.
|
11.250 |
7/18/2018
|
242,972 | 257,500 | ||||||||||
Total Health Care Services
|
775,978 | 801,513 | ||||||||||||
Human Resource Services — 2.24%3
|
||||||||||||||
TriNet Group, Inc.
|
5.000 |
8/20/2020
|
126,723 | 127,194 | ||||||||||
TriNet Group, Inc.
|
8.750 |
2/12/2021
|
269,500 | 270,875 | ||||||||||
Total Human Resource Services
|
396,223 | 398,069 | ||||||||||||
Insurance Services — 5.94%3
|
||||||||||||||
Applied Systems, Inc.
|
8.250 |
6/8/2017
|
42,893 | 43,374 | ||||||||||
Cooper Gay Swett & Crawford Ltd.
|
8.250 |
10/5/2020
|
91,639 | 94,569 | ||||||||||
Sedgwick Claims Management Services, Inc.
|
8.000 |
12/12/2018
|
463,732 | 473,573 | ||||||||||
StoneRiver, Inc.
|
4.500 |
11/29/2019
|
219,898 | 221,133 | ||||||||||
StoneRiver, Inc.
|
8.500 |
5/14/2020
|
219,895 | 223,630 | ||||||||||
Total Insurance Services
|
1,038,057 | 1,056,279 | ||||||||||||
Laundry Services — 0.57%3
|
||||||||||||||
Spin Holdco, Inc.
|
4.250 |
11/14/2019
|
100,500 | 101,411 | ||||||||||
Manufacturing — 5.81%3
|
||||||||||||||
Grede Holdings LLC
|
7.000 |
5/2/2018
|
243,704 | 245,782 | ||||||||||
International Equipment Solutions, LLC
|
6.750 |
8/31/2020
|
63,044 | 63,322 | ||||||||||
Power Buyer, LLC
|
8.250 |
11/6/2020
|
77,220 | 76,830 | ||||||||||
Tomkins Air Distribution Technologies, Inc.
|
9.250 |
5/11/2020
|
138,550 | 139,400 | ||||||||||
WP CPP Holdings, LLC
|
5.750 |
12/27/2019
|
248,750 | 248,750 | ||||||||||
WP CPP Holdings, LLC
|
10.500 |
6/19/2020
|
245,113 | 258,750 | ||||||||||
Total Manufacturing
|
1,016,381 | 1,032,834 |
Sound Point Floating Rate Income Fund
|
||||||||||
SCHEDULE OF INVESTMENTS
|
||||||||||
August 31, 2013
|
Effective
interest
rate1
|
Due date
|
Cost
|
Fair value
|
Manufacturing Services — 0.73%3
|
||||||||||||||
Distribution International, Inc.
|
8.750 | % |
6/21/2019
|
$ | 128,700 | $ | 129,428 | |||||||
Marine Transportation and Manufacturing — 1.57%3
|
||||||||||||||
Commercial Barge Line Company
|
7.500 |
9/23/2019
|
102,723 | 100,286 | ||||||||||
Navios Maritime Partners L.P.
|
5.250 |
6/27/2018
|
172,487 | 179,520 | ||||||||||
Total Marine Transportation and Manufacturing
|
275,210 | 279,806 | ||||||||||||
Marketing Services — 2.45%3
|
||||||||||||||
Advanstar Communications Inc.
|
9.500 |
6/6/2020
|
89,649 | 91,227 | ||||||||||
Merrill Corporation
|
7.250 |
3/8/2018
|
246,459 | 251,548 | ||||||||||
Van Wagner Communications, LLC
|
6.500 |
8/3/2018
|
91,000 | 92,365 | ||||||||||
Total Marketing Services
|
427,108 | 435,140 | ||||||||||||
Media Products — 1.85%3
|
||||||||||||||
Playboy Enterprises, Inc.
|
7.250 |
3/6/2017
|
322,585 | 329,634 | ||||||||||
Packaging Supplier — 1.63%3
|
||||||||||||||
Berlin Packaging, LLC
|
8.750 |
3/31/2020
|
233,056 | 233,740 | ||||||||||
RanPak Corp.
|
8.500 |
3/27/2020
|
53,479 | 55,485 | ||||||||||
Total Packaging Supplier
|
286,535 | 289,225 | ||||||||||||
Pharmaceutical Products — 3.04%3
|
||||||||||||||
Alvogen
|
7.000 |
5/23/2018
|
180,244 | 181,166 | ||||||||||
Covis Pharmaceuticals, Inc.
|
6.000 |
4/4/2019
|
357,105 | 358,444 | ||||||||||
Total Pharmaceutical Products
|
537,349 | 539,610 | ||||||||||||
Real Estate Services — 1.01%3
|
||||||||||||||
RentPath, Inc.
|
6.250 |
5/29/2020
|
178,402 | 179,488 | ||||||||||
Relocation Services — 2.81%3
|
||||||||||||||
SIRVA, Inc.
|
7.500 |
3/22/2019
|
489,104 | 499,997 | ||||||||||
Retail — 1.43%3
|
||||||||||||||
Collective Brands, Inc.
|
7.250 |
10/9/2019
|
248,750 | 253,516 | ||||||||||
Technology Services — 4.54%3
|
||||||||||||||
Eastman Kodak Company
|
7.250 |
7/31/2019
|
219,520 | 219,789 | ||||||||||
Latisys
|
6.500 |
3/6/2019
|
455,869 | 458,142 | ||||||||||
LTS Buyer, LLC
|
8.000 |
4/1/2021
|
127,710 | 129,806 | ||||||||||
Total Technology Services
|
803,099 | 807,737 |
Sound Point Floating Rate Income Fund
|
||||||||||
SCHEDULE OF INVESTMENTS
|
||||||||||
August 31, 2013
|
Technology Software — 4.51%3
|
||||||||||||||
Aderant Holdings, Inc.
|
6.250 | % |
12/20/2018
|
$ | 494,201 | $ | 496,880 | |||||||
RP Crown Parent, LLC
|
6.750 |
12/21/2018
|
296,367 | 305,666 | ||||||||||
Total Technology Software
|
790,568 | 802,546 | ||||||||||||
Telecommunication Services — 3.15%3
|
||||||||||||||
Global Tel*Link Corporation
|
9.000 |
11/20/2020
|
468,453 | 466,248 | ||||||||||
Securus Technologies, Inc.
|
9.000 |
4/17/2021
|
95,040 | 94,560 | ||||||||||
Total Telecommunication Services
|
563,493 | 560,808 | ||||||||||||
Travel Services — 1.98%3
|
||||||||||||||
Apple Leisure Group
|
7.000 |
2/28/2019
|
247,003 | 249,375 | ||||||||||
Travelport
|
6.250 |
6/26/2019
|
99,511 | 102,283 | ||||||||||
Total Travel Services
|
346,514 | 351,658 | ||||||||||||
Total Bank Loans
|
17,082,800 | 17,350,722 | ||||||||||||
Bonds — United States — 1.17%3
|
||||||||||||||
Manufacturing — 1.17%3
|
||||||||||||||
Chassix
|
9.250 |
8/1/2018
|
203,434 | 208,500 | ||||||||||
Short Term Investments — 6.41%3
|
||||||||||||||
US Bank Money Market 5, 0.04%4
|
1,138,429 | 1,138,429 | ||||||||||||
Total Investments — 105.17%3
|
$ | 18,424,663 | $ | 18,697,651 | ||||||||||
Other liabilities and assets — (5.17)%3
|
(918,504 | ) | ||||||||||||
Net Assets — 100%3
|
$ | 17,779,147 | ||||||||||||
1
|
The effective interest rates are based on settled commitment amount.
|
|||||||||||||
2
|
Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates show for the bank loans are the current interest rates as of August 31, 2013. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.
|
|||||||||||||
3
|
Calculated as a percentage of net assets.
|
|||||||||||||
4
|
Rate reported is the current yield as of August 31, 2013.
|
STATEMENT OF ASSETS & LIABILITIES
|
||||
August 31, 2013
|
||||
Assets
|
||||
Investments, at fair value (cost $18,424,663)
|
$ | 18,697,651 | ||
Receivable for investments sold
|
1,938,387 | |||
Interest receivable
|
134,398 | |||
Receivable from Adviser, net
|
1,511 | |||
Prepaid expenses and other assets
|
146 | |||
Total assets
|
20,772,093 | |||
Liabilities
|
||||
Payable for investments purchased
|
2,838,503 | |||
Payable to Trustees
|
11,250 | |||
Accrued expenses and other liabilities
|
143,193 | |||
Total liabilities
|
2,992,946 | |||
Total net assets
|
$ | 17,779,147 | ||
Net Assets:
|
||||
Common stock, $0.01 par value; 1,681,275 shares issued and outstanding
|
||||
(unlimited shares authorized)
|
$ | 16,813 | ||
Additional paid-in capital
|
16,994,916 | |||
Undistributed net investment income
|
138,786 | |||
Accumulated net realized gain
|
355,644 | |||
Net unrealized appreciation
|
272,988 | |||
Total net assets
|
$ | 17,779,147 | ||
Net asset value per share
|
$ | 10.58 | ||
Sound Point Floating Rate Income Fund
|
||||
STATEMENT OF OPERATIONS
|
||||
Period from
December 1, 2012 (1)
through
August 31, 2013
|
||||
Investment Income
|
||||
Interest income
|
$ |
482,879
|
||
Operating Expenses
|
||||
Advisory fees
|
142,710
|
|||
Professional fees
|
90,000
|
|||
Administrator fees
|
61,254
|
|||
Offering costs
|
42,294
|
|||
Directors' fees
|
22,500
|
|||
Transfer agent fees and expenses
|
14,123
|
|||
Custodian fees and expenses
|
8,267
|
|||
Other operating expenses
|
2,404
|
|||
Total operating expenses
|
383,552
|
|||
Less fees waived by Adviser
|
(144,221)
|
|||
Net Expenses
|
239,331
|
|||
Net investment income
|
243,548
|
|||
Realized and Unrealized Gains on Investments
|
||||
Net realized gain on investments
|
355,644
|
|||
Net unrealized appreciation of investments
|
272,988
|
|||
Net realized and unrealized gains on investments
|
628,632
|
|||
Net increase in net assets resulting from operations
|
$ |
872,180
|
Sound Point Floating Rate Income Fund
|
||||
STATEMENT OF CHANGES IN NET ASSETS
|
||||
Period from
December 1, 2012 (1)
through
August 31, 2013
|
||||
Operations
|
||||
Net investment income
|
$ |
243,548
|
||
Net realized gain on investments
|
355,644
|
|||
Net unrealized appreciation on investments
|
272,988
|
|||
Net increase in net assets resulting from operations
|
872,180
|
|||
Dividends to Common Stockholders
|
(104,762)
|
|||
Capital Stock Transactions
|
||||
Proceeds from shares sold
|
16,971,000
|
|||
Issuance of 3,905 common shares from reinvestment of distributions to
|
||||
shareholders
|
40,729
|
|||
Net increase in net assets capital stock transactions
|
17,011,729
|
|||
Total increase in net assets
|
17,779,147
|
|||
Net Assets
|
||||
Beginning of period
|
-
|
|||
End of period
|
$ |
17,779,147
|
||
Undistributed net investment income, end of period
|
$ |
138,786
|
||
(1) Commencement of operations.
|
Sound Point Floating Rate Income Fund
|
||||
STATEMENT OF CASH FLOWS
|
||||
Period from
December 1, 2012 (1)
through
August 31, 2013
|
||||
Reconciliation of net increase in net assets applicable to
|
||||
common stockholders resulting from operations to
|
||||
net cash used in operating activities
|
||||
Net increase in net assets applicable to common stockholders
|
||||
resulting from operations
|
$ | 872,180 | ||
Adjustments to reconcile net increase in net assets applicable to
|
||||
common stockholders resulting from operations to net cash
|
||||
used in operating activities:
|
||||
Purchases of long-term investments
|
(45,734,534 | ) | ||
Proceeds from sales of long-term investments
|
28,807,728 | |||
Purchases of short-term investments, net
|
(1,138,429 | ) | ||
Net unrealized depreciation
|
(272,988 | ) | ||
Net realized gain
|
(355,644 | ) | ||
Amortization and acretion
|
(3,784 | ) | ||
Changes in operating assets and liabilities:
|
||||
Increase in receivable for investments sold
|
(1,938,387 | ) | ||
Increase in interest receivable
|
(134,398 | ) | ||
Increase in receivable from Adviser, net
|
(1,511 | ) | ||
Increase in prepaid expenses and other assets
|
(146 | ) | ||
Increase in payable for investments purchased
|
2,838,503 | |||
Increase in payable to Trustees
|
11,250 | |||
Increase in accrued expenses and other liabilities
|
143,193 | |||
Net cash used in operating activities
|
(16,906,967 | ) | ||
Cash Flows From Financing Activities
|
||||
Issuance of common stock
|
16,971,000 | |||
Distributions paid to common stockholders
|
(64,033 | ) | ||
Net cash provided by financing activities
|
16,906,967 | |||
Net change in cash
|
- | |||
Cash--beginning of period
|
- | |||
Cash--end of period
|
$ | - | ||
Non-Cash Financing Activities
|
||||
Reinvestment of distributions by common stockholders
|
$ | 40,729 | ||
(1) Commencement of operations.
|
Sound Point Floating Rate Income Fund
|
|||||
FINANCIAL HIGHLIGHTS
|
|||||
Period From
December 1, 2012 (1)
through
August 31, 2013
|
|||||
Per Common Share Data
|
|||||
Net asset value, beginning of period
|
$ |
10.00
|
|||
Income from investment operations:
|
|||||
Net investment income
|
0.14
|
||||
Net realized and unrealized gains on investments
|
0.50
|
||||
Total decrease from investment operations
|
0.64
|
||||
Less distributions to common stockholders:
|
|||||
Net investment income
|
(0.06)
|
||||
Total distributions to common stockholders
|
(0.06)
|
||||
Net asset value, end of period
|
$ |
10.58
|
|||
Total investment return based on net asset value (2)
|
6.40
|
%
|
|||
Supplemental Data and Ratios
|
|||||
Net assets, end of period (000's)
|
$ |
17,779
|
|||
Ratio of expenses to average net assets before waiver (3)
|
3.33
|
%
|
|||
Ratio of expenses to average net assets after waiver (3)
|
2.08
|
%
|
|||
Ratio of net investment income to average net assets before waiver (3)
|
0.86
|
%
|
|||
Ratio of net investment income to average net assets after waiver (3)
|
2.11
|
%
|
|||
Portfolio turnover rate (2)
|
197.14
|
%
|
|||
(1)
|
Commencement of operations.
|
||||
(2)
|
Not annualized.
|
||||
(3)
|
Annualized for periods less than one full year.
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
Investments
|
||||||||||||
Assets:
Fixed Income:
|
||||||||||||||||
Bank Loans (a)
|
$ | - | $ | 17,350,722 | $ | - | $ | 17,350,722 | ||||||||
Bonds (a)
|
- | 208,500 | - | 208,500 | ||||||||||||
Other:
|
||||||||||||||||
Short-Term Investments (b)
|
1,138,429 | - | - | 1,138,429 | ||||||||||||
Total Assets
|
$ | 1,138,429 | $ | 17,559,222 | $ | - | $ | 18,697,651 | ||||||||
(a)
|
All other industry classifications are identified in the Schedule of Investments.
|
(b)
|
Short-term investment is a sweep investment for cash balances in the Fund at August 31, 2013.
|
Ordinary
Income
|
Net Long
Term Capital
Gains
|
Total
Distributions
Paid
|
||
$104,762
|
$ -
|
$104,762
|
Tax cost of investments
|
$ | 18,467,663 | ||
Unrealized appreciation
|
273,362 | |||
Unrealized depreciation
|
- | |||
Net unrealized appreciation (depreciation)
|
273,362 | |||
Undistributed ordinary income
|
494,430 | |||
Undistributed long term gains
|
- | |||
Distributable earnings
|
494,430 | |||
Other accumulated gain/(loss)
|
- | |||
Total accumulated gain/(loss)
|
$ | 767,792 |
Sound Point Floating Rate Income Fund
|
|||||
TRUSTEES & OFFICERS
|
|||||
August 31, 2013
|
|||||
(Unaudited)
|
|||||
Name and
Year of Birth
|
Position(s)
Held
with the
Fund
|
Term of
Office
and Length of
Time
Served
|
Principal
Occupations
During Past
Five Years
|
Number of
Portfolios in
Fund Complex
Overseen
by Trustee
|
Other
Directorships
Held by Trustee
During the Past
Five Years
|
Independent Trustees
|
|||||
Robert Lewis
|
Trustee and
Audit Committee
Chairman
|
Since
inception
|
Chairman and
Founder of Orbital
Engineering Inc.
|
1
|
Drexel University, Pennsylvania
State and PIAA (Pittsburgh International Airport Authority)
|
1344 5th Avenue
|
|||||
Pittsburgh, PA 15219
|
|||||
1940
|
|||||
Jeffrey Arsenault
|
Trustee
|
Since
inception
|
Principal of Old
Greenwich Capital
Partners
|
1
|
Stepping Stones Museum for Children
|
800 Third Avenue
|
|||||
39th Floor
|
|||||
New York NY 10022
|
|||||
1962
|
|||||
Interested Trustee
|
|||||
Stephen Ketchum
|
Chairman,
Trustee and
President
|
Since
inception
|
Founder and
Managing
Partner of
Sound Point
Capital
Management, LP
|
1
|
East Side House Settlement,
New York Police & Fire Widows’
& Children’s Benefit Fund, Museum of the City of New York
|
375 Park Avenue
|
|||||
25th Floor
|
|||||
New York, NY 10152
|
|||||
1961
|
|||||
Officer | |||||
Kevin Gerlitz
|
Chief
Compliance
Officer, Treasurer
and Secretary
|
Since
inception
|
Chief Compliance
Officer and
Chief Financial
Officer of Sound
Point Capital
Management, LP;
Chief Financial
Officer of
Raven Asset
Management, LLC
|
n/a
|
n/a
|
375 Park Avenue
|
|||||
25th Floor
|
|||||
New York, NY 10152
|
|||||
1958
|
|||||
·
|
Information we receive in subscription agreements, investor questionnaires and other forms which Shareholders complete and submit to us, such as names, addresses, phone numbers, social security numbers, and employment, asset, income and other household information;
|
·
|
Information we receive and maintain relating to the net asset value of a Shareholder’s shares, such as profit and loss allocations and capital withdrawals and additions;
|
·
|
Information about your investment in and other transactions with us and our affiliates, including information we receive and maintain relating to new issue and other securities transactions with and through the Fund and its affiliates; and
|
·
|
Information we receive about a Shareholder from the Shareholder’s purchaser representative, financial advisor, investment consultant or other financial institution with whom the Fund has a relationship and/or whom the Shareholder may have authorized to provide such information to the Fund.
|
·
|
Financial service providers such as the Fund’s prime broker who assists the Fund as part of the ordinary course of servicing your investments in the Fund;
|
·
|
Legal representatives of the Fund, such as our counsel, accountants and auditors;
|
·
|
Cergain non-affiliated parties who perform marketing services for the Fund or with whom we have entered into joint marketing agreements; and
|
·
|
Persons acting in a fiduciary or representative capacity on behalf of an individual Shareholder, such as an IRA custodian or Trustee of a grantor trust.
|
FYE 8/31/13
|
|
Audit Fees
|
$35,000
|
Audit-Related Fees
|
None
|
Tax Fees
|
5,000
|
All Other Fees
|
None
|
FYE 8/31/13
|
|
Audit-Related Fees
|
0%
|
Tax Fees
|
0%
|
All Other Fees
|
0%
|
Non-Audit Related Fees
|
FYE 8/31/13
|
Registrant
|
None
|
Registrant’s Investment Adviser
|
None
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
Portfolio Manager
|
Recent Professional Experience
|
Stephen J. Ketchum
|
Mr. Ketchum is the managing partner/senior portfolio manager/member of board of managers of the Advisor. Mr. Ketchum is the founder and principal owner of the Advisor and the portfolio manager of the Sound Point Credit Opportunities Fund, the Sound Point Senior Floating Rate Fund, several separately managed accounts and Sound Point CLO I, Ltd., a Collateralized Loan Obligation vehicle.
Previously, Mr. Ketchum was Global Head of Media Investment and Corporate Banking for Banc of America Securities (“BofA”), where he was a member of the Global Investment Banking Leadership Team. As Global Head of Media Banking, Mr. Ketchum was responsible, together with a risk partner, for a multi-billion dollar portfolio of corporate loans, which was used to support investment banking activities. Prior to joining BofA, he was a Managing Director at UBS in the TMT Investment Banking Group. From 1990 to 2000, he was employed in the Investment Banking Department of Donaldson, Lufkin & Jenrette, most recently as a Managing Director. Mr. Ketchum is a Vice President of the Board of Trustees of the East Side House Settlement, located in Mott Haven, the Bronx, the poorest congressional district in the United States., and also sits on the Board of Directors for the New York Police & Fire Widows’ & Children’s Benefit Fund. He earned his B.A. from New England College magna cum laude and an M.B.A. from the Harvard Business School.
|
Rick Richert, CFA
|
Mr. Richert is a co-portfolio manager of the Sound Point Senior Floating Rate Fund and Sound Point CLO I, Ltd.
Prior to joining the Advisor, Mr. Richert was a Principal in the CLO group at American Capital (“ACAS”) where for 4 years he served as a senior member of a team managing $725MM in corporate loan assets. His primary role was managing the cash flow CLO and directly covered over 40 names in the Aerospace & Defense, Building Materials, Chemical, Electronics, Metals & Mining and Oil & Gas industries. This fund ranked in the top 7th percentile of all similar funds for the 3 years ended December 2009. Prior to ACAS, Mr. Richert was a Senior Credit Analyst at Sanno Point Capital Management, a credit-focused hedge fund, where he covered Home Builders, Metals & Mining, TMT, and Drug Store Retailers. Previously, he was a Director in the Bank Loan Unit at MetLife, where he worked for 10 years. At MetLife, Mr. Richert managed a $3+ billion portfolio of leveraged loans and directly covered over 40 names across many industries. Mr. Richert earned his M.B.A. in Finance from the University of Michigan and his B.B.A. in Accounting from Southern College. He is a Chartered Financial Analyst charterholder and is a Certified Public Accountant.
|
Number of Accounts
|
Assets of
Accounts
|
Number of
Accounts
Subject to a
Performance Fee
|
Assets Subject to a
Performance Fee
|
|
Stephen J. Ketchum
|
||||
Registered Investment Companies
|
3
|
$173,373,000
|
0
|
$0
|
Pooled Investment Vehicles Other Than
Registered Companies
|
2
|
$293,239,000
|
1
|
$147,824,000
|
Other Accounts
|
11
|
$2,389,000,000
|
3
|
$41,175,000
|
Rick Richert, CFA
|
||||
Registered Investment Companies
|
1
|
$17,779,000
|
0
|
$0
|
Pooled Investment Vehicles Other Than
Registered Companies
|
1
|
$145,414,000
|
0
|
$0
|
Other Accounts
|
7
|
$1,368,521,000
|
1
|
$25,069,000
|
Portfolio Manager
|
Aggregate Dollar Range
of Holdings in the Fund
|
Stephen J. Ketchum
|
$1 - $10,000
|
Rick Richert, CFA
|
none
|
Period
|
(a)
Total Number of
Shares (or Units)
Purchased
|
(b)
Average Price Paid
per Share (or Unit)
|
(c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
Month #1
3/01/13 – 3/31/13
|
0
|
0
|
0
|
0
|
Month #2
4/01/13 – 4/30/13
|
0
|
0
|
0
|
0
|
Month #3
5/01/13 – 5/31/13
|
0
|
0
|
0
|
0
|
Month #4
6/01/13 – 6/30/13
|
0
|
0
|
0
|
0
|
Month #5
7/01/13 - 7/31/13
|
0
|
0
|
0
|
0
|
Month #6
8/01/13 – 8/31/13
|
0
|
0
|
0
|
0
|
Total
|
0
|
0
|
0
|
0
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. 1) Filed herewith.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
1.1.
|
Access Persons include (i) any Supervised Person of Sound Point who (a) has access to nonpublic information regarding any client’s purchase or sale of securities; or (b) is involved in making securities recommendations to clients or has access to such recommendations that are nonpublic and (ii) any other person who the CCO determines to be an Access Person.
|
|
The CCO will inform all Access Persons of their status as such and will maintain a list of Access Persons on Appendix A.
|
1.2.
|
Beneficial Ownership generally means having a direct or indirect pecuniary interest in a security and is legally defined to be beneficial ownership as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended (“Exchange Act”). However, transactions or holdings reports required by Section 5 of this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security or securities to which the report relates.
|
1.3.
|
Federal Securities Laws means: (i) the Securities Act of 1933, as amended (“Securities Act”); (ii) Exchange Act; (iii) the Sarbanes-Oxley Act of 2002; (iv) the 1940 Act, (v) the Advisers Act; (vi) title V of the Gramm-Leach-Bliley Act; (vii) any rules adopted by the SEC under the foregoing statutes; (viii) the Bank Secrecy Act, as it applies to funds and investment advisers; and (ix) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.
|
1.4.
|
Initial Public Offering (“IPO”) means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d).
|
1.5.
|
Limited Offering means an offering that is exempt from registration under Securities Act Sections 4(2) or 4(6), or pursuant to Securities Act Rules 504, 505 or 506. Limited Offerings include, without limitation, offerings of securities issued by the private funds advised by Sound Point.
|
1.6.
|
Purchase or Sale of a Security includes, among other things, the writing of an option to purchase or sell a security.
|
1.7.
|
Reportable Security means any security as defined in Advisers Act Section 202(a)(18) and Company Act Section 2(a)(36) except (i) direct obligations of the Government of the United States; (ii) bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) shares issued by open-end funds other than Reportable Funds; and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.
|
1.8.
|
Security Held by a Client means any Reportable Security which is currently held by a client. This definition also includes any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security.
|
|
2. Pre-Approval Requirements for Access Persons
|
2.1.
|
IPO and Limited Offering Restrictions. Access Persons may not acquire any securities issued as part of an IPO or a Limited Offering, absent prior approval in writing from the CCO. Any such approval will take into account, among other factors, whether the investment opportunity should be reserved for a client and whether the investment opportunity is being offered to the person because of his or her position with Sound Point.
|
2.2
|
Reportable Securities. Access Persons may not acquire any Reportable Securities absent prior approval in writing from the CCO. Shares of exchange-traded funds and closed-end funds not advised by Sound Point are excepted from the pre-approval requirement.
|
2.2.
|
Transactions in Securities Held by a Client. Access Persons may not engage in a transaction in any Security held by a Client, absent the approval of the CCO. In considering an Access Person’s request to engage in a transaction involving a Security Held by a Client, the CCO shall consider, among other factors, whether the sale of the Reportable Security may negatively impact the market vale of the Securities Held by a Client and whether the transaction is otherwise consistent with the Code.
|
2.3.
|
30 Day Holding Period. Absent the prior written consent of the CCO, no Access Person may sell a Reportable Security within 30 days of acquiring the Reportable Security.
|
2.4.
|
Prohibition on Self Pre-clearance or Approval. No Access Person shall pre-clear his own trades, review his own reports or approve his own exemptions from this Code. When such actions are to be undertaken with respect to the CCO, Stephen Ketchum will perform such actions as are required of the CCO by this Code.
|
|
3. Additional Requirements
|
3.1.
|
Fair Treatment. Access Persons must avoid taking any action which would favor one client or group of clients over another, in violation of our fiduciary duties and applicable law. Access Persons must comply with relevant provisions of our compliance manuals designed to detect, prevent or mitigate such conflicts.
|
3.2.
|
Service as Outside Director, Trustee or Executor. Access Persons shall not serve on the boards of directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the CCO following the receipt of a written request for such approval. In the event such a request is approved, “Chinese Wall” procedures may be utilized to avoid potential conflicts of interest. Other than by virtue of their position with the firm or with respect to a family member, no Access Person may serve as a trustee, executor or fiduciary. Similarly, Access Persons may not serve on a creditor’s committee. In appropriate circumstances the CCO may grant exemptions from this provision.
|
4.1.
|
Initial and Annual Holdings Reports. Each Access Person must submit to the CCO a report: (i) not later than ten (10) days after becoming an Access Person, reflecting the Access Person’s Reportable Securities as of a date not more than 45 days prior to becoming an Access Person; and (ii) annually, on a date selected by the CCO, as of a date not more than 45 days prior to the date the report was submitted.
|
4.2.
|
Holdings reports must contain the following information:
|
|
(a)
|
the title and type of security and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;
|
|
(b)
|
the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person’s direct or indirect benefit. (Note that even those accounts which hold only non-Reportable Securities, must be included); and
|
|
(c)
|
the date the Access Person submits the report.
|
4.3.
|
Quarterly Transaction Reports. Within 30 days after the end of each calendar quarter, each Access Person must submit a report to the CCO covering all transactions in Reportable Securities during the preceding calendar quarter other than those excepted from the reporting requirements.
|
4.4.
|
Quarterly Transaction Reports must contain the following information:
|
|
(a)
|
the date of the transaction, the title and as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved;
|
|
(b)
|
the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);
|
|
(c)
|
the price of the security at which the transaction was effected;
|
|
(d)
|
the name of the broker, dealer or bank with or through which the transaction was effected; and
|
|
(e)
|
the date the Access Person submits the report.
|
4.5.
|
Exceptions to Reporting Requirements. The reporting requirements of this Section 5 apply to all transactions in Reportable Securities other than:
|
|
(a)
|
transactions with respect to securities held in accounts over which the Access Person has no direct or indirect influence or control; and
|
|
(b)
|
transactions effected pursuant to an automatic investment plan (i.e., any program in which regular periodic purchases or withdrawals are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan (“DRIP”).
|
4.6.
|
Duplicate Statements and Confirms. In order to satisfy the reporting requirements of this Section 4, each Access Person, with respect to each brokerage account in which such Access Person has any direct or indirect beneficial interest, must arrange to have his/her broker mail all brokerage statements, confirmations, and other periodic reports directly to the CCO at the same time they are mailed or furnished to such Access Person. To the extent that a duplicate brokerage statement lacks some of the information otherwise required to be reported, the missing information must be submitted as a supplement to the statement or confirmation.
|
6.1.
|
Reports required to be submitted pursuant to the Code will be reviewed by the CCO or a designee on a periodic basis.
|
6.2.
|
Any material violation or potential material violation of the Code must be promptly reported to the CCO. The CCO will investigate any such violation or potential violation and determine the nature and severity of the violation. All violations will be handled on a case-by-case basis in a manner deemed appropriate by the CCO. In each case of a violation, the CCO must determine what actions, if any, are required to cure the violation and prevent future violations.
|
6.3.
|
The CCO will keep a written record of all investigations in connection with any Code violations, including any action taken as a result of the violation.
|
6.4.
|
Sanctions for violations of the Code may include: verbal or written warnings and censures, monetary sanctions, disgorgement, suspension or dismissal. Where a particular client has been harmed by the violative action, disgorgement may be paid directly to the client; otherwise, monetary sanctions shall be paid to an appropriate charity determined by the CCO.
|
|
(i)
|
a copy of this Code of Ethics and any other preceding code of ethics that, at any time within the past 5 years, has been in effect in an easily accessible place;
|
|
(ii)
|
a record of any Code of Ethics violation and of any sanctions imposed for a period of not less than 5 years following the end of the fiscal year in which the violation occurred, the first 2 years in an easily accessible place;
|
|
(iii)
|
a copy of each report made by an Access Person under this Code of Ethics for a period of not less than 5 years from the end of the fiscal year in which it is made, the first 2 years in an easily accessible place;
|
|
(iv)
|
a record of all persons who are, or within the past 5 years have been, required to submit reports under this Code of Ethics, or who are or were responsible for reviewing these reports for a period of at least 5 years after the end of the fiscal year in which the report was submitted, the first 2 years in an easily accessible place; and
|
|
(v)
|
a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of Securities acquired in an Initial Public Offering or Limited Offering, for a period of at least 5 years after the end of the fiscal year in which the approval is granted, the first 2 years in an easily accessible place. To the extent appropriate and permissible, the CCO may choose to keep such records electronically. The CCO shall review this Code and its operation annually and may determine to make amendments to the Code as a result of that review. Non-material amendments to this Code should be made no more frequently than annually and shall be distributed as described in Section 5. Material amendments to the Code may be made at any time.
|
|
(1)
|
being employed or compensated by any other entity;
|
|
(2)
|
engaging in any other business including part-time, evening or weekend employment; or
|
|
(3)
|
serving as an officer, director, partner, etc., in any other entity.
|
1.
|
I have reviewed this report on Form N-CSR of Sound Point Floating Rate Income Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
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(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: November 1, 2013
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/s/ Stephen J. Ketchum
Stephen J. Ketchum
President
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1.
|
I have reviewed this report on Form N-CSR of Sound Point Floating Rate Income Fund;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
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(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 1, 2013
|
/s/ Kevin Gerlitz
Kevin Gerlitz
Treasurer
|
/s/ Stephen J. Ketchum
Stephen J. Ketchum
President, Sound Point Floating Rate Income Fund
|
/s/ Kevin Gerlitz
Kevin Gerlitz
Treasurer, Sound Point Floating Rate Income Fund
|
Dated: November 1, 2013
|
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