0000950123-11-052597.txt : 20110520
0000950123-11-052597.hdr.sgml : 20110520
20110520171751
ACCESSION NUMBER: 0000950123-11-052597
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110331
FILED AS OF DATE: 20110520
DATE AS OF CHANGE: 20110520
EFFECTIVENESS DATE: 20110520
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: O'Connor Fund of Funds: Long/Short Credit Strategies LLC
CENTRAL INDEX KEY: 0001174281
IRS NUMBER: 030454045
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-Q
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-21117
FILM NUMBER: 11862512
BUSINESS ADDRESS:
STREET 1: C/O UBS ALT. AND QUANT. INVESTMENTS LLC
STREET 2: 677 WASHINGTON BOULEVARD
CITY: STAMFORD
STATE: DE
ZIP: 06901
BUSINESS PHONE: (203) 719-1850
MAIL ADDRESS:
STREET 1: C/O UBS ALT. AND QUANT. INVESTMENTS LLC
STREET 2: 677 WASHINGTON BOULEVARD
CITY: STAMFORD
STATE: DE
ZIP: 06901
FORMER COMPANY:
FORMER CONFORMED NAME: UBS CREDIT RECOVERY FUND LLC
DATE OF NAME CHANGE: 20070223
FORMER COMPANY:
FORMER CONFORMED NAME: UBS CREDIT & RECOVERY FUND LLC
DATE OF NAME CHANGE: 20061201
FORMER COMPANY:
FORMER CONFORMED NAME: UBS PW CREDIT & RECOVERY FUND LLC
DATE OF NAME CHANGE: 20020524
N-Q
1
w82854nvq.txt
FORM N-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21117
---------
O'Connor Fund of Funds: Long/Short Credit Strategies LLC (formerly, UBS Credit
Recovery Fund, L.L.C.)
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
299 Park Avenue, 29th Floor
New York, NY 10171
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
James M. Hnilo, Esq.
UBS Alternative and Quantitative Investments LLC
One North Wacker Drive, 32nd Floor
Chicago, Illinois 60606
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 525-5000
--------------
Date of fiscal year end: December 31
-----------
Date of reporting period: March 31, 2011
--------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (Sections 239.24 and 274.5
of this chapter), to file reports with the Commission, not later than 60 days
after the close of the first and third fiscal quarters, pursuant to rule 30b1-5
under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. Section 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
O'CONNOR FUND OF FUNDS: LONG/SHORT CREDIT STRATEGIES LLC
(FORMERLY UBS CREDIT RECOVERY FUND, L.L.C.)
SCHEDULE OF PORTFOLIO INVESTMENTS
(UNAUDITED)
March 31, 2011
REALIZED AND DOLLAR AMOUNT
UNREALIZED OF FAIR VALUE
% OF GAIN/(LOSS) INITIAL FIRST FOR FIRST
MEMBERS' FROM ACQUISITION AVAILABLE AVAILABLE
Investment Fund COST FAIR VALUE CAPITAL INVESTMENTS DATE LIQUIDITY (a) REDEMPTION (b) REDEMPTION (b)
---------------------- ------------- ------------- -------- ------------ ----------- --------------- -------------- --------------
CONVERTIBLE ARBITRAGE
Waterstone Market
Neutral
Fund, L.P. (c) $ 18,000,000 $ 19,390,514 5.09 $ 732,393 7/1/2010 Quarterly
------------- ------------- -------- ------------
CONVERTIBLE
ARBITRAGE SUBTOTAL $ 18,000,000 $ 19,390,514 5.09% $ 732,393
DIRECT LOANS/
STRUCTURED FINANCE
European Special
Opportunities
Fund II, Ltd.,
Class B (d) 12,509,535 13,853,026 3.64 700,502 2/1/2008 N/A
Indus Structured
Finance Fund,
L.P., Class A (e) 10,006,738 5,614,141 1.47 (80,263) 5/1/2007 N/A 6/30/2012 5,614,141
Marathon Distressed
Subprime
Fund, L.P. (c) 7,595,421 11,071,849 2.91 1,699,918 9/1/2007 Every 18 months
Marathon Structured
Finance
Fund, L.P. (f) 2,250,441 1,704,277 0.45 35,571 11/1/2004 N/A
Marathon Structured
Finance
Fund, L.P. (d) 2,945,527 3,334,390 0.87 79,873 11/1/2004 N/A
One William Street
Capital
Partners, L.P. (c) 14,176,025 17,669,962 4.64 610,836 12/1/2009 Quarterly
Styx Partners,
L.P. (d) 17,478,717 19,293,526 5.07 214,266 8/1/2002 N/A
------------- ------------- -------- ------------
DIRECT LOANS/
STRUCTURED
FINANCE SUBTOTAL $ 66,962,404 $ 72,541,171 19.05% $ 3,260,703
DISTRESSED/CREDIT
Cyan Warwick European
Distressed &
Special Situations
Credit Fund LP 7,900,000 7,918,886 2.08 26,764 8/1/2010 Quarterly 9/30/2012 7,918,886
Marathon Special
Opportunity
Fund, L.P. 9,696,159 14,116,934 3.71 523,205 10/1/2002 Every 24 months
Marathon Special
Opportunity
Fund, L.P. (f) 4,288,201 4,667,589 1.23 28,008 10/1/2002 N/A
Marathon Special
Opportunity
Fund, L.P.
(c),(d),(g) 175,017 290,264 0.08 75,331 10/1/2002 N/A
Monarch Debt
Recovery
Fund, L.P. (c) 6,750,000 20,342,814 5.34 1,130,000 10/1/2002 Annually
Normandy Hill
Fund, L.P. (c) 15,000,000 14,744,659 3.87 83,510 4/1/2010 Quarterly
------------- ------------- -------- ------------
DISTRESSED/CREDIT
SUBTOTAL $ 43,809,377 $ 62,081,146 16.31% $ 1,866,818
DIVERSIFIED CREDIT
Ahab Partners, L.P. (d) 8,715,150 9,465,211 2.49 212,409 8/1/2002 N/A
Brevan Howard Credit
Catalysts
Fund, L.P. (c) 22,000,000 24,920,543 6.55 970,560 6/1/2010 Monthly
Brigade Leveraged
Capital Structures
Fund, L.P. (c) 21,826,694 28,114,221 7.38 974,906 2/1/2008 Quarterly
Camulos Partners,
L.P. (d) 2,976,627 648,498 0.17 (12,689) 2/1/2006 N/A
Canyon Value
Realization
Fund, L.P.
(c),(f),(g) 2,084,882 2,817,374 0.74 12,511 8/1/2002 N/A
Chatham Asset
Partners
High Yield
Fund, L.P. (c) 12,000,000 12,310,601 3.23 310,601 1/1/2011 Quarterly
Claren Road Credit
Partners, L.P.,
L Interest
payable (f) 4,070,202 8,102,072 2.13 3,445,162 10/1/2006 N/A
Cyrus Opportunities
Fund II, L.P. (f) 456,428 815,302 0.21 62,139 8/1/2002 N/A
Cyrus Opportunities
Fund II, L.P. (d) 808,225 894,041 0.24 124,569 8/1/2002 N/A
GCA Credit
Opportunity
Fund, L.L.C. (c) 20,000,000 20,070,360 5.27 70,360 2/1/2011 Quarterly
Gracie Credit
Opportunities
Fund, L.L.C. (c) 25,000,000 26,655,454 7.00 435,222 11/1/2009 Quarterly
Harbinger Capital
Partners
Fund I, L.P.,
Class L (f) 118,968 511,650 0.13 4,548 8/1/2006 N/A
Harbinger Capital
Partners Special
Situations
Fund, L.P. (d) 2,727,293 5,334,887 1.40 (313,084) 8/1/2006 N/A
Harbinger Capital
Partners Special
Situations
Fund, L.P. (f) 1,328,967 1,045,354 0.27 (3,906) 8/1/2006 N/A
Harbinger Class
PE Holdings
(US) Trust (f) 4,947,928 3,225,270 0.85 (420,810) 8/1/2002 N/A
Knighthead Domestic
Fund, L.P. 11,270,919 20,006,454 5.26 939,882 6/1/2008 Every 24 months
Redwood Domestic
Fund, L.P. 10,000,000 17,392,340 4.57 992,070 10/1/2008 Every 24 months
Whitebox Hedged
High Yield
Fund, L.P. (d) 571,168 882,947 0.23 (9,077) 2/1/2004 N/A
Whitebox Hedged
High Yield,
Ltd. (d) 2,493,804 2,441,727 0.64 (24,894) 9/1/2005 N/A
------------- ------------- -------- ------------
DIVERSIFIED CREDIT
SUBTOTAL $ 153,397,255 $ 185,654,306 48.76% $ 7,770,479
O'CONNOR FUND OF FUNDS: LONG/SHORT CREDIT STRATEGIES LLC
(FORMERLY UBS CREDIT RECOVERY FUND, L.L.C.)
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
(UNAUDITED)
March 31, 2011
REALIZED AND
% OF UNREALIZED
UNREALIZED MEMBERS' GAIN/(LOSS) FROM
EURO FX CONTRACTS COST GAIN/(LOSS CAPITAL INVESTMENTS
------------------------------------------- ---- ---------- -------- ----------------
Euro Foreign Currency Forward Contract (h) $ -- $ (10,819) --% $ (780,640)
REALIZED AND
% OF UNREALIZED
MEMBERS' GAIN/(LOSS) FROM
INVESTMENT FUND COST FAIR VALUE CAPITAL INVESTMENTS
--------------------------- ------------- ------------- -------- ----------------
Other Securities(i) 34,452 35,955 0.01 0
Redeemed Investment Funds -- -- -- (1,527,806)
------------- ------------- -------- ----------------
TOTAL $ 282,203,488 $ 339,692,273 89.22% $ 11,321,947
============= ============= ======== ================
(a) Available frequency of redemptions after the initial lock-up period, if
any. Different tranches may have varying liquidity terms.
(b) Investment Funds with no dates or amounts can be redeemed in full.
(c) Investment Funds categorized as Level 2 investments.
(d) The Investment Fund is in liquidation. In addition to any redemption
proceeds that may have already been received, the Fund will continue to
receive proceeds periodically as the Investment Fund liquidates its
underlying investments.
(e) The Investment Fund is a private equity position that is expected to be
fully distributed to its investors over the next 48 months.
(f) A portion or all of the Fund's interests in the Investment Fund are held
in side pockets which have restricted liquidity.
(g) The Investment Fund is expected to be fully liquidated within twelve
months.
(h) The current fair value of the Euro foreign currency forward sale contract
open with Morgan Stanley & Co. Incorporated is $(13,907,219) and the value
on settlement date of June 30, 2011 is $(13,896,400).
(i) Securities received from in-kind distributions from Investment Funds which
have been held for less than one year.
Complete information about the Investment Funds' underlying investments is not
readily available.
The following is a summary of the inputs used in valuing the Fund's investments
at fair value. The inputs or methodology used for valuing the Fund's investments
are not necessarily an indication of the risk associated with investing in those
investments. The Fund's valuation procedures require evaluation of all relevant
factors available at the time the Fund values its portfolio. These relevant
factors include the individual Investment Funds' compliance with fair value
measurements, price transparency and valuation procedures in place, and
subscription and redemption activity.
The Fund's investments are categorized in three levels as disclosed below. Level
1 discloses the amount of investments where the values of those investments are
based upon quoted prices in active markets for identical securities. Level 2
discloses the amount of investments where the Fund has the ability to redeem at
net asset value as of the March 31, 2011 measurement date, or within one year of
the measurement date. Level 3 discloses the amount of investments where the Fund
does not have the ability to redeem at net asset value within one year of the
March 31, 2011 measurement date. There were no transfers between Level 1 and
Level 2 at March 31, 2011.
O'CONNOR FUND OF FUNDS: LONG/SHORT CREDIT STRATEGIES LLC
(FORMERLY UBS CREDIT RECOVERY FUND, L.L.C.)
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
(UNAUDITED)
MARCH 31, 2011
ASSETS TABLE
TOTAL FAIR VALUE
AT
DESCRIPTION MARCH 31, 2011 LEVEL 1 LEVEL 2 LEVEL 3
--------------------------------- ---------------- -------- ------------- -------------
Convertible Arbitrage $ 19,390,514 $ -- $ 19,390,514 $ --
Direct Loans/Structured Finance 72,541,171 -- 28,741,811 43,799,360
Distressed/Credit 62,081,146 -- 35,377,737 26,703,409
Diversified Credit 185,654,306 -- 114,888,553 70,765,753
Other Securities 35,955 35,955 -- --
---------------- -------- ------------- -------------
TOTAL ASSETS $ 339,703,092 $ 35,955 $ 198,398,615 $ 141,268,522
---------------- -------- ------------- -------------
LIABILITIES TABLE
TOTAL FAIR VALUE
AT
DESCRIPTION MARCH 31, 2011 LEVEL 1 LEVEL 2 LEVEL 3
--------------------------------- ---------------- -------- ------------- -------------
Euro FX Contracts $ (10,819) $ -- $ (10,819) $ --
---------------- -------- ------------- -------------
TOTAL LIABILITIES $ (10,819) $ -- $ (10,819) $ --
---------------- -------- ------------- -------------
The following is a reconciliation of assets in which significant unobservable
inputs (Level 3) were used in determining fair value:
CHANGE IN NET TRANSFERS
UNREALIZED IN
BALANCE AS OF REALIZED GAIN / APPRECIATION/ AND/OR (OUT) OF BALANCE AS OF
DESCRIPTION DECEMBER 31, 2010 (LOSS) DEPRECIATION PURCHASES SALES LEVEL 3 MARCH 31, 2011
------------------ ----------------- --------------- ------------- ----------- ------------ --------------- --------------
Direct Loans / $ 49,121,650 $ 533,911 $ 416,038 $ -- $ (6,272,239) $ -- $ 43,799,360
Structured
Finance
Distressed Credit 12,531,703 -- 54,772 -- -- 14,116,934 26,703,409
Diversified Credit 52,318,990 (2,322,176) 3,637,842 1,633,416 $ (4,508,773) 20,006,454 70,765,753
----------------- --------------- ------------- ----------- ------------ --------------- --------------
Total $ 113,972,343 $ (1,788,265) $ 4,108,652 $ 1,633,416 $(10,781,012) $ 34,123,388 $ 141,268,522
----------------- --------------- ------------- ----------- ------------ --------------- --------------
Net change in unrealized appreciation/depreciation on Level 3 assets still held
as of March 31, 2011 is $8,312,511.
The transfers into Level 3 investments in the amount of $34,123,388 are due to
the liquidity of the underlying Investment Funds in relation to the change in
the measurement date from December 31, 2010 to March 31, 2011.
O'CONNOR FUND OF FUNDS: LONG/SHORT CREDIT STRATEGIES LLC
(FORMERLY UBS CREDIT RECOVERY FUND, L.L.C.)
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
(UNAUDITED)
MARCH 31, 2011
PORTFOLIO VALUATION
The Investment Fund in the convertible arbitrage category may simultaneously
purchase or sell convertible securities and either buy or short sale the same
issuer's common stock while maintaining a market neutral position. The
Investment Fund within this strategy is generally subject to a 45 day redemption
notice period and can be redeemed with no restrictions as of the measurement
date.
The Investment Funds in the direct loans/structured finance strategy invest
primarily in asset-based lending, real estate-structured finance transactions,
distressed securities, subprime residential mortgage market and special
situation investments. Investment Funds within this strategy are generally
subject to 90 - 180 day redemption notice periods. Investment Funds representing
approximately 60 percent of the fair value of the investments in this strategy
are side pockets, liquidating trusts or private equity positions where the
liquidation of assets is expected over the next 12 - 48 months. The remaining
approximately 40 percent of the Investment Funds have either initial redemption
dates commencing in the future (8 percent) or are available to be redeemed with
no restrictions (32 percent), as of the measurement date.
The Investment Funds in the distressed/credit strategy invest primarily in
securities of companies and government entities that are either in distress,
already in default or under bankruptcy protection. Investment Funds within this
strategy are generally subject to 90 - 180 day redemption notice periods.
Investment Funds representing approximately 8 percent of fair value of the
investments in this strategy are side pockets or liquidating trusts where the
liquidation of assets is expected over the next 36 months. The remaining
approximately 92 percent of the Investment Funds have either initial redemption
dates commencing in the future (13 percent) or are available to be redeemed with
no restrictions (79 percent), subject to the Investment Funds' liquidity terms,
as of the measurement date. One Investment Fund, with a fair value of
$14,116,934, transferred from Level 2 to Level 3 at the measurement date.
The Investment Funds in the diversified credit strategy invest primarily in long
and short credit, event-driven and capital structure arbitrage strategies in the
high-yield distressed and high grade corporate debt instruments and their
derivatives. Investment Funds within this strategy are generally subject to 30 -
180 day redemption notice periods. Investment Funds representing approximately
19 percent of fair value of the investments in this strategy are side pockets or
liquidating trusts where the liquidation of assets is expected over the next 48
months. The remaining approximately 81 percent of the Investment Funds are
available to be redeemed with no restrictions, subject to the Investment Funds'
liquidity terms, as of the measurement date. One Investment Fund, with a fair
value of $20,006,454, transferred from Level 2 to Level 3 at the measurement
date.
O'CONNOR FUND OF FUNDS: LONG/SHORT CREDIT STRATEGIES LLC
(FORMERLY UBS CREDIT RECOVERY FUND, L.L.C.)
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
(UNAUDITED)
MARCH 31, 2011
Investment Funds with no current redemption restrictions may be subject to
future gates, lock-up provisions or other restrictions, in accordance with their
offering documents. The Fund had no unfunded capital commitments as of March 31,
2011.
The Fund recognizes transfers into and out of the levels indicated above at the
end of the reporting period. There were no such transfers for the period ended
March 31, 2011. Please refer to the December 31, 2010 financial statements for
full disclosure on the Fund's portfolio valuation methodology.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of
a date within 90 days of the filing date of the report that includes
the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the
1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) O'Connor Fund of Funds: Long/Short Credit Strategies LLC (formerly,
UBS Credit Recovery Fund, L.L.C.)
By (Signature and Title)* /s/ William Ferri
---------------------------------------------------
William Ferri, Principal Executive Officer
Date May 20, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ William Ferri
---------------------------------------------------
William Ferri, Principal Executive Officer
Date May 20, 2011
By (Signature and Title)* /s/ Robert Aufenanger
---------------------------------------------------
Robert Aufenanger, Principal Financial Officer
Date May 20, 2011
* Print the name and title of each signing officer under his or her signature.
EX-99.CERT
2
w82854exv99wcert.txt
EX-99.CERT
EXHIBIT 99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT
I, William Ferri, certify that:
1. I have reviewed this report on Form N-Q of O'Connor Fund of Funds:
Long/Short Credit Strategies LLC (formerly, UBS Credit Recovery Fund,
L.L.C.);
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 schedules of investments included in this
report fairly present in all material respects the investments of the
registrant as of the end of the fiscal quarter for which the report is
filed;
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
registrant's most recent fiscal quarter 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: May 20, 2011 /s/ William Ferri
------------------------------------------
William Ferri, Principal Executive Officer
EXHIBIT 99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT
I, Robert Aufenanger, certify that:
1. I have reviewed this report on Form N-Q of O'Connor Fund of Funds:
Long/Short Credit Strategies LLC (formerly, UBS Credit Recovery Fund,
L.L.C.);
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 schedules of investments included in this
report fairly present in all material respects the investments of the
registrant as of the end of the fiscal quarter for which the report is
filed;
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
registrant's most recent fiscal quarter 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: May 20, 2011 /s/ Robert Aufenanger
----------------------------------------------
Robert Aufenanger, Principal Financial Officer