UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22137
Oppenheimer Master Loan Fund, LLC
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Arthur S. Gabinet
OFI Global Asset Management, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrants telephone number, including area code: (303) 768-3200
Date of fiscal year end: September 30
Date of reporting period: 3/31/2014
Item 1. Reports to Stockholders.
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Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments | 44 | |||||
45 |
PORTFOLIO MANAGERS: Margaret Hui, CFA and Joseph Welsh, CFA
AVERAGE ANNUAL TOTAL RETURNS AT 3/31/14
Oppenheimer Master Loan Fund, LLC |
Credit Suisse Leveraged Loan |
|||||||||
6-Month |
3.76 % | 3.15 % | ||||||||
1-Year |
6.61 | 5.04 | ||||||||
5-Year |
13.51 | 12.24 | ||||||||
Since Inception (10/31/07) |
5.80 | 4.76 |
Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individuals investment. Returns for periods of less than one year are cumulative and not annualized.
The Funds performance is compared to the Credit Suisse Leveraged Loan Index, a representative index of tradable, senior secured, U.S. dollar-denominated, non-investment-grade loans. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Funds performance, it must be noted that the Funds investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Funds performance, and does not predict or depict performance of the Fund. The Funds performance reflects the effects of the Funds business and operating expenses.
The Funds investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.
2 OPPENHEIMER MASTER LOAN FUND, LLC
Shares of Oppenheimer Master Loan Fund, LLC are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the Securities Act of 1933 (the Securities Act), as amended. Investments in the Fund may only be made by certain accredited investors within the meaning of Regulation D under the Securities Act, including other investment companies. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any interests in the Fund.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
3 OPPENHEIMER MASTER LOAN FUND, LLC
4 OPPENHEIMER MASTER LOAN FUND, LLC
Fund Expenses. As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2014.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
5 OPPENHEIMER MASTER LOAN FUND, LLC
Actual | Beginning Value |
Ending Account Value |
Expenses Paid During | |||||||||||||||
$ | 1,000.00 | $ | 1,037.60 | 1.68 | ||||||||||||||
Hypothetical (5% return before expenses) |
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1,000.00 | 1,023.29 | 1.67 |
Expenses are equal to the Funds annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The annualized expense ratio, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2014 is as follows:
Expense Ratio |
0.33% |
The expense ratio reflects voluntary and/or contractual waivers and/or reimbursements of expenses by the Funds Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Funds prospectus. The Financial Highlights table in the Funds financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
6 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS March 31, 2014 Unaudited
Principal Amount |
Value | |||||||
Corporate Loans97.4% |
||||||||
Consumer Discretionary28.1% | ||||||||
Auto Components2.9% | ||||||||
Affinia Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%-5.75%, 4/25/201 | $ | 1,922,975 | $ | 1,930,763 | ||||
Allison Transmission, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 3.75%, 8/23/191 | 775,627 | 777,566 | ||||||
Breed Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 5/10/181 | 1,170,438 | 1,177,753 | ||||||
Cap-Con Automotive Technologies Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 11/15/181 | 1,916,693 | 1,932,266 | ||||||
Cooper Standard, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/26/211 | 2,410,000 | 2,419,037 | ||||||
Federal-Mogul Corp., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan: | ||||||||
Tranche B, 2.128%, 12/29/141 | 3,637,984 | 3,627,754 | ||||||
Tranche C, 2.118%, 12/29/141 | 11,194 | 11,163 | ||||||
Tranche C, 2.128%, 12/28/151 | 2,036,125 | 2,030,400 | ||||||
FleetPride, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 11/19/191 | 2,604,494 | 2,580,618 | ||||||
Goodyear Tire & Rubber Co. (The), Sr. Sec. Credit Facilities 2nd Lien Term Loan, 4.75%, 4/30/191 | 9,215,000 | 9,266,724 | ||||||
Metaldyne LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 12/18/181 | 1,734,719 | 1,742,309 | ||||||
Remy International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/5/201 | 1,738,854 | 1,743,201 | ||||||
Schaeffler AG, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.25%, 1/27/171 | 7,590,000 | 7,635,380 | ||||||
TI Group Auto Systems LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/28/191 | 3,303,317 | 3,331,190 | ||||||
Tower Automotive Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 4/23/201 | 2,007,312 | 2,007,312 | ||||||
TranStar Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 10/9/181 | 2,614,809 | 2,593,564 | ||||||
44,807,000 | ||||||||
Automobiles0.0% | ||||||||
Chrysler LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B1, 5.333%, 8/3/491,2 | 8,695,844 | 26,087 | ||||||
Distributors1.3% | ||||||||
99 Cents Only Stores, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 1/11/191 | 3,732,223 | 3,766,728 | ||||||
BJs Wholesale Club, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 9/26/191 | 3,890,250 | 3,909,935 | ||||||
BJs Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 3/26/201 | 3,201,446 | 3,286,150 | ||||||
Capital Automotive LP, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.00%, 4/30/201 | 1,475,000 | 1,523,859 | ||||||
Container Store, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/6/191 | 1,194,884 | 1,201,605 | ||||||
Leslies Poolmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 10/16/191 | 5,659,533 | 5,692,783 |
7 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Distributors (Continued) | ||||||||
Toys R US Property Co. I LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 6.00%, 8/21/191 |
$ | 977,550 | $ | 939,670 | ||||
|
20,320,730
|
| ||||||
Diversified Consumer Services1.3% | ||||||||
IQOR US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 2/19/211 | 4,410,000 | 4,301,589 | ||||||
IQOR US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 2/18/221 | 1,190,000 | 1,144,631 | ||||||
Laureate Education, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 6/15/181 | 6,997,690 | 6,929,903 | ||||||
Learning Care Group No. 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 5/8/191 | 2,347,263 | 2,360,466 | ||||||
Nord Anglia Education Finance, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 9/19/211 | 3,440,000 | 3,457,200 | ||||||
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 12/27/171 | 1,751,763 | 1,757,237 | ||||||
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.50%, 6/27/181 |
1,335,000 | 1,343,344 | ||||||
|
21,294,370
|
| ||||||
Hotels, Restaurants & Leisure5.9% | ||||||||
24 Hour Fitness Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 4/22/161 | 1,935,987 | 1,957,163 | ||||||
American Seafoods Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/18/181 | 6,092,815 | 6,089,007 | ||||||
ARG IH Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 11/15/201 | 3,281,775 | 3,310,491 | ||||||
Caesars Entertainment Operating Co., Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.44%, 1/28/181 | 6,961,906 | 6,497,415 | ||||||
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.44%, 1/28/181 | 6,633,554 | 6,272,854 | ||||||
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/201 | 9,900,188 | 10,040,443 | ||||||
CBAC Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.25%, 7/2/201 | 1,165,000 | 1,214,512 | ||||||
CCM Merger, Inc./MotorCity Casino, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 3/1/171 | 4,949,304 | 4,976,114 | ||||||
CEC Entertainment, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.25%, 2/14/211 | 3,545,000 | 3,526,538 | ||||||
Corner Investment Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.00%, 11/2/191 | 4,000,000 | 4,120,000 | ||||||
Del Monte Foods Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 2/18/211 | 4,235,000 | 4,239,214 | ||||||
Del Monte Pacific Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 2/18/211 | 235,000 | 235,234 | ||||||
Del Monte Pacific Ltd., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 7/26/211 | 885,000 | 882,788 | ||||||
Equinox Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%-5.50%, 1/31/201 | 5,708,687 | 5,744,366 | ||||||
Focus Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 2/21/181 | 3,370,576 | 3,385,323 |
8 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Hotels, Restaurants & Leisure (Continued) | ||||||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 11/21/191 | $ | 2,191,106 | $ | 2,244,514 | ||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 5.50%, 11/21/191 | 2,717,183 | 2,783,415 | ||||||
Great Wolf Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 8/6/201 | 1,817,791 | 1,826,880 | ||||||
Jacobs Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 10/29/181 | 3,693,750 | 3,721,453 | ||||||
Landrys, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 4/24/181 | 3,274,688 | 3,299,658 | ||||||
Peninsula Gaming LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 11/20/171 | 3,933,523 | 3,951,936 | ||||||
Pinnacle Operating Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 11/15/181 | 5,754,874 | 5,776,455 | ||||||
Revel Entertainment, Inc., Sr. Sec. Credit Facilities 2nd Lien Exit Term Loan, 14.50%, 5/20/181,2,3 | 3,581,162 | 2,238,226 | ||||||
US Foods, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/31/191 |
4,247,394 | 4,276,063 | ||||||
|
92,610,062
|
| ||||||
Household Durables1.9% | ||||||||
Britax US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 10/15/201 | 2,658,611 | 2,661,934 | ||||||
KIK Custom Products, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 4/29/191 | 5,997,683 | 5,997,683 | ||||||
KIK Custom Products, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 10/29/191 | 1,570,000 | 1,589,625 | ||||||
Renfro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 1/30/191 | 1,882,848 | 1,885,202 | ||||||
Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 8/19/191 | 3,306,713 | 3,317,046 | ||||||
SRAM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%-5.25%, 4/10/201 | 4,396,497 | 4,382,758 | ||||||
Steinway Musical Instruments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 9/19/191 | 1,945,125 | 1,962,145 | ||||||
Steinway Musical Instruments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.25%, 9/18/201 | 415,000 | 429,525 | ||||||
Sun Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/23/201 | 2,324,627 | 2,221,955 | ||||||
Vistaprint NV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%-4.25%, 7/27/191 | 2,964,671 | 2,976,242 | ||||||
Vistaprint NV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 7/27/191 | 196,063 | 196,880 | ||||||
Wilton Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50%, 8/30/181 |
1,829,868 | 1,753,623 | ||||||
|
29,374,618
|
| ||||||
Internet & Catalog Retail0.3% | ||||||||
CWGS Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%-6.75%, 2/20/201 | 4,116,422 | 4,147,295 |
9 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Leisure Equipment & Products1.9% | ||||||||
Boyd Gaming Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 8/14/201 | $ | 5,472,500 | $ | 5,484,813 | ||||
Hilton Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%, 10/26/201 | 2,278,026 | 2,284,860 | ||||||
Intrawest Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/9/201 | 3,466,313 | 3,513,974 | ||||||
Pinnacle Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.75%, 8/13/201 | 4,830,664 | 4,851,045 | ||||||
Playa Resorts Holding BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%-4.75%, 8/9/191 | 2,487,500 | 2,504,602 | ||||||
Station Casinos LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 3/2/201 | 8,954,774 | 8,993,951 | ||||||
Stockbridge/SBE Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 13.00%, 5/2/171 |
1,465,000 | 1,618,825 | ||||||
|
29,252,070
|
| ||||||
Media9.9% | ||||||||
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 10/9/161 | 5,298,527 | 5,231,559 | ||||||
Alpha Media Group, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.05%, 7/15/161,2,3 | 2,408,103 | 24,081 | ||||||
BATS Global Markets Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 1/17/201 | 1,745,000 | 1,759,541 | ||||||
Catalina Marketing Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 10/12/201 | 5,303,350 | 5,295,066 | ||||||
Cenveo Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 2/13/171 | 6,009,769 | 6,099,916 | ||||||
Cinram International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 0.432%, 8/3/491,2,3 | 521,671 | 2,611 | ||||||
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 6.903%, 1/30/191 | 9,770,848 | 9,583,374 | ||||||
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.803%, 1/29/161 | 1,249,553 | 1,235,993 | ||||||
Tranche E, 7.653%, 7/30/191 | 758,905 | 759,379 | ||||||
Cumulus Media Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 12/18/201 | 1,560,412 | 1,574,710 | ||||||
Delta 2 LUX Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 4/30/191 | 5,905,561 | 5,967,251 | ||||||
Deluxe Entertainment Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 2/26/201 | 3,120,000 | 3,133,001 | ||||||
Extreme Reach, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 1/24/201 | 2,095,000 | 2,126,425 | ||||||
Extreme Reach, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.50%, 1/22/211 | 1,050,000 | 1,063,755 | ||||||
Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 10/18/191 | 5,408,351 | 5,200,470 | ||||||
Granite Broadcasting Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 5/23/181 | 972,219 | 982,233 | ||||||
Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.50%, 10/11/191 | 316,019 | 318,231 | ||||||
Harland Clarke Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 6.00%, 8/17/191 | 1,386,281 | 1,396,390 |
10 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Media (Continued) | ||||||||
IMG Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 2/26/211 | $ | 6,930,000 | $ | 6,904,012 | ||||
IMG Worldwide, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 3/21/221 | 1,910,000 | 1,929,100 | ||||||
Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.75%, 6/30/191 | 4,589,202 | 4,606,389 | ||||||
Internet Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 3/18/191 | 708,212 | 713,080 | ||||||
ION Media Networks, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 12/17/201 | 4,662,315 | 4,720,594 | ||||||
Lions Gate Entertainment Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 5.00%, 7/19/201 | 3,000,000 | 3,042,501 | ||||||
Live Nation Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 3.50%, 8/17/201 | 1,024,850 | 1,028,053 | ||||||
Media General, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.25%, 7/30/201 | 1,584,746 | 1,600,584 | ||||||
Mediacom Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 4.50%, 10/23/171 | 1,339,944 | 1,345,236 | ||||||
Merrill Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 3/8/181 | 3,961,090 | 3,995,750 | ||||||
NEP/NCP Holdco, Inc., Sr. Sec. Credit Facilities Incremental Term Loan, Tranche B, 4.25%, 1/22/201 | 3,000,000 | 3,016,251 | ||||||
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 6/9/171 | 4,730,464 | 4,777,769 | ||||||
Penton Media, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 10/3/191 | 5,532,200 | 5,596,744 | ||||||
Project Sunshine IV Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.00%, 2/18/211 | 1,410,000 | 1,427,625 | ||||||
Quebecor Media, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.25%, 8/17/201 | 1,223,850 | 1,214,671 | ||||||
Radio One, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 3/31/161 | 1,344,591 | 1,381,568 | ||||||
Salem Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/13/201 | 3,308,852 | 3,325,357 | ||||||
Tribune Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 12/27/201 | 2,433,900 | 2,437,551 | ||||||
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/26/201 | 7,033,507 | 6,857,669 | ||||||
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C4, 4.00%, 3/1/201 | 4,947,587 | 4,952,228 | ||||||
US Finco, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 5/29/201 | 555,800 | 556,669 | ||||||
WaveDivision Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 10/12/191 | 11,908,813 | 11,933,524 | ||||||
Wide Open West Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 4/1/191 | 13,330,499 | 13,382,875 | ||||||
WMG Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 7/1/201 | 5,040,436 | 5,023,898 | ||||||
Yankee Cable Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%-5.25%, 3/1/201 | 6,509,018 | 6,549,699 |
11 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Media (Continued) | ||||||||
YP LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.00%, 6/4/181 |
$ | 1,238,043 | $ | 1,251,198 | ||||
|
155,324,581
|
| ||||||
Multiline Retail1.1% | ||||||||
Hudson Bay Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 11/4/201 | 3,362,375 | 3,414,283 | ||||||
J.C. Penny Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 5/22/181 | 4,816,486 | 4,797,822 | ||||||
Neiman Marcus Group, Inc., Sr. Sec. Credit Facilities Term Loan, 4.25%, 10/25/201 |
8,810,586 | 8,855,327 | ||||||
|
17,067,432
|
| ||||||
Specialty Retail1.1% | ||||||||
Anchor Hocking LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50%, 5/21/201 | 1,835,665 | 1,850,580 | ||||||
Burlington Coat Factory Warehouse Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 2/23/171 | 3,628,570 | 3,650,682 | ||||||
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 7/26/191 | 7,171,359 | 7,253,156 | ||||||
National Vision, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/5/211 | 2,430,000 | 2,428,481 | ||||||
National Vision, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.75%, 2/24/201 | 830,000 | 836,225 | ||||||
Toys R US Delaware, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 6.00%, 9/1/161 | 389,989 | 353,961 | ||||||
Tranche B2, 5.25%, 5/25/181 |
871,242 | 731,299 | ||||||
|
17,104,384
|
| ||||||
Textiles, Apparel & Luxury Goods0.5% | ||||||||
Atrium Innovations, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 2/15/211 | 1,055,000 | 1,053,352 | ||||||
Atrium Innovations, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.75%, 7/13/211 | 1,050,000 | 1,067,719 | ||||||
Stuart Weitzman Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/4/201 | 1,525,000 | 1,525,953 | ||||||
Visant Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 12/22/161 | 1,940,000 | 1,928,684 | ||||||
Vogue International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 2/6/211 |
2,680,000 | 2,693,400 | ||||||
|
8,269,108
|
| ||||||
Consumer Staples2.9% | ||||||||
Food & Staples Retailing1.1% | ||||||||
Albertsons LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.75%, 3/21/191 | 5,303,681 | 5,350,088 | ||||||
Fairway Group Acquisition, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 8/17/181 | 4,121,174 | 4,108,296 | ||||||
Rite Aid Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche 6, 5.75%, 8/21/201 | 836,000 | 857,109 |
12 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Food & Staples Retailing (Continued) | ||||||||
Smart & Final, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 11/15/191 | $ | 3,604,747 | $ | 3,615,262 | ||||
Supervalu, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 3/21/191 |
3,798,428 | 3,826,916 | ||||||
|
17,757,671
|
| ||||||
Food Products1.6% | ||||||||
AdvancePierre Foods, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 7/10/171 | 2,258,950 | 2,269,524 | ||||||
AdvancePierre Foods, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 10/10/171 | 1,250,000 | 1,221,875 | ||||||
Diamond Foods, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 8/11/171 | 1,415,000 | 1,421,474 | ||||||
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 11/1/181 | 4,500,000 | 4,530,911 | ||||||
Hostess Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 4/9/201 | 3,200,000 | 3,332,000 | ||||||
JBS USA LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 9/18/201 | 3,980,000 | 3,975,622 | ||||||
Kronos Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 2/12/201 | 850,000 | 858,235 | ||||||
Mill US Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 7/3/201 | 2,840,725 | 2,861,144 | ||||||
Mill US Acquisition LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 7/5/211 | 660,000 | 676,500 | ||||||
Performance Food Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.25%, 11/14/191 | 3,139,225 | 3,192,199 | ||||||
Steak N Shake Operations, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 3/26/211 |
1,530,000 | 1,530,000 | ||||||
|
25,869,484
|
| ||||||
Household Products0.2% | ||||||||
PFS Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 1/29/211 | 1,730,000 | 1,739,731 | ||||||
PFS Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 1/28/221 |
700,000 | 706,125 | ||||||
|
2,445,856
|
| ||||||
Energy6.0% | ||||||||
Energy Equipment & Services5.1% | ||||||||
Ameriforge Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 12/19/191 | 4,825,750 | 4,861,943 | ||||||
BBTS Borrower LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.75%, 6/4/191 | 1,697,850 | 1,718,365 | ||||||
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.75%, 12/2/171 | 12,567,000 | 12,869,400 | ||||||
Drillships Financing Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.00%, 3/31/211 | 5,431,200 | 5,554,532 | ||||||
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.875%, 9/28/181 | 2,798,268 | 2,807,012 | ||||||
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.125%, 9/30/201 | 5,787,340 | 6,034,853 |
13 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Energy Equipment & Services (Continued) | ||||||||
HGIM, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 6/18/201 | $ | 2,283,525 | $ | 2,292,088 | ||||
Offshore Group Investment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 5.00%, 10/25/171 | 5,295,261 | 5,346,005 | ||||||
Tranche B, 5.75%, 3/28/191 | 2,138,400 | 2,158,892 | ||||||
Pacific Drilling SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 6/3/181 | 3,628,136 | 3,647,638 | ||||||
ProPetro Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.25%, 9/30/191 | 3,919,500 | 3,958,695 | ||||||
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/191 | 3,770,000 | 3,770,000 | ||||||
Sabine Oil & Gas LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/181 | 4,560,000 | 4,636,950 | ||||||
Saxon Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 2/15/191 | 1,346,400 | 1,356,498 | ||||||
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 2/12/211 | 6,369,038 | 6,361,643 | ||||||
Sheridan Investment Partners I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 10/1/191 | 3,143,610 | 3,159,328 | ||||||
Sheridan Production Partners I-A LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 10/1/191 | 416,554 | 419,288 | ||||||
Sheridan Production Partners I-M LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 10/1/191 | 254,434 | 256,104 | ||||||
Templar Energy, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.00%, 11/25/201 | 3,600,000 | 3,638,250 | ||||||
Western Refining, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 11/12/201 |
4,598,475 | 4,648,290 | ||||||
|
79,495,774
|
| ||||||
Oil, Gas & Consumable Fuels0.9% | ||||||||
Philadelphia Energy Solutions, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 4/4/181 | 4,775,366 | 4,273,953 | ||||||
Samson Investment Co., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 5.00%, 9/25/181 | 7,605,000 | 7,645,405 | ||||||
Sheridan Investment Partners II LLC, Sr. Sec. Credit Facilities 1st Lien REV Term Loan, 4.25%, 12/11/201 | 2,690,077 | 2,712,775 | ||||||
Sheridan Investment Partners II-A LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 12/11/201 | 374,209 | 377,367 | ||||||
Sheridan Production Partners II-M LLC, Sr. Sec. Credit Facilities 1st Lien REV Term Loan, Tranche B2, 4.25%, 12/11/201 | 139,559 | 140,737 | ||||||
|
15,150,237
|
| ||||||
Financials3.7% | ||||||||
Capital Markets1.0% | ||||||||
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.186%, 5/13/171 | 14,111,994 | 14,171,533 | ||||||
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.50%, 2/28/191 |
2,020,000 | 2,029,342 | ||||||
16,200,875 |
14 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Commercial Banks1.0% | ||||||||
Hub International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 10/2/201 | $
|
14,938,217
|
|
$
|
15,003,571
|
| ||
Consumer Finance0.1% | ||||||||
Fly Leasing Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 8/9/191 |
|
1,732,804
|
|
|
1,753,381
|
| ||
Diversified Financial Services1.0% | ||||||||
Altisource Solutions Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 12/9/201 | 1,676,945 | 1,684,282 | ||||||
Guggenheim Partners Investment Management, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 7/22/201 | 9,464,969 | 9,533,003 | ||||||
RCS Capital, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 3/29/191 | 3,100,000 | 3,122,283 | ||||||
Shield Finance Co. Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 1/29/211 |
1,405,000 | 1,415,537 | ||||||
|
15,755,105
|
| ||||||
Insurance0.6% | ||||||||
Aqgen Liberty Management I, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/1/191 | 4,795,900 | 4,843,859 | ||||||
National Financial Partners Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 7/1/201 | 4,430,586 | 4,474,892 | ||||||
|
9,318,751
|
| ||||||
Health Care11.8% | ||||||||
Health Care Equipment & Supplies6.2% | ||||||||
Accellent. Inc., Sr. Sec. Credit Facilities Term Loan, 4.50%, 2/19/211 | 2,830,000 | 2,830,000 | ||||||
Akorn, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 11/13/201 | 6,315,000 | 6,403,726 | ||||||
Alvogen Pharma US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 5/23/181 | 6,969,489 | 7,039,184 | ||||||
Carestream Health, Inc., Sr. Sec. Credit Facilities Term Loan, 5.00%, 6/7/191 | 12,618,940 | 12,710,633 | ||||||
Covis Pharmaceuticals Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 4/4/191 | 2,973,067 | 2,969,351 | ||||||
DJO Finance LLC/DJO Finance Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 9/15/171 | 3,276,711 | 3,317,670 | ||||||
Drumm Investors LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 5/4/181 | 11,412,756 | 11,308,804 | ||||||
Envision Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/4/201 | 2,074,575 | 2,089,703 | ||||||
Generic Drug Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 8/16/201 | 1,054,700 | 1,065,906 | ||||||
HCR ManorCare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 4/6/181 | 2,572,504 | 2,543,563 | ||||||
IASIS Healthcare LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.50%, 5/3/181 | 8,194,699 | 8,236,951 | ||||||
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E1, 4.00%, 5/4/181 | 4,405,593 | 4,424,066 | ||||||
LHP Hospital Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.00%, 7/3/181 | 1,134,780 | 1,109,248 |
15 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Health Care Equipment & Supplies (Continued) | ||||||||
LifeCare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche A, 6.50%, 11/30/181 | $ | 2,248,013 | $ | 2,197,432 | ||||
Medpace, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 3/31/211 | 1,650,000 | 1,658,250 | ||||||
National Mentor, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 1/31/211 | 4,630,000 | 4,669,549 | ||||||
New Trident Holdcorp, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 7/31/201 | 1,651,700 | 1,657,205 | ||||||
Opal Acquisition, Inc., Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 11/20/201 | 3,536,138 | 3,554,370 | ||||||
P2 Lower Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 10/22/201 | 1,290,612 | 1,301,502 | ||||||
PRA Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 9/23/201 | 3,467,575 | 3,475,533 | ||||||
Sage Products Holdings III LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/13/191 | 996,426 | 1,000,993 | ||||||
Salix Pharmaceuticals Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 1/2/201 | 5,337,438 | 5,392,482 | ||||||
Sheridan Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 6/29/181 | 272,813 | 274,945 | ||||||
Sheridan Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 4.50%, 6/29/181 | 225,806 | 226,371 | ||||||
Sheridan Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 12/20/211 | 915,000 | 942,450 | ||||||
United Surgical Partners, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 4/3/191 | 600,881 | 605,951 | ||||||
US Renal Care, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 7/3/191 | 3,760,385 | 3,762,735 | ||||||
US Renal Care, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B1, 8.50%, 7/3/201 |
299,000 | 303,859 | ||||||
|
97,072,432
|
| ||||||
Health Care Providers & Services3.8% | ||||||||
American Renal Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.50%, 8/20/191 | 2,187,900 | 2,192,002 | ||||||
Ardent Medical Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 7/2/181 | 3,237,713 | 3,253,902 | ||||||
Ardent Medical Services, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.00%, 1/2/191 | 500,000 | 504,375 | ||||||
Aveta, Inc./MMM Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 12/12/171 | 2,354,306 | 2,363,134 | ||||||
CHS/Community Health Systems, Inc., Sr. Sec. Credit Facilities Term Loan, 4.25%, 1/27/211 | 4,334,138 | 4,376,109 | ||||||
CRC Health, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 3/26/211 | 2,750,000 | 2,770,625 | ||||||
Davita, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 10/20/161 | 1,994,845 | 2,008,799 | ||||||
Envision Healthcare Intermedia, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 5/25/181 | 9,948,821 | 9,972,141 | ||||||
Genesis Healthcare Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 10.00%-10.75%, 12/4/171 | 3,023,377 | 3,097,701 |
16 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Health Care Providers & Services (Continued) | ||||||||
Gentiva Health Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/18/191 | $ | 4,977,525 | $ | 4,936,047 | ||||
Ikaria, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 2/11/211 | 5,290,000 | 5,338,271 | ||||||
Ikaria, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.75%, 2/14/221 | 490,000 | 497,810 | ||||||
inVentiv Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 8/4/161 | 1,317,478 | 1,321,869 | ||||||
Kindred Healthcare, Inc., Sr. Sec. Credit Facilities 1st lien Term Loan, Tranche B, 4.25%, 6/1/181 | 5,306,525 | 5,319,791 | ||||||
MSO of Puerto Rico, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.75%, 12/12/171 | 1,711,659 | 1,718,078 | ||||||
Regional Care Hospital Partners, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 11/4/181 | 1,145,271 | 1,139,545 | ||||||
Select Medical, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%-5.00%, 6/1/181 | 5,209,395 | 5,228,800 | ||||||
Surgery Center Holdings LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 4/11/201 | 630,000 | 626,063 | ||||||
Surgical Care Affiliates, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche C, 4.25%, 6/29/181 | 1,985,000 | 1,993,684 | ||||||
|
58,658,746
|
| ||||||
Health Care Technology0.0% | ||||||||
Vitera Healthcare Solutions, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 11/4/201 |
|
274,313
|
|
|
273,798
|
| ||
Life Sciences Tools & Services0.3% | ||||||||
JLL/Delta Dutch Newco BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 1/22/211 |
|
4,795,000
|
|
|
4,778,016
|
| ||
Pharmaceuticals1.5% | ||||||||
Aegis Sciences Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.50%, 2/20/211 | 1,410,000 | 1,413,525 | ||||||
Par Pharmaceutical, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.00%, 9/30/191 | 5,656,354 | 5,672,497 | ||||||
Pharmaceutical Product Development, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/5/181 | 5,965,567 | 5,990,426 | ||||||
PharMEDium Healthcare Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 1/22/211 | 695,000 | 697,172 | ||||||
Valeant Pharmaceuticals International, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 8/5/201 |
10,267,003 | 10,296,859 | ||||||
|
24,070,479
|
| ||||||
Industrials22.7% | ||||||||
Aerospace & Defense1.7% | ||||||||
AM General LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10.25%, 3/22/181 | 1,778,678 | 1,596,363 | ||||||
Doncasters Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 4/9/201 | 4,875,875 | 4,921,586 | ||||||
DynCorp International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 7/7/161 | 793,356 | 800,298 |
17 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Aerospace & Defense (Continued) | ||||||||
IAP Worldwide Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10.139%, 12/31/151,2 | $ | 17,993,538 | $ | 5,637,969 | ||||
LM US Member LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 10/25/191 | 4,016,289 | 4,051,432 | ||||||
LMI Aerospace, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 12/28/181 | 1,722,556 | 1,679,492 | ||||||
Sequa Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 6/19/171 | 936,753 | 918,604 | ||||||
TurboCombustor Technology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/2/201 | 3,236,888 | 3,277,349 | ||||||
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 12/28/191 |
4,472,451 | 4,504,598 | ||||||
|
27,387,691
|
| ||||||
Air Freight & Couriers0.2% | ||||||||
US Airways, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 3.50%, 5/23/191 | 3,600,000 | 3,601,127 | ||||||
Airlines0.8% | ||||||||
American Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 3.75%, 6/27/191 | 4,797,991 | 4,819,980 | ||||||
Delta Air Lines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.50%, 4/20/171 | 2,157,765 | 2,170,481 | ||||||
Tranche B1, 3.50%, 10/18/181 | 1,026,180 | 1,028,111 | ||||||
United Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 4/1/191 |
3,989,950 | 4,001,920 | ||||||
|
12,020,492
|
| ||||||
Building Products0.4% | ||||||||
ABC Supply Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.50%, 4/16/201 | 3,542,200 | 3,541,095 | ||||||
Atrium Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 11.94%, 4/30/161,3 |
2,269,256 | 2,266,419 | ||||||
|
5,807,514
|
| ||||||
Commercial Services & Supplies9.0% | ||||||||
Advantage Sales & Marketing LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/18/171 | 498,741 | 501,546 | ||||||
Advantage Sales & Marketing LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 6/17/181 | 1,158,077 | 1,178,343 | ||||||
AlixPartners LLP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.00%, 7/10/201 | 4,962,500 | 4,990,930 | ||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 2/12/211 | 2,356,633 | 2,352,704 | ||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 0.50%, 2/12/211 | 836,224 | 834,831 | ||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.00%, 8/12/211 | 1,546,438 | 1,554,171 | ||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, Delayed Draw, Tranche B, 3.50%, 8/12/211 | 583,562 | 586,480 | ||||||
Ascend Learning LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 7/26/191 | 1,218,875 | 1,238,204 |
18 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Commercial Services & Supplies (Continued) | ||||||||
Asurion LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 2/18/211 | $ | 3,775,000 | $ | 3,906,340 | ||||
Audio Visual Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 1/22/211 | 3,500,000 | 3,526,250 | ||||||
Brand Energy & Infrastructure Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 11/26/201 | 5,609,038 | 5,638,395 | ||||||
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%-6.75%, 3/16/171 | 6,046,118 | 6,095,242 | ||||||
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.00%, 3/16/181 | 3,940,000 | 4,003,206 | ||||||
Ceva Group, Sr. Sec. Credit Facilities Term Loan, 6.50%, 3/14/211 | 749,138 | 747,733 | ||||||
Ceva Logistics U.S. Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, 6.50%, 3/14/211 | 2,015,862 | 2,012,082 | ||||||
Edmentum, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/17/181 | 2,860,473 | 2,876,563 | ||||||
EWT Holdings III Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 1/15/211 | 3,102,225 | 3,123,553 | ||||||
EWT Holdings III Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 1/15/221 | 660,000 | 669,900 | ||||||
Expert Global Solutions, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.50%, 4/3/181 | 2,733,534 | 2,675,446 | ||||||
First Data Corp., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C1, 4.191%, 3/23/181 | 4,961,525 | 4,980,557 | ||||||
Garda World Security Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 11/6/201 | 1,031,937 | 1,034,517 | ||||||
Garda World Security Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.055%, 11/6/201 | 263,984 | 264,644 | ||||||
GCA Services Group, Inc., Sr. Credit Facilities 1st Lien Term Loan, 4.25%-5.50%, 11/1/191 | 13,543,569 | 2,379,944 | ||||||
GCA Services Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 9.25%, 11/1/201 | 1,640,000 | 1,664,600 | ||||||
IG Investments Holdings LLC, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 10/31/191 | 4,865,239 | 4,913,892 | ||||||
Information Resources, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 9/30/201 | 1,109,425 | 1,116,359 | ||||||
Inmar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 1/27/211 | 2,100,000 | 2,084,250 | ||||||
Inmar, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.00%, 1/27/221 | 700,000 | 701,750 | ||||||
iPayment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 5/8/171 | 3,475,000 | 3,452,527 | ||||||
Language Line LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.50%, 12/20/161 | 4,440,000 | 4,408,552 | ||||||
Livingston International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.00%, 4/18/191 | 1,389,500 | 1,391,237 | ||||||
Livingston International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.00%, 4/17/201 | 596,209 | 608,133 | ||||||
New Breed Logistics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 10/1/191 | 5,510,139 | 5,521,616 | ||||||
Orbitz Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 5.75%, 3/25/191 | 3,270,674 | 3,300,110 |
19 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Commercial Services & Supplies (Continued) | ||||||||
Osmose Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 11/26/181 | $ | 7,249,448 | $ | 7,303,819 | ||||
Ozburn-Hessey Holding Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 5/23/191 | 3,429,088 | 3,461,235 | ||||||
Pacific Industrial Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 10/2/181 | 2,701,425 | 2,743,635 | ||||||
Pacific Industrial Services, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 4/2/191 | 905,000 | 929,322 | ||||||
Pitney Bowes, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50%, 10/1/191 | 1,233,800 | 1,242,282 | ||||||
Pitney Bowes, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.75%, 10/1/201 | 395,000 | 400,925 | ||||||
Protection One, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/21/191 | 1,065,098 | 1,066,763 | ||||||
Sabre, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 2/19/191 | 12,152,443 | 12,187,892 | ||||||
Sabre, Inc., Sr. Sec. Credit Facilities Incremental 1st Lien Term Loan, Tranche B2, 4.50%, 2/19/191 | 1,542,250 | 1,546,829 | ||||||
Ship Midco Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.75%, 11/29/191 | 5,795,000 | 5,858,386 | ||||||
Sourcehov, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 4/30/181 | 4,441,438 | 4,480,300 | ||||||
Sourcehov, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 4/30/191 | 1,320,000 | 1,345,300 | ||||||
Tervita Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 5/15/181 | 6,068,387 | 6,040,576 | ||||||
Travelport LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 6/26/191 |
5,976,349 | 6,124,514 | ||||||
|
141,066,385
|
| ||||||
Electrical Equipment3.1% | ||||||||
Alcatel-Lucent USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.50%, 1/30/191 | 10,784,084 | 10,853,415 | ||||||
Applied Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.309%, 1/25/211 | 1,745,625 | 1,756,535 | ||||||
Applied Systems, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 7.604%, 1/24/221 | 980,000 | 998,130 | ||||||
Attachmate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.25%, 11/22/171 | 4,639,244 | 4,679,837 | ||||||
Attachmate Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.00%, 11/22/181 | 1,405,457 | 1,408,092 | ||||||
EIG Investors Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 11/9/191 | 2,840,725 | 2,860,846 | ||||||
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/24/211 | 7,601,532 | 7,626,078 | ||||||
Freescale Semiconductor, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%-5.00%, 2/28/201 | 10,031,722 | 10,074,046 | ||||||
Freescale Semiconductor, Inc., Sr. Sec. Credit Facilities Term Loan, 5.00%, 1/15/211 | 5,074,500 | 5,134,734 | ||||||
Internap Network Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 11/22/191 | 1,506,225 | 1,517,522 |
20 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Electrical Equipment (Continued) | ||||||||
Mitel Networks Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 1/31/201 |
$ | 1,047,375 | $ | 1,060,030 | ||||
|
47,969,265
|
| ||||||
Industrial Conglomerates2.3% | ||||||||
Air Distribution Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 11/9/181 | 2,299,420 | 2,309,480 | ||||||
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 1/31/201 | 4,180,343 | 4,148,991 | ||||||
Crosby US Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 11/23/201 | 3,132,150 | 3,128,235 | ||||||
DAE Aviation Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.00%, 11/2/181 | 1,847,340 | 1,878,130 | ||||||
DAE Aviation Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.75%, 7/30/191 | 1,560,000 | 1,593,150 | ||||||
DAE Aviation Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, 5.00%, 11/2/181 | 741,471 | 753,829 | ||||||
Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 12/12/191 | 1,750,000 | 1,763,125 | ||||||
Excelitas Technologies Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 11/2/201 | 3,326,663 | 3,347,454 | ||||||
Filtration Group Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 11/20/201 | 2,982,525 | 3,008,622 | ||||||
Gardner Denver, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 7/30/201 | 7,581,900 | 7,588,064 | ||||||
Hillman Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%-4.00%, 5/28/171 | 783,231 | 788,778 | ||||||
Isola USA Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.25%, 11/29/181 | 1,058,344 | 1,084,802 | ||||||
Minimax GmbH & Co. KG, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 8/14/201 | 1,243,750 | 1,259,297 | ||||||
Sensus USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 5/9/171 |
2,667,536 | 2,676,427 | ||||||
|
35,328,384
|
| ||||||
Machinery2.5% | ||||||||
Accudyne Industries Borrower SCA, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 12/13/191 | 3,897,961 | 3,902,225 | ||||||
Alliance Laundry Systems LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/10/181 | 3,573,034 | 3,589,409 | ||||||
August LUXUK Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 4/27/181 | 1,226,305 | 1,234,736 | ||||||
Boomerang Tube LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 11.00%, 10/11/171 | 436,410 | 424,409 | ||||||
Capital Safety, Sr. Sec. Credit Facilities Term Loan, 4.00%, 3/13/211 | 4,750,000 | 4,750,000 | ||||||
CPM Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 8/29/171 | 1,749,569 | 1,767,065 | ||||||
International Equipment Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%-7.75%, 8/16/191 | 2,000,000 | 2,011,250 | ||||||
Milacron LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/28/201 | 2,799,281 | 2,806,279 |
21 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Machinery (Continued) | ||||||||
Pelican Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 7/17/181 | $ | 1,791,194 | $ | 1,804,628 | ||||
RBS Global, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 8/21/201 | 7,213,750 | 7,235,146 | ||||||
Utex Industries, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 4/10/201 | 2,515,988 | 2,527,518 | ||||||
Veyance Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 9/8/171 |
6,880,794 | 6,947,847 | ||||||
39,000,512 | ||||||||
Marine0.7% | ||||||||
Commercial Barge Line Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 9/22/191 | 2,608,017 | 2,617,797 | ||||||
Fram Group Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/31/171 | 1,025,919 | 1,028,484 | ||||||
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 8/17/171 |
6,450,000 | 6,546,750 | ||||||
10,193,031 | ||||||||
Road & Rail0.6% | ||||||||
US Xpress Enterprises, Inc., Non-Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50%, 10/12/141 | 5,270,087 | 5,243,737 | ||||||
Wabash National Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 5/8/191 | 1,499,580 | 1,508,041 | ||||||
YRC Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.00%, 1/27/191 |
3,127,163 | 3,160,388 | ||||||
9,912,166 | ||||||||
Trading Companies & Distributors1.4% | ||||||||
Home Loan Servicing Solutions, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 6/26/201 | 2,218,238 | 2,224,449 | ||||||
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 3/19/171 | 1,868,309 | 1,952,383 | ||||||
iStar Financial, Inc., Sr. Sec. Credit Facilities Term Loan, 4.50%, 10/15/171 | 5,016,240 | 5,043,674 | ||||||
Ocwen Financial Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 2/15/181 | 4,185,274 | 4,209,653 | ||||||
Orchard Acquisition Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 2/8/191 | 3,034,148 | 3,110,001 | ||||||
Walter Investment Management Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 12/11/201 |
5,915,079 | 5,890,123 | ||||||
22,430,283 | ||||||||
Information Technology5.5% | ||||||||
Computers & Peripherals1.0% | ||||||||
Dell International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 4/29/201
|
|
15,118,363
|
|
|
15,035,211
|
| ||
Electronic Equipment, Instruments, & Components0.5% | ||||||||
Aeroflex, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.50%, 11/9/191 | 2,302,738 | 2,326,917 |
22 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Electronic Equipment, Instruments, & Components (Continued) | ||||||||
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 10/30/191 | $ | 4,151,599 | $ | 4,192,468 | ||||
Kronos, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 9.75%, 4/30/201 |
898,635 | 933,082 | ||||||
7,452,467 | ||||||||
Internet Software & Services1.0% | ||||||||
Active Network, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 11/13/201 | 1,960,088 | 1,974,177 | ||||||
Active Network, Inc. (The), Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 11/15/211 | 485,000 | 491,669 | ||||||
Avaya, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.762%, 10/26/171 | 2,383,168 | 2,330,104 | ||||||
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 6.50%, 3/31/181 | 4,340,398 | 4,354,335 | ||||||
Blue Coat Systems, Inc., Sr. Sec. Credit Facilities Term Loan, 4.00%, 5/18/191 | 1,572,256 | 1,580,117 | ||||||
Dealertrack Technologies, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.50%, 2/4/211 | 1,410,000 | 1,418,225 | ||||||
Hyland Software, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.75%, 2/18/211 | 2,560,620 | 2,588,894 | ||||||
Mitchell International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 10/12/201 |
623,438 | 626,399 | ||||||
15,363,920 | ||||||||
IT Services0.3% | ||||||||
Vetafore, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/3/191 | 5,045,155 | 5,071,960 | ||||||
Office Electronics0.5% | ||||||||
BMC Foreign Holding, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 9/10/201 | 538,650 | 537,640 | ||||||
BMC Software Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 9/10/201 |
7,246,838 | 7,263,578 | ||||||
7,801,218 | ||||||||
Software2.2% | ||||||||
Aptean, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 2/21/201 | 1,960,000 | 1,968,575 | ||||||
Aptean, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 2/19/211 | 700,000 | 709,625 | ||||||
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.75%, 10/4/181 | 5,789,584 | 5,844,585 | ||||||
Deltek, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 10/10/181 | 5,647,387 | 5,675,624 | ||||||
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.00%, 10/10/191 | 1,395,000 | 1,422,900 | ||||||
Flexera Software, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 4/2/201 | 830,000 | 834,150 | ||||||
Flexera Software, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.00%, 4/2/211 | 275,000 | 276,375 |
23 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Software (Continued) | ||||||||
ION Trading Technologies Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 5/22/201 | $ | 4,167,199 | $ | 4,189,340 | ||||
ION Trading Technologies Ltd., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.25%, 5/22/211 | 630,000 | 639,056 | ||||||
Openlink International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 10/30/171 | 1,351,543 | 1,359,990 | ||||||
Presidio, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 3/31/171 | 1,380,000 | 1,390,350 | ||||||
RP Crown Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 12/21/181 | 8,253,178 | 8,241,574 | ||||||
RP Crown Parent LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.25%, 12/21/191 | 870,000 | 886,312 | ||||||
Sybil Finance BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 3/18/201 |
1,390,000 | 1,387,683 | ||||||
34,826,139 | ||||||||
Materials10.1% | ||||||||
Chemicals3.5% | ||||||||
Al Chem & CY SCA, Sr. Sec. Credit Facilities 1st Lien Term Loan: |
||||||||
Tranche B1, 4.50%, 10/4/191 |
1,115,379 | 1,122,350 | ||||||
Tranche B2, 4.50%, 10/4/191 | 578,716 | 582,333 | ||||||
Allnex Luxembourg & CY SCA, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 4/3/201 | 3,000,000 | 3,090,000 | ||||||
American Pacific Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 2/26/191 | 1,755,000 | 1,774,744 | ||||||
Arysta Lifescience SPC LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 5/29/201 | 1,245,587 | 1,251,815 | ||||||
Axalta Coating Systems U.S. Holdings/Dutch Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 2/1/201 | 2,843,512 | 2,851,130 | ||||||
CeramTec Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.25%, 8/28/201 | 425,755 | 426,820 | ||||||
CeramTec Service GmbH, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 8/28/201 | 5,613,309 | 5,627,342 | ||||||
Chromaflo Technologies Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 12/2/191 | 643,388 | 646,604 | ||||||
Cyanco Intermediate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 5/1/201 | 4,737,803 | 4,791,103 | ||||||
Houghton International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 12/20/191 | 1,486,138 | 1,490,782 | ||||||
Houghton International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 12/21/201 | 1,200,000 | 1,231,500 | ||||||
Ineos US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 5/4/181 | 3,656,966 | 3,644,013 | ||||||
MacDermid, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 6/7/201 | 992,500 | 997,256 | ||||||
Nexeo Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: |
||||||||
Tranche B1, 5.00%, 9/8/171 |
1,154,116 | 1,157,001 | ||||||
Tranche B2, 5.00%, 9/9/171 |
1,233,545 | 1,235,858 | ||||||
Tranche B3, 5.00%, 9/9/171 | 1,057,350 | 1,059,993 | ||||||
Nusil Technology LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 4/7/171 |
1,396,133 | 1,383,916 |
24 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
Chemicals (Continued) | ||||||||
OCI Beaumont LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 6.25%, 8/20/191 | $ | 2,063,381 | $ | 2,089,174 | ||||
OXEO Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 1/15/201 | 2,234,400 | 2,245,572 | ||||||
OXEO Sarl, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 7/15/201 | 1,120,000 | 1,149,051 | ||||||
PQ Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 8/7/171 | 6,281,144 | 6,302,079 | ||||||
Road Infrastructure Investment, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 3/19/211 | 1,380,000 | 1,381,438 | ||||||
Royal Adhesives & Sealants LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 7/31/181 | 1,093,214 | 1,110,069 | ||||||
Royal Adhesives & Sealants LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 1/31/191 | 265,000 | 272,288 | ||||||
Tronox, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 3/19/201 | 3,652,400 | 3,679,541 | ||||||
Univar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 6/30/171 |
2,487,169 | 2,483,615 | ||||||
55,077,387 | ||||||||
Construction Materials1.8% | ||||||||
Atkore, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 3/26/211 | 1,375,000 | 1,375,430 | ||||||
Atkore, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.75%, 9/27/211 | 690,000 | 696,900 | ||||||
Continental Building Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 8/28/201 | 5,930,200 | 5,954,295 | ||||||
GYP Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 3/27/211 | 2,700,000 | 2,700,000 | ||||||
HD Supply, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 6/28/181 | 5,918,978 | 5,943,643 | ||||||
Quikrete Cos., Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 9/26/201 | 3,890,250 | 3,904,352 | ||||||
Quikrete Cos., Inc. (The), Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 3/26/211 | 4,445,000 | 4,567,211 | ||||||
Roofing Supply Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 5/31/191 |
2,462,500 | 2,471,350 | ||||||
27,613,181 | ||||||||
Containers & Packaging1.6% | ||||||||
Ardagh Holdings USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 12/17/191 | 2,945,218 | 2,960,557 | ||||||
Ardagh Holdings USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.00%, 12/17/191 | 570,000 | 571,960 | ||||||
Berry Plastics Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 3.75%, 1/6/211 | 3,550,000 | 3,545,839 | ||||||
Caraustar Industries, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 5/1/191 | 1,325,505 | 1,349,806 | ||||||
Consolidated Container Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 7/3/191 | 2,391,152 | 2,415,561 |
25 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount |
Value | |||||||
Containers & Packaging (Continued) | ||||||||
Exopack LLC/Cello-Foil Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 5/8/191 | $ | 1,591,013 | $ | 1,614,878 | ||||
Expera Specialty Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50%, 12/21/181 | 2,481,250 | 2,512,265 | ||||||
NewPage Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.50%, 2/5/211 | 5,765,000 | 5,833,459 | ||||||
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 12/1/181 | 3,616,237 | 3,634,036 | ||||||
Xerium Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 5/17/191 |
1,339,875 | 1,351,599 | ||||||
25,789,960 | ||||||||
Metals & Mining2.6% | ||||||||
Aleris International, Inc., Sr. Sec. Credit Facilities Term Loan, 2.408%, 8/3/491,2 | 837,221 | 84 | ||||||
Arch Coal, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/16/181 | 3,335,250 | 3,294,604 | ||||||
Constellium NV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 3/25/201 | 5,301,525 | 5,424,122 | ||||||
Fairmount Minerals Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.00%, 9/5/191 | 8,169,081 | 8,211,969 | ||||||
FMG Resources August 2006 Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 6/28/191 | 8,279,507 | 8,353,244 | ||||||
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 12/5/191 | 4,810,000 | 4,859,817 | ||||||
Murray Energy Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 12/4/201 | 3,000,000 | 3,255,000 | ||||||
Norander Aluminum Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 2/28/191 |
6,889,848 | 6,611,381 | ||||||
40,010,221 | ||||||||
Paper & Forest Products0.6% | ||||||||
Appvion, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%-6.75%, 6/28/191 | 3,596,925 | 3,635,142 | ||||||
Berlin Packaging LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 4/2/191 | 1,373,100 | 1,384,542 | ||||||
Berlin Packaging LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 4/2/201 | 490,000 | 503,475 | ||||||
Tekni-Plex, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%-6.00%, 8/10/191 |
4,029,063 | 4,049,208 | ||||||
9,572,367 | ||||||||
Telecommunication Services3.5% | ||||||||
Diversified Telecommunication Services3.2% | ||||||||
ConvergeOne LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.25%, 5/8/191 | 2,716,311 | 2,729,893 | ||||||
Fairpoint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 2/14/191 | 1,989,950 | 2,056,904 | ||||||
Global Tel Link Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 5/22/201 | 6,618,171 | 6,582,321 | ||||||
Integra Telecom, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 2/22/191 | 8,970,554 | 9,026,620 |
26 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount |
Value | |||||||
|
||||||||
Diversified Telecommunication Services (Continued) |
||||||||
|
||||||||
IPC Systems, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 7.75%, 7/31/171 |
$ | 4,997,326 | $ | 5,022,313 | ||||
|
||||||||
IPC Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 7.75%, 7/31/171 |
138,942 | 139,637 | ||||||
|
||||||||
Level 3 Financing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche BI, 4.00%, 1/15/201 |
8,420,000 | 8,446,312 | ||||||
|
||||||||
LTS Buyer LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 4/13/201 |
4,289,040 | 4,306,874 | ||||||
|
||||||||
Securus Technologies Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.75%, 4/30/201 |
4,149,150 | 4,143,963 | ||||||
|
||||||||
Securus Technologies Holdings, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.00%, 4/30/211 |
1,755,000 | 1,764,324 | ||||||
|
||||||||
US TelePacific Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 2/23/171 |
1,309,138 | 1,322,557 | ||||||
|
||||||||
XO Communications, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 3/4/211 |
2,770,000 | 2,793,373 | ||||||
|
||||||||
Zayo Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 7/2/191 |
2,129,176 | 2,133,390 | ||||||
|
|
|||||||
|
50,468,481
|
| ||||||
|
||||||||
Wireless Telecommunication Services0.3% |
||||||||
|
||||||||
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/191
|
4,162,837 | 4,168,041 | ||||||
|
||||||||
Utilities3.1% |
||||||||
|
||||||||
Electric Utilities2.0% |
||||||||
|
||||||||
Alinta Energy Finance Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.375%, 8/13/191 |
3,937,952 | 4,011,789 | ||||||
|
||||||||
Alinta Energy Finance Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 0.50%, 8/13/181 | 258,918 | 263,772 | ||||||
|
||||||||
Atlantic Power LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 2/20/211 | 1,760,000 | 1,766,600 | ||||||
|
||||||||
EFS Cogen Holdings I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 12/17/201 | 820,887 | 826,274 | ||||||
|
||||||||
MACH Gen LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche C, 5.018%, 2/22/151,2,3 | 3,758,709 | 2,170,654 | ||||||
|
||||||||
Moxie Patriot LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.75%, 12/19/201 | 6,495,000 | 6,669,553 | ||||||
|
||||||||
Texas Competitive Electric Holdings Co. LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.737%, 10/10/171,2 | 14,745,000 | 10,671,694 | ||||||
|
||||||||
Texas Competitive Electric Holdings Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.737%, 10/10/171,2 | 7,380,000 | 5,341,275 | ||||||
|
|
|||||||
|
31,721,611
|
| ||||||
|
||||||||
Gas Utilities0.6% |
||||||||
|
||||||||
Panda Temple Power II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.25%, 4/3/191 |
8,618,182 | 8,898,273 |
27 OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued |
Principal Amount |
Value | |||||||
|
||||||||
Multi-Utilities0.5% |
| |||||||
|
||||||||
Raven Power Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 12/18/201 |
$ | 7,000,000 | $ | 7,091,875 | ||||
|
|
|||||||
Total Corporate Loans (Cost $1,531,242,354) |
|
1,523,881,075 | ||||||
|
||||||||
Corporate Bonds and Notes0.3% |
||||||||
|
||||||||
Erickson Air-Crane, Inc., 6% Sub. Nts., 11/2/20 |
980,107 | 907,055 | ||||||
|
||||||||
Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/214 |
935,000 | 965,387 | ||||||
|
||||||||
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/155 |
3,120,000 | 2,230,800 | ||||||
|
|
|||||||
Total Corporate Bonds and Notes (Cost $4,457,801) |
|
|
4,103,242
|
| ||||
Shares |
||||||||
|
||||||||
Preferred Stock0.0% |
||||||||
|
||||||||
Alpha Media Group, Inc., Preferred6 (Cost $)
|
105 | | ||||||
|
||||||||
Common Stocks1.8% |
||||||||
|
||||||||
Alpha Media Group, Inc.6 |
784 | | ||||||
|
||||||||
Cinram International Income Fund6 |
16,132,097 | | ||||||
|
||||||||
ION Media Networks, Inc.6 |
6,081 | 966,879 | ||||||
|
||||||||
Media General, Inc., Cl. A6 |
1,523,336 | 27,983,682 | ||||||
|
||||||||
Precision Partners6 |
43 | 16,801 | ||||||
|
||||||||
Revel Entertainment, Inc.6 |
87,478 | | ||||||
|
|
|||||||
Total Common Stocks (Cost $15,102,004) |
|
28,967,362 | ||||||
|
||||||||
Investment Company3.1% |
||||||||
|
||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.08%7,8 (Cost $48,347,694)
|
|
48,347,694
|
|
|
48,347,694
|
| ||
|
||||||||
Total Investments, at Value (Cost $1,599,149,853) |
102.6% | 1,605,299,373 | ||||||
|
||||||||
Liabilities in Excess of Other Assets |
(2.6) | (40,688,104) | ||||||
|
|
|||||||
Net Assets |
100.0% | $ | 1,564,611,269 | |||||
|
|
Footnotes to Statement of Investments
1. Represents the current interest rate for a variable or increasing rate security.
2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
3. Interest or dividend is paid-in-kind, when applicable.
4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Directors. These securities amount to $965,387 or 0.06% of the Funds net assets as of March 31, 2014.
5. Restricted security. The aggregate value of restricted securities as of March 31, 2014 was $2,230,800, which represents 0.14% of the Funds net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows:
Security | Acquisition Dates |
Cost | Value | Unrealized Depreciation |
||||||||||||
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/15 |
9/18/12-9/21/12 | $ | 2,624,187 | $ | 2,230,800 | $ | 393,387 |
6. Non-income producing security.
7. Rate shown is the 7-day yield as of March 31, 2014.
28 OPPENHEIMER MASTER LOAN FUND, LLC |
Footnotes to Statement of Investments (Continued)
8. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2014, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
Shares September 30, 2013 |
Gross Additions |
Gross Reductions |
Shares March 31, 2014 |
|||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
8,431,010 | 582,658,473 | 542,741,789 | 48,347,694 |
Value | Income | |||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
$ | 48,347,694 | $ | 34,825 |
See accompanying Notes to Financial Statements.
29 OPPENHEIMER MASTER LOAN FUND, LLC |
ASSETS AND LIABILITIES March 31, 2014 Unaudited |
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $1,550,802,159) |
$ | 1,556,951,679 | ||
Affiliated companies (cost $48,347,694) |
48,347,694 | |||
1,605,299,373 | ||||
Cash |
17,976,913 | |||
Receivables and other assets: |
||||
Investments sold |
33,941,820 | |||
Interest, dividends and principal paydowns |
5,012,032 | |||
Shares of beneficial interest sold |
2,572,359 | |||
Other |
32,994 | |||
Total assets |
1,664,835,491 | |||
Liabilities |
||||
Payables and other liabilities: |
||||
Investments purchased |
99,213,164 | |||
Shares of beneficial interest redeemed |
172,685 | |||
Directors compensation |
23,649 | |||
Shareholder communications |
6,420 | |||
Other |
808,304 | |||
Total liabilities |
100,224,222 | |||
Net Assetsapplicable to 108,995,468 shares of beneficial interest outstanding |
$ | 1,564,611,269 | ||
Net Asset Value, Redemption Price Per Share and Offering Price Per Share |
$14.35 |
See accompanying Notes to Financial Statements.
30 OPPENHEIMER MASTER LOAN FUND, LLC |
OPERATIONS For the Six Months Ended March 31, 2014 Unaudited |
Investment Income |
||||
Interest |
$ | 31,207,381 | ||
Dividends: |
||||
Unaffiliated companies |
2,715,694 | |||
Affiliated companies |
34,825 | |||
Other income |
297,855 | |||
Total investment income
|
|
34,255,755
|
| |
Expenses |
||||
Management fees |
1,752,921 | |||
Legal, auditing and other professional fees |
135,363 | |||
Custodian fees and expenses |
91,675 | |||
Directors compensation |
12,389 | |||
Shareholder communications |
8,581 | |||
Other |
5,314 | |||
Total expenses |
2,006,243 | |||
Less waivers and reimbursements of expenses |
(44,711 | ) | ||
Net expenses
|
|
1,961,532
|
| |
Net Investment Income
|
|
32,294,223
|
| |
Realized and Unrealized Gain (Loss) |
||||
Net realized loss on unaffiliated companies |
(1,873,485 | ) | ||
Net change in unrealized appreciation/depreciation on: |
||||
Investments |
6,060,414 | |||
Translation of assets and liabilities denominated in foreign currencies |
(54,098 | ) | ||
Net change in unrealized appreciation/depreciation
|
|
6,006,316
|
| |
Net Increase in Net Assets Resulting from Operations |
$ | 36,427,054 | ||
See accompanying Notes to Financial Statements.
31 OPPENHEIMER MASTER LOAN FUND, LLC |
Six Months Ended March 31, 2014 (Unaudited) |
Year Ended September 30, 2013 |
|||||||
|
||||||||
Operations |
||||||||
Net investment income |
$ | 32,294,223 | $ | 101,115,210 | ||||
|
||||||||
Net realized gain (loss) |
(1,873,485) | 36,774,784 | ||||||
|
||||||||
Net change in unrealized appreciation/depreciation |
6,006,316 | (23,344,369) | ||||||
|
|
|
|
|||||
Net increase in net assets resulting from operations |
36,427,054 | 114,545,625 | ||||||
|
||||||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: |
||||||||
Proceeds from contributions |
782,472,186 | 322,189,385 | ||||||
Payments for withdrawals |
(68,257,288) | (1,735,107,507) | ||||||
|
|
|
|
|||||
|
714,214,898
|
|
|
(1,412,918,122)
|
| |||
|
||||||||
Net Assets |
||||||||
Total increase (decrease) | 750,641,952 | (1,298,372,497) | ||||||
|
||||||||
Beginning of period | 813,969,317 | 2,112,341,814 | ||||||
|
|
|||||||
End of period | $ | 1,564,611,269 | $ | 813,969,317 | ||||
|
|
See accompanying Notes to Financial Statements.
32 OPPENHEIMER MASTER LOAN FUND, LLC |
FINANCIAL HIGHLIGHTS |
Six Months 2014 |
Year Ended September 30, 2013 |
Year Ended September 28, 20121 |
Year Ended September 30, 2011 |
Year Ended September 30, 2010 |
Year Ended September 30, 2009 |
|||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.84 | $ | 12.88 | $ | 11.56 | $ | 11.14 | $ | 9.96 | $ | 9.35 | ||||||||||||
|
||||||||||||||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income2 |
0.39 | 0.90 | 0.86 | 0.93 | 0.92 | 0.76 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
0.12 | 0.06 | 0.46 | (0.51 | ) | 0.26 | (0.15 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from investment operations |
0.51 | 0.96 | 1.32 | 0.42 | 1.18 | 0.61 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.35 | $ | 13.84 | $ | 12.88 | $ | 11.56 | $ | 11.14 | $ | 9.96 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return, at Net Asset Value3 |
3.76% | 7.45% | 11.42% | 3.77% | 11.85% | 6.52% | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,564,611 | $ | 813,969 | $ | 2,112,342 | $ | 1,942,049 | $ | 1,838,087 | $ | 1,073,069 | ||||||||||||
|
||||||||||||||||||||||||
Average net assets (in thousands) | $ | 1,177,384 | $ | 1,492,179 | $ | 2,045,550 | $ | 2,048,386 | $ | 1,449,988 | $ | 613,182 | ||||||||||||
|
||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income |
5.50% | 6.78% | 6.98% | 7.91% | 8.68% | 8.84% | ||||||||||||||||||
Total expenses5 |
0.34% | 0.36% | 0.33% | 0.34% | 0.36% | 0.36% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.33% | 0.36% | 0.33% | 0.34% | 0.35% | 0.35% | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate |
28% | 105% | 60% | 67% | 72% | 56% |
1. September 28, 2012 represents the last business day of the Funds reporting period.
2. Per share amounts calculated based on the average shares outstanding during the period.
3. Assumes an initial investment on the business day before the first day of the fiscal period and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than on full year. Returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of fund shares.
4. Annualized for periods less than one full year.
5. Total expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2014 |
0.35 | % | ||
Year Ended September 30, 2013 |
0.36 | % | ||
Year Ended September 28, 2012 |
0.33 | % | ||
Year Ended September 30, 2011 |
0.34 | % | ||
Year Ended September 30, 2010 |
0.37 | % | ||
Year Ended September 30, 2009 |
0.37 | % |
See accompanying Notes to Financial Statement.
33 OPPENHEIMER MASTER LOAN FUND, LLC |
FINANCIAL STATEMENTS March 31, 2014 Unaudited |
1. Significant Accounting Policies
Oppenheimer Master Loan Fund, LLC (the Fund) is organized as a Delaware limited liability company and registered under the Investment Company Act of 1940, as amended, as a diversified open-end, management investment company. The Funds investment objective is to seek income. The Funds investment adviser is OFI Global Asset Management, Inc. (OFI Global or the Manager), a wholly-owned subsidiary of OppenheimerFunds, Inc. (OFI or the Sub-Adviser). The Manager has entered into a sub-advisory agreement with OFI. As of March 31, 2014, approximately 72% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.
Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the Securities Act of 1933, as amended (the Securities act). Investments in the Fund may only be made by certain accredited investors within the meaning of Regulation D under the Securities Act, including other investment companies. The Fund currently offers one class of shares.
For federal income tax purposes, the fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a pass-through entity, the Fund pays no dividends or capital gain distributions.
The following is a summary of significant accounting policies consistently followed by the Fund.
Loans. Under normal market conditions, the Fund will invest at least 80% of its net assets in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.
As of March 31, 2014, securities with an aggregate market value of $1,523,881,075, representing 97.4% of the Funds net assets were comprised of loans.
Securities on a When-Issued or Delayed Delivery Basis. The Fund purchases and sells interests in Senior Loans and other portfolio securities on a when issued basis, and may purchase or sell securities on a delayed delivery basis. When-issued or delayed delivery refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Funds net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-
34 OPPENHEIMER MASTER LOAN FUND, LLC |
1. Significant Accounting Policies (Continued)
issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.
Credit Risk. Loans and debt securities are subject to credit risk. Credit risk relates to the ability of the borrower under a loan or issuer of a debt to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers subsequently miss an interest payment. Information concerning securities not accruing income as of March 31, 2014 is as follows:
Cost |
$ | 41,608,074 | ||
Market Value |
$ | 26,112,681 | ||
Market Value as % of Net Assets |
1.67% |
Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (IMMF) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Funds investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMFs Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Funds investment in IMMF.
Foreign Currency Translation. The Funds accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Directors.
Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and
35 OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued |
1. Significant Accounting Policies (Continued)
liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Funds Statement of Operations.
Federal Taxes. The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), its distributive share of all items of Fund income, gains, losses, and deductions for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.
Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Funds assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (RIC) to fail that qualification.
Directors Compensation. The Board of Directors has adopted a compensation deferral plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Director under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Director. The Fund purchases shares of the funds selected for deferral by the Director in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of Other within the asset section of the Statement of Assets and Liabilities. Deferral of directors fees under the plan will not affect the net assets of the Fund, and will not materially affect the Funds assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
36 OPPENHEIMER MASTER LOAN FUND, LLC |
1. Significant Accounting Policies (Continued)
Custodian Fees. Custodian fees and expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to custodian expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Funds organizational documents provide current and former directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Funds maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. Securities Valuation
The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.
The Funds Board has adopted procedures for the valuation of the Funds securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committees fair valuation determinations are subject to review, approval and ratification by the Funds Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
Valuation Methods and Inputs
Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.
37 OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued |
2. Securities Valuation (Continued)
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Funds assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current days closing bid and asked prices, and if not, at the current days closing bid price. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Funds assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.
Shares of a registered investment company that are not traded on an exchange are valued at that investment companys net asset value per share.
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.
Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.
Security Type | Standard inputs generally considered by third-party pricing vendors | |
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors. | |
Loans | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |
Event-linked bonds | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. |
38 OPPENHEIMER MASTER LOAN FUND, LLC |
2. Securities Valuation (Continued)
If a market value or price cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Manager, the market value or price obtained does not constitute a readily available market quotation, or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Funds Board or (ii) as determined in good faith by the Managers Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Funds Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Funds investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
39 OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued |
2. Securities Valuation (Continued)
3) Level 3-significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability).
The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The table below categorizes amounts that are included in the Funds Statement of Assets and Liabilities as of March 31, 2014 based on valuation input level:
Level 1 Unadjusted Quoted Prices |
Level 2 Other Significant |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Assets Table |
| |||||||||||||||
Investments, at Value: |
| |||||||||||||||
Corporate Loans |
$ | | $ | 1,523,881,075 | $ | | $ | 1,523,881,075 | ||||||||
Corporate Bonds and Notes |
| 4,103,242 | | 4,103,242 | ||||||||||||
Preferred Stock |
| | | | ||||||||||||
Common Stocks |
27,983,682 | 966,879 | 16,801 | 28,967,362 | ||||||||||||
Investment Company |
48,347,694 | | | 48,347,694 | ||||||||||||
Total Assets |
$ | 76,331,376 | $ | 1,528,951,196 | $ | 16,801 | $ | 1,605,299,373 |
Currency contracts and forwards, if any, are reported at their unrealized appreciation/ depreciation at measurement date, which represents the change in the contracts value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
The table below shows the transfers between Level 2 and Level 3. The Funds policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
Transfers into Level 2* |
Transfers out of Level 3* |
|||||||
Assets Table |
||||||||
Investments, at Value: |
||||||||
Corporate Loans |
$ | 84 | $ | (84 | ) | |||
Total Assets |
$ | 84 | $ | (84 | ) |
* Transferred from Level 3 to Level 2 due to the availability of market data for this security.
3. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Contributions |
54,971,007 | $ | 782,472,186 | 24,304,138 | $ | 322,189,385 | ||||||||||
Withdrawals |
(4,780,756 | ) | (68,257,288 | ) | (129,483,641 | ) | (1,735,107,507 | ) | ||||||||
|
|
|||||||||||||||
Net increase (decrease) |
50,190,251 | $ | 714,214,898 | (105,179,503 | ) | $ | (1,412,918,122 | ) | ||||||||
|
|
|||||||||||||||
|
|
40 OPPENHEIMER MASTER LOAN FUND, LLC |
4. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 31, 2014 were as follows:
Purchases | Sales | |||||||
Investment securities |
$ | 1,110,967,824 | $ | 339,148,967 |
5. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate of 0.30%.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Transfer Agent Fees. OFI Global (the Transfer Agent) serves as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the Sub-Transfer Agent), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Funds investment in IMMF. During the six months ended March 31, 2014, the Manager waived fees and/or reimbursed the Fund $44,711 for IMMF management fees.
Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.
41 OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued |
6. Restricted Securities
As of March 31, 2014, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.
7. Loan Commitments
Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $1,678,704 at March 31, 2014. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. At March 31, 2014, these commitments have a market value of $1,685,082 and have been included as Corporate Loans in the Statement of Investments.
8. Pending Litigation
Since 2009, seven class action lawsuits have been pending in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (OFI), OppenheimerFunds Distributor, Inc., the Funds principal underwriter and distributor (the Distributor), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the Defendant Funds). The lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys fees and litigation expenses. The Defendant Funds Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. On March 5, 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. The settlements are subject to a variety of contingencies, including approval by the court. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund.
Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the Ponzi scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (BLMIS). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts
42 OPPENHEIMER MASTER LOAN FUND, LLC |
8. Pending Litigation (Continued)
managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the courts order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.
On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (AAArdvark IV), an entity advised by OFIs affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs alleged breach of contract and common law fraud claims against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants motion for summary judgment, dismissing plaintiffs fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the courts dismissal order. On January 7, 2014, the appellate court affirmed the trial courts dismissal order. On March 28, 2014, the parties filed a stipulation of discontinuance dismissing the lawsuit with prejudice. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (AAArdvark I), an entity advised by OFIs affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleged breach of contract and common law fraud claims against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On March 28, 2014, the parties filed a stipulation of discontinuance dismissing the lawsuit with prejudice. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (AAArdvark XS), an entity advised by OFIs affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleged breach of contract against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On November 8, 2013, the parties filed a stipulation of discontinuance dismissing the lawsuit with prejudice.
OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.
43 OPPENHEIMER MASTER LOAN FUND, LLC |
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited |
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (portfolio proxies) held by the Fund. A description of the Funds Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Funds website at oppenheimerfunds.com, and (iii) on the SECs website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Funds voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SECs website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Funds Form N-Q filings are available on the SECs website at www.sec.gov. Those forms may be reviewed and copied at the SECs Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
HouseholdingDelivery of Shareholder Documents
This is to inform you about OppenheimerFunds householding policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the funds prospectus (or, if available, the funds summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
44 OPPENHEIMER MASTER LOAN FUND, LLC |
OPPENHEIMER MASTER LOAN FUND, LLC |
© 2014 OppenheimerFunds, Inc. All rights reserved.
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47 OPPENHEIMER MASTER LOAN FUND, LLC |
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Funds Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrants disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/31/2014, the registrants principal executive officer and principal financial officer found the registrants disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrants management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrants internal controls over financial reporting that occurred during the registrants second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Not applicable to semiannual reports. |
(2) Exhibits attached hereto.
(3) Not applicable.
(b) | Exhibit 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.
Oppenheimer Master Loan Fund, LLC | ||
By: | /s/ William F. Glavin, Jr. | |
William F. Glavin, Jr. | ||
Principal Executive Officer | ||
Date: | 5/13/2014 |
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: | /s/ William F. Glavin, Jr. | |
William F. Glavin, Jr. | ||
Principal Executive Officer | ||
Date: | 5/13/2014 | |
By: | /s/ Brian W. Wixted | |
Brian W. Wixted | ||
Principal Financial Officer | ||
Date: | 5/13/2014 |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, William F. Glavin, Jr., certify that:
1. | I have reviewed this report on Form N-CSR of Oppenheimer Master Loan Fund, LLC; |
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 registrants other certifying officer 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 registrants 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 registrants 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 registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: 5/13/2014
/s/ William F. Glavin, Jr. |
William F. Glavin, Jr. |
Principal Executive Officer |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian W. Wixted, certify that:
1. | I have reviewed this report on Form N-CSR of Oppenheimer Master Loan Fund, LLC; |
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 registrants other certifying officer 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 registrants 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 registrants 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 registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: 5/13/2014
/s/ Brian W. Wixted |
Brian W. Wixted |
Principal Financial Officer |
EX-99.906CERT
Section 906 Certifications
CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Master Loan Fund, LLC (the Registrant), each certify to the best of his knowledge that:
1. | The Registrants periodic report on Form N-CSR for the period ended 3/31/2014 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer | Principal Financial Officer | |||
Oppenheimer Master Loan Fund, LLC | Oppenheimer Master Loan Fund, LLC | |||
/s/ William F. Glavin, Jr. |
/s/ Brian W. Wixted | |||
William F. Glavin, Jr. | Brian W. Wixted | |||
Date: 5/13/2014 | Date: 5/13/2014 |
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