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)
Cynthia Lo Bessette
OFI Global Asset Management, Inc.
225 Liberty Street, 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: 3/31/2017
Item 1. Reports to Stockholders.
PORTFOLIO MANAGERS: David Lukkes, CFA and Joseph Welsh, CFA
AVERAGE ANNUAL TOTAL RETURNS AT 3/31/17
Oppenheimer Master Loan Fund, LLC
|
J.P. Morgan Leveraged Loan Index |
Credit Suisse Leveraged Loan Index | ||||
6-Month | 4.74% | 3.39% | 3.48% | |||
1-Year | 12.84 | 9.25 | 9.74 | |||
5-Year | 5.69 | 4.96 | 4.88 | |||
Since Inception (10/31/07) | 5.36 | 4.92 | 4.43 |
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 performance quoted. Returns do not consider capital gains or income taxes on an individuals investment. Fund returns include changes in share price and reinvested distributions. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.
The Funds performance is compared to the performance of the J.P. Morgan Leveraged Loan Index and the Credit Suisse Leveraged Loan Index. The J.P. Morgan Leveraged Loan Index tracks the performance of U.S. dollar denominated senior floating rate bank loans. The Credit Suisse Leveraged Loan Index tracks the performance of U.S. dollar denominated senior floating rate bank loans. The indices are unmanaged and cannot be purchased directly by investors.
2 OPPENHEIMER MASTER LOAN FUND, LLC
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 indices. 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.
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(a)(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. 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 two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service 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, 2017.
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 6 Months Ended March 31, 2017 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 Funds 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, such as front-end or contingent deferred sales charges (loads). 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 6
Months Ended |
|||||||||||||
$ | 1,000.00 | $ | 1,047.40 | 1.79 | ||||||||||||
Hypothetical (5% return before expenses) |
||||||||||||||||
1,000.00 | 1,023.19 | 1.77 |
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, 2017 is as follows:
Expense Ratio |
0.35% |
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, 2017 Unaudited
Principal Amount | Value | |||||||
|
||||||||
Corporate Loans90.8% | ||||||||
|
||||||||
Consumer Discretionary31.9% | ||||||||
|
||||||||
Auto Components0.5% | ||||||||
|
||||||||
FPC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 11/19/191 | $ | 3,948,989 | $ | 3,745,371 | ||||
|
||||||||
Tower Automotive Holdings USA LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.813%, 3/7/241 | 3,932,605 | 3,930,147 | ||||||
|
|
|||||||
|
7,675,518
|
| ||||||
|
||||||||
Automobiles0.8% | ||||||||
|
||||||||
Federal-Mogul Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.75%, 4/15/211 |
|
12,753,002
|
|
|
12,711,370
|
| ||
|
||||||||
Distributors4.7% | ||||||||
|
||||||||
Albertsons LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B4, 3.982%, 8/25/211 |
5,160,983 | 5,192,165 | ||||||
Tranche B6, 4.061%, 6/22/231 | 4,194,692 | 4,224,844 | ||||||
|
||||||||
Ascena Retail Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.313%, 8/21/221 | 4,095,974 | 3,711,976 | ||||||
|
||||||||
Bass Pro Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 4.016%, 6/5/201 |
4,886,456 | 4,819,267 | ||||||
Tranche B, 6.147%, 12/15/231 | 7,970,000 | 7,697,689 | ||||||
|
||||||||
BJs Wholesale Club, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.043%, 2/3/241 | 1,246,163 | 1,221,239 | ||||||
|
||||||||
Burlington Coat Factory Warehouse Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 3.53%, 8/13/211 | 1,895,000 | 1,903,122 | ||||||
|
||||||||
CWGS Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.604%, 11/8/231 | 2,512,380 | 2,529,967 | ||||||
|
||||||||
Gymboree Corp. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 2/23/181 | 16,287,027 | 6,786,267 | ||||||
|
||||||||
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.232%, 8/18/231 | 4,114,874 | 4,118,301 | ||||||
|
||||||||
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 6/23/231 | 5,131,938 | 5,107,078 | ||||||
|
||||||||
Leslies Poolmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.774%, 8/16/231 | 1,388,025 | 1,395,544 | ||||||
|
||||||||
Mens Wearhouse, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-4.563%, 6/18/211 | 709,228 | 681,449 | ||||||
|
||||||||
Michaels Stores, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 3.75%, 1/30/231 | 2,498,185 | 2,492,981 | ||||||
|
||||||||
Moran Foods LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 12/5/231 | 1,032,413 | 1,027,251 | ||||||
|
||||||||
Natures Bounty Co. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 5/5/231 | 2,354,100 | 2,368,079 | ||||||
|
||||||||
Party City Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.79%-4.24%, 8/19/221 | 2,059,650 | 2,057,627 | ||||||
|
||||||||
Petco Animal Supplies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.25%, 1/26/231 | 5,775,509 | 5,461,466 | ||||||
|
||||||||
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/11/221 | 9,382,623 | 8,997,935 |
7 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Distributors (Continued) | ||||||||
|
||||||||
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 3/21/191 | $ | 1,335,312 | $ | 1,347,645 | ||||
|
|
|||||||
|
73,141,892
|
| ||||||
|
||||||||
Diversified Consumer Services1.7% | ||||||||
|
||||||||
4L Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%-7.50%, 5/8/201 | 1,791,662 | 1,733,433 | ||||||
|
||||||||
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/30/181 | 7,041,633 | 7,025,599 | ||||||
|
||||||||
IQOR US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 4/1/211 | 3,848,508 | 3,749,090 | ||||||
|
||||||||
IQOR US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 4/1/221 | 1,100,036 | 979,032 | ||||||
|
||||||||
Koosharem LLC, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 7.647%, 5/15/201 | 2,493,802 | 2,331,705 | ||||||
|
||||||||
Nord Anglia Education Finance, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/31/211 | 10,014,914 | 10,124,458 | ||||||
|
|
|||||||
|
25,943,317
|
| ||||||
|
||||||||
Hotels, Restaurants & Leisure7.3% | ||||||||
|
||||||||
Amaya Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.537%, 8/1/211 | 3,236,308 | 3,247,865 | ||||||
|
||||||||
American Casino & Entertainment Properties, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 7/7/221 | 914,593 | 920,881 | ||||||
|
||||||||
AMF Bowling Centers, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 9/19/231 | 4,915,029 | 4,939,604 | ||||||
|
||||||||
Boyd Gaming Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.602%, 9/15/231 | 2,745,000 | 2,760,441 | ||||||
|
||||||||
Caesars Entertainment Operating Co., Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.448%, 3/1/181,2 | 522,597 | 587,703 | ||||||
|
||||||||
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B4, 1.50%, 12/31/171,2 | 757,344 | 939,107 | ||||||
Tranche B6, 5.402%, 3/1/181,2 | 2,052,256 | 2,385,748 | ||||||
Tranche B7, 1.50%, 1/28/181,2 | 1,517,434 | 1,828,690 | ||||||
|
||||||||
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/201 | 14,009,540 | 14,139,423 | ||||||
|
||||||||
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/8/211 | 11,148,570 | 11,218,249 | ||||||
|
||||||||
CEC Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 2/12/211 | 2,733,280 | 2,719,613 | ||||||
|
||||||||
Corner Investment Propco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.00%, 11/2/191 | 3,286,052 | 3,343,558 | ||||||
|
||||||||
Delta 2 Lux Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.568%, 2/1/241 | 6,967,020 | 6,972,621 | ||||||
|
||||||||
Eldorado Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 4.25%, 7/25/221 | 2,495,451 | 2,499,319 | ||||||
Tranche B, 3.606%, 3/16/241 | 4,540,000 | 4,557,025 | ||||||
|
||||||||
ESH Hospitality, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.482%, 8/30/231 | 1,117,200 | 1,123,784 |
8 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Hotels, Restaurants & Leisure (Continued) | ||||||||
|
||||||||
Four Seasons Hotels Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.147%, 11/30/231 | $ | 1,206,975 | $ | 1,222,170 | ||||
|
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Gateway Casinos & Entertainment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.284%, 2/22/231 | 1,075,000 | 1,087,766 | ||||||
|
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Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-4.54%, 11/21/191 | 4,919,378 | 4,996,243 | ||||||
|
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La Quinta Intermediate Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 4/14/211 | 3,470,010 | 3,497,076 | ||||||
|
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Penn National Gaming, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.50%, 1/19/241 | 770,000 | 776,160 | ||||||
|
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Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.846%-4.943%, 10/1/211 | 9,053,117 | 9,176,655 | ||||||
|
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SeaWorld Parks & Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.248%, 5/14/201 | 1,176,686 | 1,181,221 | ||||||
|
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Station Casinos LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.45%, 6/8/231 | 8,029,325 | 8,082,624 | ||||||
|
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Weight Watchers International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.03%-4.10%, 4/2/201 | 20,826,052 | 19,500,245 | ||||||
|
|
|||||||
|
113,703,791
|
| ||||||
|
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Household Durables1.5% | ||||||||
|
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Coty, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.311%, 10/27/221 | 1,069,625 | 1,076,310 | ||||||
|
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HLF Financing Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.482%, 2/15/231 | 3,225,000 | 3,220,298 | ||||||
|
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Prestige Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 3.531%, 1/26/241 | 2,338,844 | 2,362,719 | ||||||
|
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Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.482%, 9/7/231 | 6,238,650 | 6,251,645 | ||||||
|
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Serta Simmons Bedding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 11/8/231 | 7,785,000 | 7,830,877 | ||||||
|
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Tumi Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.232%, 8/1/231 | 945,667 | 953,547 | ||||||
|
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Wilton Brands LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.50%, 8/30/181 | 1,845,891 | 1,805,281 | ||||||
|
|
|||||||
|
23,500,677
|
| ||||||
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Media14.9% | ||||||||
|
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Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.902%, 7/24/251 | 3,815,000 | 3,812,616 | ||||||
|
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Altice US Finance I Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.982%, 1/15/251 | 977,550 | 981,216 | ||||||
Tranche B, 3.359%, 7/14/251 | 2,180,000 | 2,181,363 | ||||||
|
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Camelot Finance LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 10/3/231 | 3,084,500 | 3,098,380 | ||||||
|
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CBS Radio, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.803%, 3/2/241 | 1,670,000 | 1,682,872 | ||||||
|
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Charter Communications Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche E, 2.99%, 7/1/201 | 987,435 | 991,207 | ||||||
Tranche F, 2.99%, 1/3/211 | 987,435 | 991,015 |
9 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
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Media (Continued) | ||||||||
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Charter Communications Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: (Continued) | ||||||||
Tranche H, 2.99%, 1/15/221 | $ | 1,447,688 | $ | 1,453,520 | ||||
Tranche I, 3.232%, 1/15/241 | 1,532,261 | 1,541,732 | ||||||
|
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Checkout Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 4/9/211 | 6,454,713 | 5,970,609 | ||||||
|
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Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 7.732%, 1/30/191 | 37,216,428 | 32,130,171 | ||||||
|
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Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 8.482%, 7/30/191 | 4,206,170 | 3,606,791 | ||||||
|
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CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.772%, 10/11/241 | 1,097,250 | 1,096,792 | ||||||
Tranche B, 3.394%-3.62%, 7/15/251 | 520,000 | 519,859 | ||||||
|
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Deluxe Entertainment Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 2/28/201 | 9,173,258 | 9,247,791 | ||||||
|
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DigitalGlobe, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 1/15/241 | 3,112,200 | 3,126,463 | ||||||
|
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Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 10/18/191 | 1,886,533 | 1,656,612 | ||||||
|
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Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.50%, 2/7/241 | 470,000 | 474,113 | ||||||
|
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Harland Clarke Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B5, 7.147%, 12/31/211 | 2,837,649 | 2,871,936 | ||||||
Tranche B6, 6.647%, 2/9/221 | 4,186,616 | 4,212,783 | ||||||
|
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Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.75%, 6/30/191 | 3,900,000 | 3,846,375 | ||||||
|
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ION Media Networks, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 12/18/201 | 6,868,516 | 6,945,786 | ||||||
|
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Legendary Pictures, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.147%, 4/22/201 | 6,925,000 | 6,933,656 | ||||||
|
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Liberty Cablevision of Puerto Rico LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 1/7/221 | 5,144,094 | 5,140,879 | ||||||
|
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Lions Gate Entertainment Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.982%, 12/8/231 | 5,692,000 | 5,730,393 | ||||||
|
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Mediacom Illinois LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche K, 3.20%, 2/15/241 | 575,000 | 578,115 | ||||||
|
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MediArena Acquisition BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 8/13/211 | 6,566,885 | 5,923,331 | ||||||
|
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Mergermarket USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%-4.647%, 2/4/211 | 2,174,936 | 2,168,139 | ||||||
|
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MH Sub I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 7/8/211 | 4,807,068 | 4,848,380 | ||||||
|
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Mission Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.902%, 1/17/241 | 1,250,691 | 1,259,029 | ||||||
|
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NEP/NCP Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 1/22/201 | 4,939,244 | 4,961,880 | ||||||
|
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Nexstar Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.902%, 1/17/241 | 12,696,119 | 12,780,764 | ||||||
|
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Radiate Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.982%, 2/1/241 | 7,745,000 | 7,794,096 |
10 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
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Media (Continued) | ||||||||
|
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Rovi Solutions Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.49%, 7/2/211 | $ | 1,420,690 | $ | 1,427,498 | ||||
|
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Sable International Finance Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.732%, 12/30/221 | 2,575,000 | 2,609,332 | ||||||
|
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Salem Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/13/201 | 2,370,400 | 2,331,881 | ||||||
|
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SFR Group SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.902%, 6/21/251 | 1,335,000 | 1,331,996 | ||||||
|
||||||||
SFR Group SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B10, 4.038%, 1/14/251 | 6,334,125 | 6,349,960 | ||||||
|
||||||||
Sinclair Television Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.24%, 1/3/241 | 4,919,670 | 4,943,757 | ||||||
|
||||||||
Technicolor SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.898%, 12/31/231 | 2,140,000 | 2,148,025 | ||||||
|
||||||||
Telenet Financing USD LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AF, 3.912%, 1/31/251 | 5,140,000 | 5,170,115 | ||||||
|
||||||||
Townsquare Media, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.038%, 4/1/221 | 459,511 | 462,000 | ||||||
|
||||||||
Tribune Media Co., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.982%, 12/27/201 | 375,145 | 378,662 | ||||||
Tranche B, 3.982%, 1/26/241 | 6,407,423 | 6,467,493 | ||||||
|
||||||||
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C5, 3.75%, 3/15/241 | 9,209,237 | 9,155,998 | ||||||
|
||||||||
UPC Financing Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AP, 3.539%, 4/15/251 | 5,840,000 | 5,865,550 | ||||||
|
||||||||
Virgin Media Bristol LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche I, 3.517%, 1/31/251 | 7,285,000 | 7,312,319 | ||||||
|
||||||||
WaveDivision Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.79%, 10/15/191 | 5,349,613 | 5,381,710 | ||||||
|
||||||||
WideOpenWest Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 8/18/231 | 12,114,125 | 12,198,924 | ||||||
|
||||||||
William Morris Endeavor Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%-4.29%, 5/6/211 | 4,870,000 | 4,896,761 | ||||||
|
||||||||
WMG Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%, 11/1/231 | 2,725,000 | 2,739,478 | ||||||
|
||||||||
YP LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 12.25%, 6/4/181 | 532,984 | 533,636 | ||||||
|
|
|||||||
|
232,263,759
|
| ||||||
|
||||||||
Multiline Retail0.3% | ||||||||
|
||||||||
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/25/201 |
|
5,914,720
|
|
|
4,774,291
|
| ||
|
||||||||
Specialty Retail0.2% | ||||||||
|
||||||||
Key Safety Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 8/29/211 | 3,589,895 | 3,634,768 |
11 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Consumer Staples1.6% | ||||||||
|
||||||||
Beverages1.3% | ||||||||
|
||||||||
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.398%, 3/24/241 | $ | 5,595,000 | $ | 5,636,962 | ||||
|
||||||||
Hearthside Group Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 6/2/211 | 938,587 | 945,627 | ||||||
|
||||||||
Hostess Brands LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 8/3/221 | 4,161,161 | 4,207,454 | ||||||
|
||||||||
KFC Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.518%, 6/16/231 | 3,761,827 | 3,806,010 | ||||||
|
||||||||
Landrys, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.039%-4.23%, 10/4/231 | 4,089,046 | 4,129,573 | ||||||
|
||||||||
NPC International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.656%, 4/3/241 | 905,000 | 915,181 | ||||||
|
|
|||||||
|
19,640,807
|
| ||||||
|
||||||||
Food & Staples Retailing0.0% | ||||||||
|
||||||||
Rite Aid Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche 1, 5.75%, 8/21/201 |
|
772,798
|
|
|
776,952
|
| ||
|
||||||||
Food Products0.3% | ||||||||
|
||||||||
CSM Bakery Supplies, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 7/3/201 | 2,919,326 | 2,756,939 | ||||||
|
||||||||
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-6.50%, 11/1/181 | 1,196,540 | 1,201,401 | ||||||
|
|
|||||||
|
3,958,340
|
| ||||||
|
||||||||
Energy3.3% | ||||||||
|
||||||||
Energy Equipment & Services2.9% | ||||||||
|
||||||||
AFGlobal Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 12/19/191 | 912,136 | 685,242 | ||||||
|
||||||||
American Energy-Marcellus LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.284%, 8/4/201 | 5,061,331 | 3,547,148 | ||||||
|
||||||||
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.375%, 12/31/211 | 1,815,000 | 2,014,650 | ||||||
|
||||||||
Chesapeake Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.50%, 8/23/211 | 2,810,000 | 2,998,798 | ||||||
|
||||||||
Drillships Financing Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.00%, 3/31/211 | 2,841,180 | 2,034,995 | ||||||
|
||||||||
Drillships Ocean Ventures, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 7/25/211 | 1,762,757 | 1,596,397 | ||||||
|
||||||||
Eastern Power LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 10/2/211 | 6,071,197 | 6,123,689 | ||||||
|
||||||||
Energy Transfer Equity LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.529%, 2/2/241 | 900,000 | 899,036 | ||||||
|
||||||||
ExGen Texas Power LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.897%, 9/18/211 | 5,544,043 | 3,506,607 | ||||||
|
||||||||
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.875%, 10/1/181 | 2,049,769 | 1,980,589 | ||||||
Tranche B, 8.00%, 8/31/201 | 740,000 | 699,916 |
12 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Energy Equipment & Services (Continued) | ||||||||
|
||||||||
Floatel International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.147%, 6/27/201 | $ | 1,209,026 | $ | 1,006,514 | ||||
|
||||||||
Gulf Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 8/25/231 | 3,696,425 | 3,696,425 | ||||||
|
||||||||
HGIM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%-7.50%, 6/18/201 | 3,837,594 | 2,753,473 | ||||||
|
||||||||
Larchmont Resources LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A, 10.00%, 8/7/201,3 | 110,944 | 112,054 | ||||||
|
||||||||
Limetree Bay Terminals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.038%, 2/8/241 | 3,195,000 | 3,239,938 | ||||||
|
||||||||
MEG Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 12/31/231 | 2,873,075 | 2,878,462 | ||||||
|
||||||||
Pacific Drilling SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 6/3/181 | 625,290 | 289,718 | ||||||
|
||||||||
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.147%, 2/21/211 | 6,905,404 | 4,712,938 | ||||||
|
||||||||
Sheridan Production Partners II-A LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.56%, 12/16/201 | 290,210 | 241,962 | ||||||
|
||||||||
Sheridan Production Partners II-M LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.44%, 12/16/201 | 110,446 | 92,085 | ||||||
|
||||||||
Veresen Midstream LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.536%, 3/31/221 | 653,333 | 660,683 | ||||||
|
|
|||||||
|
45,771,319
|
| ||||||
|
||||||||
Oil, Gas & Consumable Fuels0.4% | ||||||||
|
||||||||
Sheridan Investment Partners II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.56%, 12/16/201 | 2,128,899 | 1,774,969 | ||||||
|
||||||||
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.397%, 8/4/211 | 3,965,952 | 3,526,394 | ||||||
|
|
|||||||
|
5,301,363
|
| ||||||
|
||||||||
Financials3.2% | ||||||||
|
||||||||
Capital Markets0.5% | ||||||||
|
||||||||
Aretec Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 8.00%, 11/23/201 | 1,519,492 | 1,534,686 | ||||||
|
||||||||
Aretec Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 5.398%-6.27%, 5/23/211,3 | 6,891,254 | 6,563,920 | ||||||
|
|
|||||||
|
8,098,606
|
| ||||||
|
||||||||
Commercial Banks2.4% | ||||||||
|
||||||||
Alliant Holdings Intermediate LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.503%, 8/12/221 | 1,587,593 | 1,600,658 | ||||||
|
||||||||
AmWins Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.75%, 1/25/241 | 1,975,050 | 1,982,662 | ||||||
|
||||||||
Capital Automotive LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.102%, 3/17/241 | 1,360,000 | 1,369,633 | ||||||
|
||||||||
Fly Funding II Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.64%, 2/9/221 | 888,478 | 893,291 | ||||||
|
||||||||
HUB International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 10/2/201 | 8,614,111 | 8,660,550 |
13 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Commercial Banks (Continued) | ||||||||
|
||||||||
Hyperion Insurance Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 4/29/221 | $ | 3,807,469 | $ | 3,840,309 | ||||
|
||||||||
iStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 7/1/201 | 6,505,509 | 6,603,091 | ||||||
|
||||||||
NFP Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 1/8/241 | 6,029,888 | 6,098,477 | ||||||
|
||||||||
Uniti Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00%, 10/24/221 | 6,523,650 | 6,514,680 | ||||||
|
|
|||||||
|
37,563,351
|
| ||||||
|
||||||||
Consumer Finance0.3% | ||||||||
|
||||||||
PGX Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 9/29/201 | 2,628,227 | 2,638,905 | ||||||
|
||||||||
PGX Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.00%, 9/29/211 | 929,455 | 915,514 | ||||||
|
|
|||||||
|
3,554,419
|
| ||||||
|
||||||||
Health Care6.2% | ||||||||
|
||||||||
Health Care Equipment & Supplies5.7% | ||||||||
|
||||||||
21st Century Oncology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.275%, 4/30/221 | 1,398,822 | 1,272,928 | ||||||
|
||||||||
Air Medical Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/28/221 | 1,363,129 | 1,364,265 | ||||||
|
||||||||
Akorn, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 4/16/211 | 2,969,862 | 3,006,985 | ||||||
|
||||||||
Alliance Healthcare Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 6/3/191 | 3,205,471 | 3,197,457 | ||||||
|
||||||||
Ardent Legacy Acquisitions, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.647%, 8/4/211 | 1,418,400 | 1,422,832 | ||||||
|
||||||||
CareCore National LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/5/211 | 1,085,367 | 1,090,793 | ||||||
|
||||||||
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 6/7/191 | 2,789,996 | 2,699,321 | ||||||
|
||||||||
Change Healthcare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 3/1/241 | 11,410,000 | 11,443,283 | ||||||
|
||||||||
CHS/Community Health Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche G, 3.75%, 12/31/191 | 2,029,236 | 2,020,147 | ||||||
Tranche H, 4.00%, 1/27/211 | 6,741,685 | 6,653,902 | ||||||
|
||||||||
DJO Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 6/8/201 | 5,689,887 | 5,527,486 | ||||||
|
||||||||
Drumm Investors LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.50%, 5/4/181 | 2,911,894 | 2,913,108 | ||||||
|
||||||||
Genoa a QoL Healthcare Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.897%, 10/30/231 | 1,149,225 | 1,156,695 | ||||||
|
||||||||
Grifols Worldwide Operations USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.096%, 1/31/251 | 7,720,000 | 7,748,278 | ||||||
|
||||||||
HCA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B8, 3.232%, 2/15/241 | 1,820,000 | 1,837,063 | ||||||
|
||||||||
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 2/2/241 | 5,375,000 | 5,377,800 |
14 OPPENHEIMER MASTER LOAN FUND, LLC
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 | $ | 1,876,165 | $ | 1,613,502 | ||||
|
||||||||
MPH Acquisition Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.897%, 6/7/231 | 3,875,040 | 3,928,725 | ||||||
|
||||||||
National Mentor Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 1/31/211 | 3,822,235 | 3,837,363 | ||||||
|
||||||||
National Surgical Hospitals, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 6/1/221 | 677,925 | 678,332 | ||||||
|
||||||||
New Trident Holdcorp, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 7/31/191 | 1,345,399 | 1,220,950 | ||||||
|
||||||||
Opal Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 11/27/201 | 3,893,929 | 3,653,802 | ||||||
|
||||||||
Ortho-Clinical Diagnostics, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 6/30/211 | 1,348,257 | 1,340,168 | ||||||
|
||||||||
Pharmaceutical Product Development LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.25%-4.397%, 8/18/221 | 4,756,056 | 4,777,459 | ||||||
|
||||||||
Quorum Health Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 4/29/221 | 580,440 | 569,049 | ||||||
|
||||||||
Select Medical Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.782%, 3/6/241 | 1,360,000 | 1,374,450 | ||||||
|
||||||||
Sterigenics-Nordion Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 5/15/221 | 2,759,558 | 2,769,906 | ||||||
|
||||||||
Team Health Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 2/6/241 | 3,875,000 | 3,864,828 | ||||||
|
|
|||||||
|
88,360,877
|
| ||||||
|
||||||||
Health Care Providers & Services0.4% | ||||||||
|
||||||||
Kindred Healthcare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/9/211 |
|
6,933,453
|
|
|
6,942,119
|
| ||
|
||||||||
Life Sciences Tools & Services0.1% | ||||||||
|
||||||||
DPx Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/11/211 |
|
1,558,474
|
|
|
1,562,788
|
| ||
|
||||||||
Industrials17.6% | ||||||||
|
||||||||
Aerospace & Defense0.2% | ||||||||
|
||||||||
Doncasters US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 4/9/201 |
|
2,994,439
|
|
|
2,975,724
|
| ||
|
||||||||
Commercial Services & Supplies9.0% | ||||||||
|
||||||||
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 10/18/211 | 1,566,753 | 1,575,892 | ||||||
|
||||||||
Allied Universal Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 7/28/221 | 9,892,093 | 9,963,197 | ||||||
|
||||||||
Asurion LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B2, 4.232%, 7/8/201 | 1,070,160 | 1,079,190 | ||||||
Tranche B4, 4.25%, 8/4/221 | 9,653,515 | 9,718,879 | ||||||
Tranche B5, 4.75%, 11/3/231 | 3,760,815 | 3,798,423 |
15 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Commercial Services & Supplies (Continued) | ||||||||
|
||||||||
Audio Visual Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 1/25/211 | $ | 8,122,848 | $ | 8,153,309 | ||||
|
||||||||
Casmar Australia Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%-5.677%, 12/8/231 | 2,244,375 | 2,283,652 | ||||||
|
||||||||
Ceridian HCM Holdings, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-4.647%, 9/15/201 | 3,209,646 | 3,190,924 | ||||||
|
||||||||
CEVA Group plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 3/19/211 | 830,500 | 734,733 | ||||||
|
||||||||
CEVA Group plc, Sr. Sec. Credit Facilities Letter of Credit 1st Lien Term Loan, 6.50%, 3/19/211 | 1,669,562 | 1,477,041 | ||||||
|
||||||||
Compass Group Diversified Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.85%, 6/6/211 | 2,019,850 | 2,037,524 | ||||||
|
||||||||
Crossmark Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.647%, 12/20/191 | 3,174,529 | 2,428,514 | ||||||
|
||||||||
Engility Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B1, 4.232%, 8/12/201 | 1,154,250 | 1,161,031 | ||||||
Tranche B2, 4.75%, 8/14/231 | 3,076,081 | 3,097,869 | ||||||
|
||||||||
First Advantage, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.397%, 6/30/221 | 4,757,589 | 4,644,597 | ||||||
|
||||||||
First American Payment Systems LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 1/5/241 | 1,816,042 | 1,825,122 | ||||||
|
||||||||
Garda World Security Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 11/6/201 | 7,043,781 | 7,071,660 | ||||||
|
||||||||
IG Investments Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.147%, 10/31/211 | 7,302,855 | 7,372,838 | ||||||
|
||||||||
Inmar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 1/27/211 | 7,135,874 | 7,105,768 | ||||||
|
||||||||
iPayment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 5/8/171 | 2,978,417 | 2,933,741 | ||||||
|
||||||||
Kindercare Education LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.397%, 8/12/221 | 6,179,760 | 6,232,548 | ||||||
|
||||||||
Laureate Education, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.868%, 3/17/211 | 5,541,638 | 5,601,382 | ||||||
|
||||||||
Livingston International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.50%, 4/18/191 | 1,245,629 | 1,235,508 | ||||||
|
||||||||
Livingston International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 4/17/201 | 551,135 | 518,067 | ||||||
|
||||||||
LS Deco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 5/21/221 | 1,896,551 | 1,910,775 | ||||||
|
||||||||
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 6.647%, 9/30/221 | 7,193,850 | 7,286,025 | ||||||
|
||||||||
Novitex Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.00%, 7/7/201 | 1,960,150 | 1,960,150 | ||||||
|
||||||||
Prime Security Services Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 5/2/221 | 3,988,197 | 4,029,503 | ||||||
|
||||||||
Sabre GLBL, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 2/22/241 | 5,776,437 | 5,830,592 | ||||||
|
||||||||
SourceHOV LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.897%, 10/31/191 | 1,548,573 | 1,511,149 |
16 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Commercial Services & Supplies (Continued) | ||||||||
|
||||||||
Trans Union LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.482%, 4/9/231 | $ | 537,235 | $ | 542,070 | ||||
|
||||||||
Travelport Finance Luxembourg Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 9/2/211 | 9,734,833 | 9,820,013 | ||||||
|
||||||||
XPO Logistics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.352%, 11/1/211 | 11,344,000 | 11,404,974 | ||||||
|
|
|||||||
|
139,536,660
|
| ||||||
|
||||||||
Electrical Equipment0.2% | ||||||||
|
||||||||
Applied Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 1/25/211 | 1,438,067 | 1,446,756 | ||||||
|
||||||||
Internap Network Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 11/26/191 | 1,167,869 | 1,169,329 | ||||||
|
|
|||||||
|
2,616,085
|
| ||||||
|
||||||||
Industrial Conglomerates2.9% | ||||||||
|
||||||||
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 1/31/201 | 883,838 | 878,314 | ||||||
|
||||||||
Boyd Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.397%, 4/15/221 | 2,235,388 | 2,229,800 | ||||||
|
||||||||
CPI Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 8/17/221 | 1,686,923 | 1,561,809 | ||||||
|
||||||||
Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 12/12/191 | 5,389,899 | 5,443,798 | ||||||
|
||||||||
Doosan Bobcat, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 5/28/211 | 2,053,686 | 2,079,357 | ||||||
|
||||||||
Dynacast International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.651%, 1/28/221 | 468,804 | 471,148 | ||||||
|
||||||||
Gates Global LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 4.397%, 7/6/211 | 4,885,110 | 4,900,376 | ||||||
Tranche B, 4.402%, 3/30/241 | 419,412 | 420,697 | ||||||
|
||||||||
Generac Power Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.596%, 5/31/231 | 2,022,000 | 2,046,960 | ||||||
|
||||||||
Harsco Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 11/2/231 | 1,506,225 | 1,540,115 | ||||||
|
||||||||
Hillman Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 6/30/211 | 2,768,329 | 2,793,128 | ||||||
|
||||||||
Milacron LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.982%, 9/28/231 | 1,810,463 | 1,821,778 | ||||||
|
||||||||
RBS Global, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 8/21/231 | 3,512,198 | 3,529,516 | ||||||
|
||||||||
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche F, 3.982%, 6/9/231 | 5,090,201 | 5,072,706 | ||||||
|
||||||||
Vertiv Intermediate Holding II Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%-5.039%, 11/30/231 | 5,322,198 | 5,375,420 | ||||||
|
||||||||
Wencor Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.647%, 6/19/211 | 1,863,183 | 1,818,933 |
17 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Industrial Conglomerates (Continued) | ||||||||
|
||||||||
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 12/28/191 | $ | 3,559,508 | $ | 3,403,779 | ||||
|
|
|||||||
|
45,387,634
|
| ||||||
|
||||||||
Machinery0.1% | ||||||||
|
||||||||
International Equipment Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.25%, 8/16/191
|
|
1,339,954
|
|
|
1,279,656
|
| ||
|
||||||||
Road & Rail3.6% | ||||||||
|
||||||||
Air Canada, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.614%, 10/6/231 | 1,390,000 | 1,406,680 | ||||||
|
||||||||
American Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.263%, 10/10/211 | 1,509,596 | 1,515,068 | ||||||
Tranche B, 3.482%, 4/28/231 | 1,890,000 | 1,895,472 | ||||||
Tranche B, 3.267%, 12/14/231 | 4,210,000 | 4,220,525 | ||||||
|
||||||||
Avolon TLB Borrower 1 US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/21/221 | 15,680,000 | 15,871,798 | ||||||
|
||||||||
Commercial Barge Line Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 11/12/201 | 5,014,076 | 4,663,091 | ||||||
|
||||||||
Daseke, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 2/27/241 | 333,808 | 336,798 | ||||||
|
||||||||
Daseke, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 1.00%, 2/27/241 | 133,709 | 134,906 | ||||||
|
||||||||
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.397%, 10/6/231 | 980,000 | 990,311 | ||||||
|
||||||||
Kenan Advantage Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B1, 4.00%, 7/29/221 | 2,857,893 | 2,862,894 | ||||||
Tranche B2, 4.00%, 7/29/221 | 869,094 | 870,615 | ||||||
|
||||||||
United Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.387%, 4/1/241 | 4,045,000 | 4,063,963 | ||||||
|
||||||||
Western Express, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.304%, 2/23/221 | 12,017,200 | 12,052,050 | ||||||
|
||||||||
YRC Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.50%, 2/13/191 | 6,008,617 | 5,948,531 | ||||||
|
|
|||||||
|
56,832,702
|
| ||||||
|
||||||||
Trading Companies & Distributors0.2% | ||||||||
|
||||||||
Orchard Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 2/8/191 |
|
5,857,466
|
|
|
3,089,813
|
| ||
|
||||||||
Transportation Infrastructure1.4% | ||||||||
|
||||||||
American Axle & Manufacturing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.28%, 3/8/241 | 1,200,000 | 1,203,500 | ||||||
|
||||||||
MPG Holdco I, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 10/20/211 | 2,376,999 | 2,384,427 | ||||||
|
||||||||
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 8/7/201 | 8,770,000 | 8,883,282 | ||||||
|
||||||||
TI Group Automotive Systems LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 6/30/221 | 8,190,819 | 8,247,131 |
18 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Transportation Infrastructure (Continued) | ||||||||
|
||||||||
Visteon Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.356%, 3/17/241 | $ | 1,517,967 | $ | 1,531,249 | ||||
|
|
|||||||
|
22,249,589
|
| ||||||
|
||||||||
Information Technology10.0% | ||||||||
|
||||||||
Communications Equipment0.3% | ||||||||
|
||||||||
Birch Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.40%, 7/17/201 |
|
4,878,379
|
|
|
4,439,325
|
| ||
|
||||||||
Electronic Equipment, Instruments, & Components0.3% | ||||||||
|
||||||||
Aricent Technologies, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 4/14/211 |
|
4,197,260
|
|
|
4,211,250
|
| ||
|
||||||||
Internet Software & Services8.8% | ||||||||
|
||||||||
Abacus Innovations Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.25%, 8/16/231 | 3,785,513 | 3,829,992 | ||||||
|
||||||||
Aptean, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 12/20/221 | 2,650,000 | 2,685,611 | ||||||
|
||||||||
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 6.25%, 5/29/201,4 | 19,195,024 | 15,365,616 | ||||||
|
||||||||
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 8.50%, 1/24/181 | 3,470,000 | 3,581,692 | ||||||
|
||||||||
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 6.00%, 6/30/211 | 4,702,945 | 4,700,593 | ||||||
|
||||||||
Cavium, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.228%, 8/16/221 | 1,941,707 | 1,957,484 | ||||||
|
||||||||
Colorado Buyer, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.064%, 3/14/241 | 2,608,000 | 2,628,199 | ||||||
|
||||||||
CommScope, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.482%, 12/29/221 | 447,359 | 450,710 | ||||||
|
||||||||
Compuware Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.25%, 12/15/211 | 3,165,199 | 3,175,486 | ||||||
|
||||||||
Cypress Semiconductor Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.788%, 7/5/211 | 3,990,000 | 4,033,643 | ||||||
|
||||||||
Dell International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.49%, 9/7/231 | 12,264,263 | 12,338,130 | ||||||
|
||||||||
Epicor Software Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 6/1/221 | 2,677,332 | 2,687,038 | ||||||
|
||||||||
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.775%, 3/24/211 | 4,782,796 | 4,824,646 | ||||||
Tranche B, 3.775%, 7/8/221 | 2,281,498 | 2,302,570 | ||||||
|
||||||||
Genesys Telecommunications Laboratories Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.025%, 12/1/231 | 2,244,525 | 2,276,790 | ||||||
|
||||||||
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 0.50%, 2/15/241 | 265,387 | 265,984 | ||||||
|
||||||||
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.785%, 2/15/241 | 1,722,395 | 1,726,270 | ||||||
|
||||||||
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 0.50%, 2/15/241 | 2,023,110 | 2,027,662 |
19 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Internet Software & Services (Continued) | ||||||||
|
||||||||
GXS Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.038%, 1/16/211 | $ | 1,162,088 | $ | 1,172,567 | ||||
|
||||||||
Infor US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.897%, 2/1/221 | 4,708,517 | 4,712,303 | ||||||
|
||||||||
Informatica Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 8/5/221 | 4,974,179 | 4,956,416 | ||||||
|
||||||||
Ivanti Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 1/20/241 | 2,115,000 | 2,128,881 | ||||||
|
||||||||
Microsemi Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.031%, 1/15/231 | 1,612,888 | 1,623,304 | ||||||
|
||||||||
ON Semiconductor Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.371%, 3/31/231 | 1,238,398 | 1,243,901 | ||||||
|
||||||||
Polycom, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 9/27/231 | 2,214,604 | 2,232,598 | ||||||
|
||||||||
Premiere Global Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.534%, 12/8/211 | 1,139,961 | 1,132,361 | ||||||
|
||||||||
Quest Software US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 10/31/221 | 3,370,395 | 3,422,006 | ||||||
|
||||||||
Riverbed Technology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/25/221 | 6,002,749 | 6,006,501 | ||||||
|
||||||||
Science Applications International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.438%, 5/4/221 | 1,970,000 | 1,986,006 | ||||||
|
||||||||
Solera LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/3/231 | 1,162,065 | 1,169,328 | ||||||
|
||||||||
Sophia LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 9/30/221 | 1,187,025 | 1,189,569 | ||||||
|
||||||||
Sybil Software LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.356%, 9/30/231 | 365,000 | 368,346 | ||||||
|
||||||||
Synchronoss Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.75%, 1/19/241 | 4,395,000 | 4,387,309 | ||||||
|
||||||||
Tessera Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.232%, 12/1/231 | 4,453,838 | 4,508,584 | ||||||
|
||||||||
TIBCO Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 12/4/201 | 5,302,559 | 5,364,864 | ||||||
|
||||||||
TTM Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 5/31/211 | 2,481,629 | 2,525,058 | ||||||
|
||||||||
Uber Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 7/13/231 | 932,663 | 933,245 | ||||||
|
||||||||
Veritas US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.772%, 1/27/231 | 6,704,973 | 6,674,942 | ||||||
|
||||||||
Western Digital Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 4/29/231 | 7,076,614 | 7,089,883 | ||||||
|
||||||||
Zebra Technologies Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.446%, 10/27/211 | 1,255,058 | 1,267,217 | ||||||
|
|
|||||||
|
136,953,305
|
| ||||||
|
||||||||
Office Electronics0.3% | ||||||||
|
||||||||
BMC Foreign Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.147%, 9/10/201 | 482,953 | 484,462 |
20 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Office Electronics (Continued) | ||||||||
|
||||||||
BMC Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 9/10/201 | $ | 5,227,159 | $ | 5,239,291 | ||||
|
|
|||||||
|
5,723,753
|
| ||||||
|
||||||||
Software0.3% | ||||||||
|
||||||||
Securus Technologies Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 4.75%, 4/30/201 | 3,719,852 | 3,726,827 | ||||||
Tranche B2, 5.397%, 4/30/201 | 444,375 | 445,486 | ||||||
|
||||||||
Securus Technologies Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.00%, 4/30/211 | 447,322 | 446,973 | ||||||
|
|
|||||||
|
4,619,286
|
| ||||||
|
||||||||
Materials9.3% | ||||||||
|
||||||||
Chemicals2.9% | ||||||||
|
||||||||
Alpha 3 BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.147%, 1/31/241 | 1,535,000 | 1,544,594 | ||||||
|
||||||||
CeramTec Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 8/30/201 | 262,043 | 263,763 | ||||||
|
||||||||
CeramTec Service GmbH, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B1, 4.25%, 8/30/201 | 2,243,878 | 2,258,605 | ||||||
Tranche B3, 4.25%, 8/30/201 | 677,429 | 681,875 | ||||||
|
||||||||
Chemours Co. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.652%, 5/12/221 | 190,000 | 191,188 | ||||||
|
||||||||
Emerald Performance Materials LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 7/30/211 | 2,310,196 | 2,328,677 | ||||||
|
||||||||
Ferro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.536%, 2/14/241 | 1,370,000 | 1,381,131 | ||||||
|
||||||||
Huntsman International LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.982%, 4/19/191 | 156,718 | 157,567 | ||||||
|
||||||||
Huntsman International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.781%-3.842%, 4/1/231 | 4,272,530 | 4,320,596 | ||||||
|
||||||||
Ineos Styrolution US Holding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 9/30/211 | 2,374,050 | 2,389,878 | ||||||
|
||||||||
Ineos US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 3.531%, 3/31/221 | 3,420,303 | 3,441,147 | ||||||
Tranche B, 3.531%, 4/1/241 | 1,261,838 | 1,268,935 | ||||||
|
||||||||
MacDermid, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 4.152%, 6/7/231 | 1,225,000 | 1,232,656 | ||||||
|
||||||||
Minerals Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 3.24%-3.41%, 2/14/241 | 799,188 | 810,676 | ||||||
|
||||||||
OCI Beaumont LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.025%, 8/20/191 | 2,136,599 | 2,190,014 | ||||||
|
||||||||
Road Infrastructure Investment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 6/13/231 | 1,462,659 | 1,471,070 | ||||||
|
||||||||
Royal Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.397%, 6/20/221 | 3,405,705 | 3,437,634 | ||||||
|
||||||||
Solenis International LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%-4.274%, 7/31/211 | 807,657 | 811,379 | ||||||
|
||||||||
Tronox Pigments BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 3/19/201 | 6,414,321 | 6,461,812 |
21 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Chemicals (Continued) | ||||||||
|
||||||||
Univar USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 7/1/221 | $ | 7,141,025 | $ | 7,166,697 | ||||
|
||||||||
Versum Materials, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.647%, 9/29/231 | 1,955,175 | 1,980,837 | ||||||
|
|
|||||||
|
45,790,731
|
| ||||||
|
||||||||
Construction Materials1.8% | ||||||||
|
||||||||
American Builders & Contractors Supply Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.732%, 10/31/231 | 1,385,000 | 1,392,791 | ||||||
|
||||||||
Continental Building Products Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.647%, 8/18/231 | 3,568,869 | 3,595,079 | ||||||
|
||||||||
CPG International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.897%, 9/30/201 | 1,874,923 | 1,888,984 | ||||||
|
||||||||
HD Supply, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B1, 3.897%, 8/13/211 | 2,734,427 | 2,757,927 | ||||||
Tranche B2, 3.897%, 10/17/231 | 2,960,125 | 2,984,484 | ||||||
|
||||||||
Installed Building Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.152%, 3/30/241 | 705,000 | 706,762 | ||||||
|
||||||||
Quikrete Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.022%, 11/15/231 | 8,279,250 | 8,375,844 | ||||||
|
||||||||
Realogy Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.026%, 7/20/221 | 3,824,141 | 3,856,646 | ||||||
|
||||||||
VC GB Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 2/28/241 | 2,165,000 | 2,181,237 | ||||||
|
|
|||||||
|
27,739,754
|
| ||||||
|
||||||||
Containers & Packaging2.4% | ||||||||
|
||||||||
Berry Plastics Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche I, 3.482%, 10/1/221 | 6,604,580 | 6,662,886 | ||||||
Tranche J, 3.524%, 1/19/241 | 960,000 | 967,800 | ||||||
|
||||||||
BWAY Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.381%, 3/22/241 | 3,905,000 | 3,902,559 | ||||||
|
||||||||
BWAY Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 8/14/231 | 4,382,975 | 4,384,149 | ||||||
|
||||||||
Consolidated Container Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 7/3/191 | 1,666,784 | 1,667,479 | ||||||
|
||||||||
Exopack/Coveris Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.647%, 5/8/191 | 2,493,909 | 2,507,938 | ||||||
|
||||||||
KIK Custom Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.653%, 8/26/221 | 1,039,665 | 1,055,692 | ||||||
|
||||||||
Kloeckner Pentaplast of America, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.397%, 4/28/201 | 6,842,886 | 6,922,010 | ||||||
|
||||||||
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.982%, 2/5/231 | 5,497,618 | 5,526,827 | ||||||
|
||||||||
SIG Combibloc US Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 3/11/221 | 4,020,551 | 4,048,470 | ||||||
|
|
|||||||
37,645,810 |
22 OPPENHEIMER MASTER LOAN FUND, LLC
Principal Amount | Value | |||||||
|
||||||||
Metals & Mining2.0% | ||||||||
|
||||||||
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B2, 8.397%, 4/16/201 | $ | 19,750,069 | $ | 19,174,019 | ||||
Tranche B3, 8.897%, 4/17/201 | 7,675,763 | 7,461,494 | ||||||
|
||||||||
Peabody Energy Corp., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.288%, 2/7/221 | 3,655,000 | 3,655,000 | ||||||
|
|
|||||||
|
30,290,513
|
| ||||||
|
||||||||
Paper & Forest Products0.2% | ||||||||
|
||||||||
Signode Industrial Group US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%-3.897%, 5/1/211
|
|
3,602,877
|
|
|
3,632,151
|
| ||
|
||||||||
Telecommunication Services4.2% | ||||||||
|
||||||||
Diversified Telecommunication Services4.2% | ||||||||
|
||||||||
Cincinnati Bell, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.00%, 9/10/201 | 4,961,339 | 4,995,448 | ||||||
|
||||||||
Consolidated Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 4.00%, 10/5/231 | 2,024,825 | 2,039,505 | ||||||
Tranche B2, 4.00%, 10/5/231 | 3,540,000 | 3,565,665 | ||||||
|
||||||||
FairPoint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 2/14/191 | 1,619,346 | 1,633,010 | ||||||
|
||||||||
Global Tel*Link Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.00%, 5/23/201 | 5,714,398 | 5,708,146 | ||||||
|
||||||||
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 8/6/211 | 3,292,771 | 3,078,740 | ||||||
|
||||||||
IPC Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.50%, 2/4/221 | 1,968,972 | 1,703,161 | ||||||
|
||||||||
Level 3 Financing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.284%, 2/22/241 | 3,780,000 | 3,788,505 | ||||||
|
||||||||
LTS Buyer LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.397%, 4/13/201 | 8,374,396 | 8,447,630 | ||||||
|
||||||||
SBA Senior Finance II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.24%, 3/24/211 | 2,453,692 | 2,462,391 | ||||||
|
||||||||
SBA Senior Finance II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.24%, 6/10/221 | 1,965,000 | 1,969,500 | ||||||
|
||||||||
US TelePacific Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.00%, 11/25/201 | 2,923,288 | 2,947,405 | ||||||
|
||||||||
West Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B12, 3.482%, 6/17/231 | 14,763,487 | 14,817,004 | ||||||
|
||||||||
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 4.77%, 3/29/211 | 1,507,425 | 1,524,070 | ||||||
|
||||||||
Zayo Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.50%, 1/19/241 | 7,317,000 | 7,367,304 | ||||||
|
|
|||||||
|
66,047,484
|
| ||||||
|
||||||||
Utilities3.5% | ||||||||
|
||||||||
Electric Utilities3.5% | ||||||||
|
||||||||
Alinta Energy Finance Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 6.375%, 8/13/181 | 506,764 | 510,142 | ||||||
Tranche B, 6.375%, 8/13/191 | 7,623,237 | 7,674,061 |
23 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
|
||||||||
Electric Utilities (Continued) | ||||||||
|
||||||||
Calpine Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B5, 3.90%, 1/15/241 | $ | 4,505,654 | $ | 4,530,296 | ||||
Tranche B7, 3.90%, 5/31/231 | 592,018 | 595,348 | ||||||
|
||||||||
Dayton Power & Light Co. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.24%, 8/24/221 | 2,952,600 | 2,972,875 | ||||||
|
||||||||
Dynegy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 4.25%, 6/27/231 | 9,366,000 | 9,414,591 | ||||||
|
||||||||
EFS Cogen Holdings I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.65%, 6/28/231 | 1,940,642 | 1,961,018 | ||||||
|
||||||||
InterGen NV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.65%, 6/12/201 | 3,613,137 | 3,608,621 | ||||||
|
||||||||
MRP Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.147%, 10/18/221 | 1,114,400 | 1,108,828 | ||||||
|
||||||||
NRG Energy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.031%, 6/30/231 | 11,385,670 | 11,445,445 | ||||||
|
||||||||
Sandy Creek Energy Associates LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.147%, 11/9/201 | 6,644,420 | 5,035,919 | ||||||
|
||||||||
Talen Energy Supply LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 12/6/231 | 4,912,688 | 4,995,589 | ||||||
|
|
|||||||
53,852,733 | ||||||||
|
|
|||||||
Total Corporate Loans (Cost $1,406,940,355) |
|
1,413,794,282
|
| |||||
|
||||||||
Corporate Bonds and Notes1.3% | ||||||||
|
||||||||
Altice US Finance I Corp., 5.50% Sr. Sec. Nts., 5/15/265 | 6,645,000 | 6,844,350 | ||||||
|
||||||||
Cheniere Corpus Christi Holdings LLC, 7% Sr. Sec. Nts., 6/30/245 | 3,360,000 | 3,717,000 | ||||||
|
||||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 4.42% Sr. Sec. Nts., 6/15/215 | 3,300,000 | 3,453,870 | ||||||
|
||||||||
Erickson Air-Crane, Inc., 6% Sub. Nts., 11/2/204 | 644,070 | | ||||||
|
||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg, 4.523% Sr. Sec. Nts., 7/15/211,5 | 2,055,000 | 2,107,669 | ||||||
|
||||||||
Sabine Pass Liquefaction LLC, 5.875% Sr. Sec. Nts., 6/30/265 | 3,475,000 | 3,837,752 | ||||||
|
|
|||||||
Total Corporate Bonds and Notes (Cost $19,831,860) | 19,960,641 | |||||||
Shares | ||||||||
|
||||||||
Common Stocks2.2% | ||||||||
|
||||||||
Arch Coal, Inc., Cl. A6 | 353,989 | 24,404,002 | ||||||
|
||||||||
Aretec Group, Inc.6 | 63,355 | 886,970 | ||||||
|
||||||||
Everyware Global, Inc.6 | 106,918 | 801,885 | ||||||
|
||||||||
ION Media Networks, Inc.6 | 6,081 | 1,952,001 | ||||||
|
||||||||
Larchmont Resources LLC6 | 136 | 46,001 | ||||||
|
||||||||
Mach Gen LLC6 | 34,118 | 88,144 | ||||||
|
||||||||
Media General, Inc.6,7 | 781,336 | 1,328,271 | ||||||
|
||||||||
Millennium Corporate Claim Litigation Trust6 | 5,431 | 54 | ||||||
|
||||||||
Millennium Lender Claim Litigation Trust6 | 10,862 | 109 | ||||||
|
||||||||
New Millennium Holdco, Inc.6 | 111,266 | 1,113 | ||||||
|
||||||||
Nexstar Media Group, Inc., Cl. A | 52,820 | 3,705,323 | ||||||
|
||||||||
Quicksilver Resources, Inc.6 | 11,634,576 | 245,489 | ||||||
|
||||||||
Sabine Oil6 | 1,394 | 49,487 |
24 OPPENHEIMER MASTER LOAN FUND, LLC
Shares | Value | |||||||
|
||||||||
Common Stocks (Continued) | ||||||||
|
||||||||
Templar Energy, Cl. A6 | 154,052 | $ | 1,242,045 | |||||
|
|
|||||||
Total Common Stocks (Cost $34,469,795) | 34,750,894 | |||||||
Units | ||||||||
|
||||||||
Rights, Warrants and Certificates0.0% | ||||||||
|
||||||||
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/266 | 4,421 | 24,315 | ||||||
|
||||||||
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/266 | 787 | 3,542 | ||||||
|
|
|||||||
Total Rights, Warrants and Certificates (Cost $591,883) | 27,857 | |||||||
Shares | ||||||||
|
||||||||
Investment Company9.3% | ||||||||
|
||||||||
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.66%8,9 (Cost $145,284,481) |
145,284,481 | 145,284,481 | ||||||
|
||||||||
Total Investments, at Value (Cost $1,607,118,374) | 103.6% | 1,613,818,155 | ||||||
|
||||||||
Net Other Assets (Liabilities) | (3.6) | (55,965,823) | ||||||
|
|
|||||||
Net Assets | 100.0% | $ | 1,557,852,332 | |||||
|
|
Footnotes to Statement of Investments
1. Represents the current interest rate for a variable or increasing rate security.
2. Subject to a forbearance agreement. Rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.
3. Interest or dividend is paid-in-kind, when applicable.
4. 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 contractual interest rate. See Note 4 of the accompanying Notes.
5. 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 $19,960,641 or 1.28% of the Funds net assets at period end.
6. Non-income producing security.
7. Security received as the result of issuer reorganization.
8. Rate shown is the 7-day yield at period end.
9. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, 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 reporting period in which the issuer was an affiliate are as follows:
Shares September 30, 2016 |
Gross Additions |
Gross Reductions |
Shares March 31, 2017 |
|||||||||||||
|
||||||||||||||||
Oppenheimer Institutional Government Money Market Fund, Cl. E | 111,077,624 | 466,894,306 | 432,687,449 | 145,284,481 | ||||||||||||
Value | Income | |||||||||||||||
|
||||||||||||||||
Oppenheimer Institutional Government Money Market Fund, Cl. E | $ | 145,284,481 | $ | 303,592 |
See accompanying Notes to Financial Statements.
25 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF ASSETS AND LIABILITIES March 31, 2017 Unaudited
|
Assets | ||||
Investments, at valuesee accompanying statement of investments: | ||||
Unaffiliated companies (cost $1,461,833,893) | $ | 1,468,533,674 | ||
Affiliated companies (cost $145,284,481) | 145,284,481 | |||
|
|
|||
1,613,818,155 | ||||
|
||||
Cash | 12,577,980 | |||
|
||||
Receivables and other assets: | ||||
Investments sold | 13,753,530 | |||
Interest and dividends | 4,442,783 | |||
Shares of beneficial interest sold | 14,053 | |||
Other | 53,354 | |||
|
|
|||
Total assets |
|
1,644,659,855
|
| |
|
||||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased | 86,299,862 | |||
Shares of beneficial interest redeemed | 156,304 | |||
Directors compensation | 39,707 | |||
Other | 311,650 | |||
|
|
|||
Total liabilities |
|
86,807,523
|
| |
|
||||
Net Assetsapplicable to 95,295,145 shares of beneficial interest outstanding | $ | 1,557,852,332 | ||
|
|
|||
|
||||
Net asset Value, Redemption Price and Offering Price Per Share | $ | 16.35 |
See accompanying Notes to Financial Statements.
26 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 2017 Unaudited
|
Investment Income | ||||
Interest | $ | 41,386,999 | ||
|
||||
Dividends: | ||||
Unaffiliated companies | 1,655,579 | |||
Affiliated companies | 303,592 | |||
|
||||
Other income | 173,620 | |||
|
|
|||
Total investment income
|
|
43,519,790
|
| |
|
||||
Expenses | ||||
Management fees | 2,216,454 | |||
|
||||
Transfer and shareholder servicing agent fees | 36,941 | |||
|
||||
Shareholder communications | 6,585 | |||
|
||||
Legal, auditing and other professional fees | 237,014 | |||
|
||||
Custodian fees and expenses | 161,818 | |||
|
||||
Directors compensation | 22,876 | |||
|
||||
Other | 10,391 | |||
|
|
|||
Total expenses | 2,692,079 | |||
Less waivers and reimbursements of expenses | (72,205) | |||
|
|
|||
Net expenses
|
|
2,619,874
|
| |
|
||||
Net Investment Income | 40,899,916 | |||
|
||||
Realized and Unrealized Gain | ||||
Net realized gain on unaffiliated companies | 10,069,320 | |||
|
||||
Net change in unrealized appreciation/depreciation on investments | 17,012,433 | |||
|
||||
Net Increase in Net Assets Resulting from Operations | $ | 67,981,669 | ||
|
|
See accompanying Notes to Financial Statements.
27 OPPENHEIMER MASTER LOAN FUND, LLC
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended March 31, 2017 (Unaudited) |
Year Ended September 30, 2016 |
|||||||
|
||||||||
Operations | ||||||||
Net investment income | $ | 40,899,916 | $ | 68,748,835 | ||||
|
||||||||
Net realized gain (loss) | 10,069,320 | (37,142,535) | ||||||
|
||||||||
Net change in unrealized appreciation/depreciation | 17,012,433 | 45,408,974 | ||||||
|
|
|||||||
Net increase in net assets resulting from operations
|
|
67,981,669
|
|
|
77,015,274
|
| ||
|
||||||||
Beneficial Interest Transactions | ||||||||
Net increase in net assets resulting from beneficial interest transactions: | ||||||||
Proceeds from contributions | 210,466,241 | 343,212,008 | ||||||
Payments for withdrawals | (127,274,376) | (285,384,526) | ||||||
|
|
|||||||
|
83,191,865
|
|
|
57,827,482
|
| |||
|
||||||||
Net Assets | ||||||||
Total increase | 151,173,534 | 134,842,756 | ||||||
|
||||||||
Beginning of period | 1,406,678,798 | 1,271,836,042 | ||||||
|
|
|||||||
End of period | $ | 1,557,852,332 | $ | 1,406,678,798 | ||||
|
|
See accompanying Notes to Financial Statements.
28 OPPENHEIMER MASTER LOAN FUND, LLC
Six Months March 31, 2017 |
Year Ended 30, 2016 |
Year Ended 30, 2015 |
Year Ended 30, 2014 |
Year Ended 30, 2013 |
Year Ended 28, 20121 |
|||||||||||||||||||
|
||||||||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $15.61 | $14.64 | $14.51 | $13.84 | $12.88 | $11.56 | ||||||||||||||||||
|
||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.44 | 0.84 | 0.74 | 0.74 | 0.90 | 0.86 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.30 | 0.13 | (0.61) | (0.07) | 0.06 | 0.46 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total from investment operations | 0.74 | 0.97 | 0.13 | 0.67 | 0.96 | 1.32 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value, end of period | $16.35 | $15.61 | $14.64 | $14.51 | $13.84 | $12.88 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Total Return, at Net Asset Value3 | 4.74% | 6.63% | 0.90% | 4.84% | 7.45% | 11.42% | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $1,557,852 | $1,406,679 | $1,271,836 | $1,501,073 | $813,969 | $2,112,342 | ||||||||||||||||||
|
||||||||||||||||||||||||
Average net assets (in thousands) | $1,482,731 | $1,205,754 | $1,321,015 | $1,398,916 | $1,492,179 | $2,045,550 | ||||||||||||||||||
|
||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 5.53% | 5.70% | 5.06% | 5.15% | 6.78% | 6.98% | ||||||||||||||||||
Total expenses5 | 0.36% | 0.36% | 0.35% | 0.34% | 0.36% | 0.33% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.35% | 0.36%6 | 0.35%6 | 0.33% | 0.36%6 | 0.33%6 | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate | 47% | 74% | 57% | 73% | 105% | 60% |
1. 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, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4. Annualized for periods less than one full year.
5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:
Six Months Ended March 31, 2017 | 0.37% | |||
Year Ended September 30, 2016 | 0.36% | |||
Year Ended September 30, 2015 | 0.35% | |||
Year Ended September 30, 2014 | 0.35% | |||
Year Ended September 30, 2013 | 0.36% | |||
Year Ended September 28, 2012
|
0.33% |
6. Waiver was less than 0.005%.
See accompanying Notes to Financial Statements.
29 OPPENHEIMER MASTER LOAN FUND, LLC
NOTES TO FINANCIAL STATEMENTS March 31, 2017 Unaudited
1. Organization
Oppenheimer Master Loan Fund, LLC (the Fund) is organized as a Delaware limited liability company and registered under the Investment Company Act of 1940 (1940 Act), 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.
Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(a)(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 followed in the Funds preparation of financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
2. Significant Accounting Policies
Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.
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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Funds understanding of the applicable tax rules and regulations. 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.
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%. This rate increased to 2.00% effective January 1, 2017. The Reduction to custodian expenses line item, if applicable, represents earnings on
30 OPPENHEIMER MASTER LOAN FUND, LLC
2. Significant Accounting Policies (Continued)
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.
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 Code (RIC) to fail that qualification.
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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.
Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (SEC) adopted amendments to rules under the Investment Company Act of 1940 (final rules) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. OFI Global is currently
31 OPPENHEIMER MASTER LOAN FUND, LLC
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
2. Significant Accounting Policies (Continued)
evaluating the amendments and their impact, if any, on the Funds financial statements.
|
3. Securities Valuation
The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the Exchange) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.
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.
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Funds assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded. If the official closing price or last sales 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) 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 are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
32 OPPENHEIMER MASTER LOAN FUND, LLC
3. Securities Valuation (Continued)
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. |
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.
33 OPPENHEIMER MASTER LOAN FUND, LLC
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
3. Securities Valuation (Continued)
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.)
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 Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.
The table below categorizes amounts that are included in the Funds Statement of Assets and Liabilities at period end 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 | $ | | $ | 1,404,221,721 | $ | 9,572,561 | $ | 1,413,794,282 | ||||||||
Corporate Bonds and Notes | | 19,960,641 | | 19,960,641 | ||||||||||||
Common Stocks | 28,109,325 | 3,640,918 | 3,000,651 | 34,750,894 | ||||||||||||
Rights, Warrants and Certificates | | 27,857 | | 27,857 | ||||||||||||
Investment Company | 145,284,481 | | | 145,284,481 | ||||||||||||
|
|
|||||||||||||||
Total Assets | $ | 173,393,806 | $ | 1,427,851,137 | $ | 12,573,212 | $ | 1,613,818,155 | ||||||||
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Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contracts value from trade 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 1, Level 2 and Level 3. The Funds policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
34 OPPENHEIMER MASTER LOAN FUND, LLC
3. Securities Valuation (Continued)
Transfers out of Level 1* |
Transfers into Level 2* |
Transfers out of Level 2** |
Transfers into Level 3** |
|||||||||||||
|
||||||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Corporate Loans | $ | | $ | | $ | (8,603,123) | $ | 8,603,123 | ||||||||
Common Stocks | (67,609) | 67,609 | (761,791) | 761,791 | ||||||||||||
Rights, Warrants and Certificates | (38,273) | 38,273 | | | ||||||||||||
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|
|||||||||||||||
Total Assets | $ | (105,882) | $ | 105,882 | $ | (9,364,914) | $ | 9,364,914 | ||||||||
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* Transfers from Level 1 to Level 2 are a result of a change from the use of an exchange traded price to a valuation received from a third-party pricing service or a fair valuation determined based on observable market information other than quoted prices from an active market.
** Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.
4. Investments and Risks
Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (Affiliated Funds). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Funds investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds expenses, including their 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 the Affiliated Funds.
Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Funds investments and therefore the value of the Funds shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.
Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (IGMMF), formerly known as Oppenheimer Institutional Money Market Fund, which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.
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
35 OPPENHEIMER MASTER LOAN FUND, LLC
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
4. Investments and Risks (Continued)
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.
At period end, securities with an aggregate market value of $1,413,794,282, representing 90.8% 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-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.
Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Funds portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.
The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular companys securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the companys sector or industry, or changes in government regulations affecting the company or its industry.
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
36 OPPENHEIMER MASTER LOAN FUND, LLC
4. Investments and Risks (Continued)
interest payment.
Information concerning securities not accruing income at period end is as follows:
Cost | $ | 15,141,996 | ||
Market Value | $ | 15,365,616 | ||
Market Value as % of Net Assets | 0.99% |
The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. At period end, securities with an aggregate market value of $5,741,248, representing 0.37% of the Funds net assets, were subject to these forbearance agreements.
Shareholder Concentration. At period end, one shareholder owned 20% or more of the Funds total outstanding shares.
The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 100% of the Funds total outstanding shares at period end.
5. Market Risk Factors
The Funds investments in securities and/or financial derivatives may expose the Fund to various market risk factors:
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.
Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their
37 OPPENHEIMER MASTER LOAN FUND, LLC
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
5. Market Risk Factors (Continued)
value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instruments price over a defined time period. Large increases or decreases in a financial instruments price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
6. 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, 2017 | Year Ended September 30, 2016 | |||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||
|
||||||||||||||||||||
Contributions | 13,053,394 | $ | 210,466,241 | 22,994,136 | $ | 343,212,008 | ||||||||||||||
Withdrawals | (7,877,331 | ) | (127,274,376 | ) | (19,737,435 | ) | (285,384,526) | |||||||||||||
|
|
|||||||||||||||||||
Net increase | 5,176,063 | $ | 83,191,865 | 3,256,701 | $ | 57,827,482 | ||||||||||||||
|
|
7. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:
Purchases | Sales | |||||||||||
|
||||||||||||
Investment securities | $ | 725,149,250 | $ | 668,422,076 |
8. 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. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.
Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a
38 OPPENHEIMER MASTER LOAN FUND, LLC
8. Fees and Other Transactions with Affiliates (Continued)
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.
Directors Compensation. The Funds Board of Directors (Board) 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 Directors 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 Directors. The Fund purchases shares of the funds selected for deferral by the Directors 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.
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 IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $72,205 for IGMMF management fees. This fee waiver and/ or expense reimbursement may not be amended or withdrawn for one year from the date of the Funds prospectus, unless approved by the Board.
9. Borrowings and Other Financing
Loan Commitments. Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $2,223,395 at period end. 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 period end, these commitments have a market value of $2,229,741 and have been included as Corporate Loans in the Statement of Investments.
39 OPPENHEIMER MASTER LOAN FUND, LLC
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Guidelines 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 Guidelines 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 www.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.
40 OPPENHEIMER MASTER LOAN FUND, LLC
OPPENHEIMER MASTER LOAN FUND, LLC
Directors and Officers | Robert J. Malone, Chairman of the Board of Directors and Director | |
Jon S. Fossel, Director | ||
Richard F. Grabish, Director | ||
Beverly L. Hamilton, Director | ||
Victoria J. Herget, Director | ||
F. William Marshall, Jr., Director | ||
Karen L. Stuckey, Director | ||
James D. Vaughn, Director | ||
Arthur P. Steinmetz, Director, President and Principal Executive Officer | ||
David Lukkes, Vice President | ||
Joseph Welsh, Vice President | ||
Cynthia Lo Bessette, Secretary and Chief Legal Officer | ||
Jennifer Foxson, Vice President and Chief Business Officer | ||
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money | ||
Laundering Officer | ||
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer | ||
Manager | OFI Global Asset Management, Inc. | |
Sub-Adviser | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OFI Global Asset Management, Inc. | |
Sub-Transfer Agent |
Shareholder Services, Inc. | |
DBA OppenheimerFunds Services | ||
Independent Registered Public Accounting Firm |
KPMG LLP | |
Legal Counsel | Ropes & Gray LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
© 2017 OppenheimerFunds, Inc. All rights reserved.
41 OPPENHEIMER MASTER LOAN FUND, LLC
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43 OPPENHEIMER MASTER LOAN FUND, LLC
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Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available MonFri 8am-8pm ET.
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Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved.
RS1241.001.0317 May 25, 2017 |
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 3/31/2017, 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/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: |
5/15/2017 |
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/ Arthur P. Steinmetz | |
Arthur P. Steinmetz | ||
Principal Executive Officer | ||
Date: |
5/15/2017 | |
By: | /s/ Brian S. Petersen | |
Brian S. Petersen | ||
Principal Financial Officer | ||
Date: |
5/15/2017 |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Arthur P. Steinmetz, 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: 5/15/2017
/s/ Arthur P. Steinmetz |
Arthur P. Steinmetz |
Principal Executive Officer |
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian S. Petersen, 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: 5/15/2017
/s/ Brian S. Petersen |
Brian S. Petersen |
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
Arthur P. Steinmetz, Principal Executive Officer, and Brian S. Petersen, 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 3/31/2017 (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/ Arthur P. Steinmetz |
/s/ Brian S. Petersen |
|||||||
Arthur P. Steinmetz | Brian S. Petersen | |||||||
Date: 5/15/2017 | Date: 5/15/2017 |
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