diff --git a/src/NHibernate/Engine/Loading/LoadContexts.cs b/src/NHibernate/Engine/Loading/LoadContexts.cs
index dd13812980a..fde1f7c7c7c 100644
--- a/src/NHibernate/Engine/Loading/LoadContexts.cs
+++ b/src/NHibernate/Engine/Loading/LoadContexts.cs
@@ -239,7 +239,7 @@ internal LoadingCollectionEntry LocateLoadingCollectionEntry(CollectionKey key)
 			xrefLoadingCollectionEntries.TryGetValue(key, out rtn);
 			if (log.IsDebugEnabled())
 			{
-				log.Debug("collection [{0}] {1} in load context", key, (rtn == null ? "located" : "not located"));
+				log.Debug("collection [{0}] {1} in load context", key, (rtn == null ? "not located" : "located"));
 			}
 			return rtn;
 		}