During a call to load, *load-pathname* is bound to the pathname denoted by the the first argument to load, merged against the defaults; that is, it is bound to
(pathname (merge-pathnames filespec)). During the same time interval, *load-truename* is bound to the truename of the file being loaded.
If a break loop is entered while load is ongoing, it is implementation-dependent whether these variables retain the values they had just prior to entering the break loop or whether they are bound to nil.
The file system.