Nations Master Investment Trust Nations Intermediate <strong>Bond</strong> Master Portfolio and Nations High Yield <strong>Bond</strong> Master Portfolio Semi-annual Report September 30, 2002 (unaudited) The following pages should be read in conjunction with Nations Intermediate <strong>Bond</strong> and Nations High Yield <strong>Bond</strong> <strong>Funds</strong>’ Semi-annual Report. 74
Nations Master Investment Trust Nations Intermediate <strong>Bond</strong> Master Portfolio Statement of net assets September 30, 2002 (unaudited) Principal Principal amount Value amount Value (000) (000) (000) (000) Asset-backed securities — 2.3% Automotive — (continued) Asset-backed — Auto loans — 1.0% $ 3,258 Ford Motor Credit Company, $ 4,000 Americredit Automobile Receivables Trust, 5.800% 01/12/09## ***************** $ 2,913 Series 2001-B, Class A4, 10,674 Ford Motor Credit Company, 5.370% 06/12/08## ***************** $ 4,228 7.375% 10/28/09## ***************** 10,227 734 Capital Auto Receivables Asset Trust, 1,708 Ford Motor Credit Company, Series 2002-2, Class CTFS, 7.375% 02/01/11 ******************* 1,610 4.180% 10/15/07## ***************** 754 1,243 General Motors Acceptance Corporation, 1,015 Ford Credit Auto Owner Trust, 6.125% 09/15/06 ******************* 1,245 Series 2002-B, Class B, 1,778 General Motors Acceptance Corporation, 5.180% 10/16/06 ******************* 1,078 6.150% 04/05/07## ***************** 1,799 2,800 MMCA Automobile Trust, 9,059 General Motors Acceptance Corporation, Series 2001-1, Class A4, 6.875% 09/15/11## ***************** 8,863 5.340% 12/15/05## ***************** 2,936 559 Toyota Motor Credit Corporation, 8,996 5.625% 11/13/03 ******************* 580 Asset-backed — Credit card 28,638 receivables — 0.2% Broadcasting and cable — 1.0% 1,715 First Chicago Master Trust II, 1,937 AOL Time Warner Inc., Series 1995-0, Class A, 6.150% 05/01/07## ***************** 1,789 2.050%** 02/15/04## *************** 1,715 1,030 Comcast Cable Communications, 7.125% 06/15/13 ******************* 958 6,900 293 Asset-backed — Home equity loans — 0.8% Fannie Mae Whole Loan, Series 2001-W1, Class AF3, 5.690% 06/25/29## ***************** First Plus Home Loan Trust, Series 1998-2, Class M1, 7,060 1,020 3,237 2,171 News America Inc., 6.625% 01/09/08 ******************* Time Warner Inc., 8.110% 08/15/06## ***************** Viacom Inc., Class B, 6.625% 05/15/11 ******************* 1,064 3,149 2,409 9,369 7.220% 05/10/24 ******************* 318 Chemicals — Basic — 0.3% Asset-backed — Other — 0.3% 7,378 2,225 The Dow Chemical Company, 6.125% 02/01/11## ***************** 2,354 2,400 CIT Equipment Collateral, Series 2002-VT1, Class A4, Chemicals — Specialty — 0.2% 4.670% 12/21/09## ***************** 2,487 705 Praxair, Inc., Total asset-backed securities (Cost $19,861) ********************* 20,576 755 4.750% 07/15/07 ******************* Praxair, Inc., 6.500% 03/01/08 ******************* 748 851 2,442 303 <strong>Corporate</strong> bonds and notes — 28.9% Aerospace and defense — 0.3% Boeing Capital Corporation, 5.650% 05/15/06## ***************** Northrop Grumman Corporation, 7.125% 02/15/11 ******************* 2,572 347 2,919 5,171 279 5,532 Commercial banking — 5.3% Bank One Corporation, 6.000% 08/01/08## ***************** BB&T Corporation, 7.050% 05/23/03 ******************* Citigroup Inc., 7.250% 10/01/10## ***************** 1,599 5,743 288 6,307 Airlines — 0.5% 2,810 Citigroup Inc., 1,694 American Airlines, 6.000% 02/21/12(a) ***************** 3,040 Series 2001-2, Class A-2, 2,179 FleetBoston Financial Corporation, 7.858% 10/01/11## ***************** 1,788 7.250% 09/15/05## ***************** 2,407 2,580 U.S. Airways, Inc., 1,292 Golden West Financial Corporation, Series 2002-G, 4.750% 10/01/12 ******************* 1,299 8.020% 02/05/19## ***************** 2,693 3,186 J.P. Morgan Chase & Company, 4,481 7.250% 06/01/07## ***************** 3,595 1,347 Automotive — 3.2% Delphi Automotive Systems Corporation, 6.125% 05/01/04 ******************* 1,401 566 1,028 J.P. Morgan Chase & Company, 5.250% 05/30/07 ******************* Mellon Funding Corporation, 4.875% 06/15/07 ******************* 594 1,097 See notes to financial statements. 75
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