Government & Corporate Bond Funds

Nations Master Investment Trust
Nations Intermediate Bond 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
Corporate 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