Government & Corporate Bond Funds

Nations Master Investment Trust
Nations Intermediate Bond Master Portfolio
Statement of net assets (continued) September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Finance — Miscellaneous — (continued) Integrated oil — 0.8%
$ 3,595 General Electric Capital Corporation, $ 1,244 Amerada Hess Corporation,
Series A, 6.650% 08/15/11## ***************** $ 1,398
4.625% 09/15/09 ******************* $ 3,621 2,242 Conoco Funding Company,
3,269 Household Finance Corporation, 6.350% 10/15/11 ******************* 2,519
5.875% 02/01/09## ***************** 3,070 2,904 PEMEX Master Trust,
16,938
7.875% 02/01/09° ****************** 2,919
Food and drug stores — 0.2%
6,836
1,819 Fred Meyer, Inc., Investment services — 2.6%
7.450% 03/01/08## ***************** 2,091 2,155 Bear Stearns Companies, Inc.,
7.800% 08/15/07## ***************** 2,511
3,519
1,101
3,647
2,601
685
1,228
3,056
Food products — 2.0%
Kellogg Company,
Series B,
6.000% 04/01/06## *****************
Kraft Foods Inc.,
5.250% 06/01/07 *******************
Nabisco Inc.,
6.125%** 02/01/33## ***************
Sara Lee Corporation,
6.250% 09/15/11 *******************
Tyson Foods Inc.,
Class A,
7.250% 10/01/06 *******************
Unilever Capital Corporation,
6.875% 11/01/05 *******************
Unilever Capital Corporation,
7.125% 11/01/10 *******************
3,832
1,192
3,691
2,934
760
1,377
3,638
1,121
1,948
2,502
654
2,490
1,582
1,557
5,040
2,307
Credit Suisse First Boston USA, Inc.,
5.875% 08/01/06(a) *****************
Credit Suisse First Boston USA, Inc.,
6.125% 11/15/11 *******************
Goldman Sachs Group Inc.,
6.875% 01/15/11 *******************
Goldman Sachs Group, Inc.,
5.700% 09/01/12 *******************
Lehman Brothers Holdings Inc.,
7.000% 02/01/08 *******************
Merrill Lynch & Company, Inc.,
6.000% 02/17/09## *****************
Morgan Stanley Dean Witter & Company,
6.100% 04/15/06 *******************
Morgan Stanley Dean Witter & Company,
6.750% 04/15/11## *****************
Salomon Smith Barney Holdings Inc.,
6.500% 02/15/08 *******************
1,194
2,029
2,778
676
2,774
1,680
1,676
5,524
2,569
17,424
23,411
2,931
Health services — 0.8%
Cardinal Health, Inc.,
1,393
Metals and mining — 0.2%
Alcoa Inc.,
6.750% 02/15/11## ***************** 3,352
7.375% 08/01/10## ***************** 1,658
986 Cintas Corporation,
5.125% 06/01/07° ****************** 1,062
1,698 Wellpoint Health Networks Inc., Natural gas pipelines — 0.3%
6.375% 06/15/06 ******************* 1,853 1,224 El Paso Corporation,
519 Wellpoint Health Networks Inc., 7.000% 05/15/11(a) ***************** 808
6.375% 01/15/12 ******************* 572 1,759 Kinder Morgan, Inc.,
6,839
6.650% 03/01/05## ***************** 1,866
Household products — 0.1%
2,674
1,220 Proctor & Gamble Company, Oil refining and marketing — 0.2%
4.750% 06/15/07 ******************* 1,310 1,970 USX Corporation,
6.650% 02/01/06 ******************* 2,150
998
Insurance — 0.7%
Allstate Financial Global Funding, Paper and forest products — 0.1%
7.125% 09/26/05° ****************** 1,117 1,057 International Paper Company,
645 American International Group, Inc., 8.000% 07/08/03 ******************* 1,098
5.850% 08/01/08° ****************** 712
1,470
2,799
Principal Life Global,
6.250% 02/15/12° ******************
Prudential Funding LLC,
1,582
1,884
Pharmaceuticals — 0.7%
Eli Lilly and Company,
6.600% 05/15/08° ****************** 3,073
6.000% 03/15/12 ******************* 2,106
6,484
3,617 Wyeth,
6.250% 03/15/06## ***************** 3,870
5,976
See notes to financial statements.
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