Government & Corporate Bond Funds

Nations Master Investment Trust
Nations High Yield Bond Master Portfolio
Statement of net assets (continued) September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Natural gas pipelines — 1.1% Paper and forest products — 2.4%
$ 230 El Paso Corporation, $ 3,035 Doman Industries Ltd., Class A,
6.950% 12/15/07 ******************** $ 152 12.000% 07/01/04 ******************* $ 2,762
1,600 EL Paso Corporation, 935 Georgia-Pacific Corporation,
7.800% 08/01/31 ******************** 1,007 9.875% 11/01/21 ******************** 759
850 Northern Natural Gas, 2,780 Georgia-Pacific Corporation,
6.750% 09/15/08° ******************* 876 9.625% 03/15/22 ******************** 2,224
940 Northwest Pipeline Corporation, 1,390 Georgia-Pacific Corporation,
6.625% 12/01/07 ******************** 827 9.500% 05/15/22 ******************** 1,077
450 Texas Gas Transmission Corporation, 1,170 Pope And Talbot, Inc.,
8.625% 04/01/04 ******************** 446 8.375% 06/01/13° ******************* 1,018
615 Transcontinental Gas Pipeline, 1,395 Pope and Talbot, Inc.,
8.875% 07/15/12°(a) ***************** 584 8.375% 06/01/13 ******************** 1,243
500 Transcontinental Gas Pipeline,
7.250% 12/01/26 ******************** 385
4,277 3,405
Pharmaceuticals — 0.9%
Caremark Rx, Inc.,
9,083
Networking and telecommunications 7.375% 10/01/06 ******************** 3,388
equipment — 1.7% 190 McKesson Finance of Canada,
1,860 Avaya Inc., 6.550% 11/01/02° ******************* 190
1,985
1,095
805
4,955
1,230
3,705
365
2,600
11.125% 04/01/09(a)*****************
IPC Acquisition Corporation,
11.500% 12/15/09 *******************
Lucent Technologies Inc.,
7.250% 07/15/06(a)******************
Lucent Technologies Inc.,
6.500% 01/15/28 ********************
Lucent Technologies Inc.,
6.450% 03/15/29 ********************
Marconi Corporation plc,
7.750% 09/15/10(a)(b) ***************
Marconi Corporation plc,
8.375% 09/15/30(a)(b) ***************
Nortel Networks Corporation,
6.000% 09/01/03 ********************
Nortel Networks Ltd.,
1,172
1,687
427
237
1,462
135
408
237
2,720
1,785
910
1,250
1,335
510
1,640
Publishing and advertising — 2.9%
American Color Graphics,
12.750% 08/01/05 *******************
Garden State Newspapers, Inc., Series B,
8.750% 10/01/09 ********************
Houghton Mifflin Company,
7.200% 03/15/11 ********************
Key3Media Group, Inc.,
11.250% 06/15/11(a)*****************
Phoenix Color Corporation,
10.375% 02/01/09 *******************
Quebecor Media Inc.,
11.125% 07/15/11 *******************
Quebecor Media Inc.,
3,578
2,669
1,763
774
138
1,068
408
6.125% 02/15/06(a)****************** 897
(0.000)% due 07/15/11
6,662 3,670
13.750% beginning 07/01/06 **********
TDL Infomedia Holdings Ltd.,
738
Oilfield services — 2.0% (0.000)% due 10/15/10
1,640 Grant Prideco, Inc., Series B, 15.500% beginning 10/15/04 ********** 2,935
9.625% 12/01/07 ******************** 1,706 115 TS/F Communications Corporation,
2,255 Halliburton Company, Series B,
8.750% 02/15/21 ******************** 2,007 10.375% 11/01/07 ******************* 119
2,575 Halliburton Company, MTN, 1,041 Ziff Davis Media Inc.,
6.000% 08/01/06 ******************** 2,317 12.000% 08/12/09° ****************** 416
1,620 Parker Drilling Company, Series D,
9.750% 11/15/06 ******************** 1,523
7,553 326
Railroads, trucking and shipping — 0.2%
Ermis Maritime Holdings Ltd.,
11,028
Packaging and containers — 1.3% 12.500% 12/31/04(d)(f)(g) ************ 277
1,790 Owens Corning Bank Debt, 4 Pegasus Promissory Note,
0.000% 06/26/03(b)(g)(h) ************* 1,047 0.000% 01/01/99(b)(f)(g) ************* 0++
1,485 Owens-Brockway Glass Containers, 230 Sea Containers Ltd., Series B,
8.875% 02/15/09(a)****************** 1,492 10.750% 10/15/06 ******************* 200
745 Owens-Illinois, Inc., 230 Sea Containers Ltd., Series B,
7.150% 05/15/05 ******************** 682 7.875% 02/15/08 ******************** 166
2,060 Owens-Illinois, Inc.,
7.800% 05/15/18 ******************** 1,607
4,828
643
86
See notes to financial statements.