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)
Real estate — 1.6% Steel — 0.7%
$ 900 BF Saul, Series B, $ 1,578 Algoma Steel Inc.,
9.750% 04/01/08 ******************** $ 891 11.000% 12/31/09(b) **************** $ 1,120
2,730 CB Richard Ellis Services Inc., 1,440 United States Steel LLC,
11.250% 06/15/11 ******************* 2,416 10.750% 08/01/08 ******************* 1,419
650
154
655
1,180
245
610
1,045
DR Structured Finance Corporation,
Series 94K2,
9.350% 08/15/19 ********************
DR Structured Finance Corporation,
Series A-1,
7.600% 08/15/07 ********************
DR Structured Finance Corporation,
Series A-2,
8.375% 08/15/15 ********************
DR Structured Finance Corporation,
Series A-2,
7.430% 08/15/18 ********************
DR Structured Finance Corporation,
Series A-3,
8.550% 08/15/19 ********************
LNR Property Corporation,
10.500% 01/15/09 *******************
LNR Property Corporation, Series B,
273
72
288
543
110
622
250
1,645
1,430
3,180
3,520
505
2,294
Telecommunications services — 7.8%
360networks Inc.,
13.000% 05/01/08(b) ****************
AirGate PCS, Inc.,
(0.000)% due 10/01//09
13.500% beginning 10/01/04(a) ********
Alamosa Delaware Inc.,
12.500% 02/01/11(a)*****************
Alamosa Holdings, Inc.,
(0.000)% due 02/15/10
12.875% beginning 02/15/05 **********
AT&T Wireless Services Inc.,
8.125% 05/01/12 ********************
AT&T Wireless Services Inc.,
8.750% 03/01/31 ********************
Call-Net Enterprises Inc.,
2,539
0++
115
257
223
2,710
364
9.375% 03/15/08 ******************** 1,035
10.625% 12/31/08(a)***************** 585
6,250
1,145 COLO.COM,
13.875% 03/15/10°(b) (f) ************* 46
Real Estate Investment Trusts 1,735 Dobson Communications Corporation,
(REITs) — 2.6% Class A,
190 Capstar Hotel Company, 10.875% 07/01/10(a)***************** 1,188
8.750% 08/15/07 ******************** 152 3,880 Globix Corporation,
230 Crescent Real Estate Equities LP, 12.500% 02/01/10(b)(c) ************** 698
7.500% 09/15/07 ******************** 216 583 GT Telecom Racers Notes Trust, Series A,
4,470 Crescent Real Estate Equities LP, 6.563%** 06/30/08(b)(g) ************* 87
9.250% 04/15/09°(a) ***************** 4,447 417 GT Telecom Racers Notes Trust, Series B,
930 Healthcare Realty Trust, Inc., 6.563%** 02/03/03(b)(g) ************* 63
8.125% 05/01/11 ******************** 1,028 180 IMPSAT Fiber Networks, Inc.,
1,685 MeriStar Hospitality Corporation, 13.750% 02/15/05(b) **************** 4
9.000% 01/15/08 ******************** 1,525 934 Loral Cyberstar Inc.,
1,535 OMEGA Healthcare Investors, Inc., 10.000% 07/15/06 ******************* 364
6.950% 08/01/07 ******************** 1,327 6,080 Millicom International Cellular SA,
1,310 Senior Housing Properties Trust, 13.500% 06/01/06 ******************* 1,642
8.625% 01/15/12 ******************** 1,294 5,140 NEON Communications Inc.,
1,885
Semiconductors — 0.3%
ON Semiconductor Corporation,
9,989
2,995
12.750% 08/15/08(a)(b) **************
Nextel International Inc.,
13.000% 01/01/05 *******************
360
178
12.000% 05/15/08°(a) **************** 1,169
1,075 Nextel International Inc.,
12.750% 08/01/10(b) **************** 11
1,920 Nextel International Inc.,
Software — 0.7%
(0.000)% due 04/15/08
2,835 Computer Associates International, Inc.,
Series B,
6.250% 04/15/03 ******************** 2,792
165
350
12.125% beginning 04/15/03(b) ********
Pagemart Nationwide,
15.000% 02/01/05(b)(c)(g) ************
PSINet, Inc.,
19
1
2,630
4,700
Specialty stores — 1.8%
The Gap, Inc.,
5.625% 05/01/03 ********************
The Gap, Inc.,
6.900% 09/15/07(a)******************
2,617
4,136
1,210
3,535
2,155
11.500% 11/01/08(b)(c) **************
PSINet, Inc.,
11.000% 08/01/09(b)(c) **************
Qwest Capital Funding, Inc.,
5.875% 08/03/04(a)******************
Qwest Capital Funding, Inc.,
35
123
2,386
6,753
7.750% 08/15/06(a)****************** 1,153
See notes to financial statements.
87