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)
Telecommunications Foreign bonds and notes — (continued)
services — (continued) $ 395 Petroleum Geo-Services ASA,
$ 1,980 Qwest Capital Funding, Inc., 7.500% 03/31/07(a)****************** $ 190
7.900% 08/15/10 ******************** $ 891 60 Petroleum Geo-Services ASA,
510 Qwest Capital Funding, Inc., 6.625% 03/30/08(a)****************** 28
6.500% 11/15/18 ******************** 189 3,035 Petroleum Geo-Services ASA,
570 Qwest Capital Funding, Inc., 7.125% 03/30/28 ******************** 1,244
7.625% 08/03/21 ******************** 222 45 Petroleum Geo-Services ASA,
340 Qwest Capital Funding, Inc., 8.150% 07/15/29 ******************** 18
6.875% 07/15/28 ******************** 129 1,735 Rogers Cantel Inc.,
1,825 Qwest Corporation, 9.750% 06/01/16 ******************** 1,154
7.625% 06/09/03 ******************** 1,752 1,045 Rogers Wireless Communications Inc.,
3,380 Qwest Corporation, 9.625% 05/01/11 ******************** 752
7.200% 11/01/04 ******************** 3,076 5,390 United Pan-Europe Communications N.V.,
165 Qwest Corporation, Series B,
5.625% 11/15/08 ******************** 125 11.250% 02/01/10(b) **************** 256
1,950 Qwest Corporation, 1,080 Xerox Capital (Europe) plc,
8.875% 03/15/12° ******************* 1,697 5.875% 05/15/04 ******************** 848
160
1,680
Rogers Communications, Inc.,
8.875% 07/15/07(a)******************
Sprint Capital Corporation,
130
Total foreign bonds and notes
(Cost $18,619)********************** 12,306
5.700% 11/15/03 ******************** 1,530
3,170 Sprint Capital Corporation,
Foreign convertible bonds and
5.875% 05/01/04(a)****************** 2,740
notes — 0.4%
575 Sprint Capital Corporation,
580(e) Colt Telecom Group plc,
6.900% 05/01/19 ******************** 336
2.000% 03/29/06° ******************* 267
2,195 Sprint Capital Corporation,
740(e) Colt Telecom Group plc,
8.750% 03/15/32 ******************** 1,470
2.000% 12/16/06° ******************* 329
736 Telesystem International Wireless Inc.,
2,410(e) Colt Telecom Group plc,
14.000% 12/30/03(a)***************** 552
2.000% 04/03/07° ******************* 1,048
940 TELUS Corporation,
133(e) KPNQwest NV,
8.000% 06/01/11 ******************** 719
10.000% 03/15/12(b)(c) ************** 0++
2,145
2,705
TSI Telecommunication Services Inc.,
Series B,
12.750% 02/01/09 *******************
US Unwired Inc., Series B,
1,823
Total foreign convertible bonds and
notes
(Cost $2,239)*********************** 1,644
(0.000)% due 11/01/09
13.375% beginning 11/01/04 ********** 135
Shares
30,128 Preferred stocks — 1.1%
Tobacco — 0.2%
Broadcasting and cable — 0.4%
855 North Atlantic Trading Company,
47,735 MediaOne Financing Trust************** 1,122
11.000% 06/15/04 ******************* 838 7,400 Paxon Communications Corporation‡(d)*** 398
Total corporate bonds and notes
1,520
(Cost $341,412)********************* 292,522 Publishing and advertising — 0.0%+
Foreign bonds and notes — 3.2%
328 Ziff Davis Holdings Inc., Series E° ******* 0++
5,660
1,315
Calpine Canada Energy Finance,
8.500% 05/01/08(a)******************
Grupo Transportacion Ferroviaria
Mexicana, SA de CV,
2,321
6,170
Railroads, trucking and
shipping — 0.0%+
Ermis Maritime Holding Ltd.‡(f)(g) ****** 0++
2,770
11.750% 06/15/09 *******************
Grupo Transportacion Ferroviaria
Mexicana, SA de CV,
12.500% 06/15/12° ******************
1,262
2,687 23,400
Real Estate Investment Trusts
(REITs) — 0.6%
Sovereign REIT° ********************** 2,527
900 Norske Skog Canada Ltd.,
8.625% 06/15/11 ******************** 855
1,080 Petroleum Geo-Services ASA,
6.250% 11/19/03 ******************** 691
88
See notes to financial statements.