Government & Corporate Bond Funds

Nations Master Investment Trust
Statements of changes in net assets
Intermediate Bond High Yield Bond
Master Portfolio Master Portfolio
Six months Six months
ended ended
9/30/02 Year ended 9/30/02 Year ended
(unaudited) 3/31/02 (unaudited) 3/31/02
(In thousands)
Net investment income******************************** $ 9,909 $ 9,425 $ 18,471 $ 19,084
Net realized gain/(loss) on investments******************* 8,548 (73) (1,763) 1,272
Net change in unrealized appreciation/(depreciation) of
investments *************************************** 26,433 (5,575) (55,548) (7,021)
Net increase/(decrease) in net assets resulting from
operations **************************************** 44,890 3,777 (38,840) 13,335
Contributions *************************************** 607,765 314,639 365,170 356,998
Withdrawals **************************************** (115,672) (100,895) (267,735) (139,663)
Net increase/(decrease) in net assets ********************* 536,983 217,521 58,595 230,670
Net assets:
Beginning of period ********************************** 355,834 138,313 326,208 95,538
End of period *************************************** $ 892,817 $ 355,834 $ 384,803 $ 326,208
Financial highlights
Without waivers
and/or expense
reimbursements
Ratio of Ratio of net Ratio of
operating investment operating
expenses income/(loss) Portfolio expenses to
Total to average to average turnover average
return° net assets net assets rate net assets
Intermediate Bond Master Portfolio:
Six months ended 9/30/2002 (unaudited)*************** 7.98% 0.46%+(c)(d) 3.85%+ 68% 0.46%+(c)(d)
Year ended 3/31/2002 ****************************** 4.33 0.49(c)(d) 5.24 228 0.49(c)(d)
Year ended 3/31/2001 ****************************** — 0.45(c) 6.61 118 0.46(c)
Period ended 3/31/2000***************************** — 0.54+ 6.10+ 90 0.55+
Period ended 5/14/1999(a) ************************** — 0.38+ 5.61+ 19 0.42+
Year ended 2/28/1999(a) **************************** — 0.35 5.69 137 0.45
Year ended 2/28/1998(a) **************************** — 0.35 5.99 127 0.55
High Yield Bond Master Portfolio:
Six months ended 9/30/2002 (unaudited)*************** (9.08)% 0.62%+(c) 9.73%+ 31% 0.62%+(c)
Year ended 3/31/2002 ****************************** 6.33 0.65(c)(d) 9.93 64 0.65(c)(d)
Year ended 3/31/2001 ****************************** — 0.71 11.14 63 0.72
Period ended 3/31/2000(b) ************************** — 2.82+ 5.16+ 26 2.86+
+ Annualized.
(a) Represents financial information for the Pacific Horizon Intermediate Bond Portfolio, which was reorganized into Intermediate Bond Master Portfolio
on May 21, 1999.
(b) High Yield Bond Master Portfolio commenced operations on February 14, 2000.
(c) The effect of the custodial expense offset (Note 2) on the operating expense ratio, with and without waivers and/or expense reimbursements, was
less than 0.01%.
(d) The effect of interest expense on the operating expense ratio was less than 0.01%.
° Total return for the Portfolio has been calculated based on the total return for the Feeder Fund adjusted for the applicable Feeder Fund expenses as
set out in the notes to financial statements.
See notes to financial statements.
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