Government & Corporate Bond Funds

Nations Funds
Notes to financial statements (continued) (unaudited)
9. Restricted securities
Certain securities may be subject to legal restrictions and may be difficult to sell. No Fund will invest more than 10% of
the value of its net assets in securities that are considered illiquid.
The following securities are considered both illiquid and restricted as to resale at September 30, 2002 for the High Yield
Bond Master Portfolio.
Principal Market
amount/ value Percentage
Acquisition shares Cost 9/30/02 of net
Security Date (000) (000) (000) assets
Ermis Maritime Holdings Ltd., 12.500% due 12/31/04(b)(c)****** 02/22/01 326 $ 293 $ 277 0.1%
Ermis Maritime Holding Ltd. Preferred Stock(b) *************** 03/09/01 6 0** 0** 0.0*
Genesis Health Ventures, Inc. ****************************** 10/18/01 1 32 19 0.0*
Genesis Health Ventures Warrants *************************** 10/18/01 2 12 0** 0.0*
GT Telecom Racers Notes Trust, Series B, 6.563% due
02/03/03(a)(e) ***************************************** 01/12/01-01/31/02 417 383 63 0.0*
GT Telecom Racers Notes Trust, Series A, 6.563% due
06/30/08(a)(e) ***************************************** 01/12/01-01/31/02 583 463 87 0.0*
Harborside Healthcare Corporation, 0.000% due 08/01/07 12.000%
beginning 08/01/04 ************************************* 10/25/01 210 101 111 0.0*
Harborside Healthcare Corporation Warrants ****************** 05/09/01 6 9 3 0.0*
ICO Global Communications Warrants *********************** 11/07/00 2 0 0** 0.0*
ICO Global Communications Holdings LTD ****************** 01/11/02 6 61 6 0.0*
Loral Space & Communications Warrants********************* 01/02/02 8 0 0** 0.0*
Ono Finance plc Warrants(d) ******************************* 07/17/01 1 181 0** 0.0*
Owens Corning Bank Debt Funded Revolver, 0.000% due
06/26/02(a)(f)****************************************** 08/15/01-06/04/02 1,790 1,205 1,047 0.3
Pagemart Nationwide, 15.000% due 02/01/05(a)(g) ************* 03/01/02 165 161 1 0.0*
Pacific Gas and Electric Company Bank Debt A, 8.000% due
12/30/06(e)(f)****************************************** 01/29/02-02/08/02 2,795 2,784 2,662 0.7
Pegasus Promissory Note(a)(b)****************************** 08/24/01 4 0** 0** 0.0*
Thermadyne Holding Corporation:
Bank Debt Funded Revolver, 4.750% due 05/22/04(e)(f)******* 07/10/01 240 215 219 0.1
Bank Debt Term A, 4.750% due 05/22/04(e)(f) ************** 07/10/01 1,488 1,307 1,353 0.4
Bank Debt Term B, 4.820% due 05/22/05(e)(f) ************** 01/28/02 843 744 764 0.2
Bank Debt Term C, 5.070% due 05/22/06(e)(f) ************** 01/28/02 843 740 764 0.2
UbiquiTel Inc. Warrants(d) ********************************* 07/03/00-07/10/00 180 10 0** 0.0*
United Artists Bank Debt(b)(f)****************************** 02/01/01 17,233 16 233 0.1
Xerox Bank Debt Funded Revolver, 6.310% due 10/22/02(e)(f) *** 06/21/02 450 447 333 0.1
Xerox Bank Debt Fund Term Loan A, 6.420% due 10/22/02(e)(f) 06/21/02 450 447 379 0.1
Xerox Bank Debt Fund Term Loan B, 5.930% due 10/22/02(e)(f) 06/21/02 150 149 142 0.0*
Ziff Davis Holdings Inc. Warrants *************************** 08/15/02 60 0 1 0.0*
Total*************************************************** $9,760 $8,463 2.3%
* Amount represents less than 0.1%.
** Amount represents less than $500.
(a) Issue in default.
(b) Fair valued security.
(c) PIK (‘‘Payment in kind’’). Interest or dividend payment is made with additional securities.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
(e) Variable rate note. The interest rate shown reflects the rate in effect at September 30, 2002.
(f) Loan participation agreement.
(g) Issuer in bankruptcy.
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