Government & Corporate Bond Funds

Nations Funds
Nations Bond Fund
Statement of net assets September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Asset-backed securities — 8.5% Asset-backed — Credit card
Asset-backed — Auto loans — 1.5% receivables — (continued)
$ 2,505 Americredit Automobile Receivables $ 4,000 Standard Credit Card Master Trust,
Trust, Series 2001-B, Class A4, Series B,
5.370% 06/12/08## ************ $ 2,647 6.150% 10/07/04## ************ $ 4,144
4,725 Capital Auto Receivables Asset 19,675 World Financial Network Credit
Trust, Series 2002-2, Class CTFS, Card Master Trust,
4.180% 10/15/07## ************ 4,856 Series 1996-B, Class A,
3,643 Daimler Chrysler Auto Trust, 6.950% 04/15/06## ************ 20,318
14,547
3,350
6,610
1,491
700
877
Series 2000-B, Class A3,
7.530% 05/08/04## ************
Distribution Financial Services RV
Trust, Series 1999-1, Class A4,
5.840% 10/17/11## ************
First Security Auto Owner Trust,
Series 2000-1, Class B, 7.700%
12/17/07## *******************
Ford Credit Auto Owner Trust,
Series 2002-B, Class B, 5.180%
10/16/06## *******************
MMCA Automobile Trust,
Series 2000-1, Class A3, 7.000%
06/15/04## *******************
MMCA Automobile Trust,
Series 2001-1, Class A4,
5.340% 12/15/05## ************
MMCA Automobile Trust,
Series 2001-2, Class B,
3,676
14,872
3,567
7,019
1,505
734
2,222
684
2,052
1,530
96
Asset-backed — Home equity
loans — 4.2%
Block Mortgage Finance Inc.,
Series 1997-2, Class A6,
2.024%** 05/25/27## **********
Bombardier Capital Mortgage
Securitization,
Series 1998-A, Class A3,
6.230% 04/15/28## ************
Conseco Finance,
Series 2001-D, Class A1A,
2.070%** 11/15/32## **********
Contimortgage Home Equity Loan
Trust, Series 1996-4, Class A9,
6.880% 01/15/28## ************
EQCC Home Equity Loan Trust,
Series 1999-3, A2F,
60,857
2,217
683
2,053
1,558
16
5.750% 06/15/07## ************ 912
6.887% 07/25/13## ************ 96
17,700 Fannie Mae Whole Loan,
39,788 Series 2001-W1, Class AF3,
Asset-backed — Credit card 5.690% 06/25/29## ************ 18,112
receivables — 2.2% 5,908 First Alliance Mortgage Loan Trust,
12,000 American Express Credit Account Series 1994-2, Class A1,
Master Trust, 7.625% 07/25/25## ************ 6,143
Series 1998-1, Class B, 1,906 First Plus Home Loan Trust,
2.070%** 01/17/06## ********** 12,001 Series 1998-2, Class M1,
5,750 Chase Credit Card Master Trust, 7.220% 05/10/24## ************ 2,065
Series 1996-4, Class B, 10,692 GMAC Mortgage Corporation Loan
2.170%** 07/15/06## ********** 5,755 Trust, Series 2002-HE2, Class A1,
4,000 Chase Credit Card Master Trust, 1.944%** 06/25/27## ********** 10,688
Series 2000-2, Class B, 2,580 Green Tree Home Equity Loan
2.110%** 07/15/05## ********** 4,000 Trust, Series 1999-D, Class A3,
2,165 Chase Credit Card Master Trust, 7.300% 08/15/18## ************ 2,610
Series 2002-2, Class C, 6,360 Indymac Home Equity Loan Asset-
2.500%** 07/15/05## ********** 2,164 Backed Trust,
8,474 Discover Card Master Trust I, Series 2002-A, Class AF1,
Series 1998-3, Class B, 2.014%** 05/25/17## ********** 6,353
2.110%** 09/16/05## ********** 8,474 9,906 Oakwood Mortgage Investors Inc.,
2,500 Discover Card Master Trust I, Series 2002-B, Class A1,
Series 2001-4, Class A, 2.050%** 05/15/13## ********** 9,896
1.910%** 10/16/06## ********** 2,501 2,803 Residential Asset Mortgage
1,500 MBNA Master Credit Card Trust, Products, Inc.,
Series 1999-K, Class C, Series 2002-RS1, Class AI1,
2.770%** 03/15/05## ********** 1,500 2.014%** 08/25/20## ********** 2,803
2,339 Residential Asset Securities
Corporation,
Series 1999-KS1, Class AI4,
6.280% 08/25/25## ************ 2,360
See notes to financial statements.