Government & Corporate Bond Funds

Nations Funds
Nations Bond Fund
Statement of net assets (continued) September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Asset-backed — Home equity Automotive — (continued)
loans — (continued) $ 4,766 Ford Motor Credit Company,
$ 14,441 Residential Asset Securities 5.800% 01/12/09## ************ $ 4,262
Corporation, 13,079 Ford Motor Credit Company,
Series 2002-KS2, Class AI1, 7.375% 10/28/09## ************ 12,530
1.954%** 11/25/17## ********** $ 14,430 1,588 Ford Motor Credit Company,
28,984 Residential Asset Securities 7.375% 02/01/11## ************ 1,497
Corporation, 5,555 General Motors Acceptance
Series 2002-KS4, Class AI1 Corporation,
1.934%** 04/25/17## ********** 28,948 6.125% 09/15/06(a)## ********** 5,563
1,361 Residential Funding Mortgage 6,177 General Motors Acceptance
Securities II, Corporation,
Series 2001-HS3, Class AI1, 6.150% 04/05/07## ************ 6,251
1.994%** 08/25/12## ********** 1,361 7,234 General Motors Acceptance
781 Residential Funding Mortgage Corporation,
Securities, 6.875% 09/15/11## ************ 7,077
Series 1999-HS2, Class AI4, 10,359 General Motors Acceptance
6.340% 07/25/29## ************ 781 Corporation,
2,145 Saxon Asset Securities Trust, 8.000% 11/01/31## ************ 10,041
Series 1998-1, Class MF1, 1,060 Rent-a-Center Inc.,
7.050% 12/25/27## ************ 2,271 Series D,
14,880
Asset-backed — Other — 0.6%
CIT Equipment Collateral,
Series 2002-VT1, Class A4,
115,428
6,966
11.000% 08/15/08## ***********
Toyota Motor Credit Corporation,
5.625% 11/13/03## ************
1,126
7,231
78,385
4.670% 12/21/09## ************ 15,420 Broadcasting and cable — 1.2%
2,277 Ikon Receivables LLC, 934 ABC Family Worldwide Inc.,
Series 1999-1, Class A3, 10.250% 11/01/07 ************* 971
5.990% 05/15/05## ************ 2,277 5,889 AOL Time Warner Inc.,
Total asset-backed securities
(Cost $231,277) ***************
17,697
233,770
10,567
3,908
6.150% 05/01/07(a)## **********
AOL Time Warner Inc.,
7.625% 04/15/31## ************
Comcast Cable Communications,
5,438
8,769
7.125% 06/15/13 ************** 3,636
Corporate bonds and
2,910 Insight Communications Company,
notes — 31.4%
(0.000)% due 02/15/11
Aerospace and defense — 0.4%
12.250% beginning 02/15/06##*** 1,033
9,421
1,171
6,435
10,100
4,898
21,866
Boeing Capital Corporation,
5.650% 05/15/06## ************
Northrop Grumman Corporation,
7.125% 02/15/11## ************
Airlines — 0.6%
American Airlines,
Series 2001-2, Class A-2,
7.858% 10/01/11(a)## **********
U.S. Airways, Inc.,
Series 2002-G,
8.020% 02/05/19## ************
Automotive — 3.0%
Delphi Automotive Systems
Corporation,
6.125% 05/01/04## ************
Ford Motor Company,
9,922
1,340
11,262
6,791
10,545
17,336
5,096
166
4,525
4,200
3,702
2,278
1,000
537
News America Inc.,
6.625% 01/09/08 **************
Time Warner Inc.,
8.110% 08/15/06(a)## **********
Viacom Inc., Class B,
6.625% 05/15/11## ************
Viacom Inc., Class B,
7.875% 07/30/30## ************
Building materials — 0.1%
American Standard Inc.,
7.125% 02/15/03## ************
American Standard Inc.,
7.375% 04/15/05## ************
Nortek, Inc.,
Series B,
9.875% 06/15/11## ************
173
4,402
4,660
4,455
33,537
2,289
1,020
521
3,830
7.450% 07/16/31## ************ 17,711
See notes to financial statements.
17