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)
Department and discount Electric power —
stores — (continued) Nuclear — (continued)
$ 3,112 Target Corporation, $ 7,049 PSEG Power LLC,
5.875% 03/01/12## ************ $ 3,452 6.875% 04/15/06## ************ $ 7,092
7,354 Wal-Mart Stores, Inc., 4,322 Southern Company Capital Funding,
5.450% 08/01/06## ************ 8,067 Series A,
80 Wal-Mart Stores, Inc., 5.300% 02/01/07## ************ 4,582
4.375% 07/12/07 ************** 84 2,327 Southern Power Company,
2,390
Diversified electronics — 0.1%
L-3 Communications Corporation,
7.625% 06/15/12°##************
17,551
2,474
3,516
6.250% 07/15/12°##************
Virginia Electric and Power
Company,
Series A,
5.375% 02/01/07## ************
2,549
3,777
46,774
831
3,670
Diversified manufacturing — 0.2%
The Scotts Company,
8.625% 01/15/09°##************
The Scotts Company, Class A,
864
3,408
Exploration and production — 0.4%
Anadarko Finance Company,
Series B,
8.625% 01/15/09## ************ 3,835
6.750% 05/01/11## ************ 3,864
6,179 Anadarko Finance Company,
4,699 Series B,
Electric power — Non
7.500% 05/01/31## ************ 7,290
nuclear — 0.8%
70 Union Pacific Resources Group Inc.,
1,113 Calpine Corporation,
6.500% 05/15/05 ************** 76
8.500% 02/15/11(a)## ********** 456 11,230
5,261
4,376
4,957
1,439
4,210
Cinergy Corporation,
6.250% 09/01/04## ************
DPL Inc.,
6.875% 09/01/11°##************
Oncor Electric Delivery,
7.000% 09/01/22°##************
Pepco Holdings Inc.,
5.500% 08/15/07°**************
Pepco Holdings Inc.,
5,434
4,101
5,031
1,477
5,308
5,290
13,900
Finance — Miscellaneous — 2.0%
Associates Corporation of North
America,
6.950% 11/01/18## ************
Case Credit Corporation,
6.125% 02/15/03## ************
Caterpillar Finance Services
Corporation,
5,815
5,216
6.450% 08/15/12°##************ 4,363
5.950% 05/01/06## ************ 15,251
505 Dana Credit Corporation,
20,862 7.250% 12/16/02°************** 501
Electric power — Nuclear — 1.7%
955 General Electric Capital Corporation,
4,156
249
5,780
196
1,434
American Electric Power Company,
Inc., Series A,
6.125% 05/15/06## ************
Constellation Energy Group, Inc.,
6.350% 04/01/07 **************
Constellation Energy Group, Inc.,
7.600% 04/01/32## ************
Consumers Energy Company,
Series B,
6.200% 05/01/03 **************
Duquesne Light Company,
Series O,
6.700% 04/15/12## ************
4,128
258
5,770
192
1,605
585
15,284
8,996
1,815
Series A,
5.375% 03/15/07 **************
General Electric Capital Corporation,
Series A,
4.625% 09/15/09 **************
General Electric Capital Corporation,
Series A,
6.750% 03/15/32## ************
Household Finance Corporation,
5.875% 02/01/09## ************
PCA LLC / PCA Finance
Corporation,
11.875% 08/01/09°##***********
1,024
589
16,393
8,449
1,851
365 Energy East Corporation, 55,089
10,625
6.750% 06/15/12## ************
Exelon Generation Company LLC,
406
6,548
Food and drug stores — 0.3%
Fred Meyer, Inc.,
6.950% 06/15/11 ************** 11,710
7.450% 03/01/08## ************ 7,528
4,903 FirstEnergy Corporation,
Series B,
6.450% 11/15/11## ************ 4,611 Food products — 1.6%
86 PPL Electric Utilities, 4,090 Burns Phillips Capital Property, Ltd.,
6.250% 08/15/09 ************** 94 9.750% 07/15/12°##************ 4,059
See notes to financial statements.
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