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)
Food products — (continued) Integrated oil — 1.0%
$ 1,071 Del Monte Corporation, $ 202 Amerada Hess Corporation,
Series B, 6.650% 08/15/11 ************** $ 227
9.250% 05/15/11## ************ $ 1,071 3,201 Amerada Hess Corporation,
7,783 Kellogg Company, 7.875% 10/01/29## ************ 3,844
Series B, 5,760 Conoco Funding Company,
6.000% 04/01/06## ************ 8,477 6.350% 10/15/11## ************ 6,472
2,568 Kraft Foods Inc., 10,000 Conoco Inc.,
5.250% 06/01/07(a)## ********** 2,779 2.630%** 10/15/02## ********** 10,003
1,149 Nabisco Inc., 473 PEMEX Master Trust,
6.125%** 02/01/33## ********** 1,163 7.875% 02/01/09°************** 475
9,156 Sara Lee Corporation, 7,413 PEMEX Master Trust,
6.250% 09/15/11## ************ 10,328 8.625% 02/01/22°#************* 7,098
2,556
4,443
7,534
Tyson Foods Inc., Class A,
7.250% 10/01/06## ************
Unilever Capital Corporation,
6.875% 11/01/05## ************
Unilever Capital Corporation,
2,837
4,981
6,076
Investment services — 2.0%
Bear Stearns Companies, Inc.,
7.800% 08/15/07## ************
28,119
7,080
20
7.125% 11/01/10## ************ 8,969
4,609 Credit Suisse First Boston USA,
44,664
Inc.,
5.875% 08/01/06## ************ 4,908
Health services — 0.5% 7,162 Credit Suisse First Boston USA,
4,112 Cardinal Health, Inc., Inc.,
6.750% 02/15/11## ************ 4,702 6.125% 11/15/11## ************ 7,460
161 Cintas Corporation, 4,434 Goldman Sachs Group Inc.,
5.125% 06/01/07°************** 173 6.875% 01/15/11## ************ 4,923
950 PacifiCare Health Systems, Inc., 1,362 Goldman Sachs Group, Inc.,
Class A, 5.700% 09/01/12 ************** 1,407
10.750% 06/01/09 ************* 938 4,530 Lehman Brothers Holdings Inc.,
6,769 Wellpoint Health Networks Inc., 7.000% 02/01/08## ************ 5,047
6.375% 06/15/06## ************ 7,389 5,640 Merrill Lynch & Company, Inc.,
1,005 Wellpoint Health Networks Inc., 6.000% 02/17/09(a)## ********** 5,989
6.375% 01/15/12## ************ 1,108 5,826 Morgan Stanley Dean Witter &
2,292
Household products — 0.1%
Proctor & Gamble Company,
14,310
10,461
Company,
6.100% 04/15/06## ************
Morgan Stanley Dean Witter &
6,270
4.750% 06/15/07(a)## ********** 2,461
Company,
6.750% 04/15/11## ************ 11,467
376 Salomon Smith Barney Holdings
Housing and furnishing — 0.2%
Inc.,
1,711 Beazer Homes USA, Inc.,
6.500% 02/15/08 ************** 419
8.625% 05/15/11 ************** 1,720 54,970
700
2,262
Beazer Homes USA, Inc.,
8.375% 04/15/12## ************
The Ryland Group, Inc.,
8.000% 08/15/06## ************
700
2,262
4,682
809
Lodging and recreation — 0.0%+
John Q. Hammons Hotels,
Series B,
8.875% 05/15/12(a) ************ 779
162
105
6,261
Insurance — 0.7%
Allstate Financial Global Funding,
7.125% 09/26/05°**************
American International Group, Inc.,
5.850% 08/01/08°**************
Principal Life Global,
181
116
1,059
17
Medical devices and
supplies — 0.0%+
Advanced Medical Optics, Inc.,
9.250% 07/15/10 **************
Bristol-Myers Squibb Company,
4.750% 10/01/06## ************
1,038
18
6.250% 02/15/12°##************ 6,739
11,657 Prudential Funding LLC,
6.600% 05/15/08°##************ 12,797
19,833
See notes to financial statements.
1,056