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)
Metals and mining — 0.4% Publishing and advertising — 0.3%
$ 4,846 Alcoa Inc., $ 3,195 Gannett Company, Inc.,
7.375% 08/01/10## ************ $ 5,768 6.375% 04/01/12## ************ $ 3,657
2,575 Compass Minerals Group, Inc., 5,133 News America Holdings,
10.000% 08/15/11## *********** 2,730 8.150% 10/17/36## ************ 5,063
1,365 Earle M. Jorgensen Company,
9.750% 06/01/12 ************** 1,331
9,829
Railroads, trucking and
shipping — 0.7%
8,720
Natural gas pipelines — 0.4% 5,340 Burlington Northern Santa Fe
199 EL Paso Corporation, Corporation,
7.000% 05/15/11 ************** 131 6.750% 07/15/11(a)## ********** 6,076
3,952 EL Paso Corporation, 13,181 FedEx Corporation,
7.800% 08/01/31## ************ 2,490 6.625% 02/12/04## ************ 13,809
8,333 Kinder Morgan, Inc.,
6.650% 03/01/05## ************ 8,840
11,461 600
Real estate — 0.4%
Corrections Corporation of America,
19,885
9.875% 05/01/09°##************ 620
7,682
2,218
2,187
Oil refining and marketing — 0.3%
USX Corporation,
6.650% 02/01/06## ************
Packaging and containers — 0.3%
Owens-Brockway Glass Containers,
8.875% 02/15/09## ************
Riverwood International Corporation,
8,382
2,229
5,605
2,061
3,628
EOP Operating LP,
7.000% 07/15/11## ************
Standard Pacific Corporation,
9.250% 04/15/12## ************
Tech Olypmic USA, Inc.
10.375% 07/01/12°##***********
6,180
1,948
3,320
12,068
10.625% 08/01/07## *********** 2,247 Real Estate Investment Trusts
3,376 Riverwood International Corporation, (REITs) — 0.2%
10.875% 04/01/08(a) *********** 3,410 2,464 Health Care Property Investors, Inc.,
3,577
Paper and forest products — 0.7%
Ainsworth Lumber Company Ltd.,
12.500% 07/15/07## ***********
7,886
3,675
2,311
7.480% 04/05/04## ************
Health Care Property Investors, Inc.,
6.450% 06/25/12## ************
2,640
2,437
5,077
1,895 Appleton Papers Inc., Software—0.0%+
Series B, 600 Veritas DGC Inc.,
12.500% 12/15/08## *********** 1,952 9.750% 10/15/03 ************** 594
1,367 FiberMark, Inc.,
3,637
1,469
4,789
1,270
10.750% 04/15/11(a)## *********
International Paper Company,
8.000% 07/08/03## ************
Louisiana-Pacific Corporation,
8.500% 08/15/05## ************
Louisiana-Pacific Corporation,
10.875% 11/15/08°##***********
Tembec Industries Inc.,
8.500% 02/01/11## ************
1,319
3,778
1,476
4,981
1,276
18,457
38
5,592
244
3,246
Telecommunications
services — 2.2%
BellSouth Corporation,
5.000% 10/15/06 **************
BellSouth Telecommunications Inc.,
6.375% 06/01/28## ************
Cingular Wireless,
6.500% 12/15/11 **************
Cingular Wireless,
7.125% 12/15/31## ************
40
5,569
235
2,840
Pharmaceuticals — 0.5% 7,622 Cox Communications, Inc., Class A,
307 Eli Lilly and Company, 7.750% 11/01/10(a)## ********** 7,895
6.000% 03/15/12 ************** 343 2,801 GTE North, Inc.,
1,040 Pharmacia Corporation, Series H
6.600% 12/01/28 ************** 1,179 5.650% 11/15/08## ************ 2,851
10,876 Wyeth, 3,422 Nextel Communications, Inc.,
6.250% 03/15/06## ************ 11,638 Class A,
13,160
9,011
9.375% 11/15/09## ************
SBC Communications Inc.,
2,609
6.250% 03/15/11## ************ 9,777
1,009 Sprint Capital Corporation,
6.125% 11/15/08## ************ 671
See notes to financial statements.
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