Government & Corporate Bond Funds

Nations Funds
Nations Strategic Income Fund
Statement of net assets September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Asset-backed securities — 1.4% Automotive — (continued)
Asset-backed — Auto loans — 0.8% $ 55 Ford Motor Credit Company,
$ 750 Americredit Automobile Receivables Trust, 7.375% 02/01/11##****************** $ 52
Series 2001-B, Class A4, 41 General Motors Acceptance Corporation,
5.370% 06/12/08##****************** $ 794 6.125% 09/15/06##****************** 41
145 Capital Auto Receivables Asset Trust, 133 General Motors Acceptance Corporation,
Series 2002-2, Class CTFS, 6.150% 04/05/07##****************** 135
4.180% 10/15/07##****************** 149 130 General Motors Acceptance Corporation,
200 Ford Credit Auto Owner Trust, 6.875% 09/15/11##****************** 127
Series 2002-B, Class B, 244 General Motors Acceptance Corporation,
5.180% 10/16/06##****************** 212 8.000% 11/01/31##****************** 237
400 MMCA Automobile Trust, 400 Toyota Motor Credit Corporation,
Series 2001-1, Class A4, 5.625% 11/13/03##****************** 415
5.340% 12/15/05##****************** 419 1,896
1,574 Broadcasting and cable — 0.4%
Asset-backed — Home equity 143 AOL Time Warner Inc.,
loans — 0.4% 6.150% 05/01/07##****************** 132
800 Fannie Mae Whole Loan, 280 AOL Time Warner Inc.,
Series 2001-W1, Class AF3, 7.625% 04/15/31##****************** 232
5.690% 06/25/29##****************** 818 105 Comcast Cable Communications,
59 First Plus Home Loan Trust, 7.125% 06/15/13##****************** 98
Series 1998-2, Class M1, 121 Time Warner Inc.,
7.220% 05/10/24##****************** 64 8.110% 08/15/06##****************** 118
420
Asset-backed — Other — 0.2%
CIT Equipment Collateral,
Series 2002-VT1, Class A4,
4.670% 12/21/09##******************
882
435
105
105
Viacom Inc., Class B,
6.625% 05/15/11##******************
Viacom Inc., Class B,
7.875% 07/30/30##******************
117
126
823
Total asset-backed securities
Chemicals — Basic — 0.1%
(Cost $2,774) ********************** 2,891
107 The Dow Chemical Company,
6.125% 02/01/11##****************** 113
98 The Dow Chemical Company,
Corporate bonds and notes — 9.7% 7.375% 11/01/29##****************** 107
219
30
Aerospace and defense — 0.1%
Boeing Capital Corporation,
5.650% 05/15/06##******************
Northrop Grumman Corporation,
7.125% 02/15/11##******************
231
34
265
49
82
Chemicals — Specialty — 0.1%
Praxair, Inc.,
4.750% 07/15/07##******************
Praxair, Inc.,
6.500% 03/01/08##******************
220
52
92
161
400
Airlines — 0.3%
American Airlines, Series 2001-2,
Class A-2,
7.858% 10/01/11##******************
U.S. Airways, Inc., Series 2002-G,
8.020% 02/05/19##******************
170
418
304
265
Commercial banking — 1.4%
Bank One Corporation,
6.000% 08/01/08##******************
Citigroup Inc.,
144
337
588
124
Automotive — 0.9%
Delphi Automotive Systems Corporation,
6.125% 05/01/04##****************** 129
526 Ford Motor Company,
7.450% 07/16/31##****************** 425
164 Ford Motor Credit Company,
5.800% 01/12/09##****************** 147
196 Ford Motor Credit Company,
7.375% 10/28/09##****************** 188
See notes to financial statements.
7.250% 10/01/10##****************** 301
13 Citigroup Inc.,
6.000% 02/21/12##****************** 14
143 FleetBoston Financial Corporation,
7.250% 09/15/05##****************** 158
114 Golden West Financial Corporation,
4.750% 10/01/12******************** 115
198 J.P. Morgan Chase & Company,
5.250% 05/30/07##****************** 208
70 Mellon Funding Corporation,
4.875% 06/15/07##****************** 75
40 Mellon Funding Corporation,
6.700% 03/01/08******************** 45
25