Government & Corporate Bond Funds

Nations Funds
Financial highlights
For a share outstanding throughout each period.
Net asset Net realized Net increase/ Dividends
value Net and unrealized (decrease) in from net Net asset
beginning investment gain/(loss) on net asset value investment value
of period income/(loss) investments from operations income end of period
Short-Term Income
Primary A Shares
Six months ended 9/30/2002# (unaudited) *** $9.82 $0.17 $ 0.26 $0.43 $(0.17) $10.08
Year ended 3/31/2002# ****************** 9.80 0.48 0.02 0.50 (0.48) 9.82
Year ended 3/31/2001 ******************* 9.51 0.58 0.29 0.87 (0.58) 9.80
Year ended 3/31/2000 ******************* 9.79 0.56 (0.28) 0.28 (0.56) 9.51
Year ended 3/31/1999 ******************* 9.77 0.56 0.02 0.58 (0.56) 9.79
Year ended 3/31/1998 ******************* 9.68 0.56 0.09 0.65 (0.56) 9.77
Investor A Shares
Six months ended 9/30/2002# (unaudited) *** $9.83 $0.16 $ 0.26 $0.42 $(0.16) $10.09
Year ended 3/31/2002# ****************** 9.81 0.45 0.02 0.47 (0.45) 9.83
Year ended 3/31/2001 ******************* 9.51 0.56 0.30 0.86 (0.56) 9.81
Year ended 3/31/2000 ******************* 9.79 0.54 (0.28) 0.26 (0.54) 9.51
Year ended 3/31/1999 ******************* 9.77 0.54 0.02 0.56 (0.54) 9.79
Year ended 3/31/1998 ******************* 9.68 0.54 0.09 0.63 (0.54) 9.77
Investor B Shares
Six months ended 9/30/2002# (unaudited) *** $9.83 $0.12 $ 0.25 $0.37 $(0.12) $10.08
Year ended 3/31/2002# ****************** 9.80 0.38 0.03 0.41 (0.38) 9.83
Year ended 3/31/2001 ******************* 9.51 0.48 0.29 0.77 (0.48) 9.80
Year ended 3/31/2000 ******************* 9.79 0.51 (0.28) 0.23 (0.51) 9.51
Year ended 3/31/1999 ******************* 9.77 0.52 0.02 0.54 (0.52) 9.79
Year ended 3/31/1998 ******************* 9.68 0.53 0.09 0.62 (0.53) 9.77
Investor C Shares
Six months ended 9/30/2002# (unaudited) *** $9.83 $0.12 $ 0.26 $0.38 $(0.12) $10.09
Year ended 3/31/2002# ****************** 9.80 0.38 0.03 0.41 (0.38) 9.83
Year ended 3/31/2001 ******************* 9.51 0.48 0.29 0.77 (0.48) 9.80
Year ended 3/31/2000 ******************* 9.79 0.47 (0.28) 0.19 (0.47) 9.51
Year ended 3/31/1999 ******************* 9.77 0.52 0.02 0.54 (0.52) 9.79
Year ended 3/31/1998 ******************* 9.68 0.53 0.09 0.62 (0.53) 9.77
+ Annualized.
++ Total return represents aggregate total return for the period indicated, assumes reinvestment of all distributions, and does not reflect the
deduction of any applicable sales charges.
# Per share net investment income has been calculated using the monthly average shares method.
(a) The effect of the custodial expense offset (Note 2) on the operating expense ratio, with and without waivers and/or expense
reimbursements, was less than 0.01%.
(b) The effect of interest expense on the operating expense ratio was less than 0.01%.
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See notes to financial statements.