Government & Corporate Bond Funds

Nations Funds
Nations Short-Term Income Fund
Statement of net assets September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Asset-backed securities — 14.1% Asset-backed — Auto
Asset-backed — Auto loans — 6.4% loans — (continued)
$ 2,500 Americredit Automobile Receivables $ 5,000 World Omni Auto Receivables Trust,
Trust, Series 2001-B, Class A4, Series 2001-B, Class A3,
5.370% 06/12/08## *************** $ 2,642 3.790% 11/20/05 ***************** $ 5,118
4,000
5,000
1,310
3,000
1,650
1,725
4,000
2,270
4,000
1,500
1,269
2,398
BankBoston RV Asset Backed Trust,
Series 1997-1, Class A9,
6.630% 08/15/10## ***************
BMW Vehicle Lease Trust,
Series 2000-A, Class A4,
6.670% 10/25/03## ***************
Capital Auto Receivables Asset Trust,
Series 2002-2, Class CTFS,
4.180% 10/15/07 *****************
Capital One Auto Finance Trust,
Series 2002-A, Class A3,
4.030% 08/15/06 *****************
First Security Auto Owner Trust,
Series 2000-1, Class B,
7.700% 12/17/07 *****************
Ford Credit Auto Owner Trust,
Series 2002-B, Class B,
5.180% 10/16/06 *****************
Ford Credit Auto Owner Trust,
Series 2002-C, Class A4,
3.790% 09/15/06 *****************
Honda Auto Receivables Owner Trust,
Series 2000-1, Class A4,
6.670% 01/16/06 *****************
Household Automotive Trust,
Series 2002-2, Class A3,
2.850% 03/19/07 *****************
MMCA Automobile Trust,
Series 2001-1, Class A4,
5.340% 12/15/05 *****************
MMCA Automobile Trust,
Series 2001-2, Class B,
5.750% 06/15/07 *****************
Nissan Auto Receivables Owner Trust,
4,154
5,153
1,346
3,101
1,757
1,832
4,127
2,379
4,046
1,573
1,320
2,500
1,000
2,000
1,500
3,000
5,000
4,500
3,500
1,750
3,145
Asset-backed — Credit card
receivables — 3.4%
American Express Credit Account
Master Trust, Series 1999-1, Class A,
5.600% 11/15/06## ***************
American Express Credit Account
Master Trust, Series 1999-1, Class B,
5.850% 11/15/06## ***************
Capital One Master Trust,
Series 2001-7A, Class A,
3.850% 08/15/07 *****************
Chase Credit Card Master Trust,
Series 1996-4, Class B,
2.170%** 07/15/06 ***************
Citibank Credit Card Master Trust I,
Series 1998-3, Class B,
5.950% 02/07/05## ***************
Discover Card Master Trust I,
Series 1998-6, Class A,
5.850% 01/17/06## ***************
First USA Credit Card Master Trust,
Series 1998-9, Class A,
5.280% 09/18/06## ***************
Fleet Credit Card Master Trust,
Series 1999-A, Class A1,
6.000% 11/15/05 *****************
MBNA Master Credit Card Trust,
Series 1998-C, Class C,
6.350% 11/15/05 *****************
MBNA Master Credit Card Trust,
Series 1998-J, Class A,
5.250% 02/15/06 *****************
52,758
2,639
1,043
2,062
1,501
3,043
5,157
4,686
3,547
1,795
3,246
Series 2000-C, Class A3,
28,719
3,000
3,000
1,515
2,000
2,000
6.720% 08/16/04 *****************
Nissan Auto Receivables Owner Trust,
Series 2002-C, Class A4,
3.330% 01/15/08 *****************
Onyx Acceptance Auto Trust,
Series 2002-A, Class A3,
3.750% 04/15/06 *****************
Premier Auto Trust, Series 1999-1,
Class A4,
5.820% 10/08/03 *****************
Union Acceptance Corporation,
Series 1999-A, Class A5,
5.870% 09/08/06 *****************
USAA Auto Owner Trust,
Series 2001-2, Class A4,
3.910% 04/16/07 *****************
2,441
3,044
3,074
1,525
2,065
2,061
5,714
3,000
542
3,000
2,579
Asset-backed — Home equity
loans — 2.1%
EQCC Home Equity Loan Trust,
Series 1998-1, Class A4F,
6.459% 03/15/21## ***************
Fannie Mae Whole Loan,
Series 2001-W1, Class AF3,
5.690% 06/25/29## ***************
First Plus Home Loan Trust,
Series 1998-2, Class M1,
7.220% 05/10/24 *****************
GMAC Mortgage Corporation Loan
Trust, Series 2000-HE3, Class A4,
7.720% 12/25/31## ***************
Residential Asset Securities
Corporation, Series 2002-KS2,
Class AI1,
5,817
3,070
588
3,050
1.954%** 11/25/17 *************** 2,577
See notes to financial statements.
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