Government & Corporate Bond Funds

Nations Funds
Nations Short-Term Income Fund
Statement of net assets (continued) September 30, 2002 (unaudited)
Principal Principal
amount Value amount Value
(000) (000) (000) (000)
Consumer credit and Finance — Miscellaneous — (continued)
mortgages — 0.7% $ 4,000 General Electric Capital Corporation,
$ 2,144 Countrywide Home Loans, Inc., MTN,
Series J, 4.250% 01/28/05## *************** $ 4,140
5.250% 06/15/04## *************** $ 2,223 325 General Electric Capital Corporation,
3,250 Washington Mutual Inc., Series A,
8.250% 10/01/02## *************** 3,250 6.750% 09/11/03 ***************** 339
5,473 11,850
Department and discount Food and drug stores — 0.4%
stores — 0.5% 3,000 Safeway Inc.,
4,000 Federated Department Stores, Inc., 6.850% 09/15/04(a)*************** 3,225
8.500% 06/15/03## *************** 4,146
Diversified manufacturing — 0.2% 1,000
Food products — 1.1%
ConAgra Foods, Inc.,
1,500 Bayer Corporation, 5.500% 10/15/02## *************** 1,001
6.500% 10/01/02° **************** 1,500 3,000 Kellogg Company,
5.500% 04/01/03## *************** 3,044
2,000
Electric power — Non nuclear — 0.2%
Cinergy Corporation,
6.250% 09/01/04## *************** 2,066
2,075
2,550
Tyson Foods, Inc., Class A,
6.625% 10/01/04 *****************
Unilever Capital Corporation,
6.875% 11/01/05 *****************
2,205
2,859
9,109
2,000
Electric power — Nuclear — 1.7%
American Electric Power Company,
Inc.,
5.500% 05/15/03## *************** 1,996
2,100
Health services — 0.3%
American Home Products Corporation,
5.875% 03/15/04## *************** 2,173
2,300 Carolina Power & Light,
5.875% 01/15/04 ***************** 2,378 Household products — 0.4%
3,200 Dominion Resources, Inc., 250 Procter & Gamble Company,
6.000% 01/31/03## *************** 3,227 5.250% 09/15/03 ***************** 258
3,000 Energy East Corporation, 3,300 The Gillette Company,
6.750% 10/15/02 ***************** 3,004 3.750% 12/01/04°## ************** 3,394
3,100 Pennsylvania Power Company,
6.375% 09/01/04 ***************** 3,178
13,783
5,000
Insurance — 1.6%
Aon Corporation,
3,652
Energy — Miscellaneous — 0.3% 7.400% 10/01/02## *************** 5,001
2,700 TXU Gas Company, 245 Marsh & McLennan Companies, Inc.,
7.625% 10/15/02 ***************** 2,703 6.625% 06/15/04 ***************** 261
4,000 Monumental Global Funding II,
2,565
2,500
1,000
3,000
3,000
Exploration and production — 0.6%
Amereda Hess Corporation,
5.300% 08/15/04## ***************
Union Pacific Resources Group Inc.,
6.500% 05/15/05## ***************
Finance — Miscellaneous — 1.4%
American General Finance Corporation,
5.900% 01/15/03## ***************
Associates Corporation of North
America,
5.500% 02/15/04## ***************
Caterpillar Financial Services
Corporation,
6.875% 08/01/04 *****************
2,682
2,721
5,403
1,009
3,134
3,228
2,000
1,450
2,000
3,500
4,000
2,000
2,000
6.950% 10/01/03°## **************
New York Life Insurance Company,
6.400% 12/15/03° ****************
Prudential Financial,
6.875% 04/15/03° ****************
Integrated oil — 1.7%
Conoco Inc.,
2.630%** 10/15/02## *************
Phillips Petroleum Company,
6.650% 03/01/03 *****************
Union Oil Company of California,
6.375% 02/01/04 *****************
USX Corporation,
7.200% 02/15/04 *****************
Valero Energy Corporation,
4,155
2,083
1,481
12,981
2,000
3,561
4,188
2,121
6.750% 12/15/02° **************** 2,001
13,871
See notes to financial statements.
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