-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MPabT/GqCUXgIf8zLCI/VvycihcgacHTvf4fhnE2DbXemCgKSFl2Fw89lM/LonBx bvqn+xqqUGQIJngPGn2OOQ== 0000950144-00-014584.txt : 20001201 0000950144-00-014584.hdr.sgml : 20001201 ACCESSION NUMBER: 0000950144-00-014584 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONS INSTITUTIONAL RESERVES CENTRAL INDEX KEY: 0000859750 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06030 FILM NUMBER: 781626 BUSINESS ADDRESS: STREET 1: ONE NATIONSBANK PLZ CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 8003425734 MAIL ADDRESS: STREET 1: ONE NATIONSBANK PLAZA CITY: CHARLOTTE STATE: NC ZIP: 28255 FORMER COMPANY: FORMER CONFORMED NAME: CAPITOL MUTUAL FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SEI CAPITOL FUNDS DATE OF NAME CHANGE: 19900318 N-30D 1 g64499irn-30d.txt INSTITUTIONAL RESERVES (MUNI) 1 [GRAPHIC: PHOTO OF TRAFFIC CLOVERLEAF] Nations Short-Term Municipal Income Fund Nations Intermediate Municipal Bond Fund Nations Municipal Income Fund Nations CA Municipal Bond Fund Nations FL Intermediate Municipal Bond Fund Nations FL Municipal Bond Fund Nations GA Intermediate Municipal Bond Fund Nations GA Municipal Bond Fund Nations KS Municipal Income Fund Nations MD Intermediate Municipal Bond Fund Nations MD Municipal Bond Fund Nations NC Intermediate Municipal Bond Fund Nations NC Municipal Bond Fund Nations SC Intermediate Municipal Bond Fund Nations SC Municipal Bond Fund Nations TN Intermediate Municipal Bond Fund Nations TN Municipal Bond Fund Nations TX Intermediate Municipal Bond Fund Nations TX Municipal Bond Fund Nations VA Intermediate Municipal Bond Fund Nations VA Municipal Bond Fund MUNICIPAL BOND FUNDS SEMIANNUAL REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2000 [NATIONS FUNDS LOGO] 2 This Report is submitted for the general information of shareholders of Nations Funds. This material must be preceded or accompanied by a current Nations Funds prospectus. Nations Funds distributor: Stephens Inc., which is not affiliated with Bank of America N.A., is not a bank, and securities offered by it are not guaranteed by any bank or insured by the FDIC. Stephens Inc., member NYSE, SIPC. Nations Funds Investment adviser: Banc of America Advisors, Inc. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE 3 PRESIDENTS' MESSAGE Dear Shareholder: The six-month period ended September 30, 2000 proved to be quite unsettling for mutual fund investors. Several factors led to turbulence in U.S. and overseas markets. The Federal Reserve Board's practice of increasing interest rates in an attempt to slow down the economy and keep inflation at bay took a toll on the stock market. Oil prices soared over the summer causing concern across the country as several cities saw gas prices above $2.00 per gallon. The slowing economy affected earnings at a number of leading U.S. companies, causing additional volatility in the stock market. Overseas, the European Central Bank raised interest rates in August -- the fifth rate hike this year -- and the euro fell to a record low. In Japan, the Bank of Japan increased interest rates for the first time in a decade, adding additional strain to an economy that has struggled over the last several years. The only seemingly bright spot for investors during the past six months has been in the bond market. Because of the federal government's budget surplus, the U.S. Treasury has had to buy back many of its long-term securities. The shortage in long-term securities has generally increased returns on these securities, resulting in an inversion of the yield curve -- whereby short-term securities are yielding more than many longer-term securities. This is the first time in a long time that most bond sectors have outperformed both the Standard & Poor's 500 Composite Stock Price Index and the Nasdaq Composite Index*. Now, you're probably asking yourself "Is this a good time to invest in stocks or bonds?" We think the answer is "Yes." While stocks of all sizes have historically outperformed bonds over the long-term, and bonds have performed well this year, a broadly diversified portfolio -- one consisting of both stocks and bonds -- can help you weather market volatility. Remember that the financial markets tend to be cyclical and while one asset class or investment style may be the flavor of the month, it could be out of favor the next. It's also important to note that volatility tends to keep some investors on the sidelines. But waiting for the right time to invest may result in missed opportunities. Disciplined investing requires staying invested through market highs and lows. Investors can also take advantage of dollar cost averaging** during volatile times -- the practice of systematic investing where you seek to buy more shares when prices are low and fewer shares when prices are high, resulting in a lower average share price over time. Remaining invested and regularly investing is key. Whether it's growth vs. value, large cap vs. small cap, stocks vs. bonds, or U.S. vs. international, no single investment style alone will assure that you achieve your long-term financial goals. We believe diversification is the key to long-term success and an investment professional can help you create a portfolio best suited to your risk tolerance and investment time horizon. *The Standard & Poor's 500 Composite Stock Price Index is an unmanaged index of 500 widely held common stocks. It is unavailable for investment. The Nasdaq Composite Index tracks the performance of domestic common stocks traded on the regular Nasdaq market as National Market System traded foreign stocks and ADRs. It is unmanaged and unavailable for investment. **Dollar cost averaging does not ensure a profit or protect against a loss in a declining market. You should carefully consider your ability to make regular investments through periods of fluctuating market conditions. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. 4 PRESIDENTS' MESSAGE CONTINUED... At Nations Funds, we strongly believe in the value of advice. An investment professional can provide you with market research and analysis, years of investment experience, and work with you to determine the best strategy for surviving short-term volatility and successfully reaching your long-term goals. We remain committed to providing you with world-class investment management and competitive products to help you reach your long-term goals. Should you have any questions or comments on your semiannual report, please contact your investment professional or call us at 1.800.321.7854. You can also visit us online at www.nations-funds.com. Thank you for being a part of the Nations Funds family. Sincerely, /s/ A. Max Walker A. MAX WALKER PRESIDENT AND CHAIRMAN OF THE BOARD NATIONS FUNDS /s/ Robert H. Gordon ROBERT H. GORDON PRESIDENT BANC OF AMERICA ADVISORS, INC. September 30, 2000 5 TABLE OF CONTENTS NATIONS FUNDS SPECTRUM 2 FINANCIAL STATEMENTS Statements of net assets Nations Short-Term Municipal Income Fund 3 Nations Intermediate Municipal Bond Fund 8 Nations Municipal Income Fund 27 Nations CA Municipal Bond Fund 44 Nations FL Intermediate Municipal Bond Fund 49 Nations FL Municipal Bond Fund 56 Nations GA Intermediate Municipal Bond Fund 60 Nations GA Municipal Bond Fund 65 Nations KS Municipal Income Fund 68 Nations MD Intermediate Municipal Bond Fund 75 Nations MD Municipal Bond Fund 82 Nations NC Intermediate Municipal Bond Fund 86 Nations NC Municipal Bond Fund 93 Nations SC Intermediate Municipal Bond Fund 96 Nations SC Municipal Bond Fund 103 Nations TN Intermediate Municipal Bond Fund 106 Nations TN Municipal Bond Fund 110 Nations TX Intermediate Municipal Bond Fund 113 Nations TX Municipal Bond Fund 119 Nations VA Intermediate Municipal Bond Fund 121 Nations VA Municipal Bond Fund 129 Statements of operations 134 Statements of changes in net assets 138 Schedules of capital stock activity 146 Financial highlights 168 Notes to financial statements 210
------------------------------------------------------------------------------ NATIONS FUNDS [DALBAR LOGO] RECOGNIZED FOR OUTSTANDING DALBAR, Inc., is a well-respected CUSTOMER SERVICE research firm that measures customer service levels and IN RECOGNITION OF ITS COMMITMENT TO establishes benchmarks in the PROVIDE SHAREHOLDERS WITH THE financial services industry. HIGHEST LEVEL OF CUSTOMER SERVICE IN THE MUTUAL FUND INDUSTRY, NATIONS FUNDS RECEIVED THE DALBAR MUTUAL FUND SERVICE AWARD IN 1999. ------------------------------------------------------------------------------
6 THE NATIONS FUNDS FAMILY OF FUNDS LOWER RISK/REWARD POTENTIAL MONEY MARKET FUNDS Nations Prime Fund Nations Cash Reserves Nations Money Market Reserves Nations Government Money Market Fund Nations Government Reserves Nations Treasury Fund Nations Treasury Reserves Nations Tax Exempt Fund Nations Municipal Reserves Nations California Tax-Exempt Reserves FIXED INCOME FUNDS INCOME FUNDS Nations High Yield Bond Fund Nations Strategic Income Fund Nations U.S. Government Bond Fund Nations Government Securities Fund Nations Bond Fund Nations Intermediate Bond Fund Nations Short-Intermediate Government Fund Nations Short-Term Income Fund TAX-EXEMPT INCOME FUNDS Nations Municipal Income Fund Nations State-Specific Long-Term Municipal Bond Funds (CA, FL, GA, KS, MD, NC, SC, TN, TX, VA) Nations Intermediate Municipal Bond Fund Nations State-Specific Intermediate Municipal Bond Funds (FL, GA, MD, NC, SC, TN, TX, VA) Nations Short-Term Municipal Income Fund DOMESTIC EQUITY FUNDS GROWTH FUNDS Nations Small Company Fund Nations Marsico 21st Century Fund Nations MidCap Growth Fund Nations Marsico Focused Equities Fund Nations Aggressive Growth Fund Nations Capital Growth Fund Nations Strategic Growth Fund Nations Blue Chip Fund GROWTH AND INCOME FUNDS Nations Marsico Growth & Income Fund Nations Value Fund Nations Equity Income Fund Nations Asset Allocation Fund Nations Balanced Assets Fund Nations Convertible Securities Fund INTERNATIONAL FUNDS Nations Emerging Markets Fund Nations Marsico International Opportunities Fund Nations International Equity Fund Nations International Value Fund HIGHER RISK/REWARD POTENTIAL INDEX FUNDS Nations Managed Index Fund Nations LargeCap Index Fund Nations MidCap Index Fund Nations SmallCap Index Fund ASSET ALLOCATION PORTFOLIOS Nations LifeGoal Balanced Growth Portfolio Nations LifeGoal Growth Portfolio Nations LifeGoal Income and Growth Portfolio 2 7 NATIONS FUNDS Nations Short-Term Municipal Income Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 96.8% ALABAMA -- 0.9% $ 1,175 Alabama, Special Care Facilities Financing Authority, Hospital Revenue, (Charity Obligation Group Project) Series A, 3.750% 11/01/01........ Aaa NR $ 1,164 -------- ALASKA -- 0.8% 1,000 Alaska, Student Loan Corporation, Student Loan Revenue, Series 1995A, AMT, (AMBAC Insured), 5.250% 07/01/03........ Aaa AAA 1,012 -------- ARIZONA -- 3.3% 3,000 Glendale, Arizona, Water and Sewer Revenue, Series 2000, (FGIC Insured), 4.750% 07/01/02........ Aaa AAA 3,016 1,035 Maricopa County, Arizona, Unified School District Number 48, GO Refunding, Series 1991B, 6.300% 07/01/04........ Aa2 AA 1,099 -------- 4,115 -------- CALIFORNIA -- 1.7% 2,015 Riverside County, California, Asset Leasing Corporation Leasehold Revenue, Series 1993C, 7.940% 06/01/19........ Aa3 AA- 2,057 -------- DISTRICT OF COLUMBIA -- 1.7% 2,200 Metropolitan Washington, District of Columbia, Airport Authority, Virginia General Airport Revenue, Series 1992A, (MBIA Insured), 6.500% 10/01/05........ Aaa AAA 2,312 2,085 Metropolitan Washington, District of Columbia, Airport Authority, Virginia General Airport Revenue, Series 1997B, AMT, (FGIC Insured), 5.750% 10/01/03........ Aaa AAA 2,147 -------- 4,459 -------- FLORIDA -- 3.4% 4,250 Pinellas County, Florida, Capital Improvement Revenue, Series 2000, 4.500% 01/01/06........ Aa3 NR 4,229 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- 5.9% $ 3,600 Atlanta, Georgia, Urban Residential Finance Authority, College Facilities Revenue, (Morris Brown College Project) Series 1991, Prerefunded 10/01/05 @ 100, 9.500% 12/01/11........ Aaa NR $ 3,906 1,775 Georgia State, GO, Series 1992B, 5.750% 03/01/02........ Aaa AAA 1,808 1,500 Georgia, Medical Center Hospital Authority, Revenue, Unrefunded Balance, Series 1992C, (MBIA Insured), 6.400% 08/01/06........ Aaa AAA 1,570 -------- 7,284 -------- ILLINOIS -- 2.6% 1,020 Broadview, Illinois, Tax Increment Revenue, Series 1999, 4.300% 07/01/01........ NR NR 1,014 1,260 Broadview, Illinois, Tax Increment Revenue, Series 1999, 4.750% 07/01/05........ NR NR 1,221 1,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue, Second Lien, Series 1996A, AMT, (AMBAC Insured), 5.000% 01/01/02........ Aaa AAA 1,004 -------- 3,239 -------- INDIANA -- 1.8% 2,205 Fremont, Indiana, Middle School Building Corporation, Revenue Refunding, Series 1994A, (AMBAC Insured), 4.650% 07/15/04........ Aaa AAA 2,203 -------- KENTUCKY -- 1.1% 1,325 Kentucky, Asset/Liability Commission, University and College Improvements General Fund Revenue, Series 1999-1, 3.500% 03/01/01........ Aa3 AA- 1,318 -------- LOUISIANA -- 1.6% 2,000 De Soto Parish, Louisiana, PCR Refunding, (International Paper Company Project) Series 1993A, 5.050% 12/01/02........ Baa1 BBB+ 2,004 --------
SEE NOTES TO FINANCIAL STATEMENTS. 3 8 NATIONS FUNDS Nations Short-Term Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MAINE -- 2.7% $ 3,500 Baileyville, Maine, PCR, (Georgia-Pacific Corporation Project) Series 1998, 4.750% 06/01/05........ Baa2 NR $ 3,415 -------- MASSACHUSETTS -- 1.4% 1,645 Massachusetts State, Industrial Financing Agency Revenue, Series 1994, 7.100% 11/15/18........ Aaa AAA 1,796 -------- MICHIGAN -- 3.9% 1,000 Detroit, Michigan, GO, Series 1995A, 5.600% 05/01/01........ NR BBB+ 1,005 1,000 Kent County, Michigan, Airport Facilities Revenue, (Kent County International Airport Project) Series 1995, AMT, Prerefunded 01/01/05 @ 102, 6.100% 01/01/25........ Aaa AAA 1,066 1,000 Michigan State, Hospital Finance Authority, Revenue, (Ascension Health Credit Project) Series 1999B, Mandatory Put 11/15/05 @ 100, 5.200% 11/15/33........ Aa2 AA 996 1,800 Michigan State, Hospital Finance Authority, Revenue, Mandatory Put 11/15/06 @ 100, 5.300% 11/15/33........ Aa2 AA 1,793 -------- 4,860 -------- MINNESOTA -- 1.8% 2,235 Minneapolis and St. Paul, Minnesota, Metropolitan Apartment Community, GO Refunding, Series 1998-13, AMT, 5.000% 01/01/04........ Aaa AAA 2,261 -------- MISSISSIPPI -- 4.0% 5,000 Lawrence County, Mississippi, PCR, (Georgia-Pacific Corporation Project) Series 1998, 4.300% 12/01/00........ Baa2 NR 4,995 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSOURI -- 0.8% $ 1,000 Missouri State, Environmental Improvement and Energy Resource Authority, PCR Refunding, (Associated Electrical Cooperation - Thomas Hill Project) Series 1996, 5.750% 12/01/02........ A1 AA $ 1,026 -------- NEW JERSEY -- 5.0% 1,985 New Jersey, Financing Authority, Health Care Facilities Revenue, (Riverwood Center Inc. Project) Series 1991A, (FSA Insured), Prerefunded 07/01/01 @ 102, 9.900% 07/01/21........ Aaa AAA 2,103 4,000 New Jersey, Health Care Facilities Funding Authority, Revenue Refunding, Series 1991A, (FHA Insured), Prerefunded 02/01/01 @ 102, 6.800% 08/01/19........ Aa2 NR 4,110 -------- 6,213 -------- NORTH CAROLINA -- 4.1% 1,000 Durham, North Carolina, GO Refunding, Series 1992, 5.700% 02/01/05........ Aaa AAA 1,029 1,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Halifax Regional Medical Center, Inc. Project) Series 1998, 4.300% 08/15/02........ Baa1 NR 984 1,560 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Halifax Regional Medical Center, Inc. Project) Series 1998, 4.300% 08/15/03........ Baa1 NR 1,512 1,630 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Halifax Regional Medical Center, Inc. Project) Series 1998, 4.400% 08/15/04........ Baa1 NR 1,561 -------- 5,086 --------
SEE NOTES TO FINANCIAL STATEMENTS. 4 9 NATIONS FUNDS Nations Short-Term Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- OHIO -- 4.4% $ 2,015 Akron/Bath/Copley, Ohio, Joint Township Hospital District, Revenue, (Summa Health Systems Project) Series 1993A, 5.750% 11/15/08........ Baa1 NR $ 1,947 3,480 Ohio, Housing Financing Agency, Mortgage Revenue, Series 2000D, AMT, (GNMA COLL), 4.800% 09/01/02........ Aaa NR 3,486 -------- 5,433 -------- OKLAHOMA -- 1.9% 2,385 Tulsa County, Oklahoma, Independent School District Number 001, GO, Series 2000A, 5.000% 03/01/03........ Aa2 AA 2,409 -------- PENNSYLVANIA -- 6.8% 1,500 Allegheny County, Pennsylvania, GO, Series 1987C-34, (MBIA-IBC Insured), 8.500% 02/15/02........ Aaa AAA 1,578 2,000 Delaware County, Pennsylvania Authority, Health Care Revenue, Series 1993B, Prerefunded 11/15/05 @ 100, 6.000% 11/15/07........ Aaa NR 2,098 1,560 Greene County, Pennsylvania, Industrial Development Authority, Revenue, (Monongahela Power Company Project) Series 1998B, 4.350% 02/01/02........ A2 A 1,549 2,200 Greene County, Pennsylvania, Industrial Development Authority, Revenue, (Potomac Edison Company Project) Series 1998B, 4.350% 02/01/02........ A2 A 2,184 1,000 Monroeville, Pennsylvania, Hospital Authority, Revenue Refunding, (Forbes Health Systems - Allegheny University Medical Centers Project) Series 1995, 5.125% 10/01/00........ CAa1 CCC 1,000 -------- 8,409 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- SOUTH CAROLINA -- 9.9% $ 1,950 Aiken County, South Carolina, Construction School District, GO, Series 2000, (SCSDE Insured), 5.000% 04/01/02........ Aa1 AA+ $ 1,967 1,950 Aiken County, South Carolina, Construction School District, GO, Series 2000, (SCSDE Insured), 5.125% 04/01/03........ Aa1 AA+ 1,980 1,000 Berkeley County, South Carolina, Water and Sewer Authority, Revenue Refunding, Series 1991, (MBIA Insured), Prerefunded 06/01/01 @ 102, 7.000% 06/01/16........ Aaa AAA 1,037 1,370 Greenville, South Carolina, Hospital System Authority, Hospital Facilities Revenue Refunding, Series 1993C, 5.250% 05/01/03........ Aa3 AA 1,386 2,965 Richland County, South Carolina, PCR Refunding, (Union Camp Corporation Project) Series 1992C, 5.875% 11/01/02........ Baa1 BBB+ 3,025 1,000 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Palmetto Health Alliance Project) Series 2000A, 5.750% 12/15/01........ Baa1 BBB 999 1,000 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Palmetto Health Alliance Project) Series 2000A, 6.125% 12/15/02........ Baa1 BBB 1,004 1,000 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Palmetto Health Alliance Project) Series 2000A, 6.300% 12/15/03........ Baa1 BBB 1,005 -------- 12,403 --------
SEE NOTES TO FINANCIAL STATEMENTS. 5 10 NATIONS FUNDS Nations Short-Term Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- 3.4% $ 2,100 McMinn County, Tennessee, Industrial Development Board, PCR Refunding, (Bowater Inc. Project) Series 1991, 6.850% 04/01/01........ Baa3 BBB $ 2,122 1,000 Memphis-Shelby County, Tennessee, Airport Authority, Special Facilities and Project Revenue, (Federal Express Corporation Project), Series 1984, 7.875% 09/01/09........ Baa2 BBB 1,053 1,000 Tennessee State, Housing Development Agency Mortgage Finance Authority, Revenue, Series 1993A, 5.200% 01/01/02........ A1 AA 1,007 -------- 4,182 -------- TEXAS -- 9.0% 935 Brazos, Texas, Higher Education Authority Inc., Revenue Refunding, Senior Lien, Series 1994A-2, AMT, (GTD STD LNS), 5.850% 06/01/01........ Aaa NR 937 1,000 Central Texas, Higher Education Authority, Revenue Refunding, Series 1993, AMT, (GTD STD LNS), 5.200% 12/01/04........ Aaa NR 1,015 1,000 Clear Creek, Texas, Independent School District GO Refunding, Series 1998, (PSF-GTD), 4.923%(+) 02/15/03..... Aaa AAA 893 2,500 Dallas-Fort Worth, Texas, International Airport Facilities Improvement, Corporate Revenue Refunding, (American Airlines Project) Series 2000A, AMT, 5.950% 05/01/29........ Baa1 BBB- 2,504 2,800 Richardson, Texas, Independent School District GO Refunding, Series 1998, (PSF-GTD), 5.000% 02/15/03........ Aaa AAA 2,827
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,000 Texas State, College Student Loan Authority, Revenue, Series 1995, AMT, 5.100% 08/01/01........ Aa1 AA $ 1,005 2,000 Texas State, College Student Loan Authority, Revenue, Series 1995, AMT, 5.300% 08/01/03........ Aa1 AA 2,037 -------- 11,218 -------- UTAH -- 1.9% 2,370 Jordan, Utah, School District, GO, Series 1997, (SCH BD GTY), 5.000% 06/15/02........ NR AAA 2,392 -------- VIRGINIA -- 9.3% 3,260 Culpeper County, Virginia, GO, Series 2000, 4.650% 09/01/02........ MIG1 SP1+ 3,261 1,000 Norfolk, Virginia, GO, Series 1995, 5.250% 06/01/01........ A1 AA 1,006 3,350 Richmond, Virginia, GO, Series 2000, (FSA Insured), 5.125% 01/15/04........ Aaa AAA 3,410 1,475 Virginia, Education Loan Authority, Guaranteed Student Loan Revenue, Series 1992G, AMT, (GTD STD LNS), 6.625% 09/01/03........ Aaa NR 1,520 -------- 9,197 -------- WASHINGTON -- 1.7% 1,990 Washington State, Public Power Supply Systems Revenue Refunding, (Nuclear Project Number 1) Series 1991A, 6.600% 07/01/04........ Aa1 AA- 2,056 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $119,983)........................ 120,435 --------
SEE NOTES TO FINANCIAL STATEMENTS. 6 11 NATIONS FUNDS Nations Short-Term Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ----------------------------------------------------------- INVESTMENT COMPANIES -- 8.3% (Cost $10,314) 10,314 Nations Municipal Reserves#........... $ 10,314 -------- TOTAL INVESTMENTS (Cost $130,297*)............. 105.1% 130,749 -------- OTHER ASSETS AND LIABILITIES (NET)........................ (5.1%) Cash.................................. $ 1 Receivable for investment securities sold................................ 160 Receivable for Fund shares sold....... 3 Interest receivable................... 1,834 Payable for Fund shares redeemed...... (167) Investment advisory fee payable....... (4) Administration fee payable............ (20) Shareholder servicing and distribution fees payable........................ (10) Distributions payable................. (450) Payable for investment securities purchased........................... (7,605) Accrued Trustees'/Directors' fees and expenses............................ (25) Accrued expenses and other liabilities......................... (73) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... (6,356) -------- NET ASSETS..................... 100.0% $124,393 ========
VALUE (000) - ----------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income... $ 39 Accumulated net realized loss on investments sold.................... (436) Net unrealized appreciation of investments......................... 452 Paid-in capital....................... 124,338 -------- NET ASSETS............................ $124,393 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($97,168,369 / 9,726,920 shares outstanding)........................ $9.99 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($20,207,505 / 2,022,624 shares outstanding)................. $9.99 ===== Maximum sales charge.................. 1.00% Maximum offering price per share...... $10.09 INVESTOR B SHARES: Net asset value and offering price per share** ($5,826,470 / 583,210 shares outstanding)........................ $9.99 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($1,190,694 / 119,189 shares outstanding)........................ $9.99 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $452 on investment securities was comprised of gross appreciation of $739 and gross depreciation of $287 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $130,297. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Short-Term Municipal Income Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 24.32% Industrial Development Revenue/ Pollution Control Revenue 17.46% Hospital Revenue 13.75% SEE NOTES TO FINANCIAL STATEMENTS. 7 12 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.4% ALABAMA -- 2.3% $ 3,265 Alabama, Special Care Facilities Financing Authority, Hospital Revenue, (Charity Obligation Group Project) Series A, (MBIA Insured, Escrowed to Maturity), 4.625% 11/01/10...... Aaa NR $ 3,146 2,500 Birmingham, Alabama, Industrial Water Board, Industrial Water Supply Revenue, Series 1978, 6.000% 07/01/07...... NR AAA 2,683 2,500 Birmingham, Alabama, Revenue, (Baptist Medical Center of Birmingham Project) Series 1993A, (MBIA Insured), 5.500% 08/15/05...... Aaa AAA 2,575 9,240 Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1992, 7.000% 06/01/22...... Baa1 BBB+ 9,475 5,750 Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1993A, AMT, 6.375% 03/01/29...... Baa1 BBB+ 5,723 3,000 Prichard, Alabama, Waterworks and Sewer Board, Water and Sewer Revenue Refunding, Series 1994, (AMBAC Insured), 5.650% 11/15/04...... Aaa AAA 3,116 ---------- 26,718 ---------- ALASKA -- 1.4% 3,000 Alaska State, Housing Finance Corporation, Revenue, Series 1995A, (MBIA Insured), 5.400% 06/01/08...... Aaa AAA 3,067
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ALASKA -- (CONTINUED) $ 3,345 Alaska, Industrial Development and Export Authority, Revenue Refunding, Series 1998A, AMT, (MBIA Insured), 5.250% 04/01/12...... Aaa AAA $ 3,317 3,280 Alaska, Student Loan Corporation, Student Loan Revenue, Series 1995A, AMT, (AMBAC Insured), 5.250% 07/01/03...... Aaa AAA 3,319 3,000 Alaska, Student Loan Corporation, Student Loan Revenue, Series 1997A, AMT, (AMBAC Insured), 5.150% 07/01/05...... Aaa AAA 3,034 1,250 Alaska, Student Loan Corporation, Student Loan Revenue, Series 1997A, AMT, (AMBAC Insured), 5.200% 07/01/06...... Aaa AAA 1,267 2,000 Anchorage, Alaska, GO, Series 1996A, (AMBAC Insured), 5.100% 08/01/07...... Aaa AAA 2,030 ---------- 16,034 ---------- ARIZONA -- 0.6% 725 Maricopa County, Arizona, Unified High School District Number 210, GO, Series 1993F, 5.450% 07/01/08...... Aa AA 749 3,000 Mesa, Arizona, GO Refunding, (MBIA Insured), 5.000% 07/01/03...... Aaa AAA 3,042 2,125 Pima County, Arizona, Unified School District, GO, Series 1995G, (MBIA Insured), 7.300% 07/01/05...... Aaa AAA 2,367 1,500 Salt River, Arizona, Agricultural Improvement and Power District, Electric Systems Revenue Refunding, (Salt River Project) Series 1993B, 5.050% 01/01/06...... Aa2 AA 1,527 ---------- 7,685 ---------- ARKANSAS -- 1.5% 10,000 Arkansas State, GO, Series 2000A, 5.500% 08/01/11...... Aa2 AA 10,450
SEE NOTES TO FINANCIAL STATEMENTS. 8 13 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ARKANSAS -- (CONTINUED) $ 7,000 Hot Springs, Arkansas, IDR Refunding, (Willamette Industries Project) Series 1991, 6.650% 12/01/02...... NR A- $ 7,241 ---------- 17,691 ---------- CALIFORNIA -- 0.2% 2,000 California State, GO, Series 1990, 7.000% 08/01/04...... Aa2 AA 2,189 ---------- COLORADO -- 0.8% 1,500 Arapahoe County, Colorado, School District Number 005, GO, Series 1990, Prerefunded 12/15/00 @ 101, 7.000% 12/15/04...... Aa1 AA 1,523 10,000 Colorado, E-470 Public Highway Authority, Revenue, Series 1997B, (MBIA Insured), 5.320%(+) 09/01/12... Aaa AAA 5,317 3,075 Denver City and County, Colorado, Airport Revenue Refunding, Series 2000A, (AMBAC Insured), 6.000% 11/15/15...... Aaa AAA 3,186 ---------- 10,026 ---------- CONNECTICUT -- 0.7% 1,500 Connecticut State, GO Refunding, Series 1998B, 5.375% 08/15/03...... Aa3 AA 1,539 6,465 Connecticut State, Housing Finance Authority, Revenue, (Housing Mortgage Finance Program) Series 1997D-2, AMT, 5.600% 11/15/21...... Aa2 AA 6,217 ---------- 7,756 ---------- DELAWARE -- 0.1% 1,000 Delaware State, GO Refunding, Series 1991A, 6.100% 08/15/03...... Aaa AAA 1,033 ---------- DISTRICT OF COLUMBIA -- 0.8% 1,000 District of Columbia, Hospital Revenue Refunding, (Medlantic Healthcare Group Project) Series 1997A, (MBIA Insured), 6.000% 08/15/06...... Aaa AAA 1,063
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- DISTRICT OF COLUMBIA -- (CONTINUED) $ 1,350 District of Columbia, Hospital Revenue Refunding, (Medlantic Healthcare Group Project) Series 1997A, (MBIA Insured), 6.000% 08/15/07...... Aaa AAA $ 1,442 3,050 District of Columbia, Revenue, (Georgetown University Project) Series 1988C, (MBIA Insured), 5.050% 04/01/11...... Aaa AAA 3,025 4,000 District of Columbia, Revenue, (The Smithsonian Institute Project) Series 1997, 5.000% 02/01/17...... Aaa AAA 3,713 ---------- 9,243 ---------- FLORIDA -- 8.9% 5,000 Broward County, Florida, School District, GO Refunding, Series 1992, 6.000% 02/15/04...... A1 AA- 5,188 3,500 Broward County, Florida, School District, GO Refunding, Series 1993, 5.100% 02/15/02...... A1 AA- 3,530 5,000 Dade County, Florida, School District, GO, Series 1995, (MBIA Insured), 5.500% 08/01/04...... Aaa AAA 5,169 1,000 Deerfield Beach, Florida, Water and Sewer Revenue Refunding, Series 1992, (FGIC Insured), 6.125% 10/01/03...... Aaa AAA 1,033 2,700 Duval County, Florida, Housing Finance Authority, Multi-Family Housing Revenue Refunding, (United Dominion Realty Trust - Greentree Place Project) Series 1995, Mandatory Put 04/01/09 @ 100, 6.750% 04/01/25...... NR BBB+ 2,816 4,600 Duval County, Florida, Housing Finance Authority, Multi-Family Mortgage Revenue Refunding, (The Cove Project) Series 1992, 6.100% 10/01/02...... NR AAA 4,679
SEE NOTES TO FINANCIAL STATEMENTS. 9 14 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 4,850 Escambia County, Florida, Housing Finance Authority, Single-Family Mortgage, Revenue, Series 1999, AMT, (FNMA/GNMA COLL), 4.500% 10/01/09...... Aaa NR $ 4,659 3,035 Florida State, Board of Education, Capital Outlay GO, Series 1995A, 5.400% 01/01/06...... Aa2 AA+ 3,141 5,575 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1996A, 5.500% 06/01/06...... Aa2 AA+ 5,811 4,000 Florida State, Division of Bond Financing, Department of General Services, Revenue, (Department of Natural Resources - Preservation 2000 Project) Series 1995A, (AMBAC Insured), 5.500% 07/01/06...... Aaa AAA 4,172 1,000 Florida State, Jacksonville Transportation GO Refunding, Senior Lien, Series 1997, 5.000% 07/01/19...... Aa AA+ 933 7,440 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (Altamonte Project) Series 1994C, Mandatory Put 12/01/03 @ 100, 7.000% 12/01/24...... NR BBB+ 7,796 2,000 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (United Dominion Realty Trust - Andover Project) Series 1996E, AMT, Mandatory Put 05/01/08 @ 100, 6.350% 05/01/26...... NR BBB+ 2,051 4,000 Jacksonville, Florida, Electric Authority Revenue Refunding, (St. John River - Issue 2 Project) Series 1993-10, 6.500% 10/01/03...... Aa2 AA 4,219
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 1,500 Jacksonville, Florida, Electric Authority, Revenue Refunding, (St. John River Project) Issue 2, Series 1993-10, 4.600% 10/01/00...... Aa2 AA $ 1,500 5,900 Jacksonville, Florida, Electric Authority, Revenue Refunding, (St. John River Project) Issue 2, Series 1993-10, 5.000% 10/01/04...... Aa2 AA 5,987 700 Jacksonville, Florida, Electric Systems Authority, Revenue Refunding, (St. Johns River Project) Series 1995-6C-2, 6.400% 10/01/00...... Aa1 AA 700 2,500 Lakeland, Florida, Electrical and Water Revenue, Series 1996, Prerefunded 10/01/06 @ 102, 5.500% 10/01/26...... Aaa AAA 2,647 2,000 Lee County, Florida, Water and Sewer Revenue, Series 1999A, (AMBAC Insured), 4.750% 10/01/19...... Aaa AAA 1,777 1,000 Manatee County, Florida, Public Utilities Revenue Refunding, Series 1991B, (MBIA Insured), 6.400% 10/01/03...... Aaa AAA 1,019 2,080 Nassau County, Florida, PCR Refunding, (ITT Rayonier, Inc. Project) Series 1992, 5.700% 06/01/01...... Baa2 BBB- 2,088 4,075 North Broward, Florida, Hospital District Revenue Refunding, Series 1997, 5.250% 01/15/11...... Aaa AAA 4,110 2,000 Orange County, Florida, Public Facilities Revenue, Series 1994A, (AMBAC Insured), 5.450% 10/01/05...... Aaa AAA 2,075 3,060 Orlando and Orange County, Florida, Expressway Authority, Revenue Refunding, Senior Lien, Series 1993, (AMBAC Insured), 5.375% 07/01/08...... Aaa AAA 3,136
SEE NOTES TO FINANCIAL STATEMENTS. 10 15 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 2,500 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding, Series 1992, 5.200% 10/01/00...... Aa1 AA $ 2,500 4,000 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding, Series 1992, 5.600% 10/01/03...... Aa1 AA 4,126 1,000 Palm Beach County, Florida, Criminal Justice Facilities Revenue, Series 1994, (FGIC Insured), 5.850% 06/01/07...... Aaa AAA 1,056 7,685 Palm Beach County, Florida, Health Facilities Authority Revenue, (Good Samaritian Project) Series 1993, (MBIA-IBC Insured), Prerefunded 10/01/03 @ 102, 6.300% 10/01/22...... Aaa AAA 8,179 5,000 Tampa, Florida, Health Systems Revenue, (Catholic Health East Project) Series 1998A-1, (MBIA Insured), 5.500% 11/15/13...... Aaa AAA 5,098 4,000 Tampa, Florida, Health Systems Revenue, (Catholic Health East Project) Series 1998A-1, (MBIA Insured), 5.500% 11/15/14...... Aaa AAA 4,059 ---------- 105,254 ---------- GEORGIA -- 1.7% 3,900 Atlanta, Georgia, Urban Residential Finance Authority, College Facilities Revenue, (Morris Brown College Project) Series 1991, Prerefunded 10/01/05 @ 100, 9.500% 12/01/11...... Aaa NR 4,232 3,000 Cartersville, Georgia, Development Authority, Sewer Facilities Revenue Refunding, (Anheuser- Busch Companies, Inc. Project) Series 1997, AMT, 5.625% 05/01/09...... A1 A+ 3,098
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $ 5,000 Fulton and DeKalb Counties, Georgia, Hospital Authority, GO Refunding Certificates, (Grady Memorial Hospital Project) Series 1993, (MBIA Insured), 5.250% 01/01/04...... Aaa AAA $ 5,098 1,105 Fulton County, Georgia, Development Authority, Revenue, (Clark Atlanta University Project) Series 1995, (CONNIE LEE Insured), 5.100% 01/01/05...... Baa3 AAA 1,123 1,000 Georgia State, GO, Series 1991C, 6.500% 04/01/04...... Aaa AAA 1,064 4,400 Georgia State, GO, Series 1997C, 6.250% 08/01/09...... Aaa AAA 4,872 700 Georgia, Municipal Electric Authority, Power Revenue Refunding, Series 1991U, Prerefunded 01/01/01 @ 102, 6.800% 01/01/03...... Aaa AAA 718 ---------- 20,205 ---------- HAWAII -- 0.8% 6,000 Hawaii State, GO, Series 1997CN, (FGIC Insured), 6.250% 03/01/04...... Aaa AAA 6,302 2,500 Honolulu City and County, Hawaii, GO Refunding, Series 1990A, 7.350% 07/01/07...... Aa3 AA- 2,864 ---------- 9,166 ---------- ILLINOIS -- 8.7% 2,370 Chicago, Illinois, Board of Education GO, Series 1997, (AMBAC Insured), 5.250% 12/01/05...... Aaa AAA 2,428 2,500 Chicago, Illinois, Gas Supply Revenue, (Peoples Gas Light and Coke Project) Series 1985A, 6.875% 03/01/15...... Aa3 AA- 2,613 7,105 Chicago, Illinois, GO Refunding, Series 1999, (FGIC Insured), 5.250% 01/01/18...... Aaa AAA 6,923
SEE NOTES TO FINANCIAL STATEMENTS. 11 16 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ILLINOIS -- (CONTINUED) $ 3,750 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago Capital Improvement GO, Series 1993, 5.000% 12/01/02...... Aa1 AA $ 3,788 2,000 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago Capital Improvement GO, Series 1995, 5.750% 12/01/01...... Aa1 AA 2,030 2,165 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago Capital Improvement GO, Series 1995, 5.750% 12/01/01...... Aa1 AA 2,197 10,200 Chicago, Illinois, Park District, GO, Series 1995, 6.600% 11/15/14...... Aa3 AA 11,143 2,000 Chicago, Illinois, School Finance Authority, GO, Series 1994A, (MBIA Insured), 4.800% 06/01/04...... Aaa AAA 2,008 1,160 Chicago, Illinois, School Finance Authority, GO, Series 1994A, (MBIA Insured), 4.900% 06/01/05...... Aaa AAA 1,168 2,000 Chicago, Illinois, Water Revenue Refunding, Series 1992, (AMBAC Insured), 5.600% 11/01/04...... Aaa AAA 2,070 4,000 Chicago, Illinois, Water Revenue, Series 1992, (AMBAC Insured), 5.400% 11/01/02...... Aaa AAA 4,067 2,000 Cook County, Illinois, Community College District Number 508, Certificates of Participation, Series 1990, (FGIC Insured), 8.750% 01/01/07...... Aaa AAA 2,415 3,000 Cook County, Illinois, GO, Series 1996, (FGIC Insured), 5.100% 11/15/03...... Aaa AAA 3,044
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ILLINOIS -- (CONTINUED) $ 1,145 Du Page County, Illinois, School District, GO, Series 1997, (FGIC Insured), 6.750% 02/01/11...... Aaa NR $ 1,293 4,000 Illinois State, GO, Series 1994, 5.500% 08/01/03...... Aa2 AA 4,097 3,000 Illinois State, GO, Series 1994, (MBIA Insured), 5.500% 08/01/04...... Aaa AAA 3,094 6,850 Illinois State, GO, Series 2000, 5.750% 06/01/15...... Aaa AAA 7,044 12,500 Illinois State, Sales Tax Revenue Refunding, Series 1993S, 6.000% 06/15/03...... Aa2 AAA 12,950 4,000 Illinois State, Sales Tax Revenue, Series 1994, 5.625% 06/15/02...... Aa2 AAA 4,073 7,560 Illinois Student Assistance Commission, Student Loan Revenue, Series 1999RR, AMT, (GTD STD LNS), 4.250% 09/01/06...... Aaa NR 7,257 1,000 Illinois, Health Facilities Authority, Revenue Refunding, (Lutheran General Health Systems Project) Series 1993C, 5.250% 04/01/02...... A1 A+ 1,003 6,320 Illinois, Health Facilities Authority, Revenue, (Highland Park Hospital Project) Series 1991B, (FGIC Insured), 5.900% 10/01/12...... Aaa AAA 6,623 1,050 Lansing, Illinois, Sales Tax Increment Revenue Refunding, (Landings Redevelopment Project) Series 1992, 6.500% 12/01/02...... NR BBB 1,082 1,580 Metropolitan Pier and Exposition Authority, Revenue, Series 1996A, (AMBAC Insured), 6.000% 12/15/06...... Aaa AAA 1,684 2,400 Metropolitan Pier and Exposition, Revenue, Series 1992, (MBIA- IBC Insured), 6.500% 06/01/05...... Aaa AAA 2,579
SEE NOTES TO FINANCIAL STATEMENTS. 12 17 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ILLINOIS -- (CONTINUED) $ 1,000 Regional Transportation Authority of Illinois, Revenue, Series 1991A, (FGIC Insured), Prerefunded 11/01/01 @ 102, 6.350% 11/01/04...... Aaa AAA $ 1,040 3,300 Regional Transportation Authority of Illinois, Revenue, Series 1994A, (AMBAC Insured), 5.800% 06/01/05...... Aaa AAA 3,453 ---------- 103,166 ---------- INDIANA -- 1.0% 1,040 Indiana, Health Facilities Financing Authority, Hospital Revenue Refunding, (Methodist Hospital of Indiana, Inc. Project) Series 1992, 6.500% 09/15/02...... A2 NR 1,071 4,390 Indiana, Health Facilities Financing Authority, Hospital Revenue, (Clarian Health Partners, Inc. Project) Series 1996A, 5.000% 02/15/04...... Aa3 AA 4,411 2,880 Indiana, Health Facilities Financing Authority, Hospital Revenue, (Methodist Hospital of Indiana, Inc. Project) Series 1992A, (Escrowed to Maturity), 5.750% 09/01/15...... NR AA- 2,988 3,000 Indiana, Municipal Power Agency, Power Supply Systems Revenue Refunding, Series 1993B, (MBIA Insured), 5.375% 01/01/03...... Aaa AAA 3,049 ---------- 11,519 ---------- IOWA -- 1.6% 9,650 Iowa, Student Loan Liquidity Corporation, Student Loan Revenue Refunding, Series 1998J, AMT, (AMBAC Insured), 4.800% 06/01/09...... Aaa AAA 9,434
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- IOWA -- (CONTINUED) $10,000 Iowa, Student Loan Liquidity Corporation, Student Loan Revenue, (Iowa College Student Aid Project) Series 1997B, AMT, 4.900% 12/01/05...... Aaa NR $ 9,987 ---------- 19,421 ---------- KANSAS -- 1.4% 5,000 Kansas State, Department of Transportation, Highway Revenue, Series 1992, 7.250% 03/01/05...... Aa2 AA+ 5,513 5,000 Kansas State, Development Finance Authority, Revenue, (Board of Regents - Rehabilitation Project) Series 1997G-2, (AMBAC Insured), 5.500% 10/01/06...... Aaa AAA 5,215 4,500 Kansas State, Development Finance Authority, Revenue, Series 1998A, 4.800% 06/01/13...... NR A- 4,261 2,175 Labette County, Kansas, Single-Family Mortgage Revenue, Zero Coupon Capital Accumulator Bonds, Series 1982, (Escrowed to Maturity), 5.690%(+) 12/01/14... Aaa A- 1,003 ---------- 15,992 ---------- MARYLAND -- 1.2% 1,500 Baltimore, Maryland, Port Facilities Revenue, (E.I. duPont de Nemours Project) Series 1985, 6.500% 12/01/10...... Aa3 AA- 1,581 4,890 Maryland State, GO Refunding, Series 1991-3, 6.250% 07/15/02...... Aaa AAA 4,960 3,500 Prince Georges County, Maryland, Solid Waste Management Systems Authority, Revenue Refunding, Series 1993, (FSA Insured), 5.200% 06/15/06...... Aaa AAA 3,577 2,000 Washington County, Maryland, Suburban Sanitation District Authority, General Construction GO Refunding, Series 1993, 5.000% 06/01/04...... Aa1 AA 2,034
SEE NOTES TO FINANCIAL STATEMENTS. 13 18 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MARYLAND -- (CONTINUED) $ 2,500 Washington County, Maryland, Suburban Sanitation District Authority, Water Supply GO Refunding, Series 1993, 4.900% 12/01/05...... Aa1 AA $ 2,542 ---------- 14,694 ---------- MASSACHUSETTS -- 3.7% 1,000 Massachusetts State, GO Refunding, Series 1993B, 5.000% 11/01/01...... Aa2 AA- 1,007 5,000 Massachusetts State, GO Refunding, Series 1993C, 5.000% 08/01/07...... Aa2 AA- 5,070 11,840 Massachusetts State, GO Refunding, Series 1993C, (AMBAC Insured), 4.950% 08/01/05...... Aaa AAA 12,032 4,000 Massachusetts State, GO Refunding, Series 1996A, 5.000% 11/01/09...... Aa2 AA- 4,050 1,000 Massachusetts State, Industrial Financing Agency, Revenue, (Babson College Issue Project) Series 1998A, (MBIA Insured), 5.000% 10/01/18...... Aaa AAA 927 6,000 Massachusetts State, Water Resources Authority, General Revenue Refunding, Series 1993B, 5.125% 03/01/04...... A1 A+ 6,098 4,175 Massachusetts, Educational Financing Authority, Educational Loan Revenue Refunding, Series 1999A, AMT, (AMBAC Insured), 4.750% 07/01/11...... Aaa AAA 3,982 3,745 Massachusetts, Educational Financing Authority, Educational Revenue, Series 1998C, AMT, (MBIA Insured), 4.600% 12/01/08...... Aaa AAA 3,640 3,325 Massachusetts, Educational Financing Authority, Educational Revenue, Series 1998C, AMT, (MBIA Insured), 4.700% 12/01/09...... Aaa AAA 3,232
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MASSACHUSETTS -- (CONTINUED) $ 2,000 Massachusetts, University of Lowell Building Authority, Revenue, Series 1995A, (AMBAC Insured), 5.700% 11/01/09...... Aaa AAA $ 2,098 2,000 New England Education Loan Marketing Company of Massachusetts, Student Loan Revenue Refunding, Series 1993A, AMT, 5.700% 07/01/05...... Aa2 AA 2,070 ---------- 44,206 ---------- MICHIGAN -- 2.6% 7,500 Detroit, Michigan, Convention Facilities, Revenue Refunding, (Cobo Hall Expansion Project) Series 1993, (FSA Insured), 5.100% 09/30/04...... Aaa AAA 7,616 1,000 Detroit, Michigan, GO Refunding, Series 1995B, 6.750% 04/01/03...... Baa1 A- 1,043 2,000 Detroit, Michigan, GO Refunding, Series 1995B, 7.000% 04/01/04...... Baa1 A- 2,130 7,000 Michigan State, Hospital Finance Authority, Revenue, (Ascension Health Credit Project) Series 1999B, Mandatory Put 11/05/04 @ 100, 5.050% 11/15/33...... Aa2 AA 6,964 4,000 Michigan State, Hospital Finance Authority, Revenue, (Ascension Health Credit Project) Series 1999B, Mandatory Put 11/15/05 @ 100, 5.200% 11/15/33...... Aa2 AA 3,984 5,000 Michigan State, Hospital Financing Authority, Revenue, (Ascension Health Credit Project) Series 1999A, 5.750% 11/15/18...... Aaa AAA 4,961
SEE NOTES TO FINANCIAL STATEMENTS. 14 19 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MICHIGAN -- (CONTINUED) $ 3,195 Royal Oak, Michigan, Hospital Financing Authority, Hospital Revenue, (William Beaumont Hospital Project) Series 1997, 5.100%(+) 11/15/07... Aa3 AA $ 2,228 2,000 Royal Oak, Michigan, Hospital Financing Authority, Hospital Revenue, (William Beaumont Hospital Project) Series 1997K, 5.050%(+) 11/15/06... Aa3 AA 1,472 ---------- 30,398 ---------- MINNESOTA -- 1.6% 3,000 Minnesota State, GO, Refunding, Series 1998, 4.000% 11/01/04...... Aaa AAA 2,928 5,000 Minnesota State, GO, Series 1994, 5.600% 10/01/05...... Aaa AAA 5,188 1,390 Rochester, Minnesota, Health Care Facilities Revenue, (Mayo Foundation - Mayo Medical Center Project) Series 1988C, 7.100% 11/15/00...... NR AA+ 1,395 2,150 Southern Minnesota Municipal Power Agency, Power Supply Systems Revenue, Refunded Balance, Series 1992B, 5.800% 01/01/07...... Aaa AAA 2,237 3,850 Southern Minnesota Municipal Power Agency, Power Supply Systems Revenue, Unrefunded Balance, Series 1992B, 5.800% 01/01/07...... A2 A+ 3,983 3,200 St. Paul, Minnesota, Sewer Revenue Refunding, Series 1993, (AMBAC Insured), 5.100% 12/01/01...... Aaa AAA 3,225 ---------- 18,956 ---------- MISSISSIPPI -- 0.9% 8,000 Adams County, Mississippi, PCR, (International Paper Company Project) Series 1994A, 5.500% 12/01/05...... Baa1 BBB+ 8,053
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSISSIPPI -- (CONTINUED) $ 2,370 Mississippi, Higher Education Authority Revenue, Series 1992C, AMT, (GTD STD LNS), 6.400% 01/01/03............. NR A $ 2,439 ---------- 10,492 ---------- MISSOURI -- 2.1% 2,000 Kansas City, Missouri, GO, Series 1991, 6.000% 03/01/07...... Aa3 AA 2,012 4,000 Kansas City, Missouri, Industrial Development Authority, IDR, (Owens-Illinois, Inc. - Georgia-Pacific Corporation Project) Series 1998, 4.900% 12/31/08...... Baa2 NR 3,810 1,590 Kansas City, Missouri, Water Revenue, Series 1994, 5.900% 12/01/05...... Aa3 AA 1,669 1,150 Metropolitan St. Louis, Missouri, Sewer District, GO Refunding, Series 1991, (FGIC Insured), 6.300% 02/15/01...... Aaa AAA 1,157 1,500 Missouri State, Board of Public Buildings, Revenue Refunding, Series 1991, 5.900% 12/01/01...... Aa2 AA 1,525 2,980 Missouri State, Environmental Improvement and Energy Resource Authority, PCR Refunding, (Associated Electrical Cooperation - Thomas Hill Project) Series 1996, 5.500% 12/01/05...... A1 AA 3,090 2,000 Missouri State, Health and Educational Facilities Authority, Health Facilities Revenue, (BJC Health Systems Project) Series 1994A, 5.900% 05/15/04...... Aa3 NR 2,083 2,805 Platte County, Missouri, Public Building Corporation, Leasehold Revenue, (Law Enforcement Center Project) Series 1996, (FSA Insured), 5.300% 09/01/02...... Aaa AAA 2,835
SEE NOTES TO FINANCIAL STATEMENTS. 15 20 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSOURI -- (CONTINUED) $ 1,000 Springfield, Missouri, School District Number R-12, GO Refunding, Series 1991A, (FGIC Insured), 6.400% 03/01/03...... Aaa AAA $ 1,008 1,000 Springfield, Missouri, School District Number R-12, GO Refunding, Series 1991A, (FGIC Insured), 6.400% 03/01/04...... Aaa AAA 1,008 1,000 Springfield, Missouri, School District Number R-12, GO Refunding, Series 1991A, (FGIC Insured), 6.250% 03/01/05...... Aaa AAA 1,007 1,400 St. Louis County, Missouri, Pattonville R-3 School District, GO, Series 1992, (FGIC Insured), 5.700% 02/01/01...... Aaa AAA 1,406 1,565 St. Louis, Missouri, Metropolitan Sewer District, Mississippi River Subdistrict GO Refunding, Series 1991, (FGIC Insured), 6.400% 02/15/02...... Aaa AAA 1,575 1,000 St. Louis, Missouri, School District, GO, Series 1991, (FGIC Insured), 6.500% 04/01/03...... Aaa AAA 1,040 ---------- 25,225 ---------- MONTANA -- 0.3% 4,475 Lewis and Clark County, Montana, Environmental Facilities Revenue, (Asarco, Inc. Project) Series 1998, AMT, 5.850% 10/01/33...... B3 BB 3,510 ---------- NEBRASKA -- 0.4% 1,000 Lincoln, Nebraska, Electric Systems Revenue Refunding, Series 1993A, 5.000% 09/01/06...... Aa2 AA 1,011
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NEBRASKA -- (CONTINUED) $ 3,500 Nebraska Public Power District, Power Supply Systems Revenue, Series 1993, 5.300% 01/01/02...... Aaa AAA $ 3,535 ---------- 4,546 ---------- NEVADA -- 1.5% 1,000 Clark County, Nevada, GO Refunding, Series 1991, (MBIA Insured), 6.200% 10/01/03...... Aaa AAA 1,025 6,175 Clark County, Nevada, School District, GO Refunding, Series 1993B, (FGIC Insured), 5.375% 05/01/05...... Aaa AAA 6,331 1,000 Clark County, Nevada, School District, GO, Series 1991A, (MBIA Insured), 6.500% 06/01/02...... Aaa AAA 1,022 1,255 Nevada State, GO, Series 1995A, 5.200% 11/01/08...... Aa2 AA 1,275 6,570 Nevada State, GO, Series 1998A, 5.250% 05/15/16...... Aa2 AA 6,379 1,000 Nevada State, Municipal Board, GO, (Bank Project Number 28-31) Series 1989C, 7.000% 01/01/03...... Aaa AAA 1,006 1,000 Nevada State, Municipal Board, GO, (Bank Project Number 38-39) Series 1992A, 6.000% 07/01/01...... NR AA 1,012 ---------- 18,050 ---------- NEW JERSEY -- 1.8% 4,000 Bergen County, New Jersey, Utilities Authority, Water PCR, Series 1992B, (FGIC Insured), 5.500% 12/15/02...... Aaa AAA 4,089 3,340 New Jersey State Housing and Mortgage Finance Agency, Revenue, (Home Buyer Project), Series 1999, AMT, 5.300% 04/01/08...... Aaa AAA 3,401 3,440 New Jersey State Housing and Mortgage Finance Agency, Revenue, (Home Buyer Project), Series 1999, AMT, 5.400% 04/01/09...... Aaa AAA 3,517
SEE NOTES TO FINANCIAL STATEMENTS. 16 21 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NEW JERSEY -- (CONTINUED) $ 5,000 New Jersey State, GO Refunding, Series 1992D, 5.500% 02/15/04...... Aa1 AA+ $ 5,155 4,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Revenue Refunding, Series 1994A, (AMBAC Insured), 5.200% 12/15/00...... Aaa AAA 4,007 1,000 New Jersey, University of Medicine and Dentistry, Revenue, Series 1989C, 7.000% 12/01/00...... A3 AA- 1,004 ---------- 21,173 ---------- NEW MEXICO -- 1.4% 3,000 Bernalillo County, New Mexico, Gross Receipts Tax Revenue Refunding, Series 1998, 5.250% 04/01/27...... Aa3 AA 2,863 4,000 New Mexico State, GO, Series 1995, 5.250% 09/01/03...... Aa1 AA+ 4,002 6,000 New Mexico State, Highway Community Tax Revenue, Series 2000A, 6.000% 06/15/10...... Aa2 AA+ 6,505 2,095 New Mexico, Mortgage Finance Authority, Single-Family Mortgage Revenue, Series 1997E-2, AMT, (GNMA/FNMA/FHLMC COLL), 5.600% 07/01/17...... NR AAA 2,029 1,305 New Mexico, Mortgage Financial Authority, Single-Family Mortgage Revenue, Series 1997C-2, AMT, (GNMA/FNMA/FHLMC COLL), 5.950% 07/01/17...... Aaa NR 1,305 ---------- 16,704 ---------- NEW YORK -- 2.4% 3,000 New York City, New York, Municipal Assistance Corporation, Revenue, Series 1997J, 5.750% 07/01/03...... Aa2 AA 3,101 2,500 New York State, Building Authority, General Revenue, Series 1997, 5.000% 01/01/05...... Aa3 AA- 2,537
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NEW YORK -- (CONTINUED) $ 5,000 New York State, Dormitory Authority, Revenue, (City University Project) Series 1993B, 5.250% 07/01/06...... Baa1 BBB+ $ 5,112 7,000 New York State, Dormitory Authority, State University Educational Facilities Revenue, Series 1993A, 5.400% 05/15/04...... A3 A 7,196 4,000 New York, New York, City Transitional Finance Authority, Revenue, Series 1998B, 4.600% 11/15/11...... Aa3 AA 3,829 2,260 New York, New York, GO, Series 1993E, (MBIA- IBC Insured), Prerefunded 05/15/03 @ 101.5, 5.800% 05/15/05...... Aaa AAA 2,364 3,500 New York, New York, GO, Series 1997, (MBIA Insured), 6.250% 04/15/07...... Aaa AAA 3,800 ---------- 27,939 ---------- NORTH CAROLINA -- 3.1% 3,000 Charlotte, North Carolina, Airport Revenue, Series 1999B, AMT, (MBIA Insured), 6.000% 07/01/24...... Aaa AAA 3,062 2,000 Cumberland County, North Carolina, GO, Series 1998, (FGIC Insured), 5.000% 03/01/17...... Aaa AAA 1,895 5,000 Mecklenburg County, North Carolina, GO Refunding, Series 1992, 5.750% 03/01/03...... Aaa AAA 5,115 3,000 Mecklenburg County, North Carolina, Public Improvement GO, Series 1992, Prerefunded 01/01/02 @ 101, 6.200% 01/01/04...... Aaa AAA 3,092 7,000 North Carolina State, Public School Building, GO, Series 1999, 4.600% 04/01/15...... Aaa AAA 6,371
SEE NOTES TO FINANCIAL STATEMENTS. 17 22 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $ 1,895 North Carolina, Housing Finance Agency, (Single-Family Program) Series 1997RR, AMT, (FHA Insured), 5.850% 09/01/28...... Aa2 AA $ 1,877 4,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Carolina Medicorp, Inc. Project) Series 1996, 5.125% 05/01/16...... A1 AA- 3,764 3,135 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Pitt County Memorial Hospital Project) Series 1998A, 4.400% 12/01/08...... Aa3 AA- 2,978 5,000 North Carolina, Medical Care Commission, Hospital Revenue, (Duke University Hospital Project) Series 1996C, 5.250% 06/01/26...... Aa3 AA 4,585 3,000 North Carolina, Medical Care Commission, Hospital Revenue, (Pitt County Memorial Hospital Project) Series 1998B, 5.000% 12/01/18...... Aa3 AA- 2,723 1,200 Winston-Salem, North Carolina, Water and Sewer System Revenue Refunding, Series 1997, 4.600% 06/01/11...... Aa2 AA+ 1,152 ---------- 36,614 ---------- OHIO -- 1.0% 2,000 Akron/Bath/Copley, Ohio, Joint Township Hospital District, Revenue, (Summa Health Systems Project) Series 1993A, 5.750% 11/15/08...... Baa1 NR 1,933 6,060 Montgomery County, Ohio, Hospital Revenue, (Kettering Medical Center Project) Series 1999, 6.500% 04/01/13...... Baa1 BBB+ 6,135
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- OHIO -- (CONTINUED) $ 2,500 Ohio State, Public Facilities Commission, Revenue, (Higher Education Capital Facilities Project) Series 1995A-II, (AMBAC Insured), 5.200% 05/01/05...... Aaa AAA $ 2,555 1,715 Ohio, Housing Finance Agency, Mortgage Revenue, (Residential Project) Series 1998B-2, AMT, (GNMA COLL), 4.800% 09/01/07...... Aaa NR 1,697 ---------- 12,320 ---------- OKLAHOMA -- 0.4% 1,500 Oklahoma, Development Finance Authority, Revenue Refunding, (Hillcrest Healthcare Center Inc. Project) Series 1999A, 4.700% 08/15/05...... Ba1 BB+ 1,356 5,000 Oklahoma, Development Finance Authority, Revenue Refunding, (Hillcrest Healthcare Center Inc. Project) Series 1999A, 5.625% 08/15/19...... Ba1 BB+ 3,686 ---------- 5,042 ---------- OREGON -- 1.3% 6,000 Multnomah County, Oregon, School District Number 1J - Portland, GO, Series 1996, 5.500% 06/01/05...... Aa3 A+ 6,224 4,300 Portland, Oregon, Sewer Systems Revenue, Series 1994A, 5.450% 06/01/03...... A1 A+ 4,398 4,500 Washington County, Oregon, Sewer Revenue Refunding, Senior Lien, Series 1992A, (AMBAC Insured), 5.300% 10/01/01...... Aaa AAA 4,541 ---------- 15,163 ---------- PENNSYLVANIA -- 3.2% 5,000 Allegheny County, Pennsylvania, Airport Revenue Refunding, (Pittsburgh International Airport Project) Series 1997A-1, AMT, (MBIA Insured), 5.750% 01/01/08...... Aaa AAA 5,222
SEE NOTES TO FINANCIAL STATEMENTS. 18 23 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- PENNSYLVANIA -- (CONTINUED) $ 3,575 Delaware County, Pennsylvania Authority, Health Care Revenue, Series 1993B, Prerefunded 11/15/05 @ 100, 6.000% 11/15/07...... Aaa NR $ 3,750 2,890 Erie, Pennsylvania, Water Authority, Water Revenue, Series 1991, Prerefunded 12/01/01 @ 100, 7.125% 12/01/11...... Baa3 BBB 2,976 5,000 Pennsylvania State, GO Refunding, Series 1997, (AMBAC Insured), 5.125% 09/15/04...... Aaa AAA 5,099 9,180 Pennsylvania, Housing Finance Agency, Single-Family Mortgage Revenue, Series 1997A-61, AMT, 5.450% 10/01/21...... Aa2 AA+ 8,734 2,500 Philadelphia, Pennsylvania, Industrial Development Authority, IDR Refunding, (Ashland Oil Inc. Project) Series 1993, 5.700% 06/01/05...... Baa2 NR 2,536 9,000 Philadelphia, Pennsylvania, Water and Wastewater Systems Revenue, Series 1993, (FGIC Insured), 5.500% 06/15/03...... Aaa AAA 9,209 ---------- 37,526 ---------- RHODE ISLAND -- 0.3% 55 Rhode Island State, GO, Series 1992A, 5.400% 08/01/06...... Aa3 AA- 56 2,945 Rhode Island State, GO, Series 1992A, Prerefunded 08/01/01 @ 102, 5.400% 08/01/06...... Aa3 AA- 3,026 ---------- 3,082 ---------- SOUTH CAROLINA -- 3.5% 2,195 Cherokee County, South Carolina, School District Number 001, GO, Series 1997, (SCSDE Insured), 5.500% 03/01/06...... Aa1 NR 2,283
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $ 3,600 Cherokee County, South Carolina, School District Number 001, GO, Series 1997, (SCSDE Insured), 5.000% 03/01/16...... Aa1 NR $ 3,422 15,400 Georgetown County, South Carolina, PCR Refunding, (International Paper Company Project) Series 1999A, 5.125% 02/01/12...... Baa1 BBB+ 14,482 3,210 Greenville Hospital Systems of South Carolina, Hospital Facilities Revenue, Series 1996B, (GTY-AGMT), 5.500% 05/01/08...... Aa3 AA 3,296 5,160 Piedmont Municipal Power Agency, South Carolina, Electric Revenue, Series 1996B, (FGIC Insured), 6.000% 01/01/07...... Aaa AAA 5,491 2,580 Piedmont Municipal Power Agency, South Carolina, Electric Revenue, Unrefunded Balance, Series 1991A, (FGIC Insured), 6.125% 01/01/03...... Aaa AAA 2,664 3,665 Richland County, South Carolina, Solid Waste Disposal Facilities Revenue, (Union Camp Corporation Project) Series 1992A, AMT, 6.750% 05/01/22...... Baa1 BBB+ 3,705 6,890 York County, South Carolina, Exempt Facilities IDR, (Hoechst Celanese Corporation Project) Series 1994, AMT, 5.700% 01/01/24...... Baa2 BBB 6,218 ---------- 41,561 ---------- SOUTH DAKOTA -- 0.9% 11,000 Education Loans Inc., South Dakota, Student Loan Revenue, Series 1998, AMT, (GTD STD LNS), 4.950% 06/01/10...... Aaa NR 10,744 ----------
SEE NOTES TO FINANCIAL STATEMENTS. 19 24 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- 3.7% $10,000 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (University Health System Inc. Project) Series 1999, 5.625% 04/01/29...... Baa1 NR $ 8,579 6,000 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (University Health Systems Inc. Project) Series 1999, 5.750% 04/01/19...... Baa1 NR 5,402 6,270 McMinn County, Tennessee, Industrial Development Board, Recycling Facilities Revenue, (Bowater Inc. Project) Series 1992, AMT, 7.400% 12/01/22...... Baa3 BBB 6,477 1,000 Memphis, Tennessee, Electric System Revenue Refunding, Series 1992, 5.800% 01/01/03...... Aa3 AA 1,026 1,925 Metropolitan Government, Nashville and Davidson County, Tennessee, Electric Revenue, Series 1992B, 5.625% 05/15/03...... Aa3 AA 1,975 1,000 Metropolitan Government, Nashville and Davidson County, Tennessee, Health and Educational Facilities Board, Improvement Revenue Refunding, (Meharry Medical College Project) Series 1996, (AMBAC Insured), 6.000% 12/01/08...... Aaa AAA 1,077 6,450 Shelby County, Tennessee, GO Refunding, Series 1997B, 5.500% 08/01/08...... Aa3 AA+ 6,750 8,000 Shelby County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (St. Jude's Childrens Research Project) Series 1999, 5.375% 07/01/24...... NR AA 7,409
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $ 1,190 Tennessee State, Housing Development Agency, Revenue, Series 1998, AMT, 4.950% 07/01/10...... Aa2 AA $ 1,169 4,000 Tennessee, Gas Revenue, (Tennergy Corporation Project) Series 1999, (MBIA Insured), 5.000% 06/01/05...... Aaa AAA 3,881 ---------- 43,745 ---------- TEXAS -- 12.2% 2,175 Aldine, Texas, Independent School District, GO Refunding, Series 1997, (PSFG Insured), 5.450%+ 02/15/07..... Aaa AAA 1,585 2,500 Arlington, Texas, Water and Wastewater Systems Revenue, Series 1999, 4.000% 06/01/07...... Aa3 AA- 2,353 1,800 Austin, Texas, Utilities System Revenue Refunding, Series 1991A, (AMBAC Insured), 6.500% 11/15/03...... Aaa AAA 1,872 2,555 Austin, Texas, Utilities Systems Revenue, Series 1977-2, (Escrowed to Maturity), 5.600% 10/01/03...... Aaa AAA 2,629 5,000 Austin, Texas, Utilities Systems Revenue, Series 1986A, Prerefunded 05/15/01 @ 100, 8.000% 11/15/16...... Aaa AAA 5,111 2,585 Belton, Texas, Independent School District, GO Refunding, Series 1998, (PSF-GTD), 5.250% 08/15/08...... Aaa AAA 2,657 975 Brazos, Texas, Higher Education Authority Inc., Revenue Refunding, Senior Lien, Series 1994A-2, AMT, (GTD STD LNS), 6.050% 06/01/03...... Aaa NR 993 2,575 Carrollton, Texas, Farmers Branch Independent School District, GO, Series 1996, (PSFG Insured), 5.700% 02/15/17...... Aaa AAA 2,597
SEE NOTES TO FINANCIAL STATEMENTS. 20 25 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 3,245 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), 5.600% 08/15/04...... Aaa AAA $ 3,328 2,190 Fort Worth, Texas, Higher Education Financial Corporation, Higher Education Revenue, (Texas Christian University Project) Series 1997, 5.000% 03/15/17...... Aa3 AA- 2,036 1,050 Galena Park, Texas, Independent School District, GO, Series 1997, (PSF - GTD), 5.000% 08/15/21...... Aaa NR 955 3,120 Garland, Texas, Certificates of Obligation, GO, Series 2000, 5.500% 02/15/12...... Aa2 AA 3,183 5,650 Guadalupe Blanco River Authority, Texas, Sewer and Solid Waste Disposal Facility, Revenue, (E.I. duPont de Nemours and Company Project) Series 1999, 5.500% 05/01/29...... Aa3 AA- 5,266 2,730 Harris County, Texas, GO, Series 1996, 5.150% 10/01/07...... Aa1 AA 2,779 1,000 Harris County, Texas, GO, Series 1996, 5.375% 10/01/09...... Aa1 AA 1,023 2,350 Harris County, Texas, Health Facilities Development Authority, Hospital Revenue Refunding, (Texas Childrens Hospital Project) Series 1995, (MBIA Insured, Escrowed to Maturity), 6.000% 10/01/05...... Aaa AAA 2,491 5,000 Harris County, Texas, Health Facilities Development Authority, Revenue, Series 1999A, 5.375% 07/01/19...... Aaa AAA 4,710 7,000 Houston, Texas, Airport System Revenue, Sub- Lien, Series 1998B, AMT, (FGIC Insured), 5.250% 07/01/12...... Aaa AAA 6,939
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 7,000 Houston, Texas, Water and Sewer Systems Revenue Refunding, Junior Lien, Series 1997D, (FGIC Insured), 5.000% 12/01/25...... Aaa AAA $ 6,254 2,500 Houston, Texas, Waterworks and Sewer Systems Revenue, Junior Lien, Series 1992A, (MBIA Insured), Prerefunded 12/01/02 @ 102, 5.800% 12/01/04...... Aaa AAA 2,613 1,000 Lewisville, Texas, Independent School District, GO, Series 1997, (PSF-GTD), 6.750% 08/15/08...... Aaa NR 1,121 3,000 Lower Neches Valley, Texas, Industrial Development Corporation Authority, Revenue Refunding, (Mobil Oil Refunding Corporation Project) Series 1998, 5.550% 03/01/33...... Aaa AAA 2,822 5,000 North Central Texas, Health Facilities Development Corporation, Health Facilities Revenue, (Presbyterian Healthcare Residential Project) Series 1996B, (MBIA Insured), 5.500% 06/01/16...... Aaa AAA 5,052 5,210 North Central, Texas, Health Facilities Development Corporation, Revenue Refunding, (Baylor Health Care Systems Project) Series 1995, 5.500% 05/15/13...... Aa3 AA- 5,163 6,000 Red River Authority, Texas, PCR Refunding, Series 1991, (AMBAC Insured), 5.200% 07/01/11...... Aaa NR 6,004 2,110 Richardson, Texas, GO Refunding, Series 1998, 5.250% 02/15/07...... Aa2 AA+ 2,162 1,095 San Antonio, Texas, Electric and Gas Revenue, Prerefunded, 5.200% 02/01/01...... Aa1 AA 1,098
SEE NOTES TO FINANCIAL STATEMENTS. 21 26 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,805 San Antonio, Texas, Electric and Gas Revenue, Unrefunded Balance, Series 1994, 5.200% 02/01/01...... Aa1 AA $ 1,809 2,000 Southwest Higher Education Authority, Inc., Higher Education Revenue Refunding, (Southern Methodist University Project) Series 1995, (FSA Insured), 5.125% 10/01/16...... Aaa AAA 1,905 4,805 Tarrant County, Texas, Health Facilities Development Corporation, Health Systems Revenue, (Texas Health Resources Systems Project) Series 1997A, (MBIA Insured), 5.750% 02/15/10...... Aaa AAA 4,895 5,000 Tarrant County, Texas, Health Facilities Development Corporation, Health Systems Revenue, (Texas Health Resources Systems Project) Series 1997A, (MBIA Insured), 5.250% 02/15/17...... Aaa AAA 4,617 3,200 Texas A&M University, Financing Systems Revenue, Series 1995, 5.950% 05/15/05...... Aa2 AA+ 3,364 3,000 Texas State, GO Refunding, Series 1992A, 5.700% 10/01/03...... Aa1 AA 3,095 4,000 Texas State, Superconducting, GO Refunding, Series 1992C, 5.350% 04/01/01...... Aa1 AA 4,019 5,000 Texas State, Turnpike Authority, Dallas North Tollway Revenue, (President George Bush Turnpike Project) Series 1995, (FGIC Insured), 5.000% 01/01/25...... Aaa AAA 4,488
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,000 Texas State, Veterans Housing Assistance, GO, Series 1994B-4, AMT, 6.100% 12/01/06...... Aa1 AA $ 1,031 10,910 Texas State, Water Development GO, Series 1997D, 5.000% 08/01/19...... Aa1 AA 10,058 4,790 Texas, Municipal Power Agency, Revenue, Refunded Balance, Series 1992, (MBIA Insured), Prerefunded 09/01/02 @ 100, 5.750% 09/01/12...... Aaa AAA 4,902 12,210 Texas, Municipal Power Agency, Revenue, Series 1992, (MBIA Insured), Prerefunded 09/01/02 @ 100, 5.750% 09/01/12...... Aaa AAA 12,493 4,500 Travis County, Texas, Health Facilities Development Corporation, Revenue, (Ascension Health Credit Project) Series 1999A, (AMBAC Insured), 5.875% 11/15/24...... Aaa AAA 4,515 ---------- 145,987 ---------- UTAH -- 1.2% 2,145 Cache County, Utah, School District, (Utah School Board Guaranty Program) GO Refunding, Series 1997, (SCH BD GTY), 5.500% 06/15/07...... NR AAA 2,239 1,000 Davis County, Utah, School District, GO, Series 1991, (FGIC Insured), Prerefunded 12/01/01 @ 100, 6.450% 06/01/02...... Aaa AAA 1,024 1,000 Jordan, Utah, School District, GO Refunding, Series 1993, 5.600% 06/15/02...... Aa3 NR 1,018 5,080 Salt Lake County, Utah, GO, Series 1995, 5.500% 12/15/05...... Aaa AAA 5,301
SEE NOTES TO FINANCIAL STATEMENTS. 22 27 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- UTAH -- (CONTINUED) $ 5,000 Utah, Intermountain Power Agency, Power Supply Revenue Refunding, Series 1993C, 5.000% 07/01/05...... A1 A+ $ 5,052 ---------- 14,634 ---------- VIRGINIA -- 4.3% 6,170 Chesapeake, Virginia, GO Refunding, Series 1993, 5.000% 12/01/03...... Aa3 AA 6,264 4,000 Chesterfield County, Virginia, Improvement GO Refunding, Series 1991, 6.250% 07/15/05...... Aaa AAA 4,132 6,000 Covington-Allegheny County, Virginia, Industrial Development Authority, PCR Refunding, (Westvaco Corporation Project) Series 1994, 5.900% 03/01/05...... A3 BBB+ 6,286 5,790 Fairfax County, Virginia, GO Refunding, Series 1993C, (State Aid Withholding), 5.000% 05/01/05...... Aaa AAA 5,897 1,500 Metropolitan Washington, District of Columbia, Airport Revenue, Series 1994A, AMT, (MBIA Insured), 5.600% 10/01/06...... Aaa AAA 1,561 2,500 Newport News, Virginia, GO Refunding, Series 1993B, (State Aid Withholding), 5.400% 11/01/06...... Aa2 AA 2,589 3,000 Virginia Beach, Virginia, GO Refunding, Series 1993, 5.100% 07/15/05...... Aa1 AA 3,068 1,100 Virginia State, Higher Educational Institutions, GO, Series 1992C, Prerefunded 06/01/02 @ 100, 5.900% 06/01/05...... Aaa AAA 1,126 4,845 Virginia State, Housing Development Authority, Multi-Family Housing Revenue, Series 1999B, AMT, 5.200% 05/01/19...... Aa1 AA+ 4,455
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,500 Virginia State, Public Facilities GO, Series 1993A, 5.400% 06/01/05...... Aaa AAA $ 1,553 4,000 Virginia State, Public School Authority, Revenue Refunding, Series 1993B, (State Aid Withholding), 5.100% 01/01/05...... Aa1 AA 4,077 7,000 Virginia State, Public School Authority, Revenue Refunding, Series 1993B, (State Aid Withholding), 5.250% 01/01/07...... Aa1 AA 7,177 2,600 Virginia, College Building Authority, Educational Facilities Revenue Refunding, (University of Richmond Project) Series 1992, 5.625% 11/01/02...... Aa2 AA 2,628 ---------- 50,813 ---------- WASHINGTON -- 7.6% 4,250 Clark County, Washington, School District Number 037, GO Refunding, 5.125% 12/01/10...... Aa3 NR 4,298 1,610 Clark County, Washington, Sewer Revenue, Series 1996, (MBIA Insured), 5.500% 12/01/04...... Aaa AAA 1,662 2,500 King County, Washington, GO Refunding, Series 1993C, 5.625% 06/01/02...... Aaa AA+ 2,544 1,000 King County, Washington, GO Refunding, Series 1998B, 4.750% 01/01/17...... Aa1 AA+ 895 300 King County, Washington, GO, Series 1990B, 7.100% 12/01/03...... Aaa AA+ 301 1,700 King County, Washington, GO, Unrefunded Balance, Series 1993A, 5.250% 12/01/01...... Aa1 AA+ 1,717 1,310 King County, Washington, School District Number 415, GO, (FSA Insured), 5.200% 06/01/05...... Aaa AAA 1,339
SEE NOTES TO FINANCIAL STATEMENTS. 23 28 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WASHINGTON -- (CONTINUED) $ 3,000 Pierce County, Washington, School District Number 003, GO Refunding, Series 1996, (FGIC Insured), 5.000% 12/01/03...... Aaa AAA $ 3,038 1,400 Seattle, Washington, Water Systems Revenue Refunding, Series 1993, 5.500% 06/01/18...... Aa2 AA 1,383 1,000 Snohomish County, Washington, School District Number 002, GO Refunding, Series 1991A, (MBIA Insured), 6.800% 06/01/03...... Aaa AAA 1,015 7,800 Spokane County, Washington, School District Number 354 GO, Series 1998, (FGIC Insured), 5.500% 12/01/10...... Aaa AAA 8,145 2,195 Tacoma, Washington, Electric Systems Revenue, Series 1992, (AMBAC Insured), 5.900% 01/01/05...... Aaa AAA 2,268 2,750 Tacoma, Washington, Electrical Systems Revenue Refunding, Series 1994, (FGIC Insured), 5.500% 01/01/01...... Aaa AAA 2,757 1,000 Tacoma, Washington, GO, Series 1992A, 5.750% 07/01/02...... A1 A+ 1,020 2,100 Tacoma, Washington, Sewer Revenue Refunding, Series 1994B, (FGIC Insured), 5.500% 12/01/03...... Aaa AAA 2,158 3,500 Washington State, GO Refunding, Series 1991R-92A, 6.400% 09/01/03...... Aa1 AA+ 3,591 1,000 Washington State, GO Refunding, Series 1991R-92B, 6.500% 09/01/04...... Aa1 AA+ 1,027 3,000 Washington State, GO Refunding, Series 1992R-92C, 5.600% 09/01/01...... Aa1 AA+ 3,032
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WASHINGTON -- (CONTINUED) $10,000 Washington State, GO Refunding, Series 1993R-93B, 5.125% 10/01/04...... Aa1 AA+ $ 10,185 6,645 Washington State, GO Refunding, Series 1997R-98A, 5.000% 07/01/15...... Aa1 AA+ 6,337 900 Washington State, GO, Series 1992-93A, 5.250% 10/01/00...... Aa1 AA+ 900 3,260 Washington State, GO, Series 1997E, 5.000% 07/01/22...... Aa1 AA+ 2,955 2,500 Washington State, Public Power Supply System Revenue Refunding, (Nuclear Project Number 1) Series 1996A, (AMBAC Insured), 6.000% 07/01/05...... Aaa AAA 2,630 7,500 Washington State, Public Power Supply Systems Revenue Refunding, Series 1990C, (FGIC Insured), 7.000% 07/01/01...... Aaa AAA 7,637 2,000 Washington State, Public Power Supply Systems Revenue Refunding, Series 1991A, 6.500% 07/01/03...... Aa1 AA- 2,066 1,150 Washington State, Public Power Supply Systems Revenue Refunding, Series 1993A, 5.800% 07/01/07...... Aa1 AA- 1,211 3,000 Washington State, Public Power Supply Systems Revenue Refunding, Series 1993B, (FSA Insured), 5.400% 07/01/05...... Aaa AAA 3,083 8,000 Washington State, Public Power Supply Systems Revenue Refunding, Series 1996A, (AMBAC Insured), 5.500% 07/01/04...... Aaa AAA 8,223 2,000 Yakima County, Washington, School District Number 7, GO, Series 1994, (MBIA Insured), 5.500% 12/01/03...... Aaa AAA 2,053 ---------- 89,470 ----------
SEE NOTES TO FINANCIAL STATEMENTS. 24 29 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WISCONSIN -- 3.3% $ 5,000 Kaukauna, Wisconsin, PCR, Refunding, (International Paper Project) Series 1997A, 5.150% 07/01/06...... Baa1 BBB+ $ 4,918 5,790 Milwaukee, Wisconsin, Metropolitan Sewer District, GO Refunding, Series 1997A, 5.125% 10/01/16...... Aa1 AA+ 5,544 1,250 Milwaukee, Wisconsin, Metropolitan Sewer District, GO, Series 1990A, 6.700% 10/01/00...... Aa1 NR 1,250 5,000 Milwaukee, Wisconsin, Metropolitan Sewer District, GO, Series 1990A, 6.700% 10/01/01...... Aa1 NR 5,113 3,070 Sun Prairie, Wisconsin, Area School District, GO, Promissory Notes, Series 1996, (FGIC Insured, Escrowed to Maturity), 5.500% 04/01/03...... Aaa AAA 3,139 3,000 Wisconsin State, GO Refunding, Series 1993-1, 5.100% 11/01/01...... Aa2 AA 3,022 1,000 Wisconsin State, GO Refunding, Series 1995-2, 5.200% 11/01/07...... Aa2 AA 1,018 4,745 Wisconsin State, GO, Series 1996A, 5.000% 05/01/16...... Aa2 AA 4,489 8,000 Wisconsin State, Petroleum Revenue, Series 2000A, 5.750% 07/01/08...... Aa3 AA- 8,426
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WISCONSIN -- (CONTINUED) $ 2,735 Wisconsin, Housing and Economic Development Authority, Revenue, Series 1997G, 5.350% 03/01/12...... Aa2 AA $ 2,725 ---------- 39,644 ---------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $1,160,031).................... 1,165,336 ----------
SHARES (000) - --------- INVESTMENT COMPANIES -- 0.1% (Cost $896) 896 Nations Municipal Reserves#........ $ 896 ---------- TOTAL INVESTMENTS (Cost $1,160,927*)........ 98.5% 1,166,232 ---------- OTHER ASSETS AND LIABILITIES (NET)..................... 1.5% Receivable for investment securities sold.................. $ 6,435 Receivable for Fund shares sold.... 311 Interest receivable................ 19,555 Payable for Fund shares redeemed... (656) Investment advisory fee payable.... (235) Administration fee payable......... (196) Shareholder servicing and distribution fees payable........ (6) Distributions payable.............. (4,632) Payable for investment securities purchased........................ (2,330) Accrued Trustees'/Directors' fees and expenses..................... (26) Accrued expenses and other liabilities...................... (153) ---------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................ 18,067 ---------- NET ASSETS.................. 100.0% $1,184,299 ==========
SEE NOTES TO FINANCIAL STATEMENTS. 25 30 NATIONS FUNDS Nations Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE (000) - ------------------------------------------------------------ NET ASSETS CONSIST OF: Undistributed net investment income........................... $ 792 Accumulated net realized loss on investments sold................. (1,813) Net unrealized appreciation of investments...................... 5,305 Paid-in capital.................... 1,180,015 ---------- NET ASSETS......................... $1,184,299 ========== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($1,163,651,084 / 118,009,901 shares outstanding).............. $9.86 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($17,573,830 / 1,782,377 shares outstanding)..................... $9.86 ===== Maximum sales charge............... 3.25% Maximum offering price per share... $10.19 INVESTOR B SHARES: Net asset value and offering price per share** ($2,548,303 / 258,469 shares outstanding).............. $9.86 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($525,820 / 53,323 shares outstanding).............. $9.86 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $5,305 on investment securities was comprised of gross appreciation of $20,952 and gross depreciation of $15,647 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $1,160,927. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 10.75% AMBAC 10.10% Nations Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 30.30% Hospital Revenue 10.68% SEE NOTES TO FINANCIAL STATEMENTS. 26 31 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.7% ALABAMA -- 3.4% $ 2,000 Birmingham, Alabama, GO Refunding, Series 1992B, 6.250% 04/01/12........ Aa3 AA $ 2,081 3,000 Butler County, Alabama, Industrial Development Board, Solid Waste Disposal Revenue, (James River Corporation of Virginia Project) Series 1994, AMT, 8.000% 09/01/28........ NR BBB 3,182 7,210 Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue Refunding, (Champion International Corporation Project) Series 1997, AMT, 5.750% 11/01/27........ Baa1 NR 6,576 2,400 Daphne, Alabama, Special Care Facilities Financing Authority, Revenue, (Presbyterian Retirement Corporation Project) Series 1988A, Prerefunded 08/15/01 @ 100, 7.300% 08/15/18........ NR NR 2,455 1,100 Huntsville, Alabama, GO, Series 1995A, 5.750% 02/01/14........ Aa2 AA 1,124 3,600 Jefferson County, Alabama, Sewer Revenue Refunding, Series 1997A, (FGIC Insured), 5.625% 02/01/18........ Aaa AAA 3,604 2,000 Jefferson County, Alabama, Sewer Revenue Refunding, Series 1997A, (FGIC Insured), 5.625% 02/01/22........ Aaa AAA 1,981 1,000 Mcintosh, Alabama, Industrial Development Board, Environmental Improvement Revenue, Series 1998C, 5.375% 06/01/28........ A2 AA- 907
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ALABAMA -- (CONTINUED) $ 1,000 Morgan County-Decatur, Alabama, Health Care Authority, Hospital Revenue Refunding, (Decatur General Hospital Project) Series 1994, (CONNIE LEE Insured), 6.250% 03/01/13........ NR AAA $ 1,054 9,750 Phoenix County, Alabama, Industrial Development Board, Environmental Import Revenue Refunding, (Mead Coated Board Project) Series 1998B, (GTY-AGMT), 5.250% 04/01/28........ A3 A- 8,720 -------- 31,684 -------- ALASKA -- 2.5% 2,500 Alaska, Student Loan Corporation, Student Loan Revenue, Series 1999A, AMT, (AMBAC Insured), 4.900% 07/01/08........ Aaa AAA 2,453 1,000 Anchorage, Alaska, Electric Utilities Revenue Refunding, Senior Lien, Series 1993, (MBIA Insured), 8.000% 12/01/09........ Aaa AAA 1,222 7,000 Anchorage, Alaska, Electric Utilities Revenue, Senior Lien, Series 1996B, (MBIA Insured), 5.500% 02/01/26........ Aaa AAA 6,713 2,250 Anchorage, Alaska, Telephone Utilities Revenue Refunding, Series 1994A, (AMBAC Insured), 4.500% 12/01/02........ Aaa AAA 2,251 1,190 Anchorage, Alaska, Telephone Utilities Revenue, Series 1996A, (MBIA Insured), 5.750% 03/01/12........ Aaa AAA 1,260 1,000 North Slope Borough, Alaska, Capital Appreciation GO, Series 1995A, (MBIA Insured), 5.750%(+) 06/30/06..... Aaa AAA 752
SEE NOTES TO FINANCIAL STATEMENTS. 27 32 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ALASKA -- (CONTINUED) $15,000 North Slope, Borough, Alaska, Capital Appreciation GO, Series 2000B, (MBIA Insured), 5.240%(+) 06/30/11..... Aaa AAA $ 8,529 -------- 23,180 -------- ARIZONA -- 1.3% 3,000 Maricopa County, Arizona, School District Number 006, GO, (Projects of 1996) Series 1998, (FGIC Insured), 4.000% 07/01/10........ Aaa AAA 2,727 1,000 Maricopa County, Arizona, Unified School District Number 48, GO Refunding, Series 1991B, 6.300% 07/01/04........ Aa2 AA 1,061 1,300 Maricopa County, Arizona, Unified School District Number 48, GO Refunding, Series 1993B, 4.600% 07/01/11........ Aa2 AA 1,260 3,000 Maricopa County, Arizona, United School District Number 48, GO, Series 1995, 5.000% 07/01/14........ Aa2 AA 2,947 1,600 Pima County, Arizona United School District Number 1, GO, Series 1992D, (FGIC Insured), 6.100% 07/01/11........ Aaa AAA 1,674 5,000 Tucson and Pima County, Arizona, Industrial Development Authority, Single-Family Mortgage Revenue, Series 1983A, 5.800%+ 12/01/14....... Aaa AAA 2,289 -------- 11,958 -------- ARKANSAS -- 0.5% 1,300 Arkansas State, Development Finance Authority, Revolving Loan Fund, Wastewater Systems Revenue, Series 1996A, 5.700% 12/01/12........ NR AA 1,345
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ARKANSAS -- (CONTINUED) $ 3,425 Blytheville, Arkansas, Solid Waste Recycling and Sewer Treatment Revenue, (Nucor Corporation Project) Series 1993, AMT, 6.375% 01/01/23........ A1 AA- $ 3,495 -------- 4,840 -------- CALIFORNIA -- 3.4% 5,000 ABAG Finance Authority for NonProfit Corporations, California, Multi-Family Revenue Refunding, Series 2000A, (GTY-AGMT), Mandatory Put 8/15/08 @ 100, 6.400% 08/15/30........ Baa2 BBB 5,126 2,000 ABAG Finance Authority for NonProfit Corporations, California, Multi-Family Revenue Refunding, Series 2000B, (GTY-AGMT), Mandatory Put 8/15/08 @ 100, 6.250% 08/15/30........ Baa2 BBB 2,050 1,600 California State, GO, Series 1983, 9.100% 11/01/01........ Aa2 AA 1,686 1,000 California State, GO, Series 1983, 9.000% 06/01/02........ Aa2 AA 1,076 1,000 California State, GO, Series 1983, 9.000% 10/01/03........ Aa2 AA 1,129 1,000 California State, GO, Series 1983, 9.000% 04/01/05........ NR AA 1,183 1,000 California State, GO, Series 1984, 9.100% 10/01/02........ Aa2 AA 1,091 1,000 California State, GO, Series 1989, 7.200% 04/01/05........ Aa2 AA 1,115 1,600 California State, GO, Series 1989, 7.100% 03/01/07........ Aa2 AA 1,838 4,000 California State, GO, Series 1990, 7.000% 08/01/04........ Aa2 AA 4,378 3,300 California State, GO, Series 1990, 7.000% 08/01/05........ Aa2 AA 3,678 2,000 San Diego, California, Public Facilities Financing Authority, Revenue, Series 1997B, (FGIC Insured), 5.375% 05/15/16........ Aaa AAA 2,038
SEE NOTES TO FINANCIAL STATEMENTS. 28 33 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $ 2,500 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding, (AMBAC Insured), 6.750% 07/01/11........ Aaa AAA $ 2,949 2,250 San Francisco, California, City and County Public Utilities Community Water Revenue, Series 1992A, 6.000% 11/01/15........ A1 AA- 2,298 -------- 31,635 -------- COLORADO -- 0.5% 1,500 Arapahoe County, Colorado, Capital Improvement Transportation Federal Highway Revenue, Series 1986E-470, Prerefunded 08/31/05 @ 103, 6.900% 08/31/15........ Aaa AAA 1,685 2,500 Douglas County, Colorado, Sales and Use Tax Revenue, Series 1996, (MBIA Insured), 5.500% 10/15/11........ Aaa AAA 2,558 -------- 4,243 -------- CONNECTICUT -- 0.8% 10 Connecticut State, GO, Series 1996A, Prerefunded, 5.300% 05/15/10........ 10 990 Connecticut State, GO, Unrefunded Balance, Series 1996A, 5.300% 05/15/10........ 1,030 5,000 Connecticut State, Health and Educational Facilities Authority, Revenue, (Eastern Connecticut Health Network Project) Series 2000A, 6.000% 07/01/25........ NR AA 5,031 1,015 Connecticut State, Housing Finance Authority, Revenue, (Housing Mortgage Finance Program) Series 1994A, 6.100% 05/15/13........ Aa2 AA 1,025 -------- 7,096 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- DISTRICT OF COLUMBIA -- 3.4% $ 9,000 District of Columbia, Hospital Revenue Refunding, (Medlantic Healthcare Group Project) Series 1997A, (MBIA Insured), Prerefunded 08/15/07 @ 102, 5.375% 08/15/15........ Aaa AAA $ 8,945 3,905 District of Columbia, Revenue Refunding, (Howard University Project) Series 1996, (MBIA Insured), 5.750% 10/01/12........ Aaa AAA 4,036 3,985 District of Columbia, Revenue Refunding, (Howard University Project) Series 1996, (MBIA Insured), 5.750% 10/01/17........ Aaa AAA 4,028 4,200 District of Columbia, Revenue, (Association of American Medical Colleges Project) Series 1997A, (AMBAC Insured), 5.375% 02/15/17........ Aaa AAA 4,090 10,400 District of Columbia, Revenue, (Carnegie Endowment Project) Series 1996, 5.750% 11/15/26........ Aa3 NR 10,275 -------- 31,374 -------- FLORIDA -- 2.6% 1,735 Florida State, Board of Education, Capital Outlay GO, Unrefunded Balance, Series 1985, 9.125% 06/01/14........ Aa2 AA+ 2,320 3,000 Florida State, Board of Education, Public Education Capital Outlay, GO Refunding, Series 1995A, 5.500% 06/01/14........ Aa2 AA+ 3,033 2,000 Jacksonville, Florida, Electric Authority, Revenue Refunding, Series 1995-11, 5.375% 10/01/15........ Aa2 AA 2,001 12,000 Orange County, Florida, Tourist Development Tax Revenue Refunding, Series 1998A, (AMBAC Insured), 4.750% 10/01/24........ Aaa AAA 10,406
SEE NOTES TO FINANCIAL STATEMENTS. 29 34 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 3,800 Orlando, Florida, Utilities Commission, Water and Electricity Revenue Refunding, Series 1989D, 6.750% 10/01/17........ Aa2 AA- $ 4,338 2,000 Reedy Creek, Florida, GO, Series 1995A, (MBIA Insured), 5.750% 06/01/15........ Aaa AAA 2,037 -------- 24,135 -------- GEORGIA -- 6.2% 5,000 Atlanta, Georgia, Airport Facilities Revenue Refunding, Series 2000A, (FGIC Insured), 5.600% 01/01/30(a)..... Aaa AAA 4,929 1,000 DeKalb County, Georgia, School District GO, Series 1993A, 6.250% 07/01/09........ Aa2 AA 1,103 3,000 Effingham County, Georgia, Development Authority, Solid Waste Disposal Revenue, (Fort James Corporation Project) Series 1998, AMT, 5.625% 07/01/18........ Baa2 BBB- 2,776 4,750 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (St. Josephs Hospital Project) Series 1994, 5.500% 10/01/18........ Aaa NR 4,752 1,600 Georgia State, GO, Series 1991C, 6.500% 04/01/04........ Aaa AAA 1,702 3,000 Georgia State, GO, Series 1992B, 6.250% 03/01/11........ Aaa AAA 3,325 3,000 Georgia State, GO, Series 1996B, 6.250% 04/01/07........ Aaa AAA 3,263 6,445 Georgia State, GO, Series 1998B, 5.500% 07/01/10........ Aaa AAA 6,787 9,965 Georgia State, Housing and Finance Authority, Single-Family Mortgage Revenue, Series 1999B-2, 6.100% 06/01/31........ Aa2 AAA 10,066 1,650 Gwinnett County, Georgia, Water and Sewer Certificates of Participation, Series 1991, 8.600% 08/01/03........ Aaa AAA 1,827
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $ 1,945 Henry County, Georgia, School District GO, Series 1994, (MBIA Insured), 6.000% 08/01/14........ Aaa AAA $ 2,047 1,000 Metropolitan Atlanta, Rapid Transit Authority of Georgia, Revenue Refunding, Series 1992P, (AMBAC Insured), 6.000% 07/01/04........ Aaa AAA 1,048 1,000 Metropolitan Atlanta, Rapid Transit Authority of Georgia, Revenue Refunding, Series 1992P, (AMBAC Insured), 6.100% 07/01/05........ Aaa AAA 1,062 2,000 Metropolitan Atlanta, Rapid Transit Authority of Georgia, Revenue Refunding, Series 1992P, (AMBAC Insured), 6.250% 07/01/20........ Aaa AAA 2,182 2,000 Monroe County, Georgia Development Authority, PCR, (Oglethorpe Power Corporation Project) Series 1992A, 6.800% 01/01/11........ A3 A 2,218 3,000 Savannah, Georgia, Hospital Authority, Hospital Improvement Revenue Refunding, (Candler Hospital Project) Series 1992, Prerefunded 01/01/03 @ 102, 7.000% 01/01/23........ Ba1 BB 3,206 2,000 Savannah, Georgia, Hospital Authority, Hospital Improvement Revenue, (St. Joseph's Hospital Project) Series 1993, Prerefunded 07/01/03 @ 102, 6.125% 07/01/12........ A2 NR 2,114 2,690 Union County, Georgia, Housing Authority, Multi-Family Housing Revenue Refunding, (Hidden Lake Apartments Ltd. Project) Series 1994A, (FHA/ FNMA COLL), 7.125% 12/01/25........ Aaa NR 2,816 -------- 57,223 --------
SEE NOTES TO FINANCIAL STATEMENTS. 30 35 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- HAWAII -- 0.8% $ 4,000 Hawaii State, GO, Series 1997CN, (FGIC Insured), 6.250% 03/01/04........ Aaa AAA $ 4,201 1,180 Honolulu City and County, Hawaii, GO Refunding, Series 1993B, 8.000% 10/01/10........ Aa3 AA- 1,459 2,100 Maui County, Hawaii, GO Refunding, Series 1993, (FGIC Insured), 5.000% 09/01/03........ Aaa AAA 2,123 -------- 7,783 -------- ILLINOIS -- 9.8% 1,600 Chicago, Illinois, GO, Series 1993, (FGIC Insured), 5.375% 01/01/13........ Aaa AAA 1,605 3,030 Chicago, Illinois, Metropolitan Water Reclamation District GO, Series 1993, 5.500% 12/01/12........ Aa1 AA 3,147 3,385 Chicago, Illinois, Metropolitan Water Reclamation District, Capital Improvement GO, Series 1991, 6.900% 01/01/07........ Aa1 AA 3,768 5,000 Chicago, Illinois, O'Hare International Airport Special Facilities Revenue, (United Air Lines Project) Series 1999A, 5.350% 09/01/16........ Baa2 BB+ 4,354 13,000 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Second Lien, Series 1999, (AMBAC Insured), 5.500% 01/01/10........ Aaa AAA 13,341 3,000 Chicago, Illinois, O'Hare International Airport, Revenue Refunding, Second Lien, Series 1993C, (MBIA Insured), 5.000% 01/01/18........ Aaa AAA 2,765 2,640 Chicago, Illinois, O'Hare International Airport, Revenue Refunding, Senior Lien, Series 1993A, 5.000% 01/01/16........ A1 A+ 2,435
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ILLINOIS -- (CONTINUED) $ 1,500 Chicago, Illinois, O'Hare International Airport, Special Facilities Revenue Refunding, (American Airlines Inc. Project) Series 1994, (GTY-AGMT), 8.200% 12/01/24........ Baa1 BBB- $ 1,673 5,735 Chicago, Illinois, O'Hare International Airport, Special Facilities Revenue Refunding, (United Air Lines Project) Series 1999B, AMT, 5.200% 04/01/11........ Baa2 BB+ 5,192 2,000 Chicago, Illinois, Park District, GO, Series 1996, (MBIA Insured), 5.500% 01/01/16........ Aaa AAA 1,996 4,800 Chicago, Illinois, Water Revenue, Senior Lien, Series 2000, (AMBAC Insured), 5.750% 11/01/10........ Aaa AAA 5,082 2,800 Cook County, Illinois, Forest Preserve District, Zoo GO, Series 1996, (MBIA Insured), 5.800% 11/01/16........ Aaa AAA 2,859 4,500 Cook County, Illinois, GO, Series 1996, (FGIC Insured), Prerefunded 11/15/06 @ 101, 5.900% 11/15/16........ Aaa AAA 4,821 5,000 Cook County, Illinois, GO, Series 1997A, (MBIA Insured), 5.625% 11/15/22........ Aaa AAA 4,947 2,900 Du Page County, Illinois, GO, Series 1993, 5.500% 01/01/13........ Aaa AAA 2,924 2,565 Du Page County, Illinois, GO, Series 1993, 5.600% 01/01/21........ Aaa AAA 2,580 1,000 Du Page, Illinois, Water Commission, Revenue Refunding, Series 1993, 5.250% 05/01/14........ Aa1 AA 989 1,765 Glendale Heights, Illinois, Hospital Revenue Refunding, (Glendale Heights Project) Series 1985B, 7.100% 12/01/15........ Aaa AAA 2,017 3,700 Illinois State, GO, Series 1993, 5.500% 08/01/18........ Aa2 AA 3,654
SEE NOTES TO FINANCIAL STATEMENTS. 31 36 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- ILLINOIS -- (CONTINUED) $ 2,400 Illinois State, GO, Series 1994, 5.800% 04/01/19........ Aa2 AA $ 2,422 4,785 Illinois State, GO, Series 1995, (MBIA Insured), 6.000% 02/01/16........ Aaa AAA 4,947 1,645 Illinois State, Health Facilities Authority, Revenue, (Sherman Health Systems Project) Series 1997, (AMBAC Insured), 5.500% 08/01/08........ Aaa AAA 1,706 1,500 Illinois State, Sales Tax Revenue, Series 1994V, 6.375% 06/15/17........ Aa2 AAA 1,581 2,200 Illinois State, Sales Tax Revenue, Series 1994V, 6.375% 06/15/20........ Aa2 AAA 2,317 1,000 Illinois, Development Finance Authority, PCR Refunding, (Commonwealth Edison Company Project) Series 1994D, (AMBAC Insured), 6.750% 03/01/15........ Aaa AAA 1,082 1,800 Illinois, Educational Facilities Authority, Revenue, (Northwestern University Project) Series 1993, 5.375% 12/01/21........ Aa1 AA+ 1,735 1,535 McHenry County, Illinois, Community Unit School District Number 200 GO, Series 1996A, (FSA Insured), 5.750% 01/01/13........ Aaa AAA 1,566 2,680 Southern Illinois, Capital Appreciation University Revenue, (Housing and Auxiliary Facilities Systems Program) Series 1997, (MBIA Insured), 5.100%+ 04/01/06....... Aaa AAA 2,046 -------- 89,551 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- INDIANA -- 3.0% $ 2,500 Franklin, Indiana, Economic Development Revenue Refunding, (Hoover Universal, Inc. Project) Series 1994, (GTY-AGMT), 6.100% 12/01/04........ A2 A- $ 2,618 1,000 Hamilton/Southeastern Indiana, North Delaware School Building Corporation, First Mortgage Revenue, Series 1996, (AMBAC Insured, State Aid Withholding), 5.000% 07/15/07........ Aaa AAA 1,010 1,000 Hamilton/Southeastern Indiana, North Delaware School Building Corporation, First Mortgage Revenue, Series 1996, (AMBAC Insured, State Aid Withholding), 5.100% 07/15/09........ Aaa AAA 1,010 6,580 Indiana, Health Facilities Financing Authority, Hospital Revenue, (Charity Obligation Group Project) Series 1997D, 5.000% 11/01/26........ Aaa NR 6,615 2,000 Indiana, Health Facilities Financing Authority, Hospital Revenue, (Clarian Health Partners, Inc. Project) Series 1996A, 5.500% 02/15/16........ Aa3 AA 1,947 2,000 Indiana, Ivy Tech State College, Revenue, Series 1997E, (AMBAC Insured), 5.125% 07/01/12........ Aaa AAA 1,985 5,000 Indianapolis, Indiana, Airport Authority, Special Facilities Revenue Refunding, (Federal Express Corporation Project) Series 1998, AMT, 5.500% 05/01/29........ Baa2 BBB 4,319 2,000 Indianapolis, Indiana, Airport Authority, Special Facilities Revenue, (Federal Express Corporation Project) Series 1994, AMT, 7.100% 01/15/17........ Baa2 BBB 2,108
SEE NOTES TO FINANCIAL STATEMENTS. 32 37 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- INDIANA -- (CONTINUED) $ 2,000 St. Joseph County, Indiana, Educational Facilities Revenue, (University of Notre Dame - Du Lac Project) Series 1996, 5.500% 03/01/26........ Aaa NR $ 1,928 4,695 St. Joseph County, Indiana, Educational Facilities Revenue, (University of Notre Dame - Du Lac Project) Series 1997, 5.250% 03/01/21........ Aaa NR 4,427 -------- 27,967 -------- IOWA -- 0.3% 2,750 Iowa, Student Loan Liquidity Corporation, Student Loan Revenue Refunding, Series 1998J, AMT, (AMBAC Insured), 4.800% 06/01/09........ Aaa AAA 2,689 -------- KANSAS -- 0.2% 2,000 Kansas City, Kansas, Utility System Improvement Revenue Refunding, Series 1994, (FGIC Insured), 6.250% 09/01/14........ Aaa AAA 2,136 -------- KENTUCKY -- 0.1% 1,000 Kentucky State, Turnpike Authority, Economic Development Revenue Refunding, (Revitalization Project) Series 1993, (AMBAC Insured), 5.500% 07/01/08........ Aaa AAA 1,047 -------- LOUISIANA -- 0.4% 3,500 East Baton Rouge Parish, Louisiana, Revenue Refunding, (Pacific Corporation Project) Series 1998, 5.350% 09/01/11........ Baa2 NR 3,272 -------- MAINE -- 0.1% 1,000 Maine, Health and Higher Educational Facilities Authority, Revenue, Series 1996B, (State Aid Withholding, AMBAC Insured), 5.500% 07/01/16........ Aaa AAA 993 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MARYLAND -- 0.3% $ 3,000 Maryland State, Economic Development Corporation, Student Housing Revenue, (Salisbury Collegiate Housing Project) Series 1999A, 6.000% 06/01/30........ Baa3 NR $ 2,790 -------- MASSACHUSETTS -- 1.3% 4,000 Massachusetts State, Consolidated Loan GO, Series 1996B, (FGIC Insured), 5.500% 06/01/10........ Aaa AAA 4,152 2,000 Massachusetts State, GO, Series 1995B, (AMBAC Insured), 5.500% 07/01/15........ Aaa AAA 2,096 3,000 Massachusetts State, Water Resources Authority, General Revenue, Series 1993C, (AMBAC Insured), 5.250% 12/01/15........ Aaa AAA 2,990 2,500 Massachusetts State, Water Resources Authority, General Revenue, Series 1994A, (MBIA Insured), 5.900% 08/01/16........ Aaa AAA 2,653 -------- 11,891 -------- MICHIGAN -- 3.1% 1,670 Byron Center, Michigan, Public Schools GO, Series 1995, (MBIA Insured), Prerefunded 05/01/05 @ 101, 5.970% 05/01/15........ Aaa AAA 1,776 1,000 Detroit, Michigan, GO Refunding, Series 1995B, 6.375% 04/01/07........ Baa1 A- 1,055 1,700 Hudsonville, Michigan, Public Schools, Series 1994B, (FGIC Insured), 6.000% 05/01/14........ Aaa AAA 1,809 1,250 Kalamazoo, Michigan, City School District, GO Refunding, Series 1996, (FGIC Insured), 5.650% 05/01/14........ Aaa AAA 1,320 3,000 Lakeshore, Michigan, Public Schools, GO, Series 1995, (MBIA Insured), 5.750% 05/01/15........ Aaa AAA 3,054
SEE NOTES TO FINANCIAL STATEMENTS. 33 38 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MICHIGAN -- (CONTINUED) $ 1,000 Leslie, Michigan, Public Schools Ingham and Jackson County's GO Refunding, Series 1995, (AMBAC Insured), 6.000% 05/01/15........ Aaa AAA $ 1,065 3,000 Michigan State, Comprehensive Transportation Revenue Refunding, Series 1996A, (MBIA Insured), 5.250% 08/01/13........ Aaa AAA 2,986 3,435 Michigan State, Environmental Protection Program GO, Series 1992, 6.250% 11/01/12........ Aa1 AAA 3,781 7,880 Michigan State, Hospital Finance Authority Revenue, (Henry Ford Health Systems Project) Series 1999A, 6.000% 11/15/19........ A1 AA- 7,783 2,000 Michigan State, Hospital Finance Authority, Hospital Revenue, (Holland Community Hospital Project) Series 1996, (AMBAC Insured), 5.625% 01/01/28........ Aaa AAA 1,944 2,000 Michigan State, Trunk Line Revenue, Series 1994A, (FGIC-TCRS Insured), Prerefunded 11/15/04 @ 102, 5.625% 11/15/14........ Aaa AAA 2,111 -------- 28,684 -------- MISSISSIPPI -- 1.1% 5,000 Adams County, Mississippi, PCR, (International Paper Company Project) Series 1994A, 5.500% 12/01/05........ Baa1 BBB+ 5,033 3,000 Lowndes County, Mississippi, Solid Waste Disposal PCR Refunding, (Weyerhaeuser Company Project) Series 1992A, 6.800% 04/01/22........ A3 A 3,301
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSISSIPPI -- (CONTINUED) $ 2,200 Mississippi, Hospital Equipment and Facilities Improvement Authority, Revenue Refunding, (North Mississippi Health Services Project) Series 1993-1, (AMBAC Insured), 5.400% 05/15/04........ Aaa AAA $ 2,254 -------- 10,588 -------- MISSOURI -- 5.4% 1,100 Belton, Missouri, GO Refunding, Series 1995, 5.950% 03/01/15........ A3 NR 1,117 1,000 Independence, Missouri, School District, GO, Series 1991, 6.250% 03/01/11........ A3 NR 1,102 1,450 Jefferson City, Missouri, School District, Series 1991A, 6.700% 03/01/11........ Aa2 NR 1,631 1,500 Kansas City, Missouri, Water Revenue, Series 1994D, 6.600% 12/01/14........ Aa3 AA 1,613 1,600 Mehlville, Missouri, School District Number R9, GO Refunding, Series 1993, (MBIA Insured), 6.000% 02/15/13........ Aaa AAA 1,681 3,425 Missouri State, Environmental Improvement and Energy Resource Authority, PCR Refunding, (Associated Electrical Cooperation Thomas Hill Project) Series 1996, 5.500% 12/01/10........ A1 AA 3,549 2,000 Missouri State, Environmental Improvement and Energy Resource Authority, PCR Refunding, (Associated Electrical Cooperation Thomas Hill Project) Series 1996, 5.500% 12/01/11........ A1 AA 2,060 1,000 Missouri State, Environmental Improvement and Energy Resource Authority, State Revolving Fund, Water PCR, (Kansas City Project) Series 1996A, 5.750% 01/01/16........ Aaa NR 1,018
SEE NOTES TO FINANCIAL STATEMENTS. 34 39 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSOURI -- (CONTINUED) $ 1,000 Missouri State, Environmental Improvement and Energy Resources Authority, Water PCR, Series 1994A, 6.050% 07/01/15........ Aaa NR $ 1,039 4,000 Missouri State, Environmental Improvement and Energy Resources Authority, Water PCR, Series 1995C, 6.000% 01/01/16........ Aaa NR 4,136 4,065 Missouri State, GO, Series 1995, 5.600% 04/01/15........ Aaa AAA 4,155 1,580 Missouri State, Health and Educational Facilities Authority, Educational Facilities Revenue, (St. Louis University Project) Series 1996, (AMBAC Insured), 5.125% 10/01/16........ Aaa AAA 1,513 3,000 Missouri State, Health and Educational Facilities Authority, Educational Facilities Revenue, (Washington University Project) Series 1998A, 5.000% 11/15/37........ Aa1 AA+ 2,595 1,200 Missouri State, Health and Educational Facilities Authority, Health Facilities Revenue, (Barnes-Jewish Inc., Christian Project) Series 1993A, 5.200% 05/15/11........ Aa3 AA 1,202 6,000 Missouri State, Health and Educational Facilities Authority, Revenue, (BJC Health System Project) Series 1998, 5.000% 05/15/38........ Aa3 AA 5,046 1,305 Missouri State, Housing Development Commission, Single-Family Mortgage Revenue, (Homeowner Loan Project) Series 1995A, AMT, (GNMA/FHA/VA COLL), 6.100% 09/01/14........ NR AAA 1,336 1,625 Missouri State, Water Pollution Control GO, Series 1995A, 5.600% 04/01/15........ Aaa AAA 1,661
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MISSOURI -- (CONTINUED) $ 1,850 Ritenour, Missouri, School District GO Refunding, Series 1992A, (FGIC Insured), 6.000% 02/01/10........ Aaa AAA $ 1,898 1,600 Rolla, Missouri, School District Number 31, GO Refunding, Series 1994, 6.375% 03/01/14........ A NR 1,692 3,500 Sikeston, Missouri, Electrical Revenue Refunding, Series 1992, (MBIA Insured), 6.100% 06/01/07........ Aaa AAA 3,767 1,000 St. Louis, Missouri, Industrial Development Authority, PCR Refunding, (Anheuser Bush Company Project) Series 1991, 6.650% 05/01/16........ A1 A+ 1,123 1,000 Stone County, Missouri, Reorganization School District Number 4, GO Refunding, Series 1995, (MBIA Insured), 5.750% 03/01/15........ Aaa AAA 1,017 2,240 University City, Missouri, GO, Series 1994, (MBIA Insured), 6.200% 02/15/14........ Aaa AAA 2,353 1,000 West Platte, Missouri, School District Number R-11, GO, Series 1995, (MBIA Insured), 5.850% 03/01/15........ Aaa AAA 1,051 -------- 49,355 -------- MONTANA -- 1.1% 8,000 Lewis and Clark County, Montana, Environmental Facilities Revenue, (Asarco, Inc. Project) Series 1998, AMT, 5.850% 10/01/33........ B3 BB 6,276 4,425 Montana State, Housing Board Authority, Single-Family Revenue, Series 1999A-2, AMT, 5.750% 06/01/30........ Aa2 AA+ 4,301 -------- 10,577 -------- NEBRASKA -- 0.2% 1,600 Omaha, Nebraska, Public Power District, Electric Revenue, Series 1992B, 6.200% 02/01/17........ Aa2 NR 1,727 --------
SEE NOTES TO FINANCIAL STATEMENTS. 35 40 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NEVADA -- 1.7% $ 3,000 Las Vegas and Clark County, Nevada, Library District GO, Series 1993, (FGIC Insured), 6.000% 02/01/12........ Aaa AAA $ 3,105 3,585 Nevada State, GO, Series 1994, 5.875% 09/01/12........ Aa2 AA 3,777 4,000 Nevada State, GO, Series 1995A, 5.500% 11/01/16........ Aa2 AA 3,979 2,625 Nevada State, GO, Series 1995A, 5.500% 11/01/17........ Aa2 AA 2,596 2,000 Nevada State, Municipal Board GO, (Bank Project Number 40-41) Series 1993A, 6.375% 12/01/17........ NR AAA 2,081 -------- 15,538 -------- NEW JERSEY -- 0.7% 2,500 New Jersey State, GO, Series 1986B, 6.250% 01/15/05........ Aa1 AA+ 2,663 1,015 New Jersey State, Highway Authority, Garden State Parkway Generated Revenue, Series 1971, 6.500% 01/01/11........ Aaa AAA 1,094 2,885 New Jersey, Financing Authority, Health Care Facilities Revenue, (Riverwood Center Inc. Project) Series 1991A, (FSA Insured), Prerefunded 07/01/01 @ 102, 9.900% 07/01/21........ Aaa AAA 3,056 -------- 6,813 -------- NEW MEXICO -- 0.2% 1,925 New Mexico, Mortgage Finance Authority, Single-Family Mortgage Revenue, Series 1997C-2, AMT, (GNMA/FNMA/FHLMC COLL), 6.050% 07/01/28........ Aaa NR 1,909 -------- NEW YORK -- 1.4% 2,000 Municipal Assistance Corporation for New York City, New York, Revenue, Series 1996E, 5.200% 07/01/08........ Aa2 AA 2,048
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NEW YORK -- (CONTINUED) $ 1,250 New York City, New York, Municipal Water Finance Authority, Water and Sewer Systems Revenue, Series 1997B, 5.750% 06/15/29........ Aa3 AA $ 1,250 1,000 New York State, Dormitory Authority, Revenue, (Canisius College Project) Series 1995, (CAPMAC SURETY BOND), 5.300% 07/01/08........ Aaa AAA 1,027 4,000 New York State, Energy Research and Development Authority, Facilities Revenue Refunding, (Consolidated Edison Company Project) Series 1995A, 6.100% 08/15/20........ A1 A+ 4,086 2,390 New York State, Local Government Assistance Corporation, Revenue, Series 1995A, 6.000% 04/01/16........ A3 AA- 2,469 610 New York State, Local Government Assistance Corporation, Revenue, Series 1995A, Prerefunded, 6.000% 04/01/16........ A3 AA- 655 1,750 New York, New York, City Municipal Water Financing Authority, Water and Sewer Systems Revenue, Series 1998D, 4.750% 06/15/12........ Aa3 AA 1,680 -------- 13,215 -------- NORTH CAROLINA -- 0.7% 2,425 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding, (Champion International Corporation Project) Series 1999, 6.400% 11/01/24........ Baa1 NR 2,452 2,500 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Carolina Medicorp, Inc. Project) Series 1996, 5.250% 05/01/26........ A1 AA- 2,290
SEE NOTES TO FINANCIAL STATEMENTS. 36 41 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $ 2,000 University of North Carolina, Chapel Hill, University Revenue Refunding, Series 1996, 5.000% 02/15/29........ Aa3 AA $ 1,746 -------- 6,488 -------- OHIO -- 4.2% 1,500 Akron/Bath/Copley, Ohio, Joint Township Hospital District, Revenue, (Summa Hospital Project) Series 1998A, 5.375% 11/15/18........ Baa1 NR 1,242 4,990 Dayton, Ohio, Special Facilities Revenue Refunding, (Air Freight Corporation Project) Series 1993F, 6.050% 10/01/09........ NR BBB 5,053 10,500 Dayton, Ohio, Special Facilities Revenue, (Air Freight Corporation Project) Series 1988D, AMT, 6.200% 10/01/09........ NR BBB 10,636 3,025 Lakota, Ohio, School District GO, Series 1994, (AMBAC Insured), 6.250% 12/01/14........ Aaa AAA 3,254 1,000 Lucas County, Ohio, Hospital Revenue, (Flower Hospital Project) Series 1993, Prerefunded 12/01/04 @ 101, 6.125% 12/01/13........ NR NR 1,060 10,000 Montgomery County, Ohio, Hospital Revenue, Series 1999, 6.750% 04/01/22........ Baa1 BBB+ 9,757 9,155 Ohio State, Solid Waste Disposal, Revenue, (USG Corporation Project) Series 1997, AMT, 5.600% 08/01/32........ Baa1 NR 8,107 -------- 39,109 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- OKLAHOMA -- 0.5% $ 2,770 Oklahoma State, Industrial Authority, Hospital Revenue, (Deaconess Health Care Project) Series 1997A, 5.750% 10/01/17........ Baa2 BBB $ 2,344 3,000 Oklahoma, Development Finance Authority, Revenue Refunding, (Hillcrest Healthcare Center Inc. Project) Series 1999A, 5.000% 08/15/08........ Ba1 BB+ 2,563 -------- 4,907 -------- OREGON -- 0.2% 2,000 Chemeketa, Oregon, Community College District, GO, Series 1996, (FGIC Insured), Prerefunded 06/01/06 @ 100, 5.800% 06/01/12........ Aaa AAA 2,115 -------- PENNSYLVANIA -- 1.6% 1,000 Allegheny County, Pennsylvania, Hospital Development Authority, Revenue, (Health Systems Project) Series 2000B, 8.650% 11/15/05........ B1 B+ 988 3,480 Butler, Pennsylvania, Area School District, State Aid Withholding GO, Series 1997, (FGIC Insured), Prerefunded 11/15/07 @ 44.73, 4.510%(+) 11/15/21..... Aaa NR 1,098 2,605 Pennsylvania State, Higher Educational Facilities Authority, Revenue, Series 1994, (AMBAC Insured), 5.625% 06/15/19........ Aaa AAA 2,600 1,725 Philadelphia, Pennsylvania, Hospital and Higher Education Facilities Authority, Hospital Revenue, (Frankford Hospital Project) Series 1993A, 6.000% 06/01/14........ A3 NR 1,774
SEE NOTES TO FINANCIAL STATEMENTS. 37 42 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- PENNSYLVANIA -- (CONTINUED) $ 3,125 Philadelphia, Pennsylvania, Hospital and Higher Education Facilities Authority, Hospital Revenue, (Frankford Hospital Project) Series 1993A, 6.000% 06/01/23........ A3 NR $ 3,159 4,800 Philadelphia, Pennsylvania, Industrial Development Authority, IDR Refunding, (Ashland Oil Inc. Project) Series 1993, 5.700% 06/01/05........ Baa2 NR 4,869 -------- 14,488 -------- RHODE ISLAND -- 0.3% 2,845 Rhode Island State, Consolidated Capital Development Loan GO, Series 1996A, (MBIA Insured), 5.600% 08/01/10........ Aaa AAA 2,966 -------- SOUTH CAROLINA -- 1.8% 5,000 Georgetown County, South Carolina, Environmental Improvement Revenue Refunding, (International Paper Company Project) Series 2000A, (GTY-AGMT), 5.950% 03/15/14........ Baa1 BBB+ 5,083 1,780 South Carolina, State Housing Finance and Development Authority, Revenue, (Homeownership Mortgage Purchase Project) Series 1994A, 6.375% 07/01/16........ Aa2 AA 1,842 3,500 South Carolina, State Public Services Authority, Revenue Refunding, Series 1995B, (FGIC Insured), 5.875% 01/01/19........ Aaa AAA 3,558 2,000 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue, (BMW U.S. Capital Corporation Project) Series 1994, AMT, (GTY-AGMT), 7.550% 11/01/24........ NR NR 2,121
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $ 4,450 York County, South Carolina, Exempt Facilities IDR, (Hoechst Celanese Corporation Project) Series 1994, AMT, 5.700% 01/01/24........ Baa2 BBB $ 4,016 -------- 16,620 -------- TENNESSEE -- 1.9% 6,500 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (University Health Systems Inc. Project) Series 1999, 5.750% 04/01/19........ Baa1 NR 5,852 3,000 Maury County, Tennessee, Industrial Development Board, Multi-Modal PCR Refunding, (General Motors Corporation - Saturn Corporation Project) Series 1994, 6.500% 09/01/24........ A2 A 3,084 2,750 McMinn County, Tennessee, Industrial Development Board, Recycling Facilities Revenue, (Bowater Inc. Project) Series 1992, AMT, 7.400% 12/01/22........ Baa3 BBB 2,841 1,000 Memphis, Tennessee, GO Refunding, Series 1996, 5.200% 11/01/10........ Aa2 AA 1,016 2,500 Metropolitan Government, Nashville and Davidson County, Tennessee, Water and Sewer Revenue Refunding, Series 1993, (FGIC Insured), 5.200% 01/01/13........ Aaa AAA 2,513 2,000 Metropolitan Government, Nashville and Davidson County, Tennessee, Water and Sewer Systems Revenue Refunding, Series 1996, (MBIA Insured), 5.500% 01/01/14........ Aaa AAA 2,021 -------- 17,327 --------
SEE NOTES TO FINANCIAL STATEMENTS. 38 43 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- 10.7% $ 6,000 Alliance Airport Authority Inc., Texas, Special Facilities Revenue, (American Corporation - American Airlines Inc. Project) Series 1991, AMT, 7.000% 12/01/11........ Baa1 BBB- $ 6,478 2,000 Arlington, Texas, Independent School District, GO, Series 1991, (PSF-GTD), 6.500% 08/15/03........ Aaa NR 2,101 1,600 Austin, Texas, Utilities System Revenue, 8.625% 11/15/12........ Aaa AAA 1,703 4,238 Austin, Texas, Utilities System Revenue, Series 1986, Prerefunded, 7.300% 05/15/17........ Aaa AAA 4,373 95 Austin, Texas, Water Sewer and Electric Revenue Refunding, Series 1982, 14.000% 11/15/01....... A2 A 100 560 Austin, Texas, Water Sewer and Electrical Revenue Refunding, Unrefunded Balance, Series 1982, 14.000% 11/15/01....... A2 A 590 2,470 Beaumont, Texas, Independent School District, GO, Series 1996, (PSF-GTD), 5.000% 02/15/17........ Aaa AAA 2,307 1,540 Bexar, Texas, Metropolitan Water District, Waterworks Revenue, Series 1995, (MBIA Insured), Prerefunded 05/01/05 @ 102, 6.000% 05/01/15........ Aaa AAA 1,651 2,070 Bexar, Texas, Metropolitan Water District, Waterworks Revenue, Unrefunded Balance, Series 1995, (MBIA Insured), 6.000% 05/01/15........ Aaa AAA 2,170 1,000 Brazos River Authority, Texas, Revenue Refunding, (Houston Light and Power Company Project) Series 1992B, (MBIA Insured), 6.375% 04/01/12........ Aaa AAA 1,048 1,540 Comal, Texas, Independent School District GO, Series 1996A, (PSF-GTD), 5.600% 02/01/10........ Aaa AAA 1,586
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,275 Cypress-Fairbanks, Texas, Independent School District GO, Series 1995, (PSF-GTD), Prerefunded 02/15/05 @ 100, 5.750% 02/15/16........ Aaa AAA $ 1,331 4,805 Cypress-Fairbanks, Texas, Independent School District GO, Unrefunded Balance, Series 1993A, (PSF-GTD), 5.500% 02/15/11........ Aaa AAA 4,849 1,750 Dallas County, Texas, GO, Series 1996, 5.250% 08/15/16........ Aaa AAA 1,718 1,510 Dallas, Texas, Independent School District GO, Series 1995, (PSF-GTD), 5.700% 08/15/12........ Aaa AAA 1,580 6,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement, Corporate Revenue Refunding, (American Airlines Project) Series 2000C, AMT, 6.150% 05/01/29........ Baa1 BBB- 6,021 1,075 Denton, Texas, Utility Systems Revenue Refunding, Series 1996A, (MBIA Insured), 5.700% 12/01/10........ Aaa AAA 1,115 1,000 Harris County, Texas, GO, Series 1984, 7.800% 01/01/03........ Aaa AAA 1,069 3,335 Harris County, Texas, Health Facilities Development Authority, Hospital Revenue, (Memorial Herman Hospital Systems Project) Series 1998, (FSA Insured), 5.500% 06/01/11........ Aaa AAA 3,410 4,000 Harris County, Texas, Health Facilities Development Authority, Hospital Revenue, (Memorial Hospital Systems Project) Series 1997A, (MBIA Insured), 4.875% 06/01/05........ Aaa AAA 4,023 5,000 Houston, Texas, Airport Systems Revenue, Series 1998B, AMT, (FGIC Insured), 5.000% 07/01/16........ Aaa AAA 4,585
SEE NOTES TO FINANCIAL STATEMENTS. 39 44 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 4,000 Lower Neches Valley Authority, Texas, Industrial Development Corporation, Revenue Refunding, (Mobil Oil Refining Corporation Project) Series 1997, 5.800% 05/01/22........ Aaa AAA $ 3,951 5,000 Lubbock, Texas, Health Facilities Development Authority, Corporate Revenue, (St. Joseph Health Systems Project) Series 1998, (FSA Insured), 5.000% 07/01/07........ Aaa AAA 5,031 1,500 Lubbock, Texas, Health Facilities Development Corporation, Revenue, (St. Joseph Health Systems Project) Series 1993, 5.500% 07/01/14........ Aa3 AA- 1,501 2,000 North Central Texas, Health Facilities Development Corporation, Hospital Revenue, (Presbyterian Healthcare Project) Series 1991A, 6.625% 06/01/11........ Aaa NR 2,230 4,500 Port of Bay City Authority, Texas, Matagorda County Revenue, (Hoechst Celanese Corporation Project), Series 1996, 6.500% 05/01/26........ Baa2 A+ 4,489 4,000 Red River Authority, Texas, PCR Refunding, Series 1991, (AMBAC Insured), 5.200% 07/01/11........ Aaa NR 4,002 3,000 San Antonio, Texas, Electric and Gas, Revenue, Series 1995, (MBIA Insured), 5.375% 02/01/18........ Aaa AAA 2,916 2,000 San Antonio, Texas, GO, Series 1996, 5.250% 08/01/15........ Aa2 AA+ 1,958 1,720 San Antonio, Texas, Water Revenue, Series 1992, Prerefunded, 6.500% 05/15/10........ Aaa AAA 1,806 2,855 Spring Branch, Texas, Independent School District GO, Series 1995, (PSF-GTD), 6.000% 02/01/17........ Aaa AAA 2,911
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 2,000 Texas City, Texas, IDR Refunding, (Atlantic Richfield Company Project) Series 1990, 7.375% 10/01/20........ Aa2 AA+ $ 2,379 5,000 Texas State, Department of Housing and Community Affairs, Single-Family Mortgage Revenue, Series 1997A-3, AMT, (GNMA/FNMA COLL, MBIA Insured), 5.800% 09/01/29........ Aaa AAA 4,771 3,000 Texas State, GO Refunding, Series 1996B, 5.750% 10/01/15........ Aa1 AAA 3,168 1,000 Texas State, GO, Series 1996, 5.500% 08/01/15........ Aa1 AA 1,004 2,000 Texas, Guadalupe Blanco River Authority, Revenue Refunding, (Standard Oil Company Project) Series 1983, 6.550% 05/01/13........ P1 NR 2,100 -------- 98,025 -------- UTAH -- 2.6% 2,000 Emery County, Utah, PCR Refunding, (Pacificorp Project) Series 1993A, (AMBAC Insured), 5.650% 11/01/23........ Aaa AAA 1,955 15,300 Murray City, Utah, Hospital Revenue Refunding, (IHC Health Services, Inc. Project) Series 1996, (MBIA Insured), 5.000% 05/15/22........ Aaa AAA 13,595 1,945 Provo, Utah, Electric Revenue, Series 1980, 10.125% 04/01/15....... Aaa AAA 2,636 3,000 Salt Lake City, Utah, Water and Sewer Revenue, Series 1994, (AMBAC Insured), Prerefunded 02/01/04 @ 100, 6.100% 02/01/14........ Aaa AAA 3,140 2,500 Utah, County Hospital Revenue, Series 1997, (MBIA Insured), 5.250% 08/15/26........ Aaa AAA 2,289 -------- 23,615 --------
SEE NOTES TO FINANCIAL STATEMENTS. 40 45 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VERMONT -- 0.2% $ 1,985 Vermont, Municipal Bond Bank, Revenue, Series 1996-1, (AMBAC Insured), 5.750% 12/01/15........ Aaa AAA $ 2,038 -------- VIRGINIA -- 2.1% 2,000 Covington-Allegheny County, Virginia, IDR Refunding, (Westvaco Corporation Project) Series 1994, 6.650% 09/01/18........ A3 BBB+ 2,100 2,830 Fairfax County, Virginia, Water Authority, Revenue, Unrefunded Balance, Series 1992, 6.000% 04/01/22........ Aa1 AAA 2,935 10,600 Fairfax County, Virginia, Water Authority, Water Revenue Refunding, Series 1997, 5.000% 04/01/29........ Aa1 AAA 9,560 1,000 Norfolk, Virginia, Capital Improvement GO, Series 1997, (FGIC Insured), 5.375% 06/01/15........ Aaa AAA 1,002 1,600 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 1995, (MBIA Insured), 5.700% 01/01/14........ Aaa AAA 1,618 2,000 Virginia State, Resource Authority, Systems Revenue Refunding, Series 1998, 5.000% 05/01/22........ NR AA 1,825 -------- 19,040 -------- WASHINGTON -- 11.0% 10,000 Chelan County, Washington, Development Corporation PCR Refunding, (Alcoa, Inc. Project) Series 1995, 5.850% 12/01/31........ A1 A+ 9,873 2,310 Chelan County, Washington, Public Utilities District Division III, Revenue, Series 1997A, AMT, Mandatory Put 07/01/09 @ 100, 5.600% 07/01/32........ Aa2 AA 2,222 2,480 Clark County, Washington, Sewer Revenue, Series 1996, (MBIA Insured), 5.800% 12/01/11........ Aaa AAA 2,575
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WASHINGTON -- (CONTINUED) $ 1,035 King County, Washington, Library Systems GO, Series 1992, 6.150% 12/01/10........ Aa AA- $ 1,096 2,000 King County, Washington, School District Number 415, GO, Series 1996, (FSA Insured), 5.800% 06/01/13........ Aaa AAA 2,052 3,000 King County, Washington, Sewer GO Refunding, Series 1996C, 5.250% 01/01/17........ Aa1 AA+ 2,898 7,150 Pierce County, Washington, Economic Development Revenue, (Occidental Petroleum Corporation Project) Series 1993, AMT, 5.800% 09/01/29........ Baa3 BBB- 6,382 2,405 Port Seattle, Washington, GO, Series 2000, AMT, 6.000% 12/01/11........ Aa1 AA+ 2,563 1,600 Seattle, Washington, GO Refunding, Series 1993, 5.650% 01/01/20........ Aa3 AA 1,602 4,365 Seattle, Washington, GO, Series 1996A, 5.625% 01/15/10........ Aa1 AA+ 4,502 1,795 Seattle, Washington, GO, Series 1997, 5.300% 08/01/17........ Aa1 AA+ 1,751 2,530 Seattle, Washington, Municipal Light and Power Revenue, Series 1994, Prerefunded 07/01/04 @ 102, 6.625% 07/01/16........ Aa2 AA 2,747 6,100 Seattle, Washington, Water Systems Revenue Refunding, Series 1993, 5.500% 06/01/18........ Aa2 AA 6,025 1,525 Skagit County, Washington, School District Number 320, GO Refunding, Series 1996, (FGIC Insured), 5.500% 12/01/12........ Aaa AAA 1,550 2,000 Tacoma, Washington Conservation Systems Project Revenue, Series 1994, 6.600% 01/01/15........ Aa1 AA- 2,119 2,000 Tacoma, Washington, Electric System Revenue, Series 1997, (AMBAC Insured), 5.250% 01/01/15........ Aaa AAA 1,962
SEE NOTES TO FINANCIAL STATEMENTS. 41 46 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WASHINGTON -- (CONTINUED) $12,700 Washington State, GO, Series 1990A, 6.750% 02/01/15........ Aa1 AA+ $ 14,573 3,000 Washington State, GO, Series 1992-93A, 5.750% 10/01/12........ Aa1 AA+ 3,179 1,155 Washington State, GO, Series 1992A, 6.250% 02/01/11........ Aa1 AA+ 1,266 17,845 Washington State, GO, Series 2000A, 5.625% 07/01/21........ Aa1 AA+ 17,704 3,000 Washington State, Public Power Supply Systems Revenue Refunding, Series 1993B, (FSA Insured), 5.400% 07/01/05........ Aaa AAA 3,083 5,000 Washington State, Public Power Supply Systems Revenue Refunding, Series 1996A, (MBIA Insured), 5.750% 07/01/11........ Aaa AAA 5,196 1,400 Washington State, Public Power Supply Systems Revenue, (Nuclear Project Number 1) Series 1990, 7.250% 07/01/09........ Aa1 AA- 1,568 200 Washington State, Public Power Supply Systems Revenue, (Nuclear Project Number 1), 14.375% 07/01/01....... Aaa AAA 214 1,600 Washington State, Public Power Supply Systems Revenue, (Nuclear Project Number 2) Series 1990, 7.250% 07/01/06........ Aa1 AA- 1,794 -------- 100,496 -------- WEST VIRGINIA -- 0.5% 1,450 Jefferson County, West Virginia, Board of Education, GO, Series 1989, (FGIC Insured), 6.850% 07/01/07........ Aaa AAA 1,622 1,560 Jefferson County, West Virginia, Board of Education, GO, Series 1989, (FGIC Insured), 6.850% 07/01/08........ Aaa AAA 1,765
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WEST VIRGINIA -- (CONTINUED) $ 1,000 West Virginia University, State University Systems Revenue, (Marshall University Library Project) Series 1996, (AMBAC Insured), 5.750% 04/01/16........ Aaa AAA $ 1,015 -------- 4,402 -------- WISCONSIN -- 3.2% 3,000 Menomonee Falls, Wisconsin, Sewer Systems Revenue, Series 1996A, (AMBAC Insured), 5.650% 05/01/16........ Aaa AAA 3,022 6,000 Nekoosa, Wisconsin, PCR, (Nekoosa Papers Inc. Project) Series 1999B, 5.500% 07/01/15........ Baa NR 5,581 2,850 Wisconsin State, Clean Water Revenue, Series 1997-1, 5.500% 06/01/15........ Aa AA+ 2,969 1,000 Wisconsin State, GO Refunding, Series 1993-1, 5.800% 11/01/08........ Aa2 AA 1,066 11,000 Wisconsin State, Health and Educational Facilities Authority, Revenue, (Aurora Health Care Inc. Project) Series 1999A, 5.600% 02/15/29........ NR BBB+ 9,165 3,500 Wisconsin State, Health and Educational Facilities Authority, Revenue, (Aurora Health Care Project) Series 1999B, 5.500% 02/15/15........ NR BBB+ 3,068 5,500 Wisconsin, State Health and Educational Facilities Authority, Revenue, (Aurora Health Care Project) Series 1999B, 5.625% 02/15/20........ NR BBB+ 4,733 -------- 29,604 -------- WYOMING -- 1.4% 2,300 Campbell County, Wyoming, School District Number 001 Gillette, GO, Series 1996, (SCH BD GTY), 5.550% 06/01/06........ Aaa AAA 2,383
SEE NOTES TO FINANCIAL STATEMENTS. 42 47 NATIONS FUNDS Nations Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WYOMING -- (CONTINUED) $10,000 Wyoming, Student Loan Corporation, Revenue Refunding, Series 1999A, 6.250% 06/01/29........ NR AA $ 10,378 -------- 12,761 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $885,899)........................ 909,894 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 0.1% (Cost $975) 975 Nations Municipal Reserves#........... 975 -------- TOTAL INVESTMENTS (Cost $886,874*)............. 98.8% 910,869 -------- OTHER ASSETS AND LIABILITIES (NET)............ 1.2% Cash.................................. $ 2 Receivable for investment securities sold................................ 1,141 Receivable for Fund shares sold....... 299 Interest receivable................... 15,491 Payable for Fund shares redeemed...... (1,289) Investment advisory fee payable....... (257) Administration fee payable............ (153) Shareholder servicing and distribution fees payable........................ (15) Distributions payable................. (3,857) Payable for investment securities purchased........................... (184) Accrued Trustees'/Directors' fees and expenses............................ (26) Accrued expenses and other liabilities......................... (108) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 11,044 -------- NET ASSETS..................... 100.0% $921,913 ========
VALUE (000) - ------------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income... $ 931 Accumulated net realized loss on investments sold.................... (3,784) Net unrealized appreciation of investments......................... 23,995 Paid-in capital....................... 900,771 -------- NET ASSETS............................ $921,913 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($878,060,450 / 81,356,617 shares outstanding)........................ $10.79 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($34,035,672 / 3,154,381 shares outstanding)................. $10.79 ====== Maximum sales charge.................. 4.75% Maximum offering price per share...... $11.33 INVESTOR B SHARES: Net asset value and offering price per share** ($8,558,272 / 793,101 shares outstanding)........................ $10.79 ------ ------ INVESTOR C SHARES: Net asset value and offering price per share** ($1,259,085 / 116,661 shares outstanding)........................ $10.79 ------ ------
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $23,995 on investment securities was comprised of gross appreciation of $33,645 and gross depreciation of $9,650 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $885,899. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. + Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Municipal Income Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 14.10% Nations Municipal Income Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 26.41% Industrial Development Revenue/ Pollution Control Revenue 18.16% Hospital Revenue 11.09% SEE NOTES TO FINANCIAL STATEMENTS. 43 48 NATIONS FUNDS Nations California Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 99.8% CALIFORNIA -- 94.1% $2,000 ABAG Finance Authority for NonProfit Corporations, California, Multi-Family Revenue Refunding, Series 2000A, (GTY-AGMT), Mandatory Put 8/15/08 @ 100, 6.400% 08/15/30........ Baa2 BBB $ 2,050 660 ABAG Finance Corporation, California, Certificates of Participation, (ABAG XXVI Project) Series 1992A, 6.250% 06/01/11............... NR A 675 3,000 Alameda County, California, Certificates of Participation, Refunding, (Santa Rita Jail Project) Series 1993, (MBIA Insured), 5.700% 12/01/14........ Aaa AAA 3,129 5,000 Beverly Hills, California, Public Financing Authority, Lease Revenue, (Capital Imports Project) Series 1998A, 5.000% 06/01/23........ Aa3 AA- 4,690 1,185 Bodega Bay, California, Fire Protection District, Certificates of Participation, (Fire Station Project) Series 1996, 6.450% 10/01/31........ NR BBB- 1,219 1,000 California Health Facilities Financing Authority, Revenue Refunding, (Adventist Health Project) Series 1991A, (MBIA Insured), 7.000% 03/01/13........ Aaa AAA 1,031 1,000 California Health Facilities Financing Authority, Revenue, (Adventist Health Systems/Sunbelt West Project) Series 1991B, (MBIA Insured), 6.500% 03/01/07........ Aaa AAA 1,029 1,500 California Health Facilities Financing Authority, Revenue, (Cedars-Sinai Medical Center) Series 1999A, 6.125% 12/01/19........ A2 NR 1,530
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $3,000 California Health Facilities Financing Authority, Revenue, (Kaiser Permanente Project) Series 1998A, (FSA Insured), 5.000% 06/01/24........ Aaa AAA $ 2,776 2,000 California Housing Finance Agency, Home Mortgage Revenue, Series 1994F-3, AMT, (MBIA/FHA/VA Insured), 6.100% 08/01/15........ Aaa AAA 2,023 2,750 California Housing Finance Agency, Home Mortgage Revenue, Series 1997I, AMT, (MBIA Insured), 5.650% 08/01/17........ Aaa AAA 2,786 3,000 California Housing Finance Agency, Home Mortgage Revenue, Series 1997I, AMT, (MBIA Insured), 5.750% 02/01/29........ Aaa AAA 3,000 2,050 California Housing Finance Agency, Single-Family Mortgage Revenue, Series 1997B-3, Class I, AMT, (FHA Insured), 5.400% 08/01/28........ Aaa AAA 1,975 1,000 California Pollution Control Financing Authority, PCR, (Pacific Gas and Electric Company Project) Series 1992A, AMT, 6.625% 06/01/09........ A1 AA- 1,049 1,000 California Pollution Control Financing Authority, PCR, (Southern California Edison Company Project) Series 1992B, AMT, 6.400% 12/01/24........ A1 A+ 1,029 4,500 California State, Department of Water Resources, Water Systems Revenue, (Center Valley Project) Series 1993L, 5.700% 12/01/16........ Aa2 AA 4,601 2,000 California State, Department of Water Resources, Water Systems Revenue, (Center Valley Project) Series 1997S, 5.000% 12/01/17........ Aa2 AA 1,955 2,600 California State, GO, Series 1995, (FGIC-TCRS Insured), 5.250% 10/01/17........ Aaa AAA 2,603
SEE NOTES TO FINANCIAL STATEMENTS. 44 49 NATIONS FUNDS Nations California Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $2,000 California State, GO, Series 2000, 5.250% 09/01/24........ Aa2 AA $ 1,939 3,000 California State, GO Series 2000, 5.625% 05/01/26........ Aa2 AA 3,032 4,000 California State, Public Works Board, Lease Revenue, (Department of Corrections State Prison Project) Series 1993E, 5.500% 06/01/19........ Aa3 AA- 4,022 3,000 California, Statewide Communities Development Authority, Apartment Development Revenue Refunding, (Irvine Apartment Communities Project) Series 1998A-4, 5.250% 05/15/25........ Baa2 BBB 2,887 3,000 California, Statewide Communities Development Authority, Revenue Certificates of Participation, (John Muir/Mount Diablo Health Systems Project) Series 1997, (MBIA Insured), 5.125% 08/15/17........ Aaa AAA 2,959 1,615 Central Valley Financing Authority, California, Cogeneration Project Revenue Refunding, (Carson Ice-General Project) Series 1998, (MBIA Insured), 5.250% 07/01/12........ Aaa AAA 1,675 3,000 Central Valley, California, Financing Authority Revenue, (Carson Ice Project) Series 1993, 6.000% 07/01/09........ NR BBB 3,104 1,185 Chino, California, Unified School District, Certificates of Participation, (Land Acquisition Project) Series 1994A, (FSA Insured), 6.600% 09/01/14........ Aaa AAA 1,208 1,250 Del Mar, California, Race Track Authority, Revenue Refunding, Series 1996, 6.000% 08/15/06........ NR NR 1,282 1,200 Del Mar, California, Race Track Authority, Revenue Refunding, Series 1996, 6.000% 08/15/08........ NR NR 1,224
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $1,000 Del Mar, California, Race Track Authority, Revenue Refunding, Series 1996, 6.200% 08/15/11........ NR NR $ 1,027 3,000 East Bay Municipal Utilities District, California, Water Systems Revenue Refunding, Series 1996, (FGIC Insured), 5.000% 06/01/16........ Aaa AAA 2,958 1,000 Eastern Municipal Water District, California, Water and Sewer Certificates of Participation, Series 1991, (FGIC Insured), 6.750% 07/01/12........ Aaa AAA 1,184 1,500 Elsinore Valley Municipal Water District, California, Certificates of Participation Refunding, Series 1992A, (FGIC Insured), 6.000% 07/01/12........ Aaa AAA 1,677 925 Emeryville, California, Public Financing Authority, Revenue, Unrefunded Balance, (Redevelopment Project) Series 1993A, 6.500% 05/01/21........ NR A- 953 1,500 Escondido JT Powers Financing Authority, California, Lease Revenue, (California Center for the Arts Project) Series 1995, (AMBAC Insured), 6.000% 09/01/18........ Aaa AAA 1,597 1,000 Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding, Series 1999, 5.750% 01/15/40........ Baa3 BBB- 976 2,000 Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding, Series 1999, (MBIA Insured), 5.125% 01/15/15........ Aaa AAA 2,016 3,000 Foothill/Eastern Corridor Agency, California, Toll Road Revenue, Sr Lien, Series 1995A, Prerefunded 01/01/10 @ 100, 6.000% 01/01/16........ Aaa AAA 3,333 1,965 Fremont, California, Public Financing Authority, Revenue, (Local Improvement District 39R Project) Series 1996, 6.000% 09/01/11........ NR NR 2,009
SEE NOTES TO FINANCIAL STATEMENTS. 45 50 NATIONS FUNDS Nations California Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $5,000 Fresno, California, Sewer Revenue, Series 1993A-1, (AMBAC Insured), 6.250% 09/01/14........ Aaa AAA $ 5,702 1,000 Industry California Urban Development Agency, Tax Allocation Refunding, (Transportation Distribution Project) Series 1992-3, 6.900% 11/01/16........ NR A- 1,050 2,000 Inland Empire, California, Solid Waste Authority, Revenue, (Landfill Improvement Financing Project) Series 1996B, AMT, (FSA Insured), 6.250% 08/01/11........ Aaa AAA 2,224 3,050 Larkspur, California, School District GO, Series 2000A, 5.250% 08/01/25........ Aa3 AA 2,955 2,500 Los Angeles County, California, Transportation Commission, Sales Tax Revenue, Refunding, Series 1991B, 6.500% 07/01/13........ A1 AA- 2,587 3,000 Los Angeles, California, Convention and Exhibition Center Authority, Lease Revenue Refunding, Series 1993A, (MBIA-IBC Insured), 6.000% 08/15/10........ Aaa AAA 3,343 2,000 Los Angeles, California, GO, Series 1999B, 5.250% 09/01/14........ Aa2 AA 2,045 2,000 Los Angeles, California, Harbor Development Revenue, Series 1995B, AMT, 6.625% 08/01/25........ Aa3 AA 2,100 3,750 Los Angeles, California, Parking Revenue, Series 1999A, (AMBAC Insured), 5.250% 05/01/29........ Aaa AAA 3,610 2,000 Manhattan Beach, California, Unified School District, Certificates of Participation, Series 1995B, (MBIA Insured), 6.500%+ 08/01/20##..... Aaa AAA 2,180 3,000 Metropolitan Water District of Southern California, Waterworks Revenue Refunding, Series 1993A, 5.750% 07/01/21........ Aa2 AA 3,134
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $1,000 Natomas, California, Unified School District, GO, Series 1993A, (MBIA Insured), 5.750% 09/01/17........ Aaa AAA $ 1,014 2,500 Northridge Water District, California, Revenue Certificates of Participation, Series 1996, (AMBAC Insured), 5.250% 02/01/18........ Aaa AAA 2,494 1,000 Oakland, California, State Building Authority, Lease Revenue, (Elihu M. Harris Project) Series 1998A, (AMBAC Insured), 5.000% 04/01/17........ Aaa AAA 977 2,500 Orange County, California, Airport Revenue Refunding, Series 1997, AMT, (MBIA Insured), 5.500% 07/01/10........ Aaa AAA 2,624 2,500 Pasadena, California, Community Development Commission, Multi-Family Housing Revenue, (Civic Center Project) Series 1991A, AMT, (FSA Insured), 6.400% 12/01/12........ Aaa AAA 2,559 5,000 Port Oakland, California, Port Revenue Refunding, Series 1997H, AMT, (MBIA Insured), 5.500% 11/01/15........ Aaa AAA 5,111 2,500 Poway, California, Certificates of Participation Refunding, (Poinsettia Mobilehome Park Project) Series 1992, (FSA Insured), 6.375% 06/01/18........ Aaa AAA 2,621 2,000 Rancho, California, Water District, Financing Authority, Revenue Refunding, Series 1995, (FGIC Insured), 5.900% 11/01/15........ Aaa AAA 2,113 2,000 Sacramento County, California, Sanitation District Financing Authority, Revenue, Series 1993, 4.750% 12/01/23........ Aaa AA 1,842
SEE NOTES TO FINANCIAL STATEMENTS. 46 51 NATIONS FUNDS Nations California Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $2,900 Sacramento, California, Power Authority Revenue, (Cogeneration Project) Series 1995, 5.875% 07/01/15........ NR BBB- $ 2,972 2,000 San Diego, California, Convention Center Expansion Financing Authority, Lease Revenue, Series 1998A, (AMBAC Insured), 4.750% 04/01/28........ Aaa AAA 1,763 2,000 San Diego, California, Special Tax, Community Facilities District No. 1 Series 1995B, Prerefunded 09/01/05 @ 102, 7.000% 09/01/15........ NR NR 2,272 1,450 San Francisco City and County Airports Commission, California, International Airport Revenue, Series 1993-2, Unrefunded Balance, (MBIA Insured), 6.750% 05/01/13........ Aaa AAA 1,558 3,000 San Francisco, California, City and County Airport Commission, International Airport Revenue, Series 1996-2-10A, AMT, (MBIA Insured), 5.700% 05/01/26........ Aaa AAA 3,019 1,750 San Joaquin County, California, Certificates of Participation, (Capital Facilities Project) Series 1993, (MBIA Insured), 5.500% 11/15/13........ Aaa AAA 1,873 3,000 San Joaquin Hills, California, Transportation Corridor Agency, Toll Road Revenue Refunding, Capital Appreciation, Series 1997A, 5.600%+ 01/15/16....... Baa3 BBB- 1,939 3,670 San Jose Redevelopment Agency, California, Tax Allocation, (Merged Area Redevelopment Project) Series 1993, (MBIA Insured), 6.000% 08/01/15........ Aaa AAA 4,076
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) 3,000 San Jose, California, Financing Authority Revenue, (Convention Center Refunding Project) Series 1993C, 6.400% 09/01/17........ Aa3 A+ 3,092 $2,000 San Mateo County, California, JT Powers Authority, Lease Revenue, (Capital Project) Series 1997A, (FSA Insured), 5.125% 07/15/32........ Aaa AAA $ 1,877 1,000 Southern California Rapid Transit District, Certificates of Participation, (Workers Compensation Fund Project) Series 1990, (MBIA Insured), 6.000% 07/01/10........ Aaa AAA 1,029 1,000 Southern California, Public Power Authority, Power Revenue, Series 1989, 6.750% 07/01/13........ A2 A 1,161 1,250 Union City, California, Community Redevelopment Agency, Tax Allocation, (Community Redevelopment Project) Series 1993, (AMBAC Insured), 5.850% 10/01/23........ Aaa AAA 1,277 5,000 University of California, Hospital Revenue, (University of California Medical Center Project) Series 1996, (AMBAC Insured), 5.750% 07/01/24........ Aaa AAA 5,084 3,000 University of California, Hospital Revenue, (University of California Medical Center Project) Series 1996, (AMBAC Insured), 6.000% 07/01/26........ Aaa AAA 3,113 3,000 West Covina, California, Redevelopment Agency, Community Facilities District Special Tax, Refunding, (Fashion Plaza Project) Series 1996, 6.000% 09/01/17........ NR A 3,204
SEE NOTES TO FINANCIAL STATEMENTS. 47 52 NATIONS FUNDS Nations California Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- CALIFORNIA -- (CONTINUED) $1,025 Westwood, California, Unified School District, GO, Series 1996, 6.500% 08/01/21........ NR BBB $ 1,055 -------- 172,861 -------- PUERTO RICO -- 5.7% 1,500 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, 5.500% 10/01/32........ Aaa AAA 1,490 4,000 Puerto Rico, Electric Power Authority, Power Revenue, Series 2000HH, (FSA Insured), 5.250% 07/01/29........ Aaa AAA 3,844 5,000 Puerto Rico, Electric Power Authority, Revenue, 6.000% 07/01/14........ Baa1 A- 5,216 -------- 10,550 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $176,610)........................ 183,411 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 0.3% (Cost $624) 624 Nations Municipal Reserves#........... 624 -------- TOTAL INVESTMENTS (Cost $177,234*)............. 100.1% 184,035 -------- OTHER ASSETS AND LIABILITIES (NET)........................ (0.1)% Cash.................................. $ 17 Receivable for investment securities sold................................ 66 Receivable for Fund shares sold....... 200 Interest receivable................... 2,377 Payable for Fund shares redeemed...... (424) Investment advisory fee payable....... (44) Administration fee payable............ (30) Shareholder servicing and distribution fees payable........................ (35) Distributions payable................. (711) Payable for investment securities purchased........................... (1,484) Accrued Trustees'/Directors' fees and expenses............................ (15) Accrued expenses and other liabilities......................... (36) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... (119) -------- NET ASSETS..................... 100.0% $183,916 ========
VALUE (000) - ------------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income... $ 312 Accumulated net realized gain on investments sold.................... 582 Net unrealized appreciation of investments......................... 6,801 Paid-in capital....................... 176,221 -------- NET ASSETS............................ $183,916 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($30,090,084 / 4,144,349 shares outstanding)........................ $7.26 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($148,452,125 / 20,408,076 shares outstanding)................. $7.27 ===== Maximum sales charge.................. 4.75% Maximum offering price per share...... $7.64 INVESTOR B SHARES: Net asset value and offering price per share** ($4,863,012 / 668,445 shares outstanding)........................ $7.28 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($510,312 / 70,351 shares outstanding)........................ $7.25 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $6,801 on investment securities was comprised of gross appreciation of $7,503 and gross depreciation of $702 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $177,234. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. ## Step Bond. Nations California Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 21.80% AMBAC 13.93% Nations California Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Lease Revenue 19.43% Water Revenue 14.03% Transportation Revenue 10.54% SEE NOTES TO FINANCIAL STATEMENTS. 48 53 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.9% FLORIDA -- 95.4% $2,000 Alachua County, Florida, Health Facilities Authority, Revenue, (Shands Hospital at the University of Florida Project) Series 1992, (MBIA Insured), 6.100% 12/01/05........ Aaa AAA $ 2,060 3,375 Bay County, Florida, PCR Refunding, (International Paper Company Project) Series 1998A, 5.100% 09/01/12........ Baa1 BBB+ 3,238 1,000 Bay Medical Center, Florida, Hospital Revenue Refunding, (Bay Medical Center Project) Series 1996, (AMBAC Insured), 5.000% 10/01/05........ Aaa AAA 1,012 2,000 Bay Medical Center, Florida, Hospital Revenue Refunding, (Bay Medical Center Project) Series 1996, (AMBAC Insured), 5.450% 10/01/12........ Aaa AAA 2,031 2,000 Boca Raton, Florida, Water and Sewer Revenue Refunding, Series 1992, 5.600% 10/01/04........ Aa2 AA- 2,059 1,000 Brevard County, Florida, Health Facilities Authority, Revenue Refunding, (Wuesthoff Memorial Hospital Project) Series 1996, (MBIA Insured), 6.250% 04/01/06........ Aaa AAA 1,069 1,000 Broward County, Florida, Gas Tax Revenue, Series 1991, Prerefunded 09/01/01 @ 101, 6.400% 09/01/03........ A1 AA- 1,028 3,000 Broward County, Florida, GO Refunding, Series 1992C, 6.200% 01/01/07........ Aa2 AA 3,114 2,000 Broward County, Florida, School District, GO Refunding, Series 1992, 6.000% 02/15/07........ A1 AA- 2,071 2,000 Broward County, Florida, Solid Waste Systems Revenue, Series 1993A, (MBIA Insured), 5.500% 07/01/04........ Aaa AAA 2,063
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $2,275 Clearwater, Florida, Water and Sewer Authority, Revenue Refunding, Series 1998, (FGIC Insured), 4.850%(+) 12/01/11..... Aaa AAA $ 1,248 1,000 Clearwater, Florida, Water and Sewer Authority, Revenue Refunding, Series 1998, (FGIC Insured), 5.080%(+) 12/01/13..... Aaa AAA 480 3,000 Clearwater, Florida, Water and Sewer Authority, Revenue, Series 1993, (AMBAC Insured), 5.000% 12/01/02........ Aaa AAA 3,034 1,000 Collier County, Florida, Water and Sewer District, Revenue, Series 1992, (FGIC Insured), 6.375% 07/01/10........ Aaa AAA 1,051 1,000 Dade County, Florida, Aviation Facility Revenue Refunding, Series 1994B, AMT, (AMBAC Insured), 6.300% 10/01/05........ Aaa AAA 1,072 3,650 Dade County, Florida, Aviation Revenue, (Miami International Airport Project) Series 1997B, AMT, (FSA Insured), 5.000% 10/01/06........ Aaa AAA 3,678 2,300 Dade County, Florida, School District, GO Refunding, Series 1993, (AMBAC Insured), 5.000% 07/15/01........ Aaa AAA 2,311 2,000 Delray Beach, Florida, Water and Sewer Revenue Refunding, Series 1993A, (AMBAC Insured), 5.000% 10/01/02........ Aaa AAA 2,021 1,000 Delray Beach, Florida, Water and Sewer Revenue Refunding, Series 1993A, (AMBAC Insured), 5.000% 10/01/03........ Aaa AAA 1,015 1,565 Dunes, Florida, Community Development District, Revenue Refunding, (Intracoastal Waterway Bridge Project) Series 1993, 5.300% 10/01/03........ NR BBB 1,579
SEE NOTES TO FINANCIAL STATEMENTS. 49 54 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $1,900 Dunes, Florida, Community Development District, Revenue Refunding, (Intracoastal Waterway Bridge Project) Series 1993, 5.400% 10/01/04........ NR BBB $ 1,926 1,845 Duval County, Florida, Housing Finance Authority, Multi-Family Mortgage Revenue Refunding, (The Cove Project) Series 1992, 6.100% 10/01/02........ NR AAA 1,877 2,000 Escambia County, Florida, Housing Finance Authority, Single-Family Mortgage Revenue, (Multi-County Program) Series 2000A, AMT, (MBIA/FHA/VA Insured), 6.300% 10/01/20........ Aaa NR 2,080 3,600 Escambia County, Florida, PCR, (Champion International Corporation Project) Series 1996, AMT, 6.400% 09/01/30........ Baa1 NR 3,602 1,700 Escambia County, Florida, Utilities Authority Systems Revenue, Series 1996, (FGIC Insured), 5.625% 01/01/21........ Aaa AAA 1,704 1,000 Florida State, Board of Education, Public Education Capital Outlay GO Refunding, Series 1993A, 5.000% 06/01/08........ Aa2 AA+ 1,016 1,000 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1992C, Prerefunded 06/01/02 @ 101, 6.500% 06/01/11........ Aaa AAA 1,042 4,000 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1993D, 5.200% 06/01/11........ Aa2 AA+ 4,028 1,000 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1996A, 5.000% 06/01/18........ Aa2 AA+ 936
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $1,500 Florida State, Department of Transportation, GO, (Right of Way Bridge Project) Series 1996, 5.375% 07/01/26........ Aa2 AA+ $ 1,444 3,000 Florida State, Division of Bond Financing, Department of General Services, Revenue, (Department of Natural Resources - Preservation 2000 Project) Series 1991A, (AMBAC Insured), 6.250% 07/01/01........ Aaa AAA 3,040 1,000 Florida State, Division of Bond Financing, Department of General Services, Revenue, (Department of Natural Resources - Preservation 2000 Project) Series 1992A, (AMBAC Insured), Prerefunded 07/01/02 @ 101, 6.250% 07/01/06........ Aaa AAA 1,039 2,000 Florida, Greater Orlando Aviation Authority, Revenue Refunding, Series 1992B, (FGIC Insured), 6.200% 10/01/03........ Aaa AAA 2,093 4,000 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (Altamonte Project) Series 1994C, Mandatory Put 12/01/03 @ 100, 7.000% 12/01/24........ NR BBB+ 4,192 1,000 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (United Dominion Realty Trust - Andover Project) Series 1996E, AMT, Mandatory Put 05/01/08 @ 100, 6.350% 05/01/26........ NR BBB+ 1,025 1,020 Florida, Housing Finance Agency, Revenue Refunding, (The Vineyards Project) Series 1995H, 5.875% 11/01/05........ NR BBB+ 1,036
SEE NOTES TO FINANCIAL STATEMENTS. 50 55 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $1,000 Florida, Housing Finance Agency, Revenue Refunding, (The Vineyards Project) Series 1995H, 6.400% 11/01/15........ NR BBB+ $ 1,022 2,240 Florida, Housing Finance Corporation, Revenue (Homeowner Mortgage Project) Series 1998-1, (MBIA Insured), 4.950% 07/01/11........ Aaa AAA 2,230 3,000 Florida, Orlando and Orange County Expressway Authority, Revenue Refunding, Senior Lien, Series 1993, (AMBAC Insured), 5.000% 07/01/03........ Aaa AAA 3,041 1,000 Florida, Ports Financing Commission, Revenue, (State Transportation Trust Fund Project) Series 1996, AMT, (MBIA Insured), 5.375% 06/01/16........ Aaa AAA 975 1,000 Gainesville, Florida, Utility Systems Revenue, Series 1996A, 5.750% 10/01/07........ Aa3 AA 1,062 3,200 Greater Orlando, Aviation Authority, Revenue Refunding, Series 1992D, (AMBAC Insured), 5.450% 10/01/01........ Aaa AAA 3,232 2,000 Greater Orlando, Aviation Authority, Revenue Refunding, Series 1992D, (AMBAC Insured), 5.600% 10/01/02........ Aaa AAA 2,042 1,375 Hialeah, Florida, Capital Improvement Revenue, Series 1993, 5.500% 10/01/18........ Baa1 NR 1,306 3,170 Hillsborough County, Florida, Aviation Authority, Revenue Refunding, (Tampa International Airport Project) Series 1997A, AMT, (AMBAC Insured), 5.750% 10/01/07........ Aaa AAA 3,326 1,000 Hillsborough County, Florida, Capital Improvement Revenue Refunding, (County Center Project) Series 1996B, (MBIA Insured), 5.000% 07/01/11........ Aaa AAA 997
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $2,640 Hillsborough County, Florida, Environmentally Sensitive Lands, Series 1992, (AMBAC Insured), 6.250% 07/01/06........ Aaa AAA $ 2,768 3,500 Hillsborough County, Florida, IDR Refunding, (Tampa Electric Company Project) Series 1992, 8.000% 05/01/22........ Aa3 AA 3,750 1,500 Indian River County, Florida, School District, GO Refunding, Series 1993, (FSA Insured), 5.000% 04/01/03........ Aaa AAA 1,519 1,800 Indian River County, Florida, School District, GO Refunding, Series 1993, (FSA Insured), 5.000% 04/01/04........ Aaa AAA 1,827 1,750 Indian River County, Florida, School District, GO Refunding, Series 1993, (FSA Insured), 5.100% 04/01/05........ Aaa AAA 1,787 1,000 Indian River County, Florida, Water and Sewer Revenue Refunding, Series 1993A, (FGIC Insured), 5.200% 09/01/05........ Aaa AAA 1,025 1,000 Jacksonville Beach, Florida, Utilities Revenue, Series 1991, (MBIA Insured), Prerefunded 10/01/01 @ 102, 6.500% 10/01/12........ Aaa AAA 1,040 1,000 Jacksonville, Florida, Electric Systems Authority, Revenue, Series 1993A, 5.200% 10/01/02........ Aa2 AA 1,014 1,000 Jacksonville, Florida, Excise Tax Revenue Refunding, Series 1995A, (FGIC Insured), 5.000% 10/01/09........ Aaa AAA 1,014 1,375 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Refunding, (St. Lukes Hospital Association Project) Series 1991, 6.750% 11/15/02........ NR AA+ 1,432 4,200 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue, Series 1997B, 5.400% 08/15/18........ Aaa NR 4,136
SEE NOTES TO FINANCIAL STATEMENTS. 51 56 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $2,000 Lakeland, Florida, Electricity and Water Revenue Refunding, Series 1992, 5.625% 10/01/04........ A1 AA- $ 2,079 2,025 Marion County, Florida, Hospital District, Revenue Refunding, Series 1999, 5.250% 10/01/11........ A2 NR 1,964 1,500 Miami Beach, Florida, GO Refunding, Series 1993, (FGIC Insured), 5.300% 09/01/03........ Aaa AAA 1,534 2,000 Miami, Florida, GO Refunding, Series 1992, (FGIC Insured), 5.600% 12/01/03........ Aaa AAA 2,066 3,000 Miami-Dade County, Florida, Aviation Revenue, Series 1998C, AMT, (MBIA Insured), 5.000% 10/01/23........ Aaa AAA 2,680 2,000 Miami-Dade County, Florida, Aviation Revenue, Series 1998C, AMT, (MBIA Insured), 5.000% 10/01/28........ Aaa AAA 1,762 5,365 Miami-Dade County, Florida, Special Obligation Revenue Refunding, Series 1997A, (MBIA Insured), 6.013%(+) 10/01/19..... Aaa AAA 1,741 1,000 Naples, Florida, Water and Sewer Revenue Refunding, Series 1992, (FGIC Insured), 6.400% 09/01/07........ Aaa AAA 1,049 1,000 Nassau County, Florida, PCR Refunding, (ITT Rayonier Inc. Project) Series 1992, 6.250% 06/01/10........ Baa2 BBB- 992 3,000 North Broward, Florida, Hospital District Revenue Refunding, Series 1992, (MBIA Insured), Prerefunded 01/01/02 @ 102, 6.250% 01/01/06........ Aaa AAA 3,121 1,375 Orange County, Florida, Health Facilities Authority, Revenue Refunding, (Lakeside Alternatives, Inc. Project) Series 1995, 6.250% 07/01/05........ NR BBB 1,398
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $4,640 Orange County, Florida, Health Facilities Authority, Revenue, (Orlando Regional Healthcare Project) Series 1996A, (MBIA Insured), 6.250% 10/01/08........ Aaa AAA $ 5,099 1,405 Orange County, Florida, Health Facilities Authority, Revenue, Series 1993A, (MBIA Insured), 5.400% 11/01/02........ Aaa AAA 1,431 2,800 Orange County, Florida, Health Facilities Authority, Revenue, Series 1993B, (MBIA Insured), 4.400% 10/01/02........ Aaa AAA 2,789 1,445 Orange County, Florida, Health Facilities Authority, Revenue, Series 1996A, (MBIA Insured), 6.250% 10/01/16........ Aaa AAA 1,584 555 Orange County, Florida, Health Facilities Authority, Revenue, Series 1996A, (MBIA Insured), 6.250% 10/01/16........ Aaa AAA 610 2,455 Orange County, Florida, Housing Finance Authority, Multi-Family Mortgage Revenue, Series 1999L, AMT, 5.650% 12/01/17........ A3 NR 2,301 1,720 Orange County, Florida, Housing Finance Authority, Single-Family Mortgage Revenue, Series 1997A, AMT, (GNMA/FNMA COLL), 5.900% 09/01/19........ NR AAA 1,740 5,000 Orange County, Florida, Tourist Development Tax Revenue Refunding, Series 1998A, (AMBAC Insured), 4.750% 10/01/24........ Aaa AAA 4,336 2,000 Orlando and Orange County, Florida, Expressway Authority, Revenue, Junior Lien, Series 1990, (FGIC Insured), 6.500% 07/01/10........ Aaa AAA 2,252 1,000 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue Refunding, Series 1997, AMT, (FGIC Insured), 5.125% 10/01/12........ Aaa AAA 985
SEE NOTES TO FINANCIAL STATEMENTS. 52 57 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $3,000 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding, Series 1992, 5.600% 10/01/03........ Aa1 AA $ 3,094 2,000 Orlando, Florida, Utilities Commission, Water and Electric Revenue Refunding, Series 1993B, 5.400% 10/01/08........ Aa2 AA- 2,055 2,000 Palm Beach County, Florida, GO Refunding, Series 1998, 5.500% 12/01/11........ Aa1 AA 2,109 1,250 Palm Beach County, Florida, GO, Series 1991, Prerefunded 10/01/01 @ 102, 6.600% 10/01/11........ NR NR 1,300 1,750 Palm Beach County, Florida, GO, Series 1994, 6.875% 12/01/03........ Aa1 AA 1,871 1,300 Palm Beach County, Florida, GO, Series 1994, 7.000% 12/01/04........ Aa1 AA 1,419 1,000 Palm Beach County, Florida, Health Facilities Authority, Hospital Revenue, (Good Samaritans Health System Project) Series 1993, 6.100% 10/01/05........ Aaa NR 1,059 4,400 Palm Beach County, Florida, Housing Finance Authority, Single-Family Mortgage Revenue Refunding, Series 1999A, AMT, (GNMA/FNMA COLL), 4.850% 04/01/32........ Aaa NR 4,315 2,000 Palm Beach County, Florida, School District, GO Refunding, Series 1992, (AMBAC Insured), 6.000% 08/01/06........ Aaa AAA 2,066 2,000 Palm Beach County, Florida, Stadium Facilities Revenue, Series 1996, (MBIA Insured), 5.250% 12/01/16........ Aaa AAA 1,953 1,250 Pembroke Pines, Florida, Consolidated Utilities Systems Revenue, Series 1992, (FGIC Insured), 6.250% 09/01/07........ Aaa AAA 1,340
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $1,400 Pinellas County, Florida, Health Facilities Authority, Hospital Revenue, (Morton Plant Hospital Association Project) Series 1993, (MBIA Insured), 4.900% 11/15/02........ Aaa AAA $ 1,409 1,000 Pinellas County, Florida, PCR Refunding, (Anclote and Barton Power Plants - Florida Power Corporation Project) Series 1991, 7.200% 12/01/14........ A1 A+ 1,036 2,500 Pinellas County, Florida, Resource Recovery Revenue Refunding, Series 1990A, (MBIA Insured), 6.800% 10/01/02........ Aaa AAA 2,554 1,690 Reedy Creek, Florida, Improvement District, Revenue, Unrefunded Balance, Series 1991A, 6.400% 06/01/07........ A1 A+ 1,725 10 Reedy Creek, Florida, Improvement District, Series 1991A, Prerefunded 06/01/01 @ 101, 6.400% 06/01/07........ A1 A+ 10 1,200 Sarasota County, Florida, GO Refunding, Series 1992, (FGIC Insured), 6.100% 10/01/02........ Aaa AAA 1,237 1,650 Sarasota County, Florida, Public Hospital Board, Revenue Refunding, (Sarasota Memorial Hospital Project) Series 1997B, (MBIA Insured), 5.000% 10/01/07........ Aaa NR 1,666 1,750 Sarasota County, Florida, Public Hospital Board, Revenue Refunding, (Sarasota Memorial Hospital Project) Series 1998B, (MBIA Insured), 5.250% 07/01/11........ Aaa AAA 1,776 1,000 Sarasota, Florida, Water and Sewer Utility Revenue Refunding, Series 1992, (FGIC Insured), 6.000% 10/01/02........ Aaa AAA 1,029 2,100 Seminole County, Florida, School District, GO Refunding, Series 1992, (MBIA Insured), 5.900% 08/01/02........ Aaa AAA 2,153
SEE NOTES TO FINANCIAL STATEMENTS. 53 58 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $2,000 St. Lucie County, Florida, School District, GO Refunding, Series 1992, (AMBAC Insured), 6.000% 07/01/03........ Aaa AAA $ 2,076 1,000 St. Lucie County, Florida, School District, GO, Series 1997, (FGIC Insured), 5.875% 02/01/07........ Aaa AAA 1,064 1,000 Tallahassee, Florida, Health Facilities Revenue Refunding, (Tallahassee Memorial Medical Center Project) Series 1992B, (MBIA Insured), 5.750% 12/01/04........ Aaa AAA 1,040 1,000 Tallahassee, Florida, Health Facilities Revenue Refunding, (Tallahassee Memorial Regional Medical Center Project) Series 1992A, (MBIA Insured), 5.750% 12/01/04........ Aaa AAA 1,040 1,000 Tampa, Florida, Capital Improvement Authority, Hospital Revenue, (H. Lee Moffitt Project) Series 1999A, 4.875% 07/01/13........ A3 A 907 2,000 Tampa, Florida, Health Systems Revenue, (Catholic Health Project) Series 1998A-1, (MBIA Insured), 4.875% 11/15/15........ Aaa AAA 1,821 3,170 Tampa, Florida, Sports Authority, Local Optional Sales Tax Revenue, (Stadium Project) Series 1997, (MBIA Insured), 6.000% 01/01/07........ Aaa AAA 3,391 3,000 Tampa, Florida, Tax Allocation, (Cigarette- H. Lee Moffitt Cancer Project) Series 1999, (AMBAC Insured), 5.000% 03/01/07........ Aaa AAA 3,051
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $1,000 Tampa, Florida, Water and Sewer Revenue, Series 1993A, (FGIC Insured), 5.000% 10/01/02........ Aaa AAA $ 1,011 1,025 Venice, Florida, Health Facilities Revenue, (Venice Hospital Inc. Project) Series 1994, 5.300% 12/01/02........ Aaa NR 1,041 -------- 206,990 -------- ILLINOIS -- 0.5% 1,620 Champaign County, Illinois, Community Unit School District No. 116 Urbana, GO, Series 1999C, (FGIC Insured), 5.250%(+) 01/01/10..... Aaa AAA 1,007 -------- TEXAS -- 2.0% 2,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement, Corporate Revenue Refunding, (American Airlines Project) Series 2000C, AMT, 6.150% 05/01/29........ Baa1 BBB- 2,007 4,000 Texas State, Turnpike Authority, Dallas North Tollway Revenue, (President George Bush Turnpike Project) Series 1996, (AMBAC Insured), 5.360%(+) 01/01/11..... Aaa AAA 2,344 -------- 4,351 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $209,313)........ 212,348 --------
SEE NOTES TO FINANCIAL STATEMENTS. 54 59 NATIONS FUNDS Nations Florida Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ------------------------------------------------------------- INVESTMENT COMPANIES -- 0.7% (Cost $1,597) 1,597 Nations Municipal Reserves#........... $ 1,597 -------- TOTAL INVESTMENTS (Cost $210,910*)............. 98.6% 213,945 -------- OTHER ASSETS AND LIABILITIES (NET)........................ 1.4% Cash.................................. $ 1 Receivable for Fund shares sold....... 43 Interest receivable................... 4,116 Payable for Fund shares redeemed...... (7) Investment advisory fee payable....... (36) Administration fee payable............ (36) Shareholder servicing and distribution fees payable........................ (5) Distributions payable................. (861) Payable for investment securities purchased........................... (43) Accrued Trustees'/Directors' fees and expenses............................ (24) Accrued expenses and other liabilities......................... (54) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 3,094 -------- NET ASSETS..................... 100.0% $217,039 ======== NET ASSETS CONSIST OF: Undistributed net investment income... $ 14 Accumulated net realized loss on investments sold.................... (1,252) Net unrealized appreciation of investments......................... 3,035 Paid-in capital....................... 215,242 -------- NET ASSETS............................ $217,039 ========
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($204,455,410 / 19,647,958 shares outstanding)........................ $10.41 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($8,326,351 / 800,842 shares outstanding)................. $10.40 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.75 INVESTOR B SHARES Net asset value and offering price per share** ($4,137,638 / 397,592 shares outstanding)........................ $10.41 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($119,840 / 11,496 shares outstanding)........................ $10.42 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $3,035 on investment securities was comprised of gross appreciation of $4,693 and gross depreciation of $1,658 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $210,910. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Florida Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 23.06% AMBAC 20.67% FGIC 10.68% Nations Florida Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 17.68% Transportation Revenue 14.49% Hospital Revenue 12.00% SEE NOTES TO FINANCIAL STATEMENTS. 55 60 NATIONS FUNDS Nations Florida Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.2% FLORIDA -- 87.6% $ 870 Alachua County, Florida, Health Facilities Authority, Revenue Refunding, (Santa Fe Healthcare Facilities, Inc. Project) Series 1993, 6.000% 11/15/09........ Baa1 AAA $ 909 1,000 Alachua County, Florida, Health Facilities Authority, Revenue, (Shands Teaching Hospital/Clinic Project) Series 1996A, (MBIA Insured), 5.000% 12/01/04........ Aaa AAA 1,012 1,000 Bay County, Florida, PCR Refunding, (International Paper Company Project) Series 1998A, 5.100% 09/01/12........ Baa1 BBB+ 959 2,550 Brevard County, Florida, Health Facilities Authority, Revenue, (Holmes Regional Medical Center, Inc. Project) Series 1996, (MBIA Insured), 5.625% 10/01/14........ Aaa AAA 2,585 1,000 Canaveral, Florida, Port Authority, Port Improvement Revenue Refunding, Series 1996B, (FGIC Insured), 5.700% 06/01/13........ Aaa AAA 1,030 2,250 Charlotte County, Florida, Utility Revenue Refunding, Series 1996A, (FGIC Insured), 5.625% 10/01/16........ Aaa AAA 2,285 5,175 Collier County, Florida, Health Facilities Authority, Revenue Refunding, (Moorings, Inc. Project) Series 1994, 7.000% 12/01/19........ NR A- 5,338 2,500 Dade County, Florida, Aviation Revenue, Series 1996A, AMT, (MBIA Insured), 5.750% 10/01/12........ Aaa AAA 2,579 1,000 Dade County, Florida, School District, GO, Series 1994A, (MBIA Insured), 6.125% 06/01/14........ Aaa AAA 1,069
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 2,000 Escambia County, Florida, Housing Finance Authority, Single-Family Mortgage Revenue, (Multi-County Program) Series 2000A, AMT, (MBIA/FHA/VA Insured), 6.300% 10/01/20........ Aaa NR $ 2,080 1,000 Escambia County, Florida, PCR, (Champion International Corporation Project) Series 1994, AMT, 6.900% 08/01/22........ Baa1 BBB+ 1,033 1,000 Escambia County, Florida, PCR, (Champion International Corporation Project) Series 1996, AMT, 6.400% 09/01/30........ Baa1 NR 1,001 3,000 Florida State, Board of Education, Capital Outlay GO, Series 1997A, 5.000% 01/01/17........ Aa2 AA+ 2,837 1,000 Florida State, Board of Education, Public Education Capital Outlay GO Refunding, Series 1993A, 5.000% 06/01/08........ Aa2 AA+ 1,016 2,500 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1996A, 5.250% 06/01/16........ Aa2 AA+ 2,453 2,000 Florida State, Board of Education, Public Education Capital Outlay GO, Series 1996A, 5.000% 06/01/18........ Aa2 AA+ 1,873 1,000 Florida State, Department of Transportation, GO, (Right of Way Bridge Project) Series 1996, 5.375% 07/01/26........ Aa2 AA+ 963 1,000 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (Altamonte Project) Series 1994C, Mandatory Put 12/01/03 @ 100, 7.000% 12/01/24............... NR BBB+ 1,048 2,985 Florida, Housing Finance Agency, Revenue, (Homeowner Mortgage Project) Series 1997-2, AMT, (MBIA Insured), 5.750% 07/01/14........ Aaa AAA 3,032
SEE NOTES TO FINANCIAL STATEMENTS. 56 61 NATIONS FUNDS Nations Florida Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 1,630 Florida, Housing Finance Corporation, Revenue (Homeowner Mortgage Project) Series 1998-1, (MBIA Insured), 4.950% 01/01/11........ Aaa AAA $ 1,623 3,000 Gainesville, Florida, Utility Systems Revenue, Series 1992B, 6.500% 10/01/11........ Aa3 AA 3,399 1,000 Hillsborough County, Florida, IDR Refunding, (Tampa Electric Company Project) Series 1992, 8.000% 05/01/22........ Aa3 AA 1,071 1,000 Hillsborough County, Florida, Utilities Revenue Refunding, Series 1993, (MBIA Insured), 5.500% 08/01/12........ Aaa AAA 1,012 5,000 Jacksonville, Florida, Sales Tax Revenue, (River City Renaissance Project) Series 1995, (FGIC Insured), 5.650% 10/01/14........ Aaa AAA 5,105 5,000 Jacksonville, Florida, Sales Tax Revenue, (River City Renaissance Project) Series 1995, (FGIC Insured), 5.375% 10/01/18........ Aaa AAA 4,885 2,430 Leon County, Florida, Capital Improvement Revenue, Series 1997, (AMBAC Insured), 5.250% 10/01/17........ Aaa AAA 2,348 2,300 Martin County, Florida, Industrial Development Authority, Revenue, (Indiantown Cogeneration Project) Series 1995B, AMT, 8.050% 12/15/25........ Baa3 BBB- 2,344 2,620 Miami Beach, Florida, Water and Sewer Revenue, Series 1995, (FSA Insured), 5.375% 09/01/15........ Aaa AAA 2,619 3,500 Miami-Dade County, Florida, Aviation Revenue, Series 1998C, AMT, (MBIA Insured), 5.250% 10/01/15........ Aaa AAA 3,391 2,000 North Broward, Florida, Hospital District, Revenue Refunding, Series 1997, (MBIA Insured), 5.250% 01/15/17........ Aaa AAA 1,922
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 5,000 Okaloosa County, Florida, Gas Distribution Revenue Refunding, Series 1994, (MBIA Insured), Prerefunded 10/01/04 @ 102, 6.875% 10/01/19........ Aaa AAA $ 5,505 935 Orange County, Florida, Health Facilities Authority, Revenue, (Orlando Regional Healthcare Project), Series 1993B, (MBIA Insured), 5.000% 10/01/10........ Aaa AAA 934 3,260 Orange County, Florida, Health Facilities Authority, Revenue, Series 1996A, (MBIA Insured), 6.250% 10/01/16........ Aaa AAA 3,573 1,260 Orange County, Florida, Health Facilities Authority, Revenue, Series 1996A, (MBIA Insured), 6.250% 10/01/16........ Aaa AAA 1,385 3,000 Orange County, Florida, Tourist Development Tax Revenue Refunding, Series 1998A, (AMBAC Insured), 4.750% 10/01/24........ Aaa AAA 2,602 1,000 Orange County, Florida, Tourist Development Tax Revenue, Series 1994B, (MBIA Insured), Prerefunded 10/01/04 @ 102, 6.000% 10/01/14........ Aaa AAA 1,070 2,950 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue, Series 1999A, AMT, (FGIC Insured), 5.250% 10/01/10........ Aaa AAA 2,971 1,500 Orlando, Florida, Utilities Commission, Water and Electric Utilities Revenue Refunding, Series 1994A, 5.000% 10/01/20........ Aa2 AA- 1,377 3,000 Orlando, Florida, Utilities Commission, Water and Electricity Revenue Refunding, Series 1989D, 6.750% 10/01/17........ Aa2 AA- 3,425
SEE NOTES TO FINANCIAL STATEMENTS. 57 62 NATIONS FUNDS Nations Florida Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 1,000 Osceola County, Florida, Health Facilities Authority, Revenue Refunding, (Evangelical Lutheran Good Samaritan Society Project) Series 1994, (AMBAC Insured), 6.000% 05/01/10........ Aaa AAA $ 1,048 1,500 Palm Beach County, Florida, Health Facilities Authority, Hospital Revenue, (Good Samaritans Health System Project) Series 1993, Prerefunded 10/01/05 @ 100, 6.200% 10/01/11........ Aaa NR 1,592 1,000 Palm Beach County, Florida, Housing Finance Authority, Single-Family Mortgage Revenue Refunding, Series 1999A, AMT, (GNMA/FNMA COLL), 4.850% 04/01/32........ Aaa NR 981 5,065 Palm Beach County, Florida, Solid Waste Authority, Revenue, Unrefunded Balance, Series 1997A, (AMBAC Insured), 6.000% 10/01/10........ Aaa AAA 5,485 2,000 Pensacola, Florida, Airport Revenue, Series 1997B, AMT, (MBIA Insured), 5.625% 10/01/14........ Aaa AAA 2,023 4,000 Pinellas County, Florida, Capital Improvement Revenue, Series 2000, 4.500% 01/01/06........ Aa3 NR 3,979 1,000 Polk County, Florida, Industrial Development Authority, Solid Waste Disposal Facilities Revenue, (Tampa Electric Company Project) Series 1996, AMT, 5.850% 12/01/30........ Aa2 A1+ 1,006 4,000 South Miami, Florida, Health Facilities Authority, Hospital Revenue Refunding, (Baptist Health Systems Obligation Group Project) Series 1995, (MBIA Insured), 5.375% 10/01/16........ Aaa AAA 3,927
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- FLORIDA -- (CONTINUED) $ 2,500 Sunrise Lakes, Florida, Phase 4 Recreational District, GO, Series 1995A, Prerefunded 08/01/05 @ 102, 6.750% 08/01/24........ NR BBB- $ 2,755 1,000 Tampa, Florida, Sports Authority, Local Optional Sales Tax Revenue, (Stadium Project) Series 1997, (MBIA Insured), 5.125% 01/01/12........ Aaa AAA 1,004 2,000 Tampa, Florida, Sports Authority, Local Optional Sales Tax Revenue, (Stadium Project) Series 1997, (MBIA Insured), 5.250% 01/01/17........ Aaa AAA 1,953 2,500 Tampa, Florida, Sports Authority, Sales Tax Revenue, (Tampa Bay Arena Project) Series 1995, (MBIA Insured), 5.750% 10/01/15........ Aaa AAA 2,639 1,000 Tampa, Florida, Tax Allocation, (H-Lee Moffitt Cancer Project) Series 1999, (AMBAC Insured), 4.875% 03/01/06........ Aaa AAA 1,012 1,000 Volusia County, Florida, Educational Facilities Authority, Educational Facilities Revenue, (Embry-Riddle Aeronautical University Project) Series 1996A, 6.125% 10/15/26........ Baa2 NR 1,009 2,380 Volusia County, Florida, Educational Facilities Authority, Educational Facilities Revenue, (Embry-Riddle Aeronautical University Project) Series 1999A, 5.750% 10/15/29........ Baa2 NR 2,264 -------- 120,340 -------- GUAM -- 5.3% 3,820 Guam, Airport Authority, Revenue, Series 1993A, 6.375% 10/01/10........ NR BBB 4,025
SEE NOTES TO FINANCIAL STATEMENTS. 58 63 NATIONS FUNDS Nations Florida Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GUAM -- (CONTINUED) $ 3,000 Guam, Power Authority, Revenue, Series 1994A, Prerefunded 10/01/04 @ 102, 6.750% 10/01/24........ NR AAA $ 3,308 -------- 7,333 -------- PUERTO RICO -- 4.3% 4,190 Puerto Rico Commonwealth, GO, Series 1997, (MBIA Insured), 6.500% 07/01/15........ Aaa AAA 4,806 1,000 Puerto Rico, Industrial Tourist Educational Medical and Environmental Authority, Control Facilities Hospital Revenue, (Hospital Auxilio Mutuo Obligation Group Project) Series 1995A, (MBIA Insured), 6.250% 07/01/16........ Aaa AAA 1,049 -------- 5,855 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $128,519)........................ 133,528 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 1.2% (Cost $1,710) 1,710 Nations Municipal Reserves#........... 1,710 -------- TOTAL INVESTMENTS (Cost $130,229*)............. 98.4% 135,238 -------- OTHER ASSETS AND LIABILITIES (NET)........................ 1.6% Cash.................................. $ 6 Receivable for investment securities sold................................ 3,930 Receivable for Fund shares sold....... 30 Interest receivable................... 3,134 Payable for Fund shares redeemed...... (183) Investment advisory fee payable....... (31) Administration fee payable............ (23) Shareholder servicing and distribution fees payable........................ (19) Distributions payable................. (551) Payable for investment securities purchased........................... (3,971) Accrued Trustees'/Directors' fees and expenses............................ (23) Accrued expenses and other liabilities......................... (60) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 2,239 -------- NET ASSETS..................... 100.0% $137,477 ========
VALUE (000) - ------------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income... $ 139 Accumulated net realized gain on investments sold.................... 154 Net unrealized appreciation of investments......................... 5,009 Paid-in capital....................... 132,175 -------- NET ASSETS............................ $137,477 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($80,895,710 / 8,423,752 shares outstanding)........................ $9.60 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($45,605,066 / 4,748,841 shares outstanding)................. $9.60 ===== Maximum sales charge.................. 4.75% Maximum offering price per share...... $10.08 ====== INVESTOR B SHARES: Net asset value and offering price per share** ($10,953,066 / 1,140,518 shares outstanding)................. $9.60 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($23,253 / 2,422 shares outstanding)........................ $9.60 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $5,009 on investment securities was comprised of gross appreciation of $5,312 and gross depreciation of $303 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $130,229. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Florida Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 36.41% AMBAC 16.87% FGIC 11.84%
Nations Florida Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Hospital Revenue 15.46% Special Tax Revenue 14.22% Transportation Revenue 12.61% Electric Revenue 10.27%
SEE NOTES TO FINANCIAL STATEMENTS. 59 64 NATIONS FUNDS Nations Georgia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.1% GEORGIA -- 98.1% $1,000 Alpharetta, Georgia, GO, Series 1992, 6.000% 05/01/03........ Aa2 AA $ 1,036 1,000 Atlanta, Georgia, Airport Facilities Revenue Refunding, Series 1996, (AMBAC Insured), 5.000% 01/01/03........ Aaa AAA 1,009 1,000 Atlanta, Georgia, Airport Facilities Revenue Refunding, Series 1996, (AMBAC Insured), 6.000% 01/01/03........ Aaa AAA 1,030 4,000 Atlanta, Georgia, Airport Facilities Revenue Refunding, Series 2000A, (FGIC Insured), 5.600% 01/01/30(a)..... Aaa AAA 3,943 2,000 Atlanta, Georgia, Urban Residential Financial Authority, Multi-Family Revenue Refunding, (Housing City Plaza Project) Series 1998, AMT, (FNMA COLL), Mandatory Put 12/01/08 @ 100, 4.550% 12/01/28........ NR AAA 1,895 2,750 Bibb County, Georgia, GO, Series 1993, 5.500% 01/01/08........ A1 AA 2,820 1,000 Brunswick and Glynn County, Georgia, Development Authority, Revenue Refunding, (Georgia-Pacific Corporation Project) Series 1998, AMT, 5.550% 03/01/26........ Baa2 NR 896 1,500 Burke County, Georgia, Development Authority, PCR, (Oglethorpe Power Corporation Project) Series 1994B, 4.700% 01/01/04........ A3 A 1,488 2,500 Cartersville, Georgia, Development Authority, Sewer Facilities Revenue Refunding, (Anheuser-Busch Companies, Inc. Project) Series 1997, AMT, 5.625% 05/01/09........ A1 A+ 2,581 1,000 Cherokee County, Georgia, School System GO Refunding, Series 1992, 5.900% 06/01/02........ A2 NR 1,023
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,000 Cherokee County, Georgia, School System GO, Series 1993, (AMBAC Insured), 5.875% 02/01/09........ Aaa AAA $ 1,062 705 Cherokee County, Georgia, Water and Sewer Authority, Revenue Refunding, Series 1993, (MBIA Insured), 5.300% 08/01/09........ Aaa AAA 721 1,000 Clarke County, Georgia, Hospital Authority, Revenue, (Athens Regional Medical Center Project) Series 1993, (MBIA Insured), Prerefunded 01/01/03 @ 102, 5.750% 01/01/08........ Aaa AAA 1,044 1,000 Clarke County, Georgia, School District, GO Refunding, Series 1993, (FGIC Insured), 5.100% 07/01/04........ Aaa AAA 1,018 3,190 Clayton County, Georgia, Hospital Authority, Revenue Anticipation Certificates, (Southern Regional Medical Center Project) Series 1998A, (MBIA Insured), 5.250% 08/01/09........ Aaa AAA 3,274 1,000 Clayton County, Georgia, Water and Sewer Authority, Revenue Refunding, Series 1993, (MBIA Insured), 5.400% 05/01/07........ Aaa AAA 1,029 2,000 Clayton County, Georgia, Water and Sewer Authority, Revenue, Series 2000, 6.250% 05/01/17........ Aa3 AA 2,149 2,000 Cobb County and Marietta, Georgia, Water Authority, Revenue Refunding, Series 1993, 5.000% 11/01/03........ Aa1 AA 2,028 1,000 Cobb County, Georgia, Detention Buildings and Facilities GO, Series 1993, 5.300% 01/01/08........ Aaa AAA 1,021 1,200 Cobb County, Georgia, Kennestone Hospital Authority, Revenue, Series 1992A, 5.600% 04/01/05........ Aa2 AA 1,231
SEE NOTES TO FINANCIAL STATEMENTS. 60 65 NATIONS FUNDS Nations Georgia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,000 Cobb County, Georgia, Kennestone Hospital Authority, Revenue, Series 1992A, 5.700% 04/01/06........ Aa2 AA $ 1,027 2,000 Cobb County, Georgia, School District, GO, Series 1991B, 6.150% 02/01/03........ Aa1 AA 2,072 2,000 Cobb County, Georgia, School District, GO, Series 1995, 4.800% 02/01/04........ Aa1 AA 2,017 1,000 Cobb County, Georgia, Water and Sewer Authority, Revenue Refunding, Series 1993A, 5.400% 07/01/08........ Aaa AA 1,024 2,250 Columbus, Georgia, Water and Sewer Authority, Revenue Refunding, Series 1992, (FGIC Insured), 6.000% 05/01/03........ Aaa AAA 2,330 1,000 Columbus, Georgia, Water and Sewer Authority, Revenue Refunding, Series 1993, 5.100% 05/01/03........ A1 A+ 1,013 1,000 Dalton, Georgia, Building Authority Revenue, Series 1993, 5.000% 07/01/02........ A1 NR 1,009 1,500 Dalton, Georgia, Multiple Utilities Revenue Refunding, Series 1997, (MBIA Insured), 4.450% 01/01/03........ Aaa AAA 1,498 4,000 DeKalb County, Georgia, Development Authority, Revenue, (Emory University Project) Series 1994A, 6.000% 10/01/14........ Aa1 AA 4,162 1,000 DeKalb County, Georgia, School District, GO Refunding, Series 1993, 5.000% 07/01/03........ Aa2 AA 1,014 1,000 Downtown Savannah Authority, Georgia, Revenue Refunding, (Chatham County Project) Series 1993A, 5.000% 01/01/11........ Aa3 AA 995 3,490 East Point, Georgia, Building Authority, Revenue, Series 2000, (FSA Insured), 5.970%(+) 02/01/18..... Aaa AAA 1,269
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $6,440 Effingham County, Georgia, Development Authority, Solid Waste Disposal Revenue, (Fort James Corporation Project) Series 1998, AMT, 5.625% 07/01/18........ Baa2 BBB- $ 5,960 1,000 Fayette County, Georgia, School District, GO Refunding, Series 1992, (FGIC Insured), 6.100% 03/01/03........ Aaa AAA 1,036 1,000 Forsyth County, Georgia, School District, GO, Series 1999, 6.000% 02/01/15........ Aa2 AA- 1,063 1,500 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (Georgia Baptist Health Care Project) Series 1992A, 5.800% 09/01/01........ Baa1 NR 1,517 1,000 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (Georgia Baptist Health Care Project) Series 1992A, Prerefunded 09/01/02 @ 102, 6.000% 09/01/03........ Baa1 NR 1,043 2,000 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (St. Joseph Hospital Project) Series 1994, 4.900% 10/01/03........ Aaa NR 2,020 1,000 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (St. Joseph Hospital Project) Series 1994, 5.500% 10/01/14........ Aaa NR 1,023 2,000 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, Health Systems Revenue, (Catholic Health East Project) Series 1998A, (MBIA Insured), 4.600% 11/15/09........ Aaa AAA 1,921 1,000 Fulton and DeKalb Counties, Georgia, Hospital Authority, GO Refunding Certificates, (Grady Memorial Hospital Project) Series 1993, (MBIA Insured), 5.250% 01/01/04........ Aaa AAA 1,020
SEE NOTES TO FINANCIAL STATEMENTS. 61 66 NATIONS FUNDS Nations Georgia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,025 Fulton County, Georgia, Building Authority, Revenue, (County Government and Health Facilities Project) Series 1992A, 5.700% 01/01/04........ Aa3 AA $ 1,059 1,735 Fulton County, Georgia, Development Authority, Revenue, (Georgia Tech Foundation Facilities Project) Series 1997A, 5.000% 09/01/17........ Aa1 AA+ 1,625 1,000 Fulton County, Georgia, Hospital Authority, Revenue Refunding Anticipation Certificates, (Northside Project) Series 1992A, (MBIA Insured), 6.000% 10/01/01........ Aaa AAA 1,015 2,900 Fulton County, Georgia, Housing Authority, Multi-Family Housing Revenue, (Concorde Place Apartments Project) Series 1996A, AMT, Prerefunded 07/01/08 @ 100, 6.375% 01/01/27........ NR AAA 3,156 1,500 Fulton County, Georgia, School District, GO Refunding, Series 1991, 6.250% 05/01/04........ Aa2 AA 1,583 1,500 Georgia State, GO Refunding, Series 1992A, 6.250% 03/01/06........ Aaa AAA 1,616 1,200 Georgia State, GO, Series 1992B, 6.000% 03/01/04........ Aaa AAA 1,256 2,750 Georgia State, GO, Series 1993C, 6.500% 07/01/05........ Aaa AAA 2,973 2,000 Georgia State, GO, Series 1999D, 5.800% 11/01/13........ Aaa AAA 2,132 885 Georgia State, Housing and Finance Authority, Revenue, (Home Ownership Program) Series 1992B, AMT, 6.600% 06/01/25........ NR AA+ 904 1,000 Georgia State, Tollway Authority, Revenue Refunding, (Georgia 400 Project) Series 1998, 5.000% 07/01/07........ Aaa AAA 1,020
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $3,880 Georgia, George L. Smith II World Congress Center Authority, Revenue Refunding, (Domed Stadium Project) Series 2000, AMT, (MBIA Insured), 6.000% 07/01/05(a)..... Aaa AAA $ 4,092 1,500 Georgia, Municipal Gas Authority, Gas Tax Revenue, (Southern Storage Gas Project) Series 1994, 6.000% 07/01/04........ NR A- 1,566 1,000 Griffin-Spalding County, Georgia, School System, GO, Series 1996, (State Aid Withholding, FSA Insured), 5.250% 02/01/10........ Aaa AAA 1,008 1,000 Hall County, Georgia, School District, GO Refunding, Series 1992B, 6.300% 12/01/05........ A1 NR 1,075 2,000 Hall County, Georgia, School District, GO, Series 1994, (AMBAC Insured), Prerefunded 12/01/04 @ 102, 6.700% 12/01/14........ Aaa AAA 2,194 1,000 Henry City and County, Georgia, Water and Sewer Authority, Improvement Revenue Refunding, Series 1993A, 5.000% 02/01/07........ A2 NR 1,008 450 Henry County, Georgia, Hospital Authority, Revenue, (Henry Medical Center Project) Series 1997, (AMBAC Insured), 5.250% 07/01/09........ Aaa AAA 461 1,550 Henry County, Georgia, Hospital Authority, Revenue, (Henry Medical Center Project) Series 1997, Prerefunded 07/01/07 @ 102, (AMBAC Insured), 5.250% 07/01/09........ Aaa AAA 1,613 2,000 Henry County, Georgia, Hospital Authority, Revenue, (Henry Medical Center Project) Series 1997, Prerefunded 07/01/07 @ 102, (AMBAC Insured), 6.000% 07/01/29........ Aaa AAA 2,072
SEE NOTES TO FINANCIAL STATEMENTS. 62 67 NATIONS FUNDS Nations Georgia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,000 Henry County, Georgia, School District, GO, Series 1992A, 5.700% 08/01/02........ Aa3 A+ $ 1,021 2,000 Houston County, Georgia, School District, GO, Series 1996, (State Aid Withholding, MBIA Insured), 5.500% 03/01/16........ Aaa AAA 2,004 1,000 Macon, Georgia, Water Authority, Water and Sewer Revenue Refunding, Series 1994A, 4.700% 10/01/04........ A1 AA- 1,004 1,000 Macon-Bibb County, Georgia, Industrial Authority, Industrial Revenue, (Weyerhaeuser Company Project) Series 1982, 9.000% 10/01/07........ A3 A 1,247 1,000 Meriwether County, Georgia, School District, GO, Series 1996, (State Aid Withholding, FSA Insured), 5.500% 02/01/16........ Aaa AAA 1,004 3,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, Revenue Refunding, Series 1992P, (AMBAC Insured), 5.900% 07/01/03........ Aaa AAA 3,107 540 Metropolitan Atlanta Rapid Transit Authority, Georgia, Revenue, Series 1983D, 7.000% 07/01/11........ Aaa AAA 632 2,500 Metropolitan Atlanta Rapid Transit Authority, Georgia, Revenue, Series 1998B, (MBIA Insured), 5.100% 07/01/13........ Aaa AAA 2,469 2,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, Revenue, Series 1998B, (MBIA Insured), 5.100% 07/01/15........ Aaa AAA 1,938 1,000 Monroe County, Georgia Development Authority, PCR, (Oglethorpe Power Corporation Project) Series 1992A, 6.800% 01/01/12........ A3 A 1,110 1,100 Paulding County, Georgia, School District, GO, Series 1992A, 6.400% 02/01/04........ A2 A 1,160
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,000 Private Colleges and Universities Facilities Authority, Georgia, Revenue, (Agnes Scott College Project) Series 1999, (MBIA Insured), 4.750% 06/01/15........ Aaa AAA $ 918 1,000 Private Colleges and Universities Facilities Authority, Georgia, Revenue, (Agnes Scott College Project) Series 1999, (MBIA Insured), 4.800% 06/01/16........ Aaa AAA 916 1,400 Private Colleges and Universities Facilities Authority, Georgia, Revenue, (Emory University Project) Series 1992C, 5.750% 10/01/02........ Aa1 AA 1,435 1,000 Richmond County, Georgia, Board of Education, GO Refunding, Series 1993, (FGIC Insured), 4.700% 11/01/06........ Aaa AAA 1,002 2,000 Roswell, Georgia, GO, Series 1995, 5.600% 02/01/10........ Aaa AAA 2,080 2,000 Roswell, Georgia, GO, Series 2000, 5.500% 02/01/12........ Aaa AAA 2,073 1,000 Savannah, Georgia, Economic Development Authority, Revenue Refunding, (Union Camp Corporation Project) Series 1993, 5.150% 05/01/02........ Baa1 NR 1,004 1,250 Savannah, Georgia, Hospital Authority, Revenue Refunding, (Candler Hospital Project) Series 1992, Prerefunded 01/01/03 @ 102, 7.000% 01/01/11........ Ba1 BB 1,336 1,225 Savannah, Georgia, Hospital Authority, Revenue, (St. Josephs-Candler Health Systems Project) Series 1998A, (FSA Insured), 5.250% 07/01/11........ Aaa NR 1,239
SEE NOTES TO FINANCIAL STATEMENTS. 63 68 NATIONS FUNDS Nations Georgia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,310 Savannah, Georgia, Hospital Authority, Revenue, (St. Josephs-Candler Health Systems Project) Series 1998A, (FSA Insured), 5.250% 07/01/12........ Aaa NR $ 1,314 1,500 Savannah, Georgia, Resource Recovery Development Authority, Revenue Refunding, (Savannah Energy Systems Company Project) Series 1992, 5.850% 12/01/01........ A1 A+ 1,523 1,000 Savannah, Georgia, Water and Sewer Improvement Revenue Refunding, Series 1993, 5.100% 12/01/09........ Aa3 AA- 1,009 2,570 White County, Georgia, Industrial Development Authority, Revenue Refunding, (Springs Industries, Inc. Project) Series 1992, 6.850% 06/01/10........ NR BBB+ 2,604 -------- 136,908 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $134,592)........................ 136,908 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 0.9% (Cost $1,275) 1,275 Nations Municipal Reserves#........... 1,275 -------- TOTAL INVESTMENTS (Cost $135,867*)............. 99.0% 138,183 -------- OTHER ASSETS AND LIABILITIES (NET)........................ 1.0% Receivable for investment securities sold................................ $ 26 Interest receivable................... 2,127 Payable for Fund shares redeemed...... (26) Investment advisory fee payable....... (20) Administration fee payable............ (23) Shareholder servicing and distribution fees payable........................ (8) Distributions payable................. (544) Accrued Trustees'/Directors' fees and expenses............................ (24) Accrued expenses and other liabilities......................... (43) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 1,465 -------- NET ASSETS..................... 100.0% $139,648 ========
VALUE (000) - ------------------------------------------------------------- - --------- NET ASSETS CONSIST OF: Undistributed net investment income... $ 96 Accumulated net realized loss on investments sold.................... (1,057) Net unrealized appreciation of investments......................... 2,316 Paid-in capital....................... 138,293 -------- NET ASSETS............................ $139,648 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($120,635,316 / 11,466,838 shares outstanding)........................ $10.52 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($11,683,255 / 1,110,523 shares outstanding)................. $10.52 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.87 INVESTOR B SHARES: Net asset value and offering price per share** ($6,591,598 / 626,541 shares outstanding)........................ $10.52 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($738,316 / 70,180 shares outstanding)........................ $10.52 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $2,316 on investment securities was comprised of gross appreciation of $3,240 and gross depreciation of $924 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $135,867. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Georgia Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 17.08% Nations Georgia Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 29.83% Industrial Development Revenue/ Pollution Control Revenue 12.47% Pre-Refunded 11.81% Hospital Revenue 10.98% SEE NOTES TO FINANCIAL STATEMENTS. 64 69 NATIONS FUNDS Nations Georgia Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 100.4% GEORGIA -- 100.4% $ 500 Atlanta and Fulton County, Georgia, Recreation Authority, Public Improvement Revenue, (Downtown Area Project) Series 1996A, (MBIA Insured), 5.375% 12/01/26........ Aaa AAA $ 481 1,000 Atlanta, Georgia, Airport Facilities Revenue Refunding, Series 2000A, (FGIC Insured), 5.600% 01/01/30(a)..... Aaa AAA 986 500 Bartow County, Georgia, School District, GO, Series 1993, Prerefunded 05/01/03 @ 102, 5.300% 05/01/08... A1 A 518 1,000 Cartersville, Georgia, Development Authority, Sewer Facilities Revenue Refunding, (Anheuser-Busch Companies, Inc. Project) Series 1997, AMT, 6.125% 05/01/27........ A1 A+ 1,016 1,000 Clayton County, Georgia, Water and Sewer Authority, Revenue, Series 2000, 5.600% 05/01/18........ Aa3 AA 1,007 500 Columbia County, Georgia, School District, GO, Series 1994A, (MBIA Insured), 6.250% 04/01/13........ Aaa AAA 536 1,000 DeKalb County, Georgia, Development Authority, Revenue, (Emory University Project) Series 1994A, 6.000% 10/01/14........ Aa1 AA 1,041 1,000 DeKalb County, Georgia, GO Refunding, Series 1993, 5.250% 01/01/20........ Aa1 AA+ 957 2,490 East Point, Georgia, Building Authority, Revenue, Series 2000, (FSA Insured), 6.000%(+) 02/01/19..... Aaa AAA 848 1,000 Effingham County, Georgia, Development Authority, Solid Waste Disposal Revenue, (Fort James Corporation Project) Series 1998, AMT, 5.625% 07/01/18........ Baa2 BBB- 925
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $ 500 Fayette County, Georgia, School District, GO, Series 1994, 6.125% 03/01/15........ Aa3 A+ $ 533 1,000 Forsyth County, Georgia, School District, GO, Series 1999, 6.000% 02/01/15........ Aa2 AA- 1,063 1,000 Fulco, Georgia, Hospital Authority, Revenue Anticipation Certificates, (St. Joseph Hospital Project) Series 1994, 5.500% 10/01/14........ Aaa NR 1,023 500 Fulton County, Georgia, Development Authority, Revenue, (Clark Atlanta University Project) Series 1995, (CONNIE LEE Insured), 5.125% 01/01/10........ Baa3 AAA 505 1,300 Fulton County, Georgia, Water and Sewer Revenue, Series 1998, 4.750% 01/01/20........ A1 AA- 1,139 1,000 Georgia State, GO, Series 1999D, 5.800% 11/01/13........ Aaa AAA 1,066 1,200 Georgia State, Housing and Finance Authority, Single-Family Mortgage Revenue, Series 1998B-3, 4.400% 06/01/17........ Aa2 AAA 1,183 1,075 Georgia State, Housing and Finance Authority, Single-Family Mortgage Revenue, Series 1999B-2, 6.100% 06/01/31........ Aa2 AAA 1,086 1,000 Georgia, George L. Smith II World Congress Center Authority, Revenue Refunding, (Domed Stadium Project) Series 2000, AMT, (MBIA Insured), 6.000% 07/01/05(a)..... Aaa AAA 1,055 500 Hall County, Georgia, School District, GO Refunding, Series 1997, (State Aid Withholding), 4.500% 11/01/14........ Aa2 NR 446 1,000 Henry County, Georgia, Hospital Authority, Revenue, (Henry Medical Center Project) Series 1997, Prerefunded 07/01/07 @ 102, (AMBAC Insured), 6.000% 07/01/29........ Aaa AAA 1,036
SEE NOTES TO FINANCIAL STATEMENTS. 65 70 NATIONS FUNDS Nations Georgia Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $ 500 Lawrenceville, Georgia, Housing Authority, Multi-Family Housing Revenue, (Knollwood Park, LP Project) Series 1997, AMT, (FNMA COLL), Mandatory Put 06/01/15 @ 100, 6.250% 12/01/29........ NR AAA $ 512 1,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, Revenue, Series 1998B, (MBIA Insured), 5.100% 07/01/15........ Aaa AAA 968 500 Peach County, Georgia, School District, GO, Series 1994, (State Aid Withholding, MBIA Insured), 6.500% 02/01/08........ Aaa AAA 553 1,000 Private Colleges and Universities Facilities Authority, Georgia, Revenue Refunding, (Mercer University Project) Series 1999A, 5.250% 10/01/20........ A3 NR 928 1,000 Private Colleges and Universities Facilities Authority, Georgia, Revenue Refunding, (Mercer University Project) Series 1999A, 5.375% 10/01/29........ A3 NR 922 1,000 Roswell, Georgia, GO, Series 1995, 5.600% 02/01/10........ Aaa AAA 1,040 500 Savannah, Georgia, Hospital Authority, Hospital Improvement Revenue Refunding, (Candler Hospital Project) Series 1992, Prerefunded 01/01/03 @ 102, 7.000% 01/01/23........ Ba1 BB 534 450 Savannah, Georgia, Hospital Authority, Hospital Improvement Revenue, (St. Joseph's Hospital Project) Series 1993, Prerefunded 07/01/03 @ 102, 6.125% 07/01/12... A2 NR 476
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GEORGIA -- (CONTINUED) $1,000 Savannah, Georgia, Hospital Authority, Revenue, (St. Josephs - Candler Health Systems Project) Series 1998B, (FSA Insured), 5.250% 07/01/10........ Aaa NR $ 1,019 500 Union County, Georgia, Housing Authority, Multi-Family Housing Revenue Refunding, (Hidden Lake Apartments Ltd. Project) Series 1994A, (FHA/ FNMA COLL), 7.125% 12/01/25........ Aaa NR 523 1,000 White County, Georgia, Industrial Development Authority, Revenue Refunding, (Springs Industries, Inc. Project) Series 1992, 6.850% 06/01/10........ NR BBB+ 1,013 -------- 26,938 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $26,273)......................... 26,938 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 2.7% (Cost $723) 723 Nations Municipal Reserves#............ 723 ------- TOTAL INVESTMENTS (Cost $26,996*)............... 103.1% 27,661 ------- OTHER ASSETS AND LIABILITIES (NET)......................... (3.1)% Cash................................... $ 1 Interest receivable.................... 462 Payable for Fund shares redeemed....... (1) Administration fee payable............. (4) Shareholder servicing and distribution fees payable......................... (9) Distributions payable.................. (98) Payable for investment securities purchased............................ (1,139) Accrued Trustees'/Directors' fees and expenses............................. (22) Accrued expenses and other liabilities.......................... (22) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ (832) ------- NET ASSETS...................... 100.0% $26,829 =======
SEE NOTES TO FINANCIAL STATEMENTS. 66 71 NATIONS FUNDS Nations Georgia Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE (000) - ------------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income.... $ 49 Accumulated net realized loss on investments sold..................... (931) Net unrealized appreciation of investments.......................... 665 Paid-in capital........................ 27,046 ------- NET ASSETS............................. $26,829 ======= PRIMARY A SHARES: Net asset value, offering and redemption price per share ($15,217,300 / 1,579,152 shares outstanding)......................... $9.64 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($1,773,365 / 184,015 shares outstanding).................. $9.64 ===== Maximum sales charge................... 4.75% Maximum offering price per share....... $10.12 INVESTOR B SHARES: Net asset value and offering price per share** ($9,783,689 / 1,015,087 shares outstanding).................. $9.64 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($55,075 / 5,712 shares outstanding)......................... $9.64 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $665 on investment securities was comprised of gross appreciation of $824 and gross depreciation of $159 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $26,996. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Georgia Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 13.39% Nations Georgia Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 22.17% Housing Revenue 12.63% Education Revenue 12.29% Industrial Development Revenue/ Pollution Control Revenue 10.64% SEE NOTES TO FINANCIAL STATEMENTS. 67 72 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 101.6% KANSAS -- 94.4% $ 1,000 Butler County, Kansas, Unified School District Number 402, GO Refunding, Series 1994, (FSA Insured), 5.000% 10/01/07........ Aaa AAA $ 1,009 1,000 Douglas County, Kansas, Unified School District Number 497, GO, Series 1995A, 5.700% 09/01/05........ Aa3 NR 1,027 1,860 Fairway, Kansas, Industrial Revenue Refunding, (JC Nichols Company Project) Series 1998, (GTY AGMT), 4.400% 03/01/03........ NR AA 1,840 570 Holton, Kansas, Industrial Revenue Refunding, (Wal-Mart Stores Inc. Project) Series 1991, 6.750% 01/01/06........ NR AA 572 1,185 Johnson County, Kansas, Unified School District Number 223, GO Refunding, Series 1994, (AMBAC Insured), 5.500% 09/01/04........ Aaa AAA 1,225 1,705 Johnson County, Kansas, Unified School District Number 229, GO Refunding, Series 1993A, (FGIC Insured), 5.400% 10/01/04........ Aaa AAA 1,744 1,500 Johnson County, Kansas, Unified School District Number 229, GO Refunding, Series 1993A, (FGIC Insured), 5.800% 10/01/08........ Aaa AAA 1,542 500 Johnson County, Kansas, Unified School District Number 229, GO, Series 1991A, 6.100% 10/01/02........ Aa1 AA 507 1,180 Johnson County, Kansas, Unified School District Number 229, GO, Series 1994A, 6.250% 10/01/03........ Aa1 AA 1,237 1,165 Johnson County, Kansas, Unified School District Number 231, GO Refunding, Series 1998A, (FGIC Insured), 4.550% 10/01/08........ Aaa AAA 1,145
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 1,130 Johnson County, Kansas, Unified School District Number 231, GO Refunding, Series 1998A, (FGIC Insured), 4.600% 10/01/09........ Aaa AAA $ 1,107 1,260 Johnson County, Kansas, Unified School District Number 231, GO Refunding, Series 1998A, (FGIC Insured), 4.700% 10/01/10........ Aaa AAA 1,235 1,250 Johnson County, Kansas, Unified School District Number 233, GO Refunding, Series 1992, (AMBAC Insured), 6.000% 09/01/06........ Aaa AAA 1,285 750 Johnson County, Kansas, Unified School District Number 233, GO Refunding, Series 1994, (AMBAC Insured), 5.500% 09/01/05........ Aaa AAA 776 750 Johnson County, Kansas, Unified School District Number 233, GO Refunding, Series 1994, (AMBAC Insured), 5.625% 09/01/07........ Aaa AAA 779 2,760 Johnson County, Kansas, Unified School District Number 233, GO, Series 1999A, (FGIC Insured), 5.375% 09/01/14........ Aaa NR 2,791 1,000 Johnson County, Kansas, Unified School District Number 512, Shawnee Mission, GO Refunding, Series 1996, 4.450% 10/01/05........ Aa1 AA 995 1,250 Johnson County, Kansas, Unified School District Number 512, Shawnee Mission, GO Refunding, Series 1996B, 4.850% 10/01/08........ Aa1 AA 1,256 1,510 Johnson County, Kansas, Unified School District Number 512, Shawnee Mission, GO, Series 1995, 5.200% 10/01/07........ Aa1 AA 1,545 1,380 Johnson County, Kansas, Unified School District Number 512, Shawnee Mission, GO, Series 1995, 5.200% 10/01/08........ Aa1 AA 1,405
SEE NOTES TO FINANCIAL STATEMENTS. 68 73 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 600 Johnson County, Kansas, Water District Number 001, Water Revenue Refunding, Series 1991, 6.000% 12/01/01........ Aa1 AA+ $ 606 500 Johnson County, Kansas, Water District Number 001, Water Revenue Refunding, Series 1991, 6.100% 06/01/02........ Aa1 AA+ 505 750 Johnson County, Kansas, Water District Number 001, Water Revenue Refunding, Series 1993, 4.750% 06/01/04........ Aa1 AA+ 754 720 Johnson County, Kansas, Water District Number 001, Water Revenue Refunding, Series 1993, 4.750% 12/01/04........ Aa1 AA+ 724 750 Johnson County, Kansas, Water District Number 001, Water Revenue Refunding, Series 1993, 4.800% 06/01/05........ Aa1 AA+ 754 595 Junction City, Kansas, Water and Sewer, Revenue, Series 1996A, (MBIA Insured), 4.900% 09/01/07........ Aaa AAA 608 500 Kansas City, Kansas, Hospital Revenue Refunding, (Sisters Charity Health Services Project) Series 1992, 5.600% 08/01/02........ Aa NR 508 500 Kansas City, Kansas, Hospital Revenue Refunding, (Sisters Charity Health Services Project) Series 1992, 5.800% 08/01/04........ Aa NR 518 2,230 Kansas City, Kansas, Utilities System Revenue, Series 1994, Prerefunded, (FGIC Insured), 6.375% 09/01/23........ Aaa AAA 2,413 1,200 Kansas State, Department of Transportation Highway, Revenue, Series 1992, 6.000% 03/01/02........ Aa2 AA+ 1,225 895 Kansas State, Department of Transportation, Highway Revenue, Series 1992A, 5.800% 09/01/05........ Aa2 AA+ 933 1,000 Kansas State, Department of Transportation, Highway Revenue, Series 1993, 4.800% 03/01/02........ Aa2 AA+ 1,005
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 1,055 Kansas State, Department of Transportation, Highway Revenue, Series 1994, 4.800% 09/01/08........ Aa2 AA+ $ 1,058 955 Kansas State, Development Financing Authority, Revenue, (Sisters of Charity Leavenworth Project) Series 1998, 5.000% 12/01/14........ Aaa AAA 910 735 Kansas State, Development Financing Authority, Health Facilities Revenue, (Hays Medical Center Inc. Project) Series 1997B, (MBIA Insured), 4.800% 11/15/04........ Aaa NR 740 670 Kansas State, Development Financing Authority, Health Facilities Revenue, (Hays Medical Center Inc. Project) Series 1997B, (MBIA Insured), 4.900% 11/15/05........ Aaa NR 677 510 Kansas State, Development Financing Authority, Health Facilities Revenue, (Hays Medical Center Inc. Project) Series 1997B, (MBIA Insured), 5.000% 11/15/06........ Aaa NR 517 4,190 Kansas State, Development Financing Authority, Health Facilities Revenue, (Sisters of Charity Project) Series 2000J, 6.250% 12/01/28........ Aa3 AA 4,295 620 Kansas State, Development Financing Authority, Health Facilities Revenue, (St. Lukes/Shawnee Mission Project) Series 1996N, (MBIA Insured), 4.700% 11/15/05........ Aaa AAA 620 675 Kansas State, Development Financing Authority, Health Facilities Revenue, (St. Lukes/Shawnee Mission Project) Series 1996N, (MBIA Insured), 4.750% 11/15/06........ Aaa AAA 676
SEE NOTES TO FINANCIAL STATEMENTS. 69 74 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 605 Kansas State, Development Financing Authority, Health Facilities Revenue, (St. Lukes/Shawnee Mission Project) Series 1996P, (MBIA Insured), 4.700% 11/15/05........ Aaa AAA $ 605 630 Kansas State, Development Financing Authority, Health Facilities Revenue, (St. Lukes/Shawnee Mission Project) Series 1996P, (MBIA Insured), 4.750% 11/15/06........ Aaa AAA 631 740 Kansas State, Development Financing Authority, Health Facilities Revenue, (Stormont-Vail Healthcare Inc. Project) Series 1996F, (MBIA Insured), 5.600% 11/15/07........ Aaa AAA 770 500 Kansas State, Development Financing Authority, Health Facilities Revenue, (Stormont-Vail Healthcare Inc. Project) Series 1996F, (MBIA Insured), 5.750% 11/15/09........ Aaa AAA 521 730 Kansas State, Development Financing Authority, Health Facilities Revenue, (Stormont-Vail Healthcare Inc. Project) Series 1996G, (MBIA Insured), 5.750% 11/15/09........ Aaa AAA 760 890 Kansas State, Development Financing Authority, Health Facilities Revenue, (Stormont-Vail Healthcare Inc. Project), Series 1996G, (MBIA Insured), 5.700% 11/15/08........ Aaa AAA 928 10,000 Kansas State, Development Financing Authority, Revenue, (Board of Regents Rehab Project) Series 1997G-2, 5.000% 10/01/10........ Aaa AAA 10,048 500 Kansas State, Development Financing Authority, Revenue, (Department of Corrections El Dorado Project) Series 1992L, (MBIA Insured), 5.500% 02/01/02........ Aaa AAA 506
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 2,785 Kansas State, Development Financing Authority, Revenue, (Public Water Supply Revolving Project) Series 1997, (AMBAC Insured), 5.000% 04/01/17........ Aaa NR $ 2,618 3,700 Kansas State, Development Financing Authority, Revenue, (Public Water Supply Revolving Project) Series 1997, (AMBAC Insured), 5.000% 04/01/20........ Aaa NR 3,401 1,000 Kansas State, Development Financing Authority, Revenue, (Public Water Supply Revolving Project) Series 1998, 4.750% 04/01/18........ A2 NR 879 1,000 Kansas State, Development Financing Authority, Revenue, (Public Water Supply Revolving Project) Series 1998, 5.000% 04/01/21........ A2 NR 901 1,000 Kansas State, Development Financing Authority, Revenue, (Water Pollution Control Project) Series 1993I, 5.300% 11/01/02........ Aa1 AA+ 1,016 1,000 Kansas State, Development Financing Authority, Revenue, (Water Pollution Control Project) Series 1993II, 5.400% 11/01/03........ Aa1 AA+ 1,025 845 Kansas State, Development Financing Authority, Revenue, Series 1992L, Unrefunded Balance, (MBIA Insured), 5.625% 08/01/03........ Aaa AAA 856 1,150 Kansas, University Hospital Authority, Revenue, (Kansas University Health System Project) Series 1999A, (AMBAC Insured), 5.250% 09/01/11........ Aaa AAA 1,165 1,265 Kansas, University Hospital Authority, Revenue, (Kansas University Health System Project) Series 1999A, (AMBAC Insured), 5.350% 09/01/12........ Aaa AAA 1,281
SEE NOTES TO FINANCIAL STATEMENTS. 70 75 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 1,525 Kansas, University Hospital Authority, Revenue, (Kansas University Health System Project) Series 1999A, (AMBAC Insured), 5.400% 09/01/13........ Aaa AAA $ 1,541 2,000 Leavenworth County, Kansas, GO, Series 1997A, (AMBAC Insured), 4.900% 12/01/06........ Aaa AAA 2,024 1,000 Lenexa, Kansas, GO, Series 1991B, 6.200% 09/01/01........ Aa2 AA 1,016 1,425 Lenexa, Kansas, Industrial Revenue, (WW Grainger Inc. Project) Series 1983, 4.500% 12/15/08........ NR AA- 1,373 575 Pottawatomie County, Kansas, Unified School District Number 320, GO Refunding, Series 1990, (AMBAC Insured), 6.500% 10/01/01........ Aaa AAA 586 950 Reno County, Kansas, Unified School District Number 308, Hutchinson, GO, Series 1995, (FSA Insured), 5.500% 09/01/07........ Aaa AAA 982 860 Reno County, Kansas, Unified School District Number 313, GO, Series 1996B, (FSA Insured), 5.900% 09/01/08........ Aaa AAA 924 925 Reno County, Kansas, Unified School District Number 313, GO, Series 1996B, (FSA Insured), 5.900% 09/01/09........ Aaa AAA 997 995 Reno County, Kansas, Unified School District Number 313, GO, Series 1996B, (FSA Insured), 5.900% 09/01/10........ Aaa AAA 1,071 500 Salina, Kansas, Hospital Revenue Refunding, (Asbury-Salina Regional Medical Center Project) Series 1993, (AMBAC Insured), 5.100% 10/01/06........ Aaa AAA 505
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 500 Salina, Kansas, Water and Sewer, Revenue Refunding, Series 1994, (MBIA Insured), 4.800% 09/01/05........ Aaa AAA $ 501 710 Salina, Kansas, Water and Sewer, Revenue Refunding, Series 1994, (MBIA Insured), 4.900% 09/01/06........ Aaa AAA 712 1,010 Saline County, Kansas, Unified School District Number 305, Salina, GO Refunding, Series 1999, (FSA Insured), 5.250% 09/01/13........ Aaa NR 1,011 1,000 Sedgwick County, Kansas, Public Building Commission, Revenue, (Exploration Place Project) Series 1997A, 5.125% 08/01/22........ Aa1 AA 926 10 Sedgwick County, Kansas, Single-Family Mortgage, Revenue Refunding, Series 1994B-II, (GNMA COLL), 5.500% 11/01/04........ Aaa NR 10 1,000 Sedgwick County, Kansas, Unified School District Number 260, GO Refunding, Series 1993, (AMBAC Insured), 4.750% 10/01/02........ Aaa AAA 1,000 1,000 Sedgwick County, Kansas, Unified School District Number 265, Goddard, GO, Series 1994, (FSA Insured), 5.350% 10/01/04........ Aaa AAA 1,029 1,000 Sedgwick County, Kansas, Unified School District Number 265, Goddard, GO, Series 1994, (FSA Insured), 5.400% 10/01/05........ Aaa AAA 1,031 1,250 Sedgwick County, Kansas, Unified School District Number 265, Goddard, GO, Series 1994, (FSA Insured), 5.500% 10/01/06........ Aaa AAA 1,294 785 Sedgwick County, Kansas, Unified School District Number 266, Maize, GO, Series 1994B, (FSA Insured), 5.700% 09/01/07........ Aaa AAA 810
SEE NOTES TO FINANCIAL STATEMENTS. 71 76 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 845 Sedgwick County, Kansas, Unified School District Number 266, Maize, GO, Series 1994B, (FSA Insured), 5.800% 09/01/08........ Aaa AAA $ 874 500 Sedgwick County, Kansas, Unified School District Number 267, GO Refunding, Series 1995, (AMBAC Insured), 6.100% 11/01/08........ Aaa AAA 535 755 Sedgwick County, Kansas, GO Refunding, Series 1993B, 4.700% 08/01/05........ Aa1 AA+ 755 1,245 Sedgwick County, Kansas, Unified School District Number 266, Maize, GO, Series 1994B, 6.500% 09/01/02........ Aaa AAA 1,291 500 Shawnee County, Kansas, GO Refunding, Series 1992C, 5.500% 09/01/03........ Aa3 NR 509 500 Shawnee County, Kansas, Health Care Facilities Revenue Refunding, (Menninger Foundation Project) Series 1995, (FSA Insured), 5.000% 08/15/07........ Aaa AAA 505 500 Shawnee County, Kansas, Health Care Facilities Revenue Refunding, (Menninger Foundation Project) Series 1995, (FSA Insured), 5.100% 08/15/09........ Aaa AAA 504 530 Shawnee County, Kansas, Revenue, (Sisters Charity Leavenworth Project) Series 1994, 4.800% 12/01/05........ Aa3 AA 530 555 Shawnee County, Kansas, Revenue, (Sisters Charity Leavenworth Project) Series 1994, 4.900% 12/01/06........ Aa3 AA 556 895 Shawnee County, Kansas, Unified School District Number 345, Seaman, GO, Series 1994, (MBIA Insured), 5.400% 09/01/06........ Aaa AAA 922
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 950 Shawnee County, Kansas, Unified School District Number 345, Seaman, GO, Series 1994, (MBIA Insured), 5.500% 09/01/07........ Aaa AAA $ 982 500 Shawnee County, Kansas, Unified School District Number 437, Auburn - Washburn, GO Refunding, Series 1992, (FGIC Insured), 6.100% 09/01/02........ Aaa AAA 511 795 Shawnee County, Kansas, Unified School District Number 437, Auburn - Washburn, GO Refunding, Series 1992, (FGIC Insured), 6.400% 03/01/05........ Aaa AAA 814 1,050 Shawnee County, Kansas, Unified School District Number 501, GO, Series 1995, (FGIC Insured), 5.300% 02/01/04........ Aaa AAA 1,068 1,000 Wichita, Kansas, GO Refunding, Series 1993D, 4.500% 03/01/04........ Aa2 AA 1,000 1,000 Wichita, Kansas, GO Refunding, Series 1993D, 4.600% 03/01/05........ Aa2 AA 1,001 1,000 Wichita, Kansas, GO, Series 1993, 4.400% 03/01/03........ Aa2 AA 999 500 Wichita, Kansas, Hospital Revenue Refunding, (St. Frances - III Project) Series 1992A-3, 5.800% 10/01/01........ Aaa AAA 507 500 Wichita, Kansas, Public Building Community, Revenue Refunding, (Witchita State University Project) Series 1992G-1, (AMBAC Insured), 5.200% 02/01/03........ Aaa AAA 504 1,175 Wichita, Kansas, Water and Sewer Utilities, Revenue Refunding, Series 1993B, (FGIC Insured), 5.400% 10/01/02........ Aaa AAA 1,187 1,225 Wichita, Kansas, Water and Sewer Utilities, Revenue Refunding, Series 1993B, (FGIC Insured), 5.550% 10/01/03........ Aaa AAA 1,237
SEE NOTES TO FINANCIAL STATEMENTS. 72 77 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- KANSAS -- (CONTINUED) $ 1,000 Wichita, Kansas, Water and Sewer Utilities, Revenue Refunding, Series 1993B, (FGIC Insured), 5.500% 10/01/04........ Aaa AAA $ 1,010 5,260 Wyandotte County Kansas City, Kansas, Unified Government Utilities System, Revenue Refunding, Series 1998, (MBIA Insured), 5.000% 09/01/07........ Aaa AAA 5,344 -------- 115,467 -------- ALASKA -- 1.0% 2,000 North Slope Borough, Alaska, Capital Appreciation GO, Series 2000B, (MBIA Insured), 5.110%(+) 06/30/09..... Aaa AAA 1,279 -------- ILLINOIS -- 2.9% 3,675 Chicago, Illinois, Water Revenue, Capital Appreciation, Series 1997, (FGIC Insured), 5.200%(+) 11/01/10..... Aaa AAA 2,196 -------- 2,200 Southern, Illinois, University Revenue, Capital Appreciation, (Housing and Auxillary Facilities Systems Project) Series 1997, (MBIA Insured), 5.100%(+) 04/01/10..... Aaa AAA 1,354 -------- 3,550 -------- OHIO -- 1.7% 2,000 Dayton, Ohio, Special Facilities Revenue, (Air Freight Corporation Project) Series 1988D, AMT, 6.200% 10/01/09........ NR BBB 2,026 -------- TEXAS -- 1.6% 2,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement, Corporate Revenue Refunding, (American Airlines Project) Series 2000C, AMT, 6.150% 05/01/29........ Baa1 BBB- 2,007 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $123,657)........................ 124,329 --------
SHARES VALUE (000) (000) - ----------------------------------------------------------- INVESTMENT COMPANIES -- 0.4% (Cost $498) 498 Nations Municipal Reserves#........... $ 498 -------- TOTAL INVESTMENTS (Cost $124,155*)............. 102.0% 124,827 -------- OTHER ASSETS AND LIABILITIES (NET)........................ (2.0)% Cash.................................. $ 7 Receivable for investment securities sold................................ 1,011 Interest receivable................... 1,896 Payable for Fund shares redeemed...... (173) Investment advisory fee payable....... (16) Administration fee payable............ (20) Distributions payable................. (458) Payable for investment securities purchased........................... (4,610) Accrued Trustees'/Directors' fees and expenses............................ (2) Accrued expenses and other liabilities......................... (96) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... (2,461) -------- NET ASSETS..................... 100.0% $122,366 ======== NET ASSETS CONSIST OF: Accumulated net realized gain on investments sold.................... $ 16 Net unrealized appreciation of investments......................... 672 Paid-in capital....................... 121,678 -------- NET ASSETS............................ $122,366 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($120,803,978 / 12,076,305 shares outstanding)........................ $10.00 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($1,313,245 / 131,338 shares outstanding)................. $10.00 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.34 INVESTOR B SHARES: Net asset value and offering price per share** ($248,247 / 24,827 shares outstanding)........................ $10.00 ======
SEE NOTES TO FINANCIAL STATEMENTS. 73 78 NATIONS FUNDS Nations Kansas Municipal Income Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED) - --------------- * Federal Income Tax Information: Net unrealized appreciation of $672 on investment securities was comprised of gross appreciation of $1,626 and gross depreciation of $954 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $124,155. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. + Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Kansas Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 16.76% FGIC 16.34% AMBAC 15.71% Nations Kansas Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 31.22% Hospital Revenue 16.61% Water Revenue 16.57% SEE NOTES TO FINANCIAL STATEMENTS. 74 79 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.1% MARYLAND -- 91.4% $1,000 Anne Arundel County, Maryland, Consolidated General Improvement GO, Series 1991B, 6.200% 04/15/03......... Aa1 AA+ $ 1,029 1,000 Anne Arundel County, Maryland, Consolidated General Improvement GO, Series 1993, 5.125% 07/15/08......... Aa2 AA+ 1,019 2,855 Anne Arundel County, Maryland, GO, Series 1995, 5.200% 04/01/08......... Aa1 AA+ 2,939 1,000 Baltimore County, Maryland, Consolidated Public Improvement GO, Series 1991, 6.100% 07/01/01......... Aaa AAA 1,013 1,375 Baltimore County, Maryland, Metropolitan District, Special Assignment GO Refunding, Series 1992, 5.750% 05/01/02......... Aaa AAA 1,404 1,000 Baltimore County, Maryland, Metropolitan District, Special Assignment GO Refunding, Series 1992, 5.800% 05/01/03......... Aaa AAA 1,034 1,720 Baltimore, Maryland, Consolidated Public Improvement GO, Series 1991C, (FGIC Insured), 6.200% 10/15/02......... Aaa AAA 1,778 1,075 Baltimore, Maryland, Consolidated Public Improvement GO, Series 1991C, (FGIC Insured), 6.375% 10/15/07......... Aaa AAA 1,181 1,000 Baltimore, Maryland, Consolidated Public Improvement GO, Series 1993A, (AMBAC Insured), 5.300% 10/15/06......... Aaa AAA 1,019 1,740 Baltimore, Maryland, Consolidated Public Improvement GO, Series 1997A, (FGIC Insured), 5.300% 10/15/16......... Aaa AAA 1,723 1,000 Baltimore, Maryland, Convention Center Revenue Refunding, Series 1998, (MBIA Insured), 5.000% 09/01/06......... Aaa AAA 1,018
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,725 Baltimore, Maryland, Exchanged Revenue, Series 1996A, (FGIC Insured), 5.900% 07/01/10......... Aaa AAA $ 1,863 1,000 Baltimore, Maryland, GO, Series 1989B, (MBIA Insured), 7.000% 10/15/04......... Aaa AAA 1,087 1,000 Baltimore, Maryland, GO, Series 1989B, (MBIA Insured), 7.050% 10/15/07......... Aaa AAA 1,137 1,750 Baltimore, Maryland, Port Facilities Revenue, (E.I. duPont de Nemours Project) Series 1985, 6.500% 12/01/10......... Aa3 AA- 1,844 1,000 Baltimore, Maryland, Revenue Refunding, (Wastewater Projects) Series 1993A, (MBIA Insured), 5.100% 07/01/04......... Aaa AAA 1,019 1,000 Baltimore, Maryland, Revenue Refunding, (Wastewater Projects) Series 1994A, (FGIC Insured), 5.000% 07/01/22......... Aaa AAA 927 1,000 Baltimore, Maryland, Revenue Refunding, (Wastewater Projects) Series 1994A, (FGIC Insured), 5.000% 07/01/24......... Aaa AAA 922 500 Carroll County, Maryland, Consolidated Public Improvement GO, Series 1990, Prerefunded 10/01/00 @ 102, 6.900% 10/01/02......... Aaa AA 510 1,350 Carroll County, Maryland, Consolidated Public Improvement GO, Series 1991, 6.000% 11/01/00......... Aa3 AA 1,352 1,000 Cecil County, Maryland, Consolidated Public Improvement GO Refunding, Series 1993, (FGIC Insured), 5.300% 12/01/00......... Aaa AAA 1,001 1,810 Charles County, Maryland, Consolidated Public Improvement GO Refunding, Series 1992, (AMBAC Insured), 5.900% 01/15/03......... Aaa AAA 1,865
SEE NOTES TO FINANCIAL STATEMENTS. 75 80 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $ 750 Charles County, Maryland, Consolidated Public Improvement GO, Series 1991, Prerefunded 06/01/01 @ 102, 6.450% 06/01/04......... Aaa AA $ 775 2,135 Frederick County, Maryland, GO Refunding, Series 1993, 5.350% 07/01/05......... Aa2 AA 2,195 1,000 Frederick County, Maryland, GO, Series 1991B, 6.300% 07/01/06......... Aa2 AA 1,046 2,000 Frederick, Maryland, Consolidated Public Improvement GO Refunding, Series 1992, (FGIC Insured), 5.750% 12/01/01......... Aaa AAA 2,031 2,240 Frederick, Maryland, Consolidated Public Improvement GO Refunding, Series 1992, (FGIC Insured), 6.000% 12/01/05......... Aaa AAA 2,345 600 Harford County, Maryland, GO, Series 1991, Prerefunded 12/01/00 @ 102, 6.100% 12/01/04......... Aaa AAA 614 1,455 Harford County, Maryland, Public Improvement GO, Series 1992, 5.300% 09/01/03......... Aa2 AA 1,489 1,545 Howard County, Maryland, Consolidated Public Improvement GO Refunding, Series 1993A, 5.000% 08/15/03......... Aaa AAA 1,570 20 Howard County, Maryland, Consolidated Public Improvement GO, Prerefunded, Series 1993A, Prerefunded 08/15/05 @ 100, 5.250% 08/15/06......... Aaa AAA 21 1,500 Howard County, Maryland, Consolidated Public Improvement GO, Series 2000A, 5.250% 02/15/16(a)...... Aaa AAA 1,491 2,000 Howard County, Maryland, Consolidated Public Improvement GO, Series 2000A, 5.250% 02/15/18......... Aaa AAA 1,964
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,000 Howard County, Maryland, Metropolitan District, GO Refunding, Series 1991B, 6.000% 08/15/03(a)...... Aaa AAA $ 1,042 1,980 Howard County, Maryland, Public Improvement GO, Unrefunded Balance, Series 1993A, 5.250% 08/15/06......... Aaa AAA 2,040 1,530 Laurel, Maryland, Public Improvement GO Refunding, 1996A, (FGIC Insured), 5.000% 10/01/11......... Aaa AAA 1,533 1,000 Maryland State Economic Development Corporation, Student Housing Revenue, Series 1999A, 5.700% 06/01/12......... Baa3 NR 990 815 Maryland State Economic Development Corporation, Student Housing Revenue, Series 1999A, 6.000% 06/01/19......... Baa3 NR 789 1,200 Maryland State, Certificates of Participation Refunding, (State Highway and Motor Vehicle Administration Project) Series 1992, 5.700% 06/01/01......... Aa3 AA- 1,210 1,200 Maryland State, Certificates of Participation Refunding, (State Highway and Motor Vehicle Administration Project) Series 1992, 5.800% 06/01/02......... Aa3 AA- 1,225 1,410 Maryland State, Certificates of Participation, Revenue, (Aviation Administration Facilities Project) Series 1999, AMT, 4.750% 05/01/07......... Aa3 AA 1,412 1,000 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Single-Family Program) Series 1997-1, (FHA Insured), 4.950% 04/01/07......... Aa2 NR 1,010 2,000 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Single-Family Program) Series 1998-1, AMT, 5.150% 04/01/18......... Aa2 NR 1,859
SEE NOTES TO FINANCIAL STATEMENTS. 76 81 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $4,000 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Single-Family Program) Series 1998-3, AMT, 4.500% 04/01/08......... Aa2 NR $ 3,866 1,685 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Single-Family Program) Series 1998-3, AMT, 4.700% 04/01/10......... Aa2 NR 1,622 3,250 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, Series 1999A, AMT, 5.350% 07/01/41......... Aa2 NR 2,934 2,410 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, Series 1999D, AMT, 5.375% 09/01/24......... Aa2 NR 2,258 2,000 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, Series 1999H, AMT, 6.000% 09/01/17......... Aa2 NR 2,033 3,900 Maryland State, Community Development Administration, Development Revenue, (Lexington Terrace Senior Housing, LP Project) Series 1998B, AMT, 3.900% 10/01/02......... Aaa NR 3,845 3,000 Maryland State, Community Development Administration, Development Revenue, (Lexington Terrace Townhomes, LP Project) Series 1998A, AMT, 3.900% 10/01/02......... Aaa NR 2,958 2,000 Maryland State, Economic Development Corporation, Student Housing Revenue, (Collegiate Housing Project) Series 1999A, 5.750% 06/01/29......... Baa3 NR 1,828
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $ 500 Maryland State, Economic Development Corporation, Student Housing Revenue, (Salisbury Collegiate Housing Project) Series 1999A, 6.000% 06/01/30......... Baa3 NR $ 465 950 Maryland State, Economic Development Corporation, Student Housing Revenue, Series 1999A, 5.600% 06/01/10......... Baa3 NR 947 1,000 Maryland State, GO, Series 1998, 5.000% 07/15/11......... Aaa AAA 1,009 2,700 Maryland State, Health and Higher Education Facilities Authority, Revenue Refunding, (Johns Hopkins Hospital Project) Series 1993, 5.250% 07/01/04......... Aa3 AA- 2,763 1,500 Maryland State, Health and Higher Education Facilities Authority, Revenue Refunding, (Johns Hopkins Hospital Project) Series 1993, 5.400% 07/01/06......... Aa3 AA- 1,546 3,050 Maryland State, Health and Higher Education Facilities Authority, Revenue Refunding, (Johns Hopkins Hospital Project) Series 1993, 5.500% 07/01/07......... Aa3 AA- 3,149 1,000 Maryland State, Health and Higher Education Facilities Authority, Revenue Refunding, (University of Maryland Medical Systems Project) Series 1993, (FGIC Insured), 5.200% 07/01/04......... Aaa AAA 1,021 510 Maryland State, Health and Higher Education Facilities Authority, Revenue, (College of Notre Dame Project) Series 1998, (MBIA Insured), 4.600% 10/01/14......... Aaa AAA 472 620 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Howard County General Hospital Project) Series 1993, 5.125% 07/01/03......... Aaa NR 625
SEE NOTES TO FINANCIAL STATEMENTS. 77 82 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,000 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Howard County General Hospital Project) Series 1993, 5.500% 07/01/13......... Aaa NR $ 1,026 1,000 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Howard County General Hospital Project) Series 1993, 5.500% 07/01/21......... Aaa NR 997 2,000 Maryland State, Health and Higher Education Facilities Authority, Revenue, (John Hopkins Hospital Redevelopment Project) Series 1979, 5.750% 07/01/09......... Aaa AAA 2,140 1,000 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Johns Hopkins Medical Project) Series 1998, 5.000% 07/01/29......... Aaa AAA 905 1,500 Maryland State, State and Local Facilities Loan GO, Series 1995-2, 5.000% 10/15/04......... Aaa AAA 1,531 1,550 Maryland State, State and Local Facilities Loan GO, Series 1996-2, 5.250% 06/15/11......... Aaa AAA 1,594 1,970 Maryland State, State and Local Facilities Loan GO, Series 2000, 5.750% 08/01/11......... Aaa AAA 2,115 930 Maryland State, Transportation Authority, Revenue, (Transportation Facilities Project) Series 1978, 6.625% 07/01/03......... Aaa AAA 960 2,300 Maryland State, Transportation Authority, Transportation Revenue, Series 1991, 6.500% 07/01/04......... A1 A+ 2,376 4,000 Maryland State, Transportation Authority, Transportation Revenue, Series 1992, 5.700% 07/01/05......... A1 A+ 4,186
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $2,800 Maryland State, Transportation Authority, Transportation Revenue, Series 1992, 5.800% 07/01/06......... A1 A+ $ 2,962 2,000 Montgomery County, Maryland, Consolidated Public Improvement GO Refunding, Series 1992A, 5.600% 07/01/04......... Aaa AAA 2,079 1,000 Montgomery County, Maryland, Consolidated Public Improvement GO Refunding, Series 1992A, 5.750% 07/01/06......... Aaa AAA 1,061 500 Montgomery County, Maryland, Consolidated Public Improvement GO, Series 1991A, Prerefunded 04/01/01 @ 102, 6.700% 04/01/06......... Aaa AAA 516 3,500 Montgomery County, Maryland, Consolidated Public Improvement GO, Series 1993A, 4.900% 10/01/07......... Aaa AAA 3,546 1,000 Montgomery County, Maryland, Consolidated Public Improvement GO, Series 1997A, 5.375% 05/01/08......... Aaa AAA 1,046 1,000 Montgomery County, Maryland, Consolidated Public Improvement GO, Series 1997A, 5.375% 05/01/13......... Aaa AAA 1,021 3,000 Montgomery County, Maryland, GO, Series 1991, Prerefunded 10/01/01 @ 102, 6.100% 10/01/05......... Aaa AAA 3,108 1,000 Montgomery County, Maryland, GO, Series 1991, Prerefunded 10/01/01 @ 102, 6.125% 10/01/07......... Aaa AAA 1,036 1,500 Montgomery County, Maryland, Housing Opportunities Commission, Multi-Family Mortgage Revenue, Series 2000A, 6.100% 07/01/30......... Aaa NR 1,513 865 Montgomery County, Maryland, Housing Opportunities Commission, Single-Family Mortgage Revenue, Series 1997A, 5.400% 07/01/08......... Aa2 NR 894
SEE NOTES TO FINANCIAL STATEMENTS. 78 83 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,500 Northeast Maryland, Solid Waste Disposal Authority Revenue, (Montgomery County Resource Recreation Project) Series 1993A, 6.000% 07/01/07......... A2 NR $ 1,586 1,535 Northeast Maryland, Solid Waste Disposal Authority, Southwest Research Recovery Facilities Revenue Refunding, (Wheelabrator Technologies Project) Series 1993, (MBIA Insured), 7.000% 01/01/01......... Aaa AAA 1,545 630 Ocean City, Maryland, GO Refunding, Series 1991, (MBIA Insured), Prerefunded 11/01/01 @ 102, 6.100% 11/01/04......... Aaa AAA 654 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO Refunding, Series 1991, 6.500% 07/01/02......... Aa3 AA 1,034 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO Refunding, Series 1992A, (MBIA Insured), 5.300% 03/01/01......... Aaa AAA 1,004 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO Refunding, Series 1992A, (MBIA Insured), 5.400% 03/01/02......... Aaa AAA 1,013 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 1992, 5.600% 01/15/03......... Aa3 AA 1,024 1,800 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 1992, 5.900% 01/15/06......... Aa3 AA 1,863 2,300 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 1999, (FSA Insured), 5.125% 10/01/16......... Aaa AAA 2,252 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 2000, 5.125% 10/01/08......... Aa3 AA 1,028
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 2000, 5.125% 10/01/10......... Aa3 AA $ 1,024 2,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 2000, 5.250% 10/01/18......... Aa3 AA 1,957 2,500 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 2000, 5.250% 10/01/19......... Aa3 AA 2,433 565 Prince Georges County, Maryland, Housing Authority, Single-Family Mortgage Revenue, Series 2000A, AMT, 6.150% 08/01/19......... NR AAA 574 1,000 Prince Georges County, Maryland, PCR Refunding, (Potomac Electric Power Project) Series 1995, 5.750% 03/15/10......... A1 A 1,062 2,000 Prince Georges County, Maryland, Solid Waste Management Systems Authority, Revenue Refunding, Series 1993, (FSA Insured), 5.100% 06/15/05......... Aaa AAA 2,035 1,200 Queen Annes County, Maryland, School and Public Facilities GO, Series 2000, 5.250% 01/15/14......... Aaa AAA 1,212 1,000 Rockville, Maryland, GO Refunding, Series 1993, 4.750% 04/15/05......... Aa1 AA+ 1,006 1,000 St. Mary's County, Maryland, GO, Series 1995, (MBIA Insured), 5.700% 03/01/08......... Aaa AAA 1,058 2,000 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue Refunding, Series 1993C, 4.900% 10/01/08......... Aa3 AA+ 2,016 745 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1992A, 6.000% 02/01/04......... Aa3 AA+ 763
SEE NOTES TO FINANCIAL STATEMENTS. 79 84 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,000 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1992A, 6.300% 02/01/08......... Aa3 AA+ $ 1,026 1,000 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1992A, 6.300% 02/01/10......... Aa3 AA+ 1,026 1,020 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1996A, 5.600% 04/01/13......... Aa3 AA+ 1,049 3,115 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1996A, 5.600% 04/01/14......... Aa3 AA+ 3,185 1,975 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 2000A, 5.000% 10/01/08......... Aa3 AA+ 2,017 1,575 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 2000A, 5.250% 10/01/11......... Aa3 AA+ 1,614 1,000 Washington County, Maryland, Consolidated Public Improvement GO Refunding, Series 1993, (FGIC Insured), 5.250% 01/01/06......... Aaa AAA 1,024 500 Washington County, Maryland, GO, Series 1990, 6.400% 12/01/00......... A1 A+ 502 1,000 Washington County, Maryland, Sanitation District, GO Refunding, Series 1993F, (FGIC Insured), 5.250% 01/01/06......... Aaa AAA 1,024 1,260 Washington Suburban Sanitation District Authority, Maryland, General Construction GO, Series 1991-1, Prerefunded 06/01/01 @ 102, 6.750% 06/01/05......... Aaa AAA 1,304 3,440 Washington Suburban Sanitation District Authority, Maryland, Water Supply GO Refunding, Series 1993, 5.100% 12/01/07......... Aa1 AA 3,513
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- MARYLAND -- (CONTINUED) $2,010 Washington Suburban Sanitation District Authority, Maryland, Water Supply GO, Series 1992, Prerefunded 06/01/02 @ 102, 5.800% 06/01/03......... Aa1 AA $ 2,091 1,000 Washington Suburban Sanitation District Authority, Maryland, Water Supply GO, Series 1993, 5.000% 06/01/03......... Aa1 AA 1,014 1,000 Washington Suburban Sanitaton District Authority, Maryland, General Construction GO, Series 2000, 5.250% 06/01/22......... Aa1 AA 964 1,355 Wicomico County, Maryland, Public Improvement GO, Series 1997, (MBIA Insured), 4.900% 12/01/11......... Aaa AAA 1,347 1,425 Wicomico County, Maryland, Public Improvement GO, Series 1997, (MBIA Insured), 5.000% 12/01/12......... Aaa AAA 1,416 -------- 179,547 -------- ALABAMA -- 1.6% 3,000 Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1992, 7.000% 06/01/22......... Baa1 BBB+ 3,076 -------- COLORADO -- 0.7% 3,800 Public Highway Authority of Colorado, Revenue, Capital Appreciation, Series 1997B, (MBIA Insured), 5.810%(+) 09/01/18...... Aaa AAA 1,361 -------- DISTRICT OF COLUMBIA -- 1.0% 2,000 Washington, District of Columbia, Metropolitan Area Transportation Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.000% 07/01/06......... Aaa AAA 2,028 --------
SEE NOTES TO FINANCIAL STATEMENTS. 80 85 NATIONS FUNDS Nations Maryland Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ----------------------------------------------------------------- TEXAS -- 1.0% $2,000 Texas State, Water Development Board, Revenue, Series 1997, 5.000% 07/15/12......... Aaa AAA $ 1,968 -------- VIRGINIA -- 1.4% 3,000 Virginia State, Transportation Board Authority, Transportation Contract Revenue, (Northern Virginia Transportation District Project) Series 1996A, 5.125% 05/15/21......... Aa1 AA 2,786 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $187,897)......................... 190,766 --------
SHARES (000) - ------ INVESTMENT COMPANIES -- 2.7% (Cost $5,305) 5,305 Nations Municipal Reserves#............ 5,305 -------- TOTAL INVESTMENTS (Cost $193,202*).............. 99.8% 196,071 -------- OTHER ASSETS AND LIABILITIES (NET)......................... 0.2% Receivable for investment securities sold................................. $ 2 Interest receivable.................... 3,194 Payable for Fund shares redeemed....... (124) Investment advisory fee payable........ (32) Administration fee payable............. (32) Shareholder servicing and distribution fees payable......................... (8) Distributions payable.................. (751) Payable for investment securities purchased............................ (1,833) Accrued Trustees'/Directors' fees and expenses............................. (26) Accrued expenses and other liabilities.......................... (53) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ 337 -------- NET ASSETS...................... 100.0% $196,408 ========
VALUE (000) - ----------------------------------------------------------- - ------ NET ASSETS CONSIST OF: Accumulated net realized loss on investments sold..................... $ (1,447) Net unrealized appreciation of investments.......................... 2,869 Paid-in capital........................ 194,986 -------- NET ASSETS............................. $196,408 ======== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($173,814,676 / 16,272,614 shares outstanding)......................... $10.68 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($16,951,556 / 1,587,137 shares outstanding).................. $10.68 ====== Maximum sales charge................... 3.25% Maximum offering price per share....... $11.04 INVESTOR B SHARES: Net asset value and offering price per share** ($5,374,931 / 503,240 shares outstanding)......................... $10.68 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($266,495 / 24,949 shares outstanding)......................... $10.68 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $2,869 on investment securities was comprised of gross appreciation of $3,963 and gross depreciation of $1,094 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $193,202. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Maryland Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): FSA 10.39% Nations Maryland Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 39.52% Housing Revenue 15.53% SEE NOTES TO FINANCIAL STATEMENTS. 81 86 NATIONS FUNDS Nations Maryland Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.6% MARYLAND -- 88.6% $ 500 Anne Arundel County, Maryland, Consolidated General Improvement GO Refunding, Series 1995, 5.300% 04/01/10......... Aa1 AA+ $ 514 500 Anne Arundel County, Maryland, Consolidated General Improvement GO, Series 1993, 5.250% 07/15/11......... Aa2 AA+ 507 1,000 Baltimore, Maryland, Consolidated Public Improvement GO, Series 1998B, (FGIC Insured), 6.500% 10/15/08......... Aaa AAA 964 800 Calvert County, Maryland, PCR Refunding, (Baltimore Gas and Electric Company Project) Series 1993, 5.550% 07/15/14......... A2 A 810 250 Cumberland, Maryland, GO Refunding, Series 1994A, (FGIC Insured), 5.250% 05/01/21......... Aaa AAA 241 1,000 Harford County, Maryland, GO, Series 1997, 5.500% 12/01/07......... Aa2 AA 1,053 1,900 Howard County, Maryland, Consolidated Public Improvement GO, Series 2000A, 5.250% 02/15/17(a)...... Aaa AAA 1,875 500 Maryland State, Community Development Administration, Department of Housing and Community Development, Multi-Family Revenue, (Auburn Manor Apartments, LP Project) Series 1998A, AMT, (FNMA COLL), 5.250% 10/01/19......... Aaa NR 470 500 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Residential Project) Series 1998B, AMT, 4.950% 09/01/11......... Aa2 NR 486
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MARYLAND -- (CONTINUED) $ 810 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, (Residential Project) Series 2000A, 5.500% 09/01/12......... Aa2 NR $ 823 500 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, Series 1999A, AMT, 5.350% 07/01/41......... Aa2 NR 451 1,000 Maryland State, Community Development Administration, Department of Housing and Community Development, Revenue, Series 1999H, AMT, 6.000% 09/01/17......... Aa2 NR 1,017 495 Maryland State, Economic Development Corporation, Student Housing Revenue, (Collegiate Housing Project) Series 1999A, 5.300% 06/01/08......... Baa3 NR 487 575 Maryland State, Economic Development Corporation, Student Housing Revenue, (Collegiate Housing Project) Series 1999A, 5.600% 06/01/11......... Baa3 NR 568 2,000 Maryland State, Economic Development Corporation, Student Housing Revenue, (Collegiate Housing Project) Series 1999A, 5.750% 06/01/29......... Baa3 NR 1,828 1,000 Maryland State, Economic Development Corporation, Student Housing Revenue, (Salisbury Collegiate Housing Project) Series 1999A, 6.000% 06/01/30......... Baa3 NR 930 300 Maryland State, Health and Higher Education Facilities Authority, Revenue Refunding, (Johns Hopkins Hospital Project) Series 1993, 5.600% 07/01/09......... Aa3 AA- 309
SEE NOTES TO FINANCIAL STATEMENTS. 82 87 NATIONS FUNDS Nations Maryland Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MARYLAND -- (CONTINUED) $2,000 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Johns Hopkins University Project) Series 1999, 6.000% 07/01/39......... Aa2 AA $ 2,090 330 Maryland State, Health and Higher Education Facilities Authority, Revenue, (Loyola College Project) Series 1999, 5.000% 10/01/39......... A2 A 291 425 Maryland State, Industrial Development Finance Authority, Revenue, (American Center for Physics Project) Series 1992, (GTY-AGMT), 6.375% 01/01/12......... NR BBB 430 500 Maryland State, Stadium Authority, Lease Revenue, (Ocean City Convention Center Project) Series 1995, 5.375% 12/15/13......... Aa2 AA 505 1,000 Maryland State, State and Local Facilities Loan GO, Series 1999-2, 5.000% 07/15/07......... Aaa AAA 1,023 1,000 Maryland State, State and Local Facilities Loan GO, Series 2000, 5.750% 08/01/11......... Aaa AAA 1,073 760 Maryland State, Transportation Authority, Revenue, (Transportation Facilities Project) Series 1978, 6.800% 07/01/16......... Aaa AAA 868 300 Maryland State, Transportation Authority, Revenue, (Transportation Facilities Project) Series 1992, 5.750% 07/01/15......... A1 A+ 303 1,500 Montgomery County, Maryland, Consolidated Public Improvement GO, Series 1992A, 5.800% 07/01/07......... Aaa AAA 1,603 935 Northeast Maryland, Solid Waste Disposal Authority, Revenue, (Ogden Martin Systems - Montgomery County Residential Receivables Project) Series 1993A, AMT, 6.300% 07/01/16......... A2 NR 959
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MARYLAND -- (CONTINUED) $1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 1999, (FSA Insured), 5.125% 10/01/16......... Aaa AAA $ 979 1,000 Prince Georges County, Maryland, Consolidated Public Improvement GO, Series 2000, 5.250% 10/01/18......... Aa3 AA 978 500 Prince Georges County, Maryland, PCR Refunding, (Potomac Electric Power Project) Series 1995, 5.750% 03/15/10......... A1 A 531 500 Prince Georges County, Maryland, Solid Waste Management Systems Authority, Revenue Refunding, Series 1993, (FSA Insured), 5.200% 06/15/06......... Aaa AAA 511 500 Prince Georges County, Maryland, Stormwater Management, GO, Series 1993, 5.500% 03/15/13......... Aa3 AA 507 2,500 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1996A, 5.600% 04/01/13......... Aa3 AA+ 2,570 1,000 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 1997A, 5.125% 04/01/13......... Aa3 AA+ 999 1,000 University of Maryland, Systems Auxiliary Facilities and Tuition Revenue, Series 2000A, 5.250% 10/01/11......... Aa3 AA+ 1,025 1,290 Wicomico County, Maryland, Public Improvement GO, Series 1997, (MBIA Insured), 4.800% 12/01/10......... Aaa AAA 1,285 ------- 31,863 ------- DISTRICT OF COLUMBIA -- 1.1% 350 Washington, District of Columbia, Metropolitan Area Transportation Authority, Revenue Refunding, Series 1993, (FGIC Insured), 6.000% 07/01/10......... Aaa AAA 378 -------
SEE NOTES TO FINANCIAL STATEMENTS. 83 88 NATIONS FUNDS Nations Maryland Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- GUAM -- 1.6% $ 600 Guam, Government GO, Series 1993A, 5.200% 11/15/08......... NR BBB- $ 591 ------- MISSISSIPPI -- 1.4% 500 Warren County, Mississippi, Environmental Improvement Revenue Refunding, (International Paper Company Project) Series 2000A, 6.700% 08/01/18......... Baa1 BBB+ 518 ------- PUERTO RICO -- 2.4% 500 Puerto Rico, Electric Power Authority, Power Revenue Refunding, Series 1995Y, (MBIA Insured), 6.500% 07/01/06......... Aaa AAA 553 320 Puerto Rico, Housing Bank and Finance Agency, Single-Family Mortgage Revenue, (Affordable Housing Mortgage - Portfolio I) Series 1995, AMT, (GNMA/FNMA/ FHLMC COLL), 6.100% 10/01/15......... Aaa AAA 325 ------- 878 ------- TEXAS -- 2.5% 1,000 Houston, Texas, Independent School District, GO Refunding, Series 1999A, (PSFG Insured), 5.000% 02/15/24......... Aaa AAA 899 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $34,415).......................... 35,127 -------
SHARES VALUE (000) (000) - ------------------------------------------------------------- INVESTMENT COMPANIES -- 1.6% (Cost $570) 570 Nations Municipal Reserves#............ $ 570 ------- TOTAL INVESTMENTS (Cost $34,985*)............... 99.2% 35,697 ------- OTHER ASSETS AND LIABILITIES (NET)......................... 0.8% Receivable for investment securities sold................................. $ 1,671 Receivable for Fund shares sold........ 91 Dividends receivable................... 70 Interest receivable.................... 507 Payable for Fund shares redeemed....... 1 Investment advisory fee payable........ (2) Administration fee payable............. (6) Shareholder servicing and distribution fees payable......................... (14) Distributions payable.................. (126) Payable for investment securities purchased............................ (1,833) Accrued Trustees'/Directors' fees and expenses............................. (22) Accrued expenses and other liabilities.......................... (66) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ 271 ------- NET ASSETS...................... 100.0% $35,968 ======= NET ASSETS CONSIST OF: Undistributed net investment income.... $ 13 Accumulated net realized loss on investments sold..................... (724) Net unrealized appreciation of investments.......................... 712 Paid-in capital........................ 35,967 ------- NET ASSETS............................. $35,968 =======
SEE NOTES TO FINANCIAL STATEMENTS. 84 89 NATIONS FUNDS Nations Maryland Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($17,772,392 / 1,837,748 shares outstanding)......................... $9.67 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($1,991,762 / 205,955 shares outstanding).................. $9.67 ===== Maximum sales charge................... 4.75% Maximum offering price per share....... $10.15 INVESTOR B SHARES: Net asset value and offering price per share** ($15,983,540 / 1,652,755 shares outstanding).................. $9.67 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($220,503 / 22,808 shares outstanding)......................... $9.67 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $712 on investment securities was comprised of gross appreciation of $867 and gross depreciation of $155 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $34,985. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Maryland Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 39.43% Education Revenue 23.81% Housing Revenue 17.74% SEE NOTES TO FINANCIAL STATEMENTS. 85 90 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.8% NORTH CAROLINA -- 95.5% $1,000 Brunswick County, North Carolina, Certificate of Participation, Series 2000, 5.500% 06/01/20........ Aaa AAA $ 986 1,000 Buncombe County, North Carolina, GO Refunding, Series 1993, 5.000% 03/01/03........ Aa2 AA 1,013 1,250 Buncombe County, North Carolina, Metropolitan Sewer District, Revenue Refunding, Series 1991A, Prerefunded 07/01/01 @ 102, 6.750% 07/01/09........ Aaa NR 1,296 5 Buncombe County, North Carolina, Metropolitan Sewer District, Sewer System Revenue, Unrefunded Balance, Series 1992B, 6.750% 07/01/16........ A1 NR 5 1,200 Charlotte, North Carolina, Airport Revenue, Series 1999B, AMT, (MBIA Insured), 4.750% 07/01/05........ Aaa AAA 1,199 1,275 Charlotte, North Carolina, Airport Revenue, Series 1999B, AMT, (MBIA Insured), 4.850% 07/01/06........ Aaa AAA 1,277 1,260 Charlotte, North Carolina, Airport Revenue, Series 1999B, AMT, (MBIA Insured), 5.000% 07/01/07........ Aaa AAA 1,266 1,000 Charlotte, North Carolina, Airport Revenue, Series 1999B, AMT, (MBIA Insured), 6.000% 07/01/24........ Aaa AAA 1,021 1,000 Charlotte, North Carolina, GO Refunding, Series 1993, 4.500% 02/01/03........ Aaa AAA 1,002 1,240 Charlotte, North Carolina, Health Care Systems Revenue, Unrefunded Balance, (Mecklenburg Hospital Authority Project) Series 1992, 6.375% 01/01/09........ Aa3 AA 1,288
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $ 425 Charlotte, North Carolina, Health Care Systems Revenue, Unrefunded Balance, (Mecklenburg Hospital Authority Project) Series 1992, 6.250% 01/01/20........ Aa3 AA $ 432 1,000 Charlotte, North Carolina, Public Improvement GO, Series 1990A, Prerefunded 10/01/00 @ 102, 6.900% 10/01/05........ Aaa AAA 1,020 1,800 Charlotte, North Carolina, Public Improvement GO, Series 1991, Prerefunded 02/01/01 @ 102, 6.500% 02/01/07........ Aaa AAA 1,848 1,000 Charlotte, North Carolina, Water and Sewer GO, Series 1994, Prerefunded 02/01/04 @ 102, 5.800% 02/01/16........ Aaa AAA 1,056 1,670 Charlotte, North Carolina, Water and Sewer GO, Series 1996, 5.500% 05/01/06........ Aaa AAA 1,741 1,855 Charlotte, North Carolina, Water and Sewer GO, Series 1998, 4.750% 02/01/12........ Aaa AAA 1,809 2,545 Charlotte, North Carolina, Water and Sewer Systems Revenue, Series 1999, 5.375% 06/01/19........ Aa1 AA+ 2,502 2,000 Charlotte-Mecklenburg Hospital Authority, Revenue, (Carolinas Healthcare System Project) Series 1997A, 5.000% 01/15/17........ Aa3 AA 1,837 4,500 Charlotte-Mecklenburg Hospital Authority, Revenue, (Carolinas Healthcare System Project) Series 1997A, 5.125% 01/15/22........ Aa3 AA 4,089 760 Charlotte-Mecklenburg Hospital Authority, Revenue, Series 1992, Prerefunded 01/01/02 @ 102, 6.375% 01/01/09........ Aa3 AA 792 705 Charlotte-Mecklenburg Hospital Authority, Revenue, Series 1992, Prerefunded 01/01/02 @ 102, 6.250% 01/01/20........ Aa3 AA 734
SEE NOTES TO FINANCIAL STATEMENTS. 86 91 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $2,500 Cleveland County, North Carolina, GO Refunding, Series 1993, (FGIC Insured), 5.100% 06/01/01........ Aaa AAA $ 2,513 2,500 Cleveland County, North Carolina, GO Refunding, Series 1993, (FGIC Insured), 5.100% 06/01/02........ Aaa AAA 2,528 1,000 Cleveland County, North Carolina, GO Refunding, Series 1993, (FGIC Insured), 5.100% 06/01/05........ Aaa AAA 1,022 2,000 Coastal Regional Solid Waste Management Authority, North Carolina, Solid Waste Disposal System Revenue, Series 1992, 6.300% 06/01/04........ A3 BBB+ 2,094 500 Concord, North Carolina, GO Refunding, Series 1992, 6.200% 06/01/05........ Aa2 AA- 520 1,000 Concord, North Carolina, Utilities System Revenue, Series 1993, (MBIA Insured), 5.200% 12/01/02........ Aaa AAA 1,016 1,720 Durham and Wake County, North Carolina, Special Apartment District, GO Refunding, Series 1992, 5.750% 04/01/03........ Aaa AAA 1,761 2,300 Durham and Wake County, North Carolina, Special Apartment District, GO Refunding, Series 1993, 5.000% 04/01/03........ Aaa AAA 2,332 1,500 Durham County, North Carolina, GO Refunding, Series 1992, 5.200% 03/01/07........ Aaa AAA 1,539 2,000 Durham County, North Carolina, GO, Series 1992, 5.750% 02/01/06........ Aaa AAA 2,068 1,150 Fayetteville, North Carolina, Public Works Commission, Revenue Refunding, Series 1997, (FSA Insured), 5.250% 03/01/07........ Aaa AAA 1,182 2,000 Forsyth County, North Carolina, GO Refunding, Series 1993A, 4.750% 03/01/06........ Aaa AAA 2,016
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,000 Greensboro, North Carolina, Combined Enterprise Systems Revenue, Series 1998A, 5.000% 06/01/18........ A1 AA- $ 933 2,000 Greenville, North Carolina, Combined Enterprise Revenue, Series 1994, 6.000% 09/01/10........ A2 A+ 2,101 3,000 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding, (Champion International Corporation Project) Series 1999, 6.400% 11/01/24........ Baa1 NR 3,033 1,000 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1993, AMT, 5.500% 10/01/18........ Baa1 BBB+ 924 1,000 Henderson County, North Carolina, School and Community College GO, Series 1991, 6.500% 06/01/05........ A1 A+ 1,033 500 Henderson County, North Carolina, School and Community College GO, Series 1991, 6.500% 06/01/08........ A1 A+ 517 1,095 Iredell County, North Carolina, GO, Series 1997, 4.750% 02/01/16........ Aa3 A+ 1,000 1,955 Iredell County, North Carolina, Public Facilities Corporate Installment Payment Revenue, (School Projects) Series 2000, (AMBAC Insured), 5.500% 06/01/09........ Aaa NR 2,041 2,180 Iredell County, North Carolina, Public Facilities Corporate Installment Revenue, (School Projects) Series 2000, (AMBAC Insured), 5.125% 06/01/18........ Aaa NR 2,058 1,305 Johnston County, North Carolina, GO, Series 2000, (FGIC Insured), 5.500% 03/01/12........ Aaa AAA 1,354
SEE NOTES TO FINANCIAL STATEMENTS. 87 92 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $2,700 Johnston County, North Carolina, GO, Series 2000, (FGIC Insured), 5.500% 03/01/16........ Aaa AAA $ 2,734 1,160 Lee County, North Carolina, GO, Series 1992, 6.000% 02/01/06........ A1 A+ 1,202 750 Lower Cape Fear, North Carolina, Water and Sewer Authority, Revenue, Series 1993, AMT, 5.200% 03/01/04........ A2 BBB 761 1,000 Mecklenburg County, North Carolina, GO, Series 1991, Prerefunded 04/01/01 @ 102, 6.200% 04/01/06........ Aaa AAA 1,029 1,000 Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding, (Fluor Corporation Project) Series 1993, 5.250% 12/01/09........ NR A 1,008 1,195 Morganton, North Carolina, Water and Sewer GO, Series 1995, (FGIC Insured), 5.700% 06/01/11........ Aaa AAA 1,250 2,220 New Hanover County, North Carolina, GO, Series 1995, 5.500% 03/01/10........ Aa2 AA- 2,314 1,725 New Hanover County, North Carolina, GO, Series 2000, 5.300% 11/01/02........ Aa2 AA- 1,756 2,000 North Carolina State, GO, Series 1992A, 6.100% 03/01/01........ Aaa AAA 2,015 4,000 North Carolina State, GO, Series 1997A, 5.100% 03/01/06........ Aaa AAA 4,099 7,550 North Carolina State, GO, Series 1999, 4.500% 04/01/02........ Aaa AAA 7,565 2,165 North Carolina, Eastern Municipal Power Authority, Revenue, Series 1986A, 5.000% 01/01/17........ Aaa BBB 2,060 1,000 North Carolina, Educational Facilities Finance Agency, Revenue, (Davidson College Project) Series 1992, 5.100% 12/01/00........ NR AA 1,001
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,000 North Carolina, Educational Facilities Finance Agency, Revenue, (Duke University Project) Series 1991C, 6.625% 10/01/08........ Aa1 AA+ $ 1,039 1,750 North Carolina, Housing Finance Agency, (Home Ownership Project) Series 2000A-8, AMT, 5.950% 07/01/10........ Aa2 AA 1,837 1,210 North Carolina, Housing Finance Agency, (Home Ownership Project) Series 2000A-8, AMT, 6.050% 07/01/12........ Aa2 AA 1,261 1,950 North Carolina, Housing Finance Agency, Multi- Family Housing Revenue Refunding, Series 1992B, (FHA COLL), 6.900% 07/01/24........ Aa2 NR 2,031 1,000 North Carolina, Housing Finance Agency, Revenue, (Home Ownership Project) Series 1999A-6, AMT, 6.000% 01/01/16........ Aa2 AA 1,021 2,000 North Carolina, Housing Finance Agency, Revenue, Series 1999A-3, AMT, 5.150% 01/01/19........ Aa2 AA 1,851 4,025 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, (Home Ownership Project) Series 1998A-1, AMT, 5.350% 01/01/17........ Aa2 AA 3,904 610 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, Series 1991R, (FHA COLL), 6.350% 03/01/03........ Aa2 AA 623 610 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, Series 1991R, (FHA COLL), 6.350% 09/01/03........ Aa2 AA 625 875 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, Series 1994Y, 6.300% 09/01/15........ Aa AA 895
SEE NOTES TO FINANCIAL STATEMENTS. 88 93 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $2,500 North Carolina, Housing Finance Agency, Student Housing Revenue, (Appalachian Student Housing Project) Series 2000A, (First Union National Bank LOC), 4.750% 07/01/31........ Aa3 $ 2,497 3,000 North Carolina, Housing Financing Agency, Series 1999A-5, AMT, 5.550% 01/01/19........ Aa2 AA 2,919 2,605 North Carolina, Medical Care Commission, Health Care Facilities Revenue Refunding, (Novant Health, Inc. Project) Series 1998A, (MBIA Insured), 5.000% 10/01/08........ Aaa AAA 2,643 2,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue Refunding, (Presbyterian Health Care Services Project) Series 1993, 5.250% 10/01/04........ A1 AA- 2,042 1,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue Refunding, (Presbyterian Health Care Services Project) Series 1993, 5.300% 10/01/05........ A1 AA- 1,025 3,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue Refunding, (Presbyterian Health Care Services Project) Series 1993, 5.500% 10/01/14........ A1 AA- 3,006 2,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Carolina Medicorp Inc. Project) Series 1996, 5.100% 05/01/07........ A1 AA- 2,026 2,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Duke University Hospital Project) Series 1996C, 5.250% 06/01/17........ Aa3 AA 1,906
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $2,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Gaston Memorial Hospital Project) Series 1995, (AMBAC-TCRS Insured), 5.000% 02/15/05........ Aaa AAA $ 2,026 1,795 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Halifax Regional Medical Center, Inc. Project) Series 1998, 4.600% 08/15/07........ Baa1 NR 1,659 1,500 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Moore Regal Hospital Project) Series 1993, 5.200% 10/01/13........ Aa3 AA- 1,479 1,930 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Rex Hospital, Inc. Project) Series 1993, 5.400% 06/01/02........ A1 A+ 1,950 1,620 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Rex Hospital, Inc. Project) Series 1993, Prerefunded 06/01/03 @ 102, 5.600% 06/01/04........ Aaa A+ 1,692 3,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Rex Hospital, Inc. Project) Series 1993, Prerefunded 06/01/03 @ 102, 6.250% 06/01/17........ Aaa A+ 3,182 1,000 North Carolina, Medical Care Commission, Hospital Revenue Refunding, (Stanley Memorial Hospital Project) Series 1996, (AMBAC Insured), 5.250% 10/01/06........ Aaa AAA 1,028 1,715 North Carolina, Medical Care Community Health Care Facilities Revenue, (Carolina Medicorp Project) Series 1996, 5.125% 05/01/08........ A1 AA- 1,734
SEE NOTES TO FINANCIAL STATEMENTS. 89 94 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,000 North Carolina, Municipal Power Agency Number 1, Revenue Refunding, (Catawba Electric Project) Series 1992, (FGIC Insured), 5.500% 01/01/01........ Aaa AAA $ 1,003 2,000 North Carolina, Municipal Power Agency Number 1, Revenue, Series 1992, (MBIA-IBC Insured), 7.250% 01/01/07........ Aaa AAA 2,256 1,000 North Carolina, State Education Assistance Authority, Revenue, Series 1995A, AMT, (GTD STD LNS), 5.300% 07/01/03........ A NR 1,012 1,625 Orange County, North Carolina, GO, Series 1994, 5.500% 02/01/12............... Aa1 AA+ 1,676 4,645 Orange County, North Carolina, GO, Series 2000, 5.300% 04/01/18........ Aa1 AA+ 4,569 1,240 Pitt County, North Carolina, Revenue Refunding, (Pitt County Memorial Hospital Project) Series 1995, 5.375% 12/01/10........ Aaa NR 1,280 2,800 Pitt County, North Carolina, Revenue, (Pitt County Memorial Hospital Project) Series 1991B, (MBIA Insured), 6.750% 12/01/14........ Aaa AAA 2,928 1,000 Raleigh, North Carolina, Combined Enterprise System Revenue, Series 1996, 5.250% 03/01/07........ Aa1 AA+ 1,031 1,910 Raleigh, North Carolina, GO, Series 1996, 5.300% 06/01/16........ Aaa AAA 1,901 1,000 Randolph County, North Carolina, Certificates of Participation, Series 2000, (FSA Insured), 5.200% 06/01/12........ Aaa AAA 1,005 1,000 Randolph County, North Carolina, Certificates of Participation, Series 2000, (FSA Insured), 5.300% 06/01/13........ Aaa AAA 1,005 1,595 Randolph County, North Carolina, Certificates of Participation, Series 2000, (FSA Insured), 5.500% 06/01/14........ Aaa AAA 1,616
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $2,000 Randolph County, North Carolina, GO, Series 1992, Prerefunded 05/01/02 @ 102, 6.250% 05/01/08........ Aa3 AA- $ 2,093 1,000 Robeson County, North Carolina, Industrial Facilities, PCR Refunding, (Campbell Soup Company Project) Series 1991, 6.400% 12/01/06........ NR AA- 1,089 750 Rutherford County, North Carolina, GO, Series 1991, (MBIA Insured), 6.400% 06/01/01........ Aaa AAA 760 1,000 Union County, North Carolina, School District, GO, Series 1991, Prerefunded 04/01/01 @ 101, 6.500% 04/01/03........ A1 AA- 1,020 500 Union County, North Carolina, School District, GO, Series 1992, 5.800% 03/01/05........ A1 AA- 516 1,690 University of North Carolina, Chapel Hill, Hospital Revenue Refunding, Series 1999, (AMBAC Insured), 5.250% 02/15/12........ Aaa AAA 1,699 1,000 University of North Carolina, Chapel Hill, University Revenue Refunding, Series 1992, 5.400% 02/15/01........ Aa3 AA 1,004 1,000 University of North Carolina, Chapel Hill, University Revenue Refunding, Series 1992, 5.500% 02/15/02........ Aa3 AA 1,013 1,000 University of North Carolina, Charlotte, Revenue Refunding, (Housing and Dining Systems Project) Series 1993M, (MBIA Insured), 4.800% 01/01/04........ Aaa AAA 1,006 3,500 University of North Carolina, University Utilities Systems Revenue Refunding, Series 1993, 5.200% 08/01/06........ Aa2 AA 3,570 1,000 University of North Carolina, University Utilities Systems Revenue Refunding, Series 1993, 5.000% 08/01/09........ Aa2 AA 1,008
SEE NOTES TO FINANCIAL STATEMENTS. 90 95 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,600 University of North Carolina, University Utilities Systems Revenue Refunding, Series 1993, 5.000% 08/01/11........ Aa2 AA $ 1,603 1,000 Wake County, North Carolina, GO Refunding, Series 1993, 4.700% 04/01/05........ Aaa AAA 1,007 2,065 Wake County, North Carolina, Hospital Revenue, Series 1993, (MBIA Insured), 5.125% 10/01/26........ Aaa AAA 1,948 1,000 Wake County, North Carolina, Public Improvement GO, Series 1994, 4.600% 02/01/06........ Aaa AAA 1,001 1,200 Wayne County, North Carolina, GO Refunding, Series 1993, (MBIA Insured), 4.900% 04/01/05........ Aaa AAA 1,216 1,000 Wilmington, North Carolina, Public Improvement GO, Series 1997A, (FGIC Insured), 5.000% 04/01/11........ Aaa AAA 1,004 1,000 Wilmington, North Carolina, Public Improvement GO, Series 1997A, (FGIC Insured), 5.000% 04/01/13........ Aaa AAA 986 -------- 185,318 -------- NEW JERSEY -- 1.1% 2,040 New Jersey, Financing Authority, Health Care Facilities Revenue, (Riverwood Center Inc. Project) Series 1991A, (FSA Insured), Prerefunded 07/01/01 @ 102, 9.900% 07/01/21........ Aaa AAA 2,161 -------- PUERTO RICO -- 0.6% 1,000 Puerto Rico, Electric Power Authority, Power Revenue Refunding, Series 1995Y, (MBIA Insured), 7.000% 07/01/07........ Aaa AAA 1,148 --------
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- WASHINGTON -- 0.6% $1,150 Washington State, Public Power Supply Systems Revenue Refunding, Series 1993A, (MBIA-IBC Insured), 5.800% 07/01/07........ Aaa AAA $ 1,212 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $185,959)........................ 189,839 --------
SHARES (000) - --------- INVESTMENT COMPANIES -- 1.1% (Cost $2,065) 2,065 Nations Municipal Reserves#........... 2,065 -------- TOTAL INVESTMENTS (Cost $188,024*)............. 98.9% 191,904 -------- OTHER ASSETS AND LIABILITIES (NET)........................ 1.1% Cash.................................. $ 1 Receivable for investment securities sold................................ 194 Interest receivable................... 3,072 Payable for Fund shares redeemed...... (246) Investment advisory fee payable....... (31) Administration fee payable............ (32) Shareholder servicing and distribution fees payable........................ (6) Distributions payable................. (746) Accrued Trustees'/Directors' fees and expenses............................ (23) Accrued expenses and other liabilities......................... (51) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 2,132 -------- NET ASSETS..................... 100.0% $194,036 ======== NET ASSETS CONSIST OF: Undistributed net investment income... $ 290 Accumulated net realized loss on investments sold.................... (1,968) Net unrealized appreciation of investments......................... 3,880 Paid-in capital....................... 191,834 -------- NET ASSETS............................ $194,036 ========
SEE NOTES TO FINANCIAL STATEMENTS. 91 96 NATIONS FUNDS Nations North Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($178,918,510 / 17,396,050 shares outstanding)........................ $10.29 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($9,950,559 / 967,437 shares outstanding)................. $10.29 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.64 INVESTOR B SHARES: Net asset value and offering price per share** ($5,087,442 / 494,669 shares outstanding)........................ $10.28 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($79,135 / 7,694 shares outstanding)........................ $10.28 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $3,880 on investment securities was comprised of gross appreciation of $4,777 and gross depreciation of $897 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $188,024. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations North Carolina Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 32.06% Hospital Revenue 17.30% Housing Revenue 10.12% SEE NOTES TO FINANCIAL STATEMENTS. 92 97 NATIONS FUNDS Nations North Carolina Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.2% NORTH CAROLINA -- 97.2% $1,600 Charlotte, North Carolina, GO, Series 2000, 5.500% 06/01/12......... Aaa AAA $ 1,669 525 Charlotte, North Carolina, Health Care Systems Revenue, Unrefunded Balance, (Mecklenburg Hospital Authority Project) Series 1992, 6.250% 01/01/20......... Aa3 AA 534 1,000 Charlotte, North Carolina, Public Improvement GO, Series 1998A, 4.750% 02/01/12......... Aaa AAA 975 975 Charlotte-Mecklenburg Hospital Authority, Revenue, Series 1992, Prerefunded 01/01/02 @ 102, 6.250% 01/01/20.... Aa3 AA 1,015 1,000 Craven County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, PCR Refunding, (Weyerhaeuser Company Project) Series 1992, 6.350% 01/01/10......... NR A 1,025 1,000 Cumberland County, North Carolina, GO, Series 1998, (FGIC Insured), 5.000% 03/01/17......... Aaa AAA 947 1,305 Greensboro, North Carolina, Enterprise Systems Revenue, Series 1998A, 5.500% 06/01/08......... A1 AA- 1,366 1,000 Greensboro, North Carolina, Public Improvement GO, Series 1998, 4.700% 04/01/10......... Aa1 AAA 991 1,000 Greenville, North Carolina, Utilities Commission Revenue, Series 2000A, (MBIA Insured), 5.500% 09/01/19......... Aaa AAA 998 1,000 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding, (Champion International Corporation Project) Series 1999, 6.400% 11/01/24......... Baa1 NR 1,011
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,000 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1993, AMT, 5.500% 10/01/18......... Baa1 BBB+ $ 924 1,925 Johnston County, North Carolina, GO, Series 2000, (FGIC Insured), 5.500% 03/01/15......... Aaa AAA 1,961 2,000 Martin County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Revenue, (Weyerhaeuser Company Project) Series 1993, AMT, 5.650% 12/01/23......... A3 A 1,824 1,000 Mecklenburg County, North Carolina, GO Refunding, Series 1993, 6.000% 04/01/11......... Aaa AAA 1,092 2,000 Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding, (Fluor Corporation Project) Series 1993, 5.250% 12/01/09......... NR A 2,016 1,000 Monroe, North Carolina, Combined Enterprise Systems, Revenue, Series 1994, Prerefunded 03/01/04 @ 102, 6.000% 03/01/14......... A3 A 1,061 1,000 Morganton, North Carolina, Water and Sewer GO, Series 1995, (FGIC Insured), 5.600% 06/01/10......... Aaa AAA 1,047 1,000 New Hanover County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Revenue, (Occidental Petroleum Corporation Project) Series 1994, AMT, 6.500% 08/01/14......... Baa3 BBB- 1,003
SEE NOTES TO FINANCIAL STATEMENTS. 93 98 NATIONS FUNDS Nations North Carolina Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,210 North Carolina, Housing Finance Agency, Revenue, (Home Ownership Project) Series 1998A-2, AMT, 5.200% 01/01/20......... Aa2 AA $ 1,133 725 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, Series 1992U, (GNMA/ FNMA COLL), 6.700% 03/01/18......... Aa AA 745 785 North Carolina, Housing Finance Agency, Single- Family Housing Revenue, Series 1994W, 6.200% 09/01/09......... Aa2 AA 802 1,130 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Gaston Memorial Hospital Project) Series 1995, (AMBAC-TCRS Insured), 5.250% 02/15/07......... Aaa AAA 1,159 860 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Halifax Regional Medical Center, Inc. Project) Series 1998, 4.600% 08/15/06......... Baa1 NR 808 1,500 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Pitt County Memorial Hospital Project) Series 1998B, 4.750% 12/01/28......... Aa3 AA- 1,242 1,000 North Carolina, Medical Care Commission, Health Care Facilities Revenue, (Rex Hospital, Inc. Project) Series 1993, Prerefunded 06/01/03 @ 102, 6.250% 06/01/17......... Aaa A+ 1,061 1,000 North Carolina, Medical Care Commission, Hospital Revenue, (Pitt County Memorial Hospital Project) Series 1998B, 5.000% 12/01/18......... Aa3 AA- 908
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- NORTH CAROLINA -- (CONTINUED) $1,000 North Carolina, Municipal Power Agency Number 1, Revenue Refunding, (Catawba Electric Project) Series 1992, (FGIC Insured), 6.200% 01/01/18......... Aaa AAA $ 1,027 1,500 Onslow County, North Carolina, Combined Enterprise Systems, Revenue, Series 1994, (MBIA Insured), 5.875% 06/01/09......... Aaa AAA 1,570 1,000 Orange County, North Carolina, GO, Series 1994, 5.500% 02/01/14......... Aa1 AA+ 1,026 1,000 Orange County, North Carolina, GO, Series 2000, 5.300% 04/01/17......... Aa1 AA+ 987 1,000 Pitt County, North Carolina, Hospital Revenue, (Pitt County Memorial Hospital Project) Series 1995, 5.250% 12/01/21......... Aaa NR 960 1,000 Randolph County, North Carolina, Certificate of Participation, Series 2000, (FSA Insured), 5.500% 06/01/15(a)...... Aaa AAA 1,009 1,000 Randolph County, North Carolina, Certificate of Participation, Series 2000, (FSA Insured), 5.750% 06/01/22(a)...... Aaa AAA 1,009 1,000 Wilmington, North Carolina, Water Authority, GO, Series 1994, 5.700% 06/01/15......... Aa3 AA- 1,031 ------- 37,936 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $36,945).......................... 37,936 -------
SEE NOTES TO FINANCIAL STATEMENTS. 94 99 NATIONS FUNDS Nations North Carolina Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ------------------------------------------------------------- INVESTMENT COMPANIES -- 2.0% (Cost $792) 792 Nations Municipal Reserves#............ $ 792 ------- TOTAL INVESTMENTS (Cost $37,737*)............... 99.2% 38,728 ------- OTHER ASSETS AND LIABILITIES (NET)......................... 0.8% Receivable for investment securities sold................................. $ 117 Receivable for Fund shares sold........ 15 Interest receivables................... 610 Payable for Fund shares redeemed....... (218) Investment advisory fee payable........ (3) Administration fee payable............. (6) Shareholder servicing and distribution fees payable......................... (15) Distributions payable.................. (141) Accrued Trustees'/Directors' fees and expenses............................. (22) Accrued expenses and other liabilities.......................... (26) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ 311 ------- NET ASSETS...................... 100.0% $39,039 ======= NET ASSETS CONSIST OF: Undistributed net investment income.... $ 21 Accumulated net realized loss on investments sold..................... (1,728) Net unrealized appreciation on investments.......................... 991 Paid-in capital........................ 39,755 ------- NET ASSETS............................. $39,039 =======
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($18,908,743 / 1,965,508 shares outstanding)......................... $9.62 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($2,310,059 / 240,189 shares outstanding).................. $9.62 ===== Maximum sales charge................... 4.75% Maximum offering price per share....... $10.10 INVESTOR B SHARES: Net asset value and offering price per share** ($17,765,456 / 1,846,793).... $9.62 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($55,172 / 5,738 shares outstanding)......................... $9.62 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $991 on investment securities was comprised of gross appreciation of $1,235 and gross depreciation of $244 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $37,737. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations North Carolina Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): FGIC 12.76% Nations North Carolina Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 27.57% Industrial Development Revenue/ Pollution Control Revenue 20.21% Hospital Revenue 11.97% Water Revenue 10.26% SEE NOTES TO FINANCIAL STATEMENTS. 95 100 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 102.0% SOUTH CAROLINA -- 101.1% $1,100 Anderson County, South Carolina, GO Revenue Refunding, Series 1992, 6.400% 04/01/03....... Aa3 AA- $ 1,147 1,300 Anderson County, South Carolina, GO Revenue Refunding, Series 1992, 6.500% 04/01/04....... Aa3 AA- 1,356 1,240 Anderson County, South Carolina, Sewer Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.200% 07/01/03....... Aaa AAA 1,261 1,000 Anderson County, South Carolina, Sewer Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.500% 07/01/06....... Aaa AAA 1,032 1,500 Anderson County, South Carolina, Sewer Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.600% 07/01/07....... Aaa AAA 1,552 1,000 Anderson County, South Carolina, Sewer Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.600% 07/01/08....... Aaa AAA 1,032 1,725 Beaufort County, South Carolina, School District, GO, Series 2000B, (SCSDE), 5.500% 03/01/16....... Aa1 AA+ 1,738 1,000 Berkeley County, South Carolina, Refunding and Improvement Authority, GO, Series 1993, (FGIC Insured), 5.300% 05/01/04....... Aaa AAA 1,023 1,000 Berkeley County, South Carolina, Refunding and Improvement Authority, GO, Series 1993, (FGIC Insured), 5.400% 05/01/05....... Aaa AAA 1,031 1,000 Berkeley County, South Carolina, Refunding and Improvement Authority, GO, Series 1993, (FGIC Insured), 5.500% 05/01/06....... Aaa AAA 1,033
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $2,500 Berkeley County, South Carolina, School District GO, Series 2000, (SCSDE Insured), 5.000% 04/01/21....... Aa1 AA+ $ 2,307 1,000 Camden, South Carolina, Combined Public Utilities Revenue Refunding and Improvement, Series 1997, (MBIA Insured), 5.500% 03/01/17....... Aaa AAA 999 2,370 Charleston County, South Carolina, Hospital Facilities Revenue, (Care Alliance Health Services Project) Series 1999A, (FSA Insured), 5.125% 08/15/15....... Aaa AAA 2,297 3,000 Charleston County, South Carolina, Hospital Facilities, Revenue Refunding and Improvement, (Bon Secours Health Systems Project) Series 1993, (FSA Insured), 5.500% 08/15/10....... Aaa AAA 3,106 1,000 Charleston County, South Carolina, Hospital Facilities, Revenue Refunding and Improvement, (Medical Society Health Project) Series 1992, (MBIA Insured), 6.000% 10/01/09....... Aaa AAA 1,035 1,000 Charleston County, South Carolina, Public Improvement Authority, GO, Series 1994, (State Aid Withholding), 5.500% 06/01/14....... Aa3 AA 1,040 1,000 Charleston County, South Carolina, Revenue, (Alliance Health Services Project) Series 1999A, (FSA Insured), 5.000% 08/15/12....... Aaa AAA 979 1,040 Charleston County, South Carolina, Solid Waste User Fee Revenue, Series 1994, (MBIA Insured), 5.800% 01/01/06....... Aaa AAA 1,091
SEE NOTES TO FINANCIAL STATEMENTS. 96 101 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $5,105 Charleston, South Carolina, Waterworks and Sewer Capital Improvement Revenue Refunding, Series 1998, 5.250% 01/01/08....... A1 AA- $ 5,247 9,500 Charleston, South Carolina, Waterworks and Sewer Capital Improvement Revenue Refunding, Series 1998, (FGIC Insured), 4.500% 01/01/24....... Aaa AAA 7,838 1,000 Charleston, South Carolina, Waterworks and Sewer Revenue Refunding, Series 1991, 5.750% 01/01/04....... A1 AA- 1,032 1,645 Cherokee County, South Carolina, School District Number 1, GO, Series 1997, (SCSDE), 5.000% 03/01/02....... Aa1 NR 1,658 1,000 Columbia, South Carolina, Parking Facilities Revenue Refunding, Series 1994, (AMBAC Insured), 5.750% 12/01/09....... Aaa AAA 1,044 5,500 Columbia, South Carolina, Waterworks and Sewer Systems Revenue Refunding, Series 1993, 5.500% 02/01/09....... Aa3 AA 5,742 2,000 Darlington County, South Carolina, PCR, (Carolina Power and Light - Annual Tender Project) Series 1983, 6.600% 11/01/10....... A2 A1 2,119 1,000 Darlington County, South Carolina, PCR, (Carolina Power and Light - Annual Tender Project) Series 1983, (MBIA-IBC Insured), 6.600% 11/01/10....... Aaa AAA 1,061 2,000 Florence County, South Carolina, Hospital Revenue, (McLeod Regional Hospital Center Project) Series 1998A, (MBIA Insured), 5.000% 11/01/18....... Aaa AAA 1,816
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,250 Florence, South Carolina, Water and Sewer Revenue Refunding, Series 1993, (AMBAC Insured), 5.150% 03/01/06....... Aaa AAA $ 1,271 1,225 Georgetown County, South Carolina, Environmental Revenue, (International Paper Company Project) Series 1997A, AMT, 5.700% 10/01/21....... Baa1 BBB+ 1,139 4,000 Georgetown County, South Carolina, PCR Refunding, (International Paper Company Project) Series 1999A, 5.125% 02/01/12....... Baa1 BBB+ 3,761 2,480 Georgetown County, South Carolina, School District, GO, Series 2000, (SCSDE), 5.500% 03/01/09....... Aa1 AA+ 2,603 1,000 Grand Strand, South Carolina, Water and Sewer Authority, Revenue Refunding, Series 1992, (MBIA Insured), 6.000% 06/01/02....... Aaa AAA 1,023 1,950 Grand Strand, South Carolina, Water and Sewer Authority, Revenue Refunding, Series 1992, (MBIA Insured), 6.300% 06/01/05....... Aaa AAA 2,037 1,000 Grand Strand, South Carolina, Water and Sewer Authority, Revenue Refunding, Series 1992, (MBIA Insured), 6.400% 06/01/07....... Aaa AAA 1,046 1,000 Greenville County, South Carolina, Industrial Revenue Refunding, (Monsanto Company Project) Series 1990, 7.500% 10/01/07....... A1 NR 1,002 1,000 Greenville, South Carolina, Hospital Facilities Revenue Refunding, Series 1993C, 5.300% 05/01/04....... Aa3 AA 1,016
SEE NOTES TO FINANCIAL STATEMENTS. 97 102 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $4,000 Greenville, South Carolina, Hospital Facilities Revenue Refunding, Series 1993C, 5.400% 05/01/05....... Aa3 AA $ 4,086 2,400 Greenville, South Carolina, Hospital Facilities Revenue Refunding, Series 1993C, 5.500% 05/01/11....... Aa3 AA 2,421 1,000 Greenville, South Carolina, Hospital Facilities Revenue Refunding, Series 1996A, (GTY-AGMT), 5.400% 05/01/07....... Aa3 AA 1,022 4,000 Greenville, South Carolina, Hospital Facilities Revenue Refunding, Series 1996B, (GTY-AGMT), 5.250% 05/01/17....... Aa3 AA 3,755 2,000 Greenville, South Carolina, Water Utility Improvement Waterworks Revenue, Series 1997, 6.000% 02/01/06....... Aa1 AA 2,125 1,000 Greenville, South Carolina, Water Utility Improvement Waterworks Revenue, Series 1997, 6.000% 02/01/08....... Aa1 AA 1,075 1,885 Greenwood, South Carolina, Combined Public Utilities, Revenue Refunding and Improvement, Series 1993, (AMBAC Insured), 5.500% 12/01/06....... Aaa AAA 1,951 2,000 Greenwood, South Carolina, Combined Public Utilities, Revenue Refunding and Improvement, Series 1993, (AMBAC Insured), 5.500% 12/01/07....... Aaa AAA 2,065 1,060 Greenwood, South Carolina, Combined Public Utilities, Revenue Refunding and Improvement, Series 1993, (AMBAC Insured), 5.500% 12/01/08....... Aaa AAA 1,092
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,200 Horry County, South Carolina, Hospital Facilities Revenue, (Conway Hospital, Inc. Project) Series 1998, (AMBAC Insured), 4.875% 07/01/11....... Aaa AAA $ 1,165 1,275 Horry County, South Carolina, School District, GO, Series 1995B, (MBIA Insured, SCSDE), 5.700% 03/01/16.............. Aaa AAA 1,290 1,725 Lancaster County, South Carolina, School District, GO, Series 1991, (MBIA Insured), Prerefunded 07/01/02 @ 102, 6.500% 07/01/07....... Aaa AAA 1,816 1,180 Lexington County, South Carolina, Health Service District, Revenue Refunding, (Health Service District and Lexmed, Inc. Project) Series 1997, (FSA Insured), 5.500% 11/01/06....... Aaa AAA 1,229 5,000 Lexington County, South Carolina, Health Services District, Revenue Refunding, Series 1997, (FSA Insured), 5.125% 11/01/21....... Aaa AAA 4,564 2,000 Lexington, South Carolina, Water and Sewer Authority, Revenue, Series 1997, 5.450% 04/01/19....... NR AA 1,930 2,000 Medical University of South Carolina, Hospital Facilities, Revenue Refunding, Series 1990A, 7.000% 07/01/01.............. Baa2 A 2,034 4,500 Medical University of South Carolina, Hospital Facilities, Revenue Refunding, Series 1990A, 7.000% 07/01/02.............. Baa2 A 4,596 3,725 Medical University of South Carolina, Hospital Facilities, Revenue Refunding, Series 1990A, 7.200% 07/01/05.............. Baa2 A 3,806
SEE NOTES TO FINANCIAL STATEMENTS. 98 103 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $2,500 Myrtle Beach, South Carolina, Water and Sewer Improvement Revenue Refunding, Series 1993, (MBIA Insured), 5.000% 03/01/03....... Aaa AAA $ 2,527 1,750 North Charleston, South Carolina, GO Refunding, Series 1993, 5.600% 08/01/07....... A2 AA- 1,811 1,725 North Charleston, South Carolina, GO Refunding, Series 1993, 5.750% 08/01/08....... A2 AA- 1,792 1,000 North Charleston, South Carolina, Sewer District, Revenue Refunding, Series 1992A, (MBIA Insured), 6.000% 07/01/02....... Aaa AAA 1,025 1,850 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding, Series 1991, (FGIC Insured), 6.850% 01/01/07....... Aaa AAA 1,896 1,000 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding, Series 1991A, (FGIC Insured), 6.250% 01/01/13....... Aaa AAA 1,037 1,600 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding, Series 1992, (MBIA Insured), 6.000% 01/01/05....... Aaa AAA 1,685 4,000 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding, Series 1996B, (MBIA Insured), 5.250% 01/01/09....... Aaa AAA 4,089 1,715 Piedmont Municipal Power Agency, South Carolina, Electric Revenue, Unrefunded Balance, Series 1991A, (FGIC Insured), 6.125% 01/01/03....... Aaa AAA 1,771 2,040 Richland County, South Carolina, GO Refunding, Series 1991, 5.900% 12/01/01....... Aa2 AA 2,075
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $2,020 Richland County, South Carolina, GO Refunding, Series 1994B, (State Aid Withholding), 4.750% 03/01/03....... Aa2 AA $ 2,031 2,120 Richland County, South Carolina, GO Refunding, Series 1994B, (State Aid Withholding), 4.850% 03/01/04....... Aa2 AA 2,137 2,250 Richland County, South Carolina, GO Refunding, Series 1994B, (State Aid Withholding), 4.950% 03/01/05....... Aa2 AA 2,278 1,000 Richland County, South Carolina, PCR Refunding, (Union Camp Corporation Project) Series 1992B, 6.625% 05/01/22....... A3 BBB+ 1,013 4,000 Richland County, South Carolina, PCR Refunding, (Union Camp Corporation Project) Series 1992C, 5.875% 11/01/02....... Baa1 BBB+ 4,081 5,000 Richland County, South Carolina, School District Number 1, GO, Series 1996, (SCSDE), 4.625% 03/01/22....... Aa1 AA+ 4,257 1,330 Richland County, South Carolina, School District Number 2, GO Refunding, Series 1994A, (MBIA Insured, SCSDE), 4.800% 03/01/03.............. Aaa AAA 1,338 1,590 Richland County, South Carolina, School District Number 2, GO Refunding, Series 1994A, (MBIA Insured, SCSDE), 4.900% 03/01/04.............. Aaa AAA 1,605 1,655 Richland County, South Carolina, School District Number 2, GO Refunding, Series 1994A, (MBIA Insured, SCSDE), 5.000% 03/01/05.............. Aaa AAA 1,677 1,395 Richland County, South Carolina, Solid Waste Disposal Facilities Revenue, (Union Camp Corporation Project) Series 1992A, AMT, 6.750% 05/01/22....... Baa1 BBB+ 1,410
SEE NOTES TO FINANCIAL STATEMENTS. 99 104 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,000 Rock Hill, South Carolina, Combined Public Utility Systems Revenue, Series 1991, (FGIC Insured), 6.200% 01/01/03....... Aaa AAA $ 1,024 2,000 Rock Hill, South Carolina, School District Number 3, GO Refunding, Series 1992B, (FGIC Insured, SCSDE), 5.900% 02/01/02....... Aaa AAA 2,036 500 South Carolina State, Capital Improvement GO Refunding, Series 1993, 4.400% 04/01/04....... Aaa AAA 498 6,135 South Carolina State, Capital Improvement GO, Series 1996A, 3.500% 07/01/06....... Aaa AAA 5,679 1,750 South Carolina State, GO, Series 1991W, 6.000% 05/01/01....... Aaa AAA 1,767 1,245 South Carolina State, GO, Series 2000A, 4.800% 03/01/09....... Aaa AAA 1,250 5,000 South Carolina State, Housing Finance and Development Authority, Multi-Family Housing Revenue, (United Dominion Realty Trust Project) Series 1994, AMT, Mandatory Put 05/01/04 @ 100, 6.500% 05/01/24....... NR BBB 5,104 2,320 South Carolina State, Housing Finance and Development Authority, Rental Housing Revenue, (Windsor Shores Project) Series 1993B, (FHA Insured), 5.600% 07/01/16....... NR AA 2,258 2,375 South Carolina State, Jobs Economic Development Authority, Hospital Facilities Revenue, Series 1999, (FSA Insured), 5.300% 02/01/14....... Aaa AAA 2,352 4,565 South Carolina State, Port Authority, Revenue, Series 1998, AMT, (FSA Insured), 5.250% 07/01/13....... Aaa AAA 4,502
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,000 South Carolina State, Public Service Authority, Revenue Refunding, Series 1991B, 6.600% 07/01/01....... Aaa AAA $ 1,016 1,000 South Carolina State, Public Service Authority, Revenue, Series 1991B, 6.700% 07/01/02....... Aa2 AA- 1,035 4,000 South Carolina, Educational Facilities for Non-Profit Institutions, Revenue, (Furman University Project) Series 1996A, (MBIA Insured), 5.500% 10/01/26....... Aaa AAA 3,866 1,500 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Oconee Memorial Hospital, Inc. Project) Series 1995, (CONNIE LEE Insured), 6.150% 03/01/15....... NR AAA 1,556 4,500 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Palmetto Health Alliance Project) Series 2000A, 7.125% 12/15/15....... Baa1 BBB 4,556 6,500 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (South Carolina Baptist Hospital Project) Series 1993, (AMBAC Insured), 5.465% 08/01/15....... Aaa AAA 6,383 4,595 South Carolina, State Housing Finance and Development Authority, Revenue Refunding, Series 1992A, (FNMA/ FHA COLL), 6.800% 11/15/11....... Aaa NR 4,743 3,495 South Carolina, State Ports Authority, Ports Revenue, Series 1991, (AMBAC Insured), 6.750% 07/01/21....... Aaa AAA 3,623 3,000 South Carolina, State Public Service Authority, Revenue Refunding, Series 1992A 6.200% 07/01/05.............. Aa2 AA- 3,133
SEE NOTES TO FINANCIAL STATEMENTS. 100 105 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,000 South Carolina, State Public Service Authority, Revenue Refunding, Series 1992A, 6.375% 07/01/11....... Aa2 AA- $ 1,042 1,000 South Carolina, State Public Service Authority, Revenue Refunding, Series 1993A, 5.200% 07/01/03....... Aa2 AA- 1,017 1,500 South Carolina, State Public Service Authority, Revenue Refunding, Series 1993A, (MBIA Insured), 5.300% 07/01/05....... Aaa AAA 1,536 2,000 South Carolina, State Public Service Authority, Revenue Refunding, Series 1993C, (AMBAC Insured), 5.100% 01/01/11....... Aaa AAA 1,992 4,000 South Carolina, Transportation Infrastructure Revenue, Series 1998A, (MBIA Insured), 5.000% 10/01/12....... Aaa AAA 3,936 1,025 Spartanburg County, South Carolina, GO, Series 1992, 5.800% 02/01/05....... Aa2 AA 1,071 1,005 Spartanburg County, South Carolina, GO, Series 1992, 5.700% 02/01/06....... Aa2 AA 1,047 1,000 Spartanburg County, South Carolina, GO, Series 1992, 5.700% 02/01/09....... Aa2 AA 1,036 2,850 Spartanburg, South Carolina, Sewer District, Sewer Systems Revenue, Series 1997, (MBIA Insured), Prerefunded 06/01/07 @ 101, 5.500% 06/01/27....... Aaa AAA 2,997 3,445 Spartanburg, South Carolina, Waterworks and Sewer Systems Authority, Revenue, Unrefunded Balance, Series 1992, 6.200% 06/01/09....... A1 AA- 3,559
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - --------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,000 West Columbia, South Carolina, Water and Sewer Revenue Refunding, Series 1992, (MBIA Insured), 6.300% 10/01/07....... Aaa AAA $ 1,049 1,000 Western Carolina, Regional Sewer Systems Authority, Revenue Refunding, Series 1992, (AMBAC Insured), 5.800% 03/01/03....... Aaa AAA 1,026 1,000 Western Carolina, Regional Sewer Systems Authority, Revenue Refunding, Series 1992, (AMBAC Insured), 5.900% 03/01/04....... Aaa AAA 1,027 2,500 Western Carolina, Regional Sewer Systems Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.000% 03/01/02....... Aaa AAA 2,518 1,000 Western Carolina, Regional Sewer Systems Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.500% 03/01/10....... Aaa AAA 1,021 4,000 York County, South Carolina, PCR Refunding, (Bowater Inc. Project) Series 1991B, 6.850% 04/01/01....... Baa3 BBB 4,019 -------- 237,345 -------- TEXAS -- 0.9% 2,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement, Corporate Revenue Refunding, (American Airlines Project) Series 2000C, AMT, 6.150% 05/01/29....... Baa1 BBB- 2,007 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $233,866)....................... 239,352 --------
SEE NOTES TO FINANCIAL STATEMENTS. 101 106 NATIONS FUNDS Nations South Carolina Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ------------------------------------------------------------- INVESTMENT COMPANIES -- 0.3% (Cost $597) 597 Nations Municipal Reserves#........... $ 597 -------- TOTAL INVESTMENTS (Cost $234,463*)............. 102.3% 239,949 -------- OTHER ASSETS AND LIABILITIES (NET)........................ (2.3)% Receivable for investment securities sold................................ $ 10 Receivable for Fund shares sold....... 25 Interest receivable................... 3,706 Payable for Fund shares redeemed...... (64) Investment advisory fee payable....... (40) Administration fee payable............ (39) Shareholder servicing and distribution fees payable........................ (10) Distributions payable................. (946) Payable for investment securities purchased........................... (7,828) Accrued Trustees' / Directors' fees and expenses........................ (24) Accrued expenses and other liabilities......................... (165) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... (5,375) -------- NET ASSETS..................... 100.0% $234,574 ======== NET ASSETS CONSIST OF: Undistributed net investment income... $ 212 Accumulated net realized loss on investments sold.................... (362) Net unrealized appreciation of investments......................... 5,486 Paid-in capital....................... 229,238 -------- NET ASSETS............................ $234,574 ========
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($210,575,191 / 20,347,475 shares outstanding)........................ $10.35 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($15,582,910 / 1,505,925 shares outstanding)................. $10.35 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.70 INVESTOR B SHARES: Net asset value and offering price per share** ($6,985,211 / 674,963 shares outstanding)........................ $10.35 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($1,430,899 / 138,225 shares outstanding)........................ $10.35 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $5,486 on investment securities was comprised of gross appreciation of $7,061 and gross depreciation of $1,575 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $234,463. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations South Carolina Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 16.83% FGIC 11.55% Nations South Carolina Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Hospital 22.67% General Obligations 21.63% Water Revenue 20.57% Electric Revenue 10.80% SEE NOTES TO FINANCIAL STATEMENTS. 102 107 NATIONS FUNDS Nations South Carolina Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.4% SOUTH CAROLINA -- 98.4% $ 500 Charleston County, South Carolina, Hospital Facilities, Revenue Refunding and Improvement, (Bon Secours Health Systems Project) Series 1993, (FSA Insured), 5.625% 08/15/25................ Aaa AAA $ 504 1,000 Chester County, South Carolina, IDR, Refunding, (Springs Industries Inc. Project) Series 1992, 7.350% 02/01/14................ NR BBB+ 1,032 1,500 Columbia, South Carolina, Waterworks and Sewer Systems Revenue Refunding, Series 1993, 5.500% 02/01/09......... Aa3 AA 1,566 2,700 Columbia, South Carolina, Waterworks and Sewer Systems Revenue, Series 1991, 4.855%(+) 02/01/03................ Aa3 AA 2,417 1,750 Darlington County, South Carolina, IDR, (Nucor Corporation Project) Series 1993A, AMT, 5.750% 08/01/23......... A1 AA- 1,698 2,000 Darlington County, South Carolina, IDR, (Sonoco Products Company Project) Series 1995, AMT, 6.125% 06/01/25.... A2 A 1,973 500 Dorchester County, South Carolina, School District Number 2, GO Refunding, Series 1995, (FGIC Insured, SCSDE), 4.800% 07/01/05......... Aaa AAA 503 2,000 Georgetown County, South Carolina, PCR Refunding, (International Paper Company Project) Series 1999A, 5.125% 02/01/12................ Baa1 BBB+ 1,881 500 Georgetown County, South Carolina, PCR, (International Paper Company Project) Series 1997B, AMT, 5.600% 12/01/21................ Baa1 BBB+ 459 2,040 Greenville, South Carolina, Hospital Facilities Revenue, Series 1996B, (GTY AGMT), 5.250% 05/01/23................ Aa3 AA 1,854
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,500 Greenville, South Carolina, Water Utility Improvement, Waterworks Revenue, Series 1997, 5.500% 02/01/22......... Aa1 AA $ 1,478 710 Greer, South Carolina, Combined Public Utilities, Revenue Refunding and Improvement, Series 1997, (AMBAC Insured), 5.000% 09/01/17......... Aaa AAA 665 1,100 Horry County, South Carolina, Hospital Facilities Revenue, (Conway Hospital, Inc. Project) Series 1998, (AMBAC Insured), 4.750% 07/01/10................ Aaa AAA 1,068 1,575 Medical University, South Carolina, Hospital Facilities Revenue, Series 1999, 5.500% 07/01/09................ Baa2 A 1,611 1,000 Oconee County, South Carolina, School District, GO, Series 1994, (MBIA Insured), 5.100% 01/01/13......... Aaa AAA 983 1,000 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding, Series 1996B, (MBIA Insured), 5.250% 01/01/09......... Aaa AAA 1,022 1,000 Richland County, South Carolina, School District Number 1, GO, Series 1996, (SCSDE), 4.625% 03/01/22......... Aa1 AA+ 851 2,000 South Carolina State, Jobs Economic Development Authority, Hospital Facilities Revenue, Series 1999, (FSA Insured), 5.300% 02/01/14................ Aaa AAA 1,981 2,000 South Carolina State, Public Service Authority, Revenue, Series 1999A, (MBIA Insured), 5.625% 01/01/13................ Aaa AAA 2,056 1,000 South Carolina, Educational Facilities for Non-Profit Institutions, Revenue, (Furman University Project) Series 1996A, (MBIA Insured), 5.500% 10/01/26................ Aaa AAA 966
SEE NOTES TO FINANCIAL STATEMENTS. 103 108 NATIONS FUNDS Nations South Carolina Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- SOUTH CAROLINA -- (CONTINUED) $1,000 South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, (Palmetto Health Alliance Project) Series 2000A, 7.125% 12/15/15................ Baa1 BBB $ 1,012 1,000 South Carolina, Transportation Infrastructure Revenue, Series 1998A, (MBIA Insured), 5.000% 10/01/12................ Aaa AAA 984 1,000 South Carolina, Transportation Infrastructure Revenue, Series 1998A, (MBIA Insured), 4.500% 10/01/17................ Aaa AAA 862 1,000 Spartanburg County, South Carolina, Health Services District, Hospital Revenue Refunding, Series 1997B, (MBIA Insured), 5.125% 04/15/17................ Aaa AAA 937 2,250 Spartanburg, South Carolina, Sanitary Sewer District, Sewer System Revenue Refunding, Series 1999B, (MBIA Insured), 5.000% 03/01/26................ Aaa AAA 2,029 2,000 York County, South Carolina, Exempt Facilities IDR, (Hoechst Celanese Corporation Project) Series 1994, AMT, 5.700% 01/01/24.... Baa2 BBB 1,805 900 York County, South Carolina, PCR Refunding, (Bowater Inc. Project) Series 1991B, 6.850% 04/01/01................ Baa3 BBB 904 ------- 35,101 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $34,426).......................... 35,101 -------
SHARES VALUE (000) (000) - ------------------------------------------------------------ INVESTMENT COMPANIES -- 0.7% (Cost $249) 249 Nations Municipal Reserves#............. $ 249 ------- TOTAL INVESTMENTS (Cost 99.1% $34,675*)...................... 35,350 ------- OTHER ASSETS AND LIABILITIES 0.9% (NET).......................... Receivable for Fund shares sold......... $ 46 Interest receivable..................... 479 Payable for Fund shares redeemed........ (1) Investment advisory fee payable......... (2) Administration fee payable.............. (6) Shareholder servicing and distribution fees payable.......................... (7) Distributions payable................... (154) Accrued Trustees'/Directors' fees and expenses.............................. (22) Accrued expenses and other liabilities........................... (27) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................. 306 ------- NET ASSETS....................... 100.0% $35,656 ======= NET ASSETS CONSIST OF: Undistributed net investment income..... $ 13 Accumulated net realized loss on investments sold...................... (580) Net unrealized appreciation of investments........................... 675 Paid-in capital......................... 35,548 ------- NET ASSETS.............................. $35,656 =======
SEE NOTES TO FINANCIAL STATEMENTS. 104 109 NATIONS FUNDS Nations South Carolina Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE - ------------------------------------------------------------ PRIMARY A SHARES: Net asset value, offering and redemption price per share ($26,151,701 / 2,645,760 shares outstanding).......................... $9.88 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($1,017,551 / 102,983 shares outstanding).......................... $9.88 ===== Maximum sales charge.................... 4.75% Maximum offering price per share........ $10.37 INVESTOR B SHARES: Net asset value and offering price per share** ($8,444,567 / 854,331 shares outstanding).......................... $9.88 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($42,528 / 4,303 shares outstanding).......................... $9.88 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $675 on investment securities was comprised of gross appreciation of $909 and gross depreciation of $234 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was 34,675. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. + Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations South Carolina Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 27.59% Nations South Carolina Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Industrial Development Revenue/ Pollution Control Revenue 27.65% Hospital Revenue 25.43% Water Revenue 21.01% Electric Revenue 10.57% SEE NOTES TO FINANCIAL STATEMENTS. 105 110 NATIONS FUNDS Nations Tennessee Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.9% TENNESSEE -- 94.3% $1,000 Anderson County, Tennessee, Health and Educational Facilities Board, Revenue Refunding, (Methodist Medical Center - Oak Ridge Project) Series 1993, 5.400% 07/01/04......... A1 NR $ 1,010 1,700 Chattanooga-Hamilton County, Tennessee, Hospital Authority, Revenue Refunding, (Erlanger Medical Center Project) Series 1993, (FSA Insured), 5.375% 10/01/04......... Aaa AAA 1,747 1,000 Chattanooga-Hamilton County, Tennessee, Hospital Authority, Revenue Refunding, (Erlanger Medical Center Project) Series 1993, (FSA Insured), 5.500% 10/01/07......... Aaa AAA 1,041 1,145 Harpeth Valley, Tennessee, Utilities District, Revenue Refunding, Series 1993, 5.000% 09/01/01......... A1 A 1,151 1,600 Knox County, Tennessee, Health Educational and Housing Facilities Board, Hospital Facilities Improvement Revenue Refunding, (Baptist Health System of East Tennessee, Inc. Project) Series 1996, (CONNIE LEE Insured), 5.500% 04/15/11......... Aaa AAA 1,639 500 Knox County, Tennessee, Health Educational and Housing Facilities Board, Hospital Facilities Revenue, (Sanders Alliance Project) Series 1993A, (MBIA Insured), 4.900% 01/01/05......... Aaa AAA 504 1,500 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (University Health Systems Inc. Project) Series 1999, 5.750% 04/01/19......... Baa1 NR 1,350 1,250 Knox County, Tennessee, Public Improvement GO, Series 1998, 4.750% 04/01/19......... Aa2 AA 1,107 500 Madison County, Tennessee, GO, Series 1992A, 5.850% 08/01/03......... A1 NR 515
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $2,270 Maury County, Tennessee, Industrial Development Board, Multi-Modal PCR Refunding, (General Motors Corporation - Saturn Corporation Project) Series 1994, 6.500% 09/01/24......... A2 A $ 2,335 1,800 McMinn County, Tennessee, Industrial Development Board, PCR Refunding, (Bowater Inc. Project) Series 1991, 6.850% 04/01/01......... Baa3 BBB 1,819 1,000 McMinn County, Tennessee, Industrial Development Board, Recycling Facilities Revenue, (Bowater Inc. Project) Series 1992, AMT, 7.400% 12/01/22......... Baa3 BBB 1,033 1,000 Memphis, Tennessee, Electric System Revenue Refunding, Series 1992, 6.000% 01/01/05......... Aa3 AA 1,050 2,100 Memphis, Tennessee, GO, Series 2000, 5.000% 04/01/17......... Aa2 AA 1,975 1,500 Memphis, Tennessee, Water Division, Revenue Refunding, Series 1992, 5.900% 01/01/04......... Aa1 AA 1,558 1,000 Memphis-Shelby County, Tennessee, Airport Authority, Special Facilities and Project Revenue Refunding, (Federal Express Corporation Project) Series 1992, AMT, 6.750% 09/01/12......... Baa2 BBB 1,041 1,600 Metropolitan Government, Nashville and Davidson County, Tennessee, Electric Revenue, Series 1998B, 5.500% 05/15/13......... Aa3 AA 1,651 750 Metropolitan Government, Nashville and Davidson County, Tennessee, GO Refunding, Series 1993, 5.250% 05/15/07......... Aa2 AA 772 505 Metropolitan Government, Nashville and Davidson County, Tennessee, Health and Educational Facilities Board, Improvement Revenue Refunding, (Meharry Medical College Project) Series 1996, (AMBAC Insured), 6.000% 12/01/08......... Aaa AAA 544
SEE NOTES TO FINANCIAL STATEMENTS. 106 111 NATIONS FUNDS Nations Tennessee Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $ 295 Metropolitan Government, Nashville and Davidson County, Tennessee, Health and Educational Facilities Board, Improvement Revenue Refunding, (Meharry Medical College Project) Series 1996, (AMBAC Insured), 6.000% 12/01/09......... Aaa AAA $ 318 600 Metropolitan Government, Nashville and Davidson County, Tennessee, Multi-Family Housing Revenue, (Enchantment, Inc. - Welch Bend Apartments Project) Series 1996A, (FNMA COLL), Mandatory Put 01/01/07 @ 100, 5.500% 01/01/27......... NR AAA 607 1,645 Rutherford County, Tennessee, Public Improvement GO, Series 1996, 6.000% 04/01/06......... Aa2 AA 1,748 1,280 Shelby County, Tennessee, GO Refunding, Series 1996B, 5.200% 12/01/09......... Aa3 AA+ 1,307 1,000 Shelby County, Tennessee, GO Refunding, Series 1999B, 5.250% 04/01/11......... Aa3 AA+ 1,023 260 Shelby County, Tennessee, GO, Unrefunded Balance, Series 1992B, 6.000% 03/01/08......... Aa3 AA+ 266 520 Shelby County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (Lebonheur Childrens Medical Center Project) Series 1993D, (MBIA Insured), 5.300% 08/15/04......... Aaa AAA 533 500 Shelby County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (Methodist Health Systems, Inc. Project) Series 1995, (MBIA Insured), 6.250% 08/01/09......... Aaa AAA 547 2,000 Shelby County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (St. Jude's Childrens Research Project) Series 1999, 5.375% 07/01/24......... NR AA 1,851
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $ 400 Shelby County, Tennessee, Public Improvement GO Refunding, Series 1999A, 4.750% 05/01/21......... Aa3 AA+ $ 349 500 Shelby County, Tennessee, Public Improvement GO, Series 1996A, 5.625% 06/01/06......... Aa3 AA+ 524 1,000 Sumner County, Tennessee, Resource Authority, Revenue, Series 1993, (AMBAC Insured), 5.125% 08/01/03......... Aaa AAA 1,014 1,500 Tennergy Corporation, Tennessee, Gas Revenue, Series 1999, (MBIA Insured), 5.000% 06/01/07......... Aaa AAA 1,424 2,500 Tennessee Housing Development Agency, Homeownership Revenue, Series 1997-3A, AMT, 5.530%(+) 01/01/08...... Aa2 AA 1,691 990 Tennessee Housing Development Agency, Mortgage Finance Revenue, Series 1993A, AMT, 5.100% 07/01/01......... A1 AA 994 200 Tennessee Housing Development Agency, Mortgage Finance Revenue, Series 1994A, AMT, 6.300% 01/01/08......... A1 AA 210 1,000 Tennessee State, GO, Series 1994A, 5.200% 03/01/05......... Aa1 AA+ 1,032 1,000 Tennessee State, GO, Series 1995A, 7.000% 03/01/03......... Aa1 AA+ 1,055 500 Tennessee State, School Board Authority, Higher Education Facilities Revenue, Series 1992A, 6.000% 05/01/05......... Aa2 AA+ 518 300 Tennessee, Housing Development Agency, Mortgage Finance Revenue, Series 1994B, AMT, 6.550% 07/01/19......... A1 AA 304 1,120 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1997, AMT, 4.788%(+) 07/01/03...... Aa2 AA 973
SEE NOTES TO FINANCIAL STATEMENTS. 107 112 NATIONS FUNDS Nations Tennessee Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $1,215 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1997, AMT, 4.530%(+) 07/01/04...... Aa2 AA $ 1,002 785 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1998, AMT, 4.750% 07/01/08......... Aa2 AA 770 1,135 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1998, AMT, 4.850% 07/01/09......... Aa2 AA 1,115 ------- 45,017 ------- MISSOURI -- 2.5% 1,275 West Plains, Missouri, Industrial Development Authority, Hospital Revenue, (Ozarks Medical Center Project) Series 1997, 5.250% 11/15/07......... NR BB+ 1,177 ------- PUERTO RICO -- 2.1% 600 Puerto Rico, Electric Power Authority, Power Revenue, Series 1991P, 6.750% 07/01/03......... Baa1 A- 622 380 Puerto Rico, Housing Bank and Finance Agency, Single-Family Mortgage Revenue, (Affordable Housing Mortgage - Portfolio I Project) Series 1995, AMT, (GNMA/FNMA/FHLMC COLL), 5.450% 04/01/05......... Aaa AAA 388 ------- 1,010 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $47,079).......................... 47,204 -------
SHARES VALUE (000) (000) - ------------------------------------------------------------- INVESTMENT COMPANIES -- 0.0% (Cost $22) 22 Nations Municipal Reserves#............ $ 22 ------- TOTAL INVESTMENTS (Cost $47,101*)............... 98.9% 47,226 ------- OTHER ASSETS AND LIABILITIES (NET)......................... 1.1% Receivable for Fund shares sold........ $ 5 Interest receivable.................... 779 Investment advisory fee payable........ (1) Administration fee payable............. (8) Shareholder servicing and distribution fees payable......................... (3) Distributions payable.................. (186) Accrued Trustees'/Directors' fees and expenses............................. (22) Accrued expenses and other liabilities.......................... (29) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ 535 ------- NET ASSETS...................... 100.0% $47,761 ------- NET ASSETS CONSIST OF: Undistributed net investment income.... $ 3 Accumulated net realized loss on investments sold..................... (422) Net unrealized appreciation of investments.......................... 125 Paid-in capital........................ 48,055 ------- NET ASSETS............................. $47,761 =======
SEE NOTES TO FINANCIAL STATEMENTS. 108 113 NATIONS FUNDS Nations Tennessee Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE - ------------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($38,009,092 / 3,803,298 shares outstanding)......................... $9.99 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($8,226,138 / 823,178 shares outstanding).................. $9.99 ===== Maximum sales charge................... 3.25% Maximum offering price per share....... $10.33 INVESTOR B SHARES: Net asset value and offering price per share** ($1,523,629 / 152,450 shares outstanding)......................... $9.99 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($2,678 / 269 shares outstanding)......................... $9.95 =====
- --------------- * Federal Income Tax Information: Net unrealized depreciation of $125 on investment securities was comprised of gross appreciation of $760 and gross depreciation of $635 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $47,101. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Tennessee Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 28.30% Hospital Revenue 23.12% Housing Revenue 16.91% Industrial Development Revenue/ Pollution Control Revenue 13.19% SEE NOTES TO FINANCIAL STATEMENTS. 109 114 NATIONS FUNDS Nations Tennessee Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.8% TENNESSEE -- 95.8% $500 Blount County, Tennessee, Public Building Authority, Public Facility Revenue, Series 1998, (FGIC Insured), 5.000% 04/01/19.......... Aaa AAA $ 457 250 Chattanooga-Hamilton County, Tennessee, Hospital Authority, Revenue Refunding, (Erlanger Medical Center Project) Series 1993, (FSA Insured), 5.500% 10/01/07.......... Aaa AAA 260 740 Hamilton County, Tennessee, GO Refunding, Series 1998B, 5.100% 08/01/24.......... Aa2 NR 690 575 Humphreys County, Tennessee, Industrial Development Board, Solid Waste Disposal, (E.I. duPont de Nemours and Company Project) Series 1994, AMT, 6.700% 05/01/24.......... Aa AA- 614 400 Knox County, Tennessee, Health Educational and Housing Facilities Board, Hospital Facilities Improvement Revenue Refunding, (Baptist Health System of East Tennessee, Inc. Project) Series 1996, (CONNIE LEE Insured), 5.500% 04/15/11.......... Aaa AAA 409 300 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue Refunding, (Fort Sanders Alliance Project) Series 1993, (MBIA Insured), 7.250% 01/01/09.......... Aaa AAA 347 500 Knox County, Tennessee, Health Educational and Housing Facilities Board, Revenue, (University Health Systems Inc. Project) Series 1999, 5.750% 04/01/19.......... Baa1 NR 450 200 Loudon County, Tennessee, Industrial Development Board, Solid Waste Disposal Revenue, (Kimberly-Clark Corporation Project) Series 1993, AMT, 6.200% 02/01/23.......... Aa2 AA 203
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $500 Maury County, Tennessee, Industrial Development Board, Multi-Modal PCR Refunding, (General Motors Corporation - Saturn Corporation Project) Series 1994, 6.500% 09/01/24.......... A2 A $ 515 250 McMinn County, Tennessee, Industrial Development Board, Recycling Facilities Revenue, (Bowater Inc. Project) Series 1992, AMT, 7.400% 12/01/22.......... Baa3 BBB 258 300 Memphis, Tennessee, Electric System Revenue Refunding, Series 1993, 4.900% 01/01/11.......... Aa3 AA 296 400 Memphis, Tennessee, GO, Series 2000, 5.000% 04/01/17.......... Aa2 AA 376 250 Memphis-Shelby County, Tennessee, Airport Authority, Special Facilities and Project Revenue Refunding, (Federal Express Corporation Project) Series 1992, AMT, 6.750% 09/01/12.......... Baa2 BBB 260 500 Memphis-Shelby County, Tennessee, Airport Authority, Special Facilities and Project Revenue Refunding, (Federal Express Corporation Project) Series 1997, 5.350% 09/01/12.......... Baa2 BBB 487 250 Metropolitan Government, Nashville and Davidson County, Revenue, (Meharry Medical College Project) Series 1994, (AMBAC Insured), Prerefunded 12/01/04 @ 102, 7.000% 12/01/11.......... Aaa AAA 277 350 Metropolitan Government, Nashville and Davidson County, Tennessee, Electric Revenue, Series 1996A, 5.625% 05/15/14.......... Aa3 AA 357 400 Metropolitan Government, Nashville and Davidson County, Tennessee, Electric Revenue, Series 1998B, 5.500% 05/15/13.......... Aa3 AA 413 250 Metropolitan Government, Nashville and Davidson County, Tennessee, GO Refunding, Series 1993, 5.250% 05/15/07.......... Aa2 AA 257
SEE NOTES TO FINANCIAL STATEMENTS. 110 115 NATIONS FUNDS Nations Tennessee Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $500 Metropolitan Government, Nashville and Davidson County, Tennessee, Health and Educational Facilities Board, Improvement Revenue Refunding, (Meharry Medical College Project) Series 1996, (AMBAC Insured), 6.000% 12/01/16.......... Aaa AAA $ 529 300 Metropolitan Government, Nashville and Davidson County, Tennessee, Health and Educational Facilities Board, Improvement Revenue Refunding, (Meharry Medical College Project) Series 1996, (AMBAC Insured), 6.000% 12/01/09.......... Aaa AAA 324 400 Metropolitan Government, Nashville and Davidson County, Tennessee, Multi- Family Housing Revenue, (Enchantment, Inc. - Welch Bend Apartments Project) Series 1996A, (FNMA COLL), Mandatory Put 01/01/07 @ 100, 5.500% 01/01/27.......... NR AAA 405 300 Metropolitan Government, Nashville and Davidson County, Tennessee, Water and Sewer Revenue Refunding, Series 1993, (FGIC Insured), 5.200% 01/01/13.......... Aaa AAA 302 250 Sumner County, Tennessee, Health Educational and Housing Facilities Board, Revenue Refunding, (Sumner Regional Health Systems, Inc. Project) Series 1994, 7.000% 11/01/03.......... NR A- 262 250 Tennessee State, Local Development Authority, Revenue Refunding, (State Loan Program) Series 1993A, 5.750% 03/01/11.......... A2 AA- 257
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TENNESSEE -- (CONTINUED) $185 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1996, AMT, 5.850% 07/01/17.......... Aa2 AA $ 186 300 Tennessee, Housing Development Agency, Revenue, (Home Ownership Program) Series 1998, AMT, 4.750% 07/01/08.......... Aa2 AA 294 ------ 9,485 ------ PUERTO RICO -- 3.0% 300 Puerto Rico, Public Buildings Authority, Guaranteed Public Education and Health Facilities Revenue Refunding, Series 1993M, 5.500% 07/01/21.......... Baa1 A 297 ------ TOTAL MUNICIPAL BONDS AND NOTES (Cost $9,631)............................ 9,782 ------
SHARES (000) - --------- INVESTMENT COMPANIES -- 0.3% (Cost $31) 31 Nations Municipal Reserves#.............. 31 ------ TOTAL INVESTMENTS (Cost $9,662*).................. 99.1% 9,813 ------ OTHER ASSETS AND LIABILITIES (NET)........................... 0.9% Interest receivable...................... $ 170 Receivable from investment advisor....... 5 Administration fee payable............... (2) Shareholder servicing and distribution fees payable........................... (4) Distributions payable.................... (37) Accrued Trustees'/Directors' fees and expenses............................... (21) Accrued expenses and other liabilities... (17) ------ TOTAL OTHER ASSETS AND LIABILITIES (NET).................................. 94 ------ NET ASSETS........................ 100.0% $9,907 ======
SEE NOTES TO FINANCIAL STATEMENTS. 111 116 NATIONS FUNDS Nations Tennessee Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
VALUE (000) - -------------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income...... $ 22 Accumulated net realized loss on investments sold....................... (131) Net unrealized appreciation of investments............................ 151 Paid-in capital.......................... 9,865 ------ NET ASSETS............................... $9,907 ====== PRIMARY A SHARES: Net asset value, offering and redemption price per share ($4,397,844 / 448,428 shares outstanding).................... $9.81 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($1,676,603 / 170,930 shares outstanding)........................... $9.81 ===== Maximum sales charge..................... 4.75% Maximum offering price per share......... $10.30 INVESTOR B SHARES: Net asset value and offering price per share** ($3,679,870 / 375,190 shares outstanding)........................... $9.81 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($152,244 / 15,523 shares outstanding)........................... $9.81 =====
- --------------- * Federal Income Tax Information: Net unrealized depreciation of $151 on investment securities was comprised of gross appreciation of $274 and gross depreciation of $123 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $9,631. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Tennessee Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): AMBAC 11.41% Nations Tennessee Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Industrial Development Revenue/ Pollution Control Revenue 23.70% General Obligations 20.70% Hospital Revenue 17.76% SEE NOTES TO FINANCIAL STATEMENTS. 112 117 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 98.8% TEXAS -- 89.0% $ 1,450 Alliance Airport Authority Inc., Texas, Special Facilities Revenue, (American Corporation-American Airlines Inc. Project) Series 1991, AMT, 7.000% 12/01/11........ Baa1 BBB- $ 1,565 750 Amarillo, Texas, Junior College District, GO, Series 1995, (FGIC Insured), 7.600% 02/15/06........ Aaa AAA 832 1,375 Arlington, Texas, Independent School District, GO, Series 1991A, (PSF-GTD), 6.375% 08/15/01........ Aaa NR 1,398 1,500 Arlington, Texas, Independent School District, GO, Series 1992, (PSF-GTD), Prerefunded 02/15/02 @ 100, 6.100% 02/15/05........ Aaa NR 1,532 1,775 Arlington, Texas, Independent School District, GO, Unrefunded Balance, Series 1992, (PSF-GTD), 6.100% 02/15/05........ Aaa NR 1,808 1,000 Arlington, Texas, Waterworks and Sewer Improvement Revenue Refunding, Series 1992, (FGIC Insured), 6.100% 06/01/02........ Aaa AAA 1,025 5,750 Austin, Texas, GO Refunding, Series 1993, 5.500% 09/01/04........ Aa2 AA+ 5,929 2,000 Austin, Texas, Public Improvement GO, Series 1992, (AMBAC Insured), Prerefunded 09/01/02 @ 100, 5.900% 09/01/05........ Aaa AAA 2,052 4,275 Austin, Texas, Utility System Revenue Refunding, Series 1992, (AMBAC Insured), 6.250% 11/15/03........ Aaa AAA 4,478 3,000 Austin, Texas, Utility System Revenue Refunding, Series 1992, (AMBAC Insured), 6.250% 11/15/05........ Aaa AAA 3,149
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 965 Brazos, Texas, Higher Education Authority Inc., Revenue Refunding, Senior Lien, Series 1994A-2, AMT, (GTD STD LNS), 6.050% 06/01/03........ Aaa NR $ 983 4,365 Cass County, Texas, Industrial Development Corporation, Environmental Revenue, (International Paper Corporation Project) Series 1997A, AMT, (GTY-AGMT), 6.250% 04/01/21........ Baa1 BBB+ 4,325 4,115 Cedar Hill, Texas, Independent School District, Prerefunded, GO, Series 2000, (PSF-GTD), 6.550%(+) 08/15/16..... NR AAA 1,565 3,840 Cedar Hill, Texas, Independent School District, Prerefunded, GO, Series 2000, (PSF-GTD), 6.600%(+) 08/15/17..... NR AAA 1,358 3,525 Clear Creek, Texas, Independent School District, GO, Series 1993, (PSF-GTD), 5.375% 02/01/06........ Aaa AAA 3,605 2,860 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), 5.600% 08/15/05........ Aaa AAA 2,937 2,940 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), 5.700% 08/15/06........ Aaa AAA 3,022 1,565 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), Prerefunded 08/15/03 @ 100, 5.600% 08/15/05........ NR AAA 1,609 1,575 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), Prerefunded 08/15/03 @ 100, 5.600% 08/15/05........ Aaa AAA 1,619 1,510 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), Prerefunded 08/15/03 @ 100, 5.700% 08/15/06........ NR AAA 1,557
SEE NOTES TO FINANCIAL STATEMENTS. 113 118 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,550 Dallas, Texas, Independent School District, GO, Series 1993, (PSF-GTD), Prerefunded 08/15/03 @ 100, 5.700% 08/15/06........ Aaa.. AAA $ 1,598 5,000 Dallas-Fort Worth, Texas, Regional Airport Revenue Refunding, (Dallas-Fort Worth Airport Project) Series 1994A, (MBIA Insured), 5.400% 11/01/03........ Aaa.. AAA 5,121 500 Denton, Texas, Health Facilities Development Revenue Refunding, (Evangelical Lutheran Good Samaritan Society Project) Series 1994, (AMBAC Insured), 6.000% 05/01/05........ Aaa.. AAA 526 1,395 El Paso, Texas, GO Refunding, Series 1992C, (FGIC Insured), 5.700% 08/15/03........ Aaa AAA 1,423 2,000 Garland, Texas, Utility Systems Revenue Refunding, Series 1992, (AMBAC Insured), 5.900% 03/01/02........ Aaa.. AAA 2,037 3,000 Harris County, Texas, Flood Control District GO Refunding, Series 1991, 6.250% 10/01/04........ Aa1.. AA+ 3,049 1,115 Harris County, Texas, Flood Control District, GO, Series 1992A, 5.800% 10/01/03........ Aa1.. AA 1,141 3,155 Harris County, Texas, Health Facilities Development Authority, Revenue, (Memorial Hospital Systems Project) Series 1997A, (MBIA Insured), 6.000% 06/01/10........ Aaa.. AAA 3,379 2,000 Harris County, Texas, Health Facilities Development Authority, Revenue, Series 1999A, 5.500% 07/01/09........ Aaa.. AAA 2,053 2,000 Harris County, Texas, Health Facilities Development Corporation, Revenue, (Christus Health Project) Series 1999A, (MBIA Insured), 5.500% 07/01/10........ Aaa.. AAA 2,048
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 4,000 Harris County, Texas, Toll Road Revenue Refunding, Senior Lien, Series 1994, (FGIC Insured), 5.000% 08/15/16........ Aaa.. AAA $ 3,753 3,380 Harris County, Texas, Toll Road Revenue Refunding, Senior Lien, Series 1994, (FGIC Insured), 5.375% 08/15/20........ Aaa.. AAA 3,250 1,305 Houston, Texas, GO Refunding, Series 1992C, Prerefunded 03/01/02 @ 100, 6.000% 03/01/05........ Aa3.. AA- 1,331 3,085 Houston, Texas, GO, Unrefunded Balance, Series 1992C, 6.000% 03/01/05........ Aa3.. AA- 3,141 5,000 Houston, Texas, Independent School District, GO Refunding, Series 1993, (PSF-GTD), 5.400% 08/15/07........ Aaa.. AAA 5,079 1,025 Houston, Texas, Public Improvement GO, Series 1991A, Prerefunded 04/01/01 @ 100, 6.600% 04/01/05........ Aa3 AA- 1,036 5,000 Houston, Texas, Water and Sewer Systems Revenue Refunding, Junior Lien, Series 1997A, (FGIC Insured), 5.375% 12/01/27........ Aaa AAA 4,734 10,000 Houston, Texas, Water and Sewer Systems Revenue, Junior Lien, Series 1996A, (FGIC Insured), 5.250% 12/01/25........ Aaa AAA 9,326 6,145 Houston, Texas, Water and Sewer Systems Revenue, Unrefunded Balance, Prior Lien, Series 1992B, 5.900% 12/01/03........ A2 A+ 6,368 1,500 Klein, Texas, Independent School District, GO, Series 1999A, (PSF-GTD), Prerefunded 08/01/09 @ 100, 5.125% 08/01/15........ Aaa AAA 1,464 2,000 Lewisville, Texas, Independent School District, GO Refunding, Series 1992, (PSF-GTD), 6.100% 08/15/02........ Aaa NR 2,055
SEE NOTES TO FINANCIAL STATEMENTS. 114 119 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 1,085 Lewisville, Texas, Independent School District, GO Refunding, Series 1992, (PSF-GTD), Prerefunded 08/15/02 @ 100, 6.250% 08/15/05........ Aaa NR $ 1,119 3,815 Lewisville, Texas, Independent School District, GO, Unrefunded Balance, Series 1992, (PSF-GTD), 6.250% 08/15/05........ Aaa NR 3,923 5,000 Mesquite, Texas, Independent School District 1, GO Refunding, Series 1993, (PSF-GTD), 5.300% 08/15/06........ Aaa AAA 5,096 1,380 Mesquite, Texas, Independent School District 1, GO, Unrefunded Balance, Series 1992, (PSF-GTD), 5.750% 08/15/03........ Aaa AAA 1,401 5,000 North Central Texas, Health Facilities Development Corporation, Health Facilities Revenue, (Presbyterian Healthcare Residential Project) Series 1996B, (MBIA Insured), 5.500% 06/01/16........ Aaa AAA 5,052 7,000 North Central, Texas, Health Facilities Development Corporation, Revenue Refunding, (Baylor Health Care Systems Project) Series 1995, 5.500% 05/15/13........ Aa3 AA- 6,937 1,500 Pearland, Texas, Independent School District, GO, Series 2000, (PSF-GTD), 5.500% 02/15/20(a)..... Aaa AAA 1,474 1,835 Plano, Texas, Independent School District, GO, Series 1995, (PSF-GTD), 7.000% 02/15/05........ Aaa AAA 1,999 1,000 Port of Houston Authority of Harris County, Texas, Revenue Refunding, Series 1992, (MBIA Insured), 6.300% 05/01/04........ Aaa AAA 1,025
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 8,100 Red River Authority of Texas, PCR, (Hoechst Celanese Corporation Project) Series 1992, AMT, 6.875% 04/01/17........ Baa2 BBB $ 8,177 4,000 Red River Authority, Texas, PCR Refunding, Series 1991, (AMBAC Insured), 5.200% 07/01/11........ Aaa NR 4,002 5,000 Round Rock, Texas, Independent School District, GO, Series 2000, (PSF-GTD), 5.000% 08/01/18(a)..... Aaa AAA 4,680 465 San Antonio, Texas, Refunding GO, Series 1992, Prerefunded 08/01/02 @ 100, 5.500% 08/01/05........ Aa2 AA+ 473 4,185 San Antonio, Texas, Unrefunded GO, Series 1992, 5.500% 08/01/05........ Aa2 AA+ 4,244 3,300 Tarrant County, Texas, Health Facilities Development Corporation, Health Systems Revenue, (Texas Health Resources Systems Project) Series 1997A, (MBIA Insured), 5.750% 02/15/08........ Aaa AAA 3,375 5,000 Tarrant County, Texas, Water Control and Improvement District Number 1, Water Revenue Refunding, Series 1992, Prerefunded 03/01/01 @ 100, 5.900% 03/01/03........ Aaa AA 5,031 500 Texas State, College Student Loan Authority, GO, Series 1994, AMT, 5.750% 08/01/11........ Aa1 AA 506 1,000 Texas State, College Student Loan Authority, GO, Series 1996, AMT, 5.000% 08/01/12........ Aa1 AA 979 6,835 Texas State, College Student Loan Authority, GO, Series 1997, (GTD STD LNS), 5.250% 08/01/07........ Aa1 AA 6,995 1,425 Texas State, College Student Loan Authority, GO, Series 1997, AMT, (GTD STD LNS), 5.000% 08/01/05........ Aa1 AA 1,443
SEE NOTES TO FINANCIAL STATEMENTS. 115 120 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 3,565 Texas State, College Student Loan Authority, GO, Series 1999, AMT, 5.000% 08/01/07........ Aa1 AA $ 3,598 8,710 Texas State, Department of Housing and Community Affairs, Single-Family Revenue, Series 1997A-1, AMT, (GNMA/FNMA COLL), (MBIA Insured), 5.250% 09/01/13........ Aaa AAA 8,505 5,000 Texas State, GO Refunding, Series 1992A, 5.800% 10/01/04........ Aa1 AA 5,216 2,955 Texas State, Port of Corpus Christi, Revenue Authority Refunding, (Hoechst Celanese Corporation Project) Series 1992, 6.875% 04/01/17........ Baa2 BBB 2,987 5,000 Texas State, Public Finance Authority, Building Revenue Refunding, Series 1992B, (AMBAC Insured), 6.100% 02/01/04........ Aaa AAA 5,222 1,200 Texas State, Public Finance Authority, GO Refunding, Series 1996C, 6.000% 10/01/06........ NR AA 1,278 3,500 Texas State, Texas A&M University, Revenue, Series 1999, 5.500% 05/15/20........ Aa2 AA+ 3,438 3,250 Texas State, Turnpike Authority of Dallas, North Tollway Revenue, (President George Bush Turnpike Project) Series 1996, (AMBAC Insured), 5.450%(+) 01/01/09..... Aaa AAA 2,141 3,000 Texas State, Water Development Board, Revenue, Series 1997, 5.000% 07/15/12........ Aaa AAA 2,952 1,850 Texas State, Water Development GO, Series 1997, 5.500% 08/01/07........ Aa1 AA 1,928 5,000 Texas State, Water Development GO, Series 1997, 5.250% 08/01/28........ Aa1 AA 4,664 2,000 Texas State, Water Financial Assistance GO, Series 1999, (MBIA Insured), 5.500% 08/01/29........ Aaa AAA 1,938
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 6,000 Texas, Municipal Power Agency, Revenue Refunding, Series 1992, (MBIA Insured), Prerefunded 09/01/02 @ 102, 5.900% 09/01/04........ Aaa AAA $ 6,266 15,000 Texas, Municipal Power Agency, Revenue Refunding, Series 1993, (MBIA Insured), 5.250% 09/01/05........ Aaa AAA 15,297 1,100 Texas, Water Development Board, Revenue, Series 1999B, 5.625% 07/15/21........ Aaa AAA 1,097 4,085 Travis County, Texas, Health Facilities Development Corporation, Revenue, (Ascension Health Credit Project) Series 1999A, (MBIA Insured), 5.750% 11/15/09........ Aaa AAA 4,307 3,250 Travis County, Texas, Limited Tax GO Refunding, Series 1992A, (MBIA Insured), 5.500% 03/01/03........ Aaa AAA 3,317 3,500 Travis County, Texas, Limited Tax GO Refunding, Series 1992A, (MBIA Insured), 5.600% 03/01/04........ Aaa AAA 3,576 1,500 Travis County, Texas, Limited Tax GO Refunding, Series 1992A, (MBIA Insured), 5.750% 03/01/06........ Aaa AAA 1,535 500 Trinity River Authority, Texas, PCR, (Texas Instruments Inc. Project) Series 1996, AMT, 6.200% 03/01/20........ NR A 509 3,885 Trinity River Authority, Texas, Ten Mile Revenue, Series 1992, (AMBAC Insured), 5.700% 08/01/03........ Aaa AAA 3,961 4,610 Waxahachie, Texas, Independent School District, GO, Series 2000, (PSF-GTD), 6.600%(+) 08/15/17..... Aaa NR 1,641
SEE NOTES TO FINANCIAL STATEMENTS. 116 121 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $ 4,755 Waxahachie, Texas, Independent School District, Prerefunded, GO, Series 2000, (PSF-GTD), 6.450%(+) 08/15/15..... Aaa NR $ 1,966 -------- 265,530 -------- ALABAMA -- 1.6% 3,000 Courtland, Alabama, Industrial Development Board, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1992, 7.000% 06/01/22........ Baa1 BBB+ 3,076 1,750 Mobile, Alabama, Industrial Development Board, Environmental Improvement Revenue, (International Paper Company Project) Series 2000A, AMT, 6.700% 03/01/24........ Baa1 BBB+ 1,801 -------- 4,877 -------- CONNECTICUT -- 1.7% 5,000 Connecticut State, GO, Series 1995A, 5.625% 03/15/09........ Aa3 AA 5,176 -------- FLORIDA -- 0.3% 1,000 Florida, Housing Finance Agency, Multi-Family Housing Revenue Refunding, (United Dominion Realty Trust- Andover Project) Series 1996E, AMT, Mandatory Put 05/01/08 @ 100, 6.350% 05/01/26........ NR BBB+ 1,025 -------- ILLINOIS -- 0.4% 1,100 Rosemont, Illinois, GO, Series 1991B, (FGIC Insured), 6.400% 02/01/03........ Aaa AAA 1,128 -------- MAINE -- 0.7% 1,000 Bucksport, Maine, Solid Waste Disposal Revenue, (Champion International Corporation Project) Series 1985, 6.250% 05/01/10........ Baa1 BBB+ 1,015
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MAINE -- (CONTINUED) 1,000 Maine, Municipal Board Bank, Revenue, Series 1990D, 7.100% 11/01/01........ Aa2 A+ 1,022 -------- 2,037 -------- MICHIGAN -- 1.6% $ 4,600 Detroit, Michigan, GO Refunding, Series 1995B, 6.500% 04/01/02........ Baa1 A- $ 4,711 -------- MISSISSIPPI -- 0.9% 2,600 Warren County, Mississippi, Environmental Improvement Revenue Refunding, (International Paper Company Project) Series 2000A, 6.700% 08/01/18........ Baa1 BBB+ 2,694 -------- TENNESSEE -- 1.1% 3,135 Chattanooga-Hamilton County, Tennessee, Hospital Authority, Revenue Refunding, (Erlanger Medical Center Project) Series 1993, (FSA Insured), 5.500% 10/01/07........ Aaa AAA 3,264 -------- WASHINGTON -- 1.5% 2,000 Washington State, GO, Series 1991B, Prerefunded 06/01/01 @ 100, 6.300% 06/01/02........ Aa1 AA+ 2,025 2,425 Washington State, GO, Series 1995C, 5.450% 07/01/07........ Aa1 AA+ 2,494 -------- 4,519 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $288,342)........................ 294,961 --------
SEE NOTES TO FINANCIAL STATEMENTS. 117 122 NATIONS FUNDS Nations Texas Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ----------------------------------------------------------- INVESTMENT COMPANIES -- 0.4% (Cost $1,093) 1,093 Nations Municipal Reserves#........... $ 1,093 -------- TOTAL INVESTMENTS (Cost $289,435*)............. 99.2% 296,054 -------- OTHER ASSETS AND LIABILITIES (NET)........................ 0.8% Cash.................................. $ 1 Receivable for investment securities sold................................ 1,507 Dividends receivable.................. 30 Interest receivable................... 3,953 Payable for Fund shares redeemed...... (908) Investment advisory fee payable....... (53) Administration fee payable............ (49) Shareholder servicing and distribution fees payable........................ (2) Distributions payable................. (1,240) Payable for investment securities purchased........................... (622) Accrued Trustees'/Directors' fees and expenses............................ (22) Accrued expenses and other liabilities......................... (66) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)............................... 2,529 -------- NET ASSETS..................... 100.0% $298,583 ======== NET ASSETS CONSIST OF: Undistributed net investment income... $ 238 Accumulated net realized loss on investments sold.................... (4,695) Net unrealized appreciation of investments......................... 6,619 Paid-in capital....................... 296,421 -------- NET ASSETS............................ $298,583 ========
VALUE - ----------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($293,033,461 / 29,105,481 shares outstanding)........................ $10.07 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($3,497,709 / 347,415 shares outstanding)................. $10.07 ====== Maximum sales charge.................. 3.25% Maximum offering price per share...... $10.41 INVESTOR B SHARES: Net asset value and offering price per share** ($2,049,354 / 203,560 shares outstanding)........................ $10.07 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($2,668 / 265 shares outstanding)........................ $10.07 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $6,619 on investment securities was comprised of gross appreciation of $7,448 and gross depreciation of $829 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $289,435. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Texas Intermediate Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 21.68% PSFG 18.59% Nations Texas Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 41.20% SEE NOTES TO FINANCIAL STATEMENTS. 118 123 NATIONS FUNDS Nations Texas Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 95.4% TEXAS -- 87.4% $ 500 Austin, Texas, Public Improvement, GO, Series 1999, 5.375% 09/01/18......... Aa2 AA+ $ 489 500 Dallas County, Texas, GO, Series 1995, 5.250% 08/15/14......... Aaa AAA 493 500 Dallas-Fort Worth, Texas, Regional Airport Revenue Refunding, Series 1994A, (MBIA Insured), 6.000% 11/01/09......... Aaa AAA 523 400 Fort Worth, Texas, Higher Education Financial Corporation, Higher Education Revenue, (Texas Christian University Project) Series 1997, 5.000% 03/15/17......... Aa3 AA- 372 500 Grand Prairie, Texas, Independent School District, GO, Refunding, Series 1996, (PSF-GTD), 5.200% 02/15/24......... Aaa AAA 465 500 Gulf Coast, Texas, Waste Disposal Authority, Revenue Refunding, (Houston Light and Power Company Project) Series 1992A, (MBIA Insured), 6.375% 04/01/12......... Aaa AAA 524 500 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue, (Texas Childrens Hospital Project) Series 1995, 5.500% 10/01/19......... Aa2 AA 498 500 Klein, Texas, Independent School District, GO, Series 1999A, (PSF-GTD), Prerefunded 08/01/09 @ 100, 5.125% 08/01/15.... Aaa AAA 488 500 Lower Neches Valley Authority, Texas, Industrial Development Corporation, Revenue Refunding, (Mobil Oil Refining Corporation Project) Series 1997, 5.800% 05/01/22......... Aaa AAA 494 600 Northside, Texas, Independent School District, GO, Series 1999, 4.750% 08/15/18......... Aaa AAA 530
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- TEXAS -- (CONTINUED) $1,000 Red River Authority of Texas, PCR, (Hoechst Celanese Corporation Project) Series 1992, AMT, 6.875% 04/01/17......... Baa2 BBB $ 1,009 600 Round Rock, Texas, Independent School District, GO, Series 2000, (PSF-GTD), 5.000% 08/01/18(a)...... Aaa AAA 562 1,000 Tarrant County, Texas, Health Facilities Development Corporation, Health Systems Revenue, (Harris Methodist Health Systems Project) Series 1994, (MBIA-IBC Insured), 6.000% 09/01/10......... Aaa AAA 1,084 500 Texas State, College Student Loan Authority, GO, Series 1994, AMT, 5.750% 08/01/11......... Aa1 AA 505 455 Texas State, GO, Series 1999, 5.250% 08/01/21......... Aa1 AA 432 375 Texas State, Veterans Housing Assistance GO Refunding, Series 1994C, 6.400% 12/01/09......... Aa1 AA 384 500 Texas State, Water Financial Assistance GO, Series 1999, (MBIA Insured), 5.500% 08/01/29......... Aaa AAA 485 400 Texas, Water Development Board, Revenue, Series 1999B, 5.625% 07/15/21......... Aaa AAA 399 500 Travis County, Texas, Health Facilities Development Corporation, Revenue, (Ascension Health Credit Project) Series 1999A, (AMBAC Insured), 5.875% 11/15/24......... Aaa AAA 502 500 Trinity River Authority, Texas, PCR, (Texas Instruments Inc. Project) Series 1996, AMT, 6.200% 03/01/20......... NR A 509 500 University of Texas, University Finance Systems Revenue, Series 1995A, 5.200% 08/15/17......... Aaa AAA 476 1,000 Waxahachie, Texas, Independent School District, GO, Series 2000, (PSF-GTD), 6.600%(+) 08/15/17...... Aaa NR 356 ------- 11,579 -------
SEE NOTES TO FINANCIAL STATEMENTS. 119 124 NATIONS FUNDS Nations Texas Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- OHIO -- 8.0% $1,000 Lucas County, Ohio, Hospital Revenue, (Flower Hospital Project) Series 1993, Prerefunded 12/01/04 @ 101, 6.125% 12/01/13......... NR NR $ 1,060 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $12,123).......................... 12,639 -------
SHARES (000) - ------ INVESTMENT COMPANIES -- 3.7% (Cost $494) 494 Nations Municipal Reserves#............. 494 ------- TOTAL INVESTMENTS (Cost $12,617*)................ 99.1% 13,133 ------- OTHER ASSETS AND LIABILITIES (NET).......................... 0.9% Cash.................................... $ 1 Interest receivable..................... 207 Receivable from investment advisor...... 6 Administration fee payable.............. (2) Shareholder servicing and distribution fees payable.......................... (5) Distributions payable................... (50) Accrued Trustees'/Directors' fees and expenses.............................. (22) Accrued expenses and other liabilities........................... (22) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................. 113 ------- NET ASSETS....................... 100.0% $13,246 =======
VALUE (000) - ----------------------------------------------------------- NET ASSETS CONSIST OF: Undistributed net investment income..... $ 47 Accumulated net realized loss on investments sold...................... (454) Net unrealized appreciation of investments........................... 516 Paid-in capital......................... 13,137 ------- NET ASSETS.............................. $13,246 ======= PRIMARY A SHARES: Net asset value, offering and redemption price per share ($7,570,405 / 785,110 shares outstanding)................... $9.64 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($324,532 / 33,653 shares outstanding).......................... $9.64 ===== Maximum sales charge.................... 4.75% Maximum offering price per share........ $10.12 INVESTOR B SHARES: Net asset value and offering price per share** ($5,265,949 / 546,080 shares outstanding).......................... $9.64 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($84,887 / 8,803 shares outstanding).......................... $9.64 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $516 on investment securities was comprised of gross appreciation of $574 and gross depreciation of $58 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $12,617. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. (+) Zero coupon security. The rate shown reflects the yield to maturity. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when issued" basis. Nations Texas Municipal Bond Fund had the following insurance concentration greater than 10% at September 30, 2000 (as a percentage of net assets): MBIA 11.56% PSFG 10.61% Nations Texas Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 39.43% Industrial Development Revenue/ Pollution Control Revenue 19.50% SEE NOTES TO FINANCIAL STATEMENTS. 120 125 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.6% VIRGINIA -- 95.9% $ 2,000 Alexandria, Virginia, Redevelopment and Housing Authority, Multi-Family Housing Mortgage Revenue, (Buckingham Village Apartments Project) Series 1996A, AMT, 6.050% 07/01/16........ NR A+ $ 2,022 1,000 Amherst, Virginia, Industrial Development Authority, Revenue Refunding, (Georgia-Pacific Corporation Project) Series 1998, AMT, 5.250% 02/01/11........ Baa2 NR 970 3,285 Arlington County, Virginia, GO Refunding, Series 1993, 6.000% 06/01/12........ Aaa AAA 3,582 2,900 Arlington County, Virginia, GO, Series 1991, Prerefunded 12/01/01 @ 102, 5.900% 12/01/03........ Aaa AAA 3,006 3,000 Arlington County, Virginia, GO, Series 1993, 5.000% 07/15/03........ Aaa AAA 3,045 2,345 Arlington County, Virginia, GO, Series 1994, 5.400% 08/01/02........ Aaa AAA 2,387 2,000 Arlington County, Virginia, Industrial Development Authority, Facilities Revenue Refunding, (Lee Gardens Housing Corporation-Housing Mortgage - Woodbury Park Apartments Project) Series 1998A, 5.450% 01/01/29........ NR A 1,828 1,000 Arlington County, Virginia, Industrial Development Authority, Facilities Revenue, (The Nature Conservancy Project) Series 1997A, 5.450% 07/01/27........ Aa1 NR 970 1,000 Arlington County, Virginia, Industrial Development Authority, Hospital Facilities Revenue, (Arlington Hospital Project) Series 1991A, Prerefunded 09/01/01 @ 102, 6.650% 09/01/05........ Aaa NR 1,040
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 2,000 Arlington County, Virginia, Industrial Development Authority, IDR Refunding, (Ogden Martin Systems Project) Series 1998A, (FSA Insured), 5.250% 01/01/05........ Aaa AAA $ 2,046 3,515 Arlington County, Virginia, Industrial Development Authority, Revenue, (Ogden Martin Systems of Union-Alexandria/ Arlington Project) Series 1998B, AMT, (FSA Insured), 5.250% 01/01/09........ Aaa AAA 3,585 2,000 Arlington County, Virginia, Industrial Development Authority, Revenue, (Ogden Martin Systems of Union-Alexandria/ Arlington Project) Series 1998B, AMT, (FSA Insured), 5.250% 01/01/10........ Aaa AAA 2,035 3,865 Arlington, Virginia, GO, Series 1999, (State Aid Withholding), 5.250% 06/01/16........ Aaa AAA 3,832 3,455 Augusta County, Virginia, Industrial Development Authority, Hospital Revenue, (Augusta Hospital Corporation Project) Series 1991, Prerefunded 09/01/01 @ 102, 7.000% 09/01/21........ A AAA 3,603 2,000 Brunswick County, Virginia, Industrial Development Authority, Correctional Facility Lease Revenue, Series 1996, (MBIA Insured), 5.250% 07/01/04........ Aaa AAA 2,043 1,000 Charlottesville-Albemarle, Virginia, Airport Authority, Revenue Refunding, Series 1995, AMT, 6.125% 12/01/09........ NR BBB 1,028 6,195 Chesapeake, Virginia, GO Refunding, Series 1993, 5.125% 12/01/05........ Aa3 AA 6,350 1,000 Chesapeake, Virginia, GO, Series 1992, 5.700% 08/01/01........ Aa3 AA 1,011
SEE NOTES TO FINANCIAL STATEMENTS. 121 126 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,000 Chesapeake, Virginia, GO, Series 1998, (State Aid Withholding), 4.650% 08/01/11........ Aa3 AA $ 967 1,525 Chesapeake, Virginia, Public Improvement GO, Series 1996, (State Aid Withholding), 5.000% 05/01/03........ Aa3 AA 1,544 2,000 Chesapeake, Virginia, Water and Sewer GO, Series 1995A, (State Aid Withholding), 7.000% 12/01/09........ Aa3 AA 2,230 2,000 Chesterfield County, Virginia, GO Refunding, Series 1991, 5.900% 07/15/02........ Aaa AAA 2,051 1,000 Chesterfield County, Virginia, GO, Series 1990B, 6.500% 01/01/02........ Aaa AAA 1,025 2,120 Chesterfield County, Virginia, GO, Series 1990B, Prerefunded 01/01/01 @ 102, 6.700% 01/01/11........ NR AAA 2,174 1,000 Chesterfield County, Virginia, Water and Sewer Authority, Revenue Refunding, Series 1992, 6.200% 11/01/05........ Aa2 AA 1,049 2,020 Chesterfield County, Virginia, Water and Sewer Authority, Revenue Refunding, Series 1992A, 5.625% 11/01/01........ Aa2 AA 2,047 1,320 Covington-Allegheny County, Virginia, Industrial Development Authority, PCR Refunding, (Westvaco Corporation Project) Series 1994, 5.900% 03/01/05........ A3 BBB+ 1,383 3,385 Fairfax County, Virginia, Economic Development Authority, Resource Recovery, Refunding Revenue, Series 1998A, AMT, (AMBAC Insured), 6.050% 02/01/09........ Aaa AAA 3,649 15,585 Fairfax County, Virginia, Economic Development Authority, Resource Recovery, Revenue Refunding, Series 1998A, AMT, (AMBAC Insured), 5.950% 02/01/07........ Aaa AAA 16,575
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,000 Fairfax County, Virginia, GO, Series 1998, (State Aid Withholding), 4.800% 04/01/10........ Aa1 AA+ $ 997 2,000 Fairfax County, Virginia, Public Improvement GO, Series 1997A, 6.000% 06/01/04........ Aaa AAA 2,099 3,135 Fairfax County, Virginia, Water and Sewer Authority, Revenue Refunding, Series 1993, (AMBAC Insured), 5.100% 11/15/04........ Aaa AAA 3,197 2,000 Fairfax County, Virginia, Water Authority, Revenue, Unrefunded Balance, Series 1992, 6.000% 04/01/22........ Aa1 AAA 2,074 2,000 Fairfax County, Virginia, Water Authority, Water Revenue Refunding, Series 1997, 5.000% 04/01/29........ Aa1 AAA 1,803 2,000 Fairfax County, Virginia, Water Authority, Water Revenue, Series 2000, 5.625% 04/01/25........ Aa1 AAA 2,006 2,000 Giles County, Virginia, Industrial Development Authority, Solid Waste Disposal Facilities Revenue, (Hoechst Celanese Corporation Project) Series 1992, AMT, 6.625% 12/01/22........ Baa2 BBB 2,007 5,000 Goochland County, Virginia, Industrial Development Authority, (Old Dominion Electric Cooperative Project) Series 1998, AMT, 4.250% 12/01/02........ NR NR 4,893 1,200 Halifax County, Virginia, Industrial Development Authority, Hospital Revenue Refunding, (Halifax Regional Hospital, Inc. Project) Series 1998, 4.900% 09/01/10........ NR A 1,125 2,500 Hampton Roads, Virginia, Sanitation District, Capital Improvement Revenue Refunding, Series 1993, 4.500% 10/01/02........ Aa3 AA 2,502
SEE NOTES TO FINANCIAL STATEMENTS. 122 127 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,000 Hanover County, Virginia, Industrial Development Authority, Revenue, (Memorial Regional Medical Center Project) Series 1995, (MBIA Insured), 5.500% 08/15/25........ Aaa AAA $ 971 2,105 Henrico County, Virginia, Industrial Development Authority, Revenue, Series 1994, 7.500% 08/01/02........ Aa2 AA 2,214 3,500 Henrico County, Virginia, Industrial Development Authority, Solid Waste Revenue, (Browning-Ferris Project) Series 1995, AMT, (GTY-AGMT), Mandatory Put 12/01/05 @ 100, 5.300% 12/01/11........ B1 BB- 3,248 1,500 Henrico County, Virginia, Water and Sewer Authority, Revenue Refunding, Series 1992, 6.200% 05/01/04........ Aa2 AAA 1,535 2,420 Henrico County, Virginia, Water and Sewer Authority, Revenue Refunding, Series 1992, 6.300% 05/01/05........ Aa2 AAA 2,480 1,915 James City and County, Virginia, GO, Series 1995, (FGIC Insured, State Aid Withholding), 5.000% 12/15/08........ Aaa AAA 1,947 1,000 Leesburg, Virginia, GO Refunding, Series 1993, 5.500% 08/01/06........ A1 A+ 1,034 2,000 Loudoun County, Virginia, Improvement GO Refunding, Series 1993A, (State Aid Withholding), 5.000% 10/01/02........ Aa1 AA 2,023 1,500 Loudoun County, Virginia, Industrial Development Authority, Hospital Revenue, (Loudoun Hospital Center Project) Series 1995, (FSA Insured), 5.500% 06/01/08........ Aaa AAA 1,554
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,000 Loudoun County, Virginia, Industrial Development Authority, Hospital Revenue, (Loudoun Hospital Center Project) Series 1995, (FSA Insured), 5.600% 06/01/09........ Aaa AAA $ 1,038 5,000 Loudoun County, Virginia, Industrial Development Authority, Revenue, (Air Force Retired Officers - Falcons Landing Project) Series 1994A, Prerefunded 11/01/04 @ 103, 8.750% 11/01/24........ Aaa AAA 5,899 1,000 Loudoun County, Virginia, Sanitation Authority, Water and Sewer Revenue Refunding, Series 1992, (FGIC Insured), 5.800% 01/01/01........ Aaa AAA 1,003 1,750 Loudoun County, Virginia, Sanitation Authority, Water and Sewer Revenue, Series 1998, (MBIA Insured), 4.750% 01/01/30........ Aaa AAA 1,480 1,140 Lynchburg, Virginia, Public Improvement GO, Series 1997, 5.400% 05/01/17........ Aa3 AA 1,135 1,000 Medical College of Virginia, Hospital Authority, General Revenue, Series 1998, (MBIA Insured), 4.800% 07/01/11........ Aaa AAA 977 1,000 Metropolitan Washington, District of Columbia, Airport Authority, Virginia General Airport Revenue, Series 1992A, (MBIA Insured), 6.500% 10/01/05........ Aaa AAA 1,051 1,000 Newport News, Virginia, GO, Series 1998, 5.000% 03/01/18........ Aa2 AA 937 5,000 Newport News, Virginia, Public Improvement GO Refunding, Series 1993B, (State Aid Withholding), 5.200% 11/01/04........ Aa2 AA 5,125 1,000 Newport News, Virginia, Water and Sewer Authority, GO Refunding, Series 1993B, (State Aid Withholding), 5.100% 11/01/03........ Aa2 AA 1,018
SEE NOTES TO FINANCIAL STATEMENTS. 123 128 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,020 Newport News, Virginia, Water and Sewer Authority, GO, Series 1992A, 5.500% 06/01/01........ Aa2 AA $ 1,028 1,095 Newport News, Virginia, Water and Sewer Authority, GO, Series 1992A, 5.600% 06/01/02........ Aa2 AA 1,116 1,000 Norfolk, Virginia, Capital Improvement GO Refunding, Series 1992A, Prerefunded 02/01/01 @ 102, 5.900% 02/01/06........ Aaa AAA 1,025 2,250 Norfolk, Virginia, Redevelopment and Housing Authority, Educational Facilities Revenue, (Tidewater Community College Campus Project) Series 1995, 5.875% 11/01/15........ Aa1 AA+ 2,320 2,000 Norfolk, Virginia, Water Revenue, Series 1995, (MBIA Insured), 5.700% 11/01/10........ Aaa AAA 2,091 1,000 Portsmouth, Virginia, GO Refunding, Series 1993, 5.000% 08/01/02........ A3 AA- 1,009 1,000 Portsmouth, Virginia, GO Refunding, Series 1993, 5.250% 08/01/04........ A3 AA- 1,023 1,465 Prince William County, Virginia, Improvement GO Refunding, Series 1992A, 6.200% 12/01/10........ Aa1 NR 1,498 1,775 Prince William County, Virginia, Industrial Development Authority, Hospital Revenue Refunding, (Potomac Hospital Corporation Project) Series 1995, 6.550% 10/01/05........ A2 NR 1,853 1,300 Prince William County, Virginia, Industrial Development Authority, Hospital Revenue Refunding, (Prince William Hospital Project) Series 1993, 5.625% 04/01/12........ A2 NR 1,280
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,000 Prince William County, Virginia, Park Authority, Water and Sewer Systems, Revenue Refunding, Series 1994, 6.300% 10/15/07........ NR NR $ 1,076 3,000 Prince William County, Virginia, Service Authority, Revenue Refunding, Series 1993, (FGIC Insured), 5.000% 07/01/21........ Aaa AAA 2,732 1,000 Richmond, Virginia, GO Refunding, Series 1995B, (FGIC Insured, State Aid Withholding), 5.000% 01/15/21........ Aaa AAA 916 2,300 Richmond, Virginia, Public Improvement GO Refunding, Series 1993A, (State Aid Withholding), 6.500% 01/15/02........ A1 AA 2,358 1,000 Richmond, Virginia, Public Improvement GO, Series 1991A, Prerefunded 01/15/01 @ 102, 6.200% 01/15/03........ Aaa AA 1,025 1,000 Richmond, Virginia, Public Improvement GO, Series 1991A, Prerefunded 01/15/01 @ 102, 6.700% 01/15/11........ Aaa AA 1,026 1,430 Richmond, Virginia, Public Improvement GO, Series 1993B, (State Aid Withholding), 5.500% 07/15/09........ A1 AA 1,497 2,855 Richmond, Virginia, Public Improvement, Refunding GO, Series 1999A, (FSA Insured), 5.000% 01/15/19........ Aaa AAA 2,663 1,115 Roanoke County, Virginia, IDR, (Hollins College Project) Series 1998, 5.200% 03/15/17........ NR A 1,055 3,295 Roanoke, Virginia, Public Improvement GO Refunding, Series 1992B, Prerefunded 08/01/01 @ 100.5, 6.000% 08/01/03........ Aa3 AA 3,354 1,100 Spotsylvania County, Virginia, GO Refunding, Series 1998, (FSA Insured), 4.375% 07/15/05........ Aaa AAA 1,091
SEE NOTES TO FINANCIAL STATEMENTS. 124 129 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,900 Spotsylvania County, Virginia, GO Refunding, Series 1998, (FSA Insured), 4.400% 07/15/06........ Aaa AAA $ 1,877 2,000 Spotsylvania County, Virginia, GO Refunding, Series 1998, (FSA Insured), 4.400% 07/15/07........ Aaa AAA 1,963 1,580 Spotsylvania County, Virginia, Public Improvement GO, Series 1992, 5.200% 07/15/01........ A1 A+ 1,590 2,320 Spotsylvania County, Virginia, Public Improvement GO, Series 1992, Prerefunded 07/15/02 @ 102, 5.875% 07/15/09........ A1 A+ 2,417 2,535 Staunton, Virginia, Industrial Development Authority, Educational Facilities Revenue, (Mary Baldwin College Project) Series 1996, 6.600% 11/01/14........ NR NR 2,613 1,110 Suffolk, Virginia, GO Refunding, Series 1993, 5.400% 08/01/04........ Aa3 A+ 1,141 1,500 Suffolk, Virginia, GO Refunding, Series 1993, 5.750% 08/01/08........ Aa3 A+ 1,560 2,000 Upper Occoquan, Virginia, Sewer Authority, Regional Sewer Revenue, Series 1991, (MBIA Insured), Prerefunded 07/01/01 @ 102, 6.250% 07/01/05........ Aaa AAA 2,067 1,700 Virginia State, Virginia Commonwealth University, Revenue Refunding, Series 1994D, 4.350% 07/01/02........ A1 AA- 1,684 1,000 Virginia Beach, Virginia, GO Refunding, Series 1992, 5.550% 02/01/01........ Aa1 AA 1,004 2,300 Virginia Beach, Virginia, GO Refunding, Series 1993, 5.400% 07/15/08........ Aa1 AA 2,401 1,000 Virginia Beach, Virginia, GO, Series 1989A, 6.900% 10/01/00........ Aa1 AA 1,000 1,000 Virginia Beach, Virginia, GO, Series 1990A, 6.850% 06/01/01........ Aa1 AA 1,016
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 3,060 Virginia Beach, Virginia, Public Improvement GO, Series 2000, 5.500% 03/01/17........ Aa1 AA $ 3,075 2,805 Virginia Beach, Virginia, Public Improvement GO, Series 2000, 5.500% 03/01/18........ Aa1 AA 2,810 1,790 Virginia Beach, Virginia, Water and Sewer Revenue, Series 2000, 5.250% 08/01/17........ Aa3 AA 1,757 1,935 Virginia Beach, Virginia, Water and Sewer Revenue, Series 2000, 5.250% 08/01/18........ Aa3 AA 1,887 2,035 Virginia Beach, Virginia, Water and Sewer Revenue, Series 2000, 5.250% 08/01/19........ Aa3 AA 1,973 2,145 Virginia Beach, Virginia, Water and Sewer Revenue, Series 2000, 5.250% 08/01/20........ Aa3 AA 2,073 1,245 Virginia Commonwealth, Transportation Board, Transportation Revenue Refunding, (U.S. Route 58 Corridor Program Project) Series 1997C, 5.125% 05/15/19........ Aa1 AA 1,176 1,210 Virginia Port Authority, Port Facilities Revenue, Series 1997, AMT, (MBIA Insured), 6.000% 07/01/07........ Aaa AAA 1,291 2,465 Virginia Port Authority, Virginia, Commonwealth Port Fund Revenue, Series 1996, AMT, 5.550% 07/01/12........ Aa1 AA 2,515 1,000 Virginia Port Authority, Virginia, Commonwealth Port Fund Revenue, Series 1997, AMT, (MBIA Insured), 5.650% 07/01/17........ Aaa AAA 1,001 2,655 Virginia State Housing, Housing Development Authority, Revenue, (Rental Housing Project) Series 2000B, AMT, 5.875% 08/01/15(a)..... Aa1 AA+ 2,696 1,175 Virginia State, Higher Educational Institutions GO, Series 1991A, 6.000% 06/01/01........ Aaa AAA 1,187
SEE NOTES TO FINANCIAL STATEMENTS. 125 130 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 1,430 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 1995D-3, 6.000% 01/01/12........ Aa1 AA+ $ 1,479 1,470 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 1995D-3, 6.000% 07/01/12........ Aa1 AA+ 1,520 1,695 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 1995D-3, 6.100% 01/01/15........ Aa1 AA+ 1,740 3,595 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 2000B-3, 5.950% 07/01/14........ Aa1 AA+ 3,724 2,455 Virginia State, Housing Development Authority, Commonwealth Mortgage Revenue, Series 2000B-4, 5.500% 01/01/15........ Aa1 AA+ 2,436 2,000 Virginia State, Public Building Authority, Building Revenue Refunding, (Correctional Facilities Project) Series 1992A, 5.800% 08/01/02........ Aa1 NR 2,041 1,480 Virginia State, Public School Authority, Revenue Refunding, Series 1993B, (State Aid Withholding), 5.100% 01/01/05........ Aa1 AA 1,508 1,000 Virginia State, Public School Authority, Revenue, Series 1991A, Prerefunded 08/01/01 @ 102, 6.500% 08/01/08........ Aa2 AA 1,037 2,195 Virginia State, Public School Authority, Revenue, Series 1993A, (State Aid Withholding), 5.400% 01/01/08........ Aa1 AA 2,249 1,120 Virginia State, Resource Authority, Infrastructure Revenue, Series 2000A, (MBIA Insured), 5.500% 05/01/22........ Aaa AAA 1,107 820 Virginia State, Resource Authority, Sewer Systems Revenue Refunding, (Harrisonburg- Rockingham Project) Series 1998, 4.700% 05/01/11........ NR AA 795
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 2,970 Virginia State, Resource Authority, Sewer Systems Revenue Refunding, (Harrisonburg- Rockingham Project) Series 1998, 5.000% 05/01/18........ NR AA $ 2,769 1,000 Virginia State, Resource Authority, Sewer Systems Revenue, (Hopewell Regional Wastewater Facilities Project) Series 1995A, AMT, 6.000% 10/01/15........ NR AA 1,030 2,470 Virginia State, Resource Authority, Water and Sewer Systems Revenue Refunding, (Washington County Service Project) Series 1993, 5.150% 10/01/07........ NR AA 2,514 1,020 Virginia State, Resource Authority, Water and Sewer Systems Revenue, (Suffolk Project) Series 1996A, 5.500% 04/01/17........ NR AA 1,019 1,000 Virginia State, Resource Authority, Water and Sewer Systems Revenue, (Sussex Service Authority Project) Series 1998, 4.625% 10/01/18........ NR AA 874 2,000 Virginia State, Resource Authority, Water and Sewer Systems Revenue, (Sussex Service Authority Project) Series 1998, 4.750% 10/01/25........ NR AA 1,717 5,345 Virginia State, Transportation Board Authority, Transportation Contract Revenue, (Northern Virginia Transportation District Project) Series 1996A, 5.125% 05/15/21........ Aa1 AA 4,964 3,150 Virginia State, Transportation Board Authority, Transportation Revenue Refunding, (Route 28 Project) Series 1992, 6.000% 04/01/02........ Aa1 AA 3,219
SEE NOTES TO FINANCIAL STATEMENTS. 126 131 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 3,000 Virginia State, Transportation Board Authority, Transportation Revenue Refunding, (U.S. Route 58 Corridor Program) Series 1993A, 4.900% 05/15/03........ Aa1 AA $ 3,029 5,390 Virginia State, Transportation Board Authority, Transportation Revenue Refunding, (U.S. Route 58 Corridor Program) Series 1993A, 5.500% 05/15/09........ Aa1 AA 5,527 2,105 Virginia State, Transportation Board Authority, Transportation Revenue, (U.S. Route 58 Corridor Development Project) Series 1993B, 5.100% 05/15/05........ Aa1 AA 2,145 2,350 Virginia, Biotechnology Research Park Authority, Lease Revenue, (Biotechnology Two Project) Series 1996, 5.750% 09/01/05........ Aa1 AA+ 2,466 2,475 Virginia, Chesapeake Bay Bridge and Tunnel Commission District, Revenue, Series 1995, (FGIC Insured), 5.875% 07/01/10........ Aaa AAA 2,613 2,000 Virginia, College Building Authority, Educational Facilities Revenue Refunding, (University of Richmond Project) Series 1992, 5.625% 11/01/02........ Aa2 AA 2,022 2,000 Virginia, College Building Authority, Facilities Revenue, (Equipment Leasing Program) Series 1997, 5.000% 02/01/02........ Aa2 AA+ 2,014 2,300 Virginia, College Building Authority, Virginia Educational Facilities Revenue, (Public Higher Education Financing Program) Series 1999A, 5.375% 09/01/12........ Aa1 AA 2,345 5,000 Virginia, Southeastern Public Service Authority, Revenue Refunding, Series 1993A, (MBIA Insured), 5.100% 07/01/08........ Aaa AAA 5,086
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 530 Washington County, Virginia, Industrial Development Authority, Hospital Facility Revenue Refunding, (Johnson Memorial Hospital Project) Series 1995, 5.625% 07/01/02........ A2 NR $ 535 1,000 Washington County, Virginia, Industrial Development Authority, Hospital Facility Revenue Refunding, (Johnston Memorial Hospital Project) Series 1995, Prerefunded 07/01/05 @ 102, 6.000% 07/01/14........ A2 NR 1,068 1,000 West Point, Virginia, Industrial Development Authority, Solid Waste Disposal Revenue, (Chesapeake Corporation Project) Series 1994A, AMT, 6.375% 03/01/19........ Ba2 BB+ 936 -------- 284,787 -------- DISTRICT OF COLUMBIA -- 0.9% 1,000 Metropolitan Washington, District of Columbia, Airport Authority, Virginia General Airport Revenue Refunding, Series 1998B, AMT, (MBIA Insured), 5.250% 10/01/10........ Aaa AAA $ 1,013 1,640 Metropolitan Washington, District of Columbia, Airport Authority, Virginia General Airport Revenue, Series 1997B, AMT, (FGIC Insured), 5.500% 10/01/04........ Aaa AAA 1,687 -------- 2,700 -------- MAINE -- 0.8% 2,500 Baileyville, Maine, PCR, (Georgia-Pacific Corporation Project) Series 1998, 4.750% 06/01/05............... Baa2 NR 2,440 -------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $285,089)........................ 289,927 --------
SEE NOTES TO FINANCIAL STATEMENTS. 127 132 NATIONS FUNDS Nations Virginia Intermediate Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - ----------------------------------------------------------- INVESTMENT COMPANIES -- 0.3% (Cost $935) 935 Nations Municipal Reserves#............ $ 935 -------- TOTAL INVESTMENTS (Cost $286,024*).............. 97.9% 290,862 -------- OTHER ASSETS AND LIABILITIES (NET)......................... 2.1% Receivable for investment securities sold................................. $ 4,266 Interest receivable.................... 4,662 Payable for Fund shares redeemed....... (1,403) Investment advisory fee payable........ (52) Administration fee payable............. (49) Shareholder servicing and distribution fees payable......................... (17) Distributions payable.................. (1,122) Accrued Trustees'/Directors' fees and expenses............................. (32) Accrued expenses and other liabilities.......................... (63) -------- TOTAL OTHER ASSETS AND LIABILITIES (NET)................................ 6,190 -------- NET ASSETS...................... 100.0% $297,052 ======== NET ASSETS CONSIST OF: Undistributed net investment income.... $ 139 Accumulated net realized loss on investments sold..................... (2,311) Net unrealized appreciation of investments.......................... 4,838 Paid-in capital........................ 294,386 -------- NET ASSETS............................. $297,052 ========
VALUE - ----------------------------------------------------------- PRIMARY A SHARES: Net asset value, offering and redemption price per share ($244,005,321 / 23,030,072 shares outstanding)......................... $10.59 ====== INVESTOR A SHARES: Net asset value and redemption price per share ($43,674,894 / 4,122,091 shares outstanding).................. $10.59 ====== Maximum sales charge................... 3.25% Maximum offering price per share....... $10.95 INVESTOR B SHARES: Net asset value and offering price per share** ($8,663,225 / 817,712 shares outstanding)......................... $10.59 ====== INVESTOR C SHARES: Net asset value and offering price per share** ($708,369 / 66,861 shares outstanding)......................... $10.59 ======
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $4,838 on investment securities was comprised of gross appreciation of $7,039 and gross depreciation of $2,201 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $286,024. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. (a) Security purchased on a "when-issued" basis. Nations Virginia Intermediate Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): General Obligations 27.48% Water Revenue 16.50% Transportation Revenue 11.14% Resource Recovery Revenue 10.03% SEE NOTES TO FINANCIAL STATEMENTS. 128 133 NATIONS FUNDS Nations Virginia Municipal Bond Fund STATEMENT OF NET ASSETS SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- MUNICIPAL BONDS AND NOTES -- 97.3% VIRGINIA -- 95.5% $1,000 Arlington County, Virginia, Industrial Development Authority, Facilities Revenue Refunding, (Lee Gardens Housing Corporation-Housing Mortgage - Woodbury Park Apartments Project) Series 1998A, 5.450% 01/01/29......... NR A $ 914 1,000 Chesapeake, Virginia, Water and Sewer GO, Series 1995A, 5.375% 12/01/20......... Aa3 AA 980 500 Covington-Allegheny County, Virginia, IDR Refunding, (Westvaco Corporation Project) Series 1994, 6.650% 09/01/18......... A3 BBB+ 525 500 Fairfax County, Virginia, Industrial Development Authority, Health Care Revenue Refunding, (Inova Health Systems Project) Series 1996, 5.500% 08/15/10......... Aa2 AA 513 1,000 Fairfax County, Virginia, Public Improvement GO, Series 1999B, 5.500% 12/01/16......... Aaa AAA 1,011 1,000 Fairfax County, Virginia, Water and Sewer Revenue Refunding, Series 1993, (AMBAC Insured), 5.500% 11/15/13......... Aaa AAA 1,012 1,000 Fairfax County, Virginia, Water Authority, Revenue, Unrefunded Balance, Series 1992, 6.000% 04/01/22......... Aa1 AAA 1,037 1,000 Fairfax County, Virginia, Water Authority, Water Revenue, Series 2000, 5.625% 04/01/25......... Aa1 AAA 1,003 800 Giles County, Virginia, Industrial Development Authority, Exempt Facilities Revenue, (Hoechst Celanese Corporation Project) Series 1995, AMT, 5.950% 12/01/25......... Baa2 BBB 739
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $1,000 Giles County, Virginia, Industrial Development Authority, Solid Waste Disposal Facilities Revenue, (Hoechst Celanese Corporation Project) Series 1992, AMT, 6.625% 12/01/22......... Baa2 BBB $ 1,004 400 Halifax County, Virginia, Industrial Development Authority, Hospital Revenue Refunding, (Halifax Regional Hospital, Inc. Project) Series 1998, 5.250% 09/01/17......... NR A 361 500 Hanover County, Virginia, Industrial Development Authority, Revenue, (Bon Secours Health Systems Project) Series 1995, (MBIA Insured), 5.500% 08/15/25......... Aaa AAA 482 500 Henrico County, Virginia, Industrial Development Authority, Public Facilities Lease Revenue, Series 1994, 7.000% 08/01/13......... Aa2 AA 559 500 Henry County, Virginia, GO, Series 1994, 5.750% 07/15/07......... A2 A 525 700 James City and County, Virginia, GO, Series 1995, (FGIC Insured, State Aid Withholding), 5.250% 12/15/14......... Aaa AAA 700 765 Loudoun County, Virginia, Industrial Development Authority, Hospital Revenue, (Loudoun Hospital Center Project) Series 1995, (FSA Insured), 5.600% 06/01/09......... Aaa AAA 795 500 Loudoun County, Virginia, Industrial Development Authority, Hospital Revenue, (Loudoun Hospital Center Project) Series 1995, (FSA Insured), 5.800% 06/01/20......... Aaa AAA 504 500 Peninsula Ports Authority, Virginia, Health Care Facilities Revenue Refunding, (Riverside Health System Project) Series 1992A, Prerefunded 07/01/02 @ 102, 6.625% 07/01/18......... Aaa AA 527
SEE NOTES TO FINANCIAL STATEMENTS. 129 134 NATIONS FUNDS Nations Virginia Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $ 500 Pittsylvania County, Virginia, Public Improvement GO, Series 1994, 5.850% 07/01/08......... A3 A $ 530 1,000 Prince William County, Virginia, Industrial Development Authority, Lease Revenue, (ATCC Project) Series 1996, 6.000% 02/01/14......... A2 NR 1,002 500 Prince William County, Virginia, Park Authority, Revenue, Series 1994, Prerefunded 10/15/04 @ 102, 6.875% 10/15/16......... NR NR 549 500 Richmond, Virginia, GO Refunding, Series 1995B, (FGIC Insured, State Aid Withholding), 5.000% 01/15/21......... Aaa AAA 458 800 Richmond, Virginia, Metropolitan Expressway Authority, Revenue Refunding, Series 1992B, (FGIC Insured), 6.250% 07/15/22......... Aaa AAA 824 1,390 Rivanna, Virginia, Water and Sewer Authority, Regional Water and Sewer Systems, Revenue Refunding, Series 1991, 6.450% 10/01/12......... Aa3 A+ 1,440 1,000 Staunton, Virginia, Industrial Development Authority, Educational Facilities Revenue, (Mary Baldwin College Project) Series 1996, 6.600% 11/01/14......... NR NR 1,031 500 Upper Occoquan, Virginia, Sewer Authority, Regional Sewer Revenue, Series 1995A, (MBIA Insured), 5.000% 07/01/25......... Aaa AAA 450 500 Virginia Beach, Virginia, Public Improvement GO Refunding, Series 1994, (State Aid Withholding), 5.750% 11/01/08......... Aa1 AA 527 1,000 Virginia Beach, Virginia, Public Improvement GO, Series 2000, 5.500% 03/01/18......... Aa1 AA 1,001
PRINCIPAL AMOUNT MOODY'S S&P VALUE (000) RATINGS (000) - ---------------------------------------------------------------- VIRGINIA -- (CONTINUED) $1,000 Virginia Commonwealth, Transportation Board, Transportation Program Revenue, (Oak Grove Connector Project) Series 1997A, 5.250% 05/15/22......... Aa1 AA $ 955 1,000 Virginia State, Housing Development Authority, Revenue, (Rental Housing Project) Series 2000B, AMT, 5.750% 08/01/13(a)...... Aa1 AA+ 1,014 640 Virginia State, Public School Authority, Revenue, Series 1994A, (State Aid Withholding), 6.125% 08/01/11......... Aa1 AA 677 1,070 Virginia State, Residential Authority, Infrastructure Revenue, Series 2000A, (MBIA Insured), 5.500% 05/01/21......... Aaa AAA 1,059 750 Virginia State, Resource Authority, Sewer Systems Revenue, (Hopewell Regional Wastewater Facilities Project) Series 1995A, AMT, 6.000% 10/01/15......... NR AA 773 500 Virginia State, Resource Authority, Water and Sewer Systems Revenue, (Fauquier County Water and Sanitation Project) Series 1994C, 6.125% 05/01/14......... NR AA 522 1,800 West Point, Virginia, Industrial Development Authority, Solid Waste Disposal Revenue, (Chesapeake Corporation Project) Series 1994A, AMT, 6.375% 03/01/19......... Ba2 BB+ 1,683 ------- 27,686 ------- MISSISSIPPI -- 1.8% 500 Warren County, Mississippi, Environmental Improvement Revenue Refunding, (International Paper Company Project) Series 2000A, 6.700% 08/01/18......... Baa1 BBB+ 518 ------- TOTAL MUNICIPAL BONDS AND NOTES (Cost $27,578).......................... 28,204 -------
SEE NOTES TO FINANCIAL STATEMENTS. 130 135 NATIONS FUNDS Nations Virginia Municipal Bond Fund STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED)
SHARES VALUE (000) (000) - -------------------------------------------------------------- INVESTMENT COMPANIES -- 1.6% (Cost $471) 471 Nations Municipal Reserves#............ $ 471 ------- TOTAL INVESTMENTS (Cost $28,049*)............... 98.9% 28,675 ------- OTHER ASSETS AND LIABILITIES (NET)............. 1.1% Receivable for investment securities sold................................. $ 5 Interest receivable.................... 505 Payable for Fund shares redeemed....... (5) Administration fee payable............. (5) Shareholder servicing and distribution fees payable......................... (9) Distributions payable.................. (113) Accrued Trustees'/Directors' fees and expenses............................. (22) Accrued expenses and other liabilities.......................... (24) ------- TOTAL OTHER ASSETS AND LIABILITIES (NET).................... 332 ------- NET ASSETS...................... 100.0% $29,007 ======= NET ASSETS CONSIST OF: Undistributed net investment income.... $ 68 Accumulated net realized loss on investments sold..................... (942) Net unrealized appreciation of investments.......................... 626 Paid-in capital........................ 29,255 ------- NET ASSETS............................. $29,007 ======= PRIMARY A SHARES: Net asset value, offering and redemption price per share ($18,230,628 / 1,913,382 shares outstanding)......................... $9.53 ===== INVESTOR A SHARES: Net asset value and redemption price per share ($467,904 / 49,156 shares outstanding)......................... $9.52 ===== Maximum sales charge................... 4.75% Maximum offering price per share....... $9.99 INVESTOR B SHARES: Net asset value and offering price per share** ($10,306,832 / 1,081,767 shares outstanding).................. $9.53 ===== INVESTOR C SHARES: Net asset value and offering price per share** ($2,915 / 306 shares outstanding)......................... $9.53 =====
- --------------- * Federal Income Tax Information: Net unrealized appreciation of $626 on investment securities was comprised of gross appreciation of $854 and gross depreciation of $228 for federal income tax purposes. At September 30, 2000, the aggregate cost of securities for federal income tax purposes was $28,049. ** The redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. # Money market mutual fund registered under the Investment Company Act of 1940, as amended, and sub-advised by Banc of America Capital Management, Inc. Nations Virginia Municipal Bond Fund had the following industry concentration greater than 10% at September 30, 2000 (as a percentage of net assets): Water Revenue 25.66% General Obligations 19.93% Industrial Development Revenue/ Pollution Control Revenue 15.51% SEE NOTES TO FINANCIAL STATEMENTS. 131 136 NATIONS FUNDS STATEMENT OF NET ASSETS (CONTINUED) SEPTEMBER 30, 2000 (UNAUDITED) ABBREVIATIONS: AMBAC American Municipal Bond Assurance Corporation AMBAC-TCRS American Municipal Bond Assurance Corporation - Transferable Custodial Receipts AMT Alternative Minimum Tax BD Board CONNIE LEE College Construction Loan Insurance Association FGIC Financial Guaranty Insurance Company FGIC-TCRS Financial Guaranty Insurance Company - Transferable Custodial Receipts FHLMC COLL Federal Home Loan Mortgage Corporation collateral FHA Federal Housing Authority FHA COLL Federal Housing Authority collateral FNMA COLL Federal National Mortgage Association collateral FSA Financial Security Assurance GO General Obligation GNMA COLL Government National Mortgage Association collateral GTY-AGMT Guarantee Agreement GTD STD LNS Guaranteed Student Loans IBC Insured Bond Certificate IDR Industrial Development Revenue LOC Letter of Credit MBIA Municipal Bond Insurance Association MBIA-IBC Municipal Bond Insurance Association - Insured Bond Certificate NR Not Rated PCR Pollution Control Revenue PSF-GTD Permanent School Fund Guarantee PUFG Permanent University Fund Guarantee SCSDE South Carolina School District Enhancement SCH BD GTY School Bond Guarantee VA COLL Veterans Administration collateral
SEE NOTES TO FINANCIAL STATEMENTS. 132 137 (This page intentionally left blank) 133 138 NATIONS FUNDS STATEMENTS OF OPERATIONS (UNAUDITED) For the six months ended September 30, 2000 SHORT-TERM INTERMEDIATE MUNICIPAL MUNICIPAL MUNICIPAL INCOME BOND INCOME ---------------------------------------------------- (IN THOUSANDS) INVESTMENT INCOME: Interest.................................................... $ 2,978 $ 26,442 $ 21,115 -------------- -------------- -------------- EXPENSES: Investment advisory fee..................................... 186 1,988 1,813 Administration fee.......................................... 136 1,094 798 Transfer agent fees......................................... 21 140 96 Custodian fees.............................................. 5 27 19 Legal and audit fees........................................ 34 39 38 Trustees' fees and expenses................................. 9 8 9 Interest expense............................................ --* 2 1 Registration and filing fees................................ 17 29 29 Printing expense............................................ 16 28 28 Other....................................................... 6 24 17 -------------- -------------- -------------- Subtotal................................................ 430 3,379 2,848 Shareholder servicing and distribution fees: Investor A Shares......................................... 26 23 44 Investor B Shares......................................... 32 13 43 Investor C Shares......................................... 7 3 6 -------------- -------------- -------------- Total expenses.......................................... 495 3,418 2,941 Fees waived and expenses reimbursed by investment advisor, administrator, and/or distributor......................... (181) (892) (677) -------------- -------------- -------------- Net expenses............................................ 314 2,526 2,264 -------------- -------------- -------------- NET INVESTMENT INCOME/(LOSS)................................ 2,664 23,916 18,851 -------------- -------------- -------------- NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: Net realized gain/(loss) on investments..................... (198) 612 2,412 Net change in unrealized appreciation/(depreciation) of investments............................................... 825 6,379 3,495 -------------- -------------- -------------- Net realized and unrealized gain/(loss) on investments...... 627 6,991 5,907 -------------- -------------- -------------- NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................ $ 3,291 $ 30,907 $ 24,758 ============== ============== ==============
- --------------- * Amount represents less than $500. (a) Kansas Municipal Income commenced operations on July 17, 2000. SEE NOTES TO FINANCIAL STATEMENTS. 134 139 NATIONS FUNDS STATEMENTS OF OPERATIONS (CONTINUED) (UNAUDITED) FLORIDA GEORGIA MARYLAND CALIFORNIA INTERMEDIATE FLORIDA INTERMEDIATE GEORGIA KANSAS INTERMEDIATE MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL BOND BOND BOND BOND BOND INCOME(A) BOND - ------------------------------------------------------------------------------------------------------------------------ $ 5,129 $ 5,856 $ 3,946 $ 3,763 $ 730 $ 1,291 $ 5,123 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 455 433 349 280 66 128 387 201 238 154 154 29 57 213 30 36 23 23 4 10 31 6 8 5 5 2 2 6 33 35 34 35 32 21 35 9 9 9 8 9 4 9 1 1 --* --* --* --* -- 1 1 1 1 --* 8 2 13 11 12 10 8 6 12 3 9 6 7 4 1 8 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 752 781 593 523 154 237 703 191 11 60 15 2 --* 20 22 21 60 34 50 --* 28 2 1 --* 4 --* -- 2 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 967 814 713 576 206 237 753 (233) (238) (174) (173) (74) (82) (219) -------------- -------------- -------------- -------------- -------------- -------------- -------------- 734 576 539 403 132 155 534 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 4,395 5,280 3,407 3,360 598 1,136 4,589 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 577 310 154 123 38 16 250 2,737 1,007 1,030 1,197 314 673 1,540 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 3,314 1,317 1,184 1,320 352 689 1,790 -------------- -------------- -------------- -------------- -------------- -------------- -------------- $ 7,709 $ 6,597 $ 4,591 $ 4,680 $ 950 $ 1,825 $ 6,379 ============== ============== ============== ============== ============== ============== ============== MARYLAND MUNICIPAL BOND - ------------------------------------------------ $ 970 -------------- 89 39 6 2 33 9 --* 1 9 4 -------------- 192 3 80 1 -------------- 276 (85) -------------- 191 -------------- 779 -------------- (14) 530 -------------- 516 -------------- $ 1,295 ==============
SEE NOTES TO FINANCIAL STATEMENTS. 135 140 NATIONS FUNDS STATEMENTS OF OPERATIONS (CONTINUED) (UNAUDITED) NORTH CAROLINA INTERMEDIATE NORTH CAROLINA SOUTH CAROLINA MUNICIPAL MUNICIPAL INTERMEDIATE BOND BOND MUNICIPAL BOND --------------------------------------------------- (IN THOUSANDS) INVESTMENT INCOME: Interest.................................................... $ 5,057 $ 1,084 $ 6,391 -------------- -------------- -------------- EXPENSES: Investment advisory fee..................................... 383 97 464 Administration fee.......................................... 211 43 255 Transfer agent fees......................................... 31 6 37 Custodian fees.............................................. 6 2 8 Legal and audit fees........................................ 35 33 35 Trustees' fees and expenses................................. 8 9 8 Interest expense............................................ -- --* 1 Registration and filing fees................................ 1 --* 1 Printing expense............................................ 11 8 12 Other....................................................... 8 4 9 -------------- -------------- -------------- Subtotal................................................ 694 202 830 Shareholder servicing and distribution fees: Investor A Shares......................................... 13 2 20 Investor B Shares......................................... 26 94 35 Investor C Shares......................................... --* --* 12 -------------- -------------- -------------- Total expenses.......................................... 733 298 897 Fees waived and expenses reimbursed by investment advisor, administrator, and/or distributor......................... (215) (86) (249) -------------- -------------- -------------- Net expenses............................................ 518 212 648 -------------- -------------- -------------- NET INVESTMENT INCOME/(LOSS)................................ 4,539 872 5,743 -------------- -------------- -------------- NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: Net realized gain/(loss) on investments..................... (817) (138) (278) Net change in unrealized appreciation/(depreciation) of investments............................................... 2,214 541 2,126 -------------- -------------- -------------- Net realized and unrealized gain/(loss) on investments...... 1,397 403 1,848 -------------- -------------- -------------- NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................ $ 5,936 $ 1,275 $ 7,591 ============== ============== ==============
- --------------- * Amount represents less than $500. SEE NOTES TO FINANCIAL STATEMENTS. 136 141 NATIONS FUNDS STATEMENTS OF OPERATIONS (CONTINUED) (UNAUDITED) TENNESSEE TEXAS VIRGINIA SOUTH CAROLINA INTERMEDIATE TENNESSEE INTERMEDIATE TEXAS INTERMEDIATE VIRGINIA MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL BOND BOND BOND BOND BOND BOND BOND - ------------------------------------------------------------------------------------------------------------------------ $ 1,011 $ 1,276 $ 294 $ 8,674 $ 390 $ 7,717 $ 803 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 90 95 26 623 34 582 69 40 53 11 343 15 320 31 7 8 2 54 2 46 4 2 2 1 11 5 11 2 33 33 28 36 30 36 32 9 9 9 8 9 9 9 --* -- --* 4 -- --* -- 1 1 1 1 --* 1 --* 8 8 7 12 7 12 9 4 4 3 10 3 9 4 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 194 213 88 1,102 105 1,026 160 1 10 2 6 --* 57 1 43 8 19 10 27 44 52 --* --* 1 --* --* 4 --* -------------- -------------- -------------- -------------- -------------- -------------- -------------- 238 231 110 1,118 132 1,131 213 (85) (93) (56) (319) (64) (299) (77) -------------- -------------- -------------- -------------- -------------- -------------- -------------- 153 138 54 799 68 832 136 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 858 1,138 240 7,875 322 6,885 667 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 6 (53) (41) (1,172) 32 (159) (231) 489 443 167 3,046 82 2,678 445 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 495 390 126 1,874 114 2,519 214 -------------- -------------- -------------- -------------- -------------- -------------- -------------- $ 1,353 $ 1,528 $ 366 $ 9,749 $ 436 $ 9,404 $ 881 ============== ============== ============== ============== ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. 137 142 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS SHORT-TERM INTERMEDIATE MUNICIPAL INCOME MUNICIPAL BOND ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 -------------------------------------------------------------------- (IN THOUSANDS) Net investment income/(loss)......................... $ 2,664 $ 4,772 $ 23,916 $ 42,143 Net realized gain/(loss) on investments.............. (198) (95) 612 (2,370) Net change in unrealized appreciation/(depreciation) of investments..................................... 825 (1,712) 6,379 (43,336) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets resulting from operations......................................... 3,291 2,965 30,907 (3,563) Distributions to shareholders from net investment income: Primary A Shares................................... (2,089) (3,188) (23,434) (41,086) Investor A Shares.................................. (440) (1,171) (423) (888) Investor B Shares.................................. (110) (343) (49) (111) Investor C Shares.................................. (25) (71) (10) (59) Distributions to shareholders from net realized gains on investments: Primary A Shares................................... -- -- -- (1,405) Investor A Shares.................................. -- -- -- (27) Investor B Shares.................................. -- -- -- (5) Investor C Shares.................................. -- -- -- (3) Net increase/(decrease) in net assets from Fund share transactions....................................... (1,687) (4,060) 304,288 (18,416) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets................ (1,060) (5,868) 311,279 (65,563) NET ASSETS: Beginning of period.................................. 125,453 131,321 873,020 938,583 -------------- -------------- -------------- -------------- End of period........................................ $ 124,393 $ 125,453 $ 1,184,299 $ 873,020 ============== ============== ============== ============== Undistributed net investment income/(distributions in excess of net investment income) at end of period............................................. $ 39 $ 39 $ 792 $ 792 ============== ============== ============== ==============
- --------------- * Amount represents less than $500. (a) Represents financial information for the Pacific Horizon California Municipal Bond Fund, which was reorganized into California Municipal Bond on May 21, 1999. SEE NOTES TO FINANCIAL STATEMENTS. 138 143 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) CALIFORNIA FLORIDA INTERMEDIATE MUNICIPAL INCOME MUNICIPAL BOND MUNICIPAL BOND ------------------------------------------------ ------------------------------- --------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 PERIOD ENDED PERIOD ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 5/14/99(A) (UNAUDITED) 3/31/00 - ------------------------------------------------------------------------------------------------------------------------ $ 18,851 $ 31,612 $ 4,395 $ 8,104 $ 1,950 $ 5,280 $ 11,245 2,412 (5,891) 577 (597) 1,093 310 (1,029) 3,495 (40,480) 2,737 (8,917) (3,924) 1,007 (9,513) -------------- -------------- -------------- -------------- -------------- -------------- -------------- 24,758 (14,759) 7,709 (1,410) (881) 6,597 703 (17,752) (29,366) (635) (928) -- (4,989) (10,463) (889) (1,715) (3,661) (7,051) (1,930) (207) (553) (184) (460) (91) (119) (20) (83) (186) (27) (75) (9) (6) -- (2) (42) -- (710) (7) (47) -- -- -- -- (29) (50) (486) -- -- -- -- (15) (1) (10) -- -- -- -- (2) --* (1) -- -- -- 317,207 (34,283) (3,129) (14,809) (9,699) (6,432) (21,123) -------------- -------------- -------------- -------------- -------------- -------------- -------------- 323,113 (81,414) 126 (24,867) (12,530) (5,116) (31,664) 598,800 680,214 183,790 208,657 221,187 222,155 253,819 -------------- -------------- -------------- -------------- -------------- -------------- -------------- $ 921,913 $ 598,800 $ 183,916 $ 183,790 $ 208,657 $ 217,039 $ 222,155 ============== ============== ============== ============== ============== ============== ============== $ 931 $ 931 $ 312 $ 313 $ 292 $ 14 $ 13 ============== ============== ============== ============== ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. 139 144 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FLORIDA GEORGIA INTERMEDIATE MUNICIPAL BOND MUNICIPAL BOND ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 ------------------------------------------------------------------- (IN THOUSANDS) Net investment income/(loss)......................... $ 3,407 $ 7,103 $ 3,360 $ 6,917 Net realized gain/(loss) on investments.............. 154 376 123 (1,090) Net change in unrealized appreciation/(depreciation) of investments..................................... 1,030 (7,575) 1,197 (6,288) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets resulting from operations......................................... 4,591 (96) 4,680 (461) Distributions to shareholders from net investment income: Primary A Shares................................... (2,015) (3,838) (2,941) (5,865) Investor A Shares.................................. (1,148) (2,706) (277) (736) Investor B Shares.................................. (244) (557) (129) (286) Investor C Shares.................................. --* (1) (14) (31) Distributions to shareholders from net realized gains on investments: Primary A Shares................................... (32) -- -- (166) Investor A Shares.................................. (19) -- -- (20) Investor B Shares.................................. (5) -- -- (10) Investor C Shares.................................. --* -- -- (1) Net increase/(decrease) in net assets from Fund share transactions....................................... (5,250) (9,231) (4,439) (10,542) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets................ (4,122) (16,429) (3,120) (18,118) NET ASSETS: Beginning of period.................................. 141,599 158,028 142,768 160,886 -------------- -------------- -------------- -------------- End of period........................................ $ 137,477 $ 141,599 $ 139,648 $ 142,768 ============== ============== ============== ============== Undistributed net investment income/(distributions in excess of net investment income) at end of period............................................. $ 139 $ 139 $ 96 $ 96 ============== ============== ============== ==============
- --------------- * Amount represents less than $500. (a) Kansas Municipal Income commenced operations on July 17, 2000. SEE NOTES TO FINANCIAL STATEMENTS. 140 145 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) KANSAS GEORGIA MUNICIPAL MARYLAND INTERMEDIATE MARYLAND MUNICIPAL BOND INCOME MUNICIPAL BOND MUNICIPAL BOND ------------- ------------------------------- ------------------------------- --------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED PERIOD ENDED ENDED ENDED 9/30/00 YEAR ENDED 9/30/00(A) 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 - ------------------------------------------------------------------------------------------------------------------------ $ 598 $ 1,016 $ 1,136 $ 4,589 $ 9,187 $ 779 $ 1,416 38 (740) 16 250 (1,697) (14) (706) 314 (648) 673 1,540 (7,384) 530 (963) -------------- -------------- -------------- -------------- -------------- -------------- -------------- 950 (372) 1,825 6,379 106 1,295 (253) (356) (503) (1,127) (4,097) (8,207) (424) (774) (43) (97) (8) (380) (738) (44) (74) (198) (414) (1) (105) (224) (307) (562) (1) --* -- (6) (17) (4) (6) -- -- -- -- (83) -- (9) -- -- -- -- (8) -- (1) -- -- -- -- (3) -- (8) -- -- -- -- (1) -- --* 1,215 2,967 121,677 2,948 (6,228) (164) 2,392 -------------- -------------- -------------- -------------- -------------- -------------- -------------- 1,567 1,581 122,366 4,739 (15,403) 352 705 25,262 23,681 -- 191,669 207,072 35,616 34,911 -------------- -------------- -------------- -------------- -------------- -------------- -------------- $ 26,829 $ 25,262 $ 122,366 $ 196,408 $ 191,669 $ 35,968 $ 35,616 ============== ============== ============== ============== ============== ============== ============== $ 49 $ 49 $ -- $ -- $ -- $ 13 $ 13 ============== ============== ============== ============== ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. 141 146 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
NORTH CAROLINA INTERMEDIATE NORTH CAROLINA MUNICIPAL BOND MUNICIPAL BOND --------------------------------- -------------------------------- SIX MONTHS SIX MONTHS ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 --------------------------------------------------------------------- (IN THOUSANDS) Net investment income/(loss)......................... $ 4,539 $ 9,220 $ 872 $ 1,750 Net realized gain/(loss) on investments.............. (817) (948) (138) (723) Net change in unrealized appreciation/(depreciation) of investments..................................... 2,214 (8,403) 541 (1,801) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets resulting from operations......................................... 5,936 (131) 1,275 (774) Distributions to shareholders from net investment income: Primary A Shares................................... (4,210) (8,560) (459) (829) Investor A Shares.................................. (229) (434) (41) (52) Investor B Shares.................................. (97) (222) (371) (868) Investor C Shares.................................. (2) (3) (1) (1) Distributions to shareholders from net realized gains on investments: Primary A Shares................................... -- (288) -- -- Investor A Shares.................................. -- (15) -- -- Investor B Shares.................................. -- (10) -- -- Investor C Shares.................................. -- --* -- -- Net increase/(decrease) in net assets from Fund share transactions....................................... 2,004 (9,980) (940) 120 -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets................ 3,402 (19,643) (537) (2,404) NET ASSETS: Beginning of period.................................. 190,634 210,277 39,576 41,980 -------------- -------------- -------------- -------------- End of period........................................ $ 194,036 $ 190,634 $ 39,039 $ 39,576 ============== ============== ============== ============== Undistributed net investment income/(distributions in excess of net investment income) at end of period............................................. $ 290 $ 291 $ 21 $ 21 ============== ============== ============== ==============
- --------------- * Amount represents less than $500. SEE NOTES TO FINANCIAL STATEMENTS. 142 147 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) SOUTH CAROLINA INTERMEDIATE SOUTH CAROLINA TENNESSEE INTERMEDIATE MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND ------------------------------- ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 - ------------------------------------------------------------------------------------------------------- $ 5,743 $ 12,258 $ 858 $ 1,386 $ 1,138 $ 2,355 (278) 101 6 (567) (53) (368) 2,126 (12,805) 489 (927) 443 (2,446) -------------- -------------- -------------- -------------- -------------- -------------- 7,591 (446) 1,353 (108) 1,528 (459) (5,176) (10,924) (661) (957) (925) (1,877) (375) (886) (23) (50) (183) (375) (143) (329) (174) (377) (31) (102) (50) (118) (1) (3) --* (1) -- (331) -- -- -- (40) -- (27) -- -- -- (8) -- (12) -- -- -- (3) -- (4) -- -- -- --* 412 (24,176) (3,543) 15,365 40 (4,911) -------------- -------------- -------------- -------------- -------------- -------------- 2,259 (37,253) (3,049) 13,870 429 (7,776) 232,315 269,568 38,705 24,835 47,332 55,108 -------------- -------------- -------------- -------------- -------------- -------------- $ 234,574 $ 232,315 $ 35,656 $ 38,705 $ 47,761 $ 47,332 ============== ============== ============== ============== ============== ============== $ 212 $ 213 $ 13 $ 14 $ 3 $ 3 ============== ============== ============== ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. 143 148 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) TENNESSEE TEXAS INTERMEDIATE MUNICIPAL BOND MUNICIPAL BOND ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 ------------------------------------------------------------------- (IN THOUSANDS) Net investment income/(loss)......................... $ 240 $ 470 $ 7,875 $ 17,833 Net realized gain/(loss) on investments.............. (41) (63) (1,172) (3,353) Net change in unrealized appreciation/(depreciation) of investments..................................... 167 (607) 3,046 (14,956) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets resulting from operations......................................... 366 (200) 9,749 (476) Distributions to shareholders from net investment income: Primary A Shares................................... (123) (262) (7,727) (17,447) Investor A Shares.................................. (36) (37) (107) (304) Investor B Shares.................................. (78) (168) (41) (82) Investor C Shares.................................. (3) (4) --* --* Distributions to shareholders from net realized gains on investments: Primary A Shares................................... -- -- -- (71) Investor A Shares.................................. -- -- -- (1) Investor B Shares.................................. -- -- -- (1) Investor C Shares.................................. -- -- -- --* Net increase/(decrease) in net assets from Fund share transactions....................................... (834) 254 (37,697) (47,692) -------------- -------------- -------------- -------------- Net increase/(decrease) in net assets................ (708) (417) (35,823) (66,074) NET ASSETS: Beginning of period.................................. 10,615 11,032 334,406 400,480 -------------- -------------- -------------- -------------- End of period........................................ $ 9,907 $ 10,615 $ 298,583 $ 334,406 ============== ============== ============== ============== Undistributed net investment income/(distributions in excess of net investment income) at end of period............................................. $ 22 $ 22 $ 238 $ 238 ============== ============== ============== ==============
- --------------- * Amount represents less than $500. SEE NOTES TO FINANCIAL STATEMENTS. 144 149 NATIONS FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) TEXAS VIRGINIA INTERMEDIATE VIRGINIA MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL BOND ------------------------------- ------------------------------- ------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED 9/30/00 YEAR ENDED (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 (UNAUDITED) 3/31/00 - ------------------------------------------------------------------------------------------------------- $ 322 $ 681 $ 6,885 $ 13,102 $ 667 $ 1,221 32 (244) (159) (2,152) (231) (171) 82 (636) 2,678 (10,427) 445 (1,345) -------------- -------------- -------------- -------------- -------------- -------------- 436 (199) 9,404 523 881 (295) (199) (411) (5,665) (10,494) (436) (710) (8) (17) (1,037) (2,216) (13) (36) (113) (251) (168) (357) (219) (475) (2) (3) (14) (31) --* --* -- -- -- (22) -- -- -- -- -- (5) -- -- -- -- -- (1) -- -- -- -- -- --* -- -- (722) (1,971) 9,339 2,368 1,215 1,636 -------------- -------------- -------------- -------------- -------------- -------------- (608) (2,852) 11,859 (10,235) 1,428 120 13,854 16,706 285,193 295,428 27,579 27,459 -------------- -------------- -------------- -------------- -------------- -------------- $ 13,246 $ 13,854 $ 297,052 $ 285,193 $ 29,007 $ 27,579 ============== ============== ============== ============== ============== ============== $ 47 $ 47 $ 139 $ 139 $ 68 $ 69 ============== ============== ============== ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. 145 150 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY
SHORT-TERM MUNICIPAL INCOME SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 2,395 $ 23,840 6,609 $ 65,869 Issued as reinvestment of dividends....................... 2 19 2 27 Redeemed.................................................. (2,167) (21,569) (4,936) (49,439) ------ -------- ------ -------- Net increase/(decrease)................................... 230 $ 2,290 1,675 $ 16,457 ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 95 $ 942 2,439 $ 24,297 Issued as reinvestment of dividends....................... 31 305 70 804 Redeemed.................................................. (358) (3,557) (3,799) (37,957) ------ -------- ------ -------- Net increase/(decrease)................................... (232) $ (2,310) (1,290) $(12,856) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... -- $ -- 2 $ -- Issued as reinvestment of dividends....................... 10 101 27 284 Redeemed.................................................. (134) (1,335) (701) (7,019) ------ -------- ------ -------- Net increase/(decrease)................................... (124) $ (1,234) (672) $ (6,735) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... 96 $ 950 55 $ 541 Issued as reinvestment of dividends....................... 2 24 6 68 Redeemed.................................................. (142) (1,407) (154) (1,535) ------ -------- ------ -------- Net increase/(decrease)................................... (44) $ (433) (93) $ (926) ====== ======== ====== ======== Total net increase/(decrease)............................. (170) $ (1,687) (380) $ (4,060) ====== ======== ====== ========
SEE NOTES TO FINANCIAL STATEMENTS. 146 151 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 -------------------- -------------------- SHARES DOLLARS SHARES DOLLARS ---------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 9,119 $ 89,255 23,175 $ 228,548 Issued in exchange for: Assets of Boatmen's Trust Company Intermediate Tax-Exempt Bond Fund (Note 8).................................... 20,654 203,437 -- -- Assets of Bank IV Kansas U.S. Tax Exempt Bond Fund (Note 8).............................................. 2,481 24,435 -- -- Assets of BCA High Grade Tax Exempt Bond Fund (Note 8).............................................. 12,824 126,314 -- -- Issued as reinvestment of dividends....................... 43 423 91 973 Redeemed.................................................. (14,021) (137,008) (25,494) (252,077) ------- --------- ------- --------- Net increase/(decrease)................................... 31,100 $ 306,856 (2,228) $ (22,556) ======= ========= ======= ========= INVESTOR A SHARES: Sold...................................................... 317 $ 3,108 2,325 $ 23,295 Issued as reinvestment of dividends....................... 19 181 37 400 Redeemed.................................................. (575) (5,636) (1,907) (19,018) ------- --------- ------- --------- Net increase/(decrease)................................... (239) $ (2,347) 455 $ 4,677 ======= ========= ======= ========= INVESTOR B SHARES: Sold...................................................... --* $ -- 82 $ 820 Issued as reinvestment of dividends....................... 2 22 6 68 Redeemed.................................................. (23) (225) (57) (558) ------- --------- ------- --------- Net increase/(decrease)................................... (21) $ (203) 31 $ 330 ======= ========= ======= ========= INVESTOR C SHARES: Sold...................................................... --* $ --* 65 $ 664 Issued as reinvestment of dividends....................... 1 9 5 59 Redeemed.................................................. (3) (27) (162) (1,590) ------- --------- ------- --------- Net increase/(decrease)................................... (2) $ (18) (92) $ (867) ======= ========= ======= ========= Total net increase/(decrease)............................. 30,838 $ 304,288 (1,834) $ (18,416) ======= ========= ======= =========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 147 152 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
MUNICIPAL INCOME SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ -------------------- SHARES DOLLARS SHARES DOLLARS -------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 6,485 $ 69,226 10,052 $ 109,003 Issued in exchange for assets of Boatmen's Trust Company Tax Exempt Bond Fund (Note 8)........................... 30,910 332,899 -- -- Issued as reinvestment of dividends....................... 16 163 35 410 Redeemed.................................................. (7,771) (82,233) (13,758) (148,807) ------ -------- ------- --------- Net increase/(decrease)................................... 29,640 $320,055 (3,671) $ (39,394) ====== ======== ======= ========= INVESTOR A SHARES: Sold...................................................... 2,111 $ 22,543 5,826 $ 63,453 Issued in exchange for A Shares of Pacific Horizon National Bond Fund (Note 8)............................. -- -- 1,684 19,123 Issued as reinvestment of dividends....................... 57 601 98 1,136 Redeemed.................................................. (2,377) (25,502) (6,738) (73,931) ------ -------- ------- --------- Net increase/(decrease)................................... (209) $ (2,358) 870 $ 9,781 ====== ======== ======= ========= INVESTOR B SHARES: Sold...................................................... 26 $ 268 75 $ 820 Issued as reinvestment of dividends....................... 10 103 24 278 Redeemed.................................................. (65) (695) (479) (5,194) ------ -------- ------- --------- Net increase/(decrease)................................... (29) $ (324) (380) $ (4,096) ====== ======== ======= ========= INVESTOR C SHARES: Sold...................................................... --* $ 6 41 $ 453 Issued as reinvestment of dividends....................... 2 25 6 70 Redeemed.................................................. (19) (197) (101) (1,097) ------ -------- ------- --------- Net increase/(decrease)................................... (17) $ (166) (54) $ (574) ====== ======== ======= ========= Total net increase/(decrease)............................. 29,385 $317,207 (3,235) $ (34,283) ====== ======== ======= =========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 148 153 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
CALIFORNIA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 PERIOD ENDED PERIOD ENDED (UNAUDITED) MARCH 31, 2000 MAY 14, 1999(A) ------------------ ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS SHARES DOLLARS ------------------------------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES:+ Sold........................................ 1,420 $ 10,153 3,709 $ 27,884 -- $ -- Issued as reinvestment of dividends......... 9 69 24 161 -- -- Redeemed.................................... (322) (2,314) (697) (6,294) -- -- ------ -------- ------ -------- ------ -------- Net increase/(decrease)..................... 1,107 $ 7,908 3,036 $ 21,751 -- $ -- ====== ======== ====== ======== ====== ======== INVESTOR A SHARES: Sold........................................ 340 $ 2,466 1,406 $ 11,864 904 $ 6,861 Issued as reinvestment of dividends......... 305 2,208 629 4,499 130 989 Redeemed.................................... (2,315) (16,531) (7,400) (54,760) (2,361) (17,923) ------ -------- ------ -------- ------ -------- Net increase/(decrease)..................... (1,670) $(11,857) (5,365) $(38,397) (1,327) $(10,073) ====== ======== ====== ======== ====== ======== INVESTOR B SHARES: Sold........................................ 118 $ 850 402 $ 2,873 98 $ 744 Issued as reinvestment of dividends......... 9 64 12 82 2 12 Redeemed.................................... (47) (339) (194) (1,382) (50) (381) ------ -------- ------ -------- ------ -------- Net increase/(decrease)..................... 80 $ 575 220 $ 1,573 50 $ 375 ====== ======== ====== ======== ====== ======== INVESTOR C SHARES:+ Sold........................................ 34 $ 242 36 $ 260 -- $ -- Issued as reinvestment of dividends......... 1 6 1 6 -- -- Redeemed.................................... --* (3) --* (2) -- -- ------ -------- ------ -------- ------ -------- Net increase/(decrease)..................... 35 $ 245 37 $ 264 -- $ -- ====== ======== ====== ======== ====== ======== Total net increase/(decrease)............... (448) $ (3,129) (2,072) $(14,809) (1,277) $ (9,699) ====== ======== ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. + California Municipal Bond Primary A and Investor C Shares commenced operations on May 21, 1999. (a) Represents financial information for the Pacific Horizon California Municipal Bond Fund, which was reorganized into California Municipal Bond on May 21, 1999. SEE NOTES TO FINANCIAL STATEMENTS. 149 154 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
FLORIDA INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,860 $ 19,275 4,567 $ 47,567 Issued as reinvestment of dividends....................... 2 23 5 62 Redeemed.................................................. (2,306) (23,783) (6,217) (64,778) ------ -------- ------ -------- Net increase/(decrease)................................... (444) $ (4,485) (1,645) $(17,149) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 100 $ 1,032 564 $ 5,837 Issued as reinvestment of dividends....................... 16 162 37 418 Redeemed.................................................. (253) (2,615) (847) (8,755) ------ -------- ------ -------- Net increase/(decrease)................................... (137) $ (1,421) (246) $ (2,500) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 8 $ 76 43 $ 450 Issued as reinvestment of dividends....................... 5 56 11 124 Redeemed.................................................. (64) (661) (77) (812) ------ -------- ------ -------- Net increase/(decrease)................................... (51) $ (529) (23) $ (238) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... 1 $ 6 24 $ 250 Issued as reinvestment of dividends....................... --* 3 2 22 Redeemed.................................................. (1) (6) (146) (1,508) ------ -------- ------ -------- Net increase/(decrease)................................... --* $ 3 (120) $ (1,236) ====== ======== ====== ======== Total net increase/(decrease)............................. (632) $ (6,432) (2,034) $(21,123) ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 150 155 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
FLORIDA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,048 $ 9,921 3,531 $ 33,504 Issued as reinvestment of dividends....................... 6 52 13 136 Redeemed.................................................. (956) (9,068) (2,949) (28,008) ------ ------- ------ -------- Net increase/(decrease)................................... 98 $ 905 595 $ 5,632 ====== ======= ====== ======== INVESTOR A SHARES: Sold...................................................... 65 $ 617 424 $ 3,903 Issued as reinvestment of dividends....................... 98 946 212 2,187 Redeemed.................................................. (603) (5,776) (1,994) (19,023) ------ ------- ------ -------- Net increase/(decrease)................................... (440) $(4,213) (1,358) $(12,933) ====== ======= ====== ======== INVESTOR B SHARES: Sold...................................................... 19 $ 183 192 $ 1,831 Issued as reinvestment of dividends....................... 12 119 26 268 Redeemed.................................................. (234) (2,244) (420) (4,030) ------ ------- ------ -------- Net increase/(decrease)................................... (203) $(1,942) (202) $ (1,931) ====== ======= ====== ======== INVESTOR C SHARES: Sold...................................................... 1 $ 10 --* $ --* Issued as reinvestment of dividends....................... --* --* --* 1 Redeemed.................................................. (1) (10) -- -- ------ ------- ------ -------- Net increase/(decrease)................................... --* $ -- -- $ 1 ====== ======= ====== ======== Total net increase/(decrease)............................. (545) $(5,250) (965) $ (9,231) ====== ======= ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 151 156 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
GEORGIA INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,147 $ 11,941 3,074 $ 32,266 Issued as reinvestment of dividends....................... 1 5 2 20 Redeemed.................................................. (1,387) (14,404) (3,437) (36,098) ------ -------- ------ -------- Net increase/(decrease)................................... (239) $ (2,458) (361) $ (3,812) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 34 $ 357 153 $ 1,558 Issued as reinvestment of dividends....................... 22 231 57 644 Redeemed.................................................. (217) (2,251) (737) (7,745) ------ -------- ------ -------- Net increase/(decrease)................................... (161) $ (1,663) (527) $ (5,543) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 8 $ 85 40 $ 420 Issued as reinvestment of dividends....................... 4 46 10 117 Redeemed.................................................. (40) (417) (156) (1,645) ------ -------- ------ -------- Net increase/(decrease)................................... (28) $ (286) (106) $ (1,108) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ -- 2 $ 19 Issued as reinvestment of dividends....................... 1 12 2 29 Redeemed.................................................. (4) (44) (12) (127) ------ -------- ------ -------- Net increase/(decrease)................................... (3) $ (32) (8) $ (79) ====== ======== ====== ======== Total net increase/(decrease)............................. (431) $ (4,439) (1,002) $(10,542) ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 152 157 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
GEORGIA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ----------------- SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 330 $ 3,088 1,360 $12,830 Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. (122) (1,155) (950) (8,918) ---- ------- ----- ------- Net increase/(decrease)................................... 208 $ 1,933 410 $ 3,912 ==== ======= ===== ======= INVESTOR A SHARES: Sold...................................................... 10 $ 93 7 $ 57 Issued as reinvestment of dividends....................... 5 42 9 95 Redeemed.................................................. (25) (236) (80) (773) ---- ------- ----- ------- Net increase/(decrease)................................... (10) $ (101) (64) $ (621) ==== ======= ===== ======= INVESTOR B SHARES: Sold...................................................... 19 $ 178 158 $ 1,533 Issued as reinvestment of dividends....................... 11 108 23 240 Redeemed.................................................. (94) (898) (224) (2,153) ---- ------- ----- ------- Net increase/(decrease)................................... (64) $ (612) (43) $ (380) ==== ======= ===== ======= INVESTOR C SHARES: Sold...................................................... --* $ --* 6 $ 58 Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. (1) (5) --* (2) ---- ------- ----- ------- Net increase/(decrease)................................... (1) $ (5) 6 $ 56 ==== ======= ===== ======= Total net increase/(decrease)............................. 133 $ 1,215 309 $ 2,967 ==== ======= ===== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 153 158 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
KANSAS MUNICIPAL INCOME PERIOD ENDED SEPTEMBER 30, 2000 (UNAUDITED) ------------------------ SHARES DOLLARS ------------------------ (IN THOUSANDS) PRIMARY A SHARES:+ Sold...................................................... 12,651 $125,903 Issued as reinvestment of dividends....................... 2 15 Redeemed.................................................. (577) (5,810) ------ -------- Net increase/(decrease)................................... 12,076 $120,108 ====== ======== INVESTOR A SHARES:+ Sold...................................................... 160 $ 1,607 Issued as reinvestment of dividends....................... --* 2 Redeemed.................................................. (29) (290) ------ -------- Net increase/(decrease)................................... 131 $ 1,319 ====== ======== INVESTOR B SHARES:+ Sold...................................................... 25 $ 250 Issued as reinvestment of dividends....................... -- -- Redeemed.................................................. -- -- ------ -------- Net increase/(decrease)................................... 25 $ 250 ====== ======== Total net increase/(decrease)............................. 12,232 $121,677 ====== ========
- --------------- + Kansas Municipal Income Primary A, Investor A and Investor B Shares commenced operations on July 17, 2000, August 14, 2000 and August 29, 2000, respectively. * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 154 159 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
MARYLAND INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,519 $ 16,065 3,481 $ 37,328 Issued as reinvestment of dividends....................... 5 52 10 117 Redeemed.................................................. (1,239) (13,095) (4,062) (43,475) ------ -------- ------ -------- Net increase/(decrease)................................... 285 $ 3,022 (571) $ (6,030) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 140 $ 1,467 268 $ 2,813 Issued as reinvestment of dividends....................... 26 276 46 538 Redeemed.................................................. (134) (1,408) (309) (3,297) ------ -------- ------ -------- Net increase/(decrease)................................... 32 $ 335 5 $ 54 ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 8 $ 89 70 $ 745 Issued as reinvestment of dividends....................... 8 85 16 184 Redeemed.................................................. (48) (511) (92) (978) ------ -------- ------ -------- Net increase/(decrease)................................... (32) $ (337) (6) $ (49) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ 3 Issued as reinvestment of dividends....................... 1 5 1 14 Redeemed.................................................. (7) (77) (20) (220) ------ -------- ------ -------- Net increase/(decrease)................................... (6) $ (72) (19) $ (203) ====== ======== ====== ======== Total net increase/(decrease)............................. 279 $ 2,948 (591) $ (6,228) ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 155 160 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
MARYLAND MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ----------------- SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 201 $ 1,924 660 $ 6,376 Issued as reinvestment of dividends....................... --* 1 --* 3 Redeemed.................................................. (208) (1,980) (520) (4,995) ---- ------- ---- ------- Net increase/(decrease)................................... (7) $ (55) 140 $ 1,384 ==== ======= ==== ======= INVESTOR A SHARES: Sold...................................................... 32 $ 302 24 $ 225 Issued as reinvestment of dividends....................... 4 34 6 59 Redeemed.................................................. (17) (159) (18) (171) ---- ------- ---- ------- Net increase/(decrease)................................... 19 $ 177 12 $ 113 ==== ======= ==== ======= INVESTOR B SHARES: Sold...................................................... 88 $ 844 318 $ 3,045 Issued as reinvestment of dividends....................... 24 223 41 424 Redeemed.................................................. (141) (1,356) (291) (2,790) ---- ------- ---- ------- Net increase/(decrease)................................... (29) $ (289) 68 $ 679 ==== ======= ==== ======= INVESTOR C SHARES: Sold...................................................... --* $ --* 22 $ 210 Issued as reinvestment of dividends....................... --* 3 --* 6 Redeemed.................................................. -- --* -- -- ---- ------- ---- ------- Net increase/(decrease)................................... --* $ 3 22 $ 216 ==== ======= ==== ======= Total net increase/(decrease)............................. (17) $ (164) 242 $ 2,392 ==== ======= ==== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 156 161 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,791 $ 18,195 4,170 $ 42,798 Issued as reinvestment of dividends....................... 8 87 27 295 Redeemed.................................................. (1,603) (16,288) (5,060) (51,949) ------ -------- ------ -------- Net increase/(decrease)................................... 196 $ 1,994 (863) $ (8,856) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 134 $ 1,361 102 $ 1,032 Issued as reinvestment of dividends....................... 16 165 32 359 Redeemed.................................................. (132) (1,347) (129) (1,337) ------ -------- ------ -------- Net increase/(decrease)................................... 18 $ 179 5 $ 54 ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 2 $ 18 10 $ 88 Issued as reinvestment of dividends....................... 7 74 15 172 Redeemed.................................................. (25) (252) (138) (1,421) ------ -------- ------ -------- Net increase/(decrease)................................... (16) $ (160) (113) $ (1,161) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ --* Issued as reinvestment of dividends....................... --* 2 --* 3 Redeemed.................................................. 1 (11) (2) (20) ------ -------- ------ -------- Net increase/(decrease)................................... 1 $ (9) (2) $ (17) ====== ======== ====== ======== Total net increase/(decrease)............................. 199 $ 2,004 (973) $ (9,980) ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 157 162 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
NORTH CAROLINA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 333 $ 3,144 1,951 $ 18,576 Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. (236) (2,237) (1,699) (16,015) ---- ------- ------ -------- Net increase/(decrease)................................... 97 $ 907 252 $ 2,561 ==== ======= ====== ======== INVESTOR A SHARES: Sold...................................................... 79 $ 758 96 $ 907 Issued as reinvestment of dividends....................... 3 29 3 37 Redeemed.................................................. (2) (21) (41) (392) ---- ------- ------ -------- Net increase/(decrease)................................... 80 $ 766 58 $ 552 ==== ======= ====== ======== INVESTOR B SHARES: Sold...................................................... 13 $ 130 209 $ 1,979 Issued as reinvestment of dividends....................... 29 279 63 655 Redeemed.................................................. (319) (3,023) (596) (5,677) ---- ------- ------ -------- Net increase/(decrease)................................... (277) $(2,614) (324) $ (3,043) ==== ======= ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ --* 5 $ 50 Issued as reinvestment of dividends....................... --* 1 --* --* Redeemed.................................................. -- -- --* --* ---- ------- ------ -------- Net increase/(decrease)................................... --* $ 1 5 $ 50 ==== ======= ====== ======== Total net increase/(decrease)............................. (100) $ (940) (9) $ 120 ==== ======= ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 158 163 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,882 $ 19,303 5,584 $ 57,593 Issued as reinvestment of dividends....................... 4 40 12 121 Redeemed.................................................. (1,493) (15,282) (7,813) (80,572) ------ -------- ------ -------- Net increase/(decrease)................................... 393 $ 4,061 (2,217) $(22,858) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 91 $ 940 380 $ 4,012 Issued as reinvestment of dividends....................... 14 140 36 394 Redeemed.................................................. (294) (2,995) (457) (4,743) ------ -------- ------ -------- Net increase/(decrease)................................... (189) $ (1,915) (41) $ (337) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 2 $ 24 101 $ 1,047 Issued as reinvestment of dividends....................... 8 83 19 209 Redeemed.................................................. (48) (487) (200) (2,051) ------ -------- ------ -------- Net increase/(decrease)................................... (38) $ (380) (80) $ (795) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... 2 $ 18 88 $ 910 Issued as reinvestment of dividends....................... 4 42 8 94 Redeemed.................................................. (136) (1,414) (115) (1,190) ------ -------- ------ -------- Net increase/(decrease)................................... (130) $ (1,354) (19) $ (186) ====== ======== ====== ======== Total net increase/(decrease)............................. 36 $ 412 (2,357) $(24,176) ====== ======== ====== ========
SEE NOTES TO FINANCIAL STATEMENTS. 159 164 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
SOUTH CAROLINA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 358 $ 3,411 4,537 $ 43,900 Issued as reinvestment of dividends....................... -- -- -- -- Redeemed.................................................. (665) (6,419) (2,827) (27,069) ---- ------- ------ -------- Net increase/(decrease)................................... (307) $(3,008) 1,710 $ 16,831 ==== ======= ====== ======== INVESTOR A SHARES: Sold...................................................... 24 $ 230 52 $ 502 Issued as reinvestment of dividends....................... 2 18 4 44 Redeemed.................................................. (15) (143) (66) (633) ---- ------- ------ -------- Net increase/(decrease)................................... 11 $ 105 (10) $ (87) ==== ======= ====== ======== INVESTOR B SHARES: Sold...................................................... 24 $ 235 28 $ 254 Issued as reinvestment of dividends....................... 12 117 24 258 Redeemed.................................................. (102) (993) (191) (1,860) ---- ------- ------ -------- Net increase/(decrease)................................... (66) $ (641) (139) $ (1,348) ==== ======= ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ --* Issued as reinvestment of dividends....................... --* 1 --* 2 Redeemed.................................................. -- -- (3) (33) ---- ------- ------ -------- Net increase/(decrease)................................... --* $ 1 (3) $ (31) ==== ======= ====== ======== Total net increase/(decrease)............................. (362) $(3,543) 1,558 $ 15,365 ==== ======= ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 160 165 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
TENNESSEE INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ----------------- SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 270 $ 2,680 654 $ 6,566 Issued as reinvestment of dividends....................... 5 53 9 104 Redeemed.................................................. (278) (2,774) (952) (9,529) ---- ------- ---- ------- Net increase/(decrease)................................... (3) $ (41) (289) $(2,859) ==== ======= ==== ======= INVESTOR A SHARES: Sold...................................................... 46 $ 461 50 $ 485 Issued as reinvestment of dividends....................... 15 152 28 306 Redeemed.................................................. (26) (261) (174) (1,746) ---- ------- ---- ------- Net increase/(decrease)................................... 35 $ 352 (96) $ (955) ==== ======= ==== ======= INVESTOR B SHARES: Sold...................................................... --* $ (4) 9 $ 87 Issued as reinvestment of dividends....................... 2 22 7 81 Redeemed.................................................. (29) (289) (124) (1,235) ---- ------- ---- ------- Net increase/(decrease)................................... (27) $ (271) (108) $(1,067) ==== ======= ==== ======= INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ --* Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. -- --* (3) (30) ---- ------- ---- ------- Net increase/(decrease)................................... --* $ --* (3) $ (30) ==== ======= ==== ======= Total net increase/(decrease)............................. 5 $ 40 (496) $(4,911) ==== ======= ==== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 161 166 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
TENNESSEE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ----------------- SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 51 $ 489 289 $ 2,781 Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. (131) (1,262) (320) (3,071) ---- ------- ---- ------- Net increase/(decrease)................................... (80) $ (773) (31) $ (290) ==== ======= ==== ======= INVESTOR A SHARES: Sold...................................................... 65 $ 632 93 $ 902 Issued as reinvestment of dividends....................... 1 11 2 19 Redeemed.................................................. (35) (337) (2) (18) ---- ------- ---- ------- Net increase/(decrease)................................... 31 $ 306 93 $ 903 ==== ======= ==== ======= INVESTOR B SHARES: Sold...................................................... (1) $ (9) 13 $ 121 Issued as reinvestment of dividends....................... 6 62 13 134 Redeemed.................................................. (44) (427) (71) (693) ---- ------- ---- ------- Net increase/(decrease)................................... (39) $ (374) (45) $ (438) ==== ======= ==== ======= INVESTOR C SHARES: Sold...................................................... 1 $ 4 8 $ 75 Issued as reinvestment of dividends....................... --* 3 --* 4 Redeemed.................................................. -- --* -- --* ---- ------- ---- ------- Net increase/(decrease)................................... 1 $ 7 8 $ 79 ==== ======= ==== ======= Total net increase/(decrease)............................. (87) $ (834) 25 $ 254 ==== ======= ==== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 162 167 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
TEXAS INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 1,555 $ 15,540 4,248 $ 43,022 Issued as reinvestment of dividends....................... 1 9 3 19 Redeemed.................................................. (5,081) (50,680) (8,955) (90,193) ------ -------- ------ -------- Net increase/(decrease)................................... (3,525) $(35,131) (4,704) $(47,152) ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 281 $ 2,822 156 $ 1,583 Issued as reinvestment of dividends....................... 3 33 8 82 Redeemed.................................................. (544) (5,452) (215) (2,175) ------ -------- ------ -------- Net increase/(decrease)................................... (260) $ (2,597) (51) $ (510) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... 1 $ 8 5 $ 52 Issued as reinvestment of dividends....................... 3 30 5 60 Redeemed.................................................. (1) (7) (14) (142) ------ -------- ------ -------- Net increase/(decrease)................................... 3 $ 31 (4) $ (30) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ --* Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. -- -- --* --* ------ -------- ------ -------- Net increase/(decrease)................................... --* $ --* --* $ --* ====== ======== ====== ======== Total net increase/(decrease)............................. (3,782) $(37,697) (4,759) $(47,692) ====== ======== ====== ========
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 163 168 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
TEXAS MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ------------------- SHARES DOLLARS SHARES DOLLARS -------------------------------------------- (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 42 $ 396 157 $ 1,477 Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. (80) (760) (263) (2,523) --- ----- ---- ------- Net increase/(decrease)................................... (38) $(364) (106) $(1,046) === ===== ==== ======= INVESTOR A SHARES: Sold...................................................... --* $ --* 9 $ 84 Issued as reinvestment of dividends....................... --* 1 --* 4 Redeemed.................................................. (1) (12) (14) (135) --- ----- ---- ------- Net increase/(decrease)................................... (1) $ (11) (5) $ (47) === ===== ==== ======= INVESTOR B SHARES: Sold...................................................... 11 $ 105 7 $ 60 Issued as reinvestment of dividends....................... 7 64 15 152 Redeemed.................................................. (54) (516) (115) (1,094) --- ----- ---- ------- Net increase/(decrease)................................... (36) $(347) (93) $ (882) === ===== ==== ======= INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ 1 Issued as reinvestment of dividends....................... --* 1 --* 3 Redeemed.................................................. --* (1) -- --* --- ----- ---- ------- Net increase/(decrease)................................... --* $ --* --* $ 4 === ===== ==== ======= Total net increase/(decrease)............................. (75) $(722) (204) $(1,971) === ===== ==== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 164 169 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
VIRGINIA INTERMEDIATE MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------ ------------------ SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 3,229 $ 33,887 6,760 $ 71,512 Issued as reinvestment of dividends....................... 4 40 7 78 Redeemed.................................................. (1,970) (20,689) (5,701) (60,355) ------ -------- ------ -------- Net increase/(decrease)................................... 1,263 $ 13,238 1,066 $ 11,235 ====== ======== ====== ======== INVESTOR A SHARES: Sold...................................................... 74 $ 774 96 $ 905 Issued as reinvestment of dividends....................... 65 677 123 1,420 Redeemed.................................................. (457) (4,808) (945) (10,105) ------ -------- ------ -------- Net increase/(decrease)................................... (318) $ (3,357) (726) $ (7,780) ====== ======== ====== ======== INVESTOR B SHARES: Sold...................................................... (1) $ (6) 81 $ 838 Issued as reinvestment of dividends....................... 11 117 22 256 Redeemed.................................................. (57) (597) (177) (1,882) ------ -------- ------ -------- Net increase/(decrease)................................... (47) $ (486) (74) $ (788) ====== ======== ====== ======== INVESTOR C SHARES: Sold...................................................... 1 $ 12 19 $ 191 Issued as reinvestment of dividends....................... 1 12 2 28 Redeemed.................................................. (8) (80) (49) (518) ------ -------- ------ -------- Net increase/(decrease)................................... (6) $ (56) (28) $ (299) ====== ======== ====== ======== Total net increase/(decrease)............................. 892 $ 9,339 238 $ 2,368 ====== ======== ====== ========
SEE NOTES TO FINANCIAL STATEMENTS. 165 170 NATIONS FUNDS SCHEDULES OF CAPITAL STOCK ACTIVITY (CONTINUED)
VIRGINIA MUNICIPAL BOND SIX MONTHS ENDED SEPTEMBER 30, 2000 YEAR ENDED (UNAUDITED) MARCH 31, 2000 ------------------- ----------------- SHARES DOLLARS SHARES DOLLARS ------------------------------------------ (IN THOUSANDS) PRIMARY A SHARES: Sold...................................................... 323 $ 3,069 1,000 $ 9,458 Issued as reinvestment of dividends....................... -- -- --* 2 Redeemed.................................................. (143) (1,347) (568) (5,336) ---- ------- ------ ------- Net increase/(decrease)................................... 180 $ 1,722 432 $ 4,124 ==== ======= ====== ======= INVESTOR A SHARES: Sold...................................................... 3 $ 28 48 $ 460 Issued as reinvestment of dividends....................... 1 5 2 15 Redeemed.................................................. (17) (154) (84) (802) ---- ------- ------ ------- Net increase/(decrease)................................... (13) $ (121) (34) $ (327) ==== ======= ====== ======= INVESTOR B SHARES: Sold...................................................... 27 $ 256 50 $ 479 Issued as reinvestment of dividends....................... 15 144 31 296 Redeemed.................................................. (82) (786) (310) (2,936) ---- ------- ------ ------- Net increase/(decrease)................................... (40) $ (386) (229) $(2,161) ==== ======= ====== ======= INVESTOR C SHARES: Sold...................................................... --* $ --* --* $ --* Issued as reinvestment of dividends....................... --* --* --* --* Redeemed.................................................. -- -- -- -- ---- ------- ------ ------- Net increase/(decrease)................................... --* $ --* --* $ --* ==== ======= ====== ======= Total net increase/(decrease)............................. 127 $ 1,215 169 $ 1,636 ==== ======= ====== =======
- --------------- * Amount represents less than 500 shares and/or $500, as applicable. SEE NOTES TO FINANCIAL STATEMENTS. 166 171 (This page intentionally left blank) 167 172 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 BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME ----------------------------------------------------------------------------- SHORT-TERM MUNICIPAL INCOME PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)......... $ 9.94 $0.22 $ 0.05 $0.27 $(0.22) Year ended 3/31/2000#........................... 10.10 0.41 (0.16) 0.25 (0.41) Year ended 3/31/1999#........................... 10.05 0.41 0.05 0.46 (0.41) Year ended 3/31/1998............................ 9.95 0.42 0.10 0.52 (0.42) Year ended 3/31/1997............................ 9.98 0.44 (0.03) 0.41 (0.44) Period ended 3/31/1996*......................... 10.03 0.15 (0.05) 0.10 (0.15) Year ended 11/30/1995........................... 9.69 0.44 0.34 0.78 (0.44) INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)......... $ 9.94 $0.21 $ 0.05 $0.26 $(0.21) Year ended 3/31/2000#........................... 10.10 0.39 (0.16) 0.23 (0.39) Year ended 3/31/1999#........................... 10.05 0.39 0.05 0.44 (0.39) Year ended 3/31/1998............................ 9.95 0.40 0.10 0.50 (0.40) Year ended 3/31/1997............................ 9.98 0.42 (0.03) 0.39 (0.42) Period ended 3/31/1996*......................... 10.03 0.14 (0.05) 0.09 (0.14) Year ended 11/30/1995........................... 9.69 0.42 0.34 0.76 (0.42) INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)......... $ 9.94 $0.17 $ 0.05 $0.22 $(0.17) Year ended 3/31/2000#........................... 10.10 0.36 (0.16) 0.20 (0.36) Year ended 3/31/1999#........................... 10.05 0.38 0.05 0.43 (0.38) Year ended 3/31/1998............................ 9.95 0.39 0.10 0.49 (0.39) Year ended 3/31/1997............................ 9.98 0.40 (0.03) 0.37 (0.40) Period ended 3/31/1996*......................... 10.03 0.13 (0.05) 0.08 (0.13) Year ended 11/30/1995........................... 9.69 0.40 0.34 0.74 (0.40) INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)......... $ 9.94 $0.18 $ 0.04 $0.22 $(0.17) Year ended 3/31/2000#........................... 10.10 0.32 (0.16) 0.16 (0.32) Year ended 3/31/1999#........................... 10.05 0.40 0.02 0.42 (0.37) Year ended 3/31/1998............................ 9.95 0.39 0.10 0.49 (0.39) Year ended 3/31/1997............................ 9.98 0.40 (0.03) 0.37 (0.40) Period ended 3/31/1996*......................... 10.03 0.14 (0.05) 0.09 (0.14) Year ended 11/30/1995........................... 9.69 0.42 0.34 0.76 (0.42)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 168 173 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSETS OPERATING NET INVESTMENT OPERATING NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - -------------------------------------------------------------------------------------------------- $ 9.99 2.74% $97,168 0.40%+(a) 4.41%+ 42% 0.69%+ 9.94 2.58 94,393 0.40(a) 4.16 90 0.77 10.10 4.71 79,002 0.40(a) 4.11 53 0.80 10.05 5.33 70,740 0.40(a) 4.17 94 0.77 9.95 4.15 61,072 0.40(a) 4.36 80 0.84 9.98 0.96 48,511 0.40+(a) 4.37+ 16 0.86+ 10.03 8.16 49,961 0.45(a) 4.38 82 0.93 $ 9.99 2.61% $20,208 0.65%+(a) 4.16%+ 42% 0.94%+ 9.94 2.35 22,415 0.63(a) 3.93 90 1.02 10.10 4.50 35,805 0.60(a) 3.91 53 1.05 10.05 5.12 23,580 0.60(a) 3.97 94 0.97 9.95 3.96 8,417 0.60(a) 4.16 80 1.04 9.98 0.90 4,599 0.60+(a) 4.17+ 16 1.06+ 10.03 7.95 3,741 0.65(a) 4.18 82 1.13 $ 9.99 2.23% $ 5,826 1.40%+(a) 3.41%+ 42% 1.69%+ 9.94 1.99 7,030 0.94(a) 3.62 90 1.77 10.10 4.34 13,931 0.75(a) 3.76 53 1.80 10.05 4.96 13,753 0.75(a) 3.82 94 1.12 9.95 3.78 10,655 0.75(a) 4.01 80 1.19 9.98 0.84 13,859 0.75+(a) 4.02+ 16 1.21+ 10.03 7.78 9,803 0.80(a) 4.03 82 1.28 $ 9.99 2.23% $ 1,191 1.40%+(a) 3.41%+ 42% 1.69%+ 9.94 1.57 1,616 1.40(a) 3.16 90 1.77 10.10 4.29 2,583 0.83(a) 3.68 53 1.80 10.05 4.99 1,388 0.75(a) 3.82 94 1.12 9.95 3.79 1,080 0.75(a) 4.01 80 1.19 9.98 0.85 2,072 0.72+(a) 4.05+ 16 1.18+ 10.03 7.95 1,953 0.70(a) 4.13 82 1.18
SEE NOTES TO FINANCIAL STATEMENTS. 169 174 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.78 $0.23 $ 0.09 $ 0.32 $(0.24) $ -- Year ended 3/31/2000#................ 10.30 0.47 (0.50) (0.03) (0.47) (0.02) Year ended 3/31/1999................. 10.30 0.47 0.07 0.54 (0.47) (0.07) Year ended 3/31/1998................. 10.01 0.48 0.33 0.81 (0.48) (0.04) Year ended 3/31/1997................. 10.03 0.48 (0.02) 0.46 (0.48) -- Period ended 3/31/1996*.............. 10.17 0.16 (0.14) 0.02 (0.16) -- Year ended 11/30/1995................ 9.24 0.48 0.93 1.41 (0.48) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.78 $0.23 $ 0.09 $ 0.32 $(0.24) $ -- Year ended 3/31/2000#................ 10.30 0.45 (0.50) (0.05) (0.45) (0.02) Year ended 3/31/1999................. 10.30 0.45 0.07 0.52 (0.45) (0.07) Year ended 3/31/1998................. 10.01 0.46 0.33 0.79 (0.46) (0.04) Year ended 3/31/1997................. 10.03 0.46 (0.02) 0.44 (0.46) -- Period ended 3/31/1996*.............. 10.17 0.15 (0.14) 0.01 (0.15) -- Year ended 11/30/1995................ 9.24 0.47 0.93 1.40 (0.47) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.78 $0.19 $ 0.08 $ 0.27 $(0.19) $ -- Year ended 3/31/2000#................ 10.30 0.38 (0.50) (0.12) (0.38) (0.02) Year ended 3/31/1999................. 10.30 0.39 0.07 0.46 (0.39) (0.07) Year ended 3/31/1998................. 10.01 0.41 0.33 0.74 (0.41) (0.04) Year ended 3/31/1997................. 10.03 0.43 (0.02) 0.41 (0.43) -- Period ended 3/31/1996*.............. 10.17 0.14 (0.14) 0.00 (0.14) -- Year ended 11/30/1995................ 9.24 0.43 0.93 1.36 (0.43) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.78 $0.19 $ 0.08 $ 0.27 $(0.19) $ -- Year ended 3/31/2000#................ 10.30 0.38 (0.50) (0.12) (0.38) (0.02) Year ended 3/31/1999................. 10.30 0.40 0.09 0.49 (0.42) (0.07) Year ended 3/31/1998................. 10.01 0.42 0.33 0.75 (0.42) (0.04) Year ended 3/31/1997................. 10.03 0.43 (0.02) 0.41 (0.43) -- Period ended 3/31/1996*.............. 10.17 0.14 (0.14) 0.00 (0.14) -- Year ended 11/30/1995................ 9.24 0.43 0.93 1.36 (0.43) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 170 175 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.24) $ 9.86 3.28% $1,163,651 0.50%+(a) 4.80%+ 11% 0.68%+ (0.49) 9.78 (0.27) 849,966 0.50(a) 4.75 30 0.70 (0.54) 10.30 5.33 918,367 0.50(a) 4.55 40 0.68 (0.52) 10.30 8.20 867,154 0.50(a) 4.65 47 0.74 (0.48) 10.01 4.63 108,204 0.50(a) 4.74 21 0.81 (0.16) 10.03 0.20 77,423 0.50+(a) 4.75+ 4 0.83+ (0.48) 10.17 15.60 73,897 0.45(a) 4.91 31 0.84 $(0.24) $ 9.86 3.15% $ 17,574 0.75%+(a) 4.55%+ 11% 0.93%+ (0.47) 9.78 (0.49) 19,782 0.73(a) 4.52 30 0.95 (0.52) 10.30 5.12 16,149 0.70(a) 4.35 40 0.93 (0.50) 10.30 7.99 6,487 0.70(a) 4.45 47 0.94 (0.46) 10.01 4.42 2,067 0.70(a) 4.54 21 1.01 (0.15) 10.03 0.13 1,500 0.70+(a) 4.55+ 4 1.03+ (0.47) 10.17 15.38 1,249 0.65(a) 4.71 31 1.04 $(0.19) $ 9.86 2.76% $ 2,548 1.50%+(a) 3.80%+ 11% 1.68%+ (0.40) 9.78 (1.18) 2,733 1.42(a) 3.83 30 1.70 (0.46) 10.30 4.49 2,556 1.30(a) 3.75 40 1.68 (0.45) 10.30 7.50 2,023 1.20(a) 3.95 47 1.44 (0.43) 10.01 4.12 1,481 1.00(a) 4.24 21 1.31 (0.14) 10.03 0.03 1,623 1.00+(a) 4.25+ 4 1.33+ (0.43) 10.17 15.02 1,352 0.95(a) 4.41 31 1.34 $(0.19) $ 9.86 2.76% $ 526 1.50%+(a) 3.80%+ 11% 1.68%+ (0.40) 9.78 (1.19) 539 1.50(a) 3.75 30 1.70 (0.49) 10.30 4.80 1,511 1.21(a) 3.84 40 1.68 (0.46) 10.30 7.62 1,590 1.20(a) 3.95 47 1.44 (0.43) 10.01 4.11 756 1.00(a) 4.24 21 1.31 (0.14) 10.03 0.03 716 1.00+(a) 4.25+ 4 1.33+ (0.43) 10.17 14.96 359 0.95(a) 4.41 31 1.34
SEE NOTES TO FINANCIAL STATEMENTS. 171 176 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME ------------------------------------------------------------------------- MUNICIPAL INCOME PRIMARY A SHARES Six months ended 9/30/2000 (unaudited).... $10.69 $0.28 $ 0.10 $ 0.38 $(0.28) Year ended 3/31/2000#..................... 11.48 0.54 (0.78) (0.24) (0.54) Year ended 3/31/1999...................... 11.46 0.54 0.07 0.61 (0.54) Year ended 3/31/1998...................... 10.89 0.57 0.62 1.19 (0.57) Year ended 3/31/1997...................... 10.84 0.59 0.05 0.64 (0.59) Period ended 3/31/1996*................... 11.08 0.20 (0.24) (0.04) (0.20) Year ended 11/30/1995..................... 9.64 0.59 1.44 2.03 (0.59) INVESTOR A SHARES Six months ended 9/30/2000 (unaudited).... $10.68 $0.27 $ 0.11 $ 0.38 $(0.27) Year ended 3/31/2000#..................... 11.48 0.52 (0.79) (0.27) (0.52) Year ended 3/31/1999...................... 11.46 0.52 0.07 0.59 (0.52) Year ended 3/31/1998...................... 10.89 0.54 0.62 1.16 (0.54) Year ended 3/31/1997...................... 10.84 0.57 0.05 0.62 (0.57) Period ended 3/31/1996*................... 11.08 0.19 (0.24) (0.05) (0.19) Year ended 11/30/1995..................... 9.64 0.57 1.44 2.01 (0.57) INVESTOR B SHARES Six months ended 9/30/2000 (unaudited).... $10.69 $0.23 $ 0.10 $ 0.33 $(0.23) Year ended 3/31/2000#..................... 11.48 0.44 (0.78) (0.34) (0.44) Year ended 3/31/1999...................... 11.46 0.44 0.08 0.52 (0.45) Year ended 3/31/1998...................... 10.89 0.48 0.62 1.10 (0.48) Year ended 3/31/1997...................... 10.84 0.51 0.05 0.56 (0.51) Period ended 3/31/1996*................... 11.08 0.17 (0.24) (0.07) (0.17) Year ended 11/30/1995..................... 9.64 0.51 1.44 1.95 (0.51) INVESTOR C SHARES Six months ended 9/30/2000 (unaudited).... $10.69 $0.23 $ 0.10 $ 0.33 $(0.23) Year ended 3/31/2000#..................... 11.48 0.44 (0.78) (0.34) (0.44) Year ended 3/31/1999...................... 11.46 0.46 0.07 0.53 (0.46) Year ended 3/31/1998...................... 10.89 0.49 0.62 1.11 (0.49) Year ended 3/31/1997...................... 10.84 0.53 0.05 0.58 (0.53) Period ended 3/31/1996*................... 11.08 0.18 (0.24) (0.06) (0.18) Year ended 11/30/1995..................... 9.64 0.51 1.44 1.95 (0.51) DISTRIBUTIONS FROM NET REALIZED GAINS ------------- MUNICIPAL INCOME PRIMARY A SHARES Six months ended 9/30/2000 (unaudited).... $ -- Year ended 3/31/2000#..................... (0.01) Year ended 3/31/1999...................... (0.05) Year ended 3/31/1998...................... (0.05) Year ended 3/31/1997...................... -- Period ended 3/31/1996*................... -- Year ended 11/30/1995..................... -- INVESTOR A SHARES Six months ended 9/30/2000 (unaudited).... $ -- Year ended 3/31/2000#..................... (0.01) Year ended 3/31/1999...................... (0.05) Year ended 3/31/1998...................... (0.05) Year ended 3/31/1997...................... -- Period ended 3/31/1996*................... -- Year ended 11/30/1995..................... -- INVESTOR B SHARES Six months ended 9/30/2000 (unaudited).... $ -- Year ended 3/31/2000#..................... (0.01) Year ended 3/31/1999...................... (0.05) Year ended 3/31/1998...................... (0.05) Year ended 3/31/1997...................... -- Period ended 3/31/1996*................... -- Year ended 11/30/1995..................... -- INVESTOR C SHARES Six months ended 9/30/2000 (unaudited).... $ -- Year ended 3/31/2000#..................... (0.01) Year ended 3/31/1999...................... (0.05) Year ended 3/31/1998...................... (0.05) Year ended 3/31/1997...................... -- Period ended 3/31/1996*................... -- Year ended 11/30/1995..................... --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 172 177 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.28) $10.79 3.70% $878,060 0.60%+(a) 5.21%+ 14% 0.78%+ (0.55) 10.69 (2.08) 552,650 0.60(a) 4.99 36 0.82 (0.59) 11.48 5.42 635,629 0.60(a) 4.71 11 0.80 (0.62) 11.46 11.12 456,485 0.60(a) 4.97 38 0.84 (0.59) 10.89 6.03 77,260 0.60(a) 5.41 25 0.91 (0.20) 10.84 (0.41) 68,022 0.60+(a) 5.35+ 4 0.91+ (0.59) 11.08 21.55 68,836 0.60(a) 5.63 49 0.88 $(0.27) $10.79 3.59% $ 34,036 0.82%+(a) 4.96%+ 14% 1.03%+ (0.53) 10.68 (2.28) 35,937 0.83(a) 4.76 36 1.07 (0.57) 11.48 5.21 28,625 0.80(a) 4.51 11 1.05 (0.59) 11.46 10.89 19,226 0.80(a) 4.77 38 1.04 (0.57) 10.89 5.82 15,075 0.80(a) 5.21 25 1.11 (0.19) 10.84 (0.47) 26,085 0.80+(a) 5.15+ 4 1.11+ (0.57) 11.08 21.31 27,963 0.80(a) 5.43 49 1.08 $(0.23) $10.79 3.19% $ 8,558 1.60%+(a) 4.21%+ 14% 1.78%+ (0.45) 10.69 (2.99) 8,795 1.53(a) 4.06 36 1.82 (0.50) 11.48 4.53 13,810 1.45(a) 3.86 11 1.80 (0.53) 11.46 10.23 15,383 1.42(a) 4.15 38 1.66 (0.51) 10.89 5.24 14,615 1.35(a) 4.66 25 1.66 (0.17) 10.84 (0.66) 16,870 1.35+(a) 4.60+ 4 1.66+ (0.51) 11.08 20.65 18,165 1.35(a) 4.88 49 1.63 $(0.23) $10.79 3.19% $ 1,259 1.60%+(a) 4.21%+ 14% 1.78%+ (0.45) 10.69 (3.03) 1,418 1.60(a) 3.99 36 1.82 (0.51) 11.48 4.64 2,150 1.36(a) 3.95 11 1.80 (0.54) 11.46 10.37 2,444 1.33(a) 4.24 38 1.57 (0.53) 10.89 5.50 1,713 1.10(a) 4.91 25 1.41 (0.18) 10.84 (0.60) 2,173 1.16+(a) 4.79+ 4 1.47+ (0.51) 11.08 20.65 2,268 1.35(a) 4.88 49 1.63
SEE NOTES TO FINANCIAL STATEMENTS. 173 178 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- CALIFORNIA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited)........................ $7.13 $0.18 $ 0.13 $ 0.31 $(0.18) $(0.00)## Period ended 3/31/2000***............ 7.51 0.30 (0.36) (0.06) (0.30) (0.02) INVESTOR A SHARES* Six months ended 9/30/2000 (unaudited)........................ $7.14 $0.17 $ 0.13 $ 0.30 $(0.17) $(0.00)## Period ended 3/31/2000............... 7.50 0.31 (0.34) (0.03) (0.31) (0.02) Period ended 5/14/1999............... 7.60 0.07 (0.10) (0.03) (0.07) -- Year ended 2/28/1999................. 7.64 0.34 0.10 0.44 (0.34) (0.14) Year ended 2/28/1998................. 7.35 0.35 0.29 0.64 (0.35) -- Year ended 2/28/1997**............... 7.45 0.36 (0.05) 0.31 (0.36) (0.05) Year ended 2/29/1996................. 7.12 0.37 0.33 0.70 (0.37) -- INVESTOR B SHARES* Six months ended 9/30/2000 (unaudited)........................ $7.14 $0.15 $ 0.14 $ 0.29 $(0.15) $(0.00)## Period ended 3/31/2000............... 7.51 0.27 (0.35) (0.08) (0.27) (0.02) Period ended 5/14/1999............... 7.61 0.06 (0.10) (0.04) (0.06) -- Period ended 2/28/1999***............ 7.61 0.16 0.14 0.30 (0.16) (0.14) INVESTOR C SHARES Six months ended 9/30/2000 (unaudited)........................ $7.12 $0.14 $ 0.13 $ 0.27 $(0.14) $(0.00)## Period ended 3/31/2000***............ 7.31 0.19 (0.17) 0.02 (0.19) (0.02)
- --------------- + 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. ## Amount represents less than $0.01. * The financial information for the fiscal periods through May 14, 1999 reflect the financial information for the Pacific Horizon California Municipal Bond Fund A and B Shares, which were reorganized into the California Municipal Bond Investor A and Investor B Shares, respectively, as of May 21, 1999. Prior to May 21, 1999, the Fund's investment adviser was Bank of America National Trust and Savings Association. Effective May 21, 1999, its investment adviser became Banc of America Advisors, Inc. and its investment sub-adviser became Banc of America Capital Management, Inc. ** As of July 22, 1996, the Fund designated the existing series of shares as "A" Shares. *** California Municipal Bond Primary A, Investor B and Investor C Shares commenced operations on May 21, 1999, July 15, 1998 and July 29, 1999, respectively. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. (b) 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%. SEE NOTES TO FINANCIAL STATEMENTS. 174 179 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.18) $7.26 4.44% $ 30,090 0.60%+(a) 5.01%+ 12% 0.82%+ (0.32) 7.13 (0.66) 21,654 0.60+(a) 4.70+ 34 0.79+ $(0.17) $7.27 4.33% $148,452 0.82%+(a) 4.76%+ 12% 1.07%+ (0.33) 7.14 (0.46) 157,672 0.80+(a) 4.50+ 34 1.04+ (0.07) 7.50 (0.42) 206,000 0.93+ 4.40+ 1 0.96+ (0.48) 7.60 5.94 219,000 0.93 4.42 42 0.93 (0.35) 7.64 9.18 214,000 0.90(b) 4.74 28 1.06(b) (0.41) 7.35 4.29 221,000 0.90(b) 4.88 34 1.10(b) (0.37) 7.45 10.12 221,000 0.94(b) 5.11 57 1.14(b) $(0.15) $7.28 4.11% $ 4,863 1.50%+(a) 4.01%+ 12% 1.82%+ (0.29) 7.14 (1.16) 4,206 1.45+(a) 3.85+ 34 1.79+ (0.06) 7.51 (0.57) 3,000 1.66+ 3.63+ 1 1.69+ (0.30) 7.61 4.09 2,000 1.70+(b) 3.67+ 42 1.71+(b) $(0.14) $7.25 3.93% $ 510 1.60%+(a) 4.01%+ 12% 1.82%+ (0.21) 7.12 0.30 258 1.60+(a) 3.70+ 34 1.79+
SEE NOTES TO FINANCIAL STATEMENTS. 175 180 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME ----------------------------------------------------------------------------- FLORIDA INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited).......... $10.34 $0.25 $ 0.07 $ 0.32 $(0.25) Year ended 3/31/2000#........................... 10.79 0.50 (0.45) 0.05 (0.50) Year ended 3/31/1999............................ 10.77 0.50 0.02 0.52 (0.50) Year ended 3/31/1998............................ 10.40 0.50 0.37 0.87 (0.50) Year ended 3/31/1997............................ 10.46 0.49 (0.06) 0.43 (0.49) Period ended 3/31/1996*......................... 10.63 0.17 (0.17) 0.00 (0.17) Year ended 11/30/1995........................... 9.61 0.48 1.02 1.50 (0.48) INVESTOR A SHARES Six months ended 9/30/2000 (unaudited).......... $10.33 $0.24 $ 0.07 $ 0.31 $(0.24) Year ended 3/31/2000#........................... 10.79 0.48 (0.46) 0.02 (0.48) Year ended 3/31/1999............................ 10.77 0.48 0.02 0.50 (0.48) Year ended 3/31/1998............................ 10.40 0.48 0.37 0.85 (0.48) Year ended 3/31/1997............................ 10.46 0.47 (0.06) 0.41 (0.47) Period ended 3/31/1996*......................... 10.63 0.16 (0.17) (0.01) (0.16) Year ended 11/30/1995........................... 9.61 0.46 1.02 1.48 (0.46) INVESTOR B SHARES Six months ended 9/30/2000 (unaudited).......... $10.34 $0.20 $ 0.07 $ 0.27 $(0.20) Year ended 3/31/2000#........................... 10.79 0.41 (0.45) (0.04) (0.41) Year ended 3/31/1999............................ 10.77 0.42 0.02 0.44 (0.42) Year ended 3/31/1998............................ 10.40 0.43 0.37 0.80 (0.43) Year ended 3/31/1997............................ 10.46 0.44 (0.06) 0.38 (0.44) Period ended 3/31/1996*......................... 10.63 0.15 (0.17) (0.02) (0.15) Year ended 11/30/1995........................... 9.61 0.43 1.02 1.45 (0.43) INVESTOR C SHARES Six months ended 9/30/2000 (unaudited).......... $10.36 $0.20 $ 0.06 $ 0.26 $(0.20) Year ended 3/31/2000#........................... 10.79 0.40 (0.43) (0.03) (0.40) Year ended 3/31/1999............................ 10.77 0.41 0.03 0.44 (0.42) Year ended 3/31/1998#........................... 10.40 0.43 0.37 0.80 (0.43) Year ended 3/31/1997............................ 10.46 0.44 (0.06) 0.38 (0.44) Period ended 3/31/1996*......................... 10.63 0.15 (0.17) (0.02) (0.15) Year ended 11/30/1995........................... 9.61 0.43 1.02 1.45 (0.43)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 176 181 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSET NET ASSETS OPERATING NET INVESTMENT OPERATING VALUE END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO BEGINNING TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - -------------------------------------------------------------------------------------------------- $10.41 3.17% $204,455 0.50%+(a) 4.90%+ 4% 0.72%+ 10.34 0.54 207,704 0.50(a) 4.80 12 0.74 10.79 4.95 234,530 0.50 4.65 14 0.72 10.77 8.55 203,710 0.50(a) 4.74 13 0.76 10.40 4.22 51,748 0.50(a) 4.72 16 0.81 10.46 (0.06) 44,988 0.50+(a) 4.66+ 18 0.86+ 10.63 15.92 44,038 0.55(a) 4.70 27 0.81 $10.40 3.05% $ 8,326 0.75%+(a) 4.65%+ 4% 0.97%+ 10.33 0.22 9,695 0.73(a) 4.57 12 0.99 10.79 4.74 12,783 0.70 4.45 14 0.97 10.77 8.34 7,205 0.70(a) 4.54 13 0.96 10.40 4.01 2,142 0.70(a) 4.52 16 1.01 10.46 (0.13) 2,029 0.70+(a) 4.46+ 18 1.06+ 10.63 15.68 2,292 0.75(a) 4.50 27 1.01 $10.41 2.66% $ 4,138 1.50%+(a) 3.90%+ 4% 1.72%+ 10.34 (0.38) 4,639 1.41(a) 3.89 12 1.74 10.79 4.11 5,090 1.30 3.85 14 1.72 10.77 7.80 3,606 1.20(a) 4.04 13 1.46 10.40 3.70 3,488 1.00(a) 4.22 16 1.31 10.46 (0.23) 4,001 1.00+(a) 4.16+ 18 1.36+ 10.63 15.34 4,775 1.05(a) 4.20 27 1.31 $10.42 2.56% $ 120 1.50%+(a) 3.90%+ 4% 1.72%+ 10.36 (0.26) 117 1.50(a) 3.80 12 1.74 10.79 4.10 1,416 1.36 3.79 14 1.72 10.77 7.80 188 1.20(a) 4.04 13 1.46 10.40 3.71 272 1.00(a) 4.22 16 1.31 10.46 (0.23) 275 1.00+(a) 4.16+ 18 1.36+ 10.63 15.34 277 1.05(a) 4.20 27 1.31
SEE NOTES TO FINANCIAL STATEMENTS. 177 182 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME ----------------------------------------------------------------------------- FLORIDA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)......... $9.53 $0.24 $ 0.07 $ 0.31 $(0.24) Year ended 3/31/2000............................ 9.99 0.48 (0.46) 0.02 (0.48) Year ended 3/31/1999............................ 9.99 0.48 0.00 0.48 (0.48) Year ended 3/31/1998............................ 9.48 0.48 0.51 0.99 (0.48) Year ended 3/31/1997............................ 9.47 0.48 0.01 0.49 (0.48) Period ended 3/31/1996*......................... 9.76 0.16 (0.29) (0.13) (0.16) Year ended 11/30/1995........................... 8.40 0.51 1.36 1.87 (0.51) INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)......... $9.53 $0.23 $ 0.07 $ 0.30 $(0.23) Year ended 3/31/2000............................ 9.99 0.46 (0.46) -- (0.46) Year ended 3/31/1999............................ 9.99 0.46 0.00 0.46 (0.46) Year ended 3/31/1998............................ 9.48 0.46 0.51 0.97 (0.46) Year ended 3/31/1997............................ 9.47 0.46 0.01 0.47 (0.46) Period ended 3/31/1996*......................... 9.76 0.15 (0.29) (0.14) (0.15) Year ended 11/30/1995........................... 8.40 0.49 1.36 1.85 (0.49) INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)......... $9.53 $0.19 $ 0.07 $ 0.26 $(0.19) Year ended 3/31/2000............................ 9.99 0.39 (0.46) (0.07) (0.39) Year ended 3/31/1999............................ 9.99 0.40 0.00 0.40 (0.40) Year ended 3/31/1998............................ 9.48 0.40 0.51 0.91 (0.40) Year ended 3/31/1997............................ 9.47 0.41 0.01 0.42 (0.41) Period ended 3/31/1996*......................... 9.76 0.14 (0.29) (0.15) (0.14) Year ended 11/30/1995........................... 8.40 0.44 1.36 1.80 (0.44) INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)......... $9.53 $0.19 $ 0.07 $ 0.26 $(0.19) Year ended 3/31/2000............................ 9.99 0.38 (0.46) (0.08) (0.38) Year ended 3/31/1999#........................... 9.99 0.37 0.03 0.40 (0.40) Year ended 3/31/1998#........................... 9.48 0.41 0.51 0.92 (0.41) Year ended 3/31/1997............................ 9.47 0.44 0.01 0.45 (0.44) Period ended 3/31/1996*......................... 9.76 0.14 (0.29) (0.15) (0.14) Year ended 11/30/1995........................... 8.40 0.44 1.36 1.80 (0.44)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 178 183 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSETS OPERATING NET INVESTMENT OPERATING NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - -------------------------------------------------------------------------------------------------- $9.60 3.35% $80,986 0.60%+(a) 5.03%+ 3% 0.85%+ 9.53 0.26 79,335 0.60(a) 4.98 18 0.86 9.99 4.90 77,197 0.60(a) 4.80 16 0.85 9.99 10.60 27,378 0.60(a) 4.85 19 0.90 9.48 5.29 16,702 0.60(a) 5.07 23 0.93 9.47 (1.33) 13,044 0.60+(a) 5.03+ 7 0.96+ 9.76 22.69 11,219 0.39(a) 5.44 13 0.95 $9.60 3.22% $45,605 0.85%+(a) 4.78%+ 3% 1.10%+ 9.53 0.04 49,439 0.83(a) 4.75 18 1.11 9.99 4.69 65,373 0.80(a) 4.60 16 1.10 9.99 10.38 2,027 0.80(a) 4.65 19 1.10 9.48 5.09 1,781 0.80(a) 4.87 23 1.13 9.47 (1.40) 1,836 0.80+(a) 4.83+ 7 1.16+ 9.76 22.45 1,787 0.59 5.24 13 1.15 $9.60 2.83% $10,953 1.60%+(a) 4.03%+ 3% 1.85%+ 9.53 (0.67) 12,802 1.53(a) 4.05 18 1.86 9.99 4.01 15,435 1.45(a) 3.95 16 1.85 9.99 9.71 17,048 1.42(a) 4.03 19 1.72 9.48 4.52 19,751 1.35(a) 4.32 23 1.68 9.47 (1.58) 23,947 1.35+(a) 4.28+ 7 1.71+ 9.76 21.78 25,398 1.14(a) 4.69 13 1.70 $9.60 2.84% $ 23 1.60%+(a) 4.03%+ 3% 1.85%+ 9.53 (0.73) 23 1.60(a) 3.98 18 1.86 9.99 4.01 23 1.53(a) 3.87 16 1.85 9.99 9.83 3 1.33(a) 4.12 19 1.63 9.48 4.78 40 1.10(a) 4.57 23 1.43 9.47 (1.52) 38 1.15+(a) 4.48+ 7 1.51+ 9.76 21.80 38 1.14(a) 4.69 13 1.70
SEE NOTES TO FINANCIAL STATEMENTS. 179 184 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ---------------------------------------------------------------------------------------------- GEORGIA INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited).................. $10.42 $0.25 $ 0.10 $ 0.35 $(0.25) $ -- Year ended 3/31/2000........... 10.94 0.50 (0.51) (0.01) (0.50) (0.01) Year ended 3/31/1999........... 10.92 0.49 0.07 0.56 (0.50) (0.04) Year ended 3/31/1998........... 10.58 0.49 0.38 0.87 (0.49) (0.04) Year ended 3/31/1997........... 10.63 0.50 (0.05) 0.45 (0.50) -- Period ended 3/31/1996*........ 10.81 0.17 (0.18) (0.01) (0.17) -- Year ended 11/30/1995.......... 9.82 0.50 0.99 1.49 (0.50) -- INVESTOR A SHARES Six months ended 9/30/2000 (unaudited).................. $10.42 $0.24 $ 0.10 $ 0.34 $(0.24) $ -- Year ended 3/31/2000........... 10.94 0.48 (0.52) (0.04) (0.47) (0.01) Year ended 3/31/1999........... 10.92 0.47 0.06 0.53 (0.47) (0.04) Year ended 3/31/1998........... 10.58 0.47 0.38 0.85 (0.47) (0.04) Year ended 3/31/1997........... 10.63 0.48 (0.05) 0.43 (0.48) -- Period ended 3/31/1996*........ 10.81 0.16 (0.18) (0.02) (0.16) -- Year ended 11/30/1995.......... 9.82 0.48 0.99 1.47 (0.48) -- INVESTOR B SHARES Six months ended 9/30/2000 (unaudited).................. $10.42 $0.20 $ 0.10 $ 0.30 $(0.20) $ -- Year ended 3/31/2000........... 10.94 0.40 (0.51) (0.11) (0.40) (0.01) Year ended 3/31/1999........... 10.92 0.41 0.06 0.47 (0.41) (0.04) Year ended 3/31/1998........... 10.58 0.42 0.38 0.80 (0.42) (0.04) Year ended 3/31/1997........... 10.63 0.45 (0.05) 0.40 (0.45) -- Period ended 3/31/1996*........ 10.81 0.15 (0.18) (0.03) (0.15) -- Year ended 11/30/1995.......... 9.82 0.45 0.99 1.44 (0.45) -- INVESTOR C SHARES Six months ended 9/30/2000 (unaudited).................. $10.42 $0.20 $ 0.10 $ 0.30 $(0.20) $ -- Year ended 3/31/2000........... 10.94 0.39 (0.51) (0.12) (0.39) (0.01) Year ended 3/31/1999........... 10.92 0.41 0.05 0.46 (0.40) (0.04) Year ended 3/31/1998#.......... 10.58 0.42 0.38 0.80 (0.42) (0.04) Year ended 3/31/1997........... 10.63 0.45 (0.05) 0.40 (0.45) -- Period ended 3/31/1996*........ 10.81 0.15 (0.18) (0.03) (0.15) -- Year ended 11/30/1995.......... 9.82 0.45 0.99 1.44 (0.45) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 180 185 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.25) $10.52 3.44% $120,635 0.50%+(a) 4.86%+ 5% 0.74%+ (0.51) 10.42 (0.02) 121,948 0.50(a) 4.69 28 0.78 (0.54) 10.94 5.20 132,016 0.50 4.51 14 0.73 (0.53) 10.92 8.45 125,654 0.50 4.54 25 0.75 (0.50) 10.58 4.33 43,470 0.50 4.72 9 0.80 (0.17) 10.63 (0.13) 38,222 0.50+ 4.67+ 3 0.83+ (0.50) 10.81 15.42 40,383 0.55 4.76 17 0.80 $(0.24) $10.52 3.31% $ 11,683 0.75%+(a) 4.61%+ 5% 0.99%+ (0.48) 10.42 (0.27) 13,244 0.73(a) 4.46 28 1.03 (0.51) 10.94 4.99 19,674 0.70 4.31 14 0.98 (0.51) 10.92 8.24 9,446 0.70 4.34 25 0.95 (0.48) 10.58 4.12 8,810 0.70 4.52 9 1.00 (0.16) 10.63 (0.19) 8,625 0.70+ 4.47+ 3 1.03+ (0.48) 10.81 15.20 9,175 0.75 4.56 17 1.00 $(0.20) $10.52 2.93% $ 6,592 1.50%+(a) 3.86%+ 5% 1.74%+ (0.41) 10.42 (0.96) 6,812 1.41(a) 3.78 28 1.78 (0.45) 10.94 4.37 8,310 1.30 3.71 14 1.73 (0.46) 10.92 7.70 7,378 1.20 3.84 25 1.45 (0.45) 10.58 3.81 7,601 1.00 4.22 9 1.30 (0.15) 10.63 (0.29) 8,098 1.00+ 4.17+ 3 1.33+ (0.45) 10.81 14.85 8,160 1.05 4.26 17 1.30 $(0.20) $10.52 3.03% $ 738 1.50%+(a) 3.86%+ 5% 1.74%+ (0.40) 10.42 (1.13) 764 1.50(a) 3.69 28 1.78 (0.44) 10.94 4.35 886 1.31 3.70 14 1.73 (0.46) 10.92 7.70 1,034 1.20 3.84 25 1.45 (0.45) 10.58 3.81 1,983 1.00 4.22 9 1.30 (0.15) 10.63 (0.29) 2,445 1.00+ 4.17+ 3 1.33+ (0.45) 10.81 14.85 2,606 1.05 4.26 17 1.30
SEE NOTES TO FINANCIAL STATEMENTS. 181 186 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME ----------------------------------------------------------------------------- GEORGIA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited).......... $ 9.53 $0.23 $ 0.12 $ 0.35 $(0.24) Year ended 3/31/2000............................ 10.12 0.46 (0.59) (0.13) (0.46) Year ended 3/31/1999............................ 10.00 0.46 0.12 0.58 (0.46) Year ended 3/31/1998............................ 9.50 0.47 0.50 0.97 (0.47) Year ended 3/31/1997............................ 9.48 0.47 0.02 0.49 (0.47) Period ended 3/31/1996*......................... 9.72 0.16 (0.24) (0.08) (0.16) Year ended 11/30/1995........................... 8.38 0.51 1.34 1.85 (0.51) INVESTOR A SHARES Six months ended 9/30/2000 (unaudited).......... $ 9.53 $0.23 $ 0.10 $ 0.33 $(0.22) Year ended 3/31/2000............................ 10.12 0.43 (0.59) (0.16) (0.43) Year ended 3/31/1999............................ 10.00 0.44 0.12 0.56 (0.44) Year ended 3/31/1998............................ 9.50 0.45 0.50 0.95 (0.45) Year ended 3/31/1997............................ 9.48 0.45 0.02 0.47 (0.45) Period ended 3/31/1996*......................... 9.72 0.14 (0.24) (0.10) (0.14) Year ended 11/30/1995........................... 8.38 0.49 1.34 1.83 (0.49) INVESTOR B SHARES Six months ended 9/30/2000 (unaudited).......... $ 9.53 $0.19 $ 0.11 $ 0.30 $(0.19) Year ended 3/31/2000............................ 10.12 0.37 (0.59) (0.22) (0.37) Year ended 3/31/1999............................ 10.00 0.37 0.12 0.49 (0.37) Year ended 3/31/1998............................ 9.50 0.39 0.50 0.89 (0.39) Year ended 3/31/1997............................ 9.48 0.40 0.02 0.42 (0.40) Period ended 3/31/1996*......................... 9.72 0.14 (0.24) (0.10) (0.14) Year ended 11/30/1995........................... 8.38 0.44 1.34 1.78 (0.44) INVESTOR C SHARES Six months ended 9/30/2000 (unaudited).......... $ 9.53 $0.19 $ 0.11 $ 0.30 $(0.19) Year ended 3/31/2000............................ 10.12 0.36 (0.59) (0.23) (0.36) Year ended 3/31/1999............................ 10.00 0.37 0.12 0.49 (0.37) Year ended 3/31/1998#........................... 9.50 0.40 0.50 0.90 (0.40) Year ended 3/31/1997............................ 9.48 0.42 0.02 0.44 (0.42) Period ended 3/31/1996*......................... 9.72 0.14 (0.24) (0.10) (0.14) Year ended 11/30/1995........................... 8.38 0.44 1.34 1.78 (0.44)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 182 187 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSETS OPERATING NET INVESTMENT OPERATING NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - -------------------------------------------------------------------------------------------------- $ 9.64 3.69% $15,217 0.60%+(a) 4.94%+ 4% 1.16%+ 9.53 (1.27) 13,064 0.60 4.74 50 1.38 10.12 5.89 9,719 0.60 4.53 17 1.18 10.00 10.43 8,138 0.60(a) 4.82 30 1.02 9.50 5.29 5,550 0.60(a) 4.96 19 1.05 9.48 (0.84) 2,068 0.60+(a) 4.96+ 7 1.14+ 9.72 22.48 2,628 0.40(a) 5.42 26 1.09 $ 9.64 3.56% $ 1,773 0.85%+(a) 4.69%+ 4% 1.41%+ 9.53 (1.50) 1,853 0.83 4.51 50 1.63 10.12 5.68 2,611 0.80 4.33 17 1.43 10.00 10.22 483 0.80(a) 4.62 30 1.22 9.50 5.05 208 0.80(a) 4.76 19 1.25 9.48 (1.08) 7 0.80+(a) 4.76+ 7 1.34+ 9.72 22.25 7 0.60(a) 5.22 26 1.29 $ 9.64 3.17% $ 9,784 1.60%+(a) 3.94%+ 4% 2.16%+ 9.53 (2.19) 10,285 1.54 3.80 50 2.38 10.12 5.00 11,348 1.45 3.68 17 2.18 10.00 9.54 10,052 1.42(a) 4.00 30 1.84 9.50 4.50 10,182 1.35(a) 4.21 19 1.80 9.48 (1.09) 12,254 1.35+(a) 4.21+ 7 1.89+ 9.72 21.58 13,017 1.15(a) 4.67 26 1.84 $ 9.64 3.17% $ 55 1.60%+(a) 3.94%+ 4% 2.16%+ 9.53 (2.29) 60 1.60 3.74 50 2.38 10.12 4.97 3 1.49 3.64 17 2.18 10.00 9.64 27 1.33(a) 4.09 30 1.75 9.50 4.77 72 1.10(a) 4.46 19 1.55 9.48 (1.03) 69 1.16+(a) 4.40+ 7 1.70+ 9.72 21.59 69 1.15(a) 4.67 26 1.84
SEE NOTES TO FINANCIAL STATEMENTS. 183 188 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ---------------------------------------------------------------------------------------------- KANSAS MUNICIPAL INCOME PRIMARY A SHARES Period ended 9/30/2000* (unaudited).................. $10.00 $0.09 $0.00 $0.09 $(0.09) $0.00 INVESTOR A SHARES Period ended 9/30/2000* (unaudited).................. $10.00 $0.06 $0.00 $0.06 $(0.06) $0.00 INVESTOR B SHARES Period ended 9/30/2000* (unaudited).................. $10.00 $0.03 $0.00 $0.03 $(0.03) $0.00
- --------------- + 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. * Kansas Municipal Income Primary A, Investor A and Investor B Shares commenced operations on July 17, 2000, August 14, 2000 and August 29, 2000, respectively. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 184 189 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.09) $10.00 0.92% $120,804 0.60%+(a) 4.42%+ 5% 0.92%+ $(0.06) $10.00 0.15% $ 1,313 0.85%+(a) 4.28%+ 5% 1.17%+ $(0.03) $10.00 (0.31)% $ 248 1.60%+(a) 3.25%+ 5% 1.92%+
SEE NOTES TO FINANCIAL STATEMENTS. 185 190 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- MARYLAND INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.58 $0.25 $ 0.10 $ 0.35 $(0.25) $ -- Year ended 3/31/2000................. 11.07 0.50 (0.48) 0.02 (0.50) (0.01) Year ended 3/31/1999................. 11.01 0.50 0.06 0.56 (0.50) -- Year ended 3/31/1998................. 10.70 0.51 0.31 0.82 (0.51) -- Year ended 3/31/1997................. 10.80 0.51 (0.10) 0.41 (0.51) -- Period ended 3/31/1996*.............. 10.95 0.17 (0.15) 0.02 (0.17) -- Year ended 11/30/1995................ 10.00 0.51 0.98 1.49 (0.51) (0.03) INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.58 $0.24 $ 0.10 $ 0.34 $(0.24) $ -- Year ended 3/31/2000................. 11.07 0.47 (0.48) (0.01) (0.47) (0.01) Year ended 3/31/1999................. 11.01 0.48 0.06 0.54 (0.48) -- Year ended 3/31/1998................. 10.70 0.49 0.31 0.80 (0.49) -- Year ended 3/31/1997................. 10.80 0.48 (0.10) 0.38 (0.48) -- Period ended 3/31/1996*.............. 10.95 0.16 (0.15) 0.01 (0.16) -- Year ended 11/30/1995................ 10.00 0.48 0.98 1.46 (0.48) (0.03) INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $10.58 $0.20 $ 0.10 $ 0.30 $(0.20) $ -- Year ended 3/31/2000................. 11.07 0.40 (0.48) (0.08) (0.40) (0.01) Year ended 3/31/1999................. 11.01 0.41 0.06 0.47 (0.41) -- Year ended 3/31/1998................. 10.70 0.43 0.31 0.74 (0.43) -- Year ended 3/31/1997................. 10.80 0.45 (0.10) 0.35 (0.45) -- Period ended 3/31/1996*.............. 10.95 0.15 (0.15) 0.00 (0.15) -- Year ended 11/30/1995................ 10.00 0.45 0.98 1.43 (0.45) (0.03) INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $10.58 $0.20 $ 0.10 $ 0.30 $(0.20) $ -- Year ended 3/31/2000................. 11.07 0.39 (0.48) (0.09) (0.39) (0.01) Year ended 3/31/1999................. 11.01 0.41 0.06 0.47 (0.41) -- Year ended 3/31/1998................. 10.70 0.43 0.31 0.74 (0.43) -- Year ended 3/31/1997................. 10.80 0.45 (0.10) 0.35 (0.45) -- Period ended 3/31/1996*.............. 10.95 0.15 (0.15) 0.00 (0.15) -- Year ended 11/30/1995................ 10.00 0.45 0.98 1.43 (0.45) (0.03)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 186 191 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.25) $10.68 3.39% $173,815 0.50%+ 4.78%+ 13% 0.72%+ (0.51) 10.58 0.17 169,218 0.50 4.65 21 0.76 (0.50) 11.07 5.17 183,356 0.50 4.51 22 0.74 (0.51) 11.01 7.83 84,715 0.50 4.63 12 0.80 (0.51) 10.70 3.83 63,549 0.50(a) 4.70 10 0.78 (0.17) 10.80 0.16 61,337 0.50+(a) 4.62+ 4 0.81+ (0.54) 10.95 15.16 62,460 0.55(a) 4.76 11 0.80 $(0.24) $10.68 3.26% $ 16,952 0.75%+ 4.53%+ 13% 0.97%+ (0.48) 10.58 (0.06) 16,454 0.73 4.42 21 1.01 (0.48) 11.07 4.96 17,166 0.70 4.31 22 0.99 (0.49) 11.01 7.61 15,558 0.70 4.43 12 1.00 (0.48) 10.70 3.62 14,988 0.70(a) 4.50 10 0.98 (0.16) 10.80 0.09 19,456 0.70+(a) 4.42+ 4 1.01+ (0.51) 10.95 14.94 21,208 0.75(a) 4.56 11 1.00 $(0.20) $10.68 2.88% $ 5,375 1.50%+ 3.78%+ 13% 1.72%+ (0.41) 10.58 (0.74) 5,662 1.42 3.73 21 1.76 (0.41) 11.07 4.33 5,989 1.30 3.71 22 1.74 (0.43) 11.01 7.07 4,804 1.20 3.93 12 1.50 (0.45) 10.70 3.31 4,299 1.00(a) 4.20 10 1.28 (0.15) 10.80 (0.01) 4,500 1.00+(a) 4.12+ 4 1.31+ (0.48) 10.95 14.59 4,485 1.05(a) 4.26 11 1.30 $(0.20) $10.68 2.88% $ 266 1.50%+ 3.78%+ 13% 1.72%+ (0.40) 10.58 (0.82) 335 1.50 3.65 21 1.76 (0.41) 11.07 4.31 561 1.32 3.69 22 1.74 (0.43) 11.01 7.07 840 1.20 3.93 12 1.50 (0.45) 10.70 3.31 2,017 1.00(a) 4.20 10 1.28 (0.15) 10.80 (0.01) 2,900 1.00+(a) 4.12+ 4 1.31+ (0.48) 10.95 14.59 2,808 1.05(a) 4.26 11 1.30
SEE NOTES TO FINANCIAL STATEMENTS. 187 192 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- MARYLAND MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $9.53 $0.23 $ 0.14 $ 0.37 $(0.23) $ -- Year ended 3/31/2000#................ 9.99 0.42 (0.45) (0.03) (0.42) (0.01) Year ended 3/31/1999................. 9.94 0.43 0.05 0.48 (0.43) (0.00)## Year ended 3/31/1998................. 9.41 0.45 0.53 0.98 (0.45) -- Year ended 3/31/1997................. 9.39 0.46 0.02 0.48 (0.46) -- Period ended 3/31/1996*.............. 9.63 0.15 (0.24) (0.09) (0.15) -- Year ended 11/30/1995 8.37 0.48 1.26 1.74 (0.48) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $9.53 $0.22 $ 0.14 $ 0.36 $(0.22) $ -- Year ended 3/31/2000#................ 9.99 0.40 (0.45) (0.05) (0.40) (0.01) Year ended 3/31/1999................. 9.94 0.41 0.05 0.46 (0.41) (0.00)## Year ended 3/31/1998................. 9.41 0.43 0.53 0.96 (0.43) -- Year ended 3/31/1997................. 9.39 0.44 0.02 0.46 (0.44) -- Period ended 3/31/1996*.............. 9.63 0.14 (0.24) (0.10) (0.14) -- Year ended 11/30/1995................ 8.37 0.46 1.26 1.72 (0.46) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $9.53 $0.18 $ 0.14 $ 0.32 $(0.18) $ -- Year ended 3/31/2000#................ 9.99 0.33 (0.45) (0.12) (0.33) (0.01) Year ended 3/31/1999................. 9.94 0.35 0.05 0.40 (0.35) (0.00)## Year ended 3/31/1998................. 9.41 0.37 0.53 0.90 (0.37) -- Year ended 3/31/1997................. 9.39 0.39 0.02 0.41 (0.39) -- Period ended 3/31/1996*.............. 9.63 0.13 (0.24) (0.11) (0.13) -- Year ended 11/30/1995................ 8.37 0.41 1.26 1.67 (0.41) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $9.53 $0.18 $ 0.14 $ 0.32 $(0.18) $ -- Year ended 3/31/2000#................ 9.99 0.33 (0.45) (0.12) (0.33) (0.01) Year ended 3/31/1999................. 9.94 0.34 0.05 0.39 (0.34) (0.00)## Year ended 3/31/1998................. 9.41 0.39 0.53 0.92 (0.39) -- Year ended 3/31/1997................. 9.39 0.42 0.02 0.44 (0.42) -- Period ended 3/31/1996*.............. 9.63 0.13 (0.24) (0.11) (0.13) -- Year ended 11/30/1995................ 8.37 0.41 1.26 1.67 (0.41) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. ## Amount represents less than $0.01 per share. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 188 193 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSET NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS VALUE END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND END OF TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.23) $9.67 3.94% $17,772 0.60%+(a) 4.81%+ 18% 1.07%+ (0.43) 9.53 (0.25) 17,587 0.60 4.41 50 1.22 (0.43) 9.99 4.92 17,033 0.60 4.29 22 1.07 (0.45) 9.94 10.62 9,049 0.60 4.61 17 1.07 (0.46) 9.41 5.20 4,596 0.60 4.88 18 1.12 (0.15) 9.39 (0.95) 2,788 0.60+ 4.72+ 7 1.23+ (0.48) 9.63 21.23 2,595 0.40 5.14 11 1.26 $(0.22) $9.67 3.81% $ 1,992 0.85%+(a) 4.56%+ 18% 1.32%+ (0.41) 9.53 (0.49) 1,781 0.83 4.18 50 1.47 (0.41) 9.99 4.71 1,751 0.80 4.09 22 1.32 (0.43) 9.94 10.40 1,902 0.80 4.41 17 1.27 (0.44) 9.41 4.99 1,409 0.80 4.68 18 1.32 (0.14) 9.39 (1.01) 1,086 0.80+ 4.52+ 7 1.43+ (0.46) 9.63 20.99 1,031 0.60 4.94 11 1.46 $(0.18) $9.67 3.42% $15,984 1.60%+(a) 3.81%+ 18% 2.07%+ (0.34) 9.53 (1.19) 16,034 1.54 3.47 50 2.22 (0.35) 9.99 4.03 16,124 1.45 3.44 22 2.07 (0.37) 9.94 9.72 11,071 1.42 3.79 17 1.89 (0.39) 9.41 4.42 8,099 1.35 4.13 18 1.87 (0.13) 9.39 (1.19) 9,662 1.35+ 3.97+ 7 1.98+ (0.41) 9.63 20.33 10,002 1.15 4.39 11 2.01 $(0.18) $9.67 3.42% $ 221 1.60%+(a) 3.81%+ 18% 2.07%+ (0.34) 9.53 (1.23) 214 1.60 3.41 50 2.22 (0.34) 9.99 4.01 3 1.47 3.42 22 2.07 (0.39) 9.94 9.88 3 1.33 3.88 17 1.80 (0.42) 9.41 4.73 2 1.10 4.38 18 1.62 (0.13) 9.39 (1.13) 2 1.16+ 4.16+ 7 1.79+ (0.41) 9.63 20.29 2 1.15 4.39 11 2.01
SEE NOTES TO FINANCIAL STATEMENTS. 189 194 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited)........................ $10.21 $0.24 $ 0.08 $ 0.32 $(0.24) $ -- Year ended 3/31/2000................. 10.71 0.48 (0.48) 0.00 (0.48) (0.02) Year ended 3/31/1999................. 10.70 0.49 0.04 0.53 (0.49) (0.03) Year ended 3/31/1998................. 10.34 0.49 0.36 0.85 (0.49) -- Year ended 3/31/1997................. 10.36 0.47 (0.02) 0.45 (0.47) -- Period ended 3/31/1996*.............. 10.51 0.16 (0.15) 0.01 (0.16) -- Year ended 11/30/1995................ 9.53 0.45 0.99 1.44 (0.45)### (0.01) INVESTOR A SHARES Six months ended 9/30/2000 (unaudited)........................ $10.21 $0.23 $ 0.08 $ 0.31 $(0.23) $ -- Year ended 3/31/2000................. 10.71 0.46 (0.48) (0.02) (0.46) (0.02) Year ended 3/31/1999................. 10.70 0.47 0.04 0.51 (0.47) (0.03) Year ended 3/31/1998................. 10.34 0.47 (0.36) 0.83 (0.47) -- Year ended 3/31/1997................. 10.36 0.45 (0.02) 0.43 (0.45) -- Period ended 3/31/1996*.............. 10.51 0.15 (0.15) 0.00 (0.15) -- Year ended 11/30/1995................ 9.53 0.43 0.99 1.42 (0.43)### (0.01) INVESTOR B SHARES Six months ended 9/30/2000 (unaudited)........................ $10.21 $0.19 $ 0.07 $ 0.26 $(0.19) $ -- Year ended 3/31/2000................. 10.71 0.39 (0.48) (0.09) (0.39) (0.02) Year ended 3/31/1999................. 10.70 0.40 0.04 0.44 (0.40) (0.03) Year ended 3/31/1998................. 10.34 0.42 0.36 0.78 (0.42) -- Year ended 3/31/1997................. 10.36 0.42 (0.02) 0.40 (0.42) -- Period ended 3/31/1996*.............. 10.51 0.14 (0.15) (0.01) (0.14) -- Year ended 11/30/1995................ 9.53 0.40 0.99 1.39 (0.40)### (0.01) INVESTOR C SHARES Six months ended 9/30/2000 (unaudited)........................ $10.21 $0.19 $ 0.07 $ 0.26 $(0.19) $ -- Year ended 3/31/2000................. 10.71 0.38 (0.48) (0.10) (0.38) (0.02) Year ended 3/31/1999................. 10.70 0.42 0.02 0.44 (0.40) (0.03) Year ended 3/31/1998................. 10.34 0.42 0.36 0.78 (0.42) -- Year ended 3/31/1997................. 10.36 0.42 (0.02) 0.40 (0.42) -- Period ended 3/31/1996*.............. 10.51 0.14 (0.15) (0.01) (0.14) -- Year ended 11/30/1995................ 9.53 0.40 0.99 1.39 (0.40)### (0.01)
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. ### Amount includes distributions in excess of net investment income, which were less than $0.01 per share. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 190 195 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.24) $10.29 3.21% $178,919 0.50%+ 4.76%+ 14% 0.72%+ (0.50) 10.21 0.05 175,650 0.50(a) 4.67 19 0.76 (0.52) 10.71 5.03 193,398 0.50 4.57 16 0.71 (0.49) 10.70 8.39 179,729 0.50(a) 4.69 21 0.76 (0.47) 10.34 4.45 25,855 0.50(a) 4.57 26 0.82 (0.16) 10.36 0.05 21,161 0.50+ 4.47+ 3 0.87+ (0.46) 10.51 15.41 20,916 0.57(a) 4.47 57 0.84 $(0.23) $10.29 3.09% $ 9,951 0.75%+ 4.51%+ 14% 0.97%+ (0.48) 10.21 (0.18) 9,684 0.73(a) 4.44 19 1.01 (0.50) 10.71 4.82 10,099 0.70 4.37 16 0.96 (0.47) 10.70 8.17 8,572 0.70(a) 4.49 21 0.96 (0.45) 10.34 4.25 5,723 0.70(a) 4.37 26 1.02 (0.15) 10.36 (0.01) 7,672 0.70+ 4.27+ 3 1.07+ (0.44) 10.51 15.18 8,525 0.77(a) 4.27 57 1.04 $(0.19) $10.28 2.60% $ 5,087 1.50%+ 3.76%+ 14% 1.72%+ (0.41) 10.21 (0.87) 5,212 1.41(a) 3.76 19 1.76 (0.43) 10.71 4.20 6,671 1.30 3.77 16 1.71 (0.42) 10.70 7.64 6,859 1.20(a) 3.99 21 1.46 (0.42) 10.34 3.94 6,796 1.00(a) 4.07 26 1.32 (0.14) 10.36 (0.12) 8,102 1.00+ 3.97+ 3 1.37+ (0.41) 10.51 14.84 7,848 1.07(a) 3.97 57 1.34 $(0.19) $10.28 2.60% $ 79 1.50%+ 3.76%+ 14% 1.72%+ (0.40) 10.21 (0.95) 88 1.50(a) 3.67 19 1.76 (0.43) 10.71 4.18 109 1.31 3.76 16 1.71 (0.42) 10.70 7.64 822 1.20(a) 3.99 21 1.46 (0.42) 10.34 3.94 1,364 1.00(a) 4.07 26 1.32 (0.14) 10.36 (0.12) 1,379 1.00+ 3.97+ 3 1.37+ (0.41) 10.51 14.84 1,366 1.07(a) 3.97 57 1.34
SEE NOTES TO FINANCIAL STATEMENTS. 191 196 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) 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 ----------------------------------------------------------------------------------------- NORTH CAROLINA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000 (unaudited)........................ $ 9.52 $0.24 $ 0.10 $ 0.34 $(0.24) $ 9.62 Year ended 3/31/2000#................ 10.08 0.45 (0.56) (0.11) (0.45) 9.52 Year ended 3/31/1999................. 10.01 0.45 0.08 0.53 (0.46) 10.08 Year ended 3/31/1998................. 9.47 0.47 0.54 1.01 (0.47) 10.01 Year ended 3/31/1997................. 9.49 0.47 (0.02) 0.45 (0.47) 9.47 Period ended 3/31/1996*.............. 9.73 0.16 (0.24) (0.08) (0.16) 9.49 Year ended 11/30/1995................ 8.36 0.50 1.37 1.87 (0.50) 9.73 INVESTOR A SHARES Six months ended 9/30/2000 (unaudited)........................ $ 9.52 $0.22 $ 0.11 $ 0.33 $(0.23) $ 9.62 Year ended 3/31/2000#................ 10.08 0.43 (0.56) (0.13) (0.43) 9.52 Year ended 3/31/1999................. 10.01 0.43 0.08 0.51 (0.44) 10.08 Year ended 3/31/1998................. 9.47 0.45 0.54 (0.99) (0.45) 10.01 Year ended 3/31/1997................. 9.49 0.45 (0.02) 0.43 (0.45) 9.47 Period ended 3/31/1996*.............. 9.73 0.15 (0.24) (0.09) (0.15) 9.49 Year ended 11/30/1995................ 8.36 0.49 1.37 1.86 (0.49) 9.73 INVESTOR B SHARES Six months ended 9/30/2000 (unaudited)........................ $ 9.52 $0.19 $ 0.10 $ 0.29 $(0.19) $ 9.62 Year ended 3/31/2000#................ 10.08 0.37 (0.56) (0.19) (0.37) 9.52 Year ended 3/31/1999................. 10.01 0.38 0.07 0.45 (0.38) 10.08 Year ended 3/31/1998................. 9.47 0.39 0.54 0.93 (0.39) 10.01 Year ended 3/31/1997................. 9.49 0.40 (0.02) 0.38 (0.40) 9.47 Period ended 3/31/1996*.............. 9.73 0.13 (0.24) (0.11) (0.13) 9.49 Year ended 11/30/1995................ 8.36 0.43 1.37 1.80 (0.43) 9.73 INVESTOR C SHARES Six months ended 9/30/2000 (unaudited)........................ $ 9.51 $0.19 $ 0.11 $ 0.30 $(0.19) $ 9.62 Year ended 3/31/2000#................ 10.08 0.37 (0.57) (0.20) (0.37) 9.51 Year ended 3/31/1999................. 10.01 0.37 0.07 0.44 (0.37) 10.08 Year ended 3/31/1998#................ 9.47 0.40 0.54 0.94 0.40 10.01 Year ended 3/31/1997................. 9.49 0.42 (0.02) 0.40 (0.42) 9.47 Period ended 3/31/1996*.............. 9.73 0.14 (0.24) (0.10) (0.14) 9.49 Year ended 11/30/1995................ 8.36 0.43 1.37 1.80 (0.43) 9.73
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 192 197 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSETS OPERATING NET INVESTMENT OPERATING END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ----------------------------------------------------------------------------------------------------------- 3.58% $18,909 0.60%+(a) 4.95%+ 10% 1.04%+ (0.98) 17,787 0.60(a) 4.74 37 1.13 5.39 16,293 0.60(a) 4.57 11 1.00 10.86 6,452 0.60(a) 4.78 20 0.93 4.84 3,095 0.60(a) 4.95 28 0.94 (0.87) 1,593 0.60+ 4.86+ 22 0.99+ 22.87 1,293 0.38(a) 5.43 40 0.96 3.46% $ 2,310 0.85%+(a) 4.70%+ 10% 1.29%+ (1.20) 1,528 0.83(a) 4.51 37 1.38 5.20 1,028 0.80(a) 4.37 11 1.25 10.64 609 0.80(a) 4.58 20 1.13 4.62 594 0.80(a) 4.75 28 1.14 (0.94) 448 0.80+ 4.66+ 22 1.19+ 22.63 347 0.58(a) 5.23 40 1.16 3.07% $17,765 1.60%+(a) 3.95%+ 10% 2.04%+ (1.90) 20,207 1.54(a) 3.80 37 2.13 4.53 24,656 1.45(a) 3.72 11 2.00 9.96 25,187 1.42(a) 3.96 20 1.75 4.06 23,863 1.35(a) 4.20 28 1.69 (1.12) 28,298 1.35+ 4.11+ 22 1.74+ 21.96 30,048 1.13(a) 4.68 40 1.71 3.18% $ 55 1.60%+(a) 3.95%+ 10% 2.04%+ (1.99) 54 1.60(a) 3.74 37 2.13 4.50 3 1.47(a) 3.70 11 2.00 10.07 3 1.33(a) 4.05 20 1.66 4.32 18 1.10(a) 4.45 28 1.44 (1.04) 17 1.14+ 4.32+ 22 1.53+ 21.93 2 1.13(a) 4.68 40 1.71
SEE NOTES TO FINANCIAL STATEMENTS. 193 198 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.27 $0.26 $ 0.08 $ 0.34 $(0.26) $ -- Year ended 3/31/2000#................ 10.79 0.51 (0.51) -- (0.51) (0.01) Year ended 3/31/1999................. 10.79 0.51 0.04 0.55 (0.51) (0.04) Year ended 3/31/1998................. 10.50 0.52 0.29 0.81 (0.52) 0.00## Year ended 3/31/1997................. 10.52 0.51 (0.02) 0.49 (0.51) -- Period ended 3/31/1996*.............. 10.69 0.17 (0.17) 0.00 (0.17) -- Year ended 11/30/1995................ 9.76 0.51 0.93 1.44 (0.51) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.27 $0.25 $ 0.07 $ 0.32 $(0.24) $ -- Year ended 3/31/2000#................ 10.79 0.49 (0.51) (0.02) (0.49) (0.01) Year ended 3/31/1999................. 10.79 0.49 0.04 0.53 (0.49) (0.04) Year ended 3/31/1998................. 10.50 0.50 0.29 0.79 (0.50) 0.00## Year ended 3/31/1997................. 10.52 0.49 (0.02) 0.47 (0.49) -- Period ended 3/31/1996*.............. 10.69 0.16 (0.17) (0.01) (0.16) -- Year ended 11/30/1995................ 9.76 0.49 0.93 1.42 (0.49) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $10.27 $0.21 $ 0.08 $ 0.29 $(0.21) $ -- Year ended 3/31/2000#................ 10.79 0.41 (0.51) (0.10) (0.41) (0.01) Year ended 3/31/1999................. 10.79 0.43 0.04 0.47 (0.43) (0.04) Year ended 3/31/1998................. 10.50 0.44 0.29 0.73 (0.44) 0.00## Year ended 3/31/1997................. 10.52 0.45 (0.02) 0.43 (0.45) -- Period ended 3/31/1996*.............. 10.69 0.15 (0.17) (0.02) (0.15) -- Year ended 11/30/1995................ 9.76 0.46 0.93 1.39 (0.46) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $10.27 $0.22 $ 0.07 $ 0.29 $(0.21) $ -- Year ended 3/31/2000#................ 10.79 0.40 (0.51) (0.11) (0.40) (0.01) Year ended 3/31/1999................. 10.79 0.42 0.04 0.46 (0.42) (0.04) Year ended 3/31/1998................. 10.50 0.44 0.29 0.73 (0.44) 0.00## Year ended 3/31/1997................. 10.52 0.45 (0.02) 0.43 (0.45) -- Period ended 3/31/1996*.............. 10.69 0.15 (0.17) (0.02) (0.15) -- Year ended 11/30/1995................ 9.76 0.46 0.93 1.39 (0.46) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the average shares method. ## Amount represents less than $0.01 per share. ### Amount represents less than 0.01%. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 194 199 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.26) $10.35 3.33% $210,575 0.50%+(a) 4.99%+ 3% 0.71%+ (0.52) 10.27 0.09 204,854 0.50(a) 4.88 14 0.74 (0.55) 10.79 5.22 239,195 0.50(a) 4.75 9 0.69 (0.52) 10.79 7.88 253,090 0.50(a) 4.86 16 0.75 (0.51) 10.50 4.71 48,918 0.50(a) 4.80 13 0.79 (0.17) 10.52 0.00### 41,817 0.50+(a) 4.81+ 6 0.82+ (0.51) 10.69 15.02 45,255 0.55(a) 4.92 11 0.75 $(0.24) $10.35 3.20% $ 15,583 0.75%+(a) 4.74%+ 3% 0.96%+ (0.50) 10.27 (0.14) 17,396 0.73(a) 4.65 14 0.99 (0.53) 10.79 5.01 18,729 0.70(a) 4.55 9 0.94 (0.50) 10.79 7.67 13,945 0.70(a) 4.66 16 0.95 (0.49) 10.50 4.51 10,465 0.70(a) 4.60 13 0.99 (0.16) 10.52 (0.07) 14,288 0.70+(a) 4.61+ 6 1.02+ (0.49) 10.69 14.79 14,452 0.75(a) 4.72 11 0.95 $(0.21) $10.35 2.82% $ 6,985 1.50%+(a) 3.99%+ 3% 1.71%+ (0.42) 10.27 (0.82) 7,310 1.41(a) 3.97 14 1.74 (0.47) 10.79 4.39 8,542 1.30(a) 3.95 9 1.69 (0.44) 10.79 7.13 6,819 1.20(a) 4.16 16 1.45 (0.45) 10.50 4.19 5,738 1.00(a) 4.30 13 1.29 (0.15) 10.52 (0.17) 6,968 1.00+(a) 4.31+ 6 1.32+ (0.46) 10.69 14.45 6,457 1.05(a) 4.42 11 1.25 $(0.21) $10.35 2.82% $ 1,431 1.50%+(a) 3.99%+ 3% 1.71%+ (0.41) 10.27 (0.91) 2,755 1.50(a) 3.88 14 1.74 (0.46) 10.79 4.36 3,102 1.32(a) 3.93 9 1.69 (0.44) 10.79 7.13 2,698 1.20(a) 4.16 16 1.45 (0.45) 10.50 4.20 5,089 1.00(a) 4.30 13 1.29 (0.15) 10.52 (0.17) 5,409 1.00+(a) 4.31+ 6 1.32+ (0.46) 10.69 14.45 5,527 1.05(a) 4.42 11 1.25
SEE NOTES TO FINANCIAL STATEMENTS. 195 200 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- SOUTH CAROLINA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.75 $0.24 $ 0.13 $ 0.37 $(0.24) $ -- Year ended 3/31/2000#................ 10.30 0.46 (0.55) (0.09) (0.46) -- Year ended 3/31/1999................. 10.26 0.49 0.03 0.52 (0.48) -- Year ended 3/31/1998................. 9.79 0.49 0.47 0.96 (0.49) (0.00)## Year ended 3/31/1997................. 9.77 0.49 0.02 0.51 (0.49) -- Period ended 3/31/1996*.............. 9.99 0.17 (0.22) (0.05) (0.17) -- Year ended 11/30/1995................ 8.65 0.52 1.34 1.86 (0.52) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.75 $0.23 $ 0.13 $ 0.36 $(0.23) $ -- Year ended 3/31/2000#................ 10.30 0.45 (0.55) (0.10) (0.45) -- Year ended 3/31/1999................. 10.26 0.44 0.06 0.50 (0.46) -- Year ended 3/31/1998................. 9.79 0.47 0.47 0.94 (0.47) (0.00)## Year ended 3/31/1997................. 9.77 0.47 0.02 0.49 (0.47) -- Period ended 3/31/1996*.............. 9.99 0.16 (0.22) (0.06) (0.16) -- Year ended 11/30/1995................ 8.65 0.50 1.34 1.84 (0.50) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.75 $0.20 $ 0.13 $ 0.33 $(0.20) $ -- Year ended 3/31/2000#................ 10.30 0.38 (0.55) (0.17) (0.38) -- Year ended 3/31/1999................. 10.26 0.39 0.04 0.43 (0.39) -- Year ended 3/31/1998................. 9.79 0.40 0.47 0.87 (0.40) (0.00)## Year ended 3/31/1997................. 9.77 0.42 0.02 0.44 (0.42) -- Period ended 3/31/1996*.............. 9.99 0.14 (0.22) (0.08) (0.14) -- Year ended 11/30/1995................ 8.65 0.45 1.34 1.79 (0.45) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.75 $0.20 $ 0.13 $ 0.33 $(0.20) $ -- Year ended 3/31/2000#................ 10.30 0.38 (0.55) (0.17) (0.38) -- Year ended 3/31/1999#................ 10.26 0.39 0.04 0.43 (0.39) -- Year ended 3/31/1998................. 9.79 0.42 0.47 0.89 (0.42) (0.00)## Year ended 3/31/1997................. 9.77 0.44 0.02 0.46 (0.44) -- Period ended 3/31/1996*.............. 9.99 0.15 (0.22) (0.07) (0.15) -- Year ended 11/30/1995................ 8.65 0.45 1.34 1.79 (0.45) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. ## Amount represents less than $0.01 per share. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 196 201 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.24) $ 9.88 3.90% $26,152 0.60%+(a) 4.99%+ 0% 1.07%+ (0.46) 9.75 (0.72) 28,784 0.60(a) 4.79 71 1.28 (0.48) 10.30 5.13 12,793 0.60 4.62 3 1.18 (0.49) 10.26 10.04 9,455 0.60(a) 4.79 9 0.99 (0.49) 9.79 5.32 5,113 0.60(a) 4.99 30 1.00 (0.17) 9.77 (0.57) 2,058 0.60+(a) 4.96+ 20 1.13+ (0.52) 9.99 21.99 1,782 0.40(a) 5.44 13 1.08 $(0.23) $ 9.88 3.77% $ 1,018 0.85%+(a) 4.74%+ 0% 1.32%+ (0.45) 9.75 (0.95) 906 0.83(a) 4.56 71 1.53 (0.46) 10.30 4.92 1,060 0.80 4.42 3 1.43 (0.47) 10.26 9.82 1,517 0.80(a) 4.59 9 1.19 (0.47) 9.79 5.12 811 0.80(a) 4.79 30 1.20 (0.16) 9.77 (0.64) 1,219 0.80+(a) 4.76+ 20 1.33+ (0.50) 9.99 21.74 1,238 0.60(a) 5.24 13 1.28 $(0.20) $ 9.88 3.38% $ 8,445 1.60%+(a) 3.99%+ 0% 2.07%+ (0.38) 9.75 (1.65) 8,974 1.54(a) 3.85 71 2.28 (0.39) 10.30 4.25 10,905 1.44 3.78 3 2.18 (0.40) 10.26 9.15 10,394 1.42(a) 3.97 9 1.81 (0.42) 9.79 4.54 12,104 1.35(a) 4.24 30 1.75 (0.14) 9.77 (0.82) 12,991 1.35+(a) 4.21+ 20 1.88+ (0.45) 9.99 21.08 12,670 1.15(a) 4.69 13 1.83 $(0.20) $ 9.88 3.38% $ 43 1.60%+(a) 3.99%+ 0% 2.07%+ (0.38) 9.75 (1.71) 41 1.60(a) 3.79 71 2.28 (0.39) 10.30 4.23 77 1.44 3.78 3 2.18 (0.42) 10.26 9.29 28 1.33(a) 4.06 9 1.72 (0.44) 9.79 4.80 247 1.10(a) 4.49 30 1.50 (0.15) 9.77 (0.76) 264 1.17+(a) 4.39+ 20 1.70+ (0.45) 9.99 21.01 20 1.15(a) 4.69 13 1.83
SEE NOTES TO FINANCIAL STATEMENTS. 197 202 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ---------------------------------------------------------------------------------------------- TENNESSEE INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.91 $0.24 $ 0.08 $ 0.32 $(0.24) $ -- Year ended 3/31/2000#.......... 10.46 0.47 (0.54) (0.07) (0.47) (0.01) Year ended 3/31/1999........... 10.40 0.47 0.06 0.53 (0.47) -- Year ended 3/31/1998........... 10.08 0.47 0.32 0.79 (0.47) -- Year ended 3/31/1997........... 10.09 0.46 (0.01) 0.45 (0.46) -- Period ended 3/31/1996*........ 10.23 0.15 (0.14) 0.01 (0.15) -- Year ended 11/30/1995.......... 9.30 0.46 0.93 1.39 (0.46) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.91 $0.23 $ 0.08 $ 0.31 $(0.23) $ -- Year ended 3/31/2000#.......... 10.46 0.44 (0.54) (0.10) (0.44) (0.01) Year ended 3/31/1999........... 10.40 0.45 0.06 0.51 (0.45) -- Year ended 3/31/1998........... 10.08 0.45 0.32 0.77 (0.45) -- Year ended 3/31/1997........... 10.09 0.44 (0.01) 0.43 (0.44) -- Period ended 3/31/1996*........ 10.23 0.15 (0.14) 0.01 (0.15) -- Year ended 11/30/1995.......... 9.30 0.44 0.93 1.37 (0.44) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.91 $0.19 $ 0.08 $ 0.27 $(0.19) $ -- Year ended 3/31/2000#.......... 10.46 0.38 (0.54) (0.16) (0.38) (0.01) Year ended 3/31/1999........... 10.40 0.38 0.06 0.44 (0.38) -- Year ended 3/31/1998........... 10.08 0.40 0.32 0.72 (0.40) -- Year ended 3/31/1997........... 10.09 0.41 (0.01) 0.40 (0.41) -- Period ended 3/31/1996*........ 10.23 0.14 (0.14) 0.00 (0.14) -- Year ended 11/30/1995.......... 9.30 0.41 0.93 1.34 (0.41) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.87 $0.23 $ 0.04 $ 0.27 $(0.19) $ -- Year ended 3/31/2000#.......... 10.45 0.39 (0.57) (0.18) (0.39) (0.01) Year ended 3/31/1999........... 10.40 0.39 0.05 0.44 (0.39) -- Year ended 3/31/1998........... 10.08 0.40 0.32 0.72 (0.40) -- Year ended 3/31/1997........... 10.09 0.42 (0.01) 0.41 (0.42) -- Period ended 3/31/1996*........ 10.23 0.14 (0.14) 0.00 (0.14) -- Year ended 11/30/1995.......... 9.30 0.41 0.93 1.34 (0.41) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 198 203 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.24) $ 9.99 3.27% $38,009 0.50%+ 4.83%+ 5% 0.89%+ (0.48) 9.91 (0.67) 37,736 0.50(a) 4.62 49 0.94 (0.47) 10.46 5.18 42,826 0.50 4.48 22 0.85 (0.47) 10.40 7.99 39,091 0.50(a) 4.58 38 0.84 (0.46) 10.08 4.54 8,869 0.50(a) 4.55 28 0.93 (0.15) 10.09 0.12 8,408 0.50+ 4.51+ 3 1.02+ (0.46) 10.23 15.22 7,160 0.57(a) 4.65 34 0.92 $(0.23) $ 9.99 3.14% $ 8,226 0.75%+ 4.58%+ 5% 1.14%+ (0.45) 9.91 (0.90) 7,810 0.73(a) 4.39 49 1.19 (0.45) 10.46 4.97 9,242 0.70 4.28 22 1.10 (0.45) 10.40 7.77 8,061 0.70(a) 4.38 38 1.04 (0.44) 10.08 4.33 6,840 0.70(a) 4.35 28 1.13 (0.15) 10.09 0.06 7,439 0.70+ 4.31+ 3 1.22+ (0.44) 10.23 15.00 7,573 0.77(a) 4.45 34 1.12 $(0.19) $ 9.99 2.76% $ 1,524 1.50%+ 3.83%+ 5% 1.89%+ (0.39) 9.91 (1.58) 1,783 1.41(a) 3.71 49 1.94 (0.38) 10.46 4.34 3,007 1.30 3.68 22 1.85 (0.40) 10.40 7.24 2,924 1.20(a) 3.88 38 1.54 (0.41) 10.08 4.02 3,050 1.00(a) 4.05 28 1.43 (0.14) 10.09 (0.04) 3,528 1.00+ 4.01+ 3 1.52+ (0.41) 10.23 14.65 3,573 1.07(a) 4.15 34 1.42 $(0.19) $ 9.95 2.75% $ 3 1.50%+ 3.83%+ 5% 1.89%+ (0.40) 9.87 (1.96) 3 1.50(a) 3.62 49 1.94 (0.39) 10.45 4.28 33 1.11 3.87 22 1.85 (0.40) 10.40 7.29 3 1.20(a) 3.88 38 1.54 (0.42) 10.08 4.08 2 1.00(a) 4.05 28 1.43 (0.14) 10.09 (0.02) 2 1.00+ 4.01+ 3 1.52+ (0.41) 10.23 14.62 2 1.07(a) 4.15 34 1.42
SEE NOTES TO FINANCIAL STATEMENTS. 199 204 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) 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 ---------------------------------------------------------------------------------------------- TENNESSEE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.68 $0.25 $ 0.12 $ 0.37 $(0.24) $ 9.81 Year ended 3/31/2000#.......... 10.30 0.47 (0.62) (0.15) (0.47) 9.68 Year ended 3/31/1999........... 10.22 0.48 0.08 0.56 (0.48) 10.30 Year ended 3/31/1998........... 9.70 0.48 0.52 1.00 (0.48) 10.22 Year ended 3/31/1997........... 9.68 0.48 0.02 0.50 (0.48) 9.70 Period ended 3/31/1996*........ 9.87 0.16 (0.19) (0.03) (0.16) 9.68 Year ended 11/30/1995.......... 8.58 0.52 1.29 1.81 (0.52) 9.87 INVESTOR A SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.68 $0.22 $ 0.14 $ 0.36 $(0.23) $ 9.81 Year ended 3/31/2000#.......... 10.30 0.43 (0.62) (0.19) (0.43) 9.68 Year ended 3/31/1999#.......... 10.22 0.43 0.11 0.54 (0.46) 10.30 Year ended 3/31/1998........... 9.70 0.46 0.52 0.98 (0.46) 10.22 Year ended 3/31/1997........... 9.68 0.46 0.02 0.48 (0.46) 9.70 Period ended 3/31/1996*........ 9.87 0.15 (0.19) (0.04) (0.15) 9.68 Year ended 11/30/1995.......... 8.58 0.50 1.29 1.79 (0.50) 9.87 INVESTOR B SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.68 $0.20 $ 0.13 $ 0.33 $(0.20) $ 9.81 Year ended 3/31/2000 #......... 10.30 0.38 (0.62) (0.24) (0.38) 9.68 Year ended 3/31/1999........... 10.22 0.39 0.08 0.47 (0.39) 10.30 Year ended 3/31/1998........... 9.70 0.40 0.52 0.92 (0.40) 10.22 Year ended 3/31/1997........... 9.68 0.40 0.02 0.42 (0.40) 9.70 Period ended 3/31/1996*........ 9.87 0.14 (0.19) (0.05) (0.14) 9.68 Year ended 11/30/1995.......... 8.58 0.45 1.29 1.74 (0.45) 9.87 INVESTOR C SHARES Six months ended 9/30/2000# (unaudited).................. $ 9.68 $0.19 $ 0.14 $ 0.33 $(0.20) $ 9.81 Year ended 3/31/2000#.......... 10.30 0.36 (0.62) (0.26) (0.36) 9.68 Year ended 3/31/1999#.......... 10.22 0.38 0.09 0.47 (0.39) 10.30 Year ended 3/31/1998#.......... 9.70 0.40 0.52 0.92 (0.40) 10.22 Year ended 3/31/1997........... 9.68 0.43 0.02 0.45 (0.43) 9.70 Period ended 3/31/1996*........ 9.87 0.14 (0.19) (0.05) (0.14) 9.68 Year ended 11/30/1995.......... 8.58 0.45 1.29 1.74 (0.45) 9.87
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 200 205 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS RATIO OF AND/OR EXPENSE OPERATING REIMBURSEMENTS EXPENSES --------------- RATIO OF INCLUDING RATIO OF RATIO OF NET ASSETS OPERATING INTEREST NET INVESTMENT OPERATING END OF EXPENSES TO EXPENSE TO INCOME/(LOSS) PORTFOLIO EXPENSES TO TOTAL PERIOD AVERAGE NET AVERAGE NET TO AVERAGE TURNOVER AVERAGE RETURN++ (000) ASSETS ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------ 3.91% $4,398 0.60%+ (a) 5.01%+ 4% 1.68%+ (1.36) 5,114 0.60 -- 4.83 34 2.14 5.53 5,762 0.60 -- 4.61 40 1.55 10.45 4,559 0.60 (a) 4.74 19 1.20 5.23 2,594 0.60 (a) 4.91 31 1.24 (0.30) 975 0.60+ 0.61%+ 4.92+ 2 1.47+ 21.52 768 0.40 (a) 5.49 45 1.27 3.78% $1,677 0.85%+ (a) 4.76%+ 4% 1.93%+ (1.59) 1,357 0.83 -- 4.60 34 2.39 5.32 484 0.80 -- 4.41 40 1.80 10.23 1,440 0.80 4.54 19 1.40 5.02 1,018 0.80 (a) 4.71 31 1.44 (0.37) 973 0.80+ 0.81%+ 4.72+ 2 1.67+ 21.28 203 0.60 (a) 5.29 45 1.47 3.40% $3,680 1.60%+ (a) 4.01%+ 4% 2.68%+ (2.28) 4,001 1.54 -- 3.89 34 3.14 4.64 4,718 1.45 -- 3.76 40 2.55 9.56 4,915 1.42 (a) 3.92 19 2.02 4.45 5,319 1.35 (a) 4.16 31 1.99 (0.55) 6,761 1.35+ 1.36%+ 4.17+ 2 2.22+ 20.63 6,619 1.15 (a) 4.74 45 2.02 3.40% $ 152 1.60%+ (a) 4.01%+ 4% 2.68%+ (2.35) 143 1.60 -- 3.83 34 3.14 4.62 68 1.46 -- 3.75 40 2.55 9.65 42 1.33 (a) 4.01 19 1.93 4.71 38 1.10 (a) 4.41 31 1.74 (0.49) 37 1.18+ 1.18%+ 4.34+ 2 2.05+ 20.62 64 1.15 (a) 4.74 45 2.02
SEE NOTES TO FINANCIAL STATEMENTS. 201 206 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ---------------------------------------------------------------------------------------------- TEXAS INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited).................. $10.00 $0.25 $ 0.07 $ 0.32 $(0.25) $ -- Year ended 3/31/2000........... 10.48 0.49 (0.48) 0.01 (0.49) (0.00)## Year ended 3/31/1999........... 10.50 0.49 0.02 0.51 (0.49) (0.04) Year ended 3/31/1998........... 10.18 0.49 0.32 0.81 (0.49) -- Year ended 3/31/1997........... 10.21 0.47 (0.03) 0.44 (0.47) -- Period ended 3/31/1996*........ 10.36 0.16 (0.15) 0.01 (0.16) -- Year ended 11/30/1995.......... 9.53 0.46 0.83 1.29 (0.46) -- INVESTOR A SHARES Six months ended 9/30/2000# (unaudited).................. $10.00 $0.24 $ 0.07 $ 0.31 $(0.24) $ -- Year ended 3/31/2000........... 10.48 0.47 (0.48) (0.01) (0.47) (0.00)## Year ended 3/31/1999........... 10.50 0.47 0.02 0.49 (0.47) (0.04) Year ended 3/31/1998........... 10.18 0.47 0.32 0.79 (0.47) -- Year ended 3/31/1997........... 10.21 0.45 (0.03) 0.42 (0.45) -- Period ended 3/31/1996*........ 10.36 0.15 (0.15) 0.00 (0.15) -- Year ended 11/30/1995.......... 9.53 0.44 0.83 1.27 (0.44) -- INVESTOR B SHARES Six months ended 9/30/2000# (unaudited).................. $10.00 $0.20 $ 0.07 $ 0.27 $(0.20) $ -- Year ended 3/31/2000........... 10.48 0.40 (0.48) (0.08) (0.40) (0.00)## Year ended 3/31/1999........... 10.50 0.41 0.02 0.43 (0.41) (0.04) Year ended 3/31/1998........... 10.18 0.42 0.32 0.74 (0.42) -- Year ended 3/31/1997........... 10.21 0.42 (0.03) 0.39 (0.42) -- Period ended 3/31/1996*........ 10.36 0.14 (0.15) (0.01) (0.14) -- Year ended 11/30/1995.......... 9.53 0.41 0.83 1.24 (0.41) -- INVESTOR C SHARES Six months ended 9/30/2000# (unaudited).................. $10.00 $0.20 $ 0.07 $ 0.27 $(0.20) $ -- Year ended 3/31/2000........... 10.48 0.38 (0.48) (0.10) (0.38) (0.00)## Period ended 3/31/1999#........ 10.50 0.40 0.02 0.42 (0.40) (0.04) Year ended 3/31/1998........... 10.18 0.42 0.32 0.74 (0.42) -- Year ended 3/31/1997........... 10.21 0.42 (0.03) 0.39 (0.42) -- Period ended 3/31/1996*........ 10.36 0.14 (0.15) (0.01) (0.14) -- Year ended 11/30/1995.......... 9.53 0.41 0.83 1.24 (0.41) --
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. ## Amount represents less than $0.01 per share. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 202 207 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.25) $10.07 3.27% $293,033 0.50%+(a) 5.05%+ 3% 0.71%+ (0.49) 10.00 0.17 326,323 0.50(a) 4.84 33 0.72 (0.53) 10.48 4.98 391,431 0.50 4.66 22 0.68 (0.49) 10.50 8.09 385,770 0.50 4.74 19 0.75 (0.47) 10.18 4.37 24,764 0.50 4.59 34 0.84 (0.16) 10.21 0.05 27,176 0.50+ 4.52+ 11 0.89+ (0.46) 10.36 13.83 26,382 0.57(a) 4.62 64 0.83 $(0.24) $10.07 3.15% $ 3,498 0.75%+(a) 4.80%+ 3% 0.96%+ (0.47) 10.00 (0.06) 6,075 0.73(a) 4.61 33 0.97 (0.51) 10.48 4.77 6,909 0.70 4.46 22 0.93 (0.47) 10.50 7.87 2,666 0.70 4.54 19 0.95 (0.45) 10.18 4.17 909 0.70 4.39 34 1.04 (0.15) 10.21 (0.02) 801 0.70+ 4.32+ 11 1.09+ (0.44) 10.36 13.60 806 0.77(a) 4.42 64 1.03 $0.20 $10.07 2.76% $ 2,049 1.50%+(a) 4.05%+ 3% 1.71%+ (0.40) 10.00 (0.74) 2,005 1.42(a) 3.92 33 1.72 (0.45) 10.48 4.15 2,137 1.30 3.86 22 1.68 (0.42) 10.50 7.34 2,184 1.20 4.04 19 1.45 (0.42) 10.18 3.87 2,182 1.00 4.09 34 1.34 (0.14) 10.21 (0.12) 2,845 1.00+ 4.02+ 11 1.39+ (0.41) 10.36 13.27 3,136 1.07(a) 4.12 64 1.33 $(0.20) $10.07 2.76% $ 3 1.50%+(a) 4.05%+ 3% 1.71%+ (0.38) 10.00 (0.86) 3 1.50(a) 3.84 33 1.72 (0.44) 10.48 4.14 3 1.33 3.83 22 1.68 (0.42) 10.50 7.34 293 1.20 4.04 19 1.45 (0.42) 10.18 3.87 591 1.00 4.09 34 1.34 (0.14) 10.21 (0.12) 569 1.00+ 4.02+ 11 1.39+ (0.41) 10.36 13.27 570 1.07(a) 4.12 64 1.33
SEE NOTES TO FINANCIAL STATEMENTS. 203 208 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) 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 ----------------------------------------------------------------------------------------- TEXAS MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.56 $0.25 $ 0.08 $ 0.33 $(0.25) $ 9.64 Year ended 3/31/2000#................ 10.11 0.48 (0.55) (0.07) (0.48) 9.56 Year ended 3/31/1999................. 10.04 0.46 0.07 0.53 (0.46) 10.11 Year ended 3/31/1998#................ 9.48 0.48 0.56 1.04 (0.48) 10.04 Year ended 3/31/1997................. 9.49 0.48 (0.01) 0.47 (0.48) 9.48 Period ended 3/31/1996*.............. 9.70 0.16 (0.21) (0.05) (0.16) 9.49 Year ended 11/30/1995................ 8.39 0.50 1.31 1.81 (0.50) 9.70 INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.56 $0.24 $ 0.08 $ 0.32 $(0.24) $ 9.64 Year ended 3/31/2000#................ 10.11 0.45 (0.55) (0.10) (0.45) 9.56 Year ended 3/31/1999................. 10.04 0.44 0.07 0.51 (0.44) 10.11 Year ended 3/31/1998#................ 9.48 0.46 0.56 1.02 (0.46) 10.04 Year ended 3/31/1997................. 9.49 0.46 (0.01) 0.45 (0.46) 9.48 Period ended 3/31/1996*.............. 9.70 0.15 (0.21) (0.06) (0.15) 9.49 Year ended 11/30/1995................ 8.39 0.49 1.31 1.80 (0.49) 9.70 INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.56 $0.20 $ 0.08 $ 0.28 $(0.20) $ 9.64 Year ended 3/31/2000#................ 10.11 0.39 (0.55) (0.16) (0.39) 9.56 Year ended 3/31/1999................. 10.04 0.38 0.07 0.45 (0.38) 10.11 Year ended 3/31/1998#................ 9.48 0.39 0.56 0.95 (0.39) 10.04 Year ended 3/31/1997................. 9.49 0.40 (0.01) 0.39 (0.40) 9.48 Period ended 3/31/1996*.............. 9.70 0.13 (0.21) (0.08) (0.13) 9.49 Year ended 11/30/1995................ 8.39 0.43 1.31 1.74 (0.43) 9.70 INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $ 9.56 $0.20 $ 0.08 $ 0.28 $(0.20) $ 9.64 Year ended 3/31/2000#................ 10.11 0.38 (0.55) (0.17) (0.38) 9.56 Year ended 3/31/1999................. 10.04 0.38 0.07 0.45 (0.38) 10.11 Year ended 3/31/1998#................ 9.48 0.40 0.56 0.96 (0.40) 10.04 Year ended 3/31/1997................. 9.49 0.43 (0.01) 0.42 (0.43) 9.48 Period ended 3/31/1996*.............. 9.70 0.14 (0.21) (0.07) (0.14) 9.49 Year ended 11/30/1995................ 8.39 0.43 1.31 1.74 (0.43) 9.70
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 204 209 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF NET ASSETS OPERATING NET INVESTMENT OPERATING END OF EXPENSES TO INCOME (LOSS) PORTFOLIO EXPENSES TO TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ---------------------------------------------------------------------------------- 3.49% $ 7,570 0.60%+ 5.18%+ 0% 1.54%+ (0.63) 7,868 0.60(a) 4.95 39 1.75 5.41 9,393 0.60 4.59 34 1.25 11.12 7,615 0.60(a) 4.83 33 1.07 5.00 5,675 0.60(a) 4.99 52 1.03 (0.55) 5,138 0.60+ 4.92+ 6 1.11+ 22.09 4,613 0.39(a) 5.45 50 1.05 3.36% $ 325 0.85%+ 4.93%+ 0% 1.79%+ (0.86) 333 0.83(a) 4.72 39 2.00 5.20 401 0.80 4.39 34 1.50 10.90 419 0.80(a) 4.63 33 1.27 4.78 371 0.80(a) 4.79 52 1.23 (0.62) 317 0.80+ 4.72+ 6 1.31+ 21.85 351 0.59(a) 5.25 50 1.25 2.97% $ 5,266 1.60%+ 4.18%+ 0% 2.54%+ (1.56) 5,569 1.54(a) 4.01 39 2.75 4.53 6,828 1.45 3.74 34 2.25 10.23 8,804 1.42(a) 4.01 33 1.89 4.21 10,090 1.35(a) 4.24 52 1.78 (0.80) 11,838 1.35+ 4.17+ 6 1.86+ 21.19 12,587 1.14(a) 4.70 50 1.80 2.97% $ 85 1.60%+ 4.18%+ 0% 2.54%+ (1.62) 84 1.60(a) 3.95 39 2.75 4.51 84 1.46 3.73 34 2.25 10.31 80 1.33(a) 4.10 33 1.80 4.47 73 1.10(a) 4.49 52 1.53 (0.74) 70 1.16+ 4.36+ 6 1.67+ 21.15 70 1.14(a) 4.70 50 1.80
SEE NOTES TO FINANCIAL STATEMENTS. 205 210 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) For a share outstanding throughout each period.
NET ASSET NET REALIZED NET INCREASE/ DIVIDENDS DISTRIBUTIONS VALUE NET AND UNREALIZED (DECREASE) IN FROM NET FROM NET BEGINNING INVESTMENT GAIN/(LOSS) ON NET ASSET VALUE INVESTMENT REALIZED OF PERIOD INCOME/(LOSS) INVESTMENTS FROM OPERATIONS INCOME GAINS ----------------------------------------------------------------------------------------- VIRGINIA INTERMEDIATE MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.51 $0.25 $ 0.08 $ 0.33 $(0.25) $ -- Year ended 3/31/2000#................ 10.98 0.50 (0.47) 0.03 (0.50) (0.00)## Year ended 3/31/1999................. 10.92 0.50 0.06 0.56 (0.50) -- Year ended 3/31/1998................. 10.59 0.51 0.33 0.84 (0.51) -- Year ended 3/31/1997................. 10.69 0.51 (0.10) 0.41 (0.51) -- Period ended 3/31/1996*.............. 10.83 0.17 (0.14) 0.03 (0.17) -- Year ended 11/30/1995................ 9.94 0.51 0.89 1.40 (0.51) (0.00)## INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $10.51 $0.24 $ 0.08 $ 0.32 $(0.24) $ -- Year ended 3/31/2000#................ 10.98 0.47 (0.47) 0.00 (0.47) (0.00)## Year ended 3/31/1999#................ 10.92 0.47 0.07 0.54 (0.48) -- Year ended 3/31/1998................. 10.59 0.49 0.33 0.82 (0.49) -- Year ended 3/31/1997................. 10.69 0.49 (0.10) 0.39 (0.49) -- Period ended 3/31/1996*.............. 10.83 0.16 (0.14) 0.02 (0.16) -- Year ended 11/30/1995................ 9.94 0.49 0.89 1.38 (0.49) (0.00)## INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $10.51 $0.20 $ 0.08 $ 0.28 $(0.20) $ -- Year ended 3/31/2000#................ 10.98 0.40 (0.47) (0.07) (0.40) (0.00)## Year ended 3/31/1999................. 10.92 0.41 0.06 0.47 (0.41) -- Year ended 3/31/1998#................ 10.59 0.44 0.33 0.77 (0.44) -- Year ended 3/31/1997................. 10.69 0.46 (0.10) 0.36 (0.46) -- Period ended 3/31/1996*.............. 10.83 0.15 (0.14) 0.01 (0.15) -- Year ended 11/30/1995................ 9.94 0.46 0.89 1.35 (0.46) (0.00)## INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $10.51 $0.20 $ 0.08 $ 0.28 $(0.20) $ -- Year ended 3/31/2000#................ 10.98 0.39 (0.47) (0.08) (0.39) (0.00)## Year ended 3/31/1999#................ 10.92 0.39 0.08 0.47 (0.41) -- Year ended 3/31/1998#................ 10.59 0.44 0.33 0.77 (0.44) -- Year ended 3/31/1997................. 10.69 0.46 (0.10) 0.36 (0.46) -- Period ended 3/31/1996*.............. 10.83 0.15 (0.14) 0.01 (0.15) -- Year ended 11/30/1995................ 9.94 0.46 0.89 1.35 (0.46) (0.00)##
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. ## Amount represents less than $0.01 per share. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 206 211 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS AND/OR EXPENSE REIMBURSEMENTS --------------- RATIO OF RATIO OF RATIO OF TOTAL NET ASSETS OPERATING NET INVESTMENT OPERATING DIVIDENDS NET ASSET END OF EXPENSES TO INCOME/(LOSS) PORTFOLIO EXPENSES TO AND VALUE TOTAL PERIOD AVERAGE NET TO AVERAGE TURNOVER AVERAGE DISTRIBUTIONS END OF PERIOD RETURN++ (000) ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------------------------ $(0.25) $10.59 3.30% $244,005 0.50%+(a) 4.79%+ 7% 0.70%+ (0.50) 10.51 0.29 228,698 0.50(a) 4.66 23 0.73 (0.50) 10.98 5.21 227,299 0.50(a) 4.54 5 0.70 (0.51) 10.92 8.12 170,969 0.50(a) 4.77 21 0.74 (0.51) 10.59 3.92 148,701 0.50(a) 4.79 20 0.74 (0.17) 10.69 0.27 155,464 0.50+(a) 4.72+ 2 0.76+ (0.51) 10.83 14.39 157,252 0.56(a) 4.87 22 0.74 $(0.24) $10.59 3.17% $ 43,675 0.75%+(a) 4.54%+ 7% 0.95%+ (0.47) 10.51 0.06 46,663 0.73(a) 4.43 23 0.98 (0.48) 10.98 5.00 56,733 0.70(a) 4.34 5 0.95 (0.49) 10.92 7.91 54,080 0.70(a) 4.57 21 0.94 (0.49) 10.59 3.71 55,791 0.70(a) 4.59 20 0.94 (0.16) 10.69 0.20 68,003 0.70+(a) 4.52+ 2 0.96+ (0.49) 10.83 14.16 73,253 0.76(a) 4.67 22 0.94 $(0.20) $10.59 2.69% $ 8,663 1.50%+(a) 3.79%+ 7% 1.70%+ (0.40) 10.51 (0.63) 9,073 1.41(a) 3.75 23 1.73 (0.41) 10.98 4.38 10,296 1.30(a) 3.74 5 1.70 (0.44) 10.92 7.37 9,643 1.20(a) 4.07 21 1.44 (0.46) 10.59 3.40 10,516 1.00(a) 4.29 20 1.24 (0.15) 10.69 0.10 11,926 1.00+(a) 4.22+ 2 1.26+ (0.46) 10.83 13.82 12,163 1.06(a) 4.37 22 1.24 $(0.20) $10.59 2.69% $ 708 1.50%+(a) 3.79%+ 7% 1.70%+ (0.39) 10.51 (0.71) 759 1.50(a) 3.66 23 1.73 (0.41) 10.98 4.36 1,100 1.34(a) 3.70 5 1.70 (0.44) 10.92 7.37 1,949 1.20(a) 4.07 21 1.44 (0.46) 10.59 3.40 6,463 1.00(a) 4.29 20 1.24 (0.15) 10.69 0.10 6,909 1.00+(a) 4.22+ 2 1.26+ (0.46) 10.83 13.82 7,152 1.06(a) 4.37 22 1.24
SEE NOTES TO FINANCIAL STATEMENTS. 207 212 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) 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 ----------------------------------------------------------------------------------------- VIRGINIA MUNICIPAL BOND PRIMARY A SHARES Six months ended 9/30/2000# (unaudited)........................ $9.45 $0.24 $ 0.08 $ 0.32 $(0.24) $9.53 Year ended 3/31/2000#................ 9.99 0.46 (0.54) (0.08) (0.46) 9.45 Year ended 3/31/1999................. 9.95 0.47 0.04 0.51 (0.47) 9.99 Year ended 3/31/1998................. 9.40 0.47 0.55 1.02 (0.47) 9.95 Year ended 3/31/1997................. 9.38 0.48 0.02 0.50 (0.48) 9.40 Period ended 3/31/1996 *............. 9.62 0.16 (0.24) (0.08) (0.16) 9.38 Year ended 11/30/1995................ 8.29 0.51 1.33 1.84 (0.51) 9.62 INVESTOR A SHARES Six months ended 9/30/2000# (unaudited)........................ $9.44 $0.24 $ 0.07 $ 0.31 $(0.23) $9.52 Year ended 3/31/2000#................ 9.99 0.39 (0.55) (0.16) (0.39) 9.44 Year ended 3/31/1999#................ 9.95 0.45 0.04 0.49 (0.45) 9.99 Year ended 3/31/1998#................ 9.40 0.45 0.55 1.00 (0.45) 9.95 Year ended 3/31/1997................. 9.38 0.46 0.02 0.48 (0.46) 9.40 Period ended 3/31/1996*.............. 9.62 0.16 (0.24) (0.08) (0.16) 9.38 Year ended 11/30/1995................ 8.29 0.49 1.33 1.82 (0.49) 9.62 INVESTOR B SHARES Six months ended 9/30/2000# (unaudited)........................ $9.45 $0.20 $ 0.08 $ 0.28 $(0.20) $9.53 Year ended 3/31/2000#................ 9.99 0.38 (0.54) (0.16) (0.38) 9.45 Year ended 3/31/1999................. 9.95 0.38 0.04 0.42 (0.38) 9.99 Year ended 3/31/1998#................ 9.40 0.39 0.55 0.94 (0.39) 9.95 Year ended 3/31/1997................. 9.38 0.41 0.02 0.43 (0.41) 9.40 Period ended 3/31/1996*.............. 9.62 0.14 (0.24) (0.10) (0.14) 9.38 Year ended 11/30/1995................ 8.29 0.44 1.33 1.77 (0.44) 9.62 INVESTOR C SHARES Six months ended 9/30/2000# (unaudited)........................ $9.45 $0.20 $ 0.08 $ 0.28 $(0.20) $9.53 Year ended 3/31/2000#................ 9.99 0.38 (0.54) (0.16) (0.38) 9.45 Year ended 3/31/1999................. 9.95 0.37 0.04 0.41 (0.37) 9.99 Year ended 3/31/1998#................ 9.40 0.40 0.55 0.95 (0.40) 9.95 Year ended 3/31/1997................. 9.38 0.43 0.02 0.45 (0.43) 9.40 Period ended 3/31/1996*.............. 9.62 0.14 (0.24) (0.10) (0.14) 9.38 Year ended 11/30/1995................ 8.29 0.44 1.33 1.77 (0.44) 9.62
- --------------- + 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. * Fiscal year end changed to March 31. Prior to this, the fiscal year end was November 30. # Per share net investment income has been calculated using the monthly average shares method. (a) The effect of interest expense on the operating expense ratio was less than 0.01%. SEE NOTES TO FINANCIAL STATEMENTS. 208 213 NATIONS FUNDS FINANCIAL HIGHLIGHTS (CONTINUED)
WITHOUT WAIVERS RATIO OF AND/OR EXPENSE OPERATING REIMBURSEMENTS EXPENSES --------------- RATIO OF INCLUDING RATIO OF RATIO OF NET ASSETS OPERATING INTEREST NET INVESTMENT OPERATING END OF EXPENSES TO EXPENSE TO INCOME/(LOSS) PORTFOLIO EXPENSES TO TOTAL PERIOD AVERAGE NET AVERAGE NET TO AVERAGE TURNOVER AVERAGE RETURN++ (000) ASSETS ASSETS NET ASSETS RATE NET ASSETS - ------------------------------------------------------------------------------------------------ 3.48% $18,231 0.60%+ -- 5.16%+ 7% 1.15%+ 0.69 16,378 0.60 -- 4.87 21 1.35 5.18 12,992 0.60 (a) 4.66 11 1.11 11.11 11,026 0.59 (a) 4.86 9 0.96 5.44 5,726 0.60 (a) 5.10 37 0.98 (0.84) 3,296 0.60+ 0.61%+ 5.06+ 8 1.07+ 22.63 3,527 0.39 (a) 5.51 16 1.04 3.36% $ 468 0.85%+ -- 4.91%+ 7% 1.40%+ 1.02 590 0.83 -- 4.64 21 1.60 4.98 965 0.80 (a) 4.46 11 1.36 10.88 1,222 0.79 (a) 4.66 9 1.16 5.23 726 0.80 (a) 4.90 37 1.18 (0.91) 661 0.80+ 0.81%+ 4.86+ 8 1.27+ 22.39 650 0.59 (a) 5.31 16 1.24 2.97% $10,307 1.60%+ -- 4.16%+ 7% 2.15%+ 1.61 10,608 1.53 -- 3.94 21 2.35 4.30 13,499 1.45 (a) 3.81 11 2.11 10.21 13,082 1.41 (a) 4.04 9 1.78 4.65 13,972 1.35 (a) 4.35 37 1.73 (1.09) 15,938 1.35+ 1.36%+ 4.31+ 8 1.82+ 21.72 16,489 1.14 (a) 4.76 16 1.79 2.95% $ 3 1.60%+ -- 4.16%+ 7% 2.15%+ 1.58 3 1.60 -- 3.87 21 2.35 4.21 3 1.45 (a) 3.81 11 2.11 10.31 3 1.32 (a) 4.13 9 1.69 4.92 45 1.10 (a) 4.60 37 1.48 (1.03) 43 1.16+ 1.17%+ 4.50+ 8 1.63+ 21.71 34 1.14 (a) 4.76 16 1.79
SEE NOTES TO FINANCIAL STATEMENTS. 209 214 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) Nations Fund Trust (the "Trust"), Nations Reserves ("Reserves") and Nations Funds Trust ("Funds Trust") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. At September 30, 2000, the Trust offered thirty-four separate portfolios, Reserves offered sixteen separate portfolios and Funds Trust offered five separate portfolios. These financial statements pertain only to the municipal bond portfolios of the Trust, Reserves and Funds Trust: Short-Term Municipal Income Fund, Intermediate Municipal Bond Fund, Municipal Income Fund, California Municipal Bond Fund, Florida Intermediate Municipal Bond Fund, Florida Municipal Bond Fund, Georgia Intermediate Municipal Bond Fund, Georgia Municipal Bond Fund, Kansas Municipal Income Fund, Maryland Intermediate Municipal Bond Fund, Maryland Municipal Bond Fund, North Carolina Intermediate Municipal Bond Fund, North Carolina Municipal Bond Fund, South Carolina Intermediate Municipal Bond Fund, South Carolina Municipal Bond Fund, Tennessee Intermediate Municipal Bond Fund, Tennessee Municipal Bond Fund, Texas Intermediate Municipal Bond Fund, Texas Municipal Bond Fund, Virginia Intermediate Municipal Bond Fund and Virginia Municipal Bond Fund (each a "Fund" and collectively, the "Funds"). Financial statements for the other portfolios of the Trust, Reserves and Funds Trust are presented under separate cover. The Funds currently offer four classes of shares: Primary A Shares, Investor A Shares, Investor B Shares and Investor C Shares. Shareholders of a Fund have equal voting rights on matters affecting all shareholders of the Fund. In addition, each class of shares of a Fund has exclusive voting rights on matters that relate solely to that class and separate voting rights on matters in which the interests of one class differ from the interests of any other class. 1. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. Securities valuation: Securities are generally valued by an independent pricing service. These valuations are based upon a matrix system and/or appraisals which take into consideration such factors as yields, prices, maturities, redemption features and credit ratings on comparable securities. Certain securities may be valued based upon quotes provided by one or more principal market makers. Restricted securities, securities for which market quotations are not readily available, and certain other assets may be valued under procedures adopted by the Boards of Trustees. Short-term investments that mature in 60 days or less are valued at amortized cost, which approximates current market value. A Fund's municipal holdings may include obligations of issuers that rely in whole or in part for payment of interest and principal on state specific revenues, real property taxes, revenues from particular institutions, such as healthcare institutions, or obligations secured by mortgages on real property. Consequently, the impact of changes in state law or regulations or the economic conditions in a particular state should be considered. Securities transactions and investment income: Securities transactions are accounted for on trade date. Realized gains and losses are computed based on the specific identification of securities sold. Interest income, adjusted for accretion of discounts and amortization of premiums, is earned from settlement date and recorded on an accrual basis. Dividend income is recorded on ex-dividend date. Each Fund's investment income and realized and unrealized gains and losses are allocated among its share classes based upon the relative net assets of each class of shares. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it instructs its custodian to segregate assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Dividends and distributions to shareholders: It is the policy of each Fund to declare dividends from net investment income daily and to pay such dividends monthly. Each Fund will distribute net realized capital gains (including net short-term capital gains) at least annually after the fiscal year in which the capital gains were earned, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions on a Fund level are determined in accordance with federal income tax regulations which may differ from accounting principles generally accepted in the United States of America. 210 215 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Federal income tax: Each Fund intends to continue to qualify as a regulated investment company by complying with the applicable requirements of the Internal Revenue Code of 1986, as amended, and by distributing substantially all of its earnings to its shareholders. Therefore, no provision is made for federal income or excise taxes. Expenses: General expenses of the Trust, Reserves and Funds Trust are allocated to the Funds based upon their relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund or class of shares are charged to such Fund or class. 2. INVESTMENT ADVISORY FEE, SUB-ADVISORY FEE, ADMINISTRATION FEE AND RELATED PARTY TRANSACTIONS Each of the Trust, Reserves and Funds Trust has entered into an investment advisory agreement (the "Investment Advisory Agreements") with Banc of America Advisors, Inc. ("BAAI"), a wholly-owned subsidiary of Bank of America, N.A. ("Bank of America"), which in turn is a wholly-owned banking subsidiary of Bank of America Corporation, a bank holding company organized as a Delaware corporation, pursuant to which BAAI provides investment advisory services to the Funds. Under the terms of the Investment Advisory Agreements, BAAI is entitled to receive an advisory fee, calculated daily and payable monthly, based on the following annual rates multiplied by the average daily net assets of each Fund:
ANNUAL RATE ----------- Short-Term Municipal Income............... 0.30% Intermediate Municipal Bond and eight single-state Intermediate Municipal Bond Funds................................... 0.40% Municipal Income and ten single-state Municipal Bond Funds.................... 0.50%
Each of the Trust, Reserves and Funds Trust has entered into a sub-advisory agreement with BAAI and Banc of America Capital Management, Inc. ("BACAP"), a wholly-owned subsidiary of Bank of America, pursuant to which BACAP is entitled to receive a sub-advisory fee from BAAI at the maximum annual rate of 0.07% of each Fund's average daily net assets. Stephens Inc. ("Stephens") and BAAI serve as co-administrators of the Trust, Reserves and Funds Trust. Under the co-administration agreements, Stephens and BAAI are currently entitled to receive a combined fee, computed daily and paid monthly, at the maximum annual rate of 0.22% of each Fund's average daily net assets. The Bank of New York ("BNY") serves as sub-administrator of the Trust, Reserves and Funds Trust pursuant to agreements with BAAI. For the six months ended September 30, 2000, Stephens and BAAI earned 0.06% and 0.11%, respectively, of the Funds' average daily net assets for their co-administration services. BAAI and/or the sub-adviser and Stephens may, from time to time, reduce their fees payable by each Fund. Effective August 1, 2000, BAAI and/or the sub-adviser and Stephens agreed to reimburse expenses and/or waive fees until July 31, 2001 to the extent that total expenses (excluding shareholder servicing and distribution fees), as a percentage of the respective Fund's average daily net assets, exceed the following annual rates:
ANNUAL RATE ----------- Short-Term Municipal Income............... 0.40% Intermediate Municipal Bond and eight single-state Intermediate Municipal Bond Funds................................... 0.50% Municipal Income and ten single-state Municipal Bond Funds.................... 0.60%
BNY serves as the custodian of the Trust's, Reserves' and Funds Trust's assets. No officer, director or employee of Bank of America, BAAI or BACAP, or any affiliate thereof, receives any compensation from the Trust, Reserves and Funds Trust for serving as Trustee or Officer of the Trust, Reserves and Funds Trust. PFPC Inc. ("PFPC") serves as the transfer agent for the Funds' shares. Bank of America serves as the sub-transfer agent for the Primary A Shares of the Funds. For the six months ended September 30, 2000, Bank of America earned approximately $39,908 for providing such services. Stephens also serves as distributor of the Funds' shares. For the six months ended September 30, 2000, the Funds were informed that the distributor received $13,426 in front-end sales charges for sales of Investor A Shares and $90,019 in contingent deferred sales charges from redemption of shares which were subject to such charges. A substantial portion of these fees is paid to affiliates of Bank of America. The Trust's, Reserves' and Funds Trust's eligible Trustees may participate in non-qualified deferred compensation and retirement plans which may be terminated at any time. All benefits provided under these plans are unfunded and any payments to plan participants are paid solely out of the Funds' assets. Income earned on each plan participant's deferral account is tied to the rate of return of the eligible mutual funds selected by the participants or, if no funds are selected, to the rate of return of Nations Treasury Fund, a portfolio of Nations 211 216 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Fund, Inc., another registered investment company in the Nations Funds family. The expense for the deferred compensation and retirement plans is included in "Trustees' fees and expenses" in the Statements of operations. Certain Funds have made daily investments of cash balances in Nations Municipal Reserves, a portfolio of Reserves, pursuant to an exemptive order received from the Securities and Exchange Commission. For the six months ended September 30, 2000, the Funds earned $1,123,459 in the aggregate from such investments, which is included in interest income. A significant portion of each Fund's Primary A Shares represents investments by fiduciary accounts over which Bank of America has either sole or joint investment discretion. 3. SHAREHOLDER SERVICING AND DISTRIBUTION PLANS The Trust, Reserves and Funds Trust each has adopted shareholder servicing plans and distribution plans for the Investor A, Investor B and Investor C Shares of each Fund. The shareholder servicing plans permit the Funds to compensate or reimburse servicing agents for shareholder services provided by the servicing agents. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Funds to compensate or reimburse the distributor (and for Investor A Shares, the distributor and/or selling agents) for activities or expenses primarily intended to result in the sale of the classes' shares. Payments under the Investor A combined shareholder servicing and distribution plan are limited to 0.25% of Investor A average daily net assets. Payments under the shareholder servicing plan and distribution plan, respectively, for both Investor B and Investor C Shares are limited to 0.25% and 0.75% of each respective class's average daily net assets. Payments are made at an annual rate, as a percentage of average daily net assets, set from time to time by the Boards of Trustees, and are charged as expenses of each Fund directly to the applicable class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of Bank of America and BAAI. At September 30, 2000, the rates in effect and plan limits, as a percentage of average daily net assets, were as follows:
CURRENT PLAN RATE LIMIT ------------------ Investor A Combined Distribution and Shareholder Servicing Plan: Municipal Income and California Municipal Bond................. 0.25%* 0.25% All other Funds.................. 0.25% 0.25% Investor B and Investor C Shareholder Servicing Plans...... 0.25% 0.25% Investor B Distribution Plan: Short-Term Municipal Income...... 0.75% 0.75% Intermediate Municipal Bond and the eight single-state Intermediate Municipal Bond Funds.......................... 0.75% 0.75% Municipal Income and the eight single-state Municipal Bond Funds.......................... 0.75% 0.75% California Municipal Bond........ 0.75%** 0.75% Investor C Distribution Plan....... 0.75% 0.75%
- --------------- * Reflects a rate change effective August 1, 2000 from 0.20%. In addition, a separate shareholder servicing plan has been adopted for Investor A Shares of Short-Term Municipal Income. ** Reflects a rate change effective August 1, 2000 from 0.60%. 212 217 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 4. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, excluding long-term U.S. government securities and short-term investments, for the six months ended September 30, 2000 were as follows:
PURCHASES SALES (000) (000) -------------------- Short-Term Municipal Income...... $ 50,478 $52,439 Intermediate Municipal Bond...... 398,939 98,307 Municipal Income................. 398,875 98,854 California Municipal Bond........ 21,191 21,703 Florida Intermediate Municipal Bond........................... 8,065 14,692 Florida Municipal Bond........... 3,971 10,615 Georgia Intermediate Municipal Bond........................... 6,390 14,376 Georgia Municipal Bond........... 3,926 1,126 Kansas Municipal Income.......... 9,579 4,590 Maryland Intermediate Municipal Bond........................... 25,948 23,982 Maryland Municipal Bond.......... 6,433 7,851 North Carolina Intermediate Municipal Bond................. 32,954 25,173 North Carolina Municipal Bond.... 3,611 4,619 South Carolina Intermediate Municipal Bond................. 20,617 7,701 South Carolina Municipal Bond.... -- 3,865 Tennessee Intermediate Municipal Bond........................... 3,783 2,400 Tennessee Municipal Bond......... 380 1,065 Texas Intermediate Municipal Bond........................... 8,589 41,243 Texas Municipal Bond............. -- 1,531 Virginia Intermediate Municipal Bond........................... 26,315 18,855 Virginia Municipal Bond.......... 1,898 2,085
There were no purchases and sales of long-term U.S. government securities for the six months ended September 30, 2000. 5. SHARES OF BENEFICIAL INTEREST As of September 30, 2000, an unlimited number of shares of beneficial interest without par value were authorized for each of the Trust, Reserves and Funds Trust. The Trust's, Reserves' and Funds Trust's Declarations of Trust authorize the Boards of Trustees to classify or reclassify any authorized, but unissued shares into one or more additional classes or series of shares. See Schedules of capital stock activity. 6. LINES OF CREDIT The Trust, Reserves and Funds Trust each participate with other Nations Funds in an uncommitted line of credit provided by BNY under a line of credit agreement (the "Agreement"). Advances under the Agreement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at a specified Federal Funds rate plus 0.50% on an annualized basis. Each participating Fund maintains a ratio of no less than 4 to 1 net assets (not including amounts borrowed pursuant to the Agreement) to the aggregate amount of indebtedness pursuant to the Agreement. At September 30, 2000, there were no loans outstanding under this Agreement. For the six months ended September 30, 2000, borrowings by the Funds under the Agreement were as follows:
AVERAGE AMOUNT AVERAGE OUTSTANDING INTEREST FUND (000) RATE - ----------------------------------------------------------- Short-Term Municipal Income....... $ 5 6.43% Intermediate Municipal Bond....... 55 6.93 Municipal Income.................. 17 6.48 California Municipal Bond......... 17 7.23 Florida Intermediate Municipal Bond............................ 29 7.00 Florida Municipal Bond............ 11 6.68 Georgia Intermediate Municipal Bond............................ 2 6.92 Georgia Municipal Bond............ 3 7.04 Kansas Municipal Income........... 11 7.00 Maryland Municipal Bond........... 2 7.02 North Carolina Municipal Bond..... 13 7.02 South Carolina Intermediate Municipal Bond.................. 16 6.80 South Carolina Municipal Bond..... 8 6.88 Tennessee Municipal Bond.......... 8 6.96 Texas Intermediate Municipal Bond............................ 113 6.83 Virginia Intermediate Municipal Bond............................ 4 6.64
The average amount outstanding was calculated based on daily balances in the period. The Trust, Reserves and Funds Trust also participate with other Nations Funds in a committed line of credit provided by BNY. Interest on borrowings under the committed line is payable at a specified Federal Funds rate plus 0.50% on an annualized basis. A facility fee of 0.09% per annum of the total amounts available under the line of credit is charged, of which each Fund pays its pro rata share. This fee is paid quarterly in arrears. Each participating Fund is required to maintain an asset coverage ratio of at least 300% under the terms of the arrangement. For the six months ended September 30, 2000, there were no borrowings by the Funds under the committed line of credit. 213 218 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 7. CAPITAL LOSS CARRYFORWARD At March 31, 2000, the following Funds had available for federal income tax purposes the following unused capital losses expiring March 31:
2001 2002 2003 2004 2005 2006 2007 2008 FUND (000) (000) (000) (000) (000) (000) (000) (000) - --------------------------------------------------------------------------------------------------------------------- Short-Term Municipal Income................... -- -- -- $ 25 -- -- -- -- Intermediate Municipal Bond................... -- -- -- -- -- -- -- $2,425 Municipal Income.............................. -- -- -- -- -- -- -- 1,402 California Municipal Bond..................... -- -- -- -- -- -- -- 1,074 Florida Intermediate Municipal Bond........... -- -- -- 498 $22 -- -- 717 Georgia Intermediate Municipal Bond........... -- -- -- -- -- -- -- 516 Georgia Municipal Bond........................ -- -- $189 -- -- -- -- 258 Maryland Intermediate Municipal Bond.......... -- -- -- -- -- -- -- 209 Maryland Municipal Bond....................... -- -- -- -- -- -- -- 149 North Carolina Intermediate Municipal Bond.... -- -- -- -- -- -- -- 366 North Carolina Municipal Bond................. -- $208 425 -- -- -- $207 -- South Carolina Intermediate Municipal Bond.... -- -- -- -- -- -- -- 15 South Carolina Municipal Bond................. -- -- -- -- -- $15 -- 112 Tennessee Intermediate Municipal Bond......... -- -- -- -- -- -- -- 315 Tennessee Municipal Bond...................... -- -- 25 -- -- -- -- 63 Texas Intermediate Municipal Bond............. -- -- -- -- -- -- -- 1,036 Texas Municipal Bond.......................... -- 92 132 -- -- -- -- 83 Virginia Intermediate Municipal Bond.......... -- -- -- -- -- -- -- 232 Virginia Municipal Bond....................... -- 326 77 12 63 -- -- 139
At March 31, 2000, the following Funds utilized capital losses during the year as follows:
CAPITAL LOSSES UTILIZED FUND (000) - ------------------------------------------------------------------------------ Short-Term Municipal Income................................. $119 Florida Municipal Bond...................................... 281 North Carolina Municipal Bond............................... 27
214 219 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) Under the current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. For the year ended March 31, 2000, the following Funds elected to defer losses occurring between November 1, 1999 and March 31, 2000 under these rules:
POST-OCTOBER CAPITAL LOSSES DEFERRED FUND (000) - ------------------------------------------------------------------------------ Short-Term Municipal Income................................. $ 214 Florida Intermediate Municipal Bond......................... 325 Georgia Intermediate Municipal Bond......................... 664 Georgia Municipal Bond...................................... 521 Maryland Intermediate Municipal Bond........................ 1,488 Maryland Municipal Bond..................................... 561 Municipal Income............................................ 4,788 North Carolina Intermediate Municipal Bond.................. 786 North Carolina Municipal Bond............................... 750 South Carolina Intermediate Municipal Bond.................. 69 South Carolina Municipal Bond............................... 460 Tennessee Intermediate Municipal Bond....................... 53 Texas Intermediate Municipal Bond........................... 2,486 Texas Municipal Bond........................................ 179 Virginia Intermediate Municipal Bond........................ 1,920 Virginia Municipal Bond..................................... 93
8. REORGANIZATIONS ACQUISITION OF PACIFIC HORIZON FUNDS On May 14, 1999, the Municipal Income Fund (the "Acquiring Fund"), acquired the assets and liabilities of the Pacific Horizon National Municipal Bond Fund (the "Acquired Fund"), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders. The number and value of shares issued by the Acquiring Fund are presented in the Schedules of capital stock activity. Net assets and unrealized appreciation as of the reorganization date were as follows:
TOTAL NET ASSETS TOTAL NET ASSETS TOTAL NET ASSETS OF ACQUIRING FUND ACQUIRED FUND OF ACQUIRED FUND OF ACQUIRING FUND AFTER ACQUISITION UNREALIZED APPRECIATION (000) (000) (000) (000) ---------------------------------------------------------------------------------- $19,123 $664,545 $683,668 $621
On May 21, 1999, the California Municipal Bond Fund, a newly established portfolio, acquired the assets and liabilities of the Pacific Horizon California Municipal Bond Fund pursuant to a plan of reorganization approved by its shareholders. The acquisition was accomplished by a tax-free exchange of shares of California Municipal Bond Fund in an amount equal to the value of the outstanding shares of the Pacific Horizon California Municipal Bond Fund. The financial statements of the California Municipal Bond Fund reflect the historical financial results of the Pacific Horizon California Municipal Bond Fund prior to the reorganization.
PACIFIC HORIZON FUND SHARE CLASS CORRESPONDING RESERVES SHARE CLASS --------------------------------------------------------------------- California Municipal Bond Nations California Municipal Bond A Shares Investor A Shares B Shares Investor B Shares
215 220 NATIONS FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) CONVERSION OF COMMON TRUST FUNDS On July 14, 2000, certain Funds, as listed below (each an "Acquiring Fund"), acquired the assets of certain common trust funds, managed by Bank of America, N.A., also listed below (each an "Acquired Fund"), in a tax-free exchange for shares of the Acquiring Fund. The number and value of shares issued by the Acquiring Fund are presented in the Schedules of capital stock activity. Net assets and unrealized appreciation as of the conversion date were as follows:
TOTAL NET ASSETS TOTAL NET ASSETS TOTAL NET ASSETS OF ACQUIRING FUND ACQUIRED FUND OF ACQUIRED FUND OF ACQUIRING FUND AFTER CONVERSION UNREALIZED APPRECIATION ACQUIRING FUND ACQUIRED FUND (000) (000) (000) (000) - --------------------------------------------------------------------------------------------------------------------------- Intermediate Boatmen's Trust Company Municipal Bond Intermediate Tax-Exempt Bond Fund $203,437 $854,161 $1,057,598 $ 175 Intermediate Bank IV Kansas U.S. Tax Municipal Bond Exempt Bond Fund 24,435 854,161 878,596 74 Intermediate BCA High Grade Tax Municipal Bond Exempt Bond Fund 126,314 854,161 980,175 1,523 Municipal Boatmen's Trust Company Income Tax Exempt Bond Fund 332,899 588,608 921,507 12,881
On July 14, 2000, the Kansas Municipal Income Fund, a newly established portfolio, acquired the assets and liabilities of the Bank of America Common Trust Kansas Tax Exempt Fund, a common trust fund managed by Bank of America, N.A., pursuant to a plan of reorganization approved by its shareholders. The acquisition was accomplished by a tax-free exchange of shares of the Kansas Municipal Income Fund in an amount equal to the outstanding shares of the Bank of America Common Trust Kansas Tax Exempt Fund. 216 221 (This page intentionally left blank) 222 P.O. Box 34602 Charlotte, NC 28254-4602 Toll free 1.800.321.7854 NATIONS FUNDS MUNISAR (9/00) -----END PRIVACY-ENHANCED MESSAGE-----