DEF 14A 1 g92460ddef14a.txt NATIONS FUNDS TRUST DEFINITIVE PROXY STATEMENT SCHEDULE 14A (RULE 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] Filed by the registrant [ ] Filed by a party other than the registrant [ ] Preliminary proxy statement [X] Definitive proxy statement [ ] Definitive additional materials [ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12 ----------------------------------------------------------------------- Nations Funds Trust ----------------------------------------------------------------------- Payment of filing fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: ------------------------------------------------------------------------------ (2) Aggregate number of securities to which transaction applies: ------------------------------------------------------------------------------ (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ (4) Proposed maximum aggregate value of transaction: ------------------------------------------------------------------------------ (5) Total fee paid: ------------------------------------------------------------------------------ [ ] Fee paid previously with preliminary materials ------------------------------------------------------------------------------ [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: ------------------------------------------------------------------------------ (2) Form, Schedule or Registration Statement No.: ------------------------------------------------------------------------------ (3) Filing party: ------------------------------------------------------------------------------ (4) Date filed: ------------------------------------------------------------------------------ NATIONS FUNDS TRUST NATIONS SEPARATE ACCOUNT TRUST ONE BANK OF AMERICA PLAZA 101 SOUTH TRYON STREET CHARLOTTE, NORTH CAROLINA 28255 TELEPHONE: (888) 889-4423 NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS To Be Held on March 17, 2005 SHAREHOLDERS: PLEASE TAKE NOTE THAT special meetings of shareholders of all series of Nations Funds Trust and Nations Separate Account Trust (the "Trusts") will be held concurrently at 10:00 a.m., Eastern time, on March 17, 2005, at One Financial Center, Boston, Massachusetts, each for the purpose of considering and voting upon the following proposal, and to transact such other business as may properly come before the meetings: PROPOSAL: To elect five Trustees. Shareholders of record as of the close of business on December 17, 2004 are entitled to notice of, and to vote at, the meetings or any adjournment(s) thereof. Only shareholders of record will be permitted to attend the meetings. SHAREHOLDERS ARE REQUESTED TO MARK, DATE, SIGN AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE THE ACCOMPANYING PROXY BALLOT(S), WHICH IS (ARE) BEING SOLICITED BY THE BOARDS OF TRUSTEES OF NATIONS FUNDS TRUST AND NATIONS SEPARATE ACCOUNT TRUST. THIS IS IMPORTANT TO ENSURE A QUORUM AT THE MEETINGS. SHAREHOLDERS ALSO MAY SUBMIT THEIR PROXIES: 1) BY TELEPHONE AT THE TOLL-FREE NUMBER ON YOUR PROXY BALLOT(S); OR 2) ON-LINE AT THE WEBSITE WWW.PROXYVOTE.COM. By Order of the Boards of Trustees of Nations Funds Trust and Nations Separate Account Trust, Robert B. Carroll Secretary Dated: February 7, 2005 YOUR VOTE IS IMPORTANT TO US REGARDLESS OF THE NUMBER OF SHARES THAT YOU OWN. PLEASE VOTE BY SUBMITTING YOUR PROXY BALLOT(S) TODAY IN THE ENCLOSED POSTAGE-PAID ENVELOPE. YOU MAY ALSO SUBMIT YOUR PROXY BY A TOLL-FREE PHONE CALL OR BY VOTING ON-LINE, AS INDICATED BELOW. PROXIES MAY BE REVOKED AT ANY TIME BEFORE THEY ARE EXERCISED BY SUBMITTING A WRITTEN NOTICE OF REVOCATION OR A SUBSEQUENTLY DATED PROXY OR BY ATTENDING THE MEETINGS AND VOTING IN PERSON. TWO QUICK AND EASY WAYS TO SUBMIT YOUR PROXY* As a valued Fund shareholder, your proxy vote is important to us. That's why we've made it faster and easier to submit your proxy at your convenience, 24 hours a day. After reviewing the enclosed proxy statement select one of the following quick and easy methods to submit your proxy -- accurately and quickly. VOTE ON-LINE VOTE BY TOLL-FREE PHONE CALL 1. Read the enclosed proxy 1. Read the enclosed proxy statement and have your proxy statement and have your proxy ballot(s) at hand. ballot(s) at hand. 2. Go to Web site 2. Call the toll-free number on WWW.PROXYVOTE.COM your proxy ballot(s). 3. Enter the Control Number found 3. Enter the Control Number found on your proxy ballot(s). on your proxy ballot(s). 4. Submit your proxy using the 4. Submit your proxy using the easy-to-follow instructions. easy-to-follow instructions. --------------- * DO NOT MAIL THE PROXY BALLOT(S) IF YOU SUBMIT YOUR PROXY BY INTERNET OR TELEPHONE. 2 PROXY STATEMENT Dated February 7, 2005 NATIONS FUNDS TRUST NATIONS SEPARATE ACCOUNT TRUST ONE BANK OF AMERICA PLAZA 101 SOUTH TRYON STREET CHARLOTTE, NORTH CAROLINA 28255 TELEPHONE: (888) 889-4423 For ease of use, certain terms or names that are used in this Proxy Statement have been shortened or abbreviated. A list of these terms and their corresponding full names or definitions can be found at the end of this Proxy Statement in Appendix A. A shareholder may find it helpful to review the terms and names in Appendix A before reading the Proxy Statement. This Proxy Statement is furnished in connection with the solicitation of proxies by each Trust's Board for use at the Meetings of all of the Trusts' Funds shown on Appendix B of this Proxy Statement. The purpose of the Meetings is set forth in the accompanying Notice. The solicitation is being made primarily by the mailing of this Proxy Statement on or about February 15, 2005. Additional information about the Funds is available in their prospectuses, statements of additional information (or SAI) and annual and semi-annual reports to shareholders. The Funds' most recent annual and semi-annual reports previously have been mailed to shareholders. Additional copies of any of these documents are available without charge by writing to the address given above or by calling (888) 889-4423. All of these documents also are filed with the SEC and available on the SEC website at www.sec.gov. THE ELECTION OF A BOARD OF TRUSTEES BACKGROUND On September 3, 2003, the Office of the Attorney General for the State of New York ("NYAG") simultaneously filed and settled a complaint against Canary Capital Partners, LLC, et al. (collectively, "Canary"). The complaint alleged, among other things, that Canary engaged in activities that the NYAG characterized as "market timing" and "late trading" in certain open-end Nations Funds and other mutual funds. The NYAG later initiated a criminal action, and the SEC announced a civil action, against a former employee of Banc of America Securities LLC ("BAS"), a selling agent affiliated with BACAP and BACAP Distributors. In connection with these events, various parties have filed suit against certain Funds, the Boards and/or Bank of America (and affiliated entities and individuals). These cases have been consolidated in a multi-district proceeding and transferred to the Federal District Court in Maryland. On March 15, 2004, Bank of America (and F1eet, with which Bank of America later merged) entered into agreements in principle with the NYAG and the SEC to settle matters related to improper late trading and/or market timing of mutual funds. On February 9, 2005, the agreements in principle were finalized and BACAP, BACAP Distributors and BAS entered into an Assurance of Discontinuance with the NYAG (the "NYAG Settlement") and consented to the entry of an order by the SEC (the "SEC Settlement") (together, the "Settlements"). Fleet's subsidiaries -- Columbia Management Advisors, Inc. and Columbia Funds Distributor, Inc. ("Columbia"), which are, respectively, the investment adviser to and distributor of the Columbia Funds -- entered into similar settlements. The Settlements were finalized on substantially the same terms and conditions as outlined in the agreements in principle. Under the SEC Settlement, BACAP, BACAP Distributors and BAS agreed, among other things, to make a payment of $250 million in disgorgement and make a payment of $125 million in civil penalties and to undertake various remedial measures to ensure compliance with the federal securities laws related to certain mutual fund trading practices. Under the NYAG Settlement, BACAP, BACAP Distributors and Columbia collectively agreed to reduce Nations Funds and Columbia Funds mutual fund management fees by $32 million per year for five years, for a projected total of $160 million in management fee reductions. BACAP also agreed to advise only mutual funds that have certain enhanced corporate governance (e.g., mutual funds whose boards of trustees are comprised of at least 75% independent trustees, have an independent chairman and retain a chief compliance officer responsible for monitoring compliance by the Funds and their investment advisers with federal and state securities laws, fiduciary duties, codes of ethics and compliance policies and procedures). BACAP also agreed to retain an independent compliance consultant to, among other things, review BACAP's compliance policies and procedures; and retain an independent distribution consultant who is not unacceptable to the SEC staff and the Independent Trustees.(1) --------------- 1 Pursuant to the procedures set forth in the SEC Settlement, $375 million will be distributed in accordance with a distribution plan to be developed by the independent distribution consultant and to be based on a methodology developed in consultation with BACAP, BACAP Distributors and BAS and the Independent Trustees and found to be acceptable by the SEC staff. Although the distribution plan has not yet been formulated, it is anticipated that a significant portion of the settlement fund will be paid to shareholders or mutual funds of other mutual fund complexes who may have been harmed by the trading of the third-parties referenced in the Settlements through systems provided by BAS. As a result of these matters, or any adverse publicity or other developments resulting from them, including lawsuits brought by shareholders of the affected Funds, there may be increased redemptions or reduced sales of Fund shares, which could increase transaction costs or operating expenses, or have other adverse consequences for the Funds. 2 The Settlements also contemplate that the Boards will call special meetings of Fund shareholders for the election of new Trustees and that the seven current Trustees with the longest tenure would not stand for re-election at such meetings. Although not named in any action by the SEC or NYAG, and without admitting any wrongdoing, the Boards voluntarily undertook to implement these conditions. Two of the current Trustees who will not be standing for re-election would not be eligible to do so under the Trusts' retirement policies. At various meetings and interviews throughout 2004, the Governance Committees of the Trusts' Boards identified, and recommended to the full Boards for nomination, the five nominees identified below (the "Nominees"). Two of the Nominees are current Trustees of all three Trusts and have been for some time. Three of the Nominees were appointed, effective January 1, 2005, to the Board of Nations Funds Trust. At meetings held November 17-18, 2004, the Boards accepted the recommendations of the Governance Committees of the Funds and approved all five Nominees to stand for election to the Boards at these Meetings. OVERVIEW OF THE PROPOSAL The purpose of the proposal is to elect five Trustees to the Board of each Trust in the Nations Funds Family: Nations Funds Trust, Nations Master Investment Trust and Nations Separate Account Trust. Nations Funds Trust houses the Funds in the Nations Funds Family that are publicly offered to retail and institutional investors. Nations Master Investment Trust houses the Master Portfolios in the Nations Funds Family in which the Feeder Funds of Nations Funds Trust (and other mutual funds) invest. Nations Separate Account Trust houses the Funds that are made available for purchase through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as directly to qualified plans and certain other permitted persons. Shareholders whose Fund is housed in Nations Funds Trust will consider and vote on the nominees to the Nations Funds Trust Board. Similarly, shareholders whose Fund is housed in Nations Separate Account Trust will consider and vote on the nominees to the Nations Separate Account Trust Board. 3 SPECIAL NOTE FOR SHAREHOLDERS OF THE FEEDER FUNDS The Feeder Funds are in a master/feeder structure where corresponding Master Portfolios of Nations Master Investment Trust serve as the investment companies in which the Feeder Funds invest all of their net investable assets. Other feeder funds also own interests in the Master Portfolios, although in each case these interests amount to less than 5% of the total assets held by a Master Portfolio. The interestholders of Nations Master Investment Trust, which are primarily the Feeder Funds and other mutual funds, also will be asked to elect five Trustees to the Board of Nations Master Investment Trust. As an interestholder in a corresponding Master Portfolio, each Feeder Fund is "passing-through" the vote to Feeder Fund shareholders for the proposal relating to the Master Portfolios via this proxy solicitation, and will vote its interests in its Master Portfolio in the same proportion as Feeder Fund shareholders vote. Accordingly, shareholders of the Feeder Funds also will consider and vote on the Nominees to the Nations Master Investment Trust Board. In addition, in order to avoid confusion of terms throughout this Proxy Statement, the terms Fund and Master Portfolio are sometimes used interchangeably. Also, any approvals made by the Board of Nations Funds Trust, on behalf of the Feeder Funds, that are discussed in this Proxy Statement, also were made by the Board of Nations Master Investment Trust, on behalf of the Master Portfolios. The Nominees proposed for election to each Board (and the Board of Nations Master Investment Trust) are the same individuals. Pursuant to the provisions of the Declaration of Trust of each Trust, the number of Trustees of each Trust is fixed at a number no less than three (one in the case of Nations Funds Trust) and no greater than fifteen. There are currently thirteen seats on the Board of Nations Funds Trust and ten seats on the Board of each of Nations Separate Account Trust and Nations Master Investment Trust. Each Board has one vacancy. If, and at the time that, the five Nominees are elected at the Meetings, the number of seats on each Board would simultaneously be reduced to five. THE NOMINEES Two of the five Nominees -- William P. Carmichael and Minor M. Shaw -- are currently Trustees of each Trust and have served in that capacity continuously since elected or appointed as of the dates shown below. The other three Nominees -- Edward J. Boudreau, Jr., William A. Hawkins and R. Glenn Hilliard -- are 4 currently Trustees of only Nations Funds Trust and were appointed by the current Board effective January 1, 2005. All of the Nominees are "independent," meaning that they are not "interested" persons under the 1940 Act. All of the Nominees were recommended for selection by each Trust's Governance Committee on November 17, 2004 and were unanimously selected for inclusion in this Proxy Statement by each Trust's Board on November 18, 2004. The Boards met nine times during 2004. Correspondence intended for each Nominee may be sent c/o Nations Funds, 101 South Tryon Street, 33rd Floor, Charlotte, NC 28255.

FUNDS IN TERM OF FUND OFFICE AND PRINCIPAL OCCUPATION(S) COMPLEX LENGTH OF DURING THE PAST OVERSEEN OTHER DIRECTORSHIPS NAME, AGE AND POSITION TIME SERVED FIVE YEARS IF ELECTED HELD BY TRUSTEE ---------------------- ----------- ----------------------- ---------- ------------------- Edward J. Boudreau, Jr. Indefinite Managing Director -- 78 Trustee -- The Museum Age: 60 term; Trustee E.J. Boudreau & of Science, Boston; Current Trustee of (Nations Funds Associates Advisory Board Nations Funds Trust Trust only) (consulting), through Member -- Perennial since January current; Chairman and Capital Advisors 2005 Chief Executive Officer -- John Hancock Funds (mutual funds), from 1989 to 2000 William P. Carmichael Indefinite Retired; Senior 79 Director -- Cobra Age: 61 term; Trustee Managing Director -- Electronics Current Trustee and (all Trusts) The Succession Fund (a Corporation Chairman of the Boards since 1999 company formed to (electronic equipment (all Trusts) advise and buy family manufacturer), Rayovac owned companies), from Corp. (batteries) and 1998 through April 2001 The Finish Line (apparel); and Chairman of the Board and Director -- Hatteras Income Securities, Inc. ("Hatteras") William A. Hawkins Indefinite President, Retail 78 Vice Chairman -- San Age: 62 term; Trustee Banking -- IndyMac Gabriel Valley Red Current Trustee of (Nations Funds Bancorp, Inc., from Cross; Director -- Nations Funds Trust Trust only) September 1999 through Leadership Pasadena; since January August 2003 Director Operation 2005 Hope; Trustee -- The Chandler School R. Glenn Hilliard Indefinite Chairman and Chief 78 Director -- Conseco, Age: 61 term; Trustee Executive Officer -- Inc. (insurance), Alea Current Trustee of (Nations Funds Hilliard Group LLC Group Holdings Nations Funds Trust Trust only) (investing and (Bermuda), Ltd. since January consulting), from April (insurance), Piedmont 2005 2003 through current; Medical Center, and Chairman and Chief High Museum of Art - Executive Atlanta; and President Officer -- ING and Americas, from 1999 to Director -- Clemson April 2003; and University Foundation Executive Chairman -- Conseco, Inc. (insurance), from September 2004 through current

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FUNDS IN TERM OF FUND OFFICE AND PRINCIPAL OCCUPATION(S) COMPLEX LENGTH OF DURING THE PAST OVERSEEN OTHER DIRECTORSHIPS NAME, AGE AND POSITION TIME SERVED FIVE YEARS IF ELECTED HELD BY TRUSTEE ---------------------- ----------- ----------------------- ---------- ------------------- Minor M. Shaw Indefinite President -- Micco 78 Board Member -- Age: 57 term; Trustee Corporation and Mickel Piedmont Natural Gas; Current Trustee (all (all Trusts) Investment Group Chairman and Trusts) since 2003 Trustee -- The Daniel-Mickel Foundation of South Carolina; Vice-Chairman and Trustee -- Greenville-Spartanburg Airport Commission; Trustee -- Duke Endowment, The Hollingsworth Funds, The Belle Baruch Foundation and the South Carolina Foundation for Independent Colleges; Chairman -- Urban League of the Upstate; Board Member -- United Way of Greenville County and United Way of South Carolina

If elected, the Trustees will hold office without limit in time, or until his or her successor is elected or the Trust terminates; except that: (i) any Trustee may resign; (ii) any Trustee may be removed by a written instrument signed by at least two-thirds of the other Trustees, specifying the effective date of removal; (iii) any Trustee who requests to be retired, or has become physically or mentally incapacitated or is otherwise unable to serve fully, may be retired by a written instrument signed by a majority of the other Trustees, specifying the effective date of retirement; (iv) if required by Section 16(c) of the 1940 Act, any Trustee may be removed at any meeting of the shareholders by a vote of at least two-thirds of the outstanding shares of the Trust; and (v) the SEC Settlement contemplates that the Boards will call shareholder meetings every five years, at which shareholders will be asked to elect/re-elect Trustees. In any event, under policies currently adopted by the Boards, each Trustee must retire from service on the Boards no later than the end of the calendar year in which such Trustee reaches age 72, provided that any Trustee may continue to serve for successive annual periods thereafter upon the vote of a majority of the other Trustees. 6 BOARD COMPENSATION Trustees are compensated for their services to the Nations Funds on a complex-wide basis, and not on a per registered investment company or per fund basis, as follows:

BASE COMPENSATION ----------------- Base Retainer Fee.......................... $75,000 per year In-Person Meeting Fee...................... $7,000 per meeting (paid on a per meeting basis, even if meeting occurs over multiple days) Telephonic Meeting Fee..................... $1,000 per meeting Audit Committee Meeting Fee................ $1,000 per meeting (if not held in connection with a regularly scheduled Board meeting) Governance Committee Meeting Fee........... $1,000 per meeting (if not held in connection with a regularly scheduled Board meeting) Investment Committee Meeting Fee........... $1,000 per meeting (if not held in connection with a regularly scheduled Board meeting)

ADDITIONAL COMPENSATION ----------------------- Chairman.................................. 25% of the combined total of the base retainer fee and all meeting fees Audit Committee Chairman.................. 10% of the combined total of the base retainer fee and all meeting fees Governance Committee Chairman............. 10% of the combined total of the base retainer fee and all meeting fees Investment Committee Chairman............. 10% of the combined total of the base retainer fee and all meeting fees

COMPENSATION TABLE FOR THE FISCAL YEAR ENDED MARCH 31, 2004

PENSION OR ESTIMATED TOTAL COMPENSATION AGGREGATE RETIREMENT BENEFITS ANNUAL FROM THE NATIONS COMPENSATION ACCRUED AS PART OF BENEFITS UPON FUNDS COMPLEX PAID NAME OF NOMINEE(1) FROM THE TRUSTS(2) FUND EXPENSES RETIREMENT TO DIRECTORS(3)(4) ------------------ ------------------ ------------------- ------------- ------------------ Edward J. Boudreau, Jr. .................. n/a n/a n/a n/a William P. Carmichael... $135,853 n/a n/a $146,826 Minor M. Shaw........... $109,770 n/a n/a $120,436 R. Glenn Hilliard....... n/a n/a n/a n/a William A. Hawkins...... n/a n/a n/a n/a

--------------- (1) Only Mr. Carmichael and Ms. Shaw were Trustees during the period. Messrs. Boudreau, Hawkins and Hilliard were not Trustees during the period. (2) The Trusts include Nations Funds Trust and Nations Separate Account Trust. All Trustees receive reasonable reimbursements for expenses related to their attendance at meetings of the Board. No officer of any Trust receives direct remuneration from such Trust for serving in such capacities. (3) Mr. Carmichael received compensation from five investment companies that are deemed to be part of the Nations Funds "fund complex," as that term is defined under Item 13 of Form N-1A. Certain of those investment companies have since been de-registered under the 1940 Act. Mrs. Shaw received compensation from three investment companies deemed to be part of the Nations Funds complex. 7 (4) Total compensation amounts include deferred compensation payable to or accrued for the following Trustees in the amounts shown: William P. Carmichael -- $146,826 and Minor Mickel Shaw -- $60,269. Total compensation amounts include payments in the amounts shown to the following Trustees that have been reimbursed by BACAP relating to meetings on regulatory issues: William P. Carmichael $18,139 and Minor Mickel Shaw $12,528. BOARD COMMITTEES Each Trust's Board has an Audit Committee, a Governance Committee and an Investment Committee. Audit Committees The function of the Audit Committee is oversight. Management (which generally means the appropriate officers of a Trust, and a Fund's investment adviser(s), administrator(s) and other key service providers (other than the independent auditors)) is primarily responsible for preparing the financial statements of each Fund, and the independent registered public accounting firm is responsible for auditing those financial statements. Management is also responsible for maintaining appropriate systems for accounting and "internal controls over financial reporting" (as such term is defined in Rule 30a-3 under the 1940 Act), and the independent auditors are primarily responsible for considering such internal controls over financial reporting in connection with their financial statement audits. While the Audit Committee has the duties and powers set forth in the Audit Committee Charter, the Audit Committee is not responsible for planning or conducting any Fund audit or for determining whether a Fund's financial statements are complete and accurate and are in accordance with generally accepted accounting principles. The Audit Committee has, among other things, specific power and responsibility to: i) oversee its Funds' accounting and financial reporting processes and practices, its internal controls over financial reporting and, as appropriate, the internal controls over financial reporting of key service providers; ii) approve, and recommend to the full Board for its approval in accordance with applicable law, the selection and appointment of an independent registered public accounting firm for each Fund prior to the engagement of such independent registered public accounting firm; iii) pre-approve all audit and non-audit services provided to each Fund by its independent registered public accounting firm, directly or by establishing pre-approval policies and procedures pursuant to which such services may be rendered, provided however, that the policies and procedures are detailed as to the particular service and the Audit Committee is informed of each service, and such policies do not include the delegation to management of the Audit Committee's responsibilities under the 1934 Act or applicable rules or listing requirements; and iv) pre-approve all non-audit services provided by a Fund's independent registered public accounting firm to the Fund's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations or financial reporting 8 of the Fund. As the Audit Committee now stands, its membership includes two Trustees who are not standing for re-election. William P. Carmichael serves as a non-voting ex officio member. The Audit Committee members are all not "interested" persons (as defined in the 1940 Act). The Audit Committee met seven times in 2004. Pursuant to each Audit Committee's Charter adopted by its Board, each Audit Committee is responsible for, among other things, conferring with the Trust's independent registered public accounting firm, reviewing annual financial statements and recommending to the full Board the selection of the Trust's independent registered public accounting firm. Each Audit Committee has met with Trust management to discuss, among other things, the Funds' audited financial statements for the year ended March 31, 2004 (in the case of the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31, 2003 (in the case of the Funds of Nations Separate Account Trust). Each Audit Committee also has met with the Trust's independent registered public accounting firm and discussed with them certain matters required under SAS 61 (an accounting standard) including, but not limited to, the scope of the Funds' audit, the Funds' financial statements for the year ended March 31, 2004 (in the case of the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31, 2003 (in the case of the Funds of Nations Separate Account Trust) and the Trust's internal controls. Each Audit Committee has received the written disclosures and the letter from the Trust's independent registered public accounting firm required by Independence Standards Board Standard No. 1, as may be modified or supplemented from time to time, and has discussed with the Trust's independent registered public accounting firm, their independence from the Funds. Governance Committees The primary responsibilities of the Governance Committee include, as set forth in its charter, which is attached as Appendix C: i) generally overseeing issues of corporate governance of the Fund Companies; ii) nominating Independent Trustees; iii) addressing matters relating to compensation of Trustees who are not current directors, officers or employees of a Fund's investment adviser or sub-adviser or any control affiliate thereof ("Unaffiliated Trustees"), including deferred compensation and retirement policies; and iv) evaluating each Board and its committee structure as often as it deems necessary or desirable to determine whether each is functioning effectively. The Governance Committee shall determine the nature of the evaluation and its role therein in its sole discretion. As the Governance Committee now stands, its membership includes two Trustees who are not standing for re-election and Minor M. Shaw, a Nominee. The Governance Committee members are not "interested" persons (as defined in the 1940 Act). William P. Carmichael serves as a non-voting ex officio member. The Governance Committee met six times in 2004. 9 Investment Committees The primary responsibilities of the Investment Committee are, as set forth in its charter, to assist the Board in carrying out its oversight responsibilities in specific areas of investment management, both by acting as liaison between the full Board and the Adviser on investment matters, and by acting on behalf of the Board, on an interim basis, on investment issues in non-recurring or extraordinary circumstances when it is impractical to convene a meeting of the full Board. In carrying out these general responsibilities, the Investment Committee assists the Board in connection with issues relating to: i) the investment policies and procedures adopted for the Funds; ii) appropriate performance benchmarks and other comparative issues; iii) portfolio management staffing and other personnel issues of BACAP; iv) investment related compliance issues; v) possible exemptive applications or other relief necessary or appropriate with respect to investment matters; and vi) other investment related matters referred from time to time to the Investment Committee by the full Board. The Investment Committee reports its activities to the full Board on a regular basis and is responsible for making such recommendations with respect to the matters described above and other matters as the Investment Committee may deem necessary or appropriate. As the Investment Committee now stands, its membership includes four Trustees who are not standing for re-election. William P. Carmichael serves as a non-voting ex officio member. The Investment Committee met four times in 2004. NATIONS FUNDS DEFERRED COMPENSATION PLAN Under the terms of the Nations Funds Deferred Compensation Plan for Eligible Trustees (the "Deferred Compensation Plan"), each Trustee may elect, on an annual basis, to defer all or any portion of the annual Board fees (including the annual retainer and all attendance fees) payable to the Trustee for that calendar year. An application was submitted to and approved by the SEC to permit deferring Trustees to elect to tie the rate of return on fees deferred pursuant to the Deferred Compensation Plan to one or more of certain investment portfolios of certain Funds. Distributions from the deferring Trustees' deferral accounts will be paid in cash, in generally equal quarterly installments over a period of five years beginning on the first day of the first calendar quarter following the later of the quarter in which the Trustee attains age 65 or the quarter in which the Trustee terminates service as Trustee. The Board, in its sole discretion, may accelerate or extend such payments after a Trustee's termination of service. If a deferring Trustee dies prior to the commencement of the distribution of amounts in his deferral account, the balance of the deferral account will be distributed to the Trustee's designated beneficiary in a lump sum as soon as practicable after the Trustee's death. If a deferring Trustee dies after the commencement of such distribution, but prior to the complete distribution of the Trustee's deferral account, the balance of the amounts credited to the Trustee's deferral account will be distributed to his designated beneficiary over the remaining period during which such amounts were distributable to the Trustee. Amounts payable under the Deferred Compensation Plan are not funded or secured 10 in any way and deferring Trustees have the status of unsecured creditors of the Trusts. BENEFICIAL EQUITY OWNERSHIP INFORMATION As of December 31, 2004, Trustees and officers of the Trusts, as a group, beneficially owned less than 1% of the outstanding shares of each Trust. The table below shows, for each nominee, the amount of Fund equity securities beneficially owned by the Trustee and the aggregate value of all investments in equity securities of the Funds, stated as one of the following ranges: A = $0; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000. The Nominees did not own shares of any of the Funds as of December 31, 2004. As new Trustees of Nations Funds Trust, and if elected to the Boards of all three Trusts, the Nominees are, and would be, encouraged to purchase shares in the Funds in order to promote alignment of Trustee and shareholder interests pursuant to the current, Board-approved, Trustee Investment Policy. BENEFICIAL EQUITY OWNERSHIP IN NATIONS FUNDS FAMILY CALENDAR YEAR ENDED DECEMBER 31, 2004

AGGREGATE DOLLAR RANGE OF EQUITY DOLLAR RANGE OF EQUITY SECURITIES OF NATIONS NOMINEE SECURITIES OF A FUND FUNDS FAMILY ------- --------------------------------- --------------------- Edward J. Boudreau, Jr. ........... All Funds -- A A William P. Carmichael.............. Convertible Securities Fund -- D E High Yield Bond Fund -- D International Value Fund -- E Marsico Focused Equities Fund -- E SmallCap Index Fund -- E Small Company Fund -- E All Other Funds -- A William A. Hawkins................. All Funds -- A A R. Glenn Hilliard.................. All Funds -- A A Minor M. Shaw...................... International Value Fund -- C E LargeCap Index Fund -- C Marsico Focused Equities Fund -- C MidCap Index Fund -- C SmallCap Index Fund -- C All Other Funds -- A

OWNERSHIP OF SECURITIES OF ADVISER, DISTRIBUTOR, OR RELATED ENTITIES None of the Nominees or their immediate family members own securities of Bank of America or its subsidiaries. 11 EXECUTIVE OFFICERS The following table provides basic information about the executive officers ("Officers") of the Trusts. The address of each Officer is: c/o Nations Funds, 101 South Tryon Street, 33rd Floor, Charlotte, NC 28255.

TERM OF NAME AND AGE OFFICE AND POSITION HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S) THE TRUSTS TIME SERVED DURING THE PAST FIVE YEARS ------------------ ----------- -------------------------- Christopher L. Wilson Indefinite term; President and Chief Executive Officer -- the Age: 47 President and Chief Trusts and Hatteras, since January 2005; President and Chief Executive Officer since President -- Columbia Funds, Liberty Funds and Executive Officer January 2005 Stein Roe Funds, since October 2004; Senior Vice President -- Columbia Management Advisors, Inc., Columbia Funds Distributor, Inc. and BACAP Distributors, since January 2005; Managing Director -- BACAP, since January 2005; Director -- Columbia Funds Services, Inc., since January 2005; President and Chief Executive Officer -- CDC IXIS AM Services, Inc. (asset management), from September 1998 through August 2004; and a senior officer or director of various other Bank of America-affiliated entities, including other registered and unregistered funds. J. Kevin Connaughton Indefinite term; Treasurer and Chief Financial Officer -- the Age: 40 Treasurer and Chief Trusts and Hatteras, since January 2005; Treasurer and Chief Financial Officer since Treasurer -- Columbia Funds, since October Financial Officer January 2005 2003, and the Liberty Funds, Stein Roe Funds and Liberty All-Star Funds, since December 2000; Vice President -- Columbia Management Advisors, Inc., since April 2003; President -- Columbia Funds, Liberty Funds and Stein Roe Funds, from February 2004 to October 2004; Chief Accounting Officer and Controller -- Liberty Funds and Liberty All-Star Funds from February 1998 to October 2000; Treasurer -- Galaxy Funds, since September 2002; Treasurer, from December 2002 to December 2004, and President, from February 2004 to December 2004 -- Columbia Management Multi-Strategy Hedge Fund, LLC; Vice President -- Colonial Management Associates, Inc., from February 1998 to October 2000; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds. Mary Joan Hoene Indefinite term; Senior Senior Vice President and Chief Compliance Age: 55 Vice President and Officer -- the Trusts and Hatteras, since Senior Vice President Chief Compliance August 2004; Senior Vice President and Chief and Chief Compliance Officer since August Compliance Officer -- Columbia Funds, Liberty Officer 2004 Funds, Stein Roe Funds and Liberty All-Star Funds, since August 2004; Partner -- Carter, Ledyard & Milburn LLP, from January 2001 to August 2004; Counsel -- Carter, Ledyard & Milburn LLP, from November 1999 to December 2000; Vice President and Counsel -- Equitable Life Assurance Society of the United States, from April 1998 to November 1999; and a senior officer of various other Bank of America-affiliated entities, including other registered and unregistered funds.

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TERM OF NAME AND AGE OFFICE AND POSITION HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S) THE TRUSTS TIME SERVED DURING THE PAST FIVE YEARS ------------------ ----------- -------------------------- Robert B. Carroll Indefinite term; Secretary -- the Trusts since January 2003 and Age: 44 Secretary since January Hatteras since 1997; Chief Legal Secretary and Chief 2003, Chief Legal Officer -- each of the above entities, since Legal Officer Officer since August August 2003; Associate General Counsel -- Bank 2003 of America Corporation, since 1999; Assistant General Counsel -- Bank of America Corporation from 1996 to 1999. Michael Clarke Indefinite term; Assistant Treasurer and Chief Accounting Age: 34 Assistant Treasurer and Officer -- the Trusts and Hatteras, since Assistant Treasurer Chief Accounting January 2005; Chief Accounting and Chief Accounting Officer since January Officer -- Columbia Funds, Liberty Funds and Officer 2005 Liberty All-Star Funds, since October 2004; Controller, from May 2004 to October 2004, and Assistant Treasurer, from June 2002 to May 2004 -- Columbia Funds, Liberty Funds and Liberty All-Star Funds; Vice-President, Product Strategy & Development -- Liberty Funds Group from February 2001 to June 2002; Assistant Treasurer -- Liberty Funds and the Liberty All-Star Funds, from August 1999 to February 2001; Audit Manager -- Deloitte & Touche LLP, from May 1997 to August 1999. Jeffrey R. Coleman Indefinite term; Assistant Treasurer and Controller -- the Age: 35 Assistant Treasurer and Trusts and Hatteras, since January 2005; Assistant Treasurer Controller since Director, Financial Reporting and Fund and Controller January 2005 Treasury -- Columbia Management Group, since October 2004; Vice President -- CDC IXIS AM Services, Inc., since February 2002; Deputy Treasurer -- CDC Nvest Fund, Loomis Sayles Funds and the AEW Real Estate Income Fund, since February 2002; and Assistant Treasurer -- AEW Real Estate Income Fund, from August 2000 to February 2002.

INFORMATION ABOUT BACAP AND BACAP DISTRIBUTORS BACAP is a registered investment adviser and serves as the Funds' investment adviser. BACAP Distributors is a registered investment adviser and broker-dealer and serves as the administrator of the Funds and distributor of the Funds' shares. The principal address for BACAP and BACAP Distributors is: 101 South Tryon Street, Charlotte, North Carolina 28255. 13 VOTING MATTERS GENERAL INFORMATION This Proxy Statement is being furnished in connection with the solicitation of proxies by the Boards at the Meetings. It is expected that the solicitation of proxies will be primarily by mail. Officers and service contractors of the Trusts also may solicit proxies by telephone or otherwise. Shareholders may submit their proxy: (i) by mail, by marking, signing, dating and returning the enclosed proxy ballot in the enclosed postage-paid envelope; (ii) by phone at the toll-free number on the proxy ballot(s); or (iii) by on-line voting at www.proxyvote.com. Any shareholder submitting a proxy may revoke it at any time before it is exercised at the Meetings by submitting a written notice of revocation addressed to Nations Funds at the address shown on the cover page of this Proxy Statement, or a subsequently executed proxy or by attending the Meetings and voting in person. For Shareholders of Nations Value Portfolio, Nations Marsico 21st Century Portfolio, Nations Marsico Focused Equities Portfolio, Nations Marsico Growth Portfolio, Nations Small Company Portfolio, Nations MidCap Growth Portfolio, Nations International Value Portfolio, Nations Marsico International Opportunities Portfolio, Nations Asset Allocation Portfolio and Nations High Yield Bond Portfolio: The Hartford Life Insurance Company, AIG SunAmerica and certain other insurance companies (the "Insurance Companies") have voting rights with respect to all Fund shares held in the separate accounts, which are registered as unit investment trusts under the 1940 Act and where the Insurance Companies set aside and invest the assets of certain of its annuity contracts. To the extent required by federal securities laws or regulations, the Insurance Companies will: (i) notify each annuity contract owner ("Owner" and collectively, the "Owners") of the Meetings if the shares held for that Owner's contract may be voted; (ii) send proxy materials and a form of instructions that each Owner can use to tell its Insurance Company how to vote the Fund shares held for such contract; (iii) arrange for the handling and tallying of proxies received from Owners; (iv) vote all Fund shares attributable to such Owner's contract according to instructions received from such Owner; and (v) vote all Fund shares for which no voting instructions are received in the same proportion as shares for which instructions have been received. Only shareholders of record at the close of business on December 17, 2004 will be entitled to vote at the Meetings. On that date the shares that were outstanding and entitled to vote are shown on Appendix E. Each whole and fractional share of a Fund is entitled to a whole or fractional vote. If the accompanying proxy ballot(s) are executed and returned in time for the Meetings, the shares covered thereby will be voted in accordance with the proxy on all matters that may properly come before the Meetings. Only one copy of this Proxy Statement may be mailed to a household, even if more than one person in a household is a fund shareholder of record. If a shareholder needs an additional copy 14 of this Proxy Statement, please contact Nations Funds at (888) 889-4423. If any shareholder does not want the mailing of this Proxy Statement to be combined with those for other members of your household, please contact Nations Funds in writing at: Nations Funds, 101 South Tryon Street, 33rd Floor, Charlotte, NC 28255, or call the Nations Funds at (888) 889-4423. BACAP and/or its affiliates are expected to bear all expenses (e.g., legal, proxy preparation and solicitation costs) associated with this Proxy Statement. Those aggregate costs, for all Trusts, are anticipated to be approximately $1.9 million. QUORUM A quorum is needed for each Trust to conduct business at its Meeting. A quorum is constituted with respect to a Trust by the presence in person or by proxy of the holders of one-third of the Trust's outstanding shares entitled to vote at the Meetings. Because of the nature of the voting of the shareholders of Nations Separate Account Trust, described on page 14 of this Proxy Statement, a quorum is ensured for Nations Separate Account Trust if at least one Owner votes. For purposes of determining the presence of a quorum for transacting business at the Meetings, abstentions will be treated as shares that are present at the Meetings but which have not been voted. Accordingly, abstentions will have the effect of a "withheld" vote for purposes of obtaining the requisite approval of the proposal. Broker "non-votes" (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owners or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) will be treated the same as abstentions, which for purposes of obtaining a quorum, are treated as present. In the event that a quorum is not present at the Meetings, or in the event that a quorum is present at the Meetings but sufficient votes to approve any proposed item are not received by a Trust, one or more adjournment(s) may be proposed to permit further solicitation of proxies. Any such adjournment(s) will require the affirmative vote of a majority of those shares affected by the adjournment(s) that are represented at the Meetings in person or by proxy. If a quorum is present, the persons named as proxies will vote those proxies which they are entitled to vote FOR the particular proposal for which a quorum exists in favor of such adjournment(s), and will vote those proxies whose votes were WITHHELD, against any adjournment(s). SHAREHOLDER APPROVAL The affirmative vote of a plurality of the shares of an entire Trust voted at the Meetings is required for a Nominee to be elected as a Trustee of a Trust. The term "plurality" means that the nominees who receive the largest number of votes cast "FOR" are elected as Trustees up to the maximum number of Trustees to be elected at the Meetings, which is five. 15 Because there are five Nominees for five Board seats, a plurality vote will dictate that even one vote "FOR" a Nominee will ensure his election, assuming a quorum is present. Votes that are withheld, broker non-votes and abstentions will have no effect on the outcome of the election because Trustees will be elected by a plurality of the votes cast, as noted above. The Trusts' charter documents prohibit shareholders from cumulating their votes for the election of Trustees. PRINCIPAL SHAREHOLDERS The table contained in Appendix D shows the name, address and share ownership of each person known to the Trusts to have ownership with respect to 5% or more of a class of a Fund as of December 17, 2004. Beneficial ownership is denoted with a "B". Record ownership is denoted with an "R." For purposes of the 1940 Act, any person who owns directly or through one or more controlled companies more than 25% of the voting securities of a company is presumed to "control" such company. Accordingly, to the extent that a shareholder identified in the foregoing table is identified as the beneficial holder of more than 25% of a Fund, or is identified as the holder of record of more than 25% of a Fund and has voting and/or investment power, it may be presumed to control such Fund. As of December 17, 2004, Bank of America or affiliated entities had voting control of the Funds shown below. Accordingly, Bank of America may be considered to "control" such Fund. The address of Bank of America is: 1401 Elm Street, 11th Floor, Dallas, TX 75202-2911. Bank of America and affiliated entities that have the ability to vote shares of a Trust have notified such Trust that they intend to vote "FOR" each of the nominees. This could substantially improve the likelihood that the Nominees will be elected. Bank of America does not control any Funds of Nations Separate Account Trust.

PERCENTAGE OF FUND SHARES OVER WHICH FUND BANK OF AMERICA HAS VOTING CONTROL ---- ------------------------------------ Nations Bond Fund................................. 89% Nations California Intermediate Municipal Bond Fund............................................ 92% Nations California Municipal Bond Fund............ 48% Nations Convertible Securities Fund............... 56% Nations Florida Intermediate Municipal Bond Fund............................................ 81% Nations Florida Municipal Bond Fund............... 47% Nations Georgia Intermediate Municipal Bond Fund............................................ 75% Nations Global Value Fund......................... 27% Nations Government Securities Fund................ 52% Nations High Yield Bond Fund...................... 54% Nations Intermediate Bond Fund.................... 94% Nations Intermediate Municipal Bond Fund.......... 95% Nations International Equity Fund................. 62% Nations International Value Fund.................. 39%

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PERCENTAGE OF FUND SHARES OVER WHICH FUND BANK OF AMERICA HAS VOTING CONTROL ---- ------------------------------------ Nations Kansas Municipal Income Fund.............. 91% Nations LargeCap Enhanced Core Fund............... 71% Nations LargeCap Index Fund....................... 92% Nations LifeGoal Balanced Growth Portfolio........ 31% Nations LifeGoal Growth Portfolio................. 33% Nations Marsico 21st Century Fund................. 26% Nations Marsico International Opportunities Fund............................................ 78% Nations Maryland Intermediate Municipal Bond Fund............................................ 74% Nations MidCap Growth Fund........................ 72% Nations MidCap Index Fund......................... 97% Nations MidCap Value Fund......................... 82% Nations Municipal Income Fund..................... 91% Nations New York Tax-Exempt Reserves.............. 31% Nations North Carolina Intermediate Municipal Bond Fund............................................ 76% Nations Short-Intermediate Government Fund........ 81% Nations Short-Term Income Fund.................... 65% Nations Short-Term Municipal Income Fund.......... 80% Nations SmallCap Index Fund....................... 97% Nations Small Company Fund........................ 63% Nations SmallCap Value Fund....................... 69% Nations South Carolina Intermediate Municipal Bond Fund............................................ 79% Nations Strategic Growth Fund..................... 76% Nations Strategic Income Fund..................... 73% Nations Tax-Exempt Reserves....................... 65% Nations Tennessee Intermediate Municipal Bond Fund............................................ 61% Nations Texas Intermediate Municipal Bond Fund.... 93% Nations Value Fund................................ 56% Nations Virginia Intermediate Municipal Bond Fund............................................ 96%

Principal shareholders of each Fund and each Fund's class are required to be shown under the SEC rules governing proxy statement disclosure. However, all shares of each Trust will be voted at the Meetings in the aggregate and not by Fund or class. Shareholders who have ownership with respect to 5% or more of a class may not have ownership with respect to 5% or more of a Trust. As of December 17, 2004, the Officers and Trustees, together, owned less than 1% of any class of any Fund. ANNUAL MEETINGS AND SHAREHOLDER MEETINGS The Trusts do not presently hold annual meetings of shareholders for the election of Trustees and other business unless otherwise required by the 1940 Act. The SEC Settlement contemplates that the Boards will call meetings of sharehold- 17 ers at least every five years, at which shareholders will be asked to elect/re-elect Trustees. However, the Board's Governance Committee will consider Trustee candidates submitted by shareholders or from other sources as it deems appropriate. Any recommendation should be submitted to Nations Funds, c/o Secretary, at the principal address shown on its most current registration statement. Any submission should include, at a minimum, the following information as to each individual proposed for election as a Trustee: the name, age, business address, residence address and principal occupation or employment of such individual, the class, series and number of shares of stock of any Fund that are beneficially owned by such individual, the date such shares were acquired and the investment intent of such acquisition, whether such shareholder believes such individual would or would not qualify as an Independent Trustee, and information regarding such individual that is sufficient, in the discretion of the Governance Committee, to make such determination, and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of Trustees in an election contest (even if an election contest is not involved) or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the 1934 Act, and the rules thereunder (including such individual's written consent to being named in the proxy statement as a nominee and to serving as a Trustee (if elected)). Shareholder submissions will be considered for inclusion in the proxy statement only if submitted by a date not earlier than the 365th calendar day before, and not later than the 60th calendar day before, the date on which a Board has set a meeting date for the shareholder meeting at which the election of Trustees is to be considered. The anticipated date of the next meeting to elect Trustees is March 2010. The submission of a proposal does not guarantee its inclusion in a proxy statement and is subject to the limitations of the federal securities laws. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The firm of PricewaterhouseCoopers LLP ("PwC") has been selected as the Funds' independent registered public accounting firm to audit the Funds' financial statements for the fiscal year ended December 31, 2004 for the Funds of Nations Separate Account Trust and March 31, 2005 for the Funds of Nations Funds Trust and Nations Master Investment Trust. PwC has confirmed to the Boards' Audit Committees that they believe they are "independent" with respect to the Funds. As an independent registered public accounting firm, PwC examines and audits the Funds' annual financial statements and provides other audit-related, non-audit and tax-related services to the Funds. Representatives of PwC are not expected to be present at the Meetings, but have been given the opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. A Board's Audit Committee must pre-approve all audit and non-audit services provided by PwC to the Funds. Prior to the commencement of any audit or non- audit services to a Fund, the Audit Committee reviews the services and, with advice 18 of counsel, determines whether they are appropriate and permissible under applicable law. Each Board's Audit Committee has developed policies and procedures to, among other things, provide a framework for the Audit Committee's consideration of non-audit services provided to the Funds by PwC. The policies and procedures require that any non-audit service provided by PwC to a Fund, or to BACAP and entities controlling, controlled by, or under common control with BACAP that provide ongoing services to the Funds that relate directly to the operations or financial reporting of a Fund, are subject to the approval by the Audit Committee before such service can be provided. All such services that are expected to exceed specified amounts must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee; or (ii) by oral or written approval of the service by the Chairman of the Audit Committee (or if the Chairman is unavailable, such other member of the Audit Committee as may be designated by the Audit Committee to act in the Chairman's absence). Each Board's Audit Committee has considered the services that were not pre- approved that were provided by PwC to a Fund, or to BACAP and entities controlling, controlled by, or under common control with BACAP that provide ongoing services to the Funds that relate directly to the operations or financial reporting of a Fund, to be compatible with maintaining the independence of PwC in their audit of the Funds, taking into account representations from PwC, in accordance with ISB No. 1, regarding their independence from the Funds. AUDIT FEES In each of the last two completed fiscal years ended March 31 (for the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31 (for the Funds of Nations Separate Account Trust), the audit fees billed by PwC for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, on an aggregate basis and separately for each Fund are shown in the table below:

MARCH 31, MARCH 31, NATIONS FUNDS TRUST 2004 2003 ------------------- ---------- ---------- INTERNATIONAL/GLOBAL STOCK FUNDS Nations Global Value Fund................................... $ 36,019 $ 25,361 Nations International Equity Fund........................... 34,694 9,416 Nations International Value Fund............................ 12,356 9,416 Nations Marsico International Opportunities Fund............ 34,694 14,565

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MARCH 31, MARCH 31, NATIONS FUNDS TRUST 2004 2003 ------------------- ---------- ---------- STOCK FUNDS Nations Asset Allocation Fund............................... $ 24,726 $ 23,540 Nations Convertible Securities Fund......................... 24,726 23,540 Nations Marsico 21st Century Fund........................... 24,057 14,046 Nations Marsico Focused Equities Fund....................... 12,356 9,416 Nations Marsico Growth Fund................................. 12,356 9,416 Nations MidCap Growth Fund.................................. 24,057 23,540 Nations MidCap Value Fund................................... 25,388 23,540 Nations Small Company Fund.................................. 12,356 23,540 Nations SmallCap Value Fund................................. 25,388 14,929 Nations Strategic Growth Fund............................... 12,356 9,416 Nations Value Fund.......................................... 24,726 23,540 INDEX FUNDS Nations LargeCap Index Fund................................. 24,057 23,540 Nations LargeCap Enhanced Core Fund......................... 24,057 23,149 Nations MidCap Index Fund................................... 24,057 23,540 Nations SmallCap Index Fund................................. 24,057 23,540 LIFEGOAL PORTFOLIOS Nations LifeGoal Balanced Growth Portfolio.................. 14,392 11,334 Nations LifeGoal Growth Portfolio........................... 14,392 11,334 Nations LifeGoal Income and Growth Portfolio................ 14,392 11,334 Nations LifeGoal Income Portfolio........................... 14,392 -- GOVERNMENT & CORPORATE BOND FUNDS Nations Bond Fund........................................... 22,729 29,425 Nations Government Securities Fund.......................... 22,729 29,004 Nations High Yield Bond Fund................................ 12,356 9,416 Nations Intermediate Bond Fund.............................. 12,356 9,416 Nations Short-Intermediate Government Fund.................. 22,729 29,425 Nations Short-Term Income Fund.............................. 22,729 29,425 Nations Strategic Income Fund............................... 22,729 27,421 FIXED INCOME SECTOR PORTFOLIOS High Income Portfolio....................................... 31,045 10,316 Corporate Bond Portfolio.................................... 31,045 10,329 Mortgage- and Asset-Backed Portfolio........................ 31,045 9,865 MUNICIPAL BOND FUNDS Nations Intermediate Municipal Bond Fund.................... 22,729 29,425 Nations Municipal Income Fund............................... 22,729 29,425 Nations Short-Term Municipal Income Fund.................... 22,729 29,425 STATE MUNICIPAL BOND FUNDS Nations California Municipal Bond Fund...................... 22,729 29,425 Nations California Intermediate Municipal Bond Fund......... 24,058 20,673

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MARCH 31, MARCH 31, NATIONS FUNDS TRUST 2004 2003 ------------------- ---------- ---------- Nations Florida Intermediate Municipal Bond Fund............ $ 22,729 $ 28,809 Nations Florida Municipal Bond Fund......................... 22,729 20,789 Nations Georgia Intermediate Municipal Bond Fund............ 22,729 25,774 Nations Kansas Municipal Income Fund........................ 22,729 18,023 Nations Maryland Intermediate Municipal Bond Fund........... 22,729 28,757 Nations North Carolina Intermediate Municipal Bond Fund..... 22,729 28,703 Nations South Carolina Intermediate Municipal Bond Fund..... 22,729 28,943 Nations Tennessee Intermediate Municipal Bond Fund.......... 22,729 14,805 Nations Texas Intermediate Municipal Bond Fund.............. 22,729 29,044 Nations Virginia Intermediate Municipal Bond Fund........... 22,729 29,425 MONEY MARKET FUNDS Nations California Tax-Exempt Reserves...................... 34,558 29,425 Nations Cash Reserves....................................... 34,558 29,425 Nations Government Reserves................................. 34,558 29,425 Nations Money Market Reserves............................... 34,558 29,425 Nations Municipal Reserves.................................. 34,558 29,425 Nations New York Tax-Exempt Reserves........................ 32,330 26,893 Nations Tax-Exempt Reserves................................. 32,330 16,379 Nations Treasury Reserves................................... 34,558 29,425 TOTAL....................................................... $1,339,815 $1,190,297

MARCH 31, MARCH 31, NATIONS MASTER INVESTMENT TRUST 2004 2003 ------------------------------- --------- --------- INTERNATIONAL/GLOBAL STOCK MASTER PORTFOLIOS Nations International Equity Master Portfolio............... $ -- $ 35,310 Nations Marsico International Opportunities Master Portfolio................................................. -- -- Nations International Value Master Portfolio................ 34,694 35,310 STOCK MASTER PORTFOLIOS Nations Marsico Growth Master Portfolio..................... 24,057 23,540 Nations Marsico Focused Equities Master Portfolio........... 24,057 23,540 Nations Marsico 21st Century Master Portfolio............... -- -- Nations SmallCap Value Master Portfolio..................... -- -- Nations Small Company Master Portfolio...................... 24,057 -- Nations Strategic Growth Master Portfolio................... 24,057 23,540 GOVERNMENT & CORPORATE BOND MASTER PORTFOLIOS Nations High Yield Bond Master Portfolio.................... 22,729 29,425 High Yield Portfolio........................................ 29,375 15,749 Nations Intermediate Bond Master Portfolio.................. 22,729 29,425 TOTAL....................................................... $205,755 $215,837

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DECEMBER 31, DECEMBER 31, NATIONS SEPARATE ACCOUNT TRUST 2004 2003 ------------------------------ ------------ ------------ INTERNATIONAL STOCK PORTFOLIOS Nations International Value Portfolio...................... $ 23,738 $ 28,177 Nations Marsico International Opportunities Portfolio...... 23,738 22,717 STOCK PORTFOLIOS Nations Value Portfolio.................................... 23,738 22,301 Nations Marsico 21st Century Portfolio..................... 23,738 14,206 Nations Marsico Focused Equities Portfolio................. 23,738 22,301 Nations Marsico Growth Portfolio........................... 23,738 22,301 Nations Small Company Portfolio............................ 23,738 22,301 Nations MidCap Growth Portfolio............................ 23,858 20,695 BALANCED PORTFOLIO Nations Asset Allocation Portfolio......................... 23,738 19,179 CORPORATE BOND PORTFOLIO Nations High Yield Bond Portfolio.......................... 23,738 27,876 TOTAL...................................................... $237,500 $222,055

AUDIT-RELATED FEES Fees included in the category of "Audit-Related Fees" comprise assurance and related services (e.g., due diligence services) that are traditionally performed by a fund's independent registered public accounting firm. These services include due diligence related to fund reorganizations, accounting consultations, audits in connection with reorganizations, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards. In each of the last two completed fiscal years ended March 31 (for the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31 (for the Funds of Nations Separate Account Trust), there were no audit-related fees billed by PwC for services rendered for audit-related services to each Fund that are reasonably related to the performance of the audit or review of the Fund's financial statements, but not reported as Audit Fees. TAX FEES Fees included in the category of "Tax Fees" comprise all services performed by professional staff in PwC's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning and tax advice, which include the preparation or original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to reorganizations and requests for rulings or technical advice from tax authorities. In each of the last two completed fiscal years ended March 31 (for the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31 (for the Funds of Nations Separate Account Trust), the aggregate tax fees billed by PwC for services rendered for tax compliance, tax advice 22 and tax planning, on an aggregate basis and separately for each Fund are shown in the table below:

MARCH 31, MARCH 31, NATIONS FUNDS TRUST 2004 2003 ------------------- --------- --------- INTERNATIONAL/GLOBAL STOCK FUNDS Nations Global Value Fund................................... $ 7,861 $ 7,400 Nations International Equity Fund........................... 9,264 8,700 Nations International Value Fund............................ 9,264 8,700 Nations Marsico International Opportunities Fund............ 8,034 7,550 STOCK FUNDS Nations Asset Allocation Fund............................... 7,641 7,200 Nations Convertible Securities Fund......................... 7,641 7,200 Nations Marsico 21st Century Fund........................... 7,855 7,400 Nations Marsico Focused Equities Fund....................... 7,855 7,400 Nations Marsico Growth Fund................................. 7,855 7,400 Nations MidCap Growth Fund.................................. 7,641 7,200 Nations MidCap Value Fund................................... 7,641 7,300 Nations Small Company Fund.................................. 7,641 7,200 Nations SmallCap Value Fund................................. 7,867 7,500 Nations Strategic Growth Fund............................... 7,641 7,200 Nations Value Fund.......................................... 7,641 7,200 INDEX FUNDS Nations LargeCap Index Fund................................. 7,641 7,200 Nations LargeCap Enhanced Core Fund......................... 7,534 7,100 Nations MidCap Index Fund................................... 7,641 7,200 Nations SmallCap Index Fund................................. 7,534 7,100 LIFEGOAL PORTFOLIOS Nations LifeGoal Balanced Growth Portfolio.................. 6,660 6,300 Nations LifeGoal Growth Portfolio........................... 6,660 6,300 Nations LifeGoal Income and Growth Portfolio................ 6,805 6,300 Nations LifeGoal Income Portfolio........................... 6,660 -- GOVERNMENT & CORPORATE BOND FUNDS Nations Bond Fund........................................... 7,641 7,200 Nations Government Securities Fund.......................... 7,641 7,200 Nations High Yield Bond Fund................................ 7,855 7,400 Nations Intermediate Bond Fund.............................. 7,641 7,400 Nations Short-Intermediate Government Fund.................. 7,641 7,200 Nations Short-Term Income Fund.............................. 7,641 7,200 Nations Strategic Income Fund............................... 7,641 7,200 FIXED INCOME SECTOR PORTFOLIOS High Income Portfolio....................................... 7,867 7,500 Corporate Bond Portfolio.................................... 7,867 7,500 Mortgage- and Asset-Backed Portfolio........................ 7,867 7,500

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MARCH 31, MARCH 31, NATIONS FUNDS TRUST 2004 2003 ------------------- --------- --------- MUNICIPAL BOND FUNDS Nations Intermediate Municipal Bond Fund.................... $ 6,125 $ 5,800 Nations Municipal Income Fund............................... 6,125 5,800 Nations Short-Term Municipal Income Fund.................... 6,125 5,800 STATE MUNICIPAL BOND FUNDS Nations California Municipal Bond Fund...................... 6,125 5,800 Nations California Intermediate Municipal Bond Fund......... 7,867 7,500 Nations Florida Intermediate Municipal Bond Fund............ 6,125 5,800 Nations Florida Municipal Bond Fund......................... 6,125 5,800 Nations Georgia Intermediate Municipal Bond Fund............ 6,125 5,800 Nations Kansas Municipal Income Fund........................ 6,125 5,800 Nations Maryland Intermediate Municipal Bond Fund........... 6,125 5,800 Nations North Carolina Intermediate Municipal Bond Fund..... 6,125 5,800 Nations South Carolina Intermediate Municipal Bond Fund..... 6,125 5,800 Nations Tennessee Intermediate Municipal Bond Fund.......... 6,125 5,800 Nations Texas Intermediate Municipal Bond Fund.............. 6,125 5,800 Nations Virginia Intermediate Municipal Bond Fund........... 6,125 5,800 MONEY MARKET FUNDS Nations California Tax-Exempt Reserves...................... 5,269 5,000 Nations Cash Reserves....................................... 5,269 5,000 Nations Government Reserves................................. 5,269 5,000 Nations Money Market Reserves............................... 5,269 5,000 Nations Municipal Reserves.................................. 5,269 5,000 Nations New York Tax-Exempt Reserves........................ 5,269 5,000 Nations Tax-Exempt Reserves................................. 5,376 5,000 Nations Treasury Reserves................................... 5,269 5,000 TOTAL....................................................... $389,655 $362,050

MARCH 31, MARCH 31, NATIONS MASTER INVESTMENT TRUST 2004 2003 ------------------------------- --------- --------- INTERNATIONAL/GLOBAL STOCK MASTER PORTFOLIOS Nations International Equity Master Portfolio............... $ -- $ -- Nations Marsico International Opportunities Master Portfolio................................................. -- -- Nations International Value Master Portfolio................ 5,898 5,564 STOCK MASTER PORTFOLIOS Nations Marsico Growth Master Portfolio..................... 5,898 5,564 Nations Marsico Focused Equities Master Portfolio........... 5,898 5,564 Nations Marsico 21st Century Master Portfolio............... -- -- Nations SmallCap Value Master Portfolio..................... -- -- Nations Small Company Master Portfolio...................... 5,898 -- Nations Strategic Growth Master Portfolio................... 5,898 5,564

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MARCH 31, MARCH 31, NATIONS MASTER INVESTMENT TRUST 2004 2003 ------------------------------- --------- --------- GOVERNMENT & CORPORATE BOND MASTER PORTFOLIOS Nations High Yield Bond Master Portfolio.................... $ 5,898 $ 5,564 High Yield Portfolio........................................ 6,011 5,671 Nations Intermediate Bond Master Portfolio.................. 5,898 5,564 TOTAL....................................................... $ 47,297 $ 39,055

DECEMBER 31, DECEMBER 31, NATIONS SEPARATE ACCOUNT TRUST 2004 2003 ------------------------------ ------------ ------------ INTERNATIONAL STOCK PORTFOLIOS Nations International Value Portfolio...................... $ 7,350 $ 6,760 Nations Marsico International Opportunities Portfolio...... 7,350 6,760 STOCK PORTFOLIOS Nations Value Portfolio.................................... 7,350 6,760 Nations Marsico 21st Century Portfolio..................... 7,350 6,760 Nations Marsico Focused Equities Portfolio................. 7,350 6,760 Nations Marsico Growth Portfolio........................... 7,350 6,760 Nations Small Company Portfolio............................ 7,350 6,760 Nations MidCap Growth Portfolio............................ 7,350 6,860 BALANCED PORTFOLIO Nations Asset Allocation Portfolio......................... 7,350 6,760 CORPORATE BOND PORTFOLIO Nations High Yield Bond Portfolio.......................... 7,350 6,760 TOTAL...................................................... $ 73,500 $ 67,700

25 ALL OTHER FEES Fees included in the category of "All Other Fees" comprise services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems and other tax services unrelated to the Funds. In each of the last two completed fiscal years ended March 31 (for the Funds of Nations Funds Trust and Nations Master Investment Trust) and December 31 (for the Funds of Nations Separate Account Trust), there were no such fees. All Audit-Related Fees, Tax Fees and All Other Fees, if any, that were required to be approved by Rule 2-01 of Regulation S-X, were so approved by the Audit Committees. The percentage of hours expensed on PwC's engagement to audit the Funds' financial statements for their most recent fiscal years that were attributed to work performed by persons other than PwC's full-time, permanent employees is 0%. The aggregate non-audit fees billed by PwC for services rendered to the Funds, BACAP, Bank of America, N.A. and Bank of America (and Columbia Management Group and FleetBoston Financial Corporation (for periods after April 1, 2004)) for the years ended December 31, 2004 and December 31, 2003 were $23.5 million and $14.7 million respectively. OTHER BUSINESS The Board knows of no other business to be brought before the Meetings. However, if any other matters properly come before the Meetings, it is the intention that proxies which do not contain specific restrictions to the contrary will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy. SHAREHOLDER INQUIRIES Shareholder inquiries may be addressed to Nations Funds in writing at the address, or by phone at the phone number, on the cover page of this Proxy Statement. SHAREHOLDERS ARE REQUESTED TO MARK, DATE, SIGN AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE THE ACCOMPANYING PROXY BALLOT(S), WHICH IS (ARE) BEING SOLICITED BY THE BOARDS OF TRUSTEES OF NATIONS FUNDS TRUST AND NATIONS SEPARATE ACCOUNT TRUST. THIS IS IMPORTANT TO ENSURE A QUORUM AT THE MEETINGS. SHAREHOLDERS ALSO MAY SUBMIT THEIR PROXIES: 1) BY TELEPHONE AT THE TOLL-FREE NUMBER ON YOUR PROXY BALLOT(S); OR 2) ON-LINE AT THE WEBSITE WWW.PROXYVOTE.COM. 26 APPENDIX A GLOSSARY

TERM USED IN PROXY STATEMENT DEFINITION ---------------------------- ---------- 1934 Act....................... Securities Exchange Act of 1934 1940 Act....................... Investment Company Act of 1940 BACAP.......................... Banc of America Capital Management, LLC BACAP Distributors............. BACAP Distributors, LLC Bank of America................ Bank of America Corporation Board(s)....................... The Board(s) of Trustees of Nations Funds Trust, Nations Master Investment Trust and/or Nations Separate Account Trust, as the context requires Columbia Funds................. The mutual funds advised by Columbia Management Advisors, Inc. and distributed by Columbia Funds Distributor, Inc. Feeder Fund(s)................. Nations High Yield Bond Fund, Nations Intermediate Bond Fund, Nations International Equity Fund, Nations Marsico International Opportunities Fund, Nations International Value Fund, Nations Marsico Growth Fund, Nations Marsico Focused Equities Fund, Nations Marsico 21st Century Fund, Nations SmallCap Value Fund, Nations Small Company Fund and Nations Strategic Growth Fund Fleet.......................... F1eetBoston Financial Corporation Fund(s) or Nations Fund(s)..... The Fund(s) listed on Appendix B of this Proxy Statement Independent Trustees........... The Trustees of the Boards who are not "interested persons" (as that term is defined in the 1940 Act) of the Funds Master Portfolio(s)............ The portfolios of Nations Master Investment Trust Meeting(s)..................... The meeting(s) of shareholders of the Funds of Nations Funds Trust, Nations Master Investment Trust and Nations Separate Account Trust that will be held concurrently at 10:00 a.m., Eastern time, on March 17, 2005, at One Financial Center, Boston, Massachusetts Proxy Statement................ This Proxy Statement SEC............................ United States Securities and Exchange Commission Trust(s)....................... Nations Funds Trust, Nations Separate Account Trust and/or Nations Master Investment Trust, as the context requires Trustees....................... The trustees of Nations Funds Trust, Nations Separate Account Trust and/or Nations Master Investment Trust, as the context requires

A-1 APPENDIX B LIST OF FUNDS NATIONS FUNDS TRUST INTERNATIONAL/GLOBAL STOCK FUNDS Nations Global Value Fund Nations International Equity Fund Nations International Value Fund Nations Marsico International Opportunities Fund STOCK FUNDS Nations Asset Allocation Fund Nations Convertible Securities Fund Nations Marsico 21st Century Fund Nations Marsico Focused Equities Fund Nations Marsico Growth Fund Nations MidCap Growth Fund Nations MidCap Value Fund Nations SmallCap Value Fund Nations Small Company Fund Nations Strategic Growth Fund Nations Value Fund INDEX FUNDS Nations LargeCap Index Fund Nations LargeCap Enhanced Core Fund Nations MidCap Index Fund Nations SmallCap Index Fund LIFEGOAL PORTFOLIOS Nations LifeGoal Balanced Growth Portfolio Nations LifeGoal Growth Portfolio Nations LifeGoal Income and Growth Portfolio Nations LifeGoal Income Portfolio GOVERNMENT & CORPORATE BOND FUNDS Nations Bond Fund Nations Government Securities Fund Nations High Yield Bond Fund Nations Intermediate Bond Fund Nations Short-Intermediate Government Fund Nations Short-Term Income Fund Nations Strategic Income Fund FIXED INCOME SECTOR PORTFOLIOS Corporate Bond Portfolio Mortgage- and Asset-Backed Portfolio High Income Portfolio B-1 MUNICIPAL BOND FUNDS Nations Intermediate Municipal Bond Fund Nations Municipal Income Fund Nations Short-Term Municipal Income Fund STATE MUNICIPAL BOND FUNDS Nations California Intermediate Municipal Bond Fund Nations California Municipal Bond Fund Nations Florida Intermediate Municipal Bond Fund Nations Florida Municipal Bond Fund Nations Georgia Intermediate Municipal Bond Fund Nations Kansas Municipal Income Fund Nations Maryland Intermediate Municipal Bond Fund Nations North Carolina Intermediate Municipal Bond Fund Nations South Carolina Intermediate Municipal Bond Fund Nations Tennessee Intermediate Municipal Bond Fund Nations Texas Intermediate Municipal Bond Fund Nations Virginia Intermediate Municipal Bond Fund MONEY MARKET FUNDS Nations California Tax-Exempt Reserves Nations Cash Reserves Nations Government Reserves Nations Money Market Reserves Nations Municipal Reserves Nations New York Tax-Exempt Reserves Nations Tax-Exempt Reserves Nations Treasury Reserves NATIONS SEPARATE ACCOUNT TRUST INTERNATIONAL STOCK PORTFOLIOS Nations International Value Portfolio Nations Marsico International Opportunities Portfolio STOCK PORTFOLIOS Nations Value Portfolio Nations Marsico 21st Century Portfolio Nations Marsico Focused Equities Portfolio Nations Marsico Growth Portfolio Nations Small Company Portfolio Nations MidCap Growth Portfolio BALANCED PORTFOLIO Nations Asset Allocation Portfolio CORPORATE BOND PORTFOLIO Nations High Yield Bond Portfolio B-2 NATIONS MASTER INVESTMENT TRUST INTERNATIONAL/GLOBAL STOCK MASTER PORTFOLIOS Nations International Equity Master Portfolio Nations Marsico International Opportunities Master Portfolio Nations International Value Master Portfolio STOCK MASTER PORTFOLIOS Nations Marsico Growth Master Portfolio Nations Marsico Focused Equities Master Portfolio Nations Marsico 21st Century Master Portfolio Nations SmallCap Value Master Portfolio Nations Small Company Master Portfolio Nations Strategic Growth Master Portfolio GOVERNMENT & CORPORATE BOND MASTER PORTFOLIOS Nations High Yield Bond Master Portfolio High Yield Portfolio Nations Intermediate Bond Master Portfolio B-3 APPENDIX C GOVERNANCE COMMITTEES CHARTER 1. Membership. The governance committees (each, a "Governance Committee" and collectively, the "Governance Committees") of the Boards of Trustees (the "Boards") of Nations Separate Account Trust, Nations Master Investment Trust and Nations Funds Trust (each a "Fund Company" and collectively, the "Fund Companies") shall be composed entirely of Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940) of any Fund Company's series (each, a "Fund" and collectively, the "Funds"), or any Fund's investment adviser or principal underwriter (the "Independent Trustees"). Each Board shall designate the members of its Governance Committee and shall either designate the Chairman or approve the method of selecting the Chairman. Each Governance Committee may include advisory members and/or "ex officio" members, who shall be entitled to participate in all meetings but shall not be entitled to vote with respect to matters considered by such Governance Committee. Unless the Chairman of a Fund Company's Board is designated as a full member of that Board's Governance Committee, the Chairman of the Board shall be an ex officio member of that Governance Committee. 2. Purpose. Each Governance Committee has been established to make recommendations to its Board on issues related to the Independent Trustees and the composition and operation of the Board and to assume the duties, responsibilities and functions of the Board's pre-existing Nominating Committee together with such additional duties, responsibilities and functions as are delegated to it from time to time. The primary responsibilities of each Governance Committee include: (a) generally overseeing issues of corporate governance of the Fund Companies; (b) nominating Independent Trustees; (c) addressing matters relating to compensation of Trustees who are not current directors, officers or employees of a Fund's investment adviser or sub-adviser or any control affiliate thereof ("Unaffiliated Trustees"), including deferred compensation and retirement policies; and (d) evaluating its Board and the Board's committee structure as often as the Governance Committee deems necessary or desirable to determine whether each is functioning effectively. Each Governance Committee shall determine the nature of the evaluation and its role therein in its sole discretion. C-1 3. Specific Responsibilities and Powers. Each Governance Committee has the responsibility and power to: (a) consider, as it deems necessary or appropriate, the candidacy of persons to fill existing or newly created Trustee vacancies, taking into consideration, among other factors that each Governance Committee may determine in its sole judgment, any or all of the following attributes: leadership, independence, interpersonal skills, financial acumen, business experience, industry knowledge and diversity of background or viewpoint. In considering candidates, each Board and its Governance Committee believe that no specific qualification or characteristic is controlling or paramount, or that specific qualities or skills are necessary for each candidate to possess; (b) periodically assess, as it deems necessary or appropriate, the criteria for selection of potential Independent Trustees; (c) identify and evaluate Independent Trustee candidates according to the relevant criteria; (d) consider candidates submitted by shareholders or from other sources as it deems appropriate. Each Governance Committee shall be solely responsible for the selection and recommendation of candidates to its Board. Any recommendation should be submitted to Nations Funds, c/o Secretary, at the principal address shown on its registration statement. Any submission should include at a minimum the following information as to each individual proposed for election or re-election as Trustee: the name, age, business address, residence address and principal occupation or employment of such individual, the class, series and number of shares of stock of any Fund that are beneficially owned by such individual, the date such shares were acquired and the investment intent of such acquisition, whether such stockholder believes such individual would or would not qualify as an Independent Trustee, and information regarding such individual that is sufficient, in the discretion of the Governance Committee, to make such determination, and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of board members in an election contest (even if an election contest is not involved) or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules thereunder (including such individual's written consent to being named in the proxy statement as a nominee and to serving as a Trustee (if elected)). In the case of any Fund Company holding a meeting of shareholders for the election of Trustees, shareholder submissions will be considered for inclusion in the Fund's proxy statement only if submitted by a date not earlier than the 365th calendar day before, and not later than the 60th calendar day before, the date on which the Fund Company's Board has set a meeting date C-2 for the shareholder meeting at which the election of Trustees is to be considered. Any such submission must also contain such information as may be required by any relevant rule or regulation; (e) periodically review and make recommendations to its full Board regarding Unaffiliated Trustee compensation; (f) initiate, oversee and recommend changes to retirement and deferred compensation plans for its Unaffiliated Trustees; (g) consider, oversee and implement any evaluation process of its Board, which may include evaluation of the structure, frequency and length of meetings, the structure and composition of the Board and Governance Committee and the general deliberative process of the Board, including information flow; and (h) report its activities to its full Board and to make such recommendations with respect to the matters described above and other matters as the Governance Committee may deem necessary or appropriate. 4. Procedural Matters. (a) Each Governance Committee shall meet as often as it deems necessary. Each Governance Committee shall record minutes of meetings and shall invite management, counsel and representatives of service providers to attend meetings and provide information to each such Governance Committee as it may consider appropriate. (b) Each Governance Committee's authority shall include the authority to establish, arrange for and coordinate the participation in, new Trustee orientation and continuing education or information programs for Trustees, as they deem appropriate. Any related costs shall be borne by the Funds. (c) Each Governance Committee shall conduct an annual self-evaluation of its performance and review this Charter as often as it deems appropriate in order to recommend any changes to its full Board. Each Governance Committee shall have such further responsibilities as are given to it from time to time by the Board. Each Governance Committee shall consult, as often as it deems appropriate, with management and counsel to the Company and to the Independent Trustees as to legal or regulatory developments affecting their responsibilities. (d) Each Governance Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other experts or consultants at the expense of the Funds. Each Governance Committee shall have the sole authority to retain and terminate any search firm to be used to identify Trustee candidates, including sole authority to approve the search firm's fee and other retention terms. C-3 APPENDIX D PRINCIPAL SHAREHOLDERS

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SEPARATE ACCOUNT TRUST NATIONS ANNUITY TRUST ASSET B VARIABLE SEPARATE ACCOUNT OF 144,309.786 6.81% 6.81% ALLOCATION PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST ASSET B HARTFORD LIFE INSURANCE COMPANY 1,969,753.640 92.98% 92.98% ALLOCATION PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST HIGH YIELD R TRANSAMERICA LIFE INSURANCE CO 722,381.458 8.48% 8.48% BOND PORTFOLIO RIB III 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST HIGH YIELD B VARIABLE SEPARATE ACCOUNT OF 2,314,684.625 27.19% 27.19% BOND PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST HIGH YIELD B HARTFORD LIFE INSURANCE COMPANY 5,187,739.926 60.95% 60.95% BOND PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST R TRANSAMERICA LIFE INSURANCE CO 213,973.175 10.11% 10.11% INTERNATIONAL VALUE PORTFOLIO RETIREMENT INCOME BUILDER II 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST B VARIABLE SEPARATE ACCOUNT OF 634,917.080 30.00% 30.00% INTERNATIONAL VALUE PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST B HARTFORD LIFE INSURANCE COMPANY 1,213,245.093 57.34% 57.34% INTERNATIONAL VALUE PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999

D-1

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS ANNUITY TRUST MARSICO R TRANSAMERICA LIFE INSURANCE CO 599,017.213 5.17% 5.17% FOCUSED EQUITIES PORTFOLIO RIB III 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST MARSICO B VARIABLE SEPARATE ACCOUNT OF 2,705,342.727 23.39% 23.39% FOCUSED EQUITIES PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST MARSICO B HARTFORD LIFE INSURANCE COMPANY 8,082,116.661 69.88% 69.88% FOCUSED EQUITIES PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST MARSICO R TRANSAMERICA LIFE INSURANCE CO 714,160.861 7.80% 7.80% GROWTH PORTFOLIO RIB III 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST MARSICO R GE LIFE AND ANNUITY ASSURANCE CO 2,107,534.599 23.04% 23.04% GROWTH PORTFOLIO 6610 W BROAD ST RICHMOND, VA 23230 NATIONS ANNUITY TRUST MARSICO B HARTFORD LIFE INSURANCE COMPANY 5,762,265.896 63.00% 63.00% GROWTH PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST MARSICO R TRANSAMERICA LIFE INSURANCE CO 467,355.784 6.63% 6.63% INTERNATIONAL OPPORTUNITIES RIB III PORTFOLIO 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST MARSICO R GE LIFE AND ANNUITY ASSURANCE CO 2,185,450.029 31.01% 31.01% INTERNATIONAL OPPORTUNITIES 6610 W BROAD ST PORTFOLIO RICHMOND, VA 23230 NATIONS ANNUITY TRUST MARSICO B HARTFORD LIFE INSURANCE COMPANY 3,852,263.095 54.67% 54.67% INTERNATIONAL OPPORTUNITIES SEPARATE ACCOUNT TWO PORTFOLIO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST MARSICO R TRANSAMERICA LIFE INSURANCE CO 177,703.512 10.52% 10.52% 21ST CENTURY PORTFOLIO IMMEDIATE INCOME BUILDER 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499

D-2

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS ANNUITY TRUST MARSICO B VARIABLE SEPARATE ACCOUNT OF 131,043.585 7.76% 7.76% 21ST CENTURY PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST MARSICO B HARTFORD LIFE INSURANCE COMPANY 1,360,125.819 80.58% 80.58% 21ST CENTURY PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST MARSICO R TRANSAMERICA LIFE INSURANCE CO 422,250.809 5.79% 5.79% MIDCAP GROWTH PORTFOLIO IMMEDIATE INCOME BUILDER 4333 EDGEWOOD RD NE ATTN FMD ACCOUNTING MS 4410 CEDAR RAPIDS, IA 52499 NATIONS ANNUITY TRUST MARSICO B HARTFORD LIFE INSURANCE COMPANY 6,434,120.235 88.27% 88.27% MIDCAP GROWTH PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST SMALL B HARTFORD LIFE INSURANCE COMPANY 3,454,692.516 90.41% 90.41% COMPANY PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 NATIONS ANNUITY TRUST SMALL B VARIABLE SEPARATE ACCOUNT OF 359,919.542 9.42% 9.42% COMPANY PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST VALUE B VARIABLE SEPARATE ACCOUNT OF 519,018.349 8.22% 8.22% PORTFOLIO ANCHOR NATIONAL LIFE INSURANCE CO PO BOX 54299 LOS ANGELES, CA 90054-0299 NATIONS ANNUITY TRUST VALUE B HARTFORD LIFE INSURANCE COMPANY 5,497,953.709 87.14% 87.14% PORTFOLIO SEPARATE ACCOUNT TWO ATTN DAVID TEN BROECK P O BOX 2999 HARTFORD, CT 06104-2999 CORPORATE BOND PORTFOLIO INVESTOR R BANK OF AMERICA NA ATTN FUNDS 4,532,346.000 91.16% 91.16% A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-3

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- HIGH INCOME PORTFOLIO INVESTOR A R BANK OF AMERICA NA ATTN FUNDS 425,525.000 66.53% 66.53% ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 HIGH INCOME PORTFOLIO INVESTOR A R NFSC FEBO # W18-195189 ROBERT B 32,852.504 5.13% 5.13% CAVANAUGH TERESA A CAVANAUGH BACAP 5636 GLEN EAGLES PLANO, TX 75093 HIGH INCOME PORTFOLIO INVESTOR A R NFSC FEBO # W89-001384 NFS/FMTC 55,987.701 8.75% 8.75% ROLLOVER IRA FBO REMO A CERRUTI BACAP 41473 PELHAM CT FREMONT, CA 94538 MORTGAGE AND ASSET BACKED R NATIONS LIFEGOAL PORTFOLIO INC 830,353.305 10.80% 10.80% PORTFOLIO INVESTOR A LIFEGOAL INCOME PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 MORTGAGE AND ASSET BACKED R BANK OF AMERICA NA 6,229,362.000 81.07% 81.07% PORTFOLIO INVESTOR A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS FUNDS TRUST NATIONS ASSET ALLOCATION FUND R STATE STREET BANK & TRUST CO TTEE 74,874.725 61.29% 0.82% INVESTOR C FBO COASTGEAR & COMPANY ATTN: KEVIN SMITH 105 ROSEMONT AVE WESTWOOD, MA 02090 NATIONS ASSET ALLOCATION FUND B MERRILL LYNCH, PIERCE, FENNER & 22,460.294 18.38% 0.24% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS ASSET ALLOCATION FUND R DIVERSIFIED INVESTORESTMENT 104,734.229 8.50% 1.15% PRIMARY A ADVISORS ATTN: BHEESHAM PERSAUD MAIL DROP 2-52 4 MANHATTANVILLE ROAD PURCHASE, NY 10577-2119

D-4

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS ASSET ALLOCATION FUND R BANK OF AMERICA NA 1,118,714.080 90.82% 12.38% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS BOND FUND INVESTOR C R NFSC FEBO # W86-059390 HELEN E 8,692.034 5.36% 0.00% SOLBERG TTEE HELEN ELIZABETH SOLBERG TRUST U/A 11/4/96 183 3RD AVE #516 CHULA VISTA, CA 91910 NATIONS BOND FUND INVESTOR C B MERRILL LYNCH, PIERCE, FENNER & 48,710.990 30.03% 0.03% SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS BOND FUND INVESTOR C R BNY CUST IRA FBO 12,285.981 7.57% 0.01% JAMES A BLANCHARD 9 LAS BRISAS AUSTIN, TX 78746 NATIONS BOND FUND PRIMARY A R BANK OF AMERICA NA 174,233,271.392 91.81% 89.69% ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W78-069434 28,457.346 5.02% 0.22% MUNICIPAL BOND FUND INVESTOR A THE WIBLE LIVING TRUST GERALD L WIBLE U/A 10/23/02 74001 ZIRCON CIRCLE WEST PALM DESERT, CA 92260 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W79-760137 111,341.995 19.64% 0.86% MUNICIPAL BOND FUND INVESTOR A OF THE WILEY FAMILY TR GEORGE R WILEY U/A 08/01/1993 635 OCAMPO DR PACIFIC PALISADES, CA 90272 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W76-637084 OF THE 60,180.542 10.61% 0.47% MUNICIPAL BOND FUND INVESTOR A COOMBS REV TR ROLAND S COOMBS U/A 11/10/95 PO BOX 1748 JACKSON, CA 95642 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W79-241849 147,943.592 26.10% 1.15% MUNICIPAL BOND FUND INVESTOR A DENNIS B HANSEN TTEE THE MITCHELL TRUST DTD 6/14/1973 U/A 6/14/73 520 S GRAND AVE 7TH FL LOS ANGELES, CA 90071

D-5

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W79-101117 6,559.031 5.65% 0.05% MUNICIPAL BOND FUND INVESTOR B ARMANDO B TALAMANTEZ CONSUELO TALAMANTEZ 12607 BRADFORD PL GRANADA HILLS, CA 91344 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W79-194581 9,852.217 8.49% 0.08% MUNICIPAL BOND FUND INVESTOR B THE GARY R WEITKAMP FAMILY TRU GARY R WEITKAMP U/A 06/21/1993 17117 GUNTHER ST GRANADA HILLS, CA 91344 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W88-099538 9,589.394 8.26% 0.07% MUNICIPAL BOND FUND INVESTOR B H R ZAMORA TTEE H R ZAMORA LIV TR U/A 6/18/92 42 ROCK LN BERKELEY, CA 94708 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W76-716529 9,009.009 7.76% 0.07% MUNICIPAL BOND FUND INVESTOR B ANNA L YUE 212 SACRAMENTO ST AUBURN, CA 95603 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W79-097616 10,800.813 9.31% 0.08% MUNICIPAL BOND FUND INVESTOR B OSCAR E & ZENAIDA L VILLENA TT OSCAR & ZENAIDA VILLENA FAM LIVING TR, U/A 12/18/01 11444 DULCET AVENUE NORTHRIDGE, CA 91326 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W76-142670 10,534.872 9.08% 0.08% MUNICIPAL BOND FUND INVESTOR B ARLEAN JENSEN TTEE ARLEAN JENSEN REVOC U/A 9/28/98 7268 TIMBERROSE LN ROSEVILLE, CA 95678 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W73-716812 10,039.680 8.65% 0.08% MUNICIPAL BOND FUND INVESTOR B OF THE WILKINSON TR HARMON S WILKINSON U/A 08/25/93 11228 KEITH DR WHITTIER, CA 90606 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W88-040959 11,417.609 9.84% 0.09% MUNICIPAL BOND FUND INVESTOR B JOLENE TUNG JOHN C TUNG 1370 UNIVERSITY AVE #506 BERKELEY, CA 94702 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W74-148490 17,338.710 5.62% 0.13% MUNICIPAL BOND FUND INVESTOR C YOLANDA T SICHI YOLANDA T SICHI U/A 08/16/04 2555 TODD CT ARCATA, CA 95521 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W89-097268 26,468.395 8.58% 0.20% MUNICIPAL BOND FUND INVESTOR C ALLAN J CHRISTIE PAM J CHRISTIE 4455 BURNEY WAY FREMONT, CA 94538

D-6

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W80-240370 27,505.550 8.92% 0.21% MUNICIPAL BOND FUND INVESTOR C JOAN L ALFLEN TTEE THE JOAN L ALFLEN TR U/A 9/2/98 504 KNOB HILL REDONDO BEACH, CA 90277 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W78-027723 19,695.676 6.38% 0.15% MUNICIPAL BOND FUND INVESTOR C JONI K EVANS 4886 PALO VERDE LANE RIVERSIDE, CA 92501 NATIONS CALIFORNIA INTERMEDIATE R NFSC FEBO # W80-134740 18,197.648 5.90% 0.14% MUNICIPAL BOND FUND INVESTOR C JOHN L KING TTEE OF JOHN LOWELL KING TR U/A 8/20/97 24 ELLISWORTH AISLE IRVINE, CA 92620 NATIONS CALIFORNIA INTERMEDIATE R BANK OF AMERICA NA 11,860,019.528 99.45% 91.82% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CALIFORNIA MUNICIPAL BOND R NFSC FEBO # W91-686131 ESHAGH 62,285.942 5.95% 0.18% FUND INVESTOR B ESHAGHADEH 631 S OLIVE ST #555 & 565 LOS ANGELES, CA 90014 NATIONS CALIFORNIA MUNICIPAL BOND R NFSC FEBO # W89-610682 34,690.777 7.37% 0.10% FUND INVESTOR C DENNIS REN YEON WONG 1262 TAINAN PL SAN JOSE, CA 95131 NATIONS CALIFORNIA MUNICIPAL BOND R NFSC FEBO # W78-095800 27,488.816 5.84% 0.08% FUND INVESTOR C VINVESTORI AND ELLSWORTHE TTEE THE VINCI & ELLSWORTHE LIVING TRST 1945 E RENEE CIR PALM SPRINGS, CA 92264 NATIONS CALIFORNIA MUNICIPAL BOND R NFSC FEBO # W86-075507 JOSE L 31,793.719 6.75% 0.09% FUND INVESTOR C MAZON NORMA MAZON 1293 GAYWOOD ST SAN DIEGO, CA 92154 NATIONS CALIFORNIA MUNICIPAL BOND B MERRILL LYNCH, PIERCE, FENNER & 127,259.748 27.04% 0.36% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS CALIFORNIA MUNICIPAL BOND R NFSC FEBO # W80-074063 23,828.007 5.06% 0.07% FUND INVESTOR C THE MANUEL & JUDIE PEREZ TRUST MANUEL PEREZ U/A 02/06/1991 PO BOX 3405 CITY OF INDUSTRY, CA 91744

D-7

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CALIFORNIA MUNICIPAL BOND R BANK OF AMERICA NA ATTN FUNDS 17,413,309.502 98.38% 49.02% FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CALIFORNIA TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 464,613,481.300 94.49% 22.19% RESERVES ADVISER CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CALIFORNIA TAX-EXEMPT R M F SALTA AND JANET LYN SALTA TTS 21,897,451.340 14.86% 1.05% RESERVES CAPITAL CLASS THE SALTA COMMUNITY PROPERTY TRUST P O BOX 6025 LAKEWOOD, CA 90714 NATIONS CALIFORNIA TAX-EXEMPT R NFSC FEBO # P59-000744 PIONEER 11,837,465.180 8.03% 0.57% RESERVES CAPITAL CLASS PHOTO ALBUMS INC 9801 DEERING AVENUE CHATSWORTH, CA 91311 NATIONS CALIFORNIA TAX-EXEMPT R NFSC FEBO # P61-086770 LOCKBOX 10,684,963.020 7.25% 0.51% RESERVES CAPITAL CLASS ONE LLC 400 BAYWAY SAN RAFAEL, CA 94901 NATIONS CALIFORNIA TAX-EXEMPT R BANC OF AMERICA SECURITIES LLC 43,585,977.750 29.59% 2.08% RESERVES CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CALIFORNIA TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 690,656,413.790 99.99% 32.98% RESERVES DAILY CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CALIFORNIA TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 89,752,651.220 95.06% 4.29% RESERVES INSTITUTIONAL CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CALIFORNIA TAX-EXEMPT R NFSC FEBO # W75-046051 6,540.520 99.98% 0.00% RESERVES INVESTOR B STACY D SCHMIDT 4272 24TH ST SAN FRANCISCO, CA 94114

D-8

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CALIFORNIA TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 263,795,525.970 99.06% 12.60% RESERVES INVESTOR CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CALIFORNIA TAX-EXEMPT R BANC OF AMERICA SECURITIES LLC 25,362,503.090 100.00% 1.21% RESERVES LIQUIDITY CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CALIFORNIA TAX-EXEMPT R BANK OF AMERICA NA ATTN FUNDS 362,249,300.060 95.73% 17.30% RESERVES TRUST CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CASH RESERVES ADVISER B BANK OF AMERICA OF TEXAS NA NA 3,075,664,860.750 27.69% 5.97% CLASS CUST GLOBAL FINANCE SWEEP CUSTOMERS ATTN: STEVEN EDWARDS 1201 MAIN ST TX1-609-21-04 DALLAS, TX 75202 NATIONS CASH RESERVES ADVISER R BANK OF AMERICA NA SWP DISBURSEM 5,190,000,000.000 46.73% 10.07% CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES ADVISER R BANC OF AMERICA SECURITIES LLC 1,459,449,731.210 13.14% 2.83% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES CAPITAL R CHICAGO MERCANTILE EXCHANGE INC 1,004,594,784.020 5.07% 1.95% CLASS FIRM ACCOUNT FINANCE/TREASURY-8N 30 S WACKER DRIVE CHICAGO, IL 60606 NATIONS CASH RESERVES CAPITAL B BANC OF AMERICA LLC 9,829,421,500.760 49.69% 19.06% CLASS ATTN MUTUAL FUNDS 600 MONTGOMERY ST SAN FRANCISCO, CA 94111

D-9

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CASH RESERVES CAPITAL R BANK OF AMERICA NA 3,732,201,206.030 18.86% 7.24% CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CASH RESERVES DAILY CLASS B NATIONAL FINANCIAL SERVICES CORP 9,567,680,361.050 99.66% 18.56% FBO OF OUR EXCLUSIVE CUSTOMERS ATTN MUTUAL FUND DEPT 5TH FLR ONE WORLD FINANCIAL CENTER 200 LIBERTY ST FL FLR NEW YORK, NY 10281 NATIONS CASH RESERVES B NATIONAL FINANCIAL FOR THE 379,782,103.070 8.58% 0.74% INSTITUTIONAL CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CASH RESERVES R BANC OF AMERICA SECURITIES LLC 3,729,595,446.520 84.29% 7.23% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES INVESTOR A B NATIONAL FINANCIAL FOR THE 242,679,853.020 93.17% 0.47% EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CASH RESERVES INVESTOR C R NFSC FEBO # W38-121509 TRICERAT 115,000.000 5.20% 0.00% INC 10320 LITTLE PATUXENT PKWY STE 304 COLUMBIA, MD 21044 NATIONS CASH RESERVES INVESTOR C R UBS FINANCIAL SERVICES INC. FBO 145,059.470 6.56% 0.00% DONALD FRANCESE & PATRICIA FRANCESE JTWROS 30 LONGRIDGE ROAD MONTVALE, NJ 07645-1036 NATIONS CASH RESERVES INVESTOR C R NFSC FEBO # W19-233927 211,099.900 9.55% 0.00% ROBERT M CHAIKIN TTEE DR ROBERT MURRAY CHAIKIN REV T U/A 12/9/94 1512 SE 12TH COURT FT LAUDERDALE, FL 33316

D-10

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CASH RESERVES INVESTOR C R NFSC FEBO # W74-087998 110,787.260 5.01% 0.00% THOMAS B SHEPARD 221 WEST STREET SAUSALITO, CA 94965 NATIONS CASH RESERVES INVESTOR C R NFSC FEBO # W77-926299 199,639.450 9.03% 0.00% SANDRA M DANIELS TOD CHARLES A DANIELS TOD KEVIN L DANIELS 37412 174TH AV SE AUBURN, WA 98092 NATIONS CASH RESERVES INVESTOR C R NFSC FEBO # W19-233587 223,115.860 10.09% 0.00% ROBERT M CHAIKIN ACCT: DI2 1512 SE 12TH CT FORT LAUDERDALE, FL 33316 NATIONS CASH RESERVES INVESTOR B NATIONAL FINANCIAL FOR THE 381,450,458.130 22.50% 0.74% CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS CASH RESERVES INVESTOR R THE BANK OF NEW YORK 162,959,825.790 9.61% 0.32% CLASS ATTN FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS CASH RESERVES INVESTOR R BANC OF AMERICA SECURITIES LLC 1,091,370,551.080 64.39% 2.12% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES LIQUIDITY R BANC OF AMERICA SECURITIES LLC 1,092,486,535.820 99.43% 2.12% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES MARISCO R UMB FUND SERVICES INC 10,036,563.680 100.00% 0.02% CLASS AS AGENT FOR MARSICO FUNDS INC 803 W MICHIGAN ST SUITE A MILWAUKEE, WI 53233-2301 NATIONS CASH RESERVES MARKET R LESLIE PEDERSEN LUNDT MD CHTD 1,898.350 62.34% 0.00% CLASS 223 W STATE ST BOISE, ID 83702

D-11

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS CASH RESERVES MARKET R BANC OF AMERICA SECURITIES LLC 1,096.520 36.00% 0.00% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS CASH RESERVES TRUST CLASS R BANK OF AMERICA NA 3,470,916,262.410 97.54% 6.73% ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS CONVERTIBLE SECURITIES B MERRILL LYNCH, PIERCE, FENNER & 562,422.410 6.58% 0.62% FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS CONVERTIBLE SECURITIES B MERRILL LYNCH, PIERCE, FENNER & 1,633,308.449 42.01% 1.82% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS CONVERTIBLE SECURITIES R BANK OF AMERICA NA 50,578,744.617 91.94% 56.43% FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS FLORIDA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 164,802.531 10.51% 0.88% MUNICIPAL BOND FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS FLORIDA INTERMEDIATE R NFSC FEBO # P96-001325 87,039.824 5.55% 0.46% MUNICIPAL BOND FUND INVESTOR A GUILLERMO M MIRANDA TTEE IA ADELAIDA M MIRANDA QTIP U/A 2/14/94 410 LEUCADENDRA DRIVE CORAL GABLES, FL 33156 NATIONS FLORIDA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 131,834.466 19.60% 0.70% MUNICIPAL BOND FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-12

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS FLORIDA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 584,936.757 70.43% 3.11% MUNICIPAL BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS FLORIDA INTERMEDIATE R BANK OF AMERICA NA 15,214,804.352 96.70% 80.92% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS FLORIDA MUNICIPAL BOND R A G EDWARDS & SONS INC FBO 209,812.373 5.45% 2.14% FUND INVESTOR A ROBIN MELVA ANDERSON DVM A/C 0085-005146 ONE NORTH JEFFERSON ST LOUIS, MO 63103-2287 NATIONS FLORIDA MUNICIPAL BOND B MERRILL LYNCH, PIERCE, FENNER & 75,193.463 8.26% 0.77% FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS FLORIDA MUNICIPAL BOND R NFSC FEBO # W32-228419 5,173.275 9.45% 0.05% FUND INVESTOR C MARTHA TAYLOR TTEE SAVAGE ROAD TRUST U/A 3/17/03 PO BOX 689 LAKE WALES, FL 33859 NATIONS FLORIDA MUNICIPAL BOND B MERRILL LYNCH, PIERCE, FENNER & 48,335.008 88.35% 0.49% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS FLORIDA MUNICIPAL BOND R BANK OF AMERICA NA 4,711,943.267 94.71% 48.17% FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS GEORGIA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 250,527.936 12.08% 1.80% MUNICIPAL BOND FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-13

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS GEORGIA INTERMEDIATE R FIRST CLEARING, LLC 254,882.288 12.29% 1.83% MUNICIPAL BOND FUND INVESTOR A A/C 2110-7902 DERST INVESTORESTMENTS LP 10700 WHEAT FIRST DRIVE GLEN ALLEN, VA 23060 NATIONS GEORGIA INTERMEDIATE R NFSC FEBO # W27-060054 135,257.879 6.52% 0.97% MUNICIPAL BOND FUND INVESTOR A RICHARD M CORBETT SILVIA CORBETT 5960 BRAODWATER TRAIL CUMMING, GA 30040 NATIONS GEORGIA INTERMEDIATE R NFSC FEBO # W14-652571 49,680.295 12.98% 0.36% MUNICIPAL BOND FUND INVESTOR C LETTY C CAGLE DOUGLAS CAGLE P.O. BOX 4664 ATLANTA, GA 30302 NATIONS GEORGIA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 36,967.365 9.66% 0.27% MUNICIPAL BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS GEORGIA INTERMEDIATE R BANK OF AMERICA NA 10,757,440.556 99.48% 77.39% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS GEORGIA INTERMEDIATE R FIRST CLEARING CORPORATION 185,087.267 8.93% 1.33% MUNICIPAL BOND FUND INVESTOR A A/C 5941-4811 LYLES W SANDERS & MARY C SANDERS JT/WROS 2305 WELTON PL DUNWOODY, GA 30338-5344 NATIONS GEORGIA INTERMEDIATE R LEGG MASON WOOD 33,914.997 5.35% 0.24% MUNICIPAL BOND FUND INVESTOR B WALKER INC. 288-01806-13 PO BOX 1476 BALTIMORE, MD 21202 NATIONS GEORGIA INTERMEDIATE R NFSC FEBO # N23-542849 21,389.006 5.59% 0.15% MUNICIPAL BOND FUND INVESTOR C ANNA L BROOKINS 3214 MARICOPA DR COLUMBUS, GA 31907 NATIONS GLOBAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 4,125,339.790 37.81% 12.18% INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-14

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS GLOBAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 687,179.666 22.88% 2.02% INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS GLOBAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 2,831,308.274 32.86% 8.36% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS GLOBAL VALUE FUND R A G EDWARDS & SONS INC C/F 541,296.275 6.28% 1.59% INVESTOR C JAMES D TILFORD, III IRA ACCOUNT 4565 HARVEST BLVD SEMMES, AL 36575-4461 NATIONS GLOBAL VALUE FUND PRIMARY R BANK OF AMERICA NA 9,297,240.069 82.04% 27.45% A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS GOVERNMENT RESERVES B NATIONAL FINANCIAL FOR THE 183,394,191.140 19.77% 4.09% ADVISER CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS GOVERNMENT RESERVES R BANK OF AMERICA NA SWP DISBURSEM 417,000,000.000 44.95% 9.30% ADVISER CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 290,553,768.250 31.32% 6.48% ADVISER CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R BANK OF AMERICA NA 101,145,307.330 7.65% 2.26% CAPITAL CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-15

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 1,120,797,113.430 84.78% 24.99% CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES DAILY B NATIONAL FINANCIAL FOR THE 358,479,185.870 99.99% 7.99% CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS GOVERNMENT RESERVES B NATIONAL FINANCIAL FOR THE 131,341,355.560 21.29% 2.93% INSTITUTIONAL CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 475,686,644.590 77.10% 10.61% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R NFSC FEBO # W79-225380 2,064,129.890 7.68% 0.05% INVESTOR A ABUD NAGAR EMILIA BUCAY DE NAGAR EDUARDO NAGAR 835 N SEPULVEDA BL EL SEGUNDO, CA 90245 NATIONS GOVERNMENT RESERVES R NFSC FEBO # W77-708283 2,330,147.840 8.67% 0.05% INVESTOR A KATHERINE A BINDER WILLIAM P BINDER 90 CASCADE KEY BELLEVUE, WA 98006 NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 17,291,015.550 64.38% 0.39% INVESTOR A OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R DEAN WITTER FOR THE BENEFIT OF 50,463.940 8.52% 0.00% INVESTOR B GEORGE K BERNSTEIN PO BOX 250 CHURCH STREET STATION NEW YORK, NY 10008-0250

D-16

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS GOVERNMENT RESERVES R NFSC FEBO # W69-295191 42,601.250 7.19% 0.00% INVESTOR B FRANKLYN A ROACH 404 SEASPRAY LANE PONTE VEDRA BEACH, FL 32082 NATIONS GOVERNMENT RESERVES R DEAN WITTER FOR THE BENEFIT OF 195,306.090 32.98% 0.00% INVESTOR B CARYL S BERNSTEIN PO BOX 250 CHURCH STREET STATION NEW YORK, NY 10008-0250 NATIONS GOVERNMENT RESERVES R MORGAN STANLEY DW INC CUST FOR 131,990.290 22.28% 0.00% INVESTOR B GEORGE K BERNSTEIN PO BOX 250 CHURCH STREET STATION NEW YORK, NY 10008-0250 NATIONS GOVERNMENT RESERVES B NATIONAL FINANCIAL FOR THE 165,503,553.090 31.79% 3.69% INVESTOR CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 326,109,465.500 62.65% 7.27% INVESTOR CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R BANK OF AMERICA NA SWP DISBURSEM 67,000,000.000 15.26% 1.49% LIQUIDITY CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES R BANC OF AMERICA SECURITIES LLC 371,912,762.460 84.73% 8.29% LIQUIDITY CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS GOVERNMENT RESERVES TRUST R BANK OF AMERICA NA 271,255,759.750 99.48% 6.05% CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-17

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS GOVERNMENT SECURITIES B MERRILL LYNCH, PIERCE, FENNER & 36,985.307 32.45% 0.23% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS GOVERNMENT SECURITIES R NFSC FEBO # W86-168254 ANNA M 21,046.930 18.46% 0.13% FUND INVESTOR C BLEDSOE 410 WEAVER HILL RD W GREENWICH, RI 02817 NATIONS GOVERNMENT SECURITIES R BANK OF AMERICA NA ATTN FUNDS 8,377,008.531 99.24% 52.56% FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS HIGH YIELD BOND FUND B CHARLES SCHWAB & CO INC 1,689,428.051 9.47% 1.44% INVESTOR A SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104 NATIONS HIGH YIELD BOND FUND B MERRILL LYNCH, PIERCE, FENNER & 747,295.152 5.14% 0.64% INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS HIGH YIELD BOND FUND B MERRILL LYNCH, PIERCE, FENNER & 1,282,206.176 21.76% 1.09% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS HIGH YIELD BOND FUND R BANK OF AMERICA NA 64,695,223.363 81.64% 55.07% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS INTERMEDIATE BOND FUND R UNION BACK TR NOMINEE 176,118.742 7.45% 0.26% INVESTOR A FBO MASEK, FAMILY TR FIXED-AGENCY TR# 6700005660 PO BOX 85484 SAN DIEGO, CA 92186 NATIONS INTERMEDIATE BOND FUND B MERRILL LYNCH, PIERCE, FENNER & 216,611.413 65.54% 0.32% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-18

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS INTERMEDIATE BOND FUND B MERRILL LYNCH, PIERCE, FENNER & 98,487.668 10.11% 0.14% INVESTORS B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERMEDIATE BOND FUND R BANK OF AMERICA NA 64,640,322.772 99.48% 94.17% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS INTERMEDIATE MUNICIPAL B MERRILL LYNCH, PIERCE, FENNER & 231,319.061 6.65% 0.14% BOND FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERMEDIATE MUNICIPAL R WILBRANCH & CO ATTN MUTUAL FUNDS 331,771.301 9.54% 0.20% BOND FUND INVESTOR A PROCESSING PO BOX 2887 WILSON, NC 27894-2887 NATIONS INTERMEDIATE MUNICIPAL R MORI & CO 196,769.664 5.65% 0.12% BOND FUND INVESTOR A ATTN MUTUAL FUNDS OPERATIONS PO BOX 13366 TBTS-2 KANSAS CITY, MO 64199-3366 NATIONS INTERMEDIATE MUNICIPAL R NFSC FEBO # W27-071226 26,861.520 6.00% 0.02% BOND FUND INVESTOR B JAMES H CROSSINGHAM HELEN H CROSSINGHAM PO BOX 988 MT AIRY, NC 27030 NATIONS INTERMEDIATE MUNICIPAL R NFSC FEBO # W15-626244 23,026.001 5.14% 0.01% BOND FUND INVESTOR B ROBERT J EVANS OLLIE P EVANS MARY HELEN SCHULTE 11910 CHAMPION LAKE CT HERNDON, VA 20170 NATIONS INTERMEDIATE MUNICIPAL B MERRILL LYNCH, PIERCE, FENNER & 80,501.426 17.99% 0.05% BOND FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERMEDIATE MUNICIPAL B MERRILL LYNCH, PIERCE, FENNER & 266,998.111 61.47% 0.16% BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-19

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS INTERMEDIATE MUNICIPAL R BANK OF AMERICA NA ATTN FUNDS 163,869,658.647 99.23% 96.68% BOND FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS INTERNATIONAL EQUITY FUND B MERRILL LYNCH, PIERCE, FENNER & 126,888.823 5.82% 0.15% INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERNATIONAL EQUITY FUND B MERRILL LYNCH, PIERCE, FENNER & 98,333.958 49.60% 0.11% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERNATIONAL EQUITY FUND R PATTERSON & CO FBO 13,747.415 6.93% 0.01% INVESTOR C HIGHTOWER CONSTRUCTION 401K PLAN 2055899140 NC-1151 1525 WEST WT HARRIS BLVD CHARLOTTE, NC 28288-1151 NATIONS INTERNATIONAL EQUITY FUND R NATIONAL PHILANTHROPIC TRUST 13,142.167 6.63% 0.01% INVESTOR C ATTN: ACCOUNTING DEPARTMENT 165 TOWNSHIP LINE ROAD SUITE #150 JENKINTOWN, PA 19046-3594 NATIONS INTERNATIONAL EQUITY FUND R A G EDWARDS & SONS CUSTODIAN FOR 12,680.619 6.39% 0.01% INVESTOR C NICOLE JERMAIN ROTH IRA ACCOUNT 6202 BERQUIST AVE. WOODLAND HILL, CA 91367-1508 NATIONS INTERNATIONAL EQUITY FUND R BANK OF AMERICA NA TTEE BANK OF 9,325,777.069 11.46% 11.03% PRIMARY A AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS INTERNATIONAL EQUITY FUND R BANK OF AMERICA NA 66,103,076.087 81.27% 78.23% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-20

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS INTERNATIONAL VALUE FUND R FIDELITY INVESTORESTMENTS INST 2,268,987.241 5.65% 1.33% INVESTORS A OPERATIONS CO INC (FIIOC) AS AGENT FOR GRIZZARD ADVERTISING 401K PLAN 10308 100 MAGELLAN WAY KW1C COVINGTON, KY 41015 NATIONS INTERNATIONAL VALUE FUND R CONNECTICUT GENERAL LIFE INS CO 4,259,605.760 10.62% 2.51% INVESTORS A ATTN HECTOR FLORES H18D 280 TRUMBULL ST HARTFORD, CT 06103 NATIONS INTERNATIONAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 6,504,927.843 16.22% 3.83% INVESTORS A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERNATIONAL VALUE FUND R NORTHERN TRUST AS CUSTODIAN FBO 4,745,996.682 11.83% 2.80% INVESTORS A PINELLAS COUNTY EDUCATION FOUNDATION-FE ACCT 40307254 0333020 P O BOX 92956 CHICAGO, IL 60675 NATIONS INTERNATIONAL VALUE FUND B CHARLES SCHWAB & CO INC 5,296,295.036 13.21% 3.12% INVESTORS A SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104 NATIONS INTERNATIONAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 755,464.653 14.35% 0.44% INVESTORS B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERNATIONAL VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 2,359,639.068 30.13% 1.39% INVESTORS C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS INTERNATIONAL VALUE FUND R A G EDWARDS & SONS INC C/F 503,746.688 6.43% 0.29% INVESTORS C RAMONA M. STRIEKER ROLLOVER IRA ACCOUNT 914 AUBURN CT. FAIRVIEW HGTS, IL 62208-3797

D-21

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS INTERNATIONAL VALUE FUND B CHARLES SCHWAB & CO INC 16,573,109.333 14.25% 9.78% PRIMARY A SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104 NATIONS INTERNATIONAL VALUE FUND R BANK OF AMERICA NA 73,516,330.832 63.22% 43.38% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-650668 94,970.399 22.31% 1.33% FUND INVESTOR A RUSSELL G JOHANSEN MARITAL TRUST DOROTHY D JOHANSEN TTEE U/A 09/25/90 9230 E LAKEPOINT WICHITA, KS 67226 NATIONS KANSAS MUNICIPAL INCOME R PRIMEVEST FINANCIAL SERVICES 26,224.162 6.16% 0.37% FUND INVESTOR A (FBO) JARNAT 10123005 400 FIRST STREET SOUTH SUITE 300 PO BOX 283 ST CLOUD, MN 56302 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-019747 33,772.502 7.93% 0.47% FUND INVESTOR A GLADYS SNOWBARGER TRUST GLADYS M SNOWBARGER U/A 09/18/89 3611 INVESTORERNESS DRIVE HUTCHINSON, KS 67502 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-019739 101,263.558 23.78% 1.42% FUND INVESTOR A EVERETT SNOWBARGER TRUST EVERETT SNOWBARGER U/A 09/18/89 3611 INVESTORERNESS DRIVE HUTCHINSON, KS 67502 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-082988 1,966.166 6.14% 0.03% FUND INVESTOR B RICHARD A SCHLITT LYNETTE A SCHLITT 12020 RIDGEPOINT WICHITA, KS 67235 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-007030 2,700.513 8.44% 0.04% FUND INVESTOR B JOAN BERNS TTEE JOAN BERNS REVOCABLE TRUST U/A 9/23/96 412 N VINE PEABODY, KS 66866 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-064327 6,276.138 19.62% 0.09% FUND INVESTOR B H F OSBOURN JOANN REAVES OSBOURN 1301 TRINITY DR NEWTON, KS 67114

D-22

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-066290 10,360.527 32.39% 0.15% FUND INVESTOR B MICHAEL R RESETARITS 59 CROYDON DR. DEPEW, NY 14043 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-633453 3,996.004 12.49% 0.06% FUND INVESTOR B OSCAR J FAINTER MARJORIE H FAINTER 2817 E KINCAID WICHITA, KS 67211 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-057584 6,145.130 19.21% 0.09% FUND INVESTOR B WILLIAM F & PHYLLIS E WHITED TRU WILLIAM F WHITED U/A 12/07/95 3225 KALLIN AVE LONG BEACH, CA 90808 NATIONS KANSAS MUNICIPAL INCOME R A G EDWARDS & SONS INC FBO 1,842.954 7.76% 0.03% FUND INVESTOR C MICHAEL A CHARRON & A/C 0084-738735 ONE NORTH JEFFERSON ST LOUIS, MO 63103-2287 NATIONS KANSAS MUNICIPAL INCOME R A G EDWARDS & SONS INC FBO 1,400.454 5.90% 0.02% FUND INVESTOR C ALBERT E GRONAU & P A TTEE ALBERT E GRONAU A/C 0084-756849 ONE NORTH JEFFERSON ST LOUIS, MO 63103-2287 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-722014 9,910.803 41.76% 0.14% FUND INVESTOR C CARROLL A KNOLL 1505 MELANIE LN GARDEN CITY, KS 67846 NATIONS KANSAS MUNICIPAL INCOME R NFSC FEBO # W52-003620 10,578.145 44.57% 0.15% FUND INVESTOR C EDITH M CRAIG REVOCABLE TRUST EDITH MARY CRAIG TTEE CEDAR LAKE VILLAGE 15325 S LONE ELM RD #109 OLATHE, KS 66061 NATIONS KANSAS MUNICIPAL INCOME R BANK OF AMERICA NA 6,630,846.509 99.84% 93.10% FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS LARGECAP ENHANCED CORE B MERRILL LYNCH, PIERCE, FENNER & 168,132.796 12.12% 0.68% FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS LARGECAP ENHANCED CORE R FLEET NATIONAL BANK 4,105,084.413 17.79% 16.78% FUND PRIMARY A FBO NATIONS OMNIBUS C/C ATTN: VARIOUS PO BOX 92800 ROCHESTER, NY 14692-8900

D-23

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS LARGECAP ENHANCED CORE R BANK OF AMERICA NA 17,724,093.714 76.84% 72.49% FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS LARGECAP INDEX FUND R DIVERSIFIED INVESTORESTMENT 138,423.488 8.95% 0.23% INVESTOR A ADVISORS ATTN: BHEESHAM PERSAUD MAIL DROP 2-52 4 MANHATTANVILLE ROAD PURCHASE, NY 10577-2119 NATIONS LARGECAP INDEX FUND R BANK OF AMERICA NA TTEE 32,383,756.928 56.61% 55.12% PRIMARY A BANK OF AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 PO BOX 2518 HOUSTON, TX 77252-2518 NATIONS LARGECAP INDEX FUND R BANK OF AMERICA NA ATTN FUNDS 21,980,009.134 38.42% 37.41% PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS LIFEGOAL BALANCED GROWTH B MERRILL LYNCH, PIERCE, FENNER & 1,001,059.704 20.90% 1.74% PORTFOLIO INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS LIFEGOAL BALANCED GROWTH R BANK OF AMERICA NA TTEE 17,562,169.490 93.42% 30.63% PORTFOLIO PRIMARY A BANK OF AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS LIFEGOAL GROWTH PORTFOLIO R STATE STREET BANK & TRUST CO TTEE 160,087.432 6.00% 0.54% INVESTOR C FBO COASTGEAR & COMPANY ATTN: KEVIN SMITH 105 ROSEMONT AVE WESTWOOD, MA 02090 NATIONS LIFEGOAL GROWTH PORTFOLIO B MERRILL LYNCH, PIERCE, FENNER & 366,038.373 13.73% 1.24% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS LIFEGOAL GROWTH PORTFOLIO R DIVERSIFIED INVESTORESTMENT 564,286.448 5.51% 1.91% PRIMARY A ADVISORS ATTN: BHEESHAM PERSAUD MAIL DROP 2-52 4 MANHATTANVILLE ROAD PURCHASE, NY 10577-2119

D-24

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS LIFEGOAL GROWTH PORTFOLIO R BANK OF AMERICA NA TTEE 9,121,973.862 89.11% 30.95% PRIMARY A BANK OF AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS LIFEGOAL GROWTH PORTFOLIO R BANK OF AMERICA NA 549,710.581 5.37% 1.86% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS LIFEGOAL INCOME AND R STATE STREET BANK & TRUST CO TTEE 136,969.935 8.30% 8.30% GROWTH PORTFOLIO INVESTOR C FBO COASTGEAR & COMPANY ATTN: KEVIN SMITH 105 ROSEMONT AVE WESTWOOD, MA 02090 NATIONS LIFEGOAL INCOME AND B MERRILL LYNCH, PIERCE, FENNER & 233,422.982 14.15% 14.15% GROWTH PORTFOLIO INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS LIFEGOAL INCOME AND R DIVERSIFIED INVESTORESTMENT 1,271,831.731 25.25% 25.25% GROWTH PORTFOLIO PRIMARY A ADVISORS ATTN: BHEESHAM PERSAUD MAIL DROP 2-52 4 MANHATTANVILLE ROAD PURCHASE, NY 10577-2119 NATIONS LIFEGOAL INCOME AND R BANK OF AMERICA NA TTEE 3,558,895.344 70.66% 70.66% GROWTH PORTFOLIO PRIMARY A BANK OF AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS LIFEGOAL INCOME PORTFOLIO R NFSC FEBO # W53-098469 193,454.739 6.34% 3.56% INVESTOR A THE ELLA CAROTHERS DUNNEGAN GALLERY OF ART PO BOX 468 BOLIVAR, MO 65613 NATIONS LIFEGOAL INCOME PORTFOLIO R NFSC FEBO # W14-212369 170,782.635 5.59% 3.14% INVESTOR A W STANLEY MARTIN EX E/O MAUREEN MARTIN 3959 ROMAN COURT TUCKER, GA 30084 NATIONS LIFEGOAL INCOME PORTFOLIO R BANK OF AMERICA NA 76,048.843 99.99% 1.40% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-25

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MARSICO 21ST CENTURY FUND R CITY NATIONAL BANK 2,199,893.179 20.10% 8.40% INVESTOR A A/C #110001100 PHJ & W DEF CONTRIBUTION RETIREMENT PLAN 12555 W JEFFERSON BLVD LOS ANGELES, CA 90066 NATIONS MARSICO 21ST CENTURY FUND B MERRILL LYNCH, PIERCE, FENNER & 1,550,718.485 14.17% 5.92% INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO 21ST CENTURY FUND B CHARLES SCHWAB & CO INC SPECIAL 2,172,085.665 19.85% 8.30% INVESTOR A CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104 NATIONS MARSICO 21ST CENTURY FUND B MERRILL LYNCH, PIERCE, FENNER & 585,698.887 11.06% 2.23% INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO 21ST CENTURY FUND B MERRILL LYNCH, PIERCE, FENNER & 976,899.976 39.95% 3.73% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO 21ST CENTURY FUND R FLEET NATIONAL BANK 484,263.813 6.46% 1.85% PRIMARY A FBO NATIONS OMNIBUS C/C ATTN: VARIOUS P O BOX 92800 ROCHESTER, NY 14692-8900 NATIONS MARSICO 21ST CENTURY FUND R BANK OF AMERICA NA 6,882,227.863 91.89% 26.29% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MARSICO FOCUSED EQUITIES B MERRILL LYNCH, PIERCE, FENNER & 23,367,997.900 36.42% 14.75% FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO FOCUSED EQUITIES B MERRILL LYNCH, PIERCE, FENNER AND 5,490,597.494 17.04% 3.46% FUND INVESTOR B S FOR BENEFIT OF: DR HOPE B HELFELD 2 900-204 BRIARMILL TRAIL 152620363

D-26

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MARSICO FOCUSED EQUITIES B MERRILL LYNCH, PIERCE, FENNER & 13,183,055.689 59.17% 8.32% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO FOCUSED EQUITIES R NATIONS LIFEGOAL PORTFOLIO INC 3,723,878.991 9.37% 2.35% FUND PRIMARY A LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS MARSICO FOCUSED EQUITIES R NATIONS LIFEGOAL PORTFOLIO INC 3,885,538.818 9.78% 2.45% FUND PRIMARY A LIFEGOAL GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS MARSICO FOCUSED EQUITIES R BANK OF AMERICA NA TTEE BANK OF 7,708,607.105 19.40% 4.86% FUND PRIMARY A AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS MARSICO FOCUSED EQUITIES R BANK OF AMERICA NA ATTN FUNDS 20,007,757.833 50.36% 12.63% FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MARSICO GROWTH FUND B MERRILL LYNCH, PIERCE, FENNER & 18,196,884.298 41.30% 17.64% INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO GROWTH FUND B MERRILL LYNCH, PIERCE, FENNER & 2,133,583.313 17.51% 2.06% INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO GROWTH FUND B MERRILL LYNCH, PIERCE, FENNER & 13,370,570.871 79.80% 12.96% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MARSICO GROWTH FUND R FLEET NATIONAL BANK FBO NATIONS 3,207,551.507 10.64% 3.11% PRIMARY A OMNIBUS C/C ATTN: VARIOUS P O BOX 92800 ROCHESTER, NY 14692-8900 NATIONS MARSICO GROWTH FUND R BANK OF AMERICA NA ATTN FUNDS 24,774,276.559 82.19% 24.02% PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MARSICO INTERNATIONAL B MERRILL LYNCH, PIERCE, FENNER & 684,193.650 20.94% 0.87% OPPORTUNITIES FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO INTERNATIONAL B MERRILL LYNCH, PIERCE, FENNER & 153,575.289 12.31% 0.19% OPPORTUNITIES FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO INTERNATIONAL B MERRILL LYNCH, PIERCE, FENNER & 608,503.879 44.91% 0.77% OPPORTUNITIES FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO INTERNATIONAL R A G EDWARDS & SONS INC C/F ROGER 80,787.766 5.96% 0.10% OPPORTUNITIES FUND INVESTOR C ROBY SEP IRA ACCOUNT 75 072 GLENEAGLE CIRCLE INDIAN WELLS, CA 92210-7646 NATIONS MARSICO INTERNATIONAL R FLEET NATIONAL BANK 3,624,981.897 5.01% 4.63% OPPORTUNITIES FUND PRIMARY A FBO NATIONS OMNIBUS C/C ATTN: VARIOUS P O BOX 92800 ROCHESTER NY 14692-8900 NATIONS MARSICO INTERNATIONAL R BANK OF AMERICA NA ATTN FUNDS 61,104,041.869 84.53% 78.18% OPPORTUNITIES FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MARSICO MIDCAP GROWTH R TRANSAMERICA LIFE INS & ANNUITY 115,352.261 6.15% 0.29% FUND INVESTOR A CO 1150 S OLIVE ST STE 10-01 LOS ANGELES, CA 90015 NATIONS MARSICO MIDCAP GROWTH R NFSC FEBO # W73-632635 10,249.849 6.31% 0.02% FUND INVESTOR C ASHOT TIGRANIAN 463 W MAPLE ST APT #2 GLENDALE, CA 91204

D-28

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MARSICO MIDCAP GROWTH B MERRILL LYNCH, PIERCE, FENNER & 24,898.758 15.34% 0.06% FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARSICO MIDCAP GROWTH R NFSC FEBO # W25-059382 13,785.047 8.49% 0.03% FUND INVESTOR C JOHN L MANNING III P/ADM ORGAIN READY MIX PFT SHRING PL 240 KRAFT ST CLARKSVILLE, TN 37040 NATIONS MARSICO MIDCAP GROWTH R NFSC FEBO # RCT-289272 NFS/FMTC 9,575.120 5.90% 0.02% FUND INVESTOR C IRA FBO PETER P INZANO 4181 EDGEWATER HARRISON, MI 48625 NATIONS MARSICO MIDCAP GROWTH R NATIONS LIFEGOAL PORTFOLIO INC 2,658,896.808 7.71% 6.84% FUND PRIMARY A LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS MARSICO MIDCAP GROWTH R NATIONS LIFEGOAL PORTFOLIO INC 1,942,792.686 5.63% 4.99% FUND PRIMARY A LIFEGOAL GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS MARSICO MIDCAP GROWTH R BANK OF AMERICA NA 28,103,062.785 81.49% 72.31% FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # W13-153818 358,671.538 12.48% 1.88% MUNICIPAL BOND FUND INVESTOR A HOUSE-CHILDS JOINT TRUST CAROL CHILDS U/A 05/23/03 4210 LEEWARD PL BETHESDA, MD 20816 NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # P87-061581 355,167.995 12.36% 1.86% MUNICIPAL BOND FUND INVESTOR A ROBERT GLADSTONE LESLIE GLADSTONE 2468 BELMONT RD NW WASHINGTON, DC 20008 NATIONS MARYLAND INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 100,545.212 7.67% 0.53% MUNICIPAL BOND FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

D-29

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # W38-614564 23,371.784 8.73% 0.12% MUNICIPAL BOND FUND INVESTOR C PETE STAKIAS BANK OF AMERICA COLLATERAL 9707 WINKLER ST WHITE MARSH, MD 21162 NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # W38-636932 49,663.132 18.55% 0.26% MUNICIPAL BOND FUND INVESTOR C JOSEPH J HOCK III GLORIA D HOCK 1342 ASTER DR GLEN BURNIE, MD 21061 NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # W38-028541 22,636.843 8.45% 0.12% MUNICIPAL BOND FUND INVESTOR C ELIZABETH GREGORY PO BOX 2327 OCEAN CITY, MD 21843 NATIONS MARYLAND INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 29,639.707 11.07% 0.16% MUNICIPAL BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MARYLAND INTERMEDIATE R UBS FINANCIAL SERVICES 15,251.897 5.69% 0.08% MUNICIPAL BOND FUND INVESTOR C INC. FBO GREAT MILLS CONSTRUCTION CO. P O BOX 52 GREAT MILLS, MD 20634-0052 NATIONS MARYLAND INTERMEDIATE R NFSC FEBO # W38-081264 49,823.851 18.61% 0.26% MUNICIPAL BOND FUND INVESTOR C DOUGLAS S GOODWIN REVOCABLE TRUS DOUGLAS S & HILDA GOODWIN TTEE 8002 BRYNMOR COURT UNIT 304 BALTIMORE, MD 21208 NATIONS MARYLAND INTERMEDIATE R BANK OF AMERICA NA 14,472,574.244 99.04% 75.92% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MIDCAP INDEX FUND PRIMARY R BANK OF AMERICA NA TTEE 28,532,880.159 18.92% 18.81% A BANK OF AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS MIDCAP INDEX FUND PRIMARY R BANK OF AMERICA NA 119,285,555.125 79.10% 78.65% A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MIDCAP VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 36,774.645 46.19% 0.08% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MIDCAP VALUE FUND R SUMMERVILLE PEDIATRICS PA 5,692.654 7.15% 0.01% INVESTOR C PROFIT SHARING PLAN 312 MIDLAND PARKWAY SUMMERVILLE, SC 29485-8114 NATIONS MIDCAP VALUE FUND PRIMARY R NATIONS LIFEGOAL PORTFOLIO INC 2,650,841.313 6.43% 6.26% A LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS MIDCAP VALUE FUND PRIMARY R BANK OF AMERICA NA 35,048,928.167 85.08% 82.90% A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MONEY MARKET RESERVES R THE BANK OF NEW YORK 140,706,290.490 8.19% 1.38% ADVISER CLASS ATTN FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS MONEY MARKET RESERVES R BANK OF AMERICA NA SWP DISBURSEM 1,324,000,000.000 77.12% 12.98% ADVISER CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS MONEY MARKET RESERVES R BANC OF AMERICA SECURITIES LLC 213,138,113.180 12.41% 2.09% ADVISER CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MONEY MARKET RESERVES R THE BANK OF NEW YORK ATTN FRANK 1,568,343,007.920 25.90% 15.37% CAPITAL CLASS NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS MONEY MARKET RESERVES R BANK OF AMERICA NA ATTN FUNDS 352,409,197.150 5.82% 3.45% CAPITAL CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-31

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MONEY MARKET RESERVES R BANC OF AMERICA SECURITIES LLC 3,118,904,939.980 51.51% 30.57% CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MONEY MARKET RESERVES B NATIONAL FINANCIAL FOR THE 3,549,333.780 99.99% 0.03% DAILY CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS MONEY MARKET RESERVES R BANC OF AMERICA SECURITIES LLC 1,805,383,888.670 100.00% 17.70% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MONEY MARKET RESERVES R NFSC FEBO # W67-611476 65,304.590 14.18% 0.00% INVESTOR C AIDA K DE ARAB COHEN 19018 N W 77 PLACE MIAMI, FL 33015 NATIONS MONEY MARKET RESERVES R NFSC FEBO # W76-612715 58,870.540 12.78% 0.00% INVESTOR C SUSAN STORER TTEE OF THE SUSAN STORER TR 1 U/A 10/18/76 7576 WHISTLESTOP WY ROSEVILLE, CA 95747 NATIONS MONEY MARKET RESERVES R NFSC FEBO # W15-034339 23,518.540 5.10% 0.00% INVESTOR C TEKMETAL INC 1072 HERITAGE DR PAWLEYS ISLAND, SC 29585 NATIONS MONEY MARKET RESERVES R NFSC FEBO # W81-010960 251,307.660 54.58% 0.00% INVESTOR C MAXIMAR INC C/O REX REALTY 7701 FORSYTH BLVD #1125 ST LOUIS, MO 63105 NATIONS MONEY MARKET RESERVES R THE BANK OF NEW YORK CO OF FL AS 77,805,098.110 89.19% 0.76% INVESTOR CLASS TTEE FOR CAPITAL AREA HOUSING FINANCE CORP SER 2000-1 ATTN PEG MAKOWSKI 600 NORTH PEARL ST STE 420 DALLAS, TX 75201 NATIONS MONEY MARKET RESERVES R WELLS FARGO BANK TX NA TRUSTEE 8,438,220.000 9.67% 0.08% INVESTOR CLASS FOR HIDALGO/WILLACY ATTN CORPORATE TRUST-MELISSA SCOTT 505 MAIN ST STE 301 FORT WORTH, TX 76102

D-32

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MONEY MARKET RESERVES R BANC OF AMERICA SECURITIES LLC 498,773,670.220 98.97% 4.89% LIQUIDITY CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MONEY MARKET RESERVES R COLE TAYLOR BANK FBO ACCRUIT LLC 16,049,590.140 100.00% 0.16% SERVICE CLASS ATTN DALE HENGESBACH 111 W WASHINGTON ST STE 650 CHICAGO, IL 60602 NATIONS MONEY MARKET RESERVES R BANK OF AMERICA AS SECURED PARTY 340,000.000 5.68% 0.00% TRUST CLASS COLLATERAL ACCT FOR BRUCE F AYRES & JILL S AYRES AS TRUSTEE FOR AYRES FAMILY LIVING TRUST DTD 5/1/1992 536 WESTMINSTER NEWPORTFOLIO BEACH, CA 92663 NATIONS MONEY MARKET RESERVES R BANK OF AMERICA NA ATTN FUNDS 5,547,073.220 92.75% 0.05% TRUST CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MUNICIPAL INCOME FUND B MERRILL LYNCH, PIERCE, FENNER & 60,332.439 9.16% 0.11% INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS MUNICIPAL INCOME FUND R ADAM P WALTER 4,757.504 8.06% 0.01% INVESTOR C 320 CLEARVIEW CIRCLE #105 VENICE, FL 34292 NATIONS MUNICIPAL INCOME FUND R W KEITH MAXWELL 6,325.354 10.71% 0.01% INVESTOR C 45 SADDLEBROOK HOUSTON, TX 77024 NATIONS MUNICIPAL INCOME FUND R CONCETTO DELUCA & MILDRED DELUCA 3,286.452 5.56% 0.01% INVESTOR C JT TEN 713 RUPRECHT AVE ST LOUIS, MO 63125-1419 NATIONS MUNICIPAL INCOME FUND R A G EDWARDS & SONS INC FBO 4,512.635 7.64% 0.01% INVESTOR C RUTH K LAMBERT TTEE RUTH K LAMBERT LIVING A/C 0175-113061 ONE NORTH JEFFERSON ST LOUIS, MO 63103-2287 NATIONS MUNICIPAL INCOME FUND R NFSC FEBO # W53-065234 DONNA L 4,894.676 8.29% 0.01% INVESTOR C COHEN 244 MADISON AVE APT 12K NEW YORK, NY 10016

D-33

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MUNICIPAL INCOME FUND R FIRST CLEARING, LLC A/C 3632-6270 3,202.095 5.42% 0.01% INVESTOR C EMMET DAVID GELHOT 5630 OLEATHA AVE SAINT LOUIS, MO 63139-1504 NATIONS MUNICIPAL INCOME FUND R NFSC FEBO # W82-050172 MADELINE G 5,048.283 8.55% 0.01% INVESTOR C WYATT TOD SONDRA BURKE, TOD B HILL TOD M SHEFFERLY, TOD G ARCHER P O BOX 447 TOMBSTONE, AZ 85638 NATIONS MUNICIPAL INCOME FUND R BANK OF AMERICA NA ATTN FUNDS 51,202,724.397 97.45% 91.32% PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MUNICIPAL RESERVE R BANK OF AMERICA NA SWP DISBURSEM 147,000,000.000 53.26% 2.80% LIQUIDITY CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS MUNICIPAL RESERVES R BANC OF AMERICA SECURITIES LLC 119,908,913.810 43.45% 2.28% LIQUIDITY CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MUNICIPAL RESERVES TRUST R BANK OF AMERICA NA ATTN FUNDS 407,227,898.710 97.89% 7.76%] CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MUNICIPAL RESERVES B NATIONAL FINANCIAL FOR THE 156,622,768.660 34.99% 2.98% ADVISER CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS MUNICIPAL RESERVES R BANK OF AMERICA NA SWP DISBURSEM 223,000,000.000 49.82% 4.25% ADVISER CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MUNICIPAL RESERVES R BANC OF AMERICA SECURITIES LLC 56,864,034.120 12.70% 1.08% ADVISER CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MUNICIPAL RESERVES R WATERFERRY 150,000,000.000 5.40% 2.86% CAPITAL CLASS ATTN ELLEN COPPA 745 7TH AVE 14TH FL NEW YORK, NY 10019 NATIONS MUNICIPAL RESERVES R BEAR STEARNS SECURITIES CORP 191,612,914.660 6.90% 3.65% CAPITAL CLASS FBO 0010419414 ATTN: DENISE DILORENZO-SIEGEL ONE METROTECH CENTER NORTH BROOKLYN, NY 11201 NATIONS MUNICIPAL RESERVES R BANK OF AMERICA NA ATTN FUNDS 915,817,975.140 32.97% 17.45% CAPITAL CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS MUNICIPAL RESERVES R BANC OF AMERICA SECURITIES LLC 1,272,107,094.540 45.80% 24.24% CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS MUNICIPAL RESERVES DAILY B NATIONAL FINANCIAL FOR THE 585,125,101.080 100.00% 11.15% CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS MUNICIPAL RESERVES B NATIONAL FINANCIAL FOR THE 153,326,844.530 23.57% 2.92% INSTITUTIONAL CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS MUNICIPAL RESERVES R BANC OF AMERICA SECURITIES LLC 491,884,742.180 75.64% 9.37% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS MUNICIPAL RESERVES R NFSC FEBO # W26-738484 BARBARA C 11,500.020 87.52% 0.00% INVESTOR B TAYLOR 615 COUNTRY CLUB DR WYTHEVILLE, VA 24382 NATIONS MUNICIPAL RESERVES R BNY CUST IRA FBO 1,634.420 12.43% 0.00% INVESTOR B KRISTINA MING 1829 W WINDY WAY JACKSONVILLE, FL 32259 NATIONS MUNICIPAL RESERVES R NFSC FEBO # W82-808636 144,478.100 100.00% 0.00% INVESTOR C OF THE KAREN K IMM REV TR KAREN K IMM U/A 11/13/98 9171 LAKE BLVD CHISAGO CITY, MN 55013 NATIONS MUNICIPAL RESERVES B NATIONAL FINANCIAL FOR THE 92,112,244.390 95.17% 1.75% INVESTOR CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS NEW YORK-TAX EXEMPT R BANC OF AMERICA SECURITIES LLC 0.550 100.00% 0.00% RESERVES ADVISOR CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS NEW YORK-TAX EXEMPT R NFSC FEBO # P62-007790 595,000.000 61.32% 0.57% RESERVES CAPITAL CLASS DAVID LENDER 245 EAST 58TH ST APT 24C NEW YORK, NY 10022 NATIONS NEW YORK-TAX EXEMPT R BANC OF AMERICA SECURITIES LLC 375,214.910 38.67% 0.36% RESERVES CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS NEW YORK TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 52,881,208.990 94.19% 50.77% RESERVES INST CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS NEW YORK TAX-EXEMPT R BANC OF AMERICA SECURITIES LLC 3,258,130.200 5.80% 3.13% RESERVES INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS NEW YORK TAX-EXEMPT B NATIONAL FINANCIAL FOR THE 12,092,987.020 100.00% 11.61% RESERVES MARKET CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS NEW YORK TAX-EXEMPT R BANK OF AMERICA NA ATTN FUNDS 34,965,222.820 100.00% 33.57% RESERVES TRUST CLASS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS NORTH CAROLINA R NFSC FEBO # P92-004502 279,325.479 13.07% 1.54% INTERMEDIATE MUNICIPAL BOND FUND ASSET CORP OF INVESTOR A THE SOUTH LLC 4521 SHARON RD, SUITE 420 CHARLOTTE, NC 28211 NATIONS NORTH CAROLINA R NFSC FEBO # X68-061336 119,179.052 5.57% 0.66% INTERMEDIATE MUNICIPAL BOND FUND JULIA E CLARK INVESTOR A 4600 TROY'S MTN LN DURHAM, NC 27705 NATIONS NORTH CAROLINA B MERRILL LYNCH, PIERCE, FENNER & 221,258.814 69.57% 1.22% INTERMEDIATE MUNICIPAL BOND FUND SMITH INC FOR THE SOLE BENEFIT OF INVESTOR C ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS NORTH CAROLINA R NFSC FEBO # W16-731382 23,870.651 7.50% 0.13% INTERMEDIATE MUNICIPAL BOND FUND CREIGHTON W SOSSOMON INVESTOR C BANK OF AMERICA COLLATERAL P O BOX 9 HIGHLANDS, NC 28741 NATIONS NORTH CAROLINA R BANK OF AMERICA NA ATTN FUNDS 13,842,582.541 96.54% 76.35% INTERMEDIATE MUNICIPAL BOND FUND ACCOUNTING (ACI) TX1-945-08-18 PRIMARY A 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS NORTH CAROLINA R NFSC FEBO # W16-714542 219,556.875 10.27% 1.21% INTERMEDIATE MUNICIPAL BOND FUND W FRANK DOWD JR INVESTOR A P O BOX 35430 CHARLOTTE, NC 28235 NATIONS SHORT INTERMEDIATE R NFSC FEBO # W14-610208 BURGESS 1,160,695.848 14.06% 1.35% GOVERNMENT FUND INVESTOR A PIGMENT CO PO BOX 349 DECK BLVD SANDERSVILLE, GA 31082 NATIONS SHORT INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 306,446.122 6.14% 0.36% GOVERNMENT FUND INVESTOR B SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SHORT INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 201,898.569 17.72% 0.23% GOVERNMENT FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS SHORT INTERMEDIATE R NFSC FEBO # W26-710326 58,031.247 5.09% 0.07% GOVERNMENT FUND INVESTOR C K R HOLBROOK, W M LEIDIG TTEE UMWA PCG TRAINING AND EDUCATION FUND, U/A 5/23/96 PO BOX 1270 BRISTOL, VA 24203 NATIONS SHORT INTERMEDIATE R BANK OF AMERICA NA ATTN FUNDS 70,899,139.827 98.72% 82.26% GOVERNMENT FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SHORT-TERM INCOME FUND R BANC OF AMERICA SECURITIES LLC 2,230,694.953 34.88% 1.99% INVESTOR A 220-24760-12 NC1-004-03-06 200 NORTH COLLEGE ST 3RD FL CHARLOTTE, NC 28255 NATIONS SHORT-TERM INCOME FUND R NFSC FEBO # W17-731277 28,944.318 18.77% 0.03% INVESTOR B W ANDERSON RURAL WATER & SEWER RESERVE FUND 2767 WHITEHALL RD ANDERSON, SC 29625 NATIONS SHORT-TERM INCOME FUND R NFSC FEBO # W17-731269 48,808.369 31.65% 0.04% INVESTOR B WEST ANDERSON RURAL WATER & SEWER CO INC 2767 WHITEHALL RD ANDERSON, SC 29625 NATIONS SHORT-TERM INCOME FUND B MERRILL LYNCH, PIERCE, FENNER & 348,469.921 15.71% 0.31% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS SHORT-TERM INCOME FUND R NATIONS LIFEGOAL PORTFOLIOFO INC 12,801,738.465 12.38% 11.42% PRIMARY A LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SHORT-TERM INCOME FUND R NATIONS LIFEGOAL PORTFOLIO INC 8,211,464.425 7.94% 7.32% PRIMARY A LIFEGOAL INCOME & GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS SHORT-TERM INCOME FUND R BANK OF AMERICA NA 74,277,128.637 71.87% 66.25% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W12-004707 6,564.458 5.56% 0.01% INCOME FUND INVESTOR B WILLIAM H FITZ CATHERINE W FITZ 5605 ONTARIO CIR BETHESDA, MD 20816 NATIONS SHORT-TERM MUNICIPAL R FISERV SECURITIES, INC. 11,639.656 9.86% 0.01% INCOME FUND INVESTOR B FAO 61528154 ATTN: MUTUAL FUNDS ONE COMMERCE SQUARE 2005 MARKET STREET SUITE 1200 PHILADELPHIA, PA 19103 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W26-677108 7,482.665 6.34% 0.01% INCOME FUND INVESTOR B KATHLYN C KEOGH 7729 NEWPORTFOLIO AVENUE NORFOLK, VA 23505 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W25-627585 6,310.890 5.34% 0.01% INCOME FUND INVESTOR B EDWIN C GLASSELL DEBORAH C GLASSELL 308 FAIRWAY DR CLARKSVILLE, TN 37043 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W14-726940 16,598.459 14.06% 0.02% INCOME FUND INVESTOR B JUDITH C BROWN 708 OLD GREENVILLE RD FAYETTEVILLE, GA 30215 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W13-764060 7,001.201 5.93% 0.01% INCOME FUND INVESTOR B THE ROSE ROTHBERG REV LI TR ROSE ROTHBERG U/A 03/29/90 8545 CAMPANELLI BLVD PLANTATION, FL 33322 NATIONS SHORT-TERM MUNICIPAL R NFSC FEBO # W26-095907 6,009.632 5.09% 0.01% INCOME FUND INVESTOR B ROBERT P GARDNER TTEE THE GARDNER B TRUST U/A 12/22/01 6705 POTOMAC PARKWAY ARLINGTON, TX 76017 NATIONS SHORT-TERM MUNICIPAL B MERRILL LYNCH, PIERCE, FENNER & 1,181,437.440 33.05% 1.19% INCOME FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SHORT-TERM MUNICIPAL R BANK OF AMERICA NA ATTN FUNDS 80,143,645.965 94.02% 80.80% INCOME FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SMALL COMPANY FUND B MERRILL LYNCH, PIERCE, FENNER & 76,210.892 27.35% 0.19% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS SMALL COMPANY FUND R A G EDWARDS & SONS CUSTODIAN FOR 36,477.372 13.09% 0.09% INVESTOR C LEONARD W. CAIN IRA ACCOUNT 321 EAST NORTH STREET CORTEZ, CO 81321 NATIONS SMALL COMPANY FUND R BANK OF AMERICA NA 24,186,706.841 87.40% 63.37% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SMALLCAP INDEX FUND B CHARLES SCHWAB & CO INC 58,568.433 7.90% 0.10% INVESTOR A SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY STREET SAN FRANCISCO, CA 94104 NATIONS SMALLCAP INDEX FUND R BANK OF AMERICA NA TTEE BANK OF 10,232,889.203 18.54% 18.30% PRIMARY A AMERICA 401K PLAN ATTN NORMA AJA/TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS SMALLCAP INDEX FUND R BANK OF AMERICA NA 44,059,941.522 79.85% 78.80% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SMALLCAP VALUE FUND R TRANSAMERICA LIFE INS & ANNUITY 35,126.025 9.61% 0.22% INVESTOR A CO 1150 S OLIVE ST STE 10-01 LOS ANGELES, CA 90015 NATIONS SMALLCAP VALUE FUND R NFSC FEBO # P62-006181 36,742.599 10.05% 0.24% INVESTOR A CHRISTIAN K STADLINGER ACCOUNT 1 4 O'SHEA LANE SUMMIT, NJ 07901 NATIONS SMALLCAP VALUE FUND R NFSC FEBO # W74-051217 8,417.742 6.38% 0.05% INVESTOR B MARY ANNE WARNER TTEE MARY WARNER 2002 TRUST U/A 11/18/02 274 CARDINAL RD MILL VALLEY, CA 94941

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SMALLCAP VALUE FUND R NFSC FEBO # W76-086010 2,216.793 8.18% 0.01% INVESTOR C NFS/FMTC ROLLOVER IRA FBO JAMES K WONG 3201 THISTLE CT ROCKLIN, CA 95765 NATIONS SMALLCAP VALUE FUND R NFSC FEBO # W76-078107 1,512.118 5.57% 0.00% INVESTOR C NFS/FMTC ROLLOVER IRA FBO ELAINE B ZABRISKIE P O BOX 3216 OAKLAND, CA 94609 NATIONS SMALLCAP VALUE FUND R LPL FINANCIAL SERVICES A/C 1,449.000 5.34% 0.00% INVESTOR C 8003-4310 9785 TOWNE CENTRE DRIVE SAN DIEGO, CA 92121-1968 NATIONS SMALLCAP VALUE FUND B MERRILL LYNCH, PIERCE, FENNER & 5,459.977 20.14% 0.03% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS SMALLCAP VALUE FUND R NATIONS 1,728,987.550 11.70% 11.30% PRIMARY A LIFEGOAL PORTFOLIO INC LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS SMALLCAP VALUE FUND R NATIONS 1,200,315.497 8.12% 7.84% PRIMARY A LIFEGOAL PORTFOLIO INC LIFEGOAL GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS SMALLCAP VALUE FUND R BANK OF AMERICA NA 10,731,014.212 72.64% 70.15% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS SOUTH CAROLINA R UBS FINANCIAL SERVICES INC. FBO 126,112.823 5.78% 0.60% INTERMEDIATE MUNICIPAL BOND FUND MR THEODORE F CRAVER INVESTOR A MS ST CLAIR N CRAVER JTWROS 1101 S ARLINGTON RIDGE RD APT 904 ARLINGTON, VA 22202-1928 NATIONS SOUTH CAROLINA B MERRILL LYNCH, PIERCE, FENNER & 170,647.505 22.42% 0.81% INTERMEDIATE MUNICIPAL BOND FUND SMITH INC FOR THE SOLE BENEFIT OF INVESTOR C ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS SOUTH CAROLINA R PERSHING LLC 47,171.131 6.19% 0.22% INTERMEDIATE MUNICIPAL BOND FUND P.O. BOX 2052 INVESTOR C JERSEY CITY, NJ 07303-9998 NATIONS SOUTH CAROLINA R BANK OF AMERICA NA ATTN FUNDS 17,087,519.051 98.71% 81.10% INTERMEDIATE MUNICIPAL BOND FUND ACCOUNTING (ACI) TX1-945-08-18 PRIMARY A 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS STRATEGIC GROWTH FUND R STATE STREET BANK & TRUST CO TTEE 1,097,856.824 78.11% 0.79% INVESTOR C FBO COASTGEAR & COMPANY ATTN: KEVIN SMITH 105 ROSEMONT AVE WESTWOOD, MA 02090 NATIONS STRATEGIC GROWTH FUND R BANK OF AMERICA NA 104,659,226.801 91.84% 76.05% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS STRATEGIC INCOME FUND R NFSC FEBO # W17-662682 NFSC/FMTC 19,925.800 7.07% 0.09% INVESTOR C IRA ROLLOVER FBO LINDA G WALKER 7 SALLY ST SPARTANBURG, SC 29301 NATIONS STRATEGIC INCOME FUND B MERRILL LYNCH, PIERCE, FENNER & 56,088.277 19.91% 0.24% INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS STRATEGIC INCOME FUND R NFSC FEBO # W25-059382 17,971.754 6.38% 0.08% INVESTOR C JOHN L MANNING III P/ADM ORGAIN READY MIX PFT SHRING PL 240 KRAFT ST CLARKSVILLE, TN 37040 NATIONS STRATEGIC INCOME FUND R NFSC FEBO # W53-067121 25,976.048 9.22% 0.11% INVESTOR C J DAVID PAISLEY 16 WESTMINSTER LAKE OSWEGO OR 97034 CHESTERFIELD, MO 63017 NATIONS STRATEGIC INCOME FUND R FIRST CLEARING, LLC 17,116.183 6.07% 0.07% INVESTOR C A/C 3578-2120 LOUIS J GUNTZELMAN 10709 ADVENTURE LANE CINCINNATI, OH 45242-4246 NATIONS STRATEGIC INCOME FUND R BANK OF AMERICA NA 17,207,128.239 99.33% 73.46% PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

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ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TAX-EXEMPT RESERVES B NATIONAL FINANCIAL FOR THE 3,269,867.010 37.59% 0.11% ADVISOR CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TAX-EXEMPT RESERVES R BANC OF AMERICA SECURITIES LLC 5,428,202.980 62.40% 0.18% ADVISOR CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TAX-EXEMPT RESERVES R WATERFERRY 50,000,000.000 5.86% 1.64% CAPITAL CLASS ATTN ELLEN COPPA 745 7TH AVE 14TH FL NEW YORK, NY 10019 NATIONS TAX-EXEMPT RESERVES R BANK OF AMERICA NA 400,867,229.900 47.05% 13.12% CAPITAL CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS TAX-EXEMPT RESERVES R NATIONS INTERMEDIATE MUNICIPAL 71,480,000.000 8.39% 2.34% CAPITAL CLASS BOND 043187336 ATTN DEL LUCAS 101 S TRYON STREET NC1-002-12-01 CHARLOTTE, NC 28255 NATIONS TAX-EXEMPT RESERVES R BANC OF AMERICA SECURITIES LLC 244,952,334.170 28.75% 8.02% CAPITAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TAX-EXEMPT RESERVES DAILY B NATIONAL FINANCIAL FOR THE 41,357,791.960 99.30% 1.35% CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TAX-EXEMPT RESERVES B NATIONAL FINANCIAL FOR THE 43,021,393.760 47.50% 1.41% INSTITUTIONAL CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281

D-43

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TAX-EXEMPT RESERVES R BANK OF AMERICA NA 7,039,278.800 7.77% 0.23% INSTITUTIONAL CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS TAX-EXEMPT RESERVES R BANC OF AMERICA SECURITIES LLC 40,496,439.840 44.71% 1.33% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TAX-EXEMPT RESERVES B NATIONAL FINANCIAL FOR THE 38,042,310.510 96.48% 1.25% INVESTOR A EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TAX-EXEMPT RESERVES R NFSC FEBO # P51-000710 1,747,647.270 14.03% 0.06% INVESTOR CLASS MORTON J MACKS MORTON J MACKS TTEE U/A 11/15/99 4750 OWINGS MILLS BLVD OWINGS MILLS, MD 21117 NATIONS TAX-EXEMPT RESERVES R THE BANK OF NEW YORK ATTN FRANK 1,885,968.900 15.14% 0.06% INVESTOR CLASS NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS TAX-EXEMPT RESERVES R GILES C UPSHUR III 796,777.420 6.40% 0.03% INVESTOR CLASS 6601 RIVER ROAD RICHMOND, VA 23229-8528 NATIONS TAX-EXEMPT RESERVES R R T HARRIS & BRENDA J HARRIS 1,067,001.910 8.57% 0.03% INVESTOR CLASS JTWROS 2375 SANDY CREEK FARM ROAD ALPHARETTA, GA 30004 NATIONS TAX-EXEMPT RESERVES R SCOTT B HELM & LESLEY M HELM 1,907,248.650 15.32% 0.06% INVESTOR CLASS JTWROS 217 PADDINGTON ROAD BALTIMORE, MD 21212 NATIONS TAX-EXEMPT RESERVES B NATIONAL FINANCIAL FOR THE 1,323,240.840 95.71% 0.04% LIQUIDITY CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TAX-EXEMPT RESERVES TRUST R BANK OF AMERICA NA 1,991,161,580.000 99.08% 65.17% CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-44

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # W25-141747 76,450.475 5.19% 1.41% MUNICIPAL BOND FUND INVESTOR A SANDRA M POLK 101 JOCELYN HILLS RD NASHVILLE, TN 37205 NATIONS TENNESSEE INTERMEDIATE R PERSHING LLC 76,401.396 5.19% 1.41% MUNICIPAL BOND FUND INVESTOR A P. O. BOX 2052 JERSEY CITY, NJ 07303-9998 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # W25-683256 85,663.196 5.82% 1.58% MUNICIPAL BOND FUND INVESTOR A MARSHALL T POLK III PO BOX 90148 NASHVILLE, TN 37209 NATIONS TENNESSEE INTERMEDIATE R UBS FINANCIAL SERVICES INC. FBO 91,114.742 6.19% 1.68% MUNICIPAL BOND FUND INVESTOR A HERBERT M PORTER SHERRIAN D PORTER JTWROS 100 WENTWORTH AVE. NASHVILLE, TN 37215-2230 NATIONS TENNESSEE INTERMEDIATE R UBS FINANCIAL SERVICES INC. FBO 97,477.855 6.62% 1.79% MUNICIPAL BOND FUND INVESTOR A WILLIAM A PAT SCRUGGS P O BOX 9839 KNOXVILLE, TN 37940-0839 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # W25-683620 18,631.955 5.29% 0.34% MUNICIPAL BOND FUND INVESTOR B ROSE MARIE ST CLAIR 222 ANDREWS DRIVE CLARKSVILLE, TN 37042 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # W25-099880 10,062.729 6.08% 0.19% MUNICIPAL BOND FUND INVESTOR C J CHASE COLE 511 UNION ST STE 2100 NASHVILLE, TN 37219 NATIONS TENNESSEE INTERMEDIATE R UBS FINANCIAL SERVICES INC. FBO 19,721.845 11.92% 0.36% MUNICIPAL BOND FUND INVESTOR C ROBERT MADIGAN MAIN ACCOUNT 5301 RIO VISTA LANE KNOXVILLE, TN 37919-8939 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # 0BX-380989 9,796.402 5.92% 0.18% MUNICIPAL BOND FUND INVESTOR C DORIS M PARDUE 1697 STEWART FERRY PIKE HERMITAGE, TN 37076 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # P47-000680 40,768.386 24.65% 0.75% MUNICIPAL BOND FUND INVESTOR C NEELY B COBLE JR TTEE CTR HILL LAKE PERSONAL RESIDENCE TR, U/A 6/30/99 118 BONAVENTURE PL NASHVILLE, TN 37205 NATIONS TENNESSEE INTERMEDIATE R NFSC FEBO # W25-095222 10,184.813 6.15% 0.19% MUNICIPAL BOND FUND INVESTOR C PIO A PECACHE CONCHITA T PECACHE 4061 BRANDYWINE POINT BLVD OLD HICKORY, TN 37138 NATIONS TENNESSEE INTERMEDIATE R BANK OF AMERICA NA 3,376,028.667 98.04% 62.15% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-45

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TEXAS INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 245,483.289 39.10% 1.09% MUNICIPAL BOND FUND INVESTOR A SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS TEXAS INTERMEDIATE R MADELINE O?DONNELL 43,993.535 7.00% 0.19% MUNICIPAL BOND FUND INVESTOR A PO BOX 46219 LOS ANGELES, CA 90046 NATIONS TEXAS INTERMEDIATE R NFSC FEBO # W41-070289 19,627.576 5.23% 0.09% MUNICIPAL BOND FUND INVESTOR B FRANK V LOPEZ GDN CAROLINA BRIONES 1206 SHARPS RD AUSTIN, TX 78734 NATIONS TEXAS INTERMEDIATE R NFSC FEBO # W23-726141 26,811.838 7.14% 0.12% MUNICIPAL BOND FUND INVESTOR B HOWARD D WOMACK 291 FM 1078 ORANGE, TX 77632 NATIONS TEXAS INTERMEDIATE R NFSC FEBO # W18-719404 37,691.447 10.05% 0.17% MUNICIPAL BOND FUND INVESTOR B MONTINE T WISDOM 6335 W NORTHWEST HWY #1318 DALLAS, TX 75225 NATIONS TEXAS INTERMEDIATE R NFSC FEBO # W40-604062 27,095.304 7.22% 0.12% MUNICIPAL BOND FUND INVESTOR B STEVEN SMITH TTEE PAMELA C SMITH TR C/O SPENCO MEDICAL CORP PO BOX 2501 WACO, TX 76702 NATIONS TEXAS INTERMEDIATE R SOUTHWEST SECURITIES FOB 38,307.659 10.21% 0.17% MUNICIPAL BOND FUND INVESTOR B ACCT# 54346528 P.O. BOX 509002 DALLAS, TX 75250 NATIONS TEXAS INTERMEDIATE R NFSC FEBO # W17-089770 10,276.592 23.04% 0.05% MUNICIPAL BOND FUND INVESTOR C FETTER FAMILY LIVING TRUST FLORENCE FETTER TTEE 12271 COIT RD APT 2613 DALLAS, TX 75251 NATIONS TEXAS INTERMEDIATE R LEGG MASON WOOD WALKER INC. 3,323.908 7.45% 0.01% MUNICIPAL BOND FUND INVESTOR C 319-03122-19 PO BOX 1476 BALTIMORE, MD 21202 NATIONS TEXAS INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 30,230.205 67.79% 0.13% MUNICIPAL BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS TEXAS INTERMEDIATE R BANK OF AMERICA NA 21,387,166.994 99.33% 94.73% MUNICIPAL BOND FUND PRIMARY A ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-46

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TREASURY RESERVES TRUST R THE BANK OF NEW YORK ATTN FRANK 223,304,912.730 24.87% 2.34% CLASS NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS TREASURY RESERVES TRUST R BANK OF AMERICA NA 671,452,960.220 74.79% 7.04% CLASS ATTN FUNDS ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307 NATIONS TREASURY RESERVES ADVISER B BANK OF AMERICA OF TEXAS NA NA 1,135,032,011.640 28.78% 11.89% CLASS CUST GLOBAL FINANCE SWEEP CUSTOMERS ATTN: STEVEN EDWARDS 1201 MAIN ST TX1-609-21-04 DALLAS, TX 75202 NATIONS TREASURY RESERVES ADVISER R BANK OF AMERICA NA SWP DISBURSEM 2,002,000,000.000 50.77% 20.98% CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS TREASURY RESERVES ADVISER R BANC OF AMERICA SECURITIES LLC 318,728,304.590 8.08% 3.34% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TREASURY RESERVES CAPITAL R BANC OF AMERICA SECURITIES LLC 1,756,527,036.580 80.88% 18.41% CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TREASURY RESERVES DAILY B NATIONAL FINANCIAL FOR THE 261,548,098.510 99.62% 2.74% CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TREASURY RESERVES R BANC OF AMERICA SECURITIES LLC 528,732,998.690 91.45% 5.54% INSTITUTIONAL CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001

D-47

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TREASURY RESERVES R THE BANK OF NEW YORK ATTN FRANK 956,931,661.920 99.00% 10.03% INVESTOR A NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS TREASURY RESERVES R NFSC FEBO # W25-124044 NFS/FMTC 33,774.810 12.00% 0.00% INVESTOR B ROLLOVER IRA FBO WILLIAM D PLUMLEY 5555 SW 28TH AVE OCALA, FL 34474 NATIONS TREASURY RESERVES R NFSC FEBO # W77-467650 CREIGHTON 72,884.570 25.91% 0.00% INVESTOR B BESCH 800 23RD AVE S SEATTLE, WA 98144 NATIONS TREASURY RESERVES R NFSC FEBO # W77-337501 NFS/FMTC 109,059.040 38.78% 0.00% INVESTOR B IRA FBO CARLOS O RIOJA 11903 AMBAUM BLVD SW SEATTLE, WA 98146 NATIONS TREASURY RESERVES R PHILLIP A HART & LISA B HART 18,232.430 6.48% 0.00% INVESTOR B JTWROS 294 EAGLET WAY LAKE MARY, FL 32746 NATIONS TREASURY RESERVES R NFSC FEBO # W38-050156 ROBERT L 20,400.290 7.25% 0.00% INVESTOR B COLEMAN 12218 QUADRILLE LANE BOWIE, MD 20720 NATIONS TREASURY RESERVES B NATIONAL FINANCIAL FOR THE 19,723,200.290 5.66% 0.21% INVESTOR CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281 NATIONS TREASURY RESERVES R THE BANK OF NEW YORK ATTN FRANK 168,323,056.860 48.30% 1.76% INVESTOR CLASS NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE, NY 13057 NATIONS TREASURY RESERVES R BANC OF AMERICA SECURITIES LLC 150,514,701.720 43.19% 1.58% INVESTOR CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS TREASURY RESERVES B NATIONAL FINANCIAL FOR THE 25,333,395.640 6.75% 0.27% LIQUIDITY CLASS EXCLUSIVE BENEFIT OF OUR CUSTOMERS 200 LIBERTY ST 1 WORLD FINANCIAL CTR ATTN MUTUAL FUNDS 5TH FLR NEW YORK, NY 10281

D-48

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS TREASURY RESERVES R BANK OF AMERICA NA SWP DISBURSEM 41,000,000.000 10.93% 0.43% LIQUIDITY CLASS NC BANK OF AMERICA NA SWEEP/AUTOBORROW 101 N TRYON STREET ONE INDEPENDENCE CENTER NC1-001-05-29 CHARLOTTE, NC 28255-0001 NATIONS TREASURY RESERVES R BANC OF AMERICA SECURITIES LLC 298,904,992.990 79.75% 3.13% LIQUIDITY CLASS OMNIBUS ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS NC1-004-03-06 200 N COLLEGE STREET 3RD FLOOR CHARLOTTE, NC 28255-0001 NATIONS VALUE FUND INVESTOR C B MERRILL LYNCH, PIERCE, FENNER & 524,686.265 34.10% 0.40% SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS VALUE FUND INVESTOR C R A G EDWARDS & SONS CUSTODIAN FOR 88,908.916 5.77% 0.06% LEE M. BROCK ROLLOVER IRA ACCOUNT P O BOX 302 NAPA, CA 94559 NATIONS VALUE FUND PRIMARY A R NATIONS LIFEGOAL PORTFOLIO INC 9,455,325.356 9.44% 7.36% LIFEGOAL BALANCED GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS VALUE FUND PRIMARY A R NATIONS 9,044,117.082 9.03% 7.04% LIFEGOAL PORTFOLIO INC LIFEGOAL GROWTH PORTFOLIO ATTN BRIAN SMITH NC1-002-33-31 101 SOUTH TRYON ST CHARLOTTE, NC 28255 NATIONS VALUE FUND PRIMARY A R BANK OF AMERICA NA TTEE BANK OF 11,739,409.228 11.72% 9.14% AMERICA 401K PLAN ATTN NORMA AJA/ TX4-213-06-14 P O BOX 2518 HOUSTON, TX 77252-2518 NATIONS VALUE FUND PRIMARY A R BANK OF AMERICA NA ATTN FUNDS 60,890,071.147 60.81% 47.41% ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-49

ACCOUNT OWNERSHIP SHARES % OF % OF FUND/CLASS TYPE REGISTRATION OWNED CLASS FUND ---------- --------- --------------------------------- ----------------- ------ ----- NATIONS VIRGINIA INTERMEDIATE R NFSC FEBO # W26-099996 258,871.904 5.37% 0.82% MUNICIPAL BOND FUND INVESTOR A WALTER E BLACKBURN 1776 HUNGARY RD RICHMOND, VA 23228 NATIONS VIRGINIA INTERMEDIATE R NFSC FEBO # W26-100935 18,797.409 9.72% 0.06% MUNICIPAL BOND FUND INVESTOR C NADINE RICHMOND KIEFFER 1773 INDIAN RIVER RD VIRGINIA BEACH, VA 23456 NATIONS VIRGINIA INTERMEDIATE R DOROTHY LEE WALSHE 11,272.447 5.83% 0.04% MUNICIPAL BOND FUND INVESTOR C 5801 MILL SPRING RD MIDLOTHIAN, VA 23112 NATIONS VIRGINIA INTERMEDIATE B MERRILL LYNCH, PIERCE, FENNER & 48,477.308 25.08% 0.15% MUNICIPAL BOND FUND INVESTOR C SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION SERVICE TEAM 4800 DEER LAKE DRIVE EAST 3RD FLOOR JACKSONVILLE, FL 32246 NATIONS VIRGINIA INTERMEDIATE R UBS FINANCIAL SERVICES INC. FBO 22,870.158 11.83% 0.07% MUNICIPAL BOND FUND INVESTOR C MR. GARY KLINE 4496 OCCOQUAN VIEW CT WOODBRIDGE, VA 22192-5803 NATIONS VIRGINIA INTERMEDIATE R NFSC FEBO # FL4-054011 11,726.393 6.06% 0.04% MUNICIPAL BOND FUND INVESTOR C JOSEPH L VOGEL SHARON L VOGEL 2548 BUTTERWOOD DR POWHATAN, VA 23139 NATIONS VIRGINIA INTERMEDIATE R BANK OF AMERICA NA ATTN FUNDS 24,828,385.549 98.42% 78.73% MUNICIPAL BOND FUND PRIMARY A ACCOUNTING (ACI) TX1-945-08-18 411 NORTH AKARD ST DALLAS, TX 75201-3307

D-50 APPENDIX E OUTSTANDING SHARES (AS OF DECEMBER 17, 2004)

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS MARSICO FOCUSED EQUITIES PORTFOLIO 11,565,371.834 NATIONS MARSICO GROWTH PORTFOLIO 9,145,896.267 NATIONS ASSET ALLOCATION PORTFOLIO 2,118,295.206 NATIONS MARSICO 21ST CENTURY PORTFOLIO 1,687,913.974 NATIONS HIGH YIELD BOND PORTFOLIO 8,510,265.172 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES PORTFOLIO 7,045,758.016 NATIONS INTERNATIONAL VALUE PORTFOLIO 2,115,843.580 NATIONS SMALL COMPANY PORTFOLIO 3,820,783.502 NATIONS MIDCAP GROWTH PORTFOLIO 7,288,479.907 NATIONS VALUE PORTFOLIO 6,309,232.417 NATIONS ASSET ALLOCATION FUND -- INVESTOR A 5,283,943.192 NATIONS ASSET ALLOCATION FUND -- INVESTOR B 2,396,592.412 NATIONS ASSET ALLOCATION FUND -- INVESTOR C 122,148.540 NATIONS ASSET ALLOCATION FUND -- PRIMARY A 1,231,719.057 ------------------ 9,034,403.201 NATIONS BOND FUND -- INVESTOR A 3,253,942.630 NATIONS BOND FUND -- INVESTOR B 1,073,465.665 NATIONS BOND FUND -- INVESTOR A 162,156.052 NATIONS BOND FUND -- PRIMARY A 189,762,716.299 ------------------ 194,252,280.646 NATIONS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 566,784.625 NATIONS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 115,962.722 NATIONS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 308,309.353 NATIONS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 11,925,481.653 ------------------ 12,916,538.353 NATIONS CALIFORNIA MUNICIPAL BOND FUND -- INVESTOR A 16,309,004.607 NATIONS CALIFORNIA MUNICIPAL BOND FUND -- INVESTOR B 1,045,642.801 NATIONS CALIFORNIA MUNICIPAL BOND FUND -- INVESTOR C 470,625.808 NATIONS CALIFORNIA MUNICIPAL BOND FUND -- PRIMARY A 17,698,778.801 ------------------ 35,524,052.017 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- ADVISOR 491,697,925.890 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- CAPITAL 147,267,364.660 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- DAILY 690,691,827.270 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- INSTITUTIONAL 94,411,491.560 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- INVESTOR 266,293,262.320 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- LIQUIDITY 25,362,503.090 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- TRUST 378,399,378.000 NATIONS CALIFORNIA TAX-EXEMPT RESERVES -- INVESTOR B 6,541.730 ------------------ 2,094,130,294.520

E-1

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS CASH RESERVES -- ADVISOR 11,104,952,687.290 NATIONS CASH RESERVES -- CAPITAL 19,780,900,826.300 NATIONS CASH RESERVES -- DAILY 9,599,871,557.580 NATIONS CASH RESERVES -- INSTITUTIONAL 4,424,454,300.810 NATIONS CASH RESERVES -- INVESTOR A 260,455,740.230 NATIONS CASH RESERVES -- INVESTOR B 25,004,038.530 NATIONS CASH RESERVES -- INVESTOR C 2,209,627.550 NATIONS CASH RESERVES -- INVESTOR 1,694,693,642.020 NATIONS CASH RESERVES -- LIQUIDITY 1,098,709,819.630 NATIONS CASH RESERVES -- MARKET 3,045.090 NATIONS CASH RESERVES -- MARSICO 10,036,563.680 NATIONS CASH RESERVES -- TRUST 3,558,431,152.660 ------------------ 51,559,723,001.370 NATIONS CONVERTIBLE SECURITIES FUND -- INVESTOR A 22,180,370.716 NATIONS CONVERTIBLE SECURITIES FUND -- INVESTOR B 8,543,120.890 NATIONS CONVERTIBLE SECURITIES FUND -- INVESTOR C 3,887,115.318 NATIONS CONVERTIBLE SECURITIES FUND -- PRIMARY A 55,011,245.318 ------------------ 89,621,852.242 CORPORATE BOND PORTFOLIO -- INVESTOR A 4,971,670.160 NATIONS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 1,567,918.371 NATIONS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 672,323.893 NATIONS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 830,513.248 NATIONS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 15,732,636.101 ------------------ 18,803,391.613 NATIONS FLORIDA MUNICIPAL BOND FUND -- INVESTOR A 3,842,751.834 NATIONS FLORIDA MUNICIPAL BOND FUND -- INVESTOR B 909,576.278 NATIONS FLORIDA MUNICIPAL BOND FUND -- INVESTOR C 54,704.701 NATIONS FLORIDA MUNICIPAL BOND FUND -- PRIMARY A 4,974,982.624 ------------------ 9,782,015.437 NATIONS GEORGIA INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 10,813,565.711 NATIONS GEORGIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 2,072,274.374 NATIONS GEORGIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 632,746.861 NATIONS GEORGIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 382,546.303 ------------------ 13,901,133.249 NATIONS GLOBAL VALUE FUND -- INVESTOR A 10,909,702.902 NATIONS GLOBAL VALUE FUND -- INVESTOR B 3,003,281.638 NATIONS GLOBAL VALUE FUND -- INVESTOR C 8,614,113.556 NATIONS GLOBAL VALUE FUND -- PRIMARY A 11,331,470.466 ------------------ 33,858,568.562 NATIONS GOVERNMENT SECURITIES FUND -- INVESTOR A 3,975,744.063 NATIONS GOVERNMENT SECURITIES FUND -- INVESTOR B 3,406,004.726

E-2

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS GOVERNMENT SECURITIES FUND -- INVESTOR C 113,958.027 NATIONS GOVERNMENT SECURITIES -- PRIMARY A 8,441,148.363 NATIONS GOVERNMENT SECURITIES -- R 1.000 ------------------ 15,936,856.179 NATIONS GOVERNMENT RESERVES -- ADVISOR 927,499,891.540 NATIONS GOVERNMENT RESERVES -- CAPITAL 1,321,959,490.160 NATIONS GOVERNMENT RESERVES -- DAILY 358,482,190.690 NATIONS GOVERNMENT RESERVES -- INSTITUTIONAL 616,893,883.410 NATIONS GOVERNMENT RESERVES -- INVESTOR A 26,855,188.870 NATIONS GOVERNMENT RESERVES -- INVESTOR 520,473,479.610 NATIONS GOVERNMENT RESERVES -- LIQUIDITY 438,912,762.460 NATIONS GOVERNMENT RESERVES -- TRUST 272,661,652.830 NATIONS GOVERNMENT RESERVES -- INVESTOR B 592,151.000 ------------------ 4,484,330,690.570 HIGH INCOME PORTFOLIO -- INVESTOR A 639,577.259 NATIONS HIGH YIELD BOND FUND -- INVESTOR A 17,823,266.609 NATIONS HIGH YIELD BOND FUND -- INVESTOR B 14,530,174.444 NATIONS HIGH YIELD BOND FUND -- INVESTOR C 5,892,198.727 NATIONS HIGH YIELD BOND FUND -- PRIMARY A 79,240,165.799 ------------------ 117,485,805.579 NATIONS INTERMEDIATE BOND FUND -- INVESTOR A 2,361,956.966 NATIONS INTERMEDIATE BOND FUND -- INVESTOR B 973,685.095 NATIONS INTERMEDIATE BOND FUND -- INVESTOR C 330,499.115 NATIONS INTERMEDIATE BOND FUND -- PRIMARY A 64,977,728.805 NATIONS INTERMEDIATE BOND FUND -- R 1.000 ------------------ 68,643,870.981 NATIONS INTERMEDIATE MUNICIPAL INCOME FUND -- INVESTOR A 3,476,877.992 NATIONS INTERMEDIATE MUNICIPAL INCOME FUND -- INVESTOR B 434,284.620 NATIONS INTERMEDIATE MUNICIPAL INCOME FUND -- INVESTOR C 447,366.797 NATIONS INTERMEDIATE MUNICIPAL INCOME PRIMARY A 165,133,264.998 ------------------ 169,491,794.407 NATIONS INTERNATIONAL EQUITY FUND -- INVESTOR A 2,177,768.357 NATIONS INTERNATIONAL EQUITY FUND -- INVESTOR B 788,440.163 NATIONS INTERNATIONAL EQUITY FUND -- INVESTOR C 198,217.016 NATIONS INTERNATIONAL EQUITY FUND -- PRIMARY A 81,330,447.089 ------------------ 84,494,872.625 NATIONS INTERNATIONAL VALUE -- INVESTOR A 40,090,222.868 NATIONS INTERNATIONAL VALUE -- INVESTOR B 5,261,818.847 NATIONS INTERNATIONAL VALUE -- INVESTOR C 7,829,995.100 NATIONS INTERNATIONAL VALUE -- PRIMARY A 116,270,361.746 ------------------ 169,452,398.561

E-3

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS KANSAS MUNICIPAL INCOME FUND -- INVESTOR A 425,680.908 NATIONS KANSAS MUNICIPAL INCOME FUND -- INVESTOR B 31,986.710 NATIONS KANSAS MUNICIPAL INCOME FUND -- INVESTOR C 23,732.356 NATIONS KANSAS MUNICIPAL INCOME FUND -- PRIMARY A 6,641,029.318 ------------------ 7,122,429.292 NATIONS LARGECAP ENHANCED CORE FUND -- INVESTOR A 1,387,026.495 NATIONS LARGECAP ENHANCED CORE FUND -- PRIMARY A 23,063,336.663 ------------------ 24,450,363.158 NATIONS LARGECAP INDEX FUND -- INVESTOR A 1,545,214.681 NATIONS LARGECAP INDEX FUND -- PRIMARY A 57,203,450.381 ------------------ 58,748,665.062 NATIONS LIFEGOAL BALANCED GROWTH PORTFOLIO -- INVESTOR A 11,795,905.818 NATIONS LIFEGOAL BALANCED GROWTH PORTFOLIO -- INVESTOR B 4,788,108.734 NATIONS LIFEGOAL BALANCED GROWTH PORTFOLIO -- INVESTOR C 21,951,031.606 NATIONS LIFEGOAL BALANCED GROWTH PORTFOLIO -- PRIMARY A 18,797,961.914 ------------------ 57,333,008.072 NATIONS LIFEGOAL GROWTH PORTFOLIO -- INVESTOR A 7,029,750.900 NATIONS LIFEGOAL GROWTH PORTFOLIO -- INVESTOR B 9,536,035.407 NATIONS LIFEGOAL GROWTH PORTFOLIO -- INVESTOR C 2,665,280.773 NATIONS LIFEGOAL GROWTH PORTFOLIO -- PRIMARY A 10,235,970.891 ------------------ 29,467,037.971 NATIONS LIFEGOAL INCOME AND GROWTH PORTFOLIO -- INVESTOR A 3,411,015.783 NATIONS LIFEGOAL INCOME AND GROWTH PORTFOLIO -- INVESTOR B 1,648,911.091 NATIONS LIFEGOAL INCOME AND GROWTH PORTFOLIO -- INVESTOR C 7,690,801.998 NATIONS LIFEGOAL INCOME AND GROWTH PORTFOLIO -- PRIMARY A 5,036,456.666 ------------------ 17,787,185.538 NATIONS LIFEGOAL INCOME PORTFOLIO -- INVESTOR A 3,049,914.654 NATIONS LIFEGOAL INCOME PORTFOLIO -- INVESTOR B 1,295,638.872 NATIONS LIFEGOAL INCOME PORTFOLIO -- INVESTOR C 1,006,924.829 NATIONS LIFEGOAL INCOME PORTFOLIO -- PRIMARY A 76,049.894 ------------------ 5,428,528.249 NATIONS MARSICO 21ST CENTURY FUND -- INVESTOR A 10,939,433.965 NATIONS MARSICO 21ST CENTURY FUND -- INVESTOR B 5,294,465.363 NATIONS MARSICO 21ST CENTURY FUND -- INVESTOR C 2,445,179.496 NATIONS MARSICO 21ST CENTURY FUND -- PRIMARY A 7,489,285.604 NATIONS MARSICO 21ST CENTURY FUND -- R 1.000 ------------------ 26,168,365.428 NATIONS MARSICO FOCUSED EQUITIES FUND -- INVESTOR A 64,157,050.095 NATIONS MARSICO FOCUSED EQUITIES FUND -- INVESTOR B 32,213,908.537 NATIONS MARSICO FOCUSED EQUITIES FUND -- INVESTOR C 22,278,234.596

E-4

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS MARSICO FOCUSED EQUITIES FUND -- PRIMARY A 39,725,585.509 NATIONS MARSICO FOCUSED EQUITIES FUND -- R 1.000 ------------------ 158,374,779.737 NATIONS MARSICO GROWTH FUND -- INVESTOR A 44,057,119.836 NATIONS MARSICO GROWTH FUND -- INVESTOR B 12,182,107.206 NATIONS MARSICO GROWTH FUND -- INVESTOR C 16,754,094.251 NATIONS MARSICO GROWTH FUND -- PRIMARY A 30,142,338.575 NATIONS MARSICO GROWTH FUND -- R 1.000 ------------------ 103,135,660.868 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND -- INVESTOR A 3,266,172.558 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND -- INVESTOR B 1,354,850.359 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND -- INVESTOR C 1,246,956.136 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND -- PRIMARY A 72,280,580.522 NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND -- R 1.000 ------------------ 78,148,560.575 NATIONS MARYLAND INTERMEDIATE MUNICIPAL BOND -- INVESTOR A 2,873,161.707 NATIONS MARYLAND INTERMEDIATE MUNICIPAL BOND -- INVESTOR B 1,310,075.766 NATIONS MARYLAND INTERMEDIATE MUNICIPAL BOND -- INVESTOR C 267,657.812 NATIONS MARYLAND INTERMEDIATE MUNICIPAL BOND -- PRIMARY A 14,612,593.995 ------------------ 19,063,489.280 NATIONS MIDCAP GROWTH FUND -- INVESTOR A 1,874,203.118 NATIONS MIDCAP GROWTH FUND -- INVESTOR B 2,343,515.552 NATIONS MIDCAP GROWTH FUND -- INVESTOR C 162,248.038 NATIONS MIDCAP GROWTH FUND -- PRIMARY A 34,484,341.969 ------------------ 38,864,308.677 NATIONS MIDCAP INDEX FUND -- PRIMARY A 150,793,785.297 NATIONS MIDCAP INDEX FUND -- INVESTOR A 864,971.593 ------------------ 151,658,756.890 NATIONS MIDCAP VALUE FUND -- INVESTOR A 705,910.331 NATIONS MIDCAP VALUE FUND -- INVESTOR B 301,014.818 NATIONS MIDCAP VALUE FUND -- INVESTOR C 79,605.177 NATIONS MIDCAP VALUE FUND -- PRIMARY A 41,191,856.984 ------------------ 42,278,387.310 NATIONS MONEY MARKET RESERVES -- ADVISOR 1,716,777,171.430 NATIONS MONEY MARKET RESERVES -- CAPITAL 6,054,393,601.480 NATIONS MONEY MARKET RESERVES -- DAILY 3,549,540.200 NATIONS MONEY MARKET RESERVES -- INSTITUTIONAL 1,805,383,888.670 NATIONS MONEY MARKET RESERVES -- INVESTOR B 7,163,424.430 NATIONS MONEY MARKET RESERVES -- INVESTOR C 460,420.710 NATIONS MONEY MARKET RESERVES -- INVESTOR 87,229,663.750 NATIONS MONEY MARKET RESERVES -- LIQUIDITY 503,948,670.220

E-5

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS MONEY MARKET RESERVES -- SERVICE 16,049,590.140 NATIONS MONEY MARKET RESERVES -- TRUST 5,980,631.950 ------------------ 10,200,936,602.980 MORTGAGE AND ASSET-BACKED PORTFOLIO 7,683,068.464 NATIONS MUNICIPAL INCOME FUND -- INVESTOR A 2,809,069.922 NATIONS MUNICIPAL INCOME FUND -- INVESTOR B 658,622.927 NATIONS MUNICIPAL INCOME FUND -- INVESTOR C 59,008.121 NATIONS MUNICIPAL INCOME FUND -- PRIMARY A 52,540,806.298 ------------------ 56,067,507.268 NATIONS MUNICIPAL RESERVES -- ADVISOR 447,533,453.190 NATIONS MUNICIPAL RESERVES -- CAPITAL 2,776,979,137.500 NATIONS MUNICIPAL RESERVES -- DAILY 585,125,101.080 NATIONS MUNICIPAL RESERVES -- INSTITUTIONAL 650,244,593.920 NATIONS MUNICIPAL RESERVES -- INVESTOR B 13,138.690 NATIONS MUNICIPAL RESERVES -- INVESTOR C 144,478.100 NATIONS MUNICIPAL RESERVES -- INVESTOR 96,785,830.760 NATIONS MUNICIPAL RESERVES -- LIQUIDITY 275,963,278.250 NATIONS MUNICIPAL RESERVES -- TRUST 415,995,412.440 ------------------ 5,248,784,423.930 NATIONS NEW YORK TAX-EXEMPT RESERVES -- ADVISOR 0.550 NATIONS NEW YORK TAX-EXEMPT RESERVES -- CAPITAL 970,214.910 NATIONS NEW YORK TAX-EXEMPT RESERVES -- INSTITUTIONAL 56,139,339.190 NATIONS NEW YORK TAX-EXEMPT RESERVES -- MARKET 12,092,987.020 NATIONS NEW YORK TAX-EXEMPT RESERVES -- TRUST 34,965,222.820 ------------------ 104,167,764.490 NATIONS NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 2,136,642.282 NATIONS NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 1,338,288.264 NATIONS NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 318,036.754 NATIONS NORTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 14,338,089.924 ------------------ 18,131,057.224 NATIONS SHORT-INTERMEDIATE GOVERNMENT FUND -- INVESTOR A 8,250,078.106 NATIONS SHORT-INTERMEDIATE GOVERNMENT FUND -- INVESTOR B 4,986,751.137 NATIONS SHORT-INTERMEDIATE GOVERNMENT FUND -- INVESTOR C 1,138,768.683 NATIONS SHORT-INTERMEDIATE GOVERNMENT FUND -- PRIMARY A 71,813,616.991 ------------------ 86,189,214.917 NATIONS SHORT-TERM INCOME FUND -- INVESTOR A 6,395,129.909 NATIONS SHORT-TERM INCOME FUND -- INVESTOR B 154,183.751 NATIONS SHORT-TERM INCOME FUND -- INVESTOR C 2,217,484.174 NATIONS SHORT-TERM INCOME FUND -- PRIMARY A 103,345,082.562 ------------------ 112,111,880.396

E-6

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS SHORT-TERM MUNICIPAL INCOME FUND -- INVESTOR A 10,258,674.701 NATIONS SHORT-TERM MUNICIPAL INCOME FUND -- INVESTOR B 118,005.917 NATIONS SHORT-TERM MUNICIPAL INCOME FUND -- INVESTOR C 3,574,036.253 NATIONS SHORT-TERM MUNICIPAL INCOME FUND -- PRIMARY A 85,233,518.767 ------------------ 99,184,235.638 NATIONS SMALL CAP INDEX FUND -- INVESTOR A 741,153.511 NATIONS SMALL CAP INDEX FUND -- PRIMARY A 55,172,259.745 ------------------ 55,913,413.256 NATIONS SMALL COMPANY FUND -- INVESTOR A 9,017,839.669 NATIONS SMALL COMPANY FUND -- INVESTOR B 1,198,656.787 NATIONS SMALL COMPANY FUND -- INVESTOR C 278,634.381 NATIONS SMALL COMPANY FUND -- PRIMARY A 27,672,120.599 NATIONS SMALL COMPANY FUND -- R 1.000 ------------------ 38,167,252.436 NATIONS SMALLCAP VALUE FUND -- INVESTOR A 365,462.153 NATIONS SMALLCAP VALUE FUND -- INVESTOR B 131,864.881 NATIONS SMALLCAP VALUE FUND -- INVESTOR C 27,099.109 NATIONS SMALLCAP VALUE FUND -- PRIMARY A 14,772,076.637 ------------------ 15,296,502.780 NATIONS SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 2,181,028.055 NATIONS SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 760,892.507 NATIONS SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 818,547.069 NATIONS SOUTH CAROLINA INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 17,310,233.038 ------------------ 21,070,700.669 NATIONS STRATEGIC GROWTH FUND -- INVESTOR A 18,803,067.991 NATIONS STRATEGIC GROWTH FUND -- INVESTOR B 3,444,674.660 NATIONS STRATEGIC GROWTH FUND -- INVESTOR C 1,405,525.834 NATIONS STRATEGIC GROWTH FUND -- PRIMARY A 113,949,011.726 ------------------ 137,602,280.211 NATIONS STRATEGIC INCOME FUND -- INVESTOR A 2,872,025.531 NATIONS STRATEGIC INCOME FUND -- INVESTOR B 2,948,299.514 NATIONS STRATEGIC INCOME FUND -- INVESTOR C 281,674.329 NATIONS STRATEGIC INCOME FUND -- PRIMARY A 17,322,398.165 ------------------ 23,424,397.539 NATIONS TAX-EXEMPT RESERVES -- ADVISOR 8,698,069.990 NATIONS TAX EXEMPT RESERVES -- CAPITAL 851,857,813.580 NATIONS TAX EXEMPT RESERVES -- DAILY 41,648,057.820 NATIONS TAX EXEMPT RESERVES -- INSTITUTIONAL 90,558,136.540 NATIONS TAX EXEMPT RESERVES -- INVESTOR A 39,427,267.850 NATIONS TAX EXEMPT RESERVES -- INVESTOR B 12,448,915.380

E-7

TOTAL SHARES FUND NAME/CLASS OUTSTANDING --------------- ------------------ NATIONS TAX EXEMPT RESERVES -- LIQUIDITY 1,382,534.270 NATIONS TAX EXEMPT RESERVES -- TRUST 2,009,469,010.250 ------------------ 3,055,489,805.680 NATIONS TENNESSEE INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 1,471,874.461 NATIONS TENNESSEE INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 351,657.167 NATIONS TENNESSEE INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 3,443,450.880 NATIONS TENNESSEE INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 165,347.390 ------------------ 5,432,329.898 NATIONS TEXAS INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 627,740.698 NATIONS TEXAS INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 375,029.816 NATIONS TEXAS INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 44,591.540 NATIONS TEXAS INTERMEDIATE MUNICIPAL BOND FUND -- PRIMARY A 21,529,843.054 ------------------ 22,577,205.108 NATIONS TREASURY RESERVES -- ADVISOR 3,942,665,180.870 NATIONS TREASURY RESERVES -- CAPITAL 2,171,624,022.440 NATIONS TREASURY RESERVES -- DAILY 262,523,398.030 NATIONS TREASURY RESERVES -- INSTITUTIONAL 578,105,529.170 NATIONS TREASURY RESERVES -- INVESTOR A 966,553,922.070 NATIONS TREASURY RESERVES -- INVESTOR B 281,222.660 NATIONS TREASURY RESERVES -- INVESTOR 348,434,659.600 NATIONS TREASURY RESERVES -- LIQUIDITY 374,772,406.710 NATIONS TREASURY RESERVES -- TRUST 897,688,427.440 ------------------ 9,542,648,768.990 NATIONS VALUE FUND -- INVESTOR A 19,914,111.671 NATIONS VALUE FUND -- INVESTOR B 6,851,965.240 NATIONS VALUE FUND -- INVESTOR C 1,538,595.453 NATIONS VALUE FUND -- PRIMARY A 100,120,425.028 NATIONS VALUE FUND -- R 1.000 ------------------ 128,425,098.392 NATIONS VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR A 4,815,756.408 NATIONS VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR B 1,302,142.399 NATIONS VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR C 193,223.734 NATIONS VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- INVESTOR D 25,225,675.234 ------------------ 31,536,797.775

E-8 NATIONS FUNDS C/O PROXY TABULATOR P.O. BOX 9132 HINGHAM, MA 02043-9132 ezVote Consolidated Proxy Card THIS FORM IS YOUR EZVOTE CONSOLIDATED PROXY CARD. IT REPRESENTS ALL OF YOUR ACCOUNTS REGISTERED TO THE SAME SOCIAL SECURITY OR TAX I.D. NUMBER AT THIS ADDRESS. BY VOTING AND SIGNING THIS PROXY CARD, YOU ARE VOTING ALL OF THESE ACCOUNTS IN THE SAME MANNER AS INDICATED ON THE REVERSE SIDE OF THE FORM. THREE EASY WAYS TO VOTE YOUR CONSOLIDATED PROXY CARD TELEPHONE: Call 1-888-221-0697 and follow the recorded instructions. INTERNET: Go to WWW.PROXYVOTE.COM and follow the on-screen instructions. MAIL: Vote, sign, date and return your proxy by mail. IF YOU VOTE BY TELEPHONE OR INTERNET, DO NOT MAIL YOUR PROXY. The undersigned hereby appoints Robert B. Carroll, Paul Caldarelli, Kevin Connaughton and Michael A. Simons (the "Proxies"), and each of them, attorneys and proxies of the undersigned, each with power of substitution and resubstitution, to attend, vote and act for the undersigned at the Special Meetings of Shareholders of the funds of Nations Funds Trust (the "Trust") to be held at One Financial Center, Boston, Massachusetts, at 10:00 a.m. (Eastern time) on March 17, 2005, and at any adjournment(s) thereof. The Proxies shall cast votes according to the number of shares of the Trust which the undersigned may be entitled to vote with respect to the proposal set forth on the reverse, in accordance with the specification indicated, if any, and shall have all the powers which the undersigned would possess if personally present. The undersigned hereby revokes any prior proxy to vote at such meeting, and hereby ratifies and confirms all that said Proxies, or any of them, may lawfully do by virtue hereof or thereof. THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF THE NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS AND THE PROXY STATEMENT, DATED FEBRUARY 7, 2005. Date: ________________________ PLEASE BE SURE TO SIGN AND DATE THIS PROXY ____________________________________ Signature(s) (SIGN IN THE BOX) Please sign exactly as your name appears at left. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. NFT EZ - DM ezVote Consolidated Proxy Card PLEASE FILL IN BOX(ES) AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL. [X] PLEASE DO NOT USE FINE POINT PENS. PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. THE BOARD OF TRUSTEES OF NATIONS FUNDS TRUST UNANIMOUSLY RECOMMENDS THAT YOU VOTE IN FAVOR OF THE PROPOSAL. 1. To Elect Five Trustees to the Board of Trustees of Nations Fund Trust (FOR ALL FUNDS) Nominees: (01) Edward J. Boudreau, Jr. (02) William P. Carmichael (03) William A. Hawkins (04) R. Glenn Hilliard (05) Minor M. Shaw FOR WITHHOLD FOR ALL ALL ALL EXCEPT [ ] [ ] [ ] INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR A PARTICULAR NOMINEE(S), MARK THE BOX "FOR ALL EXCEPT" AND WRITE THE NUMBER(S) OF THE NOMINEE(S) ON THE LINE BELOW. ________________________________________________________________________________ 2. To Elect Five Trustees to the Board of Trustees of Nations Master Investment Trust. This proposal is applicable to shareholders of the funds listed below.* Nominees: (01) Edward J. Boudreau, Jr. (02) William P. Carmichael (03) William A. Hawkins (04) R. Glenn Hilliard (05) Minor M. Shaw FOR WITHHOLD FOR ALL ALL ALL EXCEPT [ ] [ ] [ ] INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR A PARTICULAR NOMINEE(S), MARK THE BOX "FOR ALL EXCEPT" AND WRITE THE NUMBER(S) OF THE NOMINEE(S) ON THE LINE BELOW. ________________________________________________________________________________ * NATIONS INTERNATIONAL EQUITY FUND, NATIONS MARSICO INTERNATIONAL OPPORTUNITIES FUND, NATIONS INTERNATIONAL VALUE FUND, NATIONS MARSICO GROWTH FUND, NATIONS MARSICO FOCUSED EQUITIES FUND, NATIONS MARSICO 21ST CENTURY FUND, NATIONS SMALLCAP VALUE FUND, NATIONS SMALL COMPANY FUND, NATIONS STRATEGIC GROWTH FUND, NATIONS HIGH YIELD BOND FUND AND NATIONS INTERMEDIATE BOND FUND. NFT EZ - DM - R