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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 D020400 N
<PAGE> PAGE 21
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
071 A000400 8412
071 B000400 1996
071 C000400 3371
071 D000400 59
072 A000400 6
072 B000400 15
072 C000400 9
072 D000400 0
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072 J000400 2
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072 O000400 0
072 P000400 0
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072 S000400 1
072 T000400 3
072 U000400 1
<PAGE> PAGE 22
072 V000400 0
072 W000400 2
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072 Y000400 15
072 Z000400 10
072AA000400 74
072BB000400 0
072CC010400 607
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
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073 B000400 0.0000
073 C000400 0.0000
074 A000400 1
074 B000400 0
074 C000400 750
074 D000400 0
074 E000400 0
074 F000400 7095
074 G000400 0
074 H000400 0
074 I000400 34
074 J000400 103
074 K000400 1
074 L000400 91
074 M000400 401
074 N000400 8476
074 O000400 94
074 P000400 1
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074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 393
074 S000400 0
074 T000400 7988
074 U010400 696
074 U020400 0
074 V010400 11.47
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
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075 B000400 4946
076 000400 0.00
028 A010500 0
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<PAGE> PAGE 23
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 3000
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 508
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 760
028 E020500 0
028 E030500 0
028 E040500 22
028 F010500 1425
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 5693
028 G020500 0
028 G030500 0
028 G040500 22
028 H000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 3
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.850
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048 B010500 0
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048 C010500 0
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048 D010500 0
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<PAGE> PAGE 24
048 F010500 0
048 F020500 0.000
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048 I010500 0
048 I020500 0.000
048 J010500 0
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048 K010500 0
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054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 Y
054 E000500 Y
054 F000500 Y
054 G000500 Y
054 H000500 Y
054 I000500 Y
054 J000500 Y
054 K000500 Y
054 L000500 Y
054 M000500 Y
054 N000500 Y
054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
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062 R000500 0.0
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<PAGE> PAGE 25
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 49959
071 B000500 44277
071 C000500 3045
071 D000500 52
072 A000500 6
072 B000500 10
<PAGE> PAGE 26
072 C000500 11
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072DD010500 0
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074 D000500 0
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074 F000500 5602
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<PAGE> PAGE 27
074 Q000500 0
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<PAGE> PAGE 28
042 F000600 0
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048 I010600 0
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054 A000600 Y
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054 F000600 Y
054 G000600 Y
054 H000600 Y
054 I000600 Y
054 J000600 Y
054 K000600 Y
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056 000600 Y
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<PAGE> PAGE 29
062 B000600 0.0
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066 A000600 Y
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066 F000600 N
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069 000600 Y
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070 A020600 N
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070 C020600 N
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070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
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070 I010600 N
070 I020600 N
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<PAGE> PAGE 30
070 L020600 N
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071 A000600 12755
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
054 B000700 Y
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE RICHARD R. ROSE
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> NATIONS BALANCED ASSETS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1491274
<INVESTMENTS-AT-VALUE> 1452791
<RECEIVABLES> 26051
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 259442
<TOTAL-ASSETS> 1738284
<PAYABLE-FOR-SECURITIES> 25284
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 251495
<TOTAL-LIABILITIES> 276779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1488309
<SHARES-COMMON-STOCK> 149298
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7309
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4370
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (38483)
<NET-ASSETS> 1461505
<DIVIDEND-INCOME> 5190
<INTEREST-INCOME> 5168
<OTHER-INCOME> 0
<EXPENSES-NET> 3049
<NET-INVESTMENT-INCOME> 7309
<REALIZED-GAINS-CURRENT> 4370
<APPREC-INCREASE-CURRENT> (38483)
<NET-CHANGE-FROM-OPS> (26804)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 148310
<NUMBER-OF-SHARES-REDEEMED> (12)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> NATIONS DISCIPLINED EQUITY PORTFOLIO
<S> <C>
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<ACCUM-APPREC-OR-DEPREC> 30100
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> NATIONS MARSICO FOCUSED EQUITIES PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> NATIONS MARSICO GROWTH & INCOME PORTFOLIO
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> NATIONS MANAGED INDEX PORTFOLIO
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> NATIONS INTERNATIONAL GROWTH PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> NATIONS MANAGED SMALL CAP INDEX PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> NATIONS VALUE PORTFOLIO
<S> <C>
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</TABLE>
