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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 21
042 G000400 0
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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SIGNATURE RICHARD H. BLANK
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>1
<NAME>NATIONS ANNUITY VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 9,847,154
<INVESTMENTS-AT-VALUE> 10,711,297
<RECEIVABLES> 15,374
<ASSETS-OTHER> 13,056
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,739,727
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (94,954)
<TOTAL-LIABILITIES> (94,954)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,173,192
<SHARES-COMMON-STOCK> 1,003,156
<SHARES-COMMON-PRIOR> 542,341
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (392,562)
<ACCUM-APPREC-OR-DEPREC> 864,143
<NET-ASSETS> 10,644,773
<DIVIDEND-INCOME> 120,911
<INTEREST-INCOME> 16,479
<OTHER-INCOME> 170
<EXPENSES-NET> 82,446
<NET-INVESTMENT-INCOME> 55,114
<REALIZED-GAINS-CURRENT> (252,307)
<APPREC-INCREASE-CURRENT> 366,501
<NET-CHANGE-FROM-OPS> 169,308
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,501)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,318,789
<NUMBER-OF-SHARES-REDEEMED> (488,381)
<SHARES-REINVESTED> 58,501
<NET-CHANGE-IN-ASSETS> 4,999,716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (140,255)
<GROSS-ADVISORY-FEES> 56,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138,079
<AVERAGE-NET-ASSETS> 8,239,383
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>2
<NAME> NATIONS ANNUITY TRUST INTERNATIONAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 3,715,667
<INVESTMENTS-AT-VALUE> 5,199,760
<RECEIVABLES> 12,267
<ASSETS-OTHER> 714,496
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,926,523
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (28,317)
<TOTAL-LIABILITIES> (28,317)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,398,610
<SHARES-COMMON-STOCK> 410,922
<SHARES-COMMON-PRIOR> 224,768
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,090)
<ACCUMULATED-NET-GAINS> 16,664
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,484,022
<NET-ASSETS> 5,898,206
<DIVIDEND-INCOME> 44,281
<INTEREST-INCOME> 13,322
<OTHER-INCOME> 0
<EXPENSES-NET> 42,852
<NET-INVESTMENT-INCOME> 14,751
<REALIZED-GAINS-CURRENT> 225,389
<APPREC-INCREASE-CURRENT> 1,291,854
<NET-CHANGE-FROM-OPS> 1,531,994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,866)
<DISTRIBUTIONS-OF-GAINS> (111,940)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,334,605
<NUMBER-OF-SHARES-REDEEMED> (278,030)
<SHARES-REINVESTED> 131,806
<NET-CHANGE-IN-ASSETS> 3,588,569
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (52)
<OVERDIST-NET-GAINS-PRIOR> (89,253)
<GROSS-ADVISORY-FEES> 28,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90,718
<AVERAGE-NET-ASSETS> 3,437,469
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 4.35
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.29)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.35
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>3
<NAME> NATIONS ANNUITY TRUST DISCIPLINED EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 6,705,197
<INVESTMENTS-AT-VALUE> 7,688,356
<RECEIVABLES> 13,312
<ASSETS-OTHER> 12,482
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,714,150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (30,122)
<TOTAL-LIABILITIES> (30,122)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,796,062
<SHARES-COMMON-STOCK> 660,474
<SHARES-COMMON-PRIOR> 451,540
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (95,431)
<ACCUM-APPREC-OR-DEPREC> 983,397
<NET-ASSETS> 7,684,028
<DIVIDEND-INCOME> 65,196
<INTEREST-INCOME> 10,337
<OTHER-INCOME> 0
<EXPENSES-NET> 61,989
<NET-INVESTMENT-INCOME> 13,544
<REALIZED-GAINS-CURRENT> 124,855
<APPREC-INCREASE-CURRENT> 385,285
<NET-CHANGE-FROM-OPS> 523,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,391)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,169,471
<NUMBER-OF-SHARES-REDEEMED> (805,452)
<SHARES-REINVESTED> 16,391
<NET-CHANGE-IN-ASSETS> 2,887,703
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (220,287)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (220,287)
<GROSS-ADVISORY-FEES> 42,569
<INTEREST-EXPENSE> 114
<GROSS-EXPENSE> 112,081
<AVERAGE-NET-ASSETS> 6,194,039
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.63
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>4
<NAME> NATIONS ANNUITY TRUST MARSICO FOCUSED EQUITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 87,876,540
<INVESTMENTS-AT-VALUE> 119,607,354
<RECEIVABLES> 185,177
<ASSETS-OTHER> 13,181
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119,805,712
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (6,690,267)
<TOTAL-LIABILITIES> (6,690,267)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,482,607
<SHARES-COMMON-STOCK> 5,739,250
<SHARES-COMMON-PRIOR> 1,886,520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,902,024
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,730,814
<NET-ASSETS> 113,115,445
<DIVIDEND-INCOME> 250,575
<INTEREST-INCOME> 265,222
<OTHER-INCOME> 8,110
<EXPENSES-NET> 617,744
<NET-INVESTMENT-INCOME> (93,837)
<REALIZED-GAINS-CURRENT> 2,605,756
<APPREC-INCREASE-CURRENT> 28,089,522
<NET-CHANGE-FROM-OPS> 30,601,441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (727,438)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,984,099
<NUMBER-OF-SHARES-REDEEMED> (1,990,701)
<SHARES-REINVESTED> 727,437
<NET-CHANGE-IN-ASSETS> 88,594,838
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 117,543
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 117,543
<GROSS-ADVISORY-FEES> 439,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776,757
<AVERAGE-NET-ASSETS> 56,338,937
<PER-SHARE-NAV-BEGIN> 13.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 6.90
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.71
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>5
<NAME> NATIONS ANNUITY TRUST MARSICO GROWTH & INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 49,174,013
<INVESTMENTS-AT-VALUE> 68,937,133
<RECEIVABLES> 484,695
<ASSETS-OTHER> 12,560
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,434,388
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (5,385,854)
<TOTAL-LIABILITIES> (5,385,854)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,565,864
<SHARES-COMMON-STOCK> 3,396,438
<SHARES-COMMON-PRIOR> 1,280,727
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 719,550
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,763,120
<NET-ASSETS> 64,048,534
<DIVIDEND-INCOME> 156,827
<INTEREST-INCOME> 125,895
<OTHER-INCOME> 6,111
<EXPENSES-NET> 353,716
<NET-INVESTMENT-INCOME> (64,883)
<REALIZED-GAINS-CURRENT> 1,047,722
<APPREC-INCREASE-CURRENT> 17,460,976
<NET-CHANGE-FROM-OPS> 18,443,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,512,813
<NUMBER-OF-SHARES-REDEEMED> (483,790)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 48,472,838
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (263,298)
<GROSS-ADVISORY-FEES> 251,450
<INTEREST-EXPENSE> (0)
<GROSS-EXPENSE> 453,197
<AVERAGE-NET-ASSETS> 32,208,385
<PER-SHARE-NAV-BEGIN> 12.16
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 6.73
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.86
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>6
<NAME> NATIONS ANNUITY TRUST MANAGED INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 16,719,903
<INVESTMENTS-AT-VALUE> 20,670,537
<RECEIVABLES> 96,257
<ASSETS-OTHER> 13,721
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,780,515
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (100,981)
<TOTAL-LIABILITIES> (100,981)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,262,080
<SHARES-COMMON-STOCK> 1,586,471
<SHARES-COMMON-PRIOR> 897,839
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (534,753)
<ACCUM-APPREC-OR-DEPREC> 3,952,207
<NET-ASSETS> 20,679,534
<DIVIDEND-INCOME> 11,584
<INTEREST-INCOME> 189,058
<OTHER-INCOME> 0
<EXPENSES-NET> 108,098
<NET-INVESTMENT-INCOME> 92,544
<REALIZED-GAINS-CURRENT> (431,265)
<APPREC-INCREASE-CURRENT> 2,937,980
<NET-CHANGE-FROM-OPS> 2,599,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95,097)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,529,730
<NUMBER-OF-SHARES-REDEEMED> (380,539)
<SHARES-REINVESTED> 95,097
<NET-CHANGE-IN-ASSETS> 10,748,450
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (103,488)
<GROSS-ADVISORY-FEES> 62,246
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,992
<AVERAGE-NET-ASSETS> 14,392,484
<PER-SHARE-NAV-BEGIN> 11.06
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.03
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>7
<NAME> NATIONS ANNUITY TRUST MANAGED SMALLCAP INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 6,699,877
<INVESTMENTS-AT-VALUE> 7,337,485
<RECEIVABLES> 10,255
<ASSETS-OTHER> 17,082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,364,822
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (177,893)
<TOTAL-LIABILITIES> (177,893)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,286,554
<SHARES-COMMON-STOCK> 752,513
<SHARES-COMMON-PRIOR> 675,481
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (737,233)
<ACCUM-APPREC-OR-DEPREC> 637,608
<NET-ASSETS> 7,186,929
<DIVIDEND-INCOME> 51,179
<INTEREST-INCOME> 4,548
<OTHER-INCOME> 65
<EXPENSES-NET> 47,050
<NET-INVESTMENT-INCOME> 8,742
<REALIZED-GAINS-CURRENT> (459,781)
<APPREC-INCREASE-CURRENT> 886,856
<NET-CHANGE-FROM-OPS> 435,817
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,507)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,007,940
<NUMBER-OF-SHARES-REDEEMED> (354,346)
<SHARES-REINVESTED> 10,507
<NET-CHANGE-IN-ASSETS> 1,089,411
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (277,452)
<GROSS-ADVISORY-FEES> 27,461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76,207
<AVERAGE-NET-ASSETS> 6,296,264
<PER-SHARE-NAV-BEGIN> 9.03
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.55
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>8
<NAME> NATIONS ANNUITY TRUST BALANCED ASSETS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 8,240,658
<INVESTMENTS-AT-VALUE> 8,541,565
<RECEIVABLES> 30,732
<ASSETS-OTHER> 13,347
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,585,644
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (2,037,198)
<TOTAL-LIABILITIES> (2,037,198)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,537,355
<SHARES-COMMON-STOCK> 678,661
<SHARES-COMMON-PRIOR> 395,088
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (289,816)
<ACCUM-APPREC-OR-DEPREC> 300,907
<NET-ASSETS> 6,548,446
<DIVIDEND-INCOME> 50,011
<INTEREST-INCOME> 111,164
<OTHER-INCOME> 590
<EXPENSES-NET> 53,801
<NET-INVESTMENT-INCOME> 107,963
<REALIZED-GAINS-CURRENT> (74,908)
<APPREC-INCREASE-CURRENT> 42,469
<NET-CHANGE-FROM-OPS> 75,524
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (110,087)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,129,437
<NUMBER-OF-SHARES-REDEEMED> (479,356)
<SHARES-REINVESTED> 110,087
<NET-CHANGE-IN-ASSETS> 2,725,605
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (214,908)
<GROSS-ADVISORY-FEES> 35,612
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96,222
<AVERAGE-NET-ASSETS> 5,373,655
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.06)
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 1.00
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
Nations Annuity Trust
In planning and performing our audits of the financial statements of Nations
International Growth Portfolio, Nations Marsico Focused Equities Portfolio,
Nations Managed SmallCap Index Portfolio, Nations Disciplined Equity Portfolio,
Nations Marsico Growth & Income Portfolio, Nations Managed Index Portfolio,
Nations Value Portfolio and Nations Balanced Assets Portfolio (each a portfolio
of Nations Annuity Trust, hereafter referred to as the "Trust") for the year
ended December 31, 1999, we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
<PAGE>
To the Shareholders and Trustees of
Nations Annuity Trust
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, NY
February 16, 2000
2
