<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 9
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE RICHARD ROSE
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<GROSS-ADVISORY-FEES> 535,424
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,027,268
<AVERAGE-NET-ASSETS> 1,784,315
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0282
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0282)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> NATIONS TREASURY RESERVES ADVISER
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 628,303,091
<INVESTMENTS-AT-VALUE> 628,303,091
<RECEIVABLES> 884,728
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,588
<TOTAL-ASSETS> 629,234,407
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 125,330,484
<TOTAL-LIABILITIES> 125,330,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,927,978
<SHARES-COMMON-STOCK> 55,928,047
<SHARES-COMMON-PRIOR> 55,764,669
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,926,556
<DIVIDEND-INCOME> 459,060
<INTEREST-INCOME> 10,162,338
<OTHER-INCOME> 0
<EXPENSES-NET> 434,087
<NET-INVESTMENT-INCOME> 10,187,311
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,187,311
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,656,629)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,099,253
<NUMBER-OF-SHARES-REDEEMED> (93,935,933)
<SHARES-REINVESTED> 58
<NET-CHANGE-IN-ASSETS> 195,774,296
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,579)
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<GROSS-EXPENSE> 1,027,268
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0277
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0277)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> NATIONS GOVT RESERVES CAPITAL
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 154,413,785
<INVESTMENTS-AT-VALUE> 154,413,785
<RECEIVABLES> 504,672
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11,668
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 639,460
<TOTAL-LIABILITIES> 639,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,559,813
<SHARES-COMMON-STOCK> 40,559,830
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,083)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 40,558,812
<DIVIDEND-INCOME> 86,495
<INTEREST-INCOME> 3,105,568
<OTHER-INCOME> 0
<EXPENSES-NET> 238,588
<NET-INVESTMENT-INCOME> 2,953,475
<REALIZED-GAINS-CURRENT> (2,675)
<APPREC-INCREASE-CURRENT> 0
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<DISTRIBUTIONS-OF-INCOME> (117,132)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 59,202,777
<NUMBER-OF-SHARES-REDEEMED> (18,645,018)
<SHARES-REINVESTED> 60
<NET-CHANGE-IN-ASSETS> 55,040,242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (408)
<GROSS-ADVISORY-FEES> 162,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,572
<AVERAGE-NET-ASSETS> 4,154,345
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0291
<PER-SHARE-GAIN-APPREC> (0.0000)
<PER-SHARE-DIVIDEND> (0.0291)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> NATIONS GOVT RESERVES LIQUIDITY
<S> <C>
<PERIOD-TYPE> -6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 154,413,785
<INVESTMENTS-AT-VALUE> 154,413,785
<RECEIVABLES> 504,672
<ASSETS-OTHER> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 639,460
<TOTAL-LIABILITIES> 639,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,695
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,083)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,121
<DIVIDEND-INCOME> 86,495
<INTEREST-INCOME> 3,105,568
<OTHER-INCOME> 0
<EXPENSES-NET> 238,588
<NET-INVESTMENT-INCOME> 2,953,475
<REALIZED-GAINS-CURRENT> (2,675)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,950,800
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<DISTRIBUTIONS-OF-INCOME> (58)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 58
<NET-CHANGE-IN-ASSETS> 55,040,242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (408)
<GROSS-ADVISORY-FEES> 162,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,572
<AVERAGE-NET-ASSETS> 2,087
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0279
<PER-SHARE-GAIN-APPREC> (0.0000)
<PER-SHARE-DIVIDEND> (0.0279)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> NATIONS GOVT RESERVES ADVISER
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 154,413,785
<INVESTMENTS-AT-VALUE> 154,413,785
<RECEIVABLES> 504,672
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11,668
<TOTAL-ASSETS> 154,930,125
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 639,460
<TOTAL-LIABILITIES> 639,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,732,240
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,083)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 113,729,732
<DIVIDEND-INCOME> 86,495
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<EXPENSES-NET> 238,588
<NET-INVESTMENT-INCOME> 2,953,475
<REALIZED-GAINS-CURRENT> (2,675)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,950,800
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<DISTRIBUTIONS-OF-INCOME> (2,836,285)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165,425,713
<NUMBER-OF-SHARES-REDEEMED> (150,940,730)
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> 55,040,242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (408)
<GROSS-ADVISORY-FEES> 162,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,572
<AVERAGE-NET-ASSETS> 103,460,750
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0274
<PER-SHARE-GAIN-APPREC> (0.0000)
<PER-SHARE-DIVIDEND> (0.0274)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
