<PAGE> PAGE 1
000 A000000 10/31/96
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003 000000 N
004 000000 N
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007 C010300 3
007 C010400 4
007 C020400 NATIONS CASH RESERVES
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007 C020500 NATIONS TREASURY RESERVES
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007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 NATIONSBANC ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-999
008 D01AA01 CHARLOTTE
008 D02AA01 NC
008 D03AA01 28255
008 A00AA02 TRADESTREET INVESTMENT ASSOCIATES, INC.
008 B00AA02 S
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008 D01AA02 CHARLOTTE
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<PAGE> PAGE 2
008 D03AA02 28255
010 A00AA01 STEPHENS INC.
010 C01AA01 LITTLE ROCK
010 C02AA01 AR
010 C03AA01 72201
010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 C01AA02 BOSTON
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011 A00AA01 STEPHENS INC.
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012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
012 C01AA01 BOSTON
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013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 NATIONSBANK CAPITAL MARKETS, INC.
014 B00AA01 8-42263
015 A00AA01 BANK OF NEW YORK
015 B00AA01 S
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 NATIONSBANK OF TEXAS, N.A.
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<PAGE> PAGE 3
021 000000 0
022 A000001 BANC ONE
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022 A000002 LEHMAN BROTHERS HOLDINGS INC.
022 B000002 13-2518466
022 C000002 9534182
022 D000002 14984
022 A000003 C.S. FIRST BOSTON CORP
022 B000003 13-5659485
022 C000003 5280644
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022 A000004 GOLDMAN SACHS & COMPANY
022 B000004 13-5108880
022 C000004 4135834
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022 A000005 HSBC SECURITIES
022 C000005 3543164
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022 A000006 SMITH BARNEY & COMPANY
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022 B000007 13-2655998
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022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
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022 A000010 UBS SECURITIES INC.
022 B000010 13-2932996
022 C000010 2262000
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<PAGE> PAGE 4
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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<PAGE> PAGE 5
048 G01AA00 0
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054 B00AA00 Y
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
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054 O00AA00 N
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060 B00AA00 Y
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<PAGE> PAGE 6
086 D020000 0
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<PAGE> PAGE 7
062 G000100 0.0
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070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
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<PAGE> PAGE 8
070 R020100 N
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<PAGE> PAGE 9
074 J000100 4263
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<PAGE> PAGE 10
028 G040400 3014575
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049 000400 N
050 000400 N
051 000400 N
052 000400 N
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053 B000400 N
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
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062 C000400 4.4
062 D000400 17.2
062 E000400 0.0
062 F000400 1.2
062 G000400 12.2
062 H000400 0.0
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062 L000400 26.9
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062 O000400 0.0
062 P000400 0.0
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062 R000400 0.0
063 A000400 53
063 B000400 0.0
064 A000400 N
064 B000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
<PAGE> PAGE 11
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 33178
072 C000400 1629
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072 S000400 28
072 T000400 685
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072 X000400 3725
072 Y000400 1773
072 Z000400 32855
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<PAGE> PAGE 12
072BB000400 0
072CC010400 0
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072DD010400 19437
072DD020400 13417
072EE000400 0
073 A010400 0.0266
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073 B000400 0.0000
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074 B000400 290000
074 C000400 1350061
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074 U010400 1041159
074 U020400 645801
074 V010400 1.00
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074 W000400 1.0000
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075 A000400 1259630
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028 A020500 0
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028 A040500 238475
028 B010500 68981
028 B020500 50
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<PAGE> PAGE 13
028 C010500 78663
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049 000500 N
050 000500 N
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052 000500 N
053 A000500 Y
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055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
062 B000500 25.3
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062 D000500 90.2
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<PAGE> PAGE 14
063 B000500 0.0
064 A000500 N
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070 A010500 Y
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070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
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070 Q020500 N
070 R010500 N
070 R020500 N
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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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063 A000600 50
063 B000600 0.0
064 A000600 N
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070 A010600 Y
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070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 Y
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<PAGE> PAGE 18
070 O020600 N
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070 Q020600 N
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<PAGE> PAGE 19
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074 R040600 8965
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075 A000600 225772
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SIGNATURE RICHARD ROSE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>011
<NAME>Nations Municipal Reserves Capital
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 221,777,117
<INVESTMENTS-AT-VALUE> 221,777,117
<RECEIVABLES> 5,500,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 145
<TOTAL-ASSETS> 227,277,399
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,241
<TOTAL-LIABILITIES> 650,241
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,879,781
<SHARES-COMMON-STOCK> 55,879,781
<SHARES-COMMON-PRIOR> 48,482,689
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,879,506
<DIVIDEND-INCOME> 89,134
<INTEREST-INCOME> 3,075,963
<OTHER-INCOME> 0
<EXPENSES-NET> 350,490
<NET-INVESTMENT-INCOME> 2,814,607
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,814,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,079,277)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,793,133
<NUMBER-OF-SHARES-REDEEMED> (101,396,041)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 115,900,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 265,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 649,779
<AVERAGE-NET-ASSETS> 63,431,483
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>012
<NAME>Nations Muncipal Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 221,777,117
<INVESTMENTS-AT-VALUE> 221,777,117
<RECEIVABLES> 5,500,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 145
<TOTAL-ASSETS> 227,277,399
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,241
<TOTAL-LIABILITIES> 650,241
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,387,976
<SHARES-COMMON-STOCK> 59,387,976
<SHARES-COMMON-PRIOR> 6,733,572
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 59,387,675
<DIVIDEND-INCOME> 89,134
<INTEREST-INCOME> 3,075,963
<OTHER-INCOME> 0
<EXPENSES-NET> 350,490
<NET-INVESTMENT-INCOME> 2,814,607
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,814,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (304,520)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 143,500,066
<NUMBER-OF-SHARES-REDEEMED> (91,145,356)
<SHARES-REINVESTED> 299,694
<NET-CHANGE-IN-ASSETS> 115,900,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 265,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 649,779
<AVERAGE-NET-ASSETS> 18,483,480
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>013
<NAME>Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 221,777,117
<INVESTMENTS-AT-VALUE> 221,777,117
<RECEIVABLES> 5,500,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 145
<TOTAL-ASSETS> 227,277,399
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,241
<TOTAL-LIABILITIES> 650,241
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,360,533
<SHARES-COMMON-STOCK> 9,360,533
<SHARES-COMMON-PRIOR> 55,512,046
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 9,360,486
<DIVIDEND-INCOME> 89,134
<INTEREST-INCOME> 3,075,963
<OTHER-INCOME> 0
<EXPENSES-NET> 350,490
<NET-INVESTMENT-INCOME> 2,814,607
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,814,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (160,923)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,336,540
<NUMBER-OF-SHARES-REDEEMED> (85,631,924)
<SHARES-REINVESTED> 143,871
<NET-CHANGE-IN-ASSETS> 115,900,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 265,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 649,779
<AVERAGE-NET-ASSETS> 10,285,303
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>014
<NAME>Nations Municipal Reserves Market
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 221,777,117
<INVESTMENTS-AT-VALUE> 221,777,117
<RECEIVABLES> 5,500,137
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 145
<TOTAL-ASSETS> 227,277,399
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,241
<TOTAL-LIABILITIES> 650,241
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,000,020
<SHARES-COMMON-STOCK> 102,000,020
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 101,999,491
<DIVIDEND-INCOME> 89,134
<INTEREST-INCOME> 3,075,963
<OTHER-INCOME> 0
<EXPENSES-NET> 350,490
<NET-INVESTMENT-INCOME> 2,814,607
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,814,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,269,887)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,500,020
<NUMBER-OF-SHARES-REDEEMED> (61,500,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 115,900,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 265,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 649,779
<AVERAGE-NET-ASSETS> 83,186,966
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>041
<NAME>Nations Cash Reserves Capital
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 1,708,646,877
<INVESTMENTS-AT-VALUE> 1,708,646,877
<RECEIVABLES> 8,093,304
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,090
<TOTAL-ASSETS> 1,716,749,271
<PAYABLE-FOR-SECURITIES> 25,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,793,761
<TOTAL-LIABILITIES> 29,793,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,041,159,059
<SHARES-COMMON-STOCK> 1,041,159,059
<SHARES-COMMON-PRIOR> 607,645,681
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,041,156,132
<DIVIDEND-INCOME> 1,628,601
<INTEREST-INCOME> 33,178,116
<OTHER-INCOME> 0
<EXPENSES-NET> 1,952,053
<NET-INVESTMENT-INCOME> 32,854,664
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,854,664
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,437,313)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,934,166,985
<NUMBER-OF-SHARES-REDEEMED> (1,505,945,226)
<SHARES-REINVESTED> 5,291,619
<NET-CHANGE-IN-ASSETS> 646,056,746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,904,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,725,340
<AVERAGE-NET-ASSETS> 730,048,407
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>042
<NAME>Nations Cash Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 1,708,646,877
<INVESTMENTS-AT-VALUE> 1,708,646,877
<RECEIVABLES> 8,093,304
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,090
<TOTAL-ASSETS> 1,716,749,271
<PAYABLE-FOR-SECURITIES> 25,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,793,761
<TOTAL-LIABILITIES> 29,793,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,993,060
<SHARES-COMMON-STOCK> 129,993,060
<SHARES-COMMON-PRIOR> 35,447,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 129,992,695
<DIVIDEND-INCOME> 1,628,601
<INTEREST-INCOME> 33,178,116
<OTHER-INCOME> 0
<EXPENSES-NET> 1,952,053
<NET-INVESTMENT-INCOME> 32,854,664
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,854,664
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,114,986)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,097,080,482
<NUMBER-OF-SHARES-REDEEMED> (1,003,912,169)
<SHARES-REINVESTED> 1,377,445
<NET-CHANGE-IN-ASSETS> 646,056,746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,904,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,725,340
<AVERAGE-NET-ASSETS> 81,698,052
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>043
<NAME>Nations Cash Reserves Advisor
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 1,708,646,877
<INVESTMENTS-AT-VALUE> 1,708,646,877
<RECEIVABLES> 8,093,304
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,090
<TOTAL-ASSETS> 1,716,749,271
<PAYABLE-FOR-SECURITIES> 25,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,793,761
<TOTAL-LIABILITIES> 29,793,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 365,308,126
<SHARES-COMMON-STOCK> 365,308,126
<SHARES-COMMON-PRIOR> 397,810,536
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 365,307,097
<DIVIDEND-INCOME> 1,628,601
<INTEREST-INCOME> 33,178,116
<OTHER-INCOME> 0
<EXPENSES-NET> 1,952,053
<NET-INVESTMENT-INCOME> 32,854,664
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,854,664
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,528,928)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 397,443,550
<NUMBER-OF-SHARES-REDEEMED> (430,417,462)
<SHARES-REINVESTED> 471,502
<NET-CHANGE-IN-ASSETS> 646,056,746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,904,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,725,340
<AVERAGE-NET-ASSETS> 336,373,425
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>044
<NAME>Nations Cash Reserves Market
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 1,708,646,877
<INVESTMENTS-AT-VALUE> 1,708,646,877
<RECEIVABLES> 8,093,304
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,090
<TOTAL-ASSETS> 1,716,749,271
<PAYABLE-FOR-SECURITIES> 25,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,793,761
<TOTAL-LIABILITIES> 29,793,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,500,020
<SHARES-COMMON-STOCK> 150,500,020
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 150,499,586
<DIVIDEND-INCOME> 1,628,601
<INTEREST-INCOME> 33,178,116
<OTHER-INCOME> 0
<EXPENSES-NET> 1,952,053
<NET-INVESTMENT-INCOME> 32,854,664
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,854,664
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,773,437)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 224,800,020
<NUMBER-OF-SHARES-REDEEMED> (74,300,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 646,056,746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,904,975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,725,340
<AVERAGE-NET-ASSETS> 111,510,188
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>051
<NAME>Nations Treasury Reserves Capital
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 580,600,699
<INVESTMENTS-AT-VALUE> 580,600,699
<RECEIVABLES> 794,587
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,359
<TOTAL-ASSETS> 581,409,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,916,603
<TOTAL-LIABILITIES> 91,916,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261,120,532
<SHARES-COMMON-STOCK> 261,121,303
<SHARES-COMMON-PRIOR> 304,363,940
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (27,839)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 261,106,002
<DIVIDEND-INCOME> 391,875
<INTEREST-INCOME> 11,669,650
<OTHER-INCOME> 0
<EXPENSES-NET> 727,996
<NET-INVESTMENT-INCOME> 11,333,529
<REALIZED-GAINS-CURRENT> 6,650
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,340,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,610,324)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 478,046,567
<NUMBER-OF-SHARES-REDEEMED> (521,358,459)
<SHARES-REINVESTED> 69,255
<NET-CHANGE-IN-ASSETS> (2,344,180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 677,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,387,830
<AVERAGE-NET-ASSETS> 255,167,698
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>052
<NAME>Nations Treasury Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 580,600,699
<INVESTMENTS-AT-VALUE> 580,600,699
<RECEIVABLES> 794,587
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,359
<TOTAL-ASSETS> 581,409,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,916,603
<TOTAL-LIABILITIES> 91,916,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,417,628
<SHARES-COMMON-STOCK> 7,417,636
<SHARES-COMMON-PRIOR> 11,804,972
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (27,839)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,417,200
<DIVIDEND-INCOME> 391,875
<INTEREST-INCOME> 11,669,650
<OTHER-INCOME> 0
<EXPENSES-NET> 727,996
<NET-INVESTMENT-INCOME> 11,333,529
<REALIZED-GAINS-CURRENT> 6,650
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,340,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (117,002)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,519,444
<NUMBER-OF-SHARES-REDEEMED> (19,984,527)
<SHARES-REINVESTED> 77,747
<NET-CHANGE-IN-ASSETS> (2,344,180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 677,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,387,830
<AVERAGE-NET-ASSETS> 4,649,227
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>053
<NAME>Nations Treasury Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 580,600,699
<INVESTMENTS-AT-VALUE> 580,600,699
<RECEIVABLES> 794,587
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,359
<TOTAL-ASSETS> 581,409,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,916,603
<TOTAL-LIABILITIES> 91,916,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,182,711
<SHARES-COMMON-STOCK> 143,182,780
<SHARES-COMMON-PRIOR> 175,703,647
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (27,839)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 143,174,389
<DIVIDEND-INCOME> 391,875
<INTEREST-INCOME> 11,669,650
<OTHER-INCOME> 0
<EXPENSES-NET> 727,996
<NET-INVESTMENT-INCOME> 11,333,529
<REALIZED-GAINS-CURRENT> 6,650
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,340,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,894,793)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158,881,910
<NUMBER-OF-SHARES-REDEEMED> (191,644,706)
<SHARES-REINVESTED> 241,929
<NET-CHANGE-IN-ASSETS> (2,344,180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 677,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,387,830
<AVERAGE-NET-ASSETS> 117,391,300
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>054
<NAME>Nations Treasury Reserves Market
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 580,600,699
<INVESTMENTS-AT-VALUE> 580,600,699
<RECEIVABLES> 794,587
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,359
<TOTAL-ASSETS> 581,409,645
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,916,603
<TOTAL-LIABILITIES> 91,916,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,800,010
<SHARES-COMMON-STOCK> 77,800,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (27,839)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 77,795,451
<DIVIDEND-INCOME> 391,875
<INTEREST-INCOME> 11,669,650
<OTHER-INCOME> 0
<EXPENSES-NET> 727,996
<NET-INVESTMENT-INCOME> 11,333,529
<REALIZED-GAINS-CURRENT> 6,650
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,340,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,711,410)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 125,550,010
<NUMBER-OF-SHARES-REDEEMED> (47,750,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,344,180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 677,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,387,830
<AVERAGE-NET-ASSETS> 70,824,726
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>061
<NAME>Nations Government Reserves Capital
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 268,197,173
<INVESTMENTS-AT-VALUE> 268,197,173
<RECEIVABLES> 1,613,666
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 460
<TOTAL-ASSETS> 269,811,299
<PAYABLE-FOR-SECURITIES> 8,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,052,585
<TOTAL-LIABILITIES> 9,052,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,204,250
<SHARES-COMMON-STOCK> 44,204,267
<SHARES-COMMON-PRIOR> 58,122,320
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 44,203,793
<DIVIDEND-INCOME> 38,355
<INTEREST-INCOME> 6,083,968
<OTHER-INCOME> 0
<EXPENSES-NET> 541,564
<NET-INVESTMENT-INCOME> 5,580,759
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,580,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,176,500)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74,866,607
<NUMBER-OF-SHARES-REDEEMED> (88,852,594)
<SHARES-REINVESTED> 67,934
<NET-CHANGE-IN-ASSETS> 94,340,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,314
<AVERAGE-NET-ASSETS> 45,105,250
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>062
<NAME>Nations Government Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 268,197,173
<INVESTMENTS-AT-VALUE> 268,197,173
<RECEIVABLES> 1,613,666
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 460
<TOTAL-ASSETS> 269,811,299
<PAYABLE-FOR-SECURITIES> 8,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,052,585
<TOTAL-LIABILITIES> 9,052,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 700,274
<SHARES-COMMON-STOCK> 700,700
<SHARES-COMMON-PRIOR> 129,395
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 700,692
<DIVIDEND-INCOME> 38,355
<INTEREST-INCOME> 6,083,968
<OTHER-INCOME> 0
<EXPENSES-NET> 541,564
<NET-INVESTMENT-INCOME> 5,580,759
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,580,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,729)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,025,576
<NUMBER-OF-SHARES-REDEEMED> (460,000)
<SHARES-REINVESTED> 5,729
<NET-CHANGE-IN-ASSETS> 94,340,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,314
<AVERAGE-NET-ASSETS> 225,877
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>063
<NAME>Nations Government Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 268,197,173
<INVESTMENTS-AT-VALUE> 268,197,173
<RECEIVABLES> 1,613,666
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 460
<TOTAL-ASSETS> 269,811,299
<PAYABLE-FOR-SECURITIES> 8,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,052,585
<TOTAL-LIABILITIES> 9,052,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,056,232
<SHARES-COMMON-STOCK> 22,056,578
<SHARES-COMMON-PRIOR> 108,169,411
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 22,056,338
<DIVIDEND-INCOME> 38,355
<INTEREST-INCOME> 6,083,968
<OTHER-INCOME> 0
<EXPENSES-NET> 541,564
<NET-INVESTMENT-INCOME> 5,580,759
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,580,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (222,958)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52,997,634
<NUMBER-OF-SHARES-REDEEMED> (139,268,431)
<SHARES-REINVESTED> 157,964
<NET-CHANGE-IN-ASSETS> 94,340,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,314
<AVERAGE-NET-ASSETS> 8,982,578
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>064
<NAME>Nations Government Reserves Market
<S> <C>
<PERIOD-TYPE> 6 MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 268,197,173
<INVESTMENTS-AT-VALUE> 268,197,173
<RECEIVABLES> 1,613,666
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 460
<TOTAL-ASSETS> 269,811,299
<PAYABLE-FOR-SECURITIES> 8,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,052,585
<TOTAL-LIABILITIES> 9,052,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,800,020
<SHARES-COMMON-STOCK> 193,800,020
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-LOSS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 193,797,891
<DIVIDEND-INCOME> 38,355
<INTEREST-INCOME> 6,083,968
<OTHER-INCOME> 0
<EXPENSES-NET> 541,564
<NET-INVESTMENT-INCOME> 5,580,759
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,580,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,175,572)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 331,900,020
<NUMBER-OF-SHARES-REDEEMED> (138,100,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 94,340,439
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-LOSS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,314
<AVERAGE-NET-ASSETS> 171,457,992
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
