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Previous: MEDICIS PHARMACEUTICAL CORP, SC 13D/A, 1996-06-24 |
Next: INSURED MUNICIPALS INCOME TRUST SERIES 245, 485BPOS, 1996-06-24 |
<PAGE> PAGE 1
000 B000000 04/30/96
000 C000000 859750
000 D000000 N
000 E000000 NF
000 F000000 Y
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007 C010400 4
007 C020400 NATIONS CASH RESERVES, FMRLY CASH RESERVES
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008 A00AA02 TRADESTREET INVESTMENT ASSOCIATES, INC.
008 B00AA02 S
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010 A00AA01 STEPHENS INC.
010 C01AA01 LITTLE ROCK
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010 C03AA01 72201
010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02109
011 A00AA01 STEPHENS INC.
<PAGE> PAGE 2
011 B00AA01 8-999
011 C01AA01 LITTLE ROCK
011 C02AA01 AR
011 C03AA01 72201
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
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013 B03AA01 02110
014 A00AA01 NATIONSBANK CAPITAL MARKETS, INC.
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015 A00AA01 NATIONBANK OF TEXAS, N.A.
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022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
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<PAGE> PAGE 3
022 D000004 0
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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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SIGNATURE RICHARD ROSE
TITLE TREASURER
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<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Nations Municipal Reserves Capital
<S> <C>
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<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 109,217,208
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<ACCUMULATED-NET-GAINS> (1,152)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,408,074)
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<NUMBER-OF-SHARES-REDEEMED> (160,517,575)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,660,339
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Nations Municipal Reserves Liquidity
<S> <C>
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<INVESTMENTS-AT-COST> 109,217,208
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<SHARES-COMMON-PRIOR> 2,591,068
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<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,733,502
<DIVIDEND-INCOME> 113,807
<INTEREST-INCOME> 4,088,690
<OTHER-INCOME> 0
<EXPENSES-NET> 394,165
<NET-INVESTMENT-INCOME> 3,808,332
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,808,332
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (144,956)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,121,685
<NUMBER-OF-SHARES-REDEEMED> (56,115,098)
<SHARES-REINVESTED> 135,917
<NET-CHANGE-IN-ASSETS> 11,660,339
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 810,615
<AVERAGE-NET-ASSETS> 4,324,787
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.03)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 109,217,208
<INVESTMENTS-AT-VALUE> 109,217,208
<RECEIVABLES> 1,681,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 177,815
<TOTAL-ASSETS> 111,077,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 349,845
<TOTAL-LIABILITIES> 349,845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,512,046
<SHARES-COMMON-STOCK> 55,512,046
<SHARES-COMMON-PRIOR> 64,123,435
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 55,511,469
<DIVIDEND-INCOME> 113,807
<INTEREST-INCOME> 4,088,690
<OTHER-INCOME> 0
<EXPENSES-NET> 394,165
<NET-INVESTMENT-INCOME> 3,808,332
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,808,332
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 265,087,129
<NUMBER-OF-SHARES-REDEEMED> (273,698,589)
<SHARES-REINVESTED> 71
<NET-CHANGE-IN-ASSETS> 11,660,339
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 810,615
<AVERAGE-NET-ASSETS> 66,647,423
<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
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>041
<NAME>NATIONS CASH RESERVES CAPTIAL
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 1,041,673,411
<INVESTMENTS-AT-VALUE> 1,041,673,411
<RECEIVABLES> 3,533,376
<ASSETS-OTHER> 0
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<TOTAL-LIABILITIES> 4,316,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 607,645,681
<SHARES-COMMON-STOCK> 607,645,681
<SHARES-COMMON-PRIOR> 134,066,893
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (0)
<ACCUMULATED-NET-GAINS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 607,642,905
<DIVIDEND-INCOME> 979,787
<INTEREST-INCOME> 29,165,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,425,817
<NET-INVESTMENT-INCOME> 28,719,705
<REALIZED-GAINS-CURRENT> (467)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 28,719,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,455,385)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,186,447,620
<NUMBER-OF-SHARES-REDEEMED> (714,069,908)
<SHARES-REINVESTED> 1,201,076
<NET-CHANGE-IN-ASSETS> 859,150,693
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,288)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,577,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,083,457
<AVERAGE-NET-ASSETS> 368,342,878
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>042
<NAME>NATIONS CASH RESERVES LIQUIDITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 1,041,673,411
<INVESTMENTS-AT-VALUE> 1,041,673,411
<RECEIVABLES> 3,533,376
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,545
<TOTAL-ASSETS> 1,045,215,332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,316,568
<TOTAL-LIABILITIES> 4,316,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,447,302
<SHARES-COMMON-STOCK> 35,447,302
<SHARES-COMMON-PRIOR> 2,066
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (0)
<ACCUMULATED-NET-GAINS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 35,447,140
<DIVIDEND-INCOME> 979,787
<INTEREST-INCOME> 29,165,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,425,817
<NET-INVESTMENT-INCOME> 28,719,705
<REALIZED-GAINS-CURRENT> (467)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 28,719,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,102,564)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 316,764,360
<NUMBER-OF-SHARES-REDEEMED> (282,161,641)
<SHARES-REINVESTED> 842,517
<NET-CHANGE-IN-ASSETS> 859,150,693
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,288)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,577,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,083,457
<AVERAGE-NET-ASSETS> 20,528,357
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>043
<NAME> NATIONS CASH RESERVES ADVISORS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 1,041,673,411
<INVESTMENTS-AT-VALUE> 1,041,673,411
<RECEIVABLES> 3,533,376
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,545
<TOTAL-ASSETS> 1,045,215,332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,316,568
<TOTAL-LIABILITIES> 4,316,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 397,810,536
<SHARES-COMMON-STOCK> 397,810,536
<SHARES-COMMON-PRIOR> 47,683,400
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (0)
<ACCUMULATED-NET-GAINS> (4,755)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 397,808,719
<DIVIDEND-INCOME> 979,787
<INTEREST-INCOME> 29,165,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,425,817
<NET-INVESTMENT-INCOME> 28,719,705
<REALIZED-GAINS-CURRENT> (467)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 28,719,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,161,756)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 764,101,646
<NUMBER-OF-SHARES-REDEEMED> (414,053,407)
<SHARES-REINVESTED> 78,897
<NET-CHANGE-IN-ASSETS> 859,150,693
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,288)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,577,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,083,457
<AVERAGE-NET-ASSETS> 137,091,791
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<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
</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> 12-MOS
<FISCAL-YEAR-END> APR-31-1996
<PERIOD-END> APR-31-1996
<INVESTMENTS-AT-COST> 597,702,672
<INVESTMENTS-AT-VALUE> 597,702,672
<RECEIVABLES> 1,736,100
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,920
<TOTAL-ASSETS> 599,461,692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,624,470
<TOTAL-LIABILITIES> 107,624,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 304,363,169
<SHARES-COMMON-STOCK> 304,363,940
<SHARES-COMMON-PRIOR> 251,704,182
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (34,489)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 304,342,074
<DIVIDEND-INCOME> 925,290
<INTEREST-INCOME> 27,048,096
<OTHER-INCOME> 0
<EXPENSES-NET> 1,299,582
<NET-INVESTMENT-INCOME> 26,673,804
<REALIZED-GAINS-CURRENT> (21,910)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 26,651,894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,934,505)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,731,309,808
<NUMBER-OF-SHARES-REDEEMED> (1,678,650,050)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 183,707,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,579)
<GROSS-ADVISORY-FEES> 1,472,072
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,832,056
<AVERAGE-NET-ASSETS> 360,593,997
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 90,066,658
<AVG-DEBT-PER-SHARE> 0.18
</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> 12-MOS
<FISCAL-YEAR-END> APR-31-1996
<PERIOD-END> APR-31-1996
<INVESTMENTS-AT-COST> 597,702,672
<INVESTMENTS-AT-VALUE> 597,702,672
<RECEIVABLES> 1,736,100
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,920
<TOTAL-ASSETS> 599,461,692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,624,470
<TOTAL-LIABILITIES> 107,624,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,804,964
<SHARES-COMMON-STOCK> 11,804,972
<SHARES-COMMON-PRIOR> 674,203
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (34,489)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,804,124
<DIVIDEND-INCOME> 925,290
<INTEREST-INCOME> 27,048,096
<OTHER-INCOME> 0
<EXPENSES-NET> 1,299,582
<NET-INVESTMENT-INCOME> 26,673,804
<REALIZED-GAINS-CURRENT> (21,910)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 26,651,894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (145,195)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,746,115
<NUMBER-OF-SHARES-REDEEMED> (12,729,001)
<SHARES-REINVESTED> 113,655
<NET-CHANGE-IN-ASSETS> 183,707,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,579)
<GROSS-ADVISORY-FEES> 1,472,072
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,832,056
<AVERAGE-NET-ASSETS> 2,768,280
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 90,066,658
<AVG-DEBT-PER-SHARE> 0.18
</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> 12-MOS
<FISCAL-YEAR-END> APR-31-1996
<PERIOD-END> APR-31-1996
<INVESTMENTS-AT-COST> 597,702,672
<INVESTMENTS-AT-VALUE> 597,702,672
<RECEIVABLES> 1,736,100
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,920
<TOTAL-ASSETS> 599,461,692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,624,470
<TOTAL-LIABILITIES> 107,624,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,703,578
<SHARES-COMMON-STOCK> 175,703,647
<SHARES-COMMON-PRIOR> 55,764,669
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (34,489)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 175,691,024
<DIVIDEND-INCOME> 925,290
<INTEREST-INCOME> 27,048,096
<OTHER-INCOME> 0
<EXPENSES-NET> 1,299,582
<NET-INVESTMENT-INCOME> 26,673,804
<REALIZED-GAINS-CURRENT> (21,910)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 26,651,894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,594,104)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 569,065,291
<NUMBER-OF-SHARES-REDEEMED> (449,157,719)
<SHARES-REINVESTED> 31,406
<NET-CHANGE-IN-ASSETS> 183,707,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12,579)
<GROSS-ADVISORY-FEES> 1,472,072
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,832,056
<AVERAGE-NET-ASSETS> 127,328,261
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 90,066,658
<AVG-DEBT-PER-SHARE> 0.18
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>061
<NAME>Nations Govt Reserves Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 166,415,296
<INVESTMENTS-AT-VALUE> 166,415,296
<RECEIVABLES> 744,522
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,490
<TOTAL-ASSETS> 167,163,308
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 745,033
<TOTAL-LIABILITIES> 745,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,122,303
<SHARES-COMMON-STOCK> 58,122,320
<SHARES-COMMON-PRIOR> 2,011
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58,121,335
<DIVIDEND-INCOME> 139,716
<INTEREST-INCOME> 7,270,018
<OTHER-INCOME> 0
<EXPENSES-NET> 517,401
<NET-INVESTMENT-INCOME> 6,892,333
<REALIZED-GAINS-CURRENT> (1,654)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,890,679
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,507,329)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,655,332
<NUMBER-OF-SHARES-REDEEMED> (96,565,556)
<SHARES-REINVESTED> 30,543
<NET-CHANGE-IN-ASSETS> 67,167,852
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (408)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,667
<AVERAGE-NET-ASSETS> 28,048,006
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>062
<NAME>Nations Govt Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 166,415,296
<INVESTMENTS-AT-VALUE> 166,415,296
<RECEIVABLES> 744,522
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,490
<TOTAL-ASSETS> 167,163,308
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 745,033
<TOTAL-LIABILITIES> 745,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,969
<SHARES-COMMON-STOCK> 129,395
<SHARES-COMMON-PRIOR> 2,063
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 129,392
<DIVIDEND-INCOME> 139,716
<INTEREST-INCOME> 7,270,018
<OTHER-INCOME> 0
<EXPENSES-NET> 517,401
<NET-INVESTMENT-INCOME> 6,892,333
<REALIZED-GAINS-CURRENT> (1,654)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,890,679
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (989)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 346,343
<NUMBER-OF-SHARES-REDEEMED> (220,000)
<SHARES-REINVESTED> 989
<NET-CHANGE-IN-ASSETS> 67,167,852
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (408)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,667
<AVERAGE-NET-ASSETS> 19,672
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>063
<NAME> Nations Govt Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 166,415,296
<INVESTMENTS-AT-VALUE> 166,415,296
<RECEIVABLES> 744,522
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,490
<TOTAL-ASSETS> 167,163,308
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 745,033
<TOTAL-LIABILITIES> 745,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,169,065
<SHARES-COMMON-STOCK> 108,169,411
<SHARES-COMMON-PRIOR> 99,247,546
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 108,167,558
<DIVIDEND-INCOME> 139,716
<INTEREST-INCOME> 7,270,018
<OTHER-INCOME> 0
<EXPENSES-NET> 517,401
<NET-INVESTMENT-INCOME> 6,892,333
<REALIZED-GAINS-CURRENT> (1,654)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,890,679
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,384,015)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 327,190,413
<NUMBER-OF-SHARES-REDEEMED> (318,282,969)
<SHARES-REINVESTED> 14,421
<NET-CHANGE-IN-ASSETS> 67,167,852
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (408)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391,486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,667
<AVERAGE-NET-ASSETS> 102,419,904
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<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
</TABLE>
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