NATIONS INSTITUTIONAL RESERVES
                  (formerly known as The Capitol Mutual Funds)

                              NATIONS CASH RESERVES

                       SUPPLEMENT DATED AUGUST 31, 1996 TO
                     THE PROSPECTUSES DATED AUGUST 31, 1996


         The Prospectuses for the Capital Class, Liquidity Class, Adviser Class
and Market Class Shares of Nations Cash Reserves are hereby supplemented, until
such time as the approval for listing on the National Association of Insurance
Commissioners' approved list is granted, by replacing the last paragraph under
the heading "How Objectives Are Pursued -- Nations Cash Reserves" with the
following:

              Nations Cash Reserves is being considered for listing on the
              National Association of Insurance Commissioners' approved list of
              exempt money market funds.



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