<PAGE> PAGE 1
000 B000000 04/30/97
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007 C030100 N
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007 C010300 3
007 C010400 4
007 C020400 NATIONS CASH RESERVES
007 C030400 N
007 C010500 5
007 C020500 NATIONS TREASURY RESERVES
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007 C010600 6
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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
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008 D02AA01 NC
008 D03AA01 28255
008 A00AA02 TRADESTREET INVESTMENT ASSOCIATES, INC.
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<PAGE> PAGE 2
008 D03AA02 28255
010 A00AA01 STEPHENS INC.
010 C01AA01 LITTLE ROCK
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010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 C01AA02 BOSTON
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015 A00AA01 BANK OF NEW YORK
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
048 K02AA00 0.000
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<PAGE> PAGE 6
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<PAGE> PAGE 7
051 000100 N
052 000100 N
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<PAGE> PAGE 8
070 K010100 Y
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070 O020100 N
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<PAGE> PAGE 9
072DD020100 3998
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<PAGE> PAGE 10
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050 000400 N
051 000400 N
052 000400 N
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055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
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<PAGE> PAGE 11
062 N000400 0.0
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063 B000400 0.0
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064 B000400 N
070 A010400 Y
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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
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
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070 M020400 N
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070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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072 B000400 90976
<PAGE> PAGE 12
072 C000400 3914
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<PAGE> PAGE 13
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<PAGE> PAGE 14
042 F000500 100
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043 000500 724
044 000500 0
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050 000500 N
051 000500 N
052 000500 N
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055 A000500 N
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057 000500 N
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070 C020500 N
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070 E020500 N
070 F010500 N
070 F020500 N
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<PAGE> PAGE 15
070 G020500 N
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070 H020500 N
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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
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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 199,611,809
<INVESTMENTS-AT-VALUE> 199,611,809
<RECEIVABLES> 1,608,758
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 322,874
<TOTAL-ASSETS> 201,543,441
<PAYABLE-FOR-SECURITIES> 1,005,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,774
<TOTAL-LIABILITIES> 1,569,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,701,299
<SHARES-COMMON-STOCK> 59,701,299
<SHARES-COMMON-PRIOR> 48,482,689
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 59,700,956
<DIVIDEND-INCOME> 145,213
<INTEREST-INCOME> 6,725,037
<OTHER-INCOME> 0
<EXPENSES-NET> 763,259
<NET-INVESTMENT-INCOME> 6,106,991
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,106,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,108,862)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 188,376,816
<NUMBER-OF-SHARES-REDEEMED> (177,158,206)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89,246,512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575,179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,369,214
<AVERAGE-NET-ASSETS> 62,344,843
<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>012
<NAME>Nations Municipal Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 199,611,809
<INVESTMENTS-AT-VALUE> 199,611,809
<RECEIVABLES> 1,608,758
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 322,874
<TOTAL-ASSETS> 201,543,441
<PAYABLE-FOR-SECURITIES> 1,005,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,774
<TOTAL-LIABILITIES> 1,569,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,677,062
<SHARES-COMMON-STOCK> 54,677,062
<SHARES-COMMON-PRIOR> 6,733,572
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 54,676,746
<DIVIDEND-INCOME> 145,213
<INTEREST-INCOME> 6,725,037
<OTHER-INCOME> 0
<EXPENSES-NET> 763,259
<NET-INVESTMENT-INCOME> 6,106,991
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,106,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,059,818)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 456,759,834
<NUMBER-OF-SHARES-REDEEMED> (409,796,778)
<SHARES-REINVESTED> 980,434
<NET-CHANGE-IN-ASSETS> 89,246,512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575,179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,369,214
<AVERAGE-NET-ASSETS> 32,703,822
<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>013
<NAME>Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 199,611,809
<INVESTMENTS-AT-VALUE> 199,611,809
<RECEIVABLES> 1,608,758
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 322,874
<TOTAL-ASSETS> 201,543,441
<PAYABLE-FOR-SECURITIES> 1,005,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,774
<TOTAL-LIABILITIES> 1,569,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,296,448
<SHARES-COMMON-STOCK> 7,296,448
<SHARES-COMMON-PRIOR> 55,512,046
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,296,406
<DIVIDEND-INCOME> 145,213
<INTEREST-INCOME> 6,725,037
<OTHER-INCOME> 0
<EXPENSES-NET> 763,259
<NET-INVESTMENT-INCOME> 6,106,991
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,106,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (236,155)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,607,746
<NUMBER-OF-SHARES-REDEEMED> (109,019,481)
<SHARES-REINVESTED> 196,137
<NET-CHANGE-IN-ASSETS> 89,246,512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575,179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,369,214
<AVERAGE-NET-ASSETS> 7,572,114
<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>014
<NAME>Nations Municipal Reserves Market
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 199,611,809
<INVESTMENTS-AT-VALUE> 199,611,809
<RECEIVABLES> 1,608,758
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 322,874
<TOTAL-ASSETS> 201,543,441
<PAYABLE-FOR-SECURITIES> 1,005,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,774
<TOTAL-LIABILITIES> 1,569,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,300,010
<SHARES-COMMON-STOCK> 78,300,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,152)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 78,299,559
<DIVIDEND-INCOME> 145,213
<INTEREST-INCOME> 6,725,037
<OTHER-INCOME> 0
<EXPENSES-NET> 763,259
<NET-INVESTMENT-INCOME> 6,106,991
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,106,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,702,156)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 339,700,010
<NUMBER-OF-SHARES-REDEEMED> (261,400,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89,246,512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,152)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575,179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,369,214
<AVERAGE-NET-ASSETS> 89,596,442
<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> 0.55
<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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2,678,496,826
<INVESTMENTS-AT-VALUE> 2,678,496,826
<RECEIVABLES> 11,502,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 609
<TOTAL-ASSETS> 2,690,000,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,365,897
<TOTAL-LIABILITIES> 5,365,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,684,234,691
<SHARES-COMMON-STOCK> 1,684,234,691
<SHARES-COMMON-PRIOR> 607,645,681
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,684,232,624
<DIVIDEND-INCOME> 3,914,065
<INTEREST-INCOME> 90,975,530
<OTHER-INCOME> 0
<EXPENSES-NET> 5,108,966
<NET-INVESTMENT-INCOME> 89,780,629
<REALIZED-GAINS-CURRENT> 1,459
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,782,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (55,425,041)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,400,298,782
<NUMBER-OF-SHARES-REDEEMED> (7,348,719,105)
<SHARES-REINVESTED> 25,009,333
<NET-CHANGE-IN-ASSETS> 1,643,735,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,155,818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,418,769
<AVERAGE-NET-ASSETS> 1,041,157,601
<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> 0.20
<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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2,678,496,826
<INVESTMENTS-AT-VALUE> 2,678,496,826
<RECEIVABLES> 11,502,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 609
<TOTAL-ASSETS> 2,690,000,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,365,897
<TOTAL-LIABILITIES> 5,365,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 419,851,922
<SHARES-COMMON-STOCK> 419,851,922
<SHARES-COMMON-PRIOR> 35,447,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 419,851,406
<DIVIDEND-INCOME> 3,914,065
<INTEREST-INCOME> 90,975,530
<OTHER-INCOME> 0
<EXPENSES-NET> 5,108,966
<NET-INVESTMENT-INCOME> 89,780,629
<REALIZED-GAINS-CURRENT> 1,459
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,782,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,676,471)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,463,041,753
<NUMBER-OF-SHARES-REDEEMED> (4,084,515,073)
<SHARES-REINVESTED> 5,877,940
<NET-CHANGE-IN-ASSETS> 1,643,735,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,155,818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,418,769
<AVERAGE-NET-ASSETS> 186,893,501
<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> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>043
<NAME>Nations Cash Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2,678,496,826
<INVESTMENTS-AT-VALUE> 2,678,496,826
<RECEIVABLES> 11,502,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 609
<TOTAL-ASSETS> 2,690,000,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,365,897
<TOTAL-LIABILITIES> 5,365,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 247,550,891
<SHARES-COMMON-STOCK> 247,550,891
<SHARES-COMMON-PRIOR> 397,810,536
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 247,550,587
<DIVIDEND-INCOME> 3,914,065
<INTEREST-INCOME> 90,975,530
<OTHER-INCOME> 0
<EXPENSES-NET> 5,108,966
<NET-INVESTMENT-INCOME> 89,780,629
<REALIZED-GAINS-CURRENT> 1,459
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,782,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,293,321)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,638,783,813
<NUMBER-OF-SHARES-REDEEMED> (1,792,509,122)
<SHARES-REINVESTED> 3,465,664
<NET-CHANGE-IN-ASSETS> 1,643,735,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,155,818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,418,769
<AVERAGE-NET-ASSETS> 322,153,402
<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> 0.0000
</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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2,678,496,826
<INVESTMENTS-AT-VALUE> 2,678,496,826
<RECEIVABLES> 11,502,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 609
<TOTAL-ASSETS> 2,690,000,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,365,897
<TOTAL-LIABILITIES> 5,365,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 333,000,010
<SHARES-COMMON-STOCK> 333,000,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 332,999,601
<DIVIDEND-INCOME> 3,914,065
<INTEREST-INCOME> 90,975,530
<OTHER-INCOME> 0
<EXPENSES-NET> 5,108,966
<NET-INVESTMENT-INCOME> 89,780,629
<REALIZED-GAINS-CURRENT> 1,459
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,782,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,385,796)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 794,300,010
<NUMBER-OF-SHARES-REDEEMED> (461,300,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,643,735,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,755)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,155,818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,418,769
<AVERAGE-NET-ASSETS> 169,329,468
<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> 0.55
<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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 929,366,073
<INVESTMENTS-AT-VALUE> 929,366,073
<RECEIVABLES> 755,567
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,485
<TOTAL-ASSETS> 930,141,125
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,939,297
<TOTAL-LIABILITIES> 101,939,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,990,834
<SHARES-COMMON-STOCK> 468,991,605
<SHARES-COMMON-PRIOR> 304,363,940
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 468,975,360
<DIVIDEND-INCOME> 1,182,057
<INTEREST-INCOME> 31,485,300
<OTHER-INCOME> 0
<EXPENSES-NET> 1,933,787
<NET-INVESTMENT-INCOME> 30,733,570
<REALIZED-GAINS-CURRENT> 6,649
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,740,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,377,380)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,673,872,701
<NUMBER-OF-SHARES-REDEEMED> (1,510,038,699)
<SHARES-REINVESTED> 793,663
<NET-CHANGE-IN-ASSETS> 336,364,606
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,814,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,503,999
<AVERAGE-NET-ASSETS> 334,093,639
<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> 0.20
<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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 929,366,073
<INVESTMENTS-AT-VALUE> 929,366,073
<RECEIVABLES> 755,567
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,485
<TOTAL-ASSETS> 930,141,125
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,939,297
<TOTAL-LIABILITIES> 101,939,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,577,968
<SHARES-COMMON-STOCK> 81,577,976
<SHARES-COMMON-PRIOR> 11,804,972
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 81,575,151
<DIVIDEND-INCOME> 1,182,057
<INTEREST-INCOME> 31,485,300
<OTHER-INCOME> 0
<EXPENSES-NET> 1,933,787
<NET-INVESTMENT-INCOME> 30,733,570
<REALIZED-GAINS-CURRENT> 6,649
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,740,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,979,702)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 553,984,269
<NUMBER-OF-SHARES-REDEEMED> (485,733,563)
<SHARES-REINVESTED> 1,522,298
<NET-CHANGE-IN-ASSETS> 336,364,606
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,814,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,503,999
<AVERAGE-NET-ASSETS> 39,094,290
<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> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>053
<NAME>Nations Treasury Reserves Adivser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 929,366,073
<INVESTMENTS-AT-VALUE> 929,366,073
<RECEIVABLES> 755,567
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,485
<TOTAL-ASSETS> 930,141,125
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,939,297
<TOTAL-LIABILITIES> 101,939,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,260,856
<SHARES-COMMON-STOCK> 154,260,925
<SHARES-COMMON-PRIOR> 175,703,647
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 154,255,582
<DIVIDEND-INCOME> 1,182,057
<INTEREST-INCOME> 31,485,300
<OTHER-INCOME> 0
<EXPENSES-NET> 1,933,787
<NET-INVESTMENT-INCOME> 30,733,570
<REALIZED-GAINS-CURRENT> 6,649
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,740,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,165,652)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 735,220,753
<NUMBER-OF-SHARES-REDEEMED> (758,512,266)
<SHARES-REINVESTED> 1,848,791
<NET-CHANGE-IN-ASSETS> 336,364,606
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,814,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,503,999
<AVERAGE-NET-ASSETS> 144,754,732
<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> 0.0000
</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> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 929,366,073
<INVESTMENTS-AT-VALUE> 929,366,073
<RECEIVABLES> 755,567
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,485
<TOTAL-ASSETS> 930,141,125
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,939,297
<TOTAL-LIABILITIES> 101,939,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,400,010
<SHARES-COMMON-STOCK> 123,400,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 123,395,735
<DIVIDEND-INCOME> 1,182,057
<INTEREST-INCOME> 31,485,300
<OTHER-INCOME> 0
<EXPENSES-NET> 1,933,787
<NET-INVESTMENT-INCOME> 30,733,570
<REALIZED-GAINS-CURRENT> 6,649
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,740,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,210,836)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 333,950,010
<NUMBER-OF-SHARES-REDEEMED> (210,550,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 336,364,606
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,489)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,814,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,503,999
<AVERAGE-NET-ASSETS> 87,298,963
<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> 0.55
<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 Govt Reserves Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 374,587,738
<INVESTMENTS-AT-VALUE> 374,587,738
<RECEIVABLES> 1,988,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 376,576,668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,374,056
<TOTAL-LIABILITIES> 1,374,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,377,408
<SHARES-COMMON-STOCK> 125,377,425
<SHARES-COMMON-PRIOR> 58,122,320
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 125,376,757
<DIVIDEND-INCOME> 178,064
<INTEREST-INCOME> 14,895,371
<OTHER-INCOME> 0
<EXPENSES-NET> 1,274,742
<NET-INVESTMENT-INCOME> 13,798,693
<REALIZED-GAINS-CURRENT> 853
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,799,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,121,538)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396,992,148
<NUMBER-OF-SHARES-REDEEMED> (330,225,136)
<SHARES-REINVESTED> 488,093
<NET-CHANGE-IN-ASSETS> 208,784,337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833,883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,077,145
<AVERAGE-NET-ASSETS> 59,728,576
<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> 0.20
<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 Govt Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 374,587,738
<INVESTMENTS-AT-VALUE> 374,587,738
<RECEIVABLES> 1,988,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 376,576,668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,374,056
<TOTAL-LIABILITIES> 1,374,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,481,250
<SHARES-COMMON-STOCK> 6,481,676
<SHARES-COMMON-PRIOR> 129,395
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,481,642
<DIVIDEND-INCOME> 178,064
<INTEREST-INCOME> 14,895,371
<OTHER-INCOME> 0
<EXPENSES-NET> 1,274,742
<NET-INVESTMENT-INCOME> 13,798,693
<REALIZED-GAINS-CURRENT> 853
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,799,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (319,759)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,431,378
<NUMBER-OF-SHARES-REDEEMED> (22,390,624)
<SHARES-REINVESTED> 311,527
<NET-CHANGE-IN-ASSETS> 208,784,337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833,883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,077,145
<AVERAGE-NET-ASSETS> 6,292,443
<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> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>063
<NAME>Nations Govt Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 374,587,738
<INVESTMENTS-AT-VALUE> 374,587,738
<RECEIVABLES> 1,988,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 376,576,668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,374,056
<TOTAL-LIABILITIES> 1,374,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,845,153
<SHARES-COMMON-STOCK> 24,845,499
<SHARES-COMMON-PRIOR> 108,169,411
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 24,845,366
<DIVIDEND-INCOME> 178,064
<INTEREST-INCOME> 14,895,371
<OTHER-INCOME> 0
<EXPENSES-NET> 1,274,742
<NET-INVESTMENT-INCOME> 13,798,693
<REALIZED-GAINS-CURRENT> 853
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,799,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,631,142)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646,626,695
<NUMBER-OF-SHARES-REDEEMED> (731,189,720)
<SHARES-REINVESTED> 1,239,113
<NET-CHANGE-IN-ASSETS> 208,784,337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833,883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,077,145
<AVERAGE-NET-ASSETS> 32,640,567
<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> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>064
<NAME>Nations Govt Reserves Market
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 374,587,738
<INVESTMENTS-AT-VALUE> 374,587,738
<RECEIVABLES> 1,988,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 376,576,668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,374,056
<TOTAL-LIABILITIES> 1,374,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 218,500,010
<SHARES-COMMON-STOCK> 218,500,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 218,498,847
<DIVIDEND-INCOME> 178,064
<INTEREST-INCOME> 14,895,371
<OTHER-INCOME> 0
<EXPENSES-NET> 1,274,742
<NET-INVESTMENT-INCOME> 13,798,693
<REALIZED-GAINS-CURRENT> 853
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,799,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,726,254)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 691,300,010
<NUMBER-OF-SHARES-REDEEMED> (472,800,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 208,784,337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833,883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,077,145
<AVERAGE-NET-ASSETS> 180,287,374
<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> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
