<PAGE> PAGE 1
000 A000000 10/31/97
000 C000000 859750
000 D000000 N
000 E000000 NF
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000 I000000 3.0.a
000 J000000 A
001 A000000 NATIONS INSTITUTIONAL RESERVES
001 B000000 811-6030
001 C000000 7043869185
002 A000000 ONE NATIONSBANK PLAZA
002 B000000 CHARLOTTE
002 C000000 NC
002 D010000 28255
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 NATIONS MUNI RESERVES
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C020400 NATIONS CASH RESERVES
007 C030400 N
007 C010500 5
007 C020500 NATIONS TREASURY RESERVES
007 C030500 N
007 C010600 6
007 C020600 NATIONS GOVERNMENT RESERVES
007 C030600 N
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
008 C00AA02 801-99999
008 D01AA02 CHARLOTTE
008 D02AA02 NC
<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
010 C02AA02 MA
010 C03AA02 02109
011 A00AA01 STEPHENS INC.
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
012 C01AA01 BOSTON
012 C02AA01 MA
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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.
015 B00AA02 C
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015 C03AA02 75202
015 E03AA02 X
018 00AA00 Y
019 A00AA00 Y
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019 C00AA00 NATIONSFUN
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<PAGE> PAGE 3
021 000000 0
022 A000001 C.S. FIRST BOSTON CORP.
022 B000001 13-5659485
022 C000001 39092462
022 D000001 167254
022 A000002 GOLDMAN SACHS & COMPANY
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022 C000002 31829907
022 D000002 0
022 A000003 MORGAN (J.P.) SECURITIES INC.
022 B000003 13-3224016
022 C000003 31520519
022 D000003 195750
022 A000004 BANKER'S TRUST COMPANY
022 B000004 13-4941247
022 C000004 23801400
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022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 23613165
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022 C000006 15621569
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022 A000008 FIRST CHICAGO
022 B000008 36-0899825
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022 C000009 6350000
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022 A000010 WEST LB
022 C000010 5400000
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<PAGE> PAGE 4
026 B000000 N
026 C000000 N
026 D000000 N
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026 F000000 N
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026 G020000 N
026 H000000 N
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041 00AA00 Y
045 00AA00 Y
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<PAGE> PAGE 5
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 N
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
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066 A00AA00 N
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068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 Q010000 Y
080 A00AA00 THE RELIANCE INSURANCE COMPANY
080 B00AA00 THE GULF INSURANCE COMPANY
080 C00AA00 33000
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<PAGE> PAGE 6
086 C010000 0
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050 000100 N
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<PAGE> PAGE 7
053 A000100 Y
053 B000100 N
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
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062 P000100 0.0
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063 A000100 36
063 B000100 0.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
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
<PAGE> PAGE 8
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
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070 Q020100 N
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<PAGE> PAGE 9
073 A010100 0.0183
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074 B000100 0
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074 U010100 71776
074 U020100 208300
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076 000100 0.00
028 A010400 2099857
028 A020400 0
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028 A040400 2188160
028 B010400 2555998
028 B020400 6833
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028 B040400 2365979
028 C010400 2559152
028 C020400 6222
028 C030400 0
028 C040400 1907346
028 D010400 3078808
028 D020400 8215
<PAGE> PAGE 10
028 D030400 0
028 D040400 2818556
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043 000400 1530
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050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 N
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 Y
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062 C000400 0.4
062 D000400 28.3
062 E000400 1.0
062 F000400 2.5
062 G000400 9.4
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062 J000400 0.0
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<PAGE> PAGE 11
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 41
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
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
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 89822
072 C000400 5457
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<PAGE> PAGE 12
072 E000400 0
072 F000400 4990
072 G000400 1663
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072DD020400 31834
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074 B000400 1180000
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<PAGE> PAGE 13
074 R020400 0
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<PAGE> PAGE 14
042 H000500 0
043 000500 614
044 000500 0
049 000500 N
050 000500 N
051 000500 N
052 000500 N
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053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
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062 D000500 94.6
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062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
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063 B000500 0.0
064 A000500 N
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
<PAGE> PAGE 15
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 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
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<PAGE> PAGE 16
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<PAGE> PAGE 17
028 B040600 397606
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050 000600 N
051 000600 N
052 000600 N
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055 B000600 N
056 000600 Y
057 000600 N
062 A000600 Y
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<PAGE> PAGE 18
062 I000600 0.0
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063 A000600 28
063 B000600 0.0
064 A000600 N
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070 A010600 Y
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070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
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
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070 J020600 N
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070 L020600 N
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<PAGE> PAGE 19
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<PAGE> PAGE 20
074 L000600 1237
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SIGNATURE RICHARD ROSE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
[NUMBER]011
<NAME>Nations Municipal Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 280,794,442
<INVESTMENTS-AT-VALUE> 280,794,442
<RECEIVABLES> 1,449,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 168,839
<TOTAL-ASSETS> 282,412,625
<PAYABLE-FOR-SECURITIES> 1,750,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588,715
<TOTAL-LIABILITIES> 2,338,715
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,775,513
<SHARES-COMMON-STOCK> 71,775,513
<SHARES-COMMON-PRIOR> 59,701,299
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 71,775,218
<DIVIDEND-INCOME> 64,550
<INTEREST-INCOME> 4,274,071
<OTHER-INCOME> 0
<EXPENSES-NET> 458,362
<NET-INVESTMENT-INCOME> 3,880,259
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,880,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,164,543)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159,381,512
<NUMBER-OF-SHARES-REDEEMED> (147,370,354)
<SHARES-REINVESTED> 63,056
<NET-CHANGE-IN-ASSETS> 80,100,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 340,152
<INTEREST-EXPENSE> 4,477
<GROSS-EXPENSE> 746,934
<AVERAGE-NET-ASSETS> 63,617,587
<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>
[NUMBER]012
<NAME>Nations Municipal Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 280,794,442
<INVESTMENTS-AT-VALUE> 280,794,442
<RECEIVABLES> 1,449,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 168,839
<TOTAL-ASSETS> 282,412,625
<PAYABLE-FOR-SECURITIES> 1,750,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588,715
<TOTAL-LIABILITIES> 2,338,715
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,771,597
<SHARES-COMMON-STOCK> 79,771,597
<SHARES-COMMON-PRIOR> 54,677,062
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 79,771,269
<DIVIDEND-INCOME> 64,550
<INTEREST-INCOME> 4,274,071
<OTHER-INCOME> 0
<EXPENSES-NET> 458,362
<NET-INVESTMENT-INCOME> 3,880,259
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,880,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (767,824)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 419,269,230
<NUMBER-OF-SHARES-REDEEMED> (394,825,449)
<SHARES-REINVESTED> 650,754
<NET-CHANGE-IN-ASSETS> 80,100,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 340,152
<INTEREST-EXPENSE> 4,477
<GROSS-EXPENSE> 746,934
<AVERAGE-NET-ASSETS> 44,034,644
<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>
[NUMBER]013
<NAME> Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 280,794,442
<INVESTMENTS-AT-VALUE> 280,794,442
<RECEIVABLES> 1,449,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 168,839
<TOTAL-ASSETS> 282,412,625
<PAYABLE-FOR-SECURITIES> 1,750,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588,715
<TOTAL-LIABILITIES> 2,338,715
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,027,941
<SHARES-COMMON-STOCK> 26,027,941
<SHARES-COMMON-PRIOR> 7,296,448
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 26,027,834
<DIVIDEND-INCOME> 64,550
<INTEREST-INCOME> 4,274,071
<OTHER-INCOME> 0
<EXPENSES-NET> 458,362
<NET-INVESTMENT-INCOME> 3,880,259
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,880,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (437,338)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 136,408,555
<NUMBER-OF-SHARES-REDEEMED> (118,071,351)
<SHARES-REINVESTED> 394,289
<NET-CHANGE-IN-ASSETS> 80,100,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 340,152
<INTEREST-EXPENSE> 4,477
<GROSS-EXPENSE> 746,934
<AVERAGE-NET-ASSETS> 25,952,800
<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>
[NUMBER] 014
<NAME> Nations Municipal Reserves Mkt Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 280,794,442
<INVESTMENTS-AT-VALUE> 280,794,442
<RECEIVABLES> 1,449,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 168,839
<TOTAL-ASSETS> 282,412,625
<PAYABLE-FOR-SECURITIES> 1,750,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588,715
<TOTAL-LIABILITIES> 2,338,715
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,500,011
<SHARES-COMMON-STOCK> 102,500,010
<SHARES-COMMON-PRIOR> 78,300,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 102,499,589
<DIVIDEND-INCOME> 64,550
<INTEREST-INCOME> 4,274,071
<OTHER-INCOME> 0
<EXPENSES-NET> 458,362
<NET-INVESTMENT-INCOME> 3,880,259
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,880,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,510,554)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 222,500,001
<NUMBER-OF-SHARES-REDEEMED> (198,300,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 80,100,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 340,152
<INTEREST-EXPENSE> 4,477
<GROSS-EXPENSE> 746,934
<AVERAGE-NET-ASSETS> 91,313,943
<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>
[NUMBER]041
<NAME>Nations Cash Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 4,172,076,200
<INVESTMENTS-AT-VALUE> 4,172,076,200
<RECEIVABLES> 14,368,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167,185
<TOTAL-ASSETS> 4,186,611,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,333,120
<TOTAL-LIABILITIES> 9,333,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,745,055,704
<SHARES-COMMON-STOCK> 2,745,055,704
<SHARES-COMMON-PRIOR> 1,684,234,691
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,745,060,684
<DIVIDEND-INCOME> 5,456,710
<INTEREST-INCOME> 89,821,982
<OTHER-INCOME> 0
<EXPENSES-NET> 4,848,735
<NET-INVESTMENT-INCOME> 90,429,957
<REALIZED-GAINS-CURRENT> 10,874
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 90,440,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,595,745)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,959,208,183
<NUMBER-OF-SHARES-REDEEMED> (9,933,211,429)
<SHARES-REINVESTED> 34,824,259
<NET-CHANGE-IN-ASSETS> 1,492,644,528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 4,990,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,450
<AVERAGE-NET-ASSETS> 2,102,630,732
<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>
[NUMBER]042
<NAME>Nations Cash Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 4,172,076,200
<INVESTMENTS-AT-VALUE> 4,172,076,200
<RECEIVABLES> 14,368,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167,185
<TOTAL-ASSETS> 4,186,611,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,333,120
<TOTAL-LIABILITIES> 9,333,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 429,167,797
<SHARES-COMMON-STOCK> 429,167,797
<SHARES-COMMON-PRIOR> 419,851,922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 429,168,575
<DIVIDEND-INCOME> 5,456,710
<INTEREST-INCOME> 89,821,982
<OTHER-INCOME> 0
<EXPENSES-NET> 4,848,735
<NET-INVESTMENT-INCOME> 90,429,957
<REALIZED-GAINS-CURRENT> 10,874
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 90,440,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,213,734)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,214,287,017
<NUMBER-OF-SHARES-REDEEMED> (3,211,035,279)
<SHARES-REINVESTED> 6,064,137
<NET-CHANGE-IN-ASSETS> 1,492,644,528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 4,990,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,450
<AVERAGE-NET-ASSETS> 376,854,781
<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>
[NUMBER]043
<NAME> Nations Cash Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 4,172,076,200
<INVESTMENTS-AT-VALUE> 4,172,076,200
<RECEIVABLES> 14,368,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167,185
<TOTAL-ASSETS> 4,186,611,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,333,120
<TOTAL-LIABILITIES> 9,333,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 525,047,657
<SHARES-COMMON-STOCK> 525,047,657
<SHARES-COMMON-PRIOR> 247,550,891
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 525,048,610
<DIVIDEND-INCOME> 5,456,710
<INTEREST-INCOME> 89,821,982
<OTHER-INCOME> 0
<EXPENSES-NET> 4,848,735
<NET-INVESTMENT-INCOME> 90,429,957
<REALIZED-GAINS-CURRENT> 10,874
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 90,440,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,101,458)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,744,862,398
<NUMBER-OF-SHARES-REDEEMED> (1,474,706,829)
<SHARES-REINVESTED> 7,341,197
<NET-CHANGE-IN-ASSETS> 1,492,644,528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 4,990,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,450
<AVERAGE-NET-ASSETS> 417,169,368
<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>
[NUMBER] 044
<NAME> Nations Cash Reserves Market Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 4,172,076,200
<INVESTMENTS-AT-VALUE> 4,172,076,200
<RECEIVABLES> 14,368,481
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167,185
<TOTAL-ASSETS> 4,186,611,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,333,120
<TOTAL-LIABILITIES> 9,333,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 478,000,010
<SHARES-COMMON-STOCK> 478,000,010
<SHARES-COMMON-PRIOR> 333,000,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 478,000,877
<DIVIDEND-INCOME> 5,456,710
<INTEREST-INCOME> 89,821,982
<OTHER-INCOME> 0
<EXPENSES-NET> 4,848,735
<NET-INVESTMENT-INCOME> 90,429,957
<REALIZED-GAINS-CURRENT> 10,874
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 90,440,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,519,020)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 864,800,000
<NUMBER-OF-SHARES-REDEEMED> (719,800,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,492,644,528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 4,990,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,450
<AVERAGE-NET-ASSETS> 403,071,505
<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>
[NUMBER]051
<NAME>Nations Treasury Reserve Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1,127,271,946
<INVESTMENTS-AT-VALUE> 1,127,271,946
<RECEIVABLES> 1,284,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,904
<TOTAL-ASSETS> 1,128,572,827
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,201,276
<TOTAL-LIABILITIES> 118,201,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 206,105,105
<SHARES-COMMON-STOCK> 206,105,875
<SHARES-COMMON-PRIOR> 468,991,605
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (27,840)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 206,100,023
<DIVIDEND-INCOME> 928,894
<INTEREST-INCOME> 20,388,908
<OTHER-INCOME> 85,247
<EXPENSES-NET> 1,384,063
<NET-INVESTMENT-INCOME> 20,014,432
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,014,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,662,592)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 543,033,706
<NUMBER-OF-SHARES-REDEEMED> (807,047,229)
<SHARES-REINVESTED> 1,127,794
<NET-CHANGE-IN-ASSETS> 182,169,723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 1,151,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,345,002
<AVERAGE-NET-ASSETS> 283,364,638
<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>
[NUMBER]052
<NAME>Nations Treasury Reserve Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1,127,271,946
<INVESTMENTS-AT-VALUE> 1,127,271,946
<RECEIVABLES> 1,284,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,904
<TOTAL-ASSETS> 1,128,572,827
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,201,276
<TOTAL-LIABILITIES> 118,201,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 279,514,655
<SHARES-COMMON-STOCK> 279,514,663
<SHARES-COMMON-PRIOR> 81,577,976
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (27,840)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 279,506,727
<DIVIDEND-INCOME> 928,894
<INTEREST-INCOME> 20,388,908
<OTHER-INCOME> 85,247
<EXPENSES-NET> 1,384,063
<NET-INVESTMENT-INCOME> 20,014,432
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,014,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,093,084)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 869,124,545
<NUMBER-OF-SHARES-REDEEMED> (673,789,726)
<SHARES-REINVESTED> 2,601,868
<NET-CHANGE-IN-ASSETS> 182,169,723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 1,151,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,345,002
<AVERAGE-NET-ASSETS> 117,158,550
<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>
[NUMBER]053
<NAME>Nations Treasury Reserve Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1,127,271,946
<INVESTMENTS-AT-VALUE> 1,127,271,946
<RECEIVABLES> 1,284,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,904
<TOTAL-ASSETS> 1,128,572,827
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,201,276
<TOTAL-LIABILITIES> 118,201,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 345,279,621
<SHARES-COMMON-STOCK> 345,279,690
<SHARES-COMMON-PRIOR> 154,260,925
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (27,840)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 345,269,887
<DIVIDEND-INCOME> 928,894
<INTEREST-INCOME> 20,388,908
<OTHER-INCOME> 85,247
<EXPENSES-NET> 1,384,063
<NET-INVESTMENT-INCOME> 20,014,432
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,014,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,550,116)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,155,939,388
<NUMBER-OF-SHARES-REDEEMED> (969,252,107)
<SHARES-REINVESTED> 4,331,484
<NET-CHANGE-IN-ASSETS> 182,169,723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 1,151,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,345,002
<AVERAGE-NET-ASSETS> 214,482,952
<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>
[NUMBER]054
<NAME>Nations Treasury Market Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1,127,271,946
<INVESTMENTS-AT-VALUE> 1,127,271,946
<RECEIVABLES> 1,284,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,904
<TOTAL-ASSETS> 1,128,572,827
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,201,276
<TOTAL-LIABILITIES> 118,201,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179,500,010
<SHARES-COMMON-STOCK> 179,500,010
<SHARES-COMMON-PRIOR> 123,400,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (27,840)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 179,494,914
<DIVIDEND-INCOME> 928,894
<INTEREST-INCOME> 20,388,908
<OTHER-INCOME> 85,247
<EXPENSES-NET> 1,384,063
<NET-INVESTMENT-INCOME> 20,014,432
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,014,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,708,640)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 339,300,000
<NUMBER-OF-SHARES-REDEEMED> (283,200,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 182,169,723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 1,151,057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,345,002
<AVERAGE-NET-ASSETS> 146,109,633
<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> 061
<NAME>Nations Government Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 460,639,578
<INVESTMENTS-AT-VALUE> 460,639,578
<RECEIVABLES> 1,236,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 761
<TOTAL-ASSETS> 461,877,089
<PAYABLE-FOR-SECURITIES> 5,999,531
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,442,930
<TOTAL-LIABILITIES> 7,442,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,947,978
<SHARES-COMMON-STOCK> 155,947,995
<SHARES-COMMON-PRIOR> 125,377,425
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,209)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 155,947,309
<DIVIDEND-INCOME> 294,482
<INTEREST-INCOME> 10,978,219
<OTHER-INCOME> 0
<EXPENSES-NET> 840,143
<NET-INVESTMENT-INCOME> 10,432,558
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,432,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,368,388)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482,218,855
<NUMBER-OF-SHARES-REDEEMED> (453,338,312)
<SHARES-REINVESTED> 1,690,027
<NET-CHANGE-IN-ASSETS> 79,232,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 604,204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,331,950
<AVERAGE-NET-ASSETS> 123,809,575
<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>
[NUMBER]062
<NAME>Nations Government Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 460,639,578
<INVESTMENTS-AT-VALUE> 460,639,578
<RECEIVABLES> 1,236,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 761
<TOTAL-ASSETS> 461,877,089
<PAYABLE-FOR-SECURITIES> 5,999,531
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,442,930
<TOTAL-LIABILITIES> 7,442,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,561,383
<SHARES-COMMON-STOCK> 15,561,809
<SHARES-COMMON-PRIOR> 6,481,676
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,209)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 15,561,740
<DIVIDEND-INCOME> 294,482
<INTEREST-INCOME> 10,978,219
<OTHER-INCOME> 0
<EXPENSES-NET> 840,143
<NET-INVESTMENT-INCOME> 10,432,558
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,432,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (813,004)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 270,911,710
<NUMBER-OF-SHARES-REDEEMED> (262,630,713)
<SHARES-REINVESTED> 799,136
<NET-CHANGE-IN-ASSETS> 79,232,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 604,204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,331,950
<AVERAGE-NET-ASSETS> 30,733,062
<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>
[NUMBER]063
<NAME> Nations Government Reservers Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 460,639,578
<INVESTMENTS-AT-VALUE> 460,639,578
<RECEIVABLES> 1,236,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 761
<TOTAL-ASSETS> 461,877,089
<PAYABLE-FOR-SECURITIES> 5,999,531
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,442,930
<TOTAL-LIABILITIES> 7,442,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,426,467
<SHARES-COMMON-STOCK> 50,426,813
<SHARES-COMMON-PRIOR> 24,845,499
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,209)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 50,426,591
<DIVIDEND-INCOME> 294,482
<INTEREST-INCOME> 10,978,219
<OTHER-INCOME> 0
<EXPENSES-NET> 840,143
<NET-INVESTMENT-INCOME> 10,432,558
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,432,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (933,916)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 172,388,971
<NUMBER-OF-SHARES-REDEEMED> (147,556,381)
<SHARES-REINVESTED> 748,724
<NET-CHANGE-IN-ASSETS> 79,232,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 604,204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,331,950
<AVERAGE-NET-ASSETS> 35,968,258
<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>
[NUMBER] 064
<NAME> Nations Government Reserves Market Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 460,639,578
<INVESTMENTS-AT-VALUE> 460,639,578
<RECEIVABLES> 1,236,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 761
<TOTAL-ASSETS> 461,877,089
<PAYABLE-FOR-SECURITIES> 5,999,531
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,442,930
<TOTAL-LIABILITIES> 7,442,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232,500,009
<SHARES-COMMON-STOCK> 232,500,009
<SHARES-COMMON-PRIOR> 218,500,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,209)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 232,498,988
<DIVIDEND-INCOME> 294,482
<INTEREST-INCOME> 10,978,219
<OTHER-INCOME> 0
<EXPENSES-NET> 840,143
<NET-INVESTMENT-INCOME> 10,432,558
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,432,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,317,250)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460,149,999
<NUMBER-OF-SHARES-REDEEMED> (446,150,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79,232,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 604,204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,331,950
<AVERAGE-NET-ASSETS> 209,008,200
<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>
