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<PAGE> PAGE 11
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<PAGE> PAGE 13
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056 000700 Y
057 000700 N
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 8.9
062 E000700 0.0
062 F000700 4.9
062 G000700 2.2
062 H000700 0.0
062 I000700 56.0
062 J000700 11.5
062 K000700 0.0
062 L000700 16.7
062 M000700 0.0
062 N000700 0.0
<PAGE> PAGE 21
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 45
063 B000700 0.0
064 A000700 N
064 B000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 6
072 B000700 6792
072 C000700 214
<PAGE> PAGE 22
072 D000700 0
072 E000700 0
072 F000700 388
072 G000700 129
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072 I000700 14
072 J000700 10
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072 L000700 0
072 M000700 1
072 N000700 23
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072 P000700 0
072 Q000700 0
072 R000700 3
072 S000700 1
072 T000700 283
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072 V000700 0
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072 X000700 854
072 Y000700 318
072 Z000700 6470
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072DD020700 16
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073 A010700 0.0249
073 A020700 0.0122
073 B000700 0.0000
073 C000700 0.0000
074 A000700 1
074 B000700 100000
074 C000700 1000304
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 31813
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074 K000700 0
074 L000700 1527
074 M000700 6
074 N000700 1133651
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<PAGE> PAGE 23
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074 R020700 0
074 R030700 0
074 R040700 3945
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074 T000700 1129576
074 U010700 190745
074 U020700 607
074 V010700 1.00
074 V020700 1.00
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074 X000700 83
074 Y000700 0
075 A000700 297185
075 B000700 0
076 000700 0.00
SIGNATURE RICHARD ROSE
TITLE TREASURER
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> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 7,081,887,151
<INVESTMENTS-AT-VALUE> 7,081,887,151
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<INTEREST-INCOME> 184,002,620
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<EXPENSES-NET> 10,306,755
<NET-INVESTMENT-INCOME> 175,771,787
<REALIZED-GAINS-CURRENT> (17,029)
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<NUMBER-OF-SHARES-SOLD> 2,086,577,250
<NUMBER-OF-SHARES-REDEEMED> (1,965,927,716)
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<NET-CHANGE-IN-ASSETS> 1,601,446,855
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<PER-SHARE-DIVIDEND> (0.0263)
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<RETURNS-OF-CAPITAL> 0.0000
<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>041
<NAME>Nations Cash Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 7,081,887,151
<INVESTMENTS-AT-VALUE> 7,081,887,151
<RECEIVABLES> 33,743,614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 173,772
<TOTAL-ASSETS> 7,115,804,537
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,009,767
<TOTAL-LIABILITIES> 33,009,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,808,850,249
<SHARES-COMMON-STOCK> 3,808,850,249
<SHARES-COMMON-PRIOR> 3,051,544,137
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,808,855,460
<DIVIDEND-INCOME> 2,075,922
<INTEREST-INCOME> 184,002,620
<OTHER-INCOME> 0
<EXPENSES-NET> 10,306,755
<NET-INVESTMENT-INCOME> 175,771,787
<REALIZED-GAINS-CURRENT> (17,029)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 175,754,758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (97,909,257)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,646,112,418
<NUMBER-OF-SHARES-REDEEMED> (16,925,213,084)
<SHARES-REINVESTED> 36,406,778
<NET-CHANGE-IN-ASSETS> 1,601,446,855
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 26,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,868,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,574,637
<AVERAGE-NET-ASSETS> 3,561,173,082
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0275
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0275)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>042
<NAME>Nations Cash Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 7,081,887,151
<INVESTMENTS-AT-VALUE> 7,081,887,151
<RECEIVABLES> 33,743,614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 173,772
<TOTAL-ASSETS> 7,115,804,537
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,009,767
<TOTAL-LIABILITIES> 33,009,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,300,318,724
<SHARES-COMMON-STOCK> 1,300,318,724
<SHARES-COMMON-PRIOR> 1,107,863,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,300,320,503
<DIVIDEND-INCOME> 2,075,922
<INTEREST-INCOME> 184,002,620
<OTHER-INCOME> 0
<EXPENSES-NET> 10,306,755
<NET-INVESTMENT-INCOME> 175,771,787
<REALIZED-GAINS-CURRENT> (17,029)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 175,754,758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,587,860)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,974,484,847
<NUMBER-OF-SHARES-REDEEMED> (4,804,420,989)
<SHARES-REINVESTED> 22,391,046
<NET-CHANGE-IN-ASSETS> 1,601,446,855
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 26,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,868,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,574,637
<AVERAGE-NET-ASSETS> 1,254,521,978
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0268
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0268)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<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>044
<NAME>Nations Cash Reserves Market
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 7,081,887,151
<INVESTMENTS-AT-VALUE> 7,081,887,151
<RECEIVABLES> 33,743,614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 173,772
<TOTAL-ASSETS> 7,115,804,537
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,009,767
<TOTAL-LIABILITIES> 33,009,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,163,000,010
<SHARES-COMMON-STOCK> 1,163,000,010
<SHARES-COMMON-PRIOR> 649,500,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,163,001,602
<DIVIDEND-INCOME> 2,075,922
<INTEREST-INCOME> 184,002,620
<OTHER-INCOME> 0
<EXPENSES-NET> 10,306,755
<NET-INVESTMENT-INCOME> 175,771,787
<REALIZED-GAINS-CURRENT> (17,029)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 175,754,758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,095,236)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,085,500,000
<NUMBER-OF-SHARES-REDEEMED> (572,000,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,601,446,855
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 26,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,868,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,574,637
<AVERAGE-NET-ASSETS> 979,143,124
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0257
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0257)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
<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>063
<NAME>Nations Government Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 646,464,527
<INVESTMENTS-AT-VALUE> 646,464,527
<RECEIVABLES> 2,185,628
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,589
<TOTAL-ASSETS> 648,669,744
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,882,067
<TOTAL-LIABILITIES> 2,882,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,769,079
<SHARES-COMMON-STOCK> 115,769,079
<SHARES-COMMON-PRIOR> 70,164,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (815)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 115,768,933
<DIVIDEND-INCOME> 205,178
<INTEREST-INCOME> 15,337,932
<OTHER-INCOME> 0
<EXPENSES-NET> 1,255,915
<NET-INVESTMENT-INCOME> 14,287,195
<REALIZED-GAINS-CURRENT> 394
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,287,589
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 335,525,890
<NUMBER-OF-SHARES-REDEEMED> (291,686,078)
<SHARES-REINVESTED> 1,765,196
<NET-CHANGE-IN-ASSETS> 77,745,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 843,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,158,831
<AVERAGE-NET-ASSETS> 93,061,662
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0257
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0257)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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>061
<NAME>Nations Government Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 646,464,527
<INVESTMENTS-AT-VALUE> 646,464,527
<RECEIVABLES> 2,185,628
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,589
<TOTAL-ASSETS> 648,669,744
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,882,067
<TOTAL-LIABILITIES> 2,882,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,300,511
<SHARES-COMMON-STOCK> 160,300,511
<SHARES-COMMON-PRIOR> 190,607,352
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (815)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 160,300,309
<DIVIDEND-INCOME> 205,178
<INTEREST-INCOME> 15,337,932
<OTHER-INCOME> 0
<EXPENSES-NET> 1,255,915
<NET-INVESTMENT-INCOME> 14,287,195
<REALIZED-GAINS-CURRENT> 394
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,287,589
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,560,128)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 661,190,919
<NUMBER-OF-SHARES-REDEEMED> (694,998,982)
<SHARES-REINVESTED> 3,501,222
<NET-CHANGE-IN-ASSETS> 77,745,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 843,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,158,831
<AVERAGE-NET-ASSETS> 132,715,617
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0269
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0269)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>062
<NAME>Nations Government Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 646,464,527
<INVESTMENTS-AT-VALUE> 646,464,527
<RECEIVABLES> 2,185,628
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,589
<TOTAL-ASSETS> 648,669,744
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,882,067
<TOTAL-LIABILITIES> 2,882,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,718,892
<SHARES-COMMON-STOCK> 42,718,892
<SHARES-COMMON-PRIOR> 32,773,194
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (815)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42,718,838
<DIVIDEND-INCOME> 205,178
<INTEREST-INCOME> 15,337,932
<OTHER-INCOME> 0
<EXPENSES-NET> 1,255,915
<NET-INVESTMENT-INCOME> 14,287,195
<REALIZED-GAINS-CURRENT> 394
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,287,589
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (866,767)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 262,692,383
<NUMBER-OF-SHARES-REDEEMED> (253,564,297)
<SHARES-REINVESTED> 817,612
<NET-CHANGE-IN-ASSETS> 77,745,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 843,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,158,831
<AVERAGE-NET-ASSETS> 33,294,263
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0262
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0262)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<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>064
<NAME>Nations Government Reserves Market
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 646,464,527
<INVESTMENTS-AT-VALUE> 646,464,527
<RECEIVABLES> 2,185,628
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 19,589
<TOTAL-ASSETS> 648,669,744
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,882,067
<TOTAL-LIABILITIES> 2,882,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 327,000,010
<SHARES-COMMON-STOCK> 327,000,010
<SHARES-COMMON-PRIOR> 274,500,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (815)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 326,999,597
<DIVIDEND-INCOME> 205,178
<INTEREST-INCOME> 15,337,932
<OTHER-INCOME> 0
<EXPENSES-NET> 1,255,915
<NET-INVESTMENT-INCOME> 14,287,195
<REALIZED-GAINS-CURRENT> 394
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,287,589
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,482,287)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 312,300,000
<NUMBER-OF-SHARES-REDEEMED> (259,800,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 77,745,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 843,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,158,831
<AVERAGE-NET-ASSETS> 298,398,291
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0251
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0251)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
<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>073
<NAME>Nations Money Market Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,132,116,950
<INVESTMENTS-AT-VALUE> 1,132,116,950
<RECEIVABLES> 1,529,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,742
<TOTAL-ASSETS> 1,133,650,759
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,075,187
<TOTAL-LIABILITIES> 4,075,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,232,639
<SHARES-COMMON-STOCK> 3,232,639
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,568)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,232,615
<DIVIDEND-INCOME> 214,084
<INTEREST-INCOME> 6,791,863
<OTHER-INCOME> 0
<EXPENSES-NET> 536,159
<NET-INVESTMENT-INCOME> 6,469,788
<REALIZED-GAINS-CURRENT> 717
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,470,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (70,199)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61,737,056
<NUMBER-OF-SHARES-REDEEMED> (58,504,417)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,010,695,744
<ACCUMULATED-NII-PRIOR> 3,853
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13,285)
<GROSS-ADVISORY-FEES> 388,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,881
<AVERAGE-NET-ASSETS> 3,125,202
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0171
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0171)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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>071
<NAME>Nations Money Market Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,132,116,950
<INVESTMENTS-AT-VALUE> 1,132,116,950
<RECEIVABLES> 1,529,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,742
<TOTAL-ASSETS> 1,133,650,759
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,075,187
<TOTAL-LIABILITIES> 4,075,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,744,591
<SHARES-COMMON-STOCK> 190,744,591
<SHARES-COMMON-PRIOR> 118,889,260
<ACCUMULATED-NII-CURRENT> 3,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,568)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 190,743,119
<DIVIDEND-INCOME> 214,084
<INTEREST-INCOME> 6,791,863
<OTHER-INCOME> 0
<EXPENSES-NET> 536,159
<NET-INVESTMENT-INCOME> 6,469,788
<REALIZED-GAINS-CURRENT> 717
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,470,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,549,422)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 467,039,152
<NUMBER-OF-SHARES-REDEEMED> (395,436,082)
<SHARES-REINVESTED> 252,261
<NET-CHANGE-IN-ASSETS> 1,010,695,744
<ACCUMULATED-NII-PRIOR> 3,853
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13,285)
<GROSS-ADVISORY-FEES> 388,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,881
<AVERAGE-NET-ASSETS> 152,115,446
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0249
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0249)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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>072
<NAME>Nations Money Market Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,132,116,950
<INVESTMENTS-AT-VALUE> 1,132,116,950
<RECEIVABLES> 1,529,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,742
<TOTAL-ASSETS> 1,133,650,759
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,075,187
<TOTAL-LIABILITIES> 4,075,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 607,047
<SHARES-COMMON-STOCK> 607,047
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,568)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 607,042
<DIVIDEND-INCOME> 214,084
<INTEREST-INCOME> 6,791,863
<OTHER-INCOME> 0
<EXPENSES-NET> 536,159
<NET-INVESTMENT-INCOME> 6,469,788
<REALIZED-GAINS-CURRENT> 717
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,470,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,425)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,201,223
<NUMBER-OF-SHARES-REDEEMED> (7,605,756)
<SHARES-REINVESTED> 11,580
<NET-CHANGE-IN-ASSETS> 1,010,695,744
<ACCUMULATED-NII-PRIOR> 3,853
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13,285)
<GROSS-ADVISORY-FEES> 388,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,881
<AVERAGE-NET-ASSETS> 718,204
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0122
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0122)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<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>074
<NAME>Nations Money Market Reserves Market
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,132,116,950
<INVESTMENTS-AT-VALUE> 1,132,116,950
<RECEIVABLES> 1,529,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,742
<TOTAL-ASSETS> 1,133,650,759
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,075,187
<TOTAL-LIABILITIES> 4,075,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 935,000,010
<SHARES-COMMON-STOCK> 935,000,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,568)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 934,992,796
<DIVIDEND-INCOME> 214,084
<INTEREST-INCOME> 6,791,863
<OTHER-INCOME> 0
<EXPENSES-NET> 536,159
<NET-INVESTMENT-INCOME> 6,469,788
<REALIZED-GAINS-CURRENT> 717
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,470,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,833,742)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,200,000,010
<NUMBER-OF-SHARES-REDEEMED> (265,000,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,010,695,744
<ACCUMULATED-NII-PRIOR> 3,853
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13,285)
<GROSS-ADVISORY-FEES> 388,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,881
<AVERAGE-NET-ASSETS> 141,226,335
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0029
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0029)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
<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>013
<NAME>Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 374,857,840
<INVESTMENTS-AT-VALUE> 374,857,840
<RECEIVABLES> 1,658,712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,058
<TOTAL-ASSETS> 376,635,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,265,563
<TOTAL-LIABILITIES> 1,265,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,969,376
<SHARES-COMMON-STOCK> 49,969,376
<SHARES-COMMON-PRIOR> 29,935,782
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,958)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 49,969,115
<DIVIDEND-INCOME> 48,404
<INTEREST-INCOME> 5,350,187
<OTHER-INCOME> 0
<EXPENSES-NET> 623,893
<NET-INVESTMENT-INCOME> 4,774,698
<REALIZED-GAINS-CURRENT> (806)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,773,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (718,905)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 166,806,539
<NUMBER-OF-SHARES-REDEEMED> (147,061,401)
<SHARES-REINVESTED> 288,456
<NET-CHANGE-IN-ASSETS> 126,109,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 457,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,721
<AVERAGE-NET-ASSETS> 46,777,568
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0157
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0157)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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>011
<NAME>Nations Municipal Reserves Capital
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 374,857,840
<INVESTMENTS-AT-VALUE> 374,857,840
<RECEIVABLES> 1,658,712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,058
<TOTAL-ASSETS> 376,635,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,265,563
<TOTAL-LIABILITIES> 1,265,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 117,664,588
<SHARES-COMMON-STOCK> 117,664,588
<SHARES-COMMON-PRIOR> 74,251,778
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,958)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 117,663,974
<DIVIDEND-INCOME> 48,404
<INTEREST-INCOME> 5,350,187
<OTHER-INCOME> 0
<EXPENSES-NET> 623,893
<NET-INVESTMENT-INCOME> 4,774,698
<REALIZED-GAINS-CURRENT> (806)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,773,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,497,043)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160,564,765
<NUMBER-OF-SHARES-REDEEMED> (117,344,851)
<SHARES-REINVESTED> 192,896
<NET-CHANGE-IN-ASSETS> 126,109,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 457,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,721
<AVERAGE-NET-ASSETS> 88,596,765
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0170
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0170)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 374,857,840
<INVESTMENTS-AT-VALUE> 374,857,840
<RECEIVABLES> 1,658,712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,058
<TOTAL-ASSETS> 376,635,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,265,563
<TOTAL-LIABILITIES> 1,265,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,738,031
<SHARES-COMMON-STOCK> 66,738,031
<SHARES-COMMON-PRIOR> 53,073,798
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,958)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66,737,683
<DIVIDEND-INCOME> 48,404
<INTEREST-INCOME> 5,350,187
<OTHER-INCOME> 0
<EXPENSES-NET> 623,893
<NET-INVESTMENT-INCOME> 4,774,698
<REALIZED-GAINS-CURRENT> (806)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,773,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (767,029)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178,930,819
<NUMBER-OF-SHARES-REDEEMED> (165,659,741)
<SHARES-REINVESTED> 393,155
<NET-CHANGE-IN-ASSETS> 126,109,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 457,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,721
<AVERAGE-NET-ASSETS> 47,850,868
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0162
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0162)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<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>014
<NAME>Nations Municipal Reserves Market
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 374,857,840
<INVESTMENTS-AT-VALUE> 374,857,840
<RECEIVABLES> 1,658,712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,058
<TOTAL-ASSETS> 376,635,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,265,563
<TOTAL-LIABILITIES> 1,265,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,000,010
<SHARES-COMMON-STOCK> 141,000,010
<SHARES-COMMON-PRIOR> 92,000,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,958)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 140,999,275
<DIVIDEND-INCOME> 48,404
<INTEREST-INCOME> 5,350,187
<OTHER-INCOME> 0
<EXPENSES-NET> 623,893
<NET-INVESTMENT-INCOME> 4,774,698
<REALIZED-GAINS-CURRENT> (806)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,773,892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,791,721)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160,070,284
<NUMBER-OF-SHARES-REDEEMED> (111,070,284)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 126,109,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 457,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,721
<AVERAGE-NET-ASSETS> 119,563,966
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0151
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0151)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
<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>053
<NAME>Nations Treasury Reserves Adviser
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 2,447,918,976
<INVESTMENTS-AT-VALUE> 2,447,918,976
<RECEIVABLES> 55,988,903
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,763
<TOTAL-ASSETS> 2,504,027,642
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,164,962
<TOTAL-LIABILITIES> 286,164,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 345,699,380
<SHARES-COMMON-STOCK> 345,699,380
<SHARES-COMMON-PRIOR> 222,764,396
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,559)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 345,678,392
<DIVIDEND-INCOME> 1,585,326
<INTEREST-INCOME> 49,135,735
<OTHER-INCOME> 0
<EXPENSES-NET> 3,656,441
<NET-INVESTMENT-INCOME> 47,064,620
<REALIZED-GAINS-CURRENT> (1,719)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 47,062,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,650,559)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,501,971,331
<NUMBER-OF-SHARES-REDEEMED> (1,381,953,050)
<SHARES-REINVESTED> 2,916,703
<NET-CHANGE-IN-ASSETS> 740,139,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,797,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,556,898
<AVERAGE-NET-ASSETS> 302,997,962
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0257
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0257)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<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> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 2,447,918,976
<INVESTMENTS-AT-VALUE> 2,447,918,976
<RECEIVABLES> 55,988,903
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,763
<TOTAL-ASSETS> 2,504,027,642
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,164,962
<TOTAL-LIABILITIES> 286,164,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 466,882,129
<SHARES-COMMON-STOCK> 466,882,129
<SHARES-COMMON-PRIOR> 246,062,945
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,559)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 466,959,179
<DIVIDEND-INCOME> 1,585,326
<INTEREST-INCOME> 49,135,735
<OTHER-INCOME> 0
<EXPENSES-NET> 3,656,441
<NET-INVESTMENT-INCOME> 47,064,620
<REALIZED-GAINS-CURRENT> (1,719)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 47,062,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,184,772)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,410,943,538
<NUMBER-OF-SHARES-REDEEMED> (1,195,065,961)
<SHARES-REINVESTED> 4,941,607
<NET-CHANGE-IN-ASSETS> 740,139,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,797,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,556,898
<AVERAGE-NET-ASSETS> 533,788,087
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0269
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0269)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>052
<NAME>Nations Treasury Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 2,447,918,976
<INVESTMENTS-AT-VALUE> 2,447,918,976
<RECEIVABLES> 55,988,903
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,763
<TOTAL-ASSETS> 2,504,027,642
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,164,962
<TOTAL-LIABILITIES> 286,164,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,310,720
<SHARES-COMMON-STOCK> 294,310,720
<SHARES-COMMON-PRIOR> 743,424,376
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,559)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 294,292,802
<DIVIDEND-INCOME> 1,585,326
<INTEREST-INCOME> 49,135,735
<OTHER-INCOME> 0
<EXPENSES-NET> 3,656,441
<NET-INVESTMENT-INCOME> 47,064,620
<REALIZED-GAINS-CURRENT> (1,719)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 47,062,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,896,538)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,434,364,513
<NUMBER-OF-SHARES-REDEEMED> (1,886,181,890)
<SHARES-REINVESTED> 2,703,721
<NET-CHANGE-IN-ASSETS> 740,139,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,797,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,556,898
<AVERAGE-NET-ASSETS> 426,062,621
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0262
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0262)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<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>054
<NAME>Nations Treasury Reserves Market
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 2,447,918,976
<INVESTMENTS-AT-VALUE> 2,447,918,976
<RECEIVABLES> 55,988,903
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,763
<TOTAL-ASSETS> 2,504,027,642
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,164,962
<TOTAL-LIABILITIES> 286,164,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,111,000,010
<SHARES-COMMON-STOCK> 1,111,000,010
<SHARES-COMMON-PRIOR> 265,500,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,559)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,110,932,307
<DIVIDEND-INCOME> 1,585,326
<INTEREST-INCOME> 49,135,735
<OTHER-INCOME> 0
<EXPENSES-NET> 3,656,441
<NET-INVESTMENT-INCOME> 47,064,620
<REALIZED-GAINS-CURRENT> (1,719)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 47,062,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,332,751)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,240,800,000
<NUMBER-OF-SHARES-REDEEMED> (395,300,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 740,139,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,797,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,556,898
<AVERAGE-NET-ASSETS> 586,703,885
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.0251
<PER-SHARE-GAIN-APPREC> 0.0000
<PER-SHARE-DIVIDEND> (0.0251)
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
