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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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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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SIGNATURE RICHARD ROSE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SERIES>
<NUMBER>043
<NAME>Nations Cash Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 5,470,825,219
<INVESTMENTS-AT-VALUE> 5,470,825,219
<RECEIVABLES> 21,423,913
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 545,211
<TOTAL-ASSETS> 5,492,794,343
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,446,428
<TOTAL-LIABILITIES> 11,446,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 672,413,228
<SHARES-COMMON-STOCK> 672,413,228
<SHARES-COMMON-PRIOR> 247,550,891
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 672,416,503
<DIVIDEND-INCOME> 10,550,254
<INTEREST-INCOME> 205,144,487
<OTHER-INCOME> 0
<EXPENSES-NET> 11,340,619
<NET-INVESTMENT-INCOME> 204,354,122
<REALIZED-GAINS-CURRENT> 30,016
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 204,384,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,433,020)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,993,186,298
<NUMBER-OF-SHARES-REDEEMED> (3,588,637,815)
<SHARES-REINVESTED> 20,313,854
<NET-CHANGE-IN-ASSETS> 2,796,713,697
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 11,266,127
<INTEREST-EXPENSE> 11,433
<GROSS-EXPENSE> 24,495,828
<AVERAGE-NET-ASSETS> 517,444,991
<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
[ARTICLE] 6
[SERIES]
[NUMBER]043
[NAME]Nations Cash Reserves Adviser
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 5,470,825,219
[INVESTMENTS-AT-VALUE] 5,470,825,219
[RECEIVABLES] 21,423,913
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 545,211
[TOTAL-ASSETS] 5,492,794,343
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,446,428
[TOTAL-LIABILITIES] 11,446,428
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 672,413,228
[SHARES-COMMON-STOCK] 672,413,228
[SHARES-COMMON-PRIOR] 247,550,891
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 26,720
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 672,416,503
[DIVIDEND-INCOME] 10,550,254
[INTEREST-INCOME] 205,144,487
[OTHER-INCOME] 0
[EXPENSES-NET] 11,340,619
[NET-INVESTMENT-INCOME] 204,354,122
[REALIZED-GAINS-CURRENT] 30,016
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 204,384,138
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (27,433,020)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3,993,186,298
[NUMBER-OF-SHARES-REDEEMED] (3,588,637,815)
[SHARES-REINVESTED] 20,313,854
[NET-CHANGE-IN-ASSETS] 2,796,713,697
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,296)
[GROSS-ADVISORY-FEES] 11,266,127
[INTEREST-EXPENSE] 11,433
[GROSS-EXPENSE] 24,495,828
[AVERAGE-NET-ASSETS] 517,444,991
[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>041
<NAME>Nations Cash Reserves Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 5,470,825,219
<INVESTMENTS-AT-VALUE> 5,470,825,219
<RECEIVABLES> 21,423,913
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 545,211
<TOTAL-ASSETS> 5,492,794,343
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,446,428
<TOTAL-LIABILITIES> 11,446,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,051,544,137
<SHARES-COMMON-STOCK> 3,051,544,137
<SHARES-COMMON-PRIOR> 1,684,234,691
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,051,559,014
<DIVIDEND-INCOME> 10,550,254
<INTEREST-INCOME> 205,144,487
<OTHER-INCOME> 0
<EXPENSES-NET> 11,340,619
<NET-INVESTMENT-INCOME> 204,354,122
<REALIZED-GAINS-CURRENT> 30,016
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 204,384,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (122,110,028)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,029,345,684
<NUMBER-OF-SHARES-REDEEMED> (25,726,548,498)
<SHARES-REINVESTED> 64,512,260
<NET-CHANGE-IN-ASSETS> 2,796,713,697
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 11,266,127
<INTEREST-EXPENSE> 11,433
<GROSS-EXPENSE> 24,495,828
<AVERAGE-NET-ASSETS> 2,202,417,431
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
[ARTICLE] 6
[SERIES]
[NUMBER]041
[NAME]Nations Cash Reserves Capital
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 5,470,825,219
[INVESTMENTS-AT-VALUE] 5,470,825,219
[RECEIVABLES] 21,423,913
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 545,211
[TOTAL-ASSETS] 5,492,794,343
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,446,428
[TOTAL-LIABILITIES] 11,446,428
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3,051,544,137
[SHARES-COMMON-STOCK] 3,051,544,137
[SHARES-COMMON-PRIOR] 1,684,234,691
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 26,720
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 3,051,559,014
[DIVIDEND-INCOME] 10,550,254
[INTEREST-INCOME] 205,144,487
[OTHER-INCOME] 0
[EXPENSES-NET] 11,340,619
[NET-INVESTMENT-INCOME] 204,354,122
[REALIZED-GAINS-CURRENT] 30,016
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 204,384,138
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (122,110,028)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 27,029,345,684
[NUMBER-OF-SHARES-REDEEMED] (25,726,548,498)
[SHARES-REINVESTED] 64,512,260
[NET-CHANGE-IN-ASSETS] 2,796,713,697
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,296)
[GROSS-ADVISORY-FEES] 11,266,127
[INTEREST-EXPENSE] 11,433
[GROSS-EXPENSE] 24,495,828
[AVERAGE-NET-ASSETS] 2,202,417,431
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.06
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] (0.06)
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] 0.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.0000
</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-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 5,470,825,219
<INVESTMENTS-AT-VALUE> 5,470,825,219
<RECEIVABLES> 21,423,913
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 545,211
<TOTAL-ASSETS> 5,492,794,343
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,446,428
<TOTAL-LIABILITIES> 11,446,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,107,863,820
<SHARES-COMMON-STOCK> 1,107,863,820
<SHARES-COMMON-PRIOR> 419,851,922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,107,869,219
<DIVIDEND-INCOME> 10,550,254
<INTEREST-INCOME> 205,144,487
<OTHER-INCOME> 0
<EXPENSES-NET> 11,340,619
<NET-INVESTMENT-INCOME> 204,354,122
<REALIZED-GAINS-CURRENT> 30,016
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 204,384,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,596,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,183,907,272
<NUMBER-OF-SHARES-REDEEMED> (7,514,186,096)
<SHARES-REINVESTED> 18,290,722
<NET-CHANGE-IN-ASSETS> 2,796,713,697
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 11,266,127
<INTEREST-EXPENSE> 11,433
<GROSS-EXPENSE> 24,495,828
<AVERAGE-NET-ASSETS> 549,738,226
<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
[ARTICLE] 6
[SERIES]
[NUMBER]042
[NAME]Nations Cash Reserves Liquidity
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 5,470,825,219
[INVESTMENTS-AT-VALUE] 5,470,825,219
[RECEIVABLES] 21,423,913
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 545,211
[TOTAL-ASSETS] 5,492,794,343
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,446,428
[TOTAL-LIABILITIES] 11,446,428
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1,107,863,820
[SHARES-COMMON-STOCK] 1,107,863,820
[SHARES-COMMON-PRIOR] 419,851,922
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 26,720
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 1,107,869,219
[DIVIDEND-INCOME] 10,550,254
[INTEREST-INCOME] 205,144,487
[OTHER-INCOME] 0
[EXPENSES-NET] 11,340,619
[NET-INVESTMENT-INCOME] 204,354,122
[REALIZED-GAINS-CURRENT] 30,016
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 204,384,138
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (29,596,913)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8,183,907,272
[NUMBER-OF-SHARES-REDEEMED] (7,514,186,096)
[SHARES-REINVESTED] 18,290,722
[NET-CHANGE-IN-ASSETS] 2,796,713,697
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,296)
[GROSS-ADVISORY-FEES] 11,266,127
[INTEREST-EXPENSE] 11,433
[GROSS-EXPENSE] 24,495,828
[AVERAGE-NET-ASSETS] 549,738,226
[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>044
<NAME>Nations Cash Reserves Market Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 5,470,825,219
<INVESTMENTS-AT-VALUE> 5,470,825,219
<RECEIVABLES> 21,423,913
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 545,211
<TOTAL-ASSETS> 5,492,794,343
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,446,428
<TOTAL-LIABILITIES> 11,446,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649,500,010
<SHARES-COMMON-STOCK> 649,500,010
<SHARES-COMMON-PRIOR> 333,000,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 649,503,179
<DIVIDEND-INCOME> 10,550,254
<INTEREST-INCOME> 205,144,487
<OTHER-INCOME> 0
<EXPENSES-NET> 11,340,619
<NET-INVESTMENT-INCOME> 204,354,122
<REALIZED-GAINS-CURRENT> 30,016
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 204,384,138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,214,161)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,504,300,000
<NUMBER-OF-SHARES-REDEEMED> (1,187,800,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,796,713,697
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,296)
<GROSS-ADVISORY-FEES> 11,266,127
<INTEREST-EXPENSE> 11,433
<GROSS-EXPENSE> 24,495,828
<AVERAGE-NET-ASSETS> 485,775,028
<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
[ARTICLE] 6
[SERIES]
[NUMBER]044
[NAME]Nations Cash Reserves Market Shares
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] APR-30-1998
[PERIOD-END] APR-30-1998
[INVESTMENTS-AT-COST] 5,470,825,219
[INVESTMENTS-AT-VALUE] 5,470,825,219
[RECEIVABLES] 21,423,913
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 545,211
[TOTAL-ASSETS] 5,492,794,343
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11,446,428
[TOTAL-LIABILITIES] 11,446,428
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 649,500,010
[SHARES-COMMON-STOCK] 649,500,010
[SHARES-COMMON-PRIOR] 333,000,010
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 26,720
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 649,503,179
[DIVIDEND-INCOME] 10,550,254
[INTEREST-INCOME] 205,144,487
[OTHER-INCOME] 0
[EXPENSES-NET] 11,340,619
[NET-INVESTMENT-INCOME] 204,354,122
[REALIZED-GAINS-CURRENT] 30,016
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 204,384,138
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (25,214,161)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,504,300,000
[NUMBER-OF-SHARES-REDEEMED] (1,187,800,000)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 2,796,713,697
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3,296)
[GROSS-ADVISORY-FEES] 11,266,127
[INTEREST-EXPENSE] 11,433
[GROSS-EXPENSE] 24,495,828
[AVERAGE-NET-ASSETS] 485,775,028
[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>063
<NAME>Nations Government Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 575,668,671
<INVESTMENTS-AT-VALUE> 575,668,671
<RECEIVABLES> 1,746,785
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,258
<TOTAL-ASSETS> 577,437,714
<PAYABLE-FOR-SECURITIES> 7,995,392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,399,693
<TOTAL-LIABILITIES> 9,395,085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,163,725
<SHARES-COMMON-STOCK> 70,164,071
<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> 70,163,919
<DIVIDEND-INCOME> 597,501
<INTEREST-INCOME> 25,988,737
<OTHER-INCOME> 0
<EXPENSES-NET> 1,900,801
<NET-INVESTMENT-INCOME> 24,685,437
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,685,437
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,426,626)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 392,890,359
<NUMBER-OF-SHARES-REDEEMED> (349,505,603)
<SHARES-REINVESTED> 1,933,816
<NET-CHANGE-IN-ASSETS> 192,840,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 1,417,467
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,537,035
<AVERAGE-NET-ASSETS> 46,805,015
<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>061
<NAME>Nations Government Reserves Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 575,668,671
<INVESTMENTS-AT-VALUE> 575,668,671
<RECEIVABLES> 1,746,785
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,258
<TOTAL-ASSETS> 577,437,714
<PAYABLE-FOR-SECURITIES> 7,995,392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,399,693
<TOTAL-LIABILITIES> 9,395,085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,607,335
<SHARES-COMMON-STOCK> 190,607,352
<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> 190,606,901
<DIVIDEND-INCOME> 597,501
<INTEREST-INCOME> 25,988,737
<OTHER-INCOME> 0
<EXPENSES-NET> 1,900,801
<NET-INVESTMENT-INCOME> 24,685,437
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,685,437
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,042,264)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,207,037,500
<NUMBER-OF-SHARES-REDEEMED> (1,148,448,015)
<SHARES-REINVESTED> 6,640,442
<NET-CHANGE-IN-ASSETS> 192,840,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 1,417,467
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,537,035
<AVERAGE-NET-ASSETS> 166,637,532
<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 Government Reserves Liquidity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 575,668,671
<INVESTMENTS-AT-VALUE> 575,668,671
<RECEIVABLES> 1,746,785
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,258
<TOTAL-ASSETS> 577,437,714
<PAYABLE-FOR-SECURITIES> 7,995,392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,399,693
<TOTAL-LIABILITIES> 9,395,085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,772,768
<SHARES-COMMON-STOCK> 32,773,194
<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> 32,773,124
<DIVIDEND-INCOME> 597,501
<INTEREST-INCOME> 25,988,737
<OTHER-INCOME> 0
<EXPENSES-NET> 1,900,801
<NET-INVESTMENT-INCOME> 24,685,437
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,685,437
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,783,594)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 655,655,017
<NUMBER-OF-SHARES-REDEEMED> (631,081,883)
<SHARES-REINVESTED> 1,718,384
<NET-CHANGE-IN-ASSETS> 192,840,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 1,417,467
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,537,035
<AVERAGE-NET-ASSETS> 33,926,779
<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>064
<NAME>Nations Government Reserves Market Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 575,668,671
<INVESTMENTS-AT-VALUE> 575,668,671
<RECEIVABLES> 1,746,785
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22,258
<TOTAL-ASSETS> 577,437,714
<PAYABLE-FOR-SECURITIES> 7,995,392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,399,693
<TOTAL-LIABILITIES> 9,395,085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 274,500,010
<SHARES-COMMON-STOCK> 274,500,010
<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> 274,498,685
<DIVIDEND-INCOME> 597,501
<INTEREST-INCOME> 25,988,737
<OTHER-INCOME> 0
<EXPENSES-NET> 1,900,801
<NET-INVESTMENT-INCOME> 24,685,437
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,685,437
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,432,953)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 799,149,999
<NUMBER-OF-SHARES-REDEEMED> (743,149,999)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 192,840,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,209)
<GROSS-ADVISORY-FEES> 1,417,467
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,537,035
<AVERAGE-NET-ASSETS> 225,119,750
<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>013
<NAME> Nations Municipal Reserves Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 250,631,771
<INVESTMENTS-AT-VALUE> 250,631,771
<RECEIVABLES> 1,994,117
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 91,785
<TOTAL-ASSETS> 252,717,673
<PAYABLE-FOR-SECURITIES> 2,862,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,256
<TOTAL-LIABILITIES> 3,457,457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,935,782
<SHARES-COMMON-STOCK> 29,935,782
<SHARES-COMMON-PRIOR> 7,296,448
<ACCUMULATED-NII-CURRENT> 11,799
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 29,935,644
<DIVIDEND-INCOME> 158,305
<INTEREST-INCOME> 9,031,812
<OTHER-INCOME> 0
<EXPENSES-NET> 1,028,809
<NET-INVESTMENT-INCOME> 8,173,107
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,173,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (948,244)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 275,458,637
<NUMBER-OF-SHARES-REDEEMED> (253,694,084)
<SHARES-REINVESTED> 874,781
<NET-CHANGE-IN-ASSETS> 49,298,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 736,184
<INTEREST-EXPENSE> 48,371
<GROSS-EXPENSE> 2,145,795
<AVERAGE-NET-ASSETS> 29,216,388
<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>011
<NAME>Nations Municipal Reserves Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 250,631,771
<INVESTMENTS-AT-VALUE> 250,631,771
<RECEIVABLES> 1,994,117
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 91,785
<TOTAL-ASSETS> 252,717,673
<PAYABLE-FOR-SECURITIES> 2,862,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,256
<TOTAL-LIABILITIES> 3,457,457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,251,778
<SHARES-COMMON-STOCK> 74,251,778
<SHARES-COMMON-PRIOR> 59,701,299
<ACCUMULATED-NII-CURRENT> 11,799
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 74,251,435
<DIVIDEND-INCOME> 158,305
<INTEREST-INCOME> 9,031,812
<OTHER-INCOME> 0
<EXPENSES-NET> 1,028,809
<NET-INVESTMENT-INCOME> 8,173,107
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,173,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,352,169)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 344,665,444
<NUMBER-OF-SHARES-REDEEMED> (330,310,094)
<SHARES-REINVESTED> 195,129
<NET-CHANGE-IN-ASSETS> 49,298,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 736,184
<INTEREST-EXPENSE> 48,371
<GROSS-EXPENSE> 2,145,795
<AVERAGE-NET-ASSETS> 66,552,158
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<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-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 250,631,771
<INVESTMENTS-AT-VALUE> 250,631,771
<RECEIVABLES> 1,994,117
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 91,785
<TOTAL-ASSETS> 252,717,673
<PAYABLE-FOR-SECURITIES> 2,862,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,256
<TOTAL-LIABILITIES> 3,457,457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,073,798
<SHARES-COMMON-STOCK> 53,073,798
<SHARES-COMMON-PRIOR> 54,677,062
<ACCUMULATED-NII-CURRENT> 11,799
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 53,073,553
<DIVIDEND-INCOME> 158,305
<INTEREST-INCOME> 9,031,812
<OTHER-INCOME> 0
<EXPENSES-NET> 1,028,809
<NET-INVESTMENT-INCOME> 8,173,107
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,173,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,797,755)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 702,167,166
<NUMBER-OF-SHARES-REDEEMED> (705,376,288)
<SHARES-REINVESTED> 1,605,858
<NET-CHANGE-IN-ASSETS> 49,298,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 736,184
<INTEREST-EXPENSE> 48,371
<GROSS-EXPENSE> 2,145,795
<AVERAGE-NET-ASSETS> 53,539,113
<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> 014
<NAME> Nations Municipal Reserves Mkt Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 250,631,771
<INVESTMENTS-AT-VALUE> 250,631,771
<RECEIVABLES> 1,994,117
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 91,785
<TOTAL-ASSETS> 252,717,673
<PAYABLE-FOR-SECURITIES> 2,862,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,256
<TOTAL-LIABILITIES> 3,457,457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,000,010
<SHARES-COMMON-STOCK> 92,000,010
<SHARES-COMMON-PRIOR> 78,300,010
<ACCUMULATED-NII-CURRENT> 11,799
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,152)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 91,999,584
<DIVIDEND-INCOME> 158,305
<INTEREST-INCOME> 9,031,812
<OTHER-INCOME> 0
<EXPENSES-NET> 1,028,809
<NET-INVESTMENT-INCOME> 8,173,107
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,173,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,063,140)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326,000,000
<NUMBER-OF-SHARES-REDEEMED> (312,300,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 49,298,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,152)
<GROSS-ADVISORY-FEES> 736,184
<INTEREST-EXPENSE> 48,371
<GROSS-EXPENSE> 2,145,795
<AVERAGE-NET-ASSETS> 96,087,090
<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>053
<NAME>Nations Treasury Reserve Adviser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,634,898,260
<INVESTMENTS-AT-VALUE> 1,634,898,260
<RECEIVABLES> 1,918,310
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 76,643
<TOTAL-ASSETS> 1,636,890,042
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159,167,003
<TOTAL-LIABILITIES> 159,167,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 222,764,327
<SHARES-COMMON-STOCK> 222,764,396
<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> 222,760,213
<DIVIDEND-INCOME> 2,100,213
<INTEREST-INCOME> 51,320,613
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573,258
<NET-INVESTMENT-INCOME> 49,847,568
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 49,847,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,529,447)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,542,456,044
<NUMBER-OF-SHARES-REDEEMED> (2,483,674,257)
<SHARES-REINVESTED> 9,721,684
<NET-CHANGE-IN-ASSETS> 649,521,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,856,961
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,049,208
<AVERAGE-NET-ASSETS> 242,484,072
<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>051
<NAME>Nations Treasury Reserve Capital
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,634,898,260
<INVESTMENTS-AT-VALUE> 1,634,898,260
<RECEIVABLES> 1,918,310
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 73,472
<TOTAL-ASSETS> 1,636,890,042
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159,167,003
<TOTAL-LIABILITIES> 159,167,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,062,174
<SHARES-COMMON-STOCK> 246,062,945
<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> 246,057,614
<DIVIDEND-INCOME> 2,100,213
<INTEREST-INCOME> 51,320,613
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573,258
<NET-INVESTMENT-INCOME> 49,847,568
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 49,847,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,736,096)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,816,628,341
<NUMBER-OF-SHARES-REDEEMED> (2,044,081,851)
<SHARES-REINVESTED> 4,524,850
<NET-CHANGE-IN-ASSETS> 649,521,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,856,961
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,049,208
<AVERAGE-NET-ASSETS> 254,343,866
<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 Reserve Liquidity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,634,898,260
<INVESTMENTS-AT-VALUE> 1,634,898,260
<RECEIVABLES> 1,918,310
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 76,643
<TOTAL-ASSETS> 1,636,890,042
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159,167,003
<TOTAL-LIABILITIES> 159,167,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 743,424,368
<SHARES-COMMON-STOCK> 743,424,376
<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> 743,410,161
<DIVIDEND-INCOME> 2,100,213
<INTEREST-INCOME> 51,320,613
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573,258
<NET-INVESTMENT-INCOME> 49,847,568
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 49,847,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,289,592)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,905,975,704
<NUMBER-OF-SHARES-REDEEMED> (2,254,978,145)
<SHARES-REINVESTED> 10,848,841
<NET-CHANGE-IN-ASSETS> 649,521,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,856,961
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,049,208
<AVERAGE-NET-ASSETS> 252,473,380
<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>054
<NAME>Nations Treasury Market Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,634,898,260
<INVESTMENTS-AT-VALUE> 1,634,898,260
<RECEIVABLES> 1,918,310
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 76,643
<TOTAL-ASSETS> 1,636,890,042
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159,167,003
<TOTAL-LIABILITIES> 159,167,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 265,500,010
<SHARES-COMMON-STOCK> 265,500,010
<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> 265,495,051
<DIVIDEND-INCOME> 2,100,213
<INTEREST-INCOME> 51,320,613
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573,258
<NET-INVESTMENT-INCOME> 49,847,568
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 49,847,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,292,433)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 903,800,000
<NUMBER-OF-SHARES-REDEEMED> (761,700,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 649,521,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27,840)
<GROSS-ADVISORY-FEES> 2,856,961
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,049,208
<AVERAGE-NET-ASSETS> 203,019,060
<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>
