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<PAGE> PAGE 12
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<OVERDISTRIBUTION-GAINS> (17)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 8,159,483
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 363,399
<OTHER-INCOME> 0
<EXPENSES-NET> 21,364
<NET-INVESTMENT-INCOME> 342,035
<REALIZED-GAINS-CURRENT> (17)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 342,018
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50,493)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,898,000
<NUMBER-OF-SHARES-REDEEMED> (1,061,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,678,135
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 27
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,748
<AVERAGE-NET-ASSETS> 1,048,388
<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> 0.61
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME>Nations Treasury Reserves Capital Class
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,010,313
<INVESTMENTS-AT-VALUE> 3,010,313
<RECEIVABLES> 669,717
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 117
<TOTAL-ASSETS> 3,201,913
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (478,234)
<TOTAL-LIABILITIES> (478,234)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,202,037
<SHARES-COMMON-STOCK> 1,382,716
<SHARES-COMMON-PRIOR> 246,063
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (124)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,201,913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 97,440
<OTHER-INCOME> 0
<EXPENSES-NET> 8,304
<NET-INVESTMENT-INCOME> 89,136
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,600
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,743,248
<NUMBER-OF-SHARES-REDEEMED> (2,620,829)
<SHARES-REINVESTED> 14,110
<NET-CHANGE-IN-ASSETS> 1,724,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 28
<GROSS-ADVISORY-FEES> 5,656
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,304
<AVERAGE-NET-ASSETS> 469,012
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME>Nations Treasury Reserves Liquidity Class
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,010,313
<INVESTMENTS-AT-VALUE> 3,010,313
<RECEIVABLES> 669,717
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 117
<TOTAL-ASSETS> 3,201,913
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (478,234)
<TOTAL-LIABILITIES> (478,234)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,202,037
<SHARES-COMMON-STOCK> 304,406
<SHARES-COMMON-PRIOR> 743,424
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (124)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,201,913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 97,440
<OTHER-INCOME> 0
<EXPENSES-NET> 8,304
<NET-INVESTMENT-INCOME> 89,136
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,510)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,173,677
<NUMBER-OF-SHARES-REDEEMED> (2,623,599)
<SHARES-REINVESTED> 10,916
<NET-CHANGE-IN-ASSETS> 1,724,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 28
<GROSS-ADVISORY-FEES> 5,656
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,304
<AVERAGE-NET-ASSETS> 338,111
<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> 0.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME>Nations Treasury Reserves Advisor Class
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,010,313
<INVESTMENTS-AT-VALUE> 3,010,313
<RECEIVABLES> 669,717
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 117
<TOTAL-ASSETS> 3,201,913
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (478,234)
<TOTAL-LIABILITIES> (478,234)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,202,037
<SHARES-COMMON-STOCK> 344,926
<SHARES-COMMON-PRIOR> 222,764
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (124)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,201,913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 97,440
<OTHER-INCOME> 0
<EXPENSES-NET> 8,304
<NET-INVESTMENT-INCOME> 89,136
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,783)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,611,240
<NUMBER-OF-SHARES-REDEEMED> 2,499,169
<SHARES-REINVESTED> 10,096
<NET-CHANGE-IN-ASSETS> 1,724,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 28
<GROSS-ADVISORY-FEES> 5,656
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,304
<AVERAGE-NET-ASSETS> 290,434
<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> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME>Nations Treasury Reserves Market Class
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,010,313
<INVESTMENTS-AT-VALUE> 3,010,313
<RECEIVABLES> 669,717
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 117
<TOTAL-ASSETS> 3,201,913
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (478,234)
<TOTAL-LIABILITIES> (478,234)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,202,037
<SHARES-COMMON-STOCK> 1,170,000
<SHARES-COMMON-PRIOR> 265,500
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (124)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,201,913
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 97,440
<OTHER-INCOME> 0
<EXPENSES-NET> 8,304
<NET-INVESTMENT-INCOME> 89,136
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 89,134
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,243)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,773,805
<NUMBER-OF-SHARES-REDEEMED> (869,303)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,724,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 28
<GROSS-ADVISORY-FEES> 5,656
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,304
<AVERAGE-NET-ASSETS> 787,651
<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> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>061
<NAME>NATIONS GOVERNMENT RESERVES CAPITAL CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 698,784
<INVESTMENTS-AT-VALUE> 698,784
<RECEIVABLES> 16,166
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 715,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (3,097)
<TOTAL-LIABILITIES> (3,097)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 711,946
<SHARES-COMMON-STOCK> 229,561
<SHARES-COMMON-PRIOR> 190,607
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 711,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,468
<OTHER-INCOME> 0
<EXPENSES-NET> 2,608
<NET-INVESTMENT-INCOME> 27,860
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,013)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,223,748
<NUMBER-OF-SHARES-REDEEMED> (1,191,593)
<SHARES-REINVESTED> 6,798
<NET-CHANGE-IN-ASSETS> 143,905
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 1,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,454
<AVERAGE-NET-ASSETS> 159,784
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>062
<NAME>NATIONS GOVERNMENT RESERVES LIQUIDITY CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 698,784
<INVESTMENTS-AT-VALUE> 698,784
<RECEIVABLES> 16,166
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 715,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (3,097)
<TOTAL-LIABILITIES> (3,097)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 711,946
<SHARES-COMMON-STOCK> 59,551
<SHARES-COMMON-PRIOR> 32,773
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 711,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,468
<OTHER-INCOME> 0
<EXPENSES-NET> 2,608
<NET-INVESTMENT-INCOME> 27,860
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,138)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 745,526
<NUMBER-OF-SHARES-REDEEMED> (720,754)
<SHARES-REINVESTED> 2,006
<NET-CHANGE-IN-ASSETS> 143,905
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 1,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,454
<AVERAGE-NET-ASSETS> 44,210
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>063
<NAME>NATIONS GOVERNMENT RESERVES ADVISORY CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 698,784
<INVESTMENTS-AT-VALUE> 698,784
<RECEIVABLES> 16,166
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 715,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (3,097)
<TOTAL-LIABILITIES> (3,097)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 711,946
<SHARES-COMMON-STOCK> 88,836
<SHARES-COMMON-PRIOR> 70,164
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 711,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,468
<OTHER-INCOME> 0
<EXPENSES-NET> 2,608
<NET-INVESTMENT-INCOME> 27,860
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,419)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 747,826
<NUMBER-OF-SHARES-REDEEMED> (732,625)
<SHARES-REINVESTED> 3,471
<NET-CHANGE-IN-ASSETS> 143,905
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 1,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,454
<AVERAGE-NET-ASSETS> 91,770
<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> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>064
<NAME>NATIONS GOVERNMENT RESERVES MARKET CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 698,784
<INVESTMENTS-AT-VALUE> 698,784
<RECEIVABLES> 16,166
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 715,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (3,097)
<TOTAL-LIABILITIES> (3,097)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 711,946
<SHARES-COMMON-STOCK> 334,000
<SHARES-COMMON-PRIOR> 274,500
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 711,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,468
<OTHER-INCOME> 0
<EXPENSES-NET> 2,608
<NET-INVESTMENT-INCOME> 27,860
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,290)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 542,300
<NUMBER-OF-SHARES-REDEEMED> (482,800)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 143,905
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1)
<GROSS-ADVISORY-FEES> 1,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,454
<AVERAGE-NET-ASSETS> 284,133
<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> 0.61
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>071
<NAME>NATIONS MONEY MARKET RESERVES CAPITAL CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,486,027
<INVESTMENTS-AT-VALUE> 1,486,027
<RECEIVABLES> 18,301
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 110
<TOTAL-ASSETS> 1,504,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (27,531)
<TOTAL-LIABILITIES> (27,531)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,476,939
<SHARES-COMMON-STOCK> 595,484
<SHARES-COMMON-PRIOR> 118,889
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,476,930
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,690
<OTHER-INCOME> 0
<EXPENSES-NET> 3,468
<NET-INVESTMENT-INCOME> 32,383
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,499)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,271,169
<NUMBER-OF-SHARES-REDEEMED> (1,800,552)
<SHARES-REINVESTED> 5,977
<NET-CHANGE-IN-ASSETS> 1,358,050
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
<GROSS-ADVISORY-FEES> 2,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,303
<AVERAGE-NET-ASSETS> 278,480
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>072
<NAME>NATIONS MONEY MARKET RESERVES LIQUIDITY CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,486,027
<INVESTMENTS-AT-VALUE> 1,486,027
<RECEIVABLES> 18,301
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 110
<TOTAL-ASSETS> 1,504,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (27,531)
<TOTAL-LIABILITIES> (27,531)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,476,939
<SHARES-COMMON-STOCK> 1,078
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,476,930
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,690
<OTHER-INCOME> 0
<EXPENSES-NET> 3,468
<NET-INVESTMENT-INCOME> 32,383
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (38)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,821
<NUMBER-OF-SHARES-REDEEMED> (37,775)
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 1,358,050
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
<GROSS-ADVISORY-FEES> 2,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,303
<AVERAGE-NET-ASSETS> 1,185
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>073
<NAME>NATIONS MONEY MARKET RESERVES ADVISER CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,486,027
<INVESTMENTS-AT-VALUE> 1,486,027
<RECEIVABLES> 18,301
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 110
<TOTAL-ASSETS> 1,504,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (27,531)
<TOTAL-LIABILITIES> (27,531)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,476,939
<SHARES-COMMON-STOCK> 6,376
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,476,930
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,690
<OTHER-INCOME> 0
<EXPENSES-NET> 3,468
<NET-INVESTMENT-INCOME> 32,383
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (220)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 83,156
<NUMBER-OF-SHARES-REDEEMED> (76,825)
<SHARES-REINVESTED> 46
<NET-CHANGE-IN-ASSETS> 1,358,050
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
<GROSS-ADVISORY-FEES> 2,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,303
<AVERAGE-NET-ASSETS> 5,652
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>074
<NAME>NATIONS MONEY MARKET RESERVES MARKET CLASS
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,486,027
<INVESTMENTS-AT-VALUE> 1,486,027
<RECEIVABLES> 18,301
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 110
<TOTAL-ASSETS> 1,504,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (27,531)
<TOTAL-LIABILITIES> (27,531)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,476,939
<SHARES-COMMON-STOCK> 874,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,476,930
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,690
<OTHER-INCOME> 0
<EXPENSES-NET> 3,468
<NET-INVESTMENT-INCOME> 32,383
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,626)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,771,500
<NUMBER-OF-SHARES-REDEEMED> (897,500)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,358,050
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (13)
<GROSS-ADVISORY-FEES> 2,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,303
<AVERAGE-NET-ASSETS> 847,950
<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> 0.65
</TABLE>
May 28, 1999
To the Shareholders and Trustees of
Nations Institutional Reserves
In planning and performing our audits of the financial statements of Nations
Institutional Reserves (the "Fund") for the period ended March 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management
and the Trustees of Nations Institutional Reserves and the Securities and
Exchange Commission.
