NATIONS INSTITUTIONAL RESERVES
NSAR-A, EX-27.1, 2000-11-27
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
<NUMBER>0101
<NAME>NATIONS MUNICIPAL RESERVES CAPITAL

<S>                                          <C>
<MULTIPLIER>1000
<PERIOD-TYPE>                                6-MOS
<FISCAL-YEAR-END>                            Mar-31-2001
<PERIOD-END>                                 Sep-30-2000
<INVESTMENTS-AT-COST>                                 1,442,551
<INVESTMENTS-AT-VALUE>                                1,442,551
<RECEIVABLES>                                            41,694
<ASSETS-OTHER>                                                0
<OTHER-ITEMS-ASSETS>                                          0
<TOTAL-ASSETS>                                        1,484,245
<PAYABLE-FOR-SECURITIES>                                (31,369)
<SENIOR-LONG-TERM-DEBT>                                       0
<OTHER-ITEMS-LIABILITIES>                               (25,435)
<TOTAL-LIABILITIES>                                     (56,804)
<SENIOR-EQUITY>                                               0
<PAID-IN-CAPITAL-COMMON>                              1,427,629
<SHARES-COMMON-STOCK>                                   160,273
<SHARES-COMMON-PRIOR>                                   172,886
<ACCUMULATED-NII-CURRENT>                                     0
<OVERDISTRIBUTION-NII>                                        0
<ACCUMULATED-NET-GAINS>                                       0
<OVERDISTRIBUTION-GAINS>                                   (188)
<ACCUM-APPREC-OR-DEPREC>                                      0
<NET-ASSETS>                                          1,427,441
<DIVIDEND-INCOME>                                             0
<INTEREST-INCOME>                                        32,980
<OTHER-INCOME>                                                0
<EXPENSES-NET>                                            3,893
<NET-INVESTMENT-INCOME>                                  29,087
<REALIZED-GAINS-CURRENT>                                     (1)
<APPREC-INCREASE-CURRENT>                                     0
<NET-CHANGE-FROM-OPS>                                    29,086
<EQUALIZATION>                                                0
<DISTRIBUTIONS-OF-INCOME>                                (3,767)
<DISTRIBUTIONS-OF-GAINS>                                      0
<DISTRIBUTIONS-OTHER>                                         0
<NUMBER-OF-SHARES-SOLD>                               1,193,756
<NUMBER-OF-SHARES-REDEEMED>                          (1,207,551)
<SHARES-REINVESTED>                                       1,012
<NET-CHANGE-IN-ASSETS>                                        0
<ACCUMULATED-NII-PRIOR>                                       0
<ACCUMULATED-GAINS-PRIOR>                                     0
<OVERDISTRIB-NII-PRIOR>                                       0
<OVERDIST-NET-GAINS-PRIOR>                                 (187)
<GROSS-ADVISORY-FEES>                                     1,153
<INTEREST-EXPENSE>                                            0
<GROSS-EXPENSE>                                           4,863
<AVERAGE-NET-ASSETS>                                    184,287
<PER-SHARE-NAV-BEGIN>                                      1.00
<PER-SHARE-NII>                                            0.02
<PER-SHARE-GAIN-APPREC>                                    0.00
<PER-SHARE-DIVIDEND>                                      (0.02)
<PER-SHARE-DISTRIBUTIONS>                                  0.00
<RETURNS-OF-CAPITAL>                                       0.00
<PER-SHARE-NAV-END>                                        1.00
<EXPENSE-RATIO>                                            0.20


</TABLE>


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