<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>011
<NAME>NATIONS MUNICIPAL RESERVES CAPITAL
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Mar-31-2000
<INVESTMENTS-AT-COST> 1,504,379
<INVESTMENTS-AT-VALUE> 1,504,379
<RECEIVABLES> 11,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46
<TOTAL-ASSETS> 1,515,492
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (4,890)
<TOTAL-LIABILITIES> (4,890)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,510,789
<SHARES-COMMON-STOCK> 172,886
<SHARES-COMMON-PRIOR> 134,269
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (187)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,510,602
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45,647
<OTHER-INCOME> 0
<EXPENSES-NET> 6,004
<NET-INVESTMENT-INCOME> 39,643
<REALIZED-GAINS-CURRENT> 5
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 39,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,572)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,592,132
<NUMBER-OF-SHARES-REDEEMED> (1,555,201)
<SHARES-REINVESTED> 1,494
<NET-CHANGE-IN-ASSETS> 1,105,507
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2)
<GROSS-ADVISORY-FEES> 2,034
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,033
<AVERAGE-NET-ASSETS> 169,567
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
</TABLE>
