<PAGE> PAGE 1
000 B000000 03/31/99
000 C000000 921083
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NATIONS BALANCED TARGET MATURITY FUND, INC.
001 B000000 811-8452
001 C000000 6175731351
002 A000000 ONE BANK OF AMERICA PLAZA
002 B000000 CHARLOTTE
002 C000000 NC
002 D010000 28255
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 NATIONSBANC ADVISORS, INC.
008 B000001 A
008 C000001 801-999999
008 D010001 CHARLOTTE
008 D020001 NC
008 D030001 28255
008 A000002 TRADESTREET INVESTMENT ASSOCIATES, INC.
008 B000002 S
008 C000002 801-999999
008 D010002 CHARLOTTE
008 D020002 NC
008 D030002 28255
010 A000001 NATIONSBANC ADVISORS, INC.
010 B000001 801-999999
010 C010001 CHARLOTTE
010 C020001 NC
010 C030001 28255
012 A000001 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B000001 84-1761
<PAGE> PAGE 2
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 NATIONSBANC INVESTMENTS INC.
014 B000001 8-999999
014 A000002 NATIONS MONTGOMERY SECURITIES LLC
014 B000002 8-99999
015 A000001 NATIONSBANK OF TEXAS, NA
015 B000001 C
015 C010001 DALLAS
015 C020001 TX
015 C030001 75202
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 69
019 C000000 NATIONSFUND
020 A000001 INTERSTATE SECURITIES
020 B000001 56-0276690
020 C000001 8
020 A000002 SANFORD BERSTEIN SECURITIES
020 B000002 13-2623874
020 C000002 6
020 A000003 BANK OF NEW YORK
020 C000003 5
020 A000004 SALOMON BROTHERS
020 C000004 3
020 A000005 INSTINET
020 C000005 2
020 A000006 MORGAN STANLEY
020 C000006 2
020 A000007 LEHMAN BROTHERS
020 C000007 2
020 A000008 ROBINSON HUMPHREY
020 C000008 1
020 A000009 SOUNDVIEW FINANCIAL GROUP
020 C000009 1
020 A000010 SOUNDVIEW CLEARITTY
020 C000010 1
021 000000 31
022 A000001 SALOMON BROTHERS
022 B000001 13-2638166
022 C000001 471
022 D000001 319
022 A000002 NATIONS BANK CAPITOL MARKETS
022 C000002 386
022 D000002 338
<PAGE> PAGE 3
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 196
022 D000003 295
022 A000004 GOLDMAN SACHS
022 C000004 281
022 D000004 0
022 A000005 ROBINSON HUMPHREY
022 C000005 0
022 D000005 258
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006 0
022 D000006 204
022 A000007 FIRST BOSTON CORP.
022 C000007 0
022 D000007 84
022 A000008 PIPER JAFFREY
022 C000008 0
022 D000008 77
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1334
023 D000000 1926
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
<PAGE> PAGE 4
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.480
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
<PAGE> PAGE 5
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
<PAGE> PAGE 6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 72.9
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 26.9
063 A000000 0
063 B000000 8.7
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
<PAGE> PAGE 7
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 30586
071 B000000 34302
071 C000000 54377
071 D000000 57
072 A000000 12
072 B000000 2466
072 C000000 318
072 D000000 0
072 E000000 0
072 F000000 235
072 G000000 136
072 H000000 0
072 I000000 69
072 J000000 14
072 K000000 0
072 L000000 0
072 M000000 12
072 N000000 0
072 O000000 6
072 P000000 0
072 Q000000 0
072 R000000 22
072 S000000 41
072 T000000 0
072 U000000 11
072 V000000 0
072 W000000 68
072 X000000 614
072 Y000000 0
072 Z000000 2170
072AA000000 0
072BB000000 1186
072CC010000 552
072CC020000 0
072DD010000 2040
072DD020000 0
072EE000000 1192
073 A010000 0.3900
073 A020000 0.0000
<PAGE> PAGE 8
073 B000000 0.2300
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 38689
074 E000000 0
074 F000000 14283
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 520
074 K000000 0
074 L000000 27
074 M000000 3
074 N000000 53522
074 O000000 0
074 P000000 250
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 172
074 S000000 0
074 T000000 53100
074 U010000 5231
074 U020000 0
074 V010000 10.15
074 V020000 0.00
074 W000000 0.0000
074 X000000 51
074 Y000000 0
075 A000000 0
075 B000000 54377
076 000000 9.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 30000
081 A000000 Y
081 B000000 9
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
<PAGE> PAGE 9
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON
087 A020000 63857K107
087 A030000 NBM
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE GERALD MURPHY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> NATIONS BALANCED TARGET MATURITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 47,592,114
<INVESTMENTS-AT-VALUE> 52,972,116
<RECEIVABLES> 549,431
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,521,547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (335,297)
<TOTAL-LIABILITIES> (335,297)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,797,643
<SHARES-COMMON-STOCK> 5,231,163
<SHARES-COMMON-PRIOR> 5,231,163
<ACCUMULATED-NII-CURRENT> 131,912
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,209,871)
<ACCUM-APPREC-OR-DEPREC> 5,380,002
<NET-ASSETS> 53,099,685
<DIVIDEND-INCOME> 317,726
<INTEREST-INCOME> 2,466,468
<OTHER-INCOME> 0
<EXPENSES-NET> 613,846
<NET-INVESTMENT-INCOME> 2,170,349
<REALIZED-GAINS-CURRENT> (1,185,804)
<APPREC-INCREASE-CURRENT> 551,920
<NET-CHANGE-FROM-OPS> 1,536,464
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,040,154)
<DISTRIBUTIONS-OF-GAINS> (1,192,705)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,696,395)
<ACCUMULATED-NII-PRIOR> 1,717
<ACCUMULATED-GAINS-PRIOR> 1,168,638
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,846
<AVERAGE-NET-ASSETS> 54,377,171
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> (0.11)
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> (0.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 1.13
</TABLE>
May 24, 1999
To the Shareholders and Board of Directors of
Nations Balanced Target Maturity Fund, Inc.
In planning and performing our audit of the financial statements of Nations
Balanced Target Maturity Fund, Inc. (the "Fund") for the year 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 Directors of Nations Balanced Target Maturity Fund, Inc. and the Securities
and Exchange Commission.
Nations Fund Trust
May 27, 1999
