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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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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 18
SIGNATURE JOSEPH C. VISELLI
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Nations Fund Port Emerg Mkts Pr-A
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> Nations Fund Port Emerg Mkts Inv-A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 014
<NAME> Nations Fund Port Emerg Mkts Inv-C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 015
<NAME> Nations Fund Port Emerg Mkts Inv-N
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>012
<NAME> Nations Fund Port Emerg Mkts Pr-B
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>021
<NAME>NATIONS FUND PORT PACIFIC GROWTH PR-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>023
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-A
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-C
[NAME] 024
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-N
[NAME] 025
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> SEP-30-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>022
<NAME>NATIONS FUND PORT PACIFIC GROWTH PR-B
<S> <C>
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<NET-CHANGE-FROM-OPS> 109,008
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 27,869
<NUMBER-OF-SHARES-REDEEMED> (5,424)
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<NET-CHANGE-IN-ASSETS> 14,115,147
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 817,942
<AVERAGE-NET-ASSETS> 107,803
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> (0.00)
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<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 1.99
<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>031
<NAME>NATIONS FUND PORT GLOB GOVT INCOME PR-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 39,397,945
<INVESTMENTS-AT-VALUE> 39,814,563
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<OTHER-ITEMS-ASSETS> 1,598,764
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<OTHER-ITEMS-LIABILITIES> 212,777
<TOTAL-LIABILITIES> 212,777
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<ACCUMULATED-NET-GAINS> 721,347
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<NET-ASSETS> 26,917,648
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 293,496
<NET-INVESTMENT-INCOME> 1,046,452
<REALIZED-GAINS-CURRENT> 454,188
<APPREC-INCREASE-CURRENT> 641,171
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (666,955)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 212,247
<NUMBER-OF-SHARES-REDEEMED> (120,530)
<SHARES-REINVESTED> 53,766
<NET-CHANGE-IN-ASSETS> 3,120,353
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293,496
<AVERAGE-NET-ASSETS> 25,700,861
<PER-SHARE-NAV-BEGIN> 10.07
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<PER-SHARE-DIVIDEND> (0.26)
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<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> 1.33
<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>033
<NAME>NATIONS FUND PORT GLOB GOVT INCOME INV-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 39,397,945
<INVESTMENTS-AT-VALUE> 39,814,563
<RECEIVABLES> 1,771,650
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<OTHER-ITEMS-ASSETS> 1,598,764
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<OVERDISTRIBUTION-NII> (108,342)
<ACCUMULATED-NET-GAINS> 721,347
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<ACCUM-APPREC-OR-DEPREC> 441,032
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<INTEREST-INCOME> 1,339,948
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<EXPENSES-NET> 293,496
<NET-INVESTMENT-INCOME> 1,046,452
<REALIZED-GAINS-CURRENT> 454,188
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<GROSS-EXPENSE> 293,496
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<EXPENSE-RATIO> 1.58
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 034
<NAME>NATIONS FUND PORT GLOB GOVT INCOME INV-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 39,397,945
<INVESTMENTS-AT-VALUE> 39,814,563
<RECEIVABLES> 1,771,650
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<SENIOR-LONG-TERM-DEBT> 0
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<OVERDISTRIBUTION-NII> (108,342)
<ACCUMULATED-NET-GAINS> 721,347
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 293,496
<NET-INVESTMENT-INCOME> 1,046,452
<REALIZED-GAINS-CURRENT> 454,188
<APPREC-INCREASE-CURRENT> 641,171
<NET-CHANGE-FROM-OPS> 2,141,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (212)
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<SHARES-REINVESTED> 21
<NET-CHANGE-IN-ASSETS> 3,120,353
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 293,496
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 035
<NAME>NATIONS FUND PORT GLOB GOVT INCOME INV-N
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 39,397,945
<INVESTMENTS-AT-VALUE> 39,814,563
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<EXPENSES-NET> 293,496
<NET-INVESTMENT-INCOME> 1,046,452
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<NUMBER-OF-SHARES-REDEEMED> (1,982)
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<NET-CHANGE-IN-ASSETS> 3,120,353
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 293,496
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<EXPENSE-RATIO> 2.33
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>032
<NAME>NATIONS FUND PORT GLOB GOVT INCOME PR-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
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<OVERDISTRIBUTION-NII> (108,342)
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<EXPENSES-NET> 293,496
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<NUMBER-OF-SHARES-SOLD> 12,919
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<SHARES-REINVESTED> 68
<NET-CHANGE-IN-ASSETS> 3,120,353
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293,496
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<PER-SHARE-NAV-END> 10.34
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
