<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 939633
000 D000000 N
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002 D010000 28255
003 000000 N
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007 C020200 NATIONS PACIFIC GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 NATIONS GLOBAL GOVERNMENT INCOME FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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010 A00AA01 STEPHENS INC.
<PAGE> PAGE 2
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010 C01AA01 LITTLE ROCK
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010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 17
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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.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> NATIONS FUND PORT EMERG MKTS PR-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 69,023,377
<INVESTMENTS-AT-VALUE> 76,909,288
<RECEIVABLES> 255,783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,956,872
<TOTAL-ASSETS> 80,121,943
<PAYABLE-FOR-SECURITIES> 475,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,180
<TOTAL-LIABILITIES> 719,180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 285,665
<SHARES-COMMON-STOCK> 26,396
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (426,539)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (203,980)
<ACCUM-APPREC-OR-DEPREC> 7,885,548
<NET-ASSETS> 300,821
<DIVIDEND-INCOME> 1,019,828
<INTEREST-INCOME> 104,829
<OTHER-INCOME> 0
<EXPENSES-NET> 1,060,987
<NET-INVESTMENT-INCOME> 63,670
<REALIZED-GAINS-CURRENT> 353,894
<APPREC-INCREASE-CURRENT> 6,577,488
<NET-CHANGE-FROM-OPS> 6,995,052
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (148)
<DISTRIBUTIONS-OF-GAINS> (327)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,362
<NUMBER-OF-SHARES-REDEEMED> (2,995)
<SHARES-REINVESTED> 29
<NET-CHANGE-IN-ASSETS> 30,133,252
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (93,457)
<OVERDIST-NET-GAINS-PRIOR> (159,388)
<GROSS-ADVISORY-FEES> 661,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,060,987
<AVERAGE-NET-ASSETS> 81,406
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 2.24
<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> 013
<NAME> NATIONS FUND PORT EMERG MKTS INV-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 69,023,377
<INVESTMENTS-AT-VALUE> 76,909,288
<RECEIVABLES> 255,783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,956,872
<TOTAL-ASSETS> 80,121,943
<PAYABLE-FOR-SECURITIES> 475,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,180
<TOTAL-LIABILITIES> 719,180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 804,959
<SHARES-COMMON-STOCK> 78,468
<SHARES-COMMON-PRIOR> 46,230
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (426,539)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (203,980)
<ACCUM-APPREC-OR-DEPREC> 7,885,548
<NET-ASSETS> 893,916
<DIVIDEND-INCOME> 1,019,828
<INTEREST-INCOME> 104,829
<OTHER-INCOME> 0
<EXPENSES-NET> 1,060,987
<NET-INVESTMENT-INCOME> 63,670
<REALIZED-GAINS-CURRENT> 353,894
<APPREC-INCREASE-CURRENT> 6,577,488
<NET-CHANGE-FROM-OPS> 6,995,052
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,716)
<DISTRIBUTIONS-OF-GAINS> (3,682)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 118,447
<NUMBER-OF-SHARES-REDEEMED> (86,867)
<SHARES-REINVESTED> 658
<NET-CHANGE-IN-ASSETS> 30,133,252
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (93,457)
<OVERDIST-NET-GAINS-PRIOR> (159,388)
<GROSS-ADVISORY-FEES> 661,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,060,987
<AVERAGE-NET-ASSETS> 641,935
<PER-SHARE-NAV-BEGIN> 10.32
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.21
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.39
<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> 014
<NAME> NATIONS FUND PORT EMERG MKTS INV-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 69,023,377
<INVESTMENTS-AT-VALUE> 76,909,288
<RECEIVABLES> 255,783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,956,872
<TOTAL-ASSETS> 80,121,943
<PAYABLE-FOR-SECURITIES> 475,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,180
<TOTAL-LIABILITIES> 719,180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,963
<SHARES-COMMON-STOCK> 19,926
<SHARES-COMMON-PRIOR> 2,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (426,539)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (203,980)
<ACCUM-APPREC-OR-DEPREC> 7,885,548
<NET-ASSETS> 225,970
<DIVIDEND-INCOME> 1,019,828
<INTEREST-INCOME> 104,829
<OTHER-INCOME> 0
<EXPENSES-NET> 1,060,987
<NET-INVESTMENT-INCOME> 63,670
<REALIZED-GAINS-CURRENT> 353,894
<APPREC-INCREASE-CURRENT> 6,577,488
<NET-CHANGE-FROM-OPS> 6,995,052
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (485)
<DISTRIBUTIONS-OF-GAINS> (1,071)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,883
<NUMBER-OF-SHARES-REDEEMED> (337)
<SHARES-REINVESTED> 105
<NET-CHANGE-IN-ASSETS> 30,133,252
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (93,457)
<OVERDIST-NET-GAINS-PRIOR> (159,388)
<GROSS-ADVISORY-FEES> 661,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,060,987
<AVERAGE-NET-ASSETS> 129,428
<PER-SHARE-NAV-BEGIN> 10.27
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.20
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 2.24
<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> 015
<NAME> NATIONS FUND PORT EMERG MKTS INV-N
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 69,023,377
<INVESTMENTS-AT-VALUE> 76,909,288
<RECEIVABLES> 255,783
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,956,872
<TOTAL-ASSETS> 80,121,943
<PAYABLE-FOR-SECURITIES> 475,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244,180
<TOTAL-LIABILITIES> 719,180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,320,512
<SHARES-COMMON-STOCK> 132,498
<SHARES-COMMON-PRIOR> 117,797
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (426,539)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (203,980)
<ACCUM-APPREC-OR-DEPREC> 7,885,548
<NET-ASSETS> 1,498,911
<DIVIDEND-INCOME> 1,019,828
<INTEREST-INCOME> 104,829
<OTHER-INCOME> 0
<EXPENSES-NET> 1,060,987
<NET-INVESTMENT-INCOME> 63,670
<REALIZED-GAINS-CURRENT> 353,894
<APPREC-INCREASE-CURRENT> 6,577,488
<NET-CHANGE-FROM-OPS> 6,995,052
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (7,629)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,467
<NUMBER-OF-SHARES-REDEEMED> (23,492)
<SHARES-REINVESTED> 726
<NET-CHANGE-IN-ASSETS> 30,133,252
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (93,457)
<OVERDIST-NET-GAINS-PRIOR> (159,388)
<GROSS-ADVISORY-FEES> 661,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,060,987
<AVERAGE-NET-ASSETS> 1,359,824
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 1.20
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> 2.74
<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> 021
<NAME>NATIONS FUND PORT PACIFIC GROWTH PR-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 112,945,913
<INVESTMENTS-AT-VALUE> 122,503,439
<RECEIVABLES> 1,195,696
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,128,528
<TOTAL-ASSETS> 128,827,663
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,390
<TOTAL-LIABILITIES> 373,390
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,207,366
<SHARES-COMMON-STOCK> 11,808,618
<SHARES-COMMON-PRIOR> 9,296,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (75,460)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,534,245)
<ACCUM-APPREC-OR-DEPREC> 9,559,194
<NET-ASSETS> 122,887,290
<DIVIDEND-INCOME> 1,820,353
<INTEREST-INCOME> 262,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,667,994
<NET-INVESTMENT-INCOME> 414,727
<REALIZED-GAINS-CURRENT> (4,963,671)
<APPREC-INCREASE-CURRENT> 6,509,268
<NET-CHANGE-FROM-OPS> 1,960,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (671,623)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,886,080
<NUMBER-OF-SHARES-REDEEMED> (3,392,989)
<SHARES-REINVESTED> 19,030
<NET-CHANGE-IN-ASSETS> 29,484,788
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (389,016)
<GROSS-ADVISORY-FEES> 1,035,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,667,994
<AVERAGE-NET-ASSETS> 110,087,975
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 1.42
<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> 022
<NAME>NATIONS FUND PORT PACIFIC GROWTH PR-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 112,945,913
<INVESTMENTS-AT-VALUE> 122,503,439
<RECEIVABLES> 1,195,696
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,128,528
<TOTAL-ASSETS> 128,827,663
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,390
<TOTAL-LIABILITIES> 373,390
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 620,702
<SHARES-COMMON-STOCK> 59,440
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (75,460)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,534,245)
<ACCUM-APPREC-OR-DEPREC> 9,559,194
<NET-ASSETS> 617,760
<DIVIDEND-INCOME> 1,820,353
<INTEREST-INCOME> 262,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,667,994
<NET-INVESTMENT-INCOME> 414,727
<REALIZED-GAINS-CURRENT> (4,963,671)
<APPREC-INCREASE-CURRENT> 6,509,268
<NET-CHANGE-FROM-OPS> 1,960,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (912)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,793
<NUMBER-OF-SHARES-REDEEMED> (8,409)
<SHARES-REINVESTED> 56
<NET-CHANGE-IN-ASSETS> 29,484,788
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (389,016)
<GROSS-ADVISORY-FEES> 1,035,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,667,994
<AVERAGE-NET-ASSETS> 293,501
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 1.92
<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> 023
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 112,945,913
<INVESTMENTS-AT-VALUE> 122,503,439
<RECEIVABLES> 1,195,696
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,128,528
<TOTAL-ASSETS> 128,827,663
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,390
<TOTAL-LIABILITIES> 373,390
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,365,992
<SHARES-COMMON-STOCK> 239,029
<SHARES-COMMON-PRIOR> 134,482
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (75,460)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,534,245)
<ACCUM-APPREC-OR-DEPREC> 9,559,194
<NET-ASSETS> 2,479,923
<DIVIDEND-INCOME> 1,820,353
<INTEREST-INCOME> 262,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,667,994
<NET-INVESTMENT-INCOME> 414,727
<REALIZED-GAINS-CURRENT> (4,963,671)
<APPREC-INCREASE-CURRENT> 6,509,268
<NET-CHANGE-FROM-OPS> 1,960,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,815)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 869,893
<NUMBER-OF-SHARES-REDEEMED> (766,685)
<SHARES-REINVESTED> 1,339
<NET-CHANGE-IN-ASSETS> 29,484,788
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (389,016)
<GROSS-ADVISORY-FEES> 1,035,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,667,994
<AVERAGE-NET-ASSETS> 2,174,136
<PER-SHARE-NAV-BEGIN> 10.23
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.37
<EXPENSE-RATIO> 1.67
<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> 024
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 112,945,913
<INVESTMENTS-AT-VALUE> 122,503,439
<RECEIVABLES> 1,195,696
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,128,528
<TOTAL-ASSETS> 128,827,663
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,390
<TOTAL-LIABILITIES> 373,390
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101,302
<SHARES-COMMON-STOCK> 9,905
<SHARES-COMMON-PRIOR> 5,902
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (75,460)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,534,245)
<ACCUM-APPREC-OR-DEPREC> 9,559,194
<NET-ASSETS> 102,456
<DIVIDEND-INCOME> 1,820,353
<INTEREST-INCOME> 262,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,667,994
<NET-INVESTMENT-INCOME> 414,727
<REALIZED-GAINS-CURRENT> (4,963,671)
<APPREC-INCREASE-CURRENT> 6,509,268
<NET-CHANGE-FROM-OPS> 1,960,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,398
<NUMBER-OF-SHARES-REDEEMED> (409)
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> 29,484,788
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (389,016)
<GROSS-ADVISORY-FEES> 1,035,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,667,994
<AVERAGE-NET-ASSETS> 78,320
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> 1.92
<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> 025
<NAME>NATIONS FUND PORT PACIFIC GROWTH INV-N
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 112,945,913
<INVESTMENTS-AT-VALUE> 122,503,439
<RECEIVABLES> 1,195,696
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,128,528
<TOTAL-ASSETS> 128,827,663
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 373,390
<TOTAL-LIABILITIES> 373,390
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,209,422
<SHARES-COMMON-STOCK> 229,680
<SHARES-COMMON-PRIOR> 228,263
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,534,245)
<ACCUM-APPREC-OR-DEPREC> 9,559,194
<NET-ASSETS> 2,366,844
<DIVIDEND-INCOME> 1,820,353
<INTEREST-INCOME> 262,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,667,994
<NET-INVESTMENT-INCOME> 414,727
<REALIZED-GAINS-CURRENT> (4,963,671)
<APPREC-INCREASE-CURRENT> 6,509,268
<NET-CHANGE-FROM-OPS> 1,960,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (145)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 47,220
<NUMBER-OF-SHARES-REDEEMED> (45,803)
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (389,016)
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<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 2.42
<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> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 43,272,102
<INVESTMENTS-AT-VALUE> 41,666,681
<RECEIVABLES> 3,514,175
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<OTHER-ITEMS-ASSETS> 656,342
<TOTAL-ASSETS> 45,837,198
<PAYABLE-FOR-SECURITIES> 2,172,494
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,702
<TOTAL-LIABILITIES> 2,395,196
<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 116,795
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 579,461
<NET-INVESTMENT-INCOME> 1,926,329
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<APPREC-INCREASE-CURRENT> (1,284,681)
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<DISTRIBUTIONS-OF-INCOME> (1,499,337)
<DISTRIBUTIONS-OF-GAINS> (428,196)
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<NUMBER-OF-SHARES-SOLD> 649,206
<NUMBER-OF-SHARES-REDEEMED> (387,483)
<SHARES-REINVESTED> 154,032
<NET-CHANGE-IN-ASSETS> 3,590,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 267,159
<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 579,461
<AVERAGE-NET-ASSETS> 27,088,019
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 1.26
<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> 032
<NAME> NATIONS FUND PORT GLOB GOVT INCOME PR-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 43,272,102
<INVESTMENTS-AT-VALUE> 41,666,681
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<TOTAL-ASSETS> 45,837,198
<PAYABLE-FOR-SECURITIES> 2,172,494
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,702
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<PAID-IN-CAPITAL-COMMON> 5,781
<SHARES-COMMON-STOCK> 527
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 116,795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,484,820)
<NET-ASSETS> 5,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,505,790
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<EXPENSES-NET> 579,461
<NET-INVESTMENT-INCOME> 1,926,329
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<DISTRIBUTIONS-OF-GAINS> (876)
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<NUMBER-OF-SHARES-SOLD> 13,113
<NUMBER-OF-SHARES-REDEEMED> (12,884)
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<NET-CHANGE-IN-ASSETS> 3,590,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 267,159
<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 579,461
<AVERAGE-NET-ASSETS> 59,194
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (0.22)
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<EXPENSE-RATIO> 1.76
<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> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 43,272,102
<INVESTMENTS-AT-VALUE> 41,666,681
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<SENIOR-LONG-TERM-DEBT> 0
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<EXPENSES-NET> 579,461
<NET-INVESTMENT-INCOME> 1,926,329
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<APPREC-INCREASE-CURRENT> (1,284,681)
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<NUMBER-OF-SHARES-SOLD> 69,887
<NUMBER-OF-SHARES-REDEEMED> (8,928)
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<NET-CHANGE-IN-ASSETS> 3,590,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 267,159
<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 579,461
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<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (0.02)
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<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> 034
<NAME> NATIONS FUND PORT GLOB GOVT INCOME INV-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 43,272,102
<INVESTMENTS-AT-VALUE> 41,666,681
<RECEIVABLES> 3,514,175
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 116,795
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<ACCUM-APPREC-OR-DEPREC> (1,484,820)
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<INTEREST-INCOME> 2,505,790
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<EXPENSES-NET> 579,461
<NET-INVESTMENT-INCOME> 1,926,329
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<APPREC-INCREASE-CURRENT> (1,284,681)
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<DISTRIBUTIONS-OF-INCOME> (463)
<DISTRIBUTIONS-OF-GAINS> (143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 59
<NET-CHANGE-IN-ASSETS> 3,590,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 267,159
<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,997
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<GROSS-EXPENSE> 579,461
<AVERAGE-NET-ASSETS> 9,229
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.03)
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<PER-SHARE-DISTRIBUTIONS> (0.16)
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<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 1.76
<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> 035
<NAME> NATIONS FUND PORT GLOB GOVT INCOME INV-N
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
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<INVESTMENTS-AT-VALUE> 41,666,681
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,612
<SHARES-COMMON-STOCK> 19,719
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (38,979)
<ACCUMULATED-NET-GAINS> 116,795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,484,820)
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<EXPENSES-NET> 579,461
<NET-INVESTMENT-INCOME> 1,926,329
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<APPREC-INCREASE-CURRENT> (1,284,681)
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<NUMBER-OF-SHARES-SOLD> 3,210
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<SHARES-REINVESTED> 995
<NET-CHANGE-IN-ASSETS> 3,590,155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 267,159
<OVERDISTRIB-NII-PRIOR> (108,343)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,997
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<GROSS-EXPENSE> 579,461
<AVERAGE-NET-ASSETS> 181,785
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> (0.02)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
