<PAGE> PAGE 1
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<PAGE> PAGE 2
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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 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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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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<NUMBER>011
<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> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91,111,514
<INVESTMENTS-AT-VALUE> 105,568,132
<RECEIVABLES> 3,302,773
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,604,665
<TOTAL-ASSETS> 125,475,570
<PAYABLE-FOR-SECURITIES> 534,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,770,145
<TOTAL-LIABILITIES> 14,304,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 247,415
<SHARES-COMMON-STOCK> 22,789
<SHARES-COMMON-PRIOR> 26,396
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (791,095)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,091,207)
<ACCUM-APPREC-OR-DEPREC> 14,454,662
<NET-ASSETS> 274,436
<DIVIDEND-INCOME> 1,015,987
<INTEREST-INCOME> 85,630
<OTHER-INCOME> 19,148
<EXPENSES-NET> 748,009
<NET-INVESTMENT-INCOME> 372,756
<REALIZED-GAINS-CURRENT> (1,887,227)
<APPREC-INCREASE-CURRENT> 6,569,114
<NET-CHANGE-FROM-OPS> 5,054,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,293)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,486
<NUMBER-OF-SHARES-REDEEMED> (20,159)
<SHARES-REINVESTED> 66
<NET-CHANGE-IN-ASSETS> 31,768,362
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (426,539)
<OVERDIST-NET-GAINS-PRIOR> (203,980)
<GROSS-ADVISORY-FEES> 531,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,009
<AVERAGE-NET-ASSETS> 245,363
<PER-SHARE-NAV-BEGIN> 11.40
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.04
<EXPENSE-RATIO> 2.03
<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> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91,111,514
<INVESTMENTS-AT-VALUE> 105,568,132
<RECEIVABLES> 3,302,773
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,604,665
<TOTAL-ASSETS> 125,475,570
<PAYABLE-FOR-SECURITIES> 534,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,770,145
<TOTAL-LIABILITIES> 14,304,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,160,471
<SHARES-COMMON-STOCK> 107,885
<SHARES-COMMON-PRIOR> 78,468
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (791,095)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,091,207)
<ACCUM-APPREC-OR-DEPREC> 14,454,662
<NET-ASSETS> 1,296,771
<DIVIDEND-INCOME> 1,015,987
<INTEREST-INCOME> 85,630
<OTHER-INCOME> 19,148
<EXPENSES-NET> 748,009
<NET-INVESTMENT-INCOME> 372,756
<REALIZED-GAINS-CURRENT> (1,887,227)
<APPREC-INCREASE-CURRENT> 6,569,114
<NET-CHANGE-FROM-OPS> 5,054,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,803)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,810
<NUMBER-OF-SHARES-REDEEMED> (14,920)
<SHARES-REINVESTED> 527
<NET-CHANGE-IN-ASSETS> 31,768,362
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (426,539)
<OVERDIST-NET-GAINS-PRIOR> (203,980)
<GROSS-ADVISORY-FEES> 531,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,009
<AVERAGE-NET-ASSETS> 1,105,385
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.02
<EXPENSE-RATIO> 1.78
<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-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91,111,514
<INVESTMENTS-AT-VALUE> 105,568,132
<RECEIVABLES> 3,302,773
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,604,665
<TOTAL-ASSETS> 125,475,570
<PAYABLE-FOR-SECURITIES> 534,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,770,145
<TOTAL-LIABILITIES> 14,304,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,325,845
<SHARES-COMMON-STOCK> 132,678
<SHARES-COMMON-PRIOR> 132,498
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (791,095)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,091,207)
<ACCUM-APPREC-OR-DEPREC> 14,454,662
<NET-ASSETS> 1,587,860
<DIVIDEND-INCOME> 1,015,987
<INTEREST-INCOME> 85,630
<OTHER-INCOME> 19,148
<EXPENSES-NET> 748,009
<NET-INVESTMENT-INCOME> 372,756
<REALIZED-GAINS-CURRENT> (1,887,227)
<APPREC-INCREASE-CURRENT> 6,569,114
<NET-CHANGE-FROM-OPS> 5,054,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,544
<NUMBER-OF-SHARES-REDEEMED> (9,364)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,768,362
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (426,539)
<OVERDIST-NET-GAINS-PRIOR> (203,980)
<GROSS-ADVISORY-FEES> 531,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,009
<AVERAGE-NET-ASSETS> 1,571,647
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.67
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 11.97
<EXPENSE-RATIO> 2.53
<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-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 91,111,514
<INVESTMENTS-AT-VALUE> 105,568,132
<RECEIVABLES> 3,302,773
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,604,665
<TOTAL-ASSETS> 125,475,570
<PAYABLE-FOR-SECURITIES> 534,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,770,145
<TOTAL-LIABILITIES> 14,304,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 201,279
<SHARES-COMMON-STOCK> 19,643
<SHARES-COMMON-PRIOR> 19,926
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (791,095)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,091,207)
<ACCUM-APPREC-OR-DEPREC> 14,454,662
<NET-ASSETS> 234,751
<DIVIDEND-INCOME> 1,015,987
<INTEREST-INCOME> 85,630
<OTHER-INCOME> 19,148
<EXPENSES-NET> 748,009
<NET-INVESTMENT-INCOME> 372,756
<REALIZED-GAINS-CURRENT> (1,887,227)
<APPREC-INCREASE-CURRENT> 6,569,114
<NET-CHANGE-FROM-OPS> 5,054,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,349)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,455
<NUMBER-OF-SHARES-REDEEMED> (1,848)
<SHARES-REINVESTED> 110
<NET-CHANGE-IN-ASSETS> 31,768,362
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (426,539)
<OVERDIST-NET-GAINS-PRIOR> (203,980)
<GROSS-ADVISORY-FEES> 531,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,009
<AVERAGE-NET-ASSETS> 243,199
<PER-SHARE-NAV-BEGIN> 11.34
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.95
<EXPENSE-RATIO> 2.36
<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> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,605,174
<INVESTMENTS-AT-VALUE> 113,133,026
<RECEIVABLES> 786,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,394,439
<TOTAL-ASSETS> 130,314,048
<PAYABLE-FOR-SECURITIES> 5,498,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,078,096
<TOTAL-LIABILITIES> 18,576,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,134,479
<SHARES-COMMON-STOCK> 11,072,007
<SHARES-COMMON-PRIOR> 11,808,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,012,157)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,456,348)
<ACCUM-APPREC-OR-DEPREC> 4,391,080
<NET-ASSETS> 107,895,757
<DIVIDEND-INCOME> 1,348,556
<INTEREST-INCOME> 157,262
<OTHER-INCOME> 3,228
<EXPENSES-NET> 882,760
<NET-INVESTMENT-INCOME> 626,286
<REALIZED-GAINS-CURRENT> (1,922,103)
<APPREC-INCREASE-CURRENT> (5,168,114)
<NET-CHANGE-FROM-OPS> (6,463,931)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,529,175)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,164,058
<NUMBER-OF-SHARES-REDEEMED> (3,936,770)
<SHARES-REINVESTED> 36,101
<NET-CHANGE-IN-ASSETS> (16,716,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (75,460)
<OVERDIST-NET-GAINS-PRIOR> (5,534,245)
<GROSS-ADVISORY-FEES> 600,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 882,760
<AVERAGE-NET-ASSETS> 127,143,827
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.59)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.74
<EXPENSE-RATIO> 1.30
<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> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,605,174
<INVESTMENTS-AT-VALUE> 113,133,026
<RECEIVABLES> 786,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,394,439
<TOTAL-ASSETS> 130,314,048
<PAYABLE-FOR-SECURITIES> 5,498,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,078,096
<TOTAL-LIABILITIES> 18,576,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,792
<SHARES-COMMON-STOCK> 34,210
<SHARES-COMMON-PRIOR> 59,440
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,012,157)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,456,348)
<ACCUM-APPREC-OR-DEPREC> 4,391,080
<NET-ASSETS> 332,287
<DIVIDEND-INCOME> 1,348,556
<INTEREST-INCOME> 157,262
<OTHER-INCOME> 3,228
<EXPENSES-NET> 882,760
<NET-INVESTMENT-INCOME> 626,286
<REALIZED-GAINS-CURRENT> (1,922,103)
<APPREC-INCREASE-CURRENT> (5,168,114)
<NET-CHANGE-FROM-OPS> (6,463,931)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,042)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,478
<NUMBER-OF-SHARES-REDEEMED> (37,093)
<SHARES-REINVESTED> 385
<NET-CHANGE-IN-ASSETS> (16,716,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (75,460)
<OVERDIST-NET-GAINS-PRIOR> (5,534,245)
<GROSS-ADVISORY-FEES> 600,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 882,760
<AVERAGE-NET-ASSETS> 554,845
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.61)
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 1.80
<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> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,605,174
<INVESTMENTS-AT-VALUE> 113,133,026
<RECEIVABLES> 786,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,394,439
<TOTAL-ASSETS> 130,314,048
<PAYABLE-FOR-SECURITIES> 5,498,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,078,096
<TOTAL-LIABILITIES> 18,576,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,467,509
<SHARES-COMMON-STOCK> 167,290
<SHARES-COMMON-PRIOR> 239,029
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,012,157)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,456,348)
<ACCUM-APPREC-OR-DEPREC> 4,391,080
<NET-ASSETS> 1,609,864
<DIVIDEND-INCOME> 1,348,556
<INTEREST-INCOME> 157,262
<OTHER-INCOME> 3,228
<EXPENSES-NET> 882,760
<NET-INVESTMENT-INCOME> 626,286
<REALIZED-GAINS-CURRENT> (1,922,103)
<APPREC-INCREASE-CURRENT> (5,168,114)
<NET-CHANGE-FROM-OPS> (6,463,931)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,772)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,037,326
<NUMBER-OF-SHARES-REDEEMED> (2,111,284)
<SHARES-REINVESTED> 2,219
<NET-CHANGE-IN-ASSETS> (16,716,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (75,460)
<OVERDIST-NET-GAINS-PRIOR> (5,534,245)
<GROSS-ADVISORY-FEES> 600,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 882,760
<AVERAGE-NET-ASSETS> 3,209,706
<PER-SHARE-NAV-BEGIN> 10.37
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.68)
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 9.62
<EXPENSE-RATIO> 1.55
<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-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,605,174
<INVESTMENTS-AT-VALUE> 113,133,026
<RECEIVABLES> 786,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,394,439
<TOTAL-ASSETS> 130,314,048
<PAYABLE-FOR-SECURITIES> 5,498,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,078,096
<TOTAL-LIABILITIES> 18,576,576
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<SHARES-COMMON-STOCK> 185,969
<SHARES-COMMON-PRIOR> 229,680
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,012,157)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,456,348)
<ACCUM-APPREC-OR-DEPREC> 4,391,080
<NET-ASSETS> 1,806,541
<DIVIDEND-INCOME> 1,348,556
<INTEREST-INCOME> 157,262
<OTHER-INCOME> 3,228
<EXPENSES-NET> 882,760
<NET-INVESTMENT-INCOME> 626,286
<REALIZED-GAINS-CURRENT> (1,922,103)
<APPREC-INCREASE-CURRENT> (5,168,114)
<NET-CHANGE-FROM-OPS> (6,463,931)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,646
<NUMBER-OF-SHARES-REDEEMED> (47,357)
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<NET-CHANGE-IN-ASSETS> (16,716,801)
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<OVERDISTRIB-NII-PRIOR> (75,460)
<OVERDIST-NET-GAINS-PRIOR> (5,534,245)
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<GROSS-EXPENSE> 882,760
<AVERAGE-NET-ASSETS> 2,153,950
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<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (0.59)
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<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 2.30
<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-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 108,605,174
<INVESTMENTS-AT-VALUE> 113,133,026
<RECEIVABLES> 786,583
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,394,439
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<EXPENSES-NET> 882,760
<NET-INVESTMENT-INCOME> 626,286
<REALIZED-GAINS-CURRENT> (1,922,103)
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<NET-CHANGE-IN-ASSETS> (16,716,801)
<ACCUMULATED-NII-PRIOR> 0
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</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>
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<EXPENSES-NET> 311,843
<NET-INVESTMENT-INCOME> 833,858
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<NUMBER-OF-SHARES-SOLD> 35,469
<NUMBER-OF-SHARES-REDEEMED> (169,139)
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<NET-CHANGE-IN-ASSETS> (640,117)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 116,795
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<GROSS-EXPENSE> 311,843
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<PER-SHARE-DIVIDEND> (0.19)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 1.35
<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>
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<ACCUM-APPREC-OR-DEPREC> (1,144,391)
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,145,338
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<EXPENSES-NET> 311,843
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<NET-CHANGE-IN-ASSETS> (640,117)
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</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-31-1998
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<EXPENSES-NET> 311,843
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<NET-CHANGE-IN-ASSETS> (640,117)
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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-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
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<EXPENSES-NET> 311,843
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<NET-CHANGE-IN-ASSETS> (640,117)
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<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>035
<NAME>NATIONS FUND PORT GLOB GOVT INCOME INV-C
<S> <C>
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<NET-CHANGE-IN-ASSETS> (640,117)
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<ACCUMULATED-GAINS-PRIOR> 116,795
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</TABLE>
