NATIONS RESERVES

                              NATIONS CASH RESERVES
                          NATIONS MONEY MARKET RESERVES
                            NATIONS TREASURY RESERVES

                          Supplement dated May 8, 2000
              to Prospectuses dated August 1, 1999, as supplemented

The prospectuses for the Service Class Shares of Nations Cash Reserves,  Nations
Money Market Reserves, and Nations Treasury Reserves are hereby supplemented by:

1.       Deleting  the  first  bullet  point of the  first  paragraph  under the
         section  entitled  "About  your  investment  --  Buying,   selling  and
         exchanging  shares -- How orders are  processed"  and  inserting in its
         place the following:

o        5:00 p.m. Eastern time for Nations Cash Reserves, Nations Money Market
         Reserves and Nations Treasury Reserves

2.       Deleting  the first  sentence  of the  second  bullet  point  under the
         section  entitled  "About  your  investment  --  Buying,   selling  and
         exchanging shares -- Buying shares" and inserting the following:

o    We  must  receive  payment  by the  following  times  on the  business  day
     Stephens,  PFPC or their  agents  receive  the order,  or we'll  refuse the
     order:

o        5:30 p.m. Eastern time for Nations Cash Reserves, Nations Money Market
         Reserves and Nations Treasury Reserves

o        4:00 p.m. Eastern time for Nations Governments Reserves, Nations
         Municipal Reserves and Nations California Tax-Exempt Reserves