<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>0801
<NAME>NATIONS HIGH YIELD BOND MASTER PORTFOLIO SINGLE
<S> <C>
<MULTIPLIER>1000
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Mar-31-2001
<PERIOD-END> Sep-30-2000
<INVESTMENTS-AT-COST> 28,464
<INVESTMENTS-AT-VALUE> 27,952
<RECEIVABLES> 1,215
<ASSETS-OTHER> 518
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,685
<PAYABLE-FOR-SECURITIES> (1,099)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (109)
<TOTAL-LIABILITIES> (1,208)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 28,477
<DIVIDEND-INCOME> 34
<INTEREST-INCOME> 1,164
<OTHER-INCOME> 0
<EXPENSES-NET> 115
<NET-INVESTMENT-INCOME> 1,083
<REALIZED-GAINS-CURRENT> (157)
<APPREC-INCREASE-CURRENT> (334)
<NET-CHANGE-FROM-OPS> 592
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,400
<NUMBER-OF-SHARES-REDEEMED> (10,015)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,977
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116
<AVERAGE-NET-ASSETS> 19,942
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.15
</TABLE>
