<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the N-SAR
answer file for the twelve months ending September 30, 2000 and is qualified in
its entirety by reference to the N-SAR answer file for the twelve months ending
September 30, 2000 for the Bernstein Diversified Municipal Portfolio.
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> BERNSTEIN DIVERSIFIED MUNICIPAL
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 1,184,181,474
<INVESTMENTS-AT-VALUE> 1,198,493,853
<RECEIVABLES> 21,724,199
<ASSETS-OTHER> 52,557<F1>
<OTHER-ITEMS-ASSETS> 15,935
<TOTAL-ASSETS> 1,220,286,544
<PAYABLE-FOR-SECURITIES> 10,568,824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,936,283
<TOTAL-LIABILITIES> 14,505,107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,202,931,416
<SHARES-COMMON-STOCK> 89,305,841
<SHARES-COMMON-PRIOR> 112,597,597
<ACCUMULATED-NII-CURRENT> 28,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,580,012)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,312,379
<NET-ASSETS> 1,205,781,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 65,577,509
<OTHER-INCOME> 0
<EXPENSES-NET> 8,346,789
<NET-INVESTMENT-INCOME> 57,230,720
<REALIZED-GAINS-CURRENT> (11,292,789)
<APPREC-INCREASE-CURRENT> 16,149,007
<NET-CHANGE-FROM-OPS> 62,086,938
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,234,639
<DISTRIBUTIONS-OF-GAINS> 5,514,095
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,827,464
<NUMBER-OF-SHARES-REDEEMED> 41,332,463
<SHARES-REINVESTED> 1,213,243
<NET-CHANGE-IN-ASSETS> (311,451,623)
<ACCUMULATED-NII-PRIOR> 32,266
<ACCUMULATED-GAINS-PRIOR> 5,226,872
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,486,955
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,346,789
<AVERAGE-NET-ASSETS> 1,332,356,657
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.50
<EXPENSE-RATIO> 0.63
<FN>
<F1>Includes Cash and Currency
</FN>
</TABLE>
