<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001067476
<NAME> WARBURG PINCUS LONG-SHORT MARKET NEUTRAL FUND
<SERIES>
<NUMBER> 001
<NAME> INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 6170949
<INVESTMENTS-AT-VALUE> 6592419
<RECEIVABLES> 29441
<ASSETS-OTHER> 6061373
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12683233
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5993971
<TOTAL-LIABILITIES> 5993971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7933697
<SHARES-COMMON-STOCK> 310455
<SHARES-COMMON-PRIOR> 415181
<ACCUMULATED-NII-CURRENT> 164310
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1405994)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2751)
<NET-ASSETS> 6698262
<DIVIDEND-INCOME> 107246
<INTEREST-INCOME> 393082
<OTHER-INCOME> 0
<EXPENSES-NET> (248737)
<NET-INVESTMENT-INCOME> 251591
<REALIZED-GAINS-CURRENT> 40377
<APPREC-INCREASE-CURRENT> 474681
<NET-CHANGE-FROM-OPS> 766649
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (345792)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2105343
<NUMBER-OF-SHARES-REDEEMED> (3928705)
<SHARES-REINVESTED> 307514
<NET-CHANGE-IN-ASSETS> (1096319)
<ACCUMULATED-NII-PRIOR> 385836
<ACCUMULATED-GAINS-PRIOR> (1446371)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 89315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 405072
<AVERAGE-NET-ASSETS> 7039978
<PER-SHARE-NAV-BEGIN> 14.21
<PER-SHARE-NII> .70
<PER-SHARE-GAIN-APPREC> .99
<PER-SHARE-DIVIDEND> (1.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.78
<EXPENSE-RATIO> 2.00
</TABLE>