<ARTICLE> 6
<CIK> 0001067476
<NAME> WARBURG PINCUS LONG-SHORT MARKET NEUTRAL FUND

   <NUMBER> 002
   <NAME> COMMON CLASS

                             
<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>                           140862
<SHARES-COMMON-PRIOR>                           132798
<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>                     (127325)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2886336
<NUMBER-OF-SHARES-REDEEMED>                  (2885304)
<SHARES-REINVESTED>                             124965
<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>                            14.19
<PER-SHARE-NII>                                    .61
<PER-SHARE-GAIN-APPREC>                           1.05
<PER-SHARE-DIVIDEND>                             (.93)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.92
<EXPENSE-RATIO>                                   2.26