<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PPM AMERICA VALUE EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
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<INVESTMENTS-AT-VALUE> 20671
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25834
<SHARES-COMMON-STOCK> 4738
<SHARES-COMMON-PRIOR> 4738
<ACCUMULATED-NII-CURRENT> 217
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 724
<ACCUM-APPREC-OR-DEPREC> (4643)
<NET-ASSETS> 20684
<DIVIDEND-INCOME> 294
<INTEREST-INCOME> 30
<OTHER-INCOME> 0
<EXPENSES-NET> 107
<NET-INVESTMENT-INCOME> 217
<REALIZED-GAINS-CURRENT> (722)
<APPREC-INCREASE-CURRENT> (1676)
<NET-CHANGE-FROM-OPS> (2181)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2181)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2
<GROSS-ADVISORY-FEES> 85
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136
<AVERAGE-NET-ASSETS> 21431
<PER-SHARE-NAV-BEGIN> 4.83
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.51)
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<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.00
</TABLE>
