<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PPM AMERICA SMALL CAP VALUE EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 25529
<INVESTMENTS-AT-VALUE> 20478
<RECEIVABLES> 178
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 20659
<PAYABLE-FOR-SECURITIES> 155
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25366
<SHARES-COMMON-STOCK> 5019
<SHARES-COMMON-PRIOR> 5019
<ACCUMULATED-NII-CURRENT> 189
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 32
<ACCUM-APPREC-OR-DEPREC> (5051)
<NET-ASSETS> 20472
<DIVIDEND-INCOME> 299
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 113
<NET-INVESTMENT-INCOME> 189
<REALIZED-GAINS-CURRENT> (167)
<APPREC-INCREASE-CURRENT> (1675)
<NET-CHANGE-FROM-OPS> (1653)
<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> (1653)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 135
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 92
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140
<AVERAGE-NET-ASSETS> 20658
<PER-SHARE-NAV-BEGIN> 4.41
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.08
<EXPENSE-RATIO> 1.10
</TABLE>
