PPM AMERICA INC/IL
13F-HR, 1999-05-13
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FORM 13F
FORM 13F COVER PAGE 

Report for the Calendar Year or Quarter Ended: 	March 31, 1999

Check here if Amendment { }; 	Amendment Number: 
This Amendment (Check only one.): 	{ }	is a restatement. 
					{ } 	adds new holdings entries. 

Institutional Investment Manager Filing this Report: 

Name: 		PPM America, Inc. 
Address:	225 W. Wacker Drive 
		Suite 1200 
		Chicago, IL 60606

13F File Number: 	28-3586

The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information 
contained herein is true, correct and complete, and that it is understood 
that all required items, statements, schedules, lists, and tables, are
considered integral parts of this form. 
 
Person signing this Report on Behalf of Reporting Manger: 

Name: 	Paul Carter 
Title: 	Compliance Officer
Phone: 	312-634-2607
Signature, Place, and Date of Signing: 

Paul Carter		Chicago, IL 		May 13, 1999

Report Type (Check only one.): 

{X} 	13F HOLDINGS REPORT.

{ }	13F NOTICE.

{ } 	13F COMBINATION REPORT. 

List of Other Managers Reporting for this Manager: 

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. 













FORM 13F SUMMARY PAGE

Report Summary: 

Number of Other Included Managers: 	2

Form 13F Information Table Entry Total: 	139

Form 13F Information Table Value Total: 	$7,885,495,932

List of Other Included Managers: 

No. 	13F File Number 		Name 

01 	28-3582			Prudential Corporation Plc
02 	28-3588			Prudential Portfolio Managers, Ltd. 	





  




<TABLE>
<S>                                           <C>          <C>        <C>      <S>                            <C>
                                                     FORM 13F INFORMATION TABLE
                                                                      SHARES/  SH/ PUT/  INVSTMT OTHER           VOTING AUTHORITY
         NAME OF ISSUER         TITLE OF CLASS  CUSIP       VALUE     PRN AMT  PRN CALL DSCRETN  MANAGERS      SOLE    SHARED NONE
AK STEEL HOLDING CORP           Common Stock  001547108    1254475    55600    SH       DEFINED               55600
AT&T CORP                       Common Stock  001957109   91097988    1141400  SH       DEFINED              1141400
AETNA INC                       Common Stock  008117103   107996861   1301167  SH       DEFINED              1301167
ALLIANT TECHSYSTEMS INC         Common Stock  018804104    839025     10800    SH       DEFINED               10800
AMERICAN FINANCIAL GROUP INC    Common Stock  025932104   67976092    1931825  SH       DEFINED              1931825
AMERICAN GENERAL CORP           Common Stock  026351106   64022813    908125   SH       DEFINED               908125
ANHEUSER BUSCH COS INC          Common Stock  035229103    1096200    14400    SH       DEFINED               14400
ASHLAND INC.                    Common Stock  044204105   105721094   2582500  SH       DEFINED              2582500
BANCTEC INC                     Common Stock  059784108    1077344    87500    SH       DEFINED               87500
BAXTER INTERNATIONAL INC        Common Stock  071813109    917400     13900    SH       DEFINED               13900
BELL ATLANTIC CORP              Common Stock  077853109   129262684   2500850  SH       DEFINED              2500850
BLACK HILLS CORP                Common Stock  092113109    590356     27700    SH       DEFINED               27700
BRISTOL MYERS SQUIBB CO         Common Stock  110122108    2205900    34400    SH       DEFINED               34400
BRUNSWICK CORP                  Common Stock  117043109   80723969    4234700  SH       DEFINED              4234700
CCB FINANCIAL CORP              Common Stock  124875105    556844     10300    SH       DEFINED               10300
CIGNA CORP                      Common Stock  125509109   151653271   1809435  SH       DEFINED              1809435
CSX CORP                        Common Stock  126408103   140327830   3603925  SH       DEFINED              3603925
CATELLUS DEV                    Common Stock  149111106    749000     56000    SH       DEFINED               56000
CENTERPOINT                     Common Stock  151895109    1281250    41000    SH       DEFINED               41000
CENTRAL NEWSPAPERS -CL A        Common Stock  154647101    622500     20000    SH       DEFINED               20000
CENTURY BUSINESS                Common Stock  156490104   19531247    1785714  SH       DEFINED              1785714
CHAMPION ENTERPRISES INC        Common Stock  158496109    668438     34500    SH       DEFINED               34500
CHARTER ONE FIN INC             Common Stock  160903100   133624534   4630195  SH       DEFINED              4630195
CHATEAU COMMUNITIES             Common Stock  161726104    1127500    41000    SH       DEFINED               41000
CHELSEA GCA REALTY              Common Stock  163262108    724750     26000    SH       DEFINED               26000
CHEVRON CORP                    Common Stock  166751107   117347469   1322225  SH       DEFINED              1322225
CLEVELAND CLIFFS INC            Common Stock  185896107    1154719    33900    SH       DEFINED               33900
COLUMBIA HCA HEALTHCARE CORP    Common Stock  197677107   150646866   7954950  SH       DEFINED              7954950
COLUMBIA SPORTSWEAR CO          Common Stock  198516106    1316838    67100    SH       DEFINED               67100
COOPER INDUSTRIES INC           Common Stock  216669101   92938484    2180375  SH       DEFINED              2180375
Devon                           Common Stock  251799102    1437274    52146    SH       DEFINED  2            52146
DOW CHEMICAL                    Common Stock  260543103   129390844   1388500  SH       DEFINED              1388500
ELDER BEERMAN                   Common Stock  284470101    6801770    788611   SH       DEFINED               788611
EMERSON ELECTRIC CO             Common Stock  291011104    217044     4100     SH       DEFINED                4100
EQUITYOFFICE PROPERTIES         Common Stock  294741103    2030000    80000    SH       DEFINED               80000
ESTERLINE TECHNOLOGIES CORP     Common Stock  297425100    1010419    78100    SH       DEFINED               78100
EXXON CORP                      Common Stock  302290101    1298350    18400    SH       DEFINED               18400
FERRO CORP                      Common Stock  315405100    1041975    42100    SH       DEFINED               42100
FIRSTENERGY CORP                Common Stock  337932107   127967700   4570275  SH       DEFINED              4570275
FORD MOTOR COMPANY              Common Stock  345370100   107363291   1893950  SH       DEFINED              1893950
FORT JAMES CORPORATION          Common Stock  347471104   72089063    2275000  SH       DEFINED              2275000
FRANKLIN COVEY CO               Common Stock  353469109    659700     73300    SH       DEFINED               73300
FREMONT GEN CORP                Common Stock  357288109    1000781    52500    SH       DEFINED               52500
FROZEN FOOD EXPRESS INDS INC    Common Stock  359360104    594150     93200    SH       DEFINED               93200
GATX CORP                       Common Stock  361448103    932131     28300    SH       DEFINED               28300
GBC BANCORP                     Common Stock  361475106    718500     47900    SH       DEFINED               47900
GTE CORP                        Common Stock  362320103   131582963   2174925  SH       DEFINED              2174925
GARAN INC                       Common Stock  364802108    689500     28000    SH       DEFINED               28000
GENCORP INC                     Common Stock  368682100    1081800    60100    SH       DEFINED               60100
GENERAL MOTORS CORP.            Common Stock  370442105   138852000   1596000  SH       DEFINED              1596000
HARRIS CORP                     Common Stock  413875105   109389006   3821450  SH       DEFINED              3821450
HARTFORD FINANCIAL SVCS GRP     Common Stock  416515104   144600595   2545225  SH       DEFINED              2545225
HASBRO INC                      Common Stock  418056107   28220168    975211   SH       DEFINED               975211
HIGHWOODS PROPERTIES            Common Stock  431284108    1036750    44000    SH       DEFINED               44000
HOUSEHOLD INTERNATIONAL INC     Common Stock  441815107    2149941    47122    SH       DEFINED               47122
ITT INDUSTRIES INC              Common Stock  450911102   98284131    2778350  SH       DEFINED              2778350
INTERNATIONAL BUSINESS          Common Stock  459200101   121203550   683800   SH       DEFINED               683800
JONES APPAREL GROUP INC         Common Stock  480074103   100623891   3601750  SH       DEFINED              3601750
KMART CORP                      Common Stock  482584109   151901778   9035050  SH       DEFINED              9035050
KANSAS CITY SOUTHN INDS INC     Common Stock  485170104   28158000    494000   SH       DEFINED               494000
KENNAMETAL INC                  Common Stock  489170100    860100     48800    SH       DEFINED               48800
KEYCORP                         Common Stock  493267108   132145070   4359425  SH       DEFINED              4359425
KING WORLD PRODUCTIONS INC      Common Stock  495667107    1005506    32900    SH       DEFINED               32900
LANCASTER COLONY CORP           Common Stock  513847103    1014413    38100    SH       DEFINED               38100
LIZ CLAIBORNE INC               Common Stock  539320101   92807522    2844675  SH       DEFINED              2844675
LOCKHEED MARTIN CORPORATION     Common Stock  539830109   136662550   3620200  SH       DEFINED              3620200
MACK CALI CORP                  Common Stock  554489104    881250     30000    SH       DEFINED               30000
MEAD CORP                       Common Stock  582834107   135066300   4392400  SH       DEFINED              4392400
MELLON BANK CORP                Common Stock  585509102    1801600    25600    SH       DEFINED               25600
Millennium                      Common Stock  599903101   30666350    1542961  SH       DEFINED  2           1542961
MOBIL CORP                      Common Stock  607059102    341440     3880     SH       DEFINED                3880
NS GROUP                        Common Stock  628916108    849227     152670   SH       DEFINED               152670
NATIONAL PRESTO INDS INC        Common Stock  637215104    857588     24200    SH       DEFINED               24200
NAUTICA ENTERPRISES INC         Common Stock  639089101    670831     59300    SH       DEFINED               59300
NUCOR CORP                      Common Stock  670346105   134790492   3059075  SH       DEFINED              3059075
OCCIDENTAL PETROLEUM CORP       Common Stock  674599105   153749250   8541625  SH       DEFINED              8541625
PPG INDUSTRIES INC              Common Stock  693506107   135460156   2643125  SH       DEFINED              2643125
PARKER HANNIFIN CORP            Common Stock  701094104   140891656   4113625  SH       DEFINED              4113625
PEOPLES ENERGY CORP             Common Stock  711030106    701181     21700    SH       DEFINED               21700
PEOPLES HERITAGE FIN'L GROUP    Common Stock  711147108    981000     54500    SH       DEFINED               54500
Peoplesoft                      Common Stock  712713106    733707     50168    SH       DEFINED  2            50168
PHELPS DODGE CORP               Common Stock  717265102   137849519   2798975  SH       DEFINED              2798975
PHILIP MORRIS COMPANIES INC     Common Stock  718154107   116133705   3300425  SH       DEFINED              3300425
PHILLIPS PETROLEUM CO           Common Stock  718507106   143295075   3032700  SH       DEFINED              3032700
PLATINUM ENT                    Common Stock  727909103    149389     23206    SH       DEFINED               23206
RICHFOOD HOLDINGS  WARRANTS     Warrants      763408119    469312     117328   SH       DEFINED               117328
ROCKWELL INTL CORP              Common Stock  773903109    369206     8700     SH       DEFINED                8700
ROHM & HAAS CO                  Common Stock  775371107   142169072   4235950  SH       DEFINED              4235950
SBARRO INC                      Common Stock  805844107    364763     13700    SH       DEFINED               13700
SEARS, ROEBUCK AND CO           Common Stock  812387108   144993131   3208700  SH       DEFINED              3208700
SIERRA PACIFIC RESOURCES        Common Stock  826425100    710788     20200    SH       DEFINED               20200
SIMON PROPERTY                  Common Stock  828806109    1838313    67000    SH       DEFINED               67000
SOVEREIGN BANCORP INC           Common Stock  845905108   48203750    3935000  SH       DEFINED              3935000
SPRINT CORP                     Common Stock  852061100   121947297   1242775  SH       DEFINED              1242775
SPRINT CORP (PCS GRP) -W/I      Common Stock  852061506    456419     10300    SH       DEFINED               10300
STEELCASE INC.                  Common Stock  858155203    687994     45300    SH       DEFINED               45300
SUPERIOR INDUSTRIES INTL        Common Stock  868168105    988125     42500    SH       DEFINED               42500
TRW INC                         Common Stock  872649108   134313725   2951950  SH       DEFINED              2951950
TECUMSEH PRODUCTS CO-CL A       Common Stock  878895200    1431344    28100    SH       DEFINED               28100
TRANSAMERICA CORP               Common Stock  893485102   37546575    528825   SH       DEFINED               528825
TRINET REALTY                   Common Stock  896287109    735875     29000    SH       DEFINED               29000
USX-MARATHON GROUP              Common Stock  902905827    236913     8615     SH       DEFINED                8615
U.S. BANCORP                    Common Stock  902973106    367875     10800    SH       DEFINED               10800
ULTRAMAR DIAMOND SHAMROCK CP    Common Stock  904000106    1379675    63800    SH       DEFINED               63800
UNION PLANTERS CORP             Common Stock  908068109   93496803    2127950  SH       DEFINED              2127950
UNITED TECHNOLOGIES CORP        Common Stock  913017109   132833714   980775   SH       DEFINED               980775
V F CORP                        Common Stock  918204108   137693000   2898800  SH       DEFINED              2898800
VORNADO REALTY                  Common Stock  929042109    1069500    31000    SH       DEFINED               31000
WD 40 CO                        Common Stock  929236107    812000     28000    SH       DEFINED               28000
WASHINGTON MUTUAL INC           Common Stock  939322103   149293894   3652450  SH       DEFINED              3652450
XEROX CORP                      Common Stock  984121103    1595025    30600    SH       DEFINED               30600
ADAPTEC INC                     Common Stock  00651F108   106503008   4668625  SH       DEFINED              4668625
Airtouch                        Common Stock  00949t100   939397913   9722100  SH       DEFINED  2           9722100
BANKAMERICA CORP                Common Stock  06605F102   138494707   1960987  SH       DEFINED              1960987
BURLINGTON NORTHERN SANTA FE CORCommon Stock  12189T104   117925913   3587100  SH       DEFINED              3587100
CARDINAL HEALTH INC             Common Stock  14149Y108    228426     3461     SH       DEFINED                3461
CHASE MANHATTAN CORP            Common Stock  16161A108   128523675   1579400  SH       DEFINED              1579400
COINMACH LAUNDRY                Common Stock  19259l101    2463321    240324   SH       DEFINED               240324
EQUITY RESIDENTIAL PROPERTY     Common Stock  29476l107    1815000    44000    SH       DEFINED               44000
FEDERATED DEPARTMENT STORES     Common Stock  31410H101   149665247   3729975  SH       DEFINED              3729975
FLOWSERVE CORPORATION           Common Stock  34354P105    1019344    65500    SH       DEFINED               65500
GPU INC                         Common Stock  36225X100   129087258   3459625  SH       DEFINED              3459625
GLOBAL IMAGING                  Common Stock  37934a100   13404333    1006898  SH       DEFINED              1006898
HOSPITALITY PROPERTIES TRUST    Common Stock  44106m102    1163688    43000    SH       DEFINED               43000
MIKASA INC                      Common Stock  59862T109    409313     55500    SH       DEFINED               55500
NUTRACEUTICAL                   Common Stock  67060y101    2235112    518287   SH       DEFINED               518287
PUBLIC STORAGE                  Common Stock  74460d109    1425000    57000    SH       DEFINED               57000
RJR NABISCO HOLDINGS CORP.      Common Stock  74960K876   120538125   4821525  SH       DEFINED              4821525
RELIASTAR FINANCIAL CORP        Common Stock  75952U103    473138     11100    SH       DEFINED               11100
SBC COMMUNICATIONS INC          Common Stock  78387G103   122621438   2598600  SH       DEFINED              2598600
SLM HOLDING CORP                Common Stock  78442A109    745238     17850    SH       DEFINED               17850
STARWOOD HOTELS & RESORTS       Common Stock  85590a203    828313     29000    SH       DEFINED               29000
TENNECO INC                     Common Stock  88037E101   125858438   4505000  SH       DEFINED              4505000
US WEST INC                     Common Stock  91273H101   142920225   2595600  SH       DEFINED              2595600
      
             Grand Total                                  7885495932
</TABLE>


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