# EDGAR Filing Document

**Accession Number:** 0001047712
**File Stem:** 0002071691-26-012770
**Filing Date:** 2026-5
**Character Count:** 64281
**Document Hash:** eb200d2738a4c365a38602f8dd7fd575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012770.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002071691-26-012770

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNDISCOVERED MANAGERS FUNDS
- **CENTRAL INDEX KEY:** 0001047712

**ORGANIZATION NAME:**
- **EIN:** 043400483
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08437
- **FILM NUMBER:** 261043778

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Undiscovered Managers Behavioral Value Fund (Series ID: S000004186)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011783 | Class L      | UBVLX           |
| C000011784 | Class A      | UBVAX           |
| C000011786 | Class C      | UBVCX           |
| C000126246 | Class I      | UBVSX           |
| C000126247 | Class R2     | UBVRX           |
| C000126248 | Class R6     | UBVFX           |
| C000177423 | Class R3     | UBVTX           |
| C000177424 | Class R4     | UBVUX           |
| C000177425 | Class R5     | UBVVX           |

## Nport-Ex

**Undiscovered Managers Behavioral Value Fund**

**Schedule of Portfolio Investments as of March 31, 2026**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2026. |

---

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.8%** | **Common Stocks — 96.8%** | **Common Stocks — 96.8%** |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4205 | &nbsp;&nbsp;&nbsp;&nbsp; 91885 |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 967 | &nbsp;&nbsp;&nbsp;&nbsp; 26846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 118731 |
| **Banks — 11.6%** | **Banks — 11.6%** | **Banks — 11.6%** |
| &nbsp;&nbsp;&nbsp; Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp;&nbsp; 99919 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp;&nbsp; 32589 |
| &nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3917 | &nbsp;&nbsp;&nbsp;&nbsp; 96515 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12060 | &nbsp;&nbsp;&nbsp;&nbsp; 201641 |
| &nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp; 54009 |
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; 2193 | &nbsp;&nbsp;&nbsp;&nbsp; 43973 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 12274 | &nbsp;&nbsp;&nbsp;&nbsp; 271264 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp; 21042 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp;&nbsp; 44644 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 4058 | &nbsp;&nbsp;&nbsp;&nbsp; 49834 |
| &nbsp;&nbsp;&nbsp; WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2658 | &nbsp;&nbsp;&nbsp;&nbsp; 83452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 998882 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11123 | &nbsp;&nbsp;&nbsp;&nbsp; 209454 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3194 | &nbsp;&nbsp;&nbsp;&nbsp; 107686 |
| **Chemicals — 5.4%** | **Chemicals — 5.4%** | **Chemicals — 5.4%** |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp;&nbsp; 126563 |
| &nbsp;&nbsp;&nbsp; Celanese Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2895 | &nbsp;&nbsp;&nbsp;&nbsp; 190424 |
| &nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp;&nbsp; 30898 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3911 | &nbsp;&nbsp;&nbsp;&nbsp; 116278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 464163 |
| **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; 33569 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 931 | &nbsp;&nbsp;&nbsp;&nbsp; 96482 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp;&nbsp; 35471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 165522 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp;&nbsp; 83182 |
| **Containers & Packaging — 11.0%** | **Containers & Packaging — 11.0%** | **Containers & Packaging — 11.0%** |
| &nbsp;&nbsp;&nbsp; Amcor plc (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10651 | &nbsp;&nbsp;&nbsp;&nbsp; 423382 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 14689 | &nbsp;&nbsp;&nbsp;&nbsp; 146012 |
| &nbsp;&nbsp;&nbsp; Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 68744 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 104767 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3798 | &nbsp;&nbsp;&nbsp;&nbsp; 205431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 948336 |
| **Distributors — 2.7%** | **Distributors — 2.7%** | **Distributors — 2.7%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7834 | &nbsp;&nbsp;&nbsp;&nbsp; 230086 |

---

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp;&nbsp; 32979 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2503 | &nbsp;&nbsp;&nbsp;&nbsp; 45730 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3217 | &nbsp;&nbsp;&nbsp;&nbsp; 169742 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp; 4814 | &nbsp;&nbsp;&nbsp;&nbsp; 169555 |
| **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** | **Energy Equipment & Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9989 | &nbsp;&nbsp;&nbsp;&nbsp; 108186 |
| **Financial Services — 3.0%** | **Financial Services — 3.0%** | **Financial Services — 3.0%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp;&nbsp; 92061 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1679 | &nbsp;&nbsp;&nbsp;&nbsp; 73192 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp; 55143 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 981 | &nbsp;&nbsp;&nbsp;&nbsp; 42916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 263312 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9164 | &nbsp;&nbsp;&nbsp;&nbsp; 74686 |
| **Gas Utilities — 3.9%** | **Gas Utilities — 3.9%** | **Gas Utilities — 3.9%** |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp;&nbsp; 58575 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp;&nbsp; 123418 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4358 | &nbsp;&nbsp;&nbsp;&nbsp; 158698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 340691 |
| **Health Care Equipment & Supplies — 6.1%** | **Health Care Equipment & Supplies — 6.1%** | **Health Care Equipment & Supplies — 6.1%** |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp;&nbsp; 48389 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9338 | &nbsp;&nbsp;&nbsp;&nbsp; 108317 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp;&nbsp; 78533 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp; 129529 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; 27582 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp;&nbsp; 133273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 525623 |
| **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 92835 |
| **Health Care REITs — 4.3%** | **Health Care REITs — 4.3%** | **Health Care REITs — 4.3%** |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22780 | &nbsp;&nbsp;&nbsp;&nbsp; 374278 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp; 9905 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp;&nbsp; 50143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60048 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp;&nbsp; 91408 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp; 30233 |

---

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2698 | &nbsp;&nbsp;&nbsp;&nbsp; 44299 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5580 | &nbsp;&nbsp;&nbsp;&nbsp; 118185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 162484 |
| **Industrial REITs — 2.1%** | **Industrial REITs — 2.1%** | **Industrial REITs — 2.1%** |
| &nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12991 | &nbsp;&nbsp;&nbsp;&nbsp; 148883 |
| &nbsp;&nbsp;&nbsp; Lineage, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp;&nbsp; 29667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 178550 |
| **Insurance — 7.4%** | **Insurance — 7.4%** | **Insurance — 7.4%** |
| &nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 56371 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 36763 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3078 | &nbsp;&nbsp;&nbsp;&nbsp; 126387 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 77660 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 69365 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2894 | &nbsp;&nbsp;&nbsp;&nbsp; 88436 |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 187783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 642765 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Avantor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp;&nbsp; 68042 |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp;&nbsp; 150811 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp; 35234 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp; 71538 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 46655 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 19364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 323602 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; 68346 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 43020 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; 26103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69123 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3923 | &nbsp;&nbsp;&nbsp;&nbsp; 197415 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1996 | &nbsp;&nbsp;&nbsp;&nbsp; 90169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 287584 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| &nbsp;&nbsp;&nbsp; Perrigo Co. plc (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6128 | &nbsp;&nbsp;&nbsp;&nbsp; 65811 |
| **Professional Services — 3.1%** | **Professional Services — 3.1%** | **Professional Services — 3.1%** |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp; 40812 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1704 | &nbsp;&nbsp;&nbsp;&nbsp; 109234 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp; 117883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 267929 |

---

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp; 5807 |
| **Retail REITs — 1.6%** | **Retail REITs — 1.6%** | **Retail REITs — 1.6%** |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp; 5779 | &nbsp;&nbsp;&nbsp;&nbsp; 141878 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5272 | &nbsp;&nbsp;&nbsp;&nbsp; 33376 |
| **Specialized REITs — 1.8%** | **Specialized REITs — 1.8%** | **Specialized REITs — 1.8%** |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7567 | &nbsp;&nbsp;&nbsp;&nbsp; 156035 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 103133 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 11827 |
| **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** | **Trading Companies & Distributors — 0.8%** |
| &nbsp;&nbsp;&nbsp; DNOW, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2386 | &nbsp;&nbsp;&nbsp;&nbsp; 28414 |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp; 37010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $7,270,549)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 8357064 |
| **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** |
| **Investment Companies — 3.3%** | **Investment Companies — 3.3%** | **Investment Companies — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 3.75% (b) (c) <br>(Cost $285,262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 285249 | &nbsp;&nbsp;&nbsp;&nbsp; 285277 |
| **Investment of Cash Collateral from Securities Loaned — 1.5%** | **Investment of Cash Collateral from Securities Loaned — 1.5%** | **Investment of Cash Collateral from Securities Loaned — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.67% (b) (c) <br>(Cost $133,690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 133690 | &nbsp;&nbsp;&nbsp;&nbsp; 133690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $418,952)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 418967 |
| **Total Investments — 101.6%** <br>**(Cost $7,689,501)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **8776031** |
| **Liabilities in Excess of Other Assets — (1.6)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(140159)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **8635872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at March 31, 2026. The total value of securities on loan at March 31, 2026 is $132,316.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of March 31, 2026.

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940 (the "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $8776031 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8776031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Investment Transactions with Affiliates**— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.

------

**Undiscovered Managers Behavioral Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>| **Shares at** <br>**March 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.75% (a) (b)<br>| $21135 | $2220448 | $1956177 | $(143)<br>| $14 | $285277 | 285249 | $4849 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.67% (a) (b)<br>| 132 | 1295362 | 1161804 |  |  | 133690 | 133690 | 2642 |  |
| **Total** | $21267 | $3515810 | $3117981 | $(143)<br>| $14 | $418967 |  | $7491 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of March 31, 2026.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** UNDISCOVERED MANAGERS FUNDS

- **b. Investment Company Act file number:** 811-08437

- **c. CIK number of Registrant:** 0001047712

- **d. LEI of Registrant:** 549300YPSG9HT1BD3R23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 800-480-4111

**Item A.2. Information about the Series.**

- **a. Name of Series:** Undiscovered Managers Behavioral Value Fund

- **b. EDGAR series identifier (if any):** S000004186

- **c. LEI of Series:** 549300641CHBOHMGD186

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8782793204.77

**Total Liabilities:** $140847839.25

**Net Assets:** $8641945365.52

**Cash Not Reported:** $0.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011784 | 4.51%                | 4.15%                | -5.54%               |
| Class ID C000126248 | 4.55%                | 4.19%                | -5.50%               |
| Class ID C000011783 | 4.55%                | 4.18%                | -5.51%               |
| Class ID C000177424 | 4.53%                | 4.17%                | -5.52%               |
| Class ID C000011786 | 4.48%                | 4.11%                | -5.57%               |
| Class ID C000177423 | 4.50%                | 4.15%                | -5.53%               |
| Class ID C000126246 | 4.53%                | 4.18%                | -5.51%               |
| Class ID C000177425 | 4.54%                | 4.18%                | -5.51%               |
| Class ID C000126247 | 4.48%                | 4.14%                | -5.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $140489851.31            | $260607274.72                              |
| Month 2  | $69957749.99             | $285552628.16                              |
| Month 3  | $29261837.13             | $-560644737.76                             |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                          | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Radian Group, Inc.                            | Radian Group, Inc.                                                    | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |   1666958 | NS      | $55142970.64  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        | 133689917 | NS      | $133689916.85 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings, Inc.                        | Koppers Holdings, Inc.                                                | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    798801 | NS      | $30897622.68  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies, Inc.                    | Resideo Technologies, Inc.                                            | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |   3194495 | NS      | $107686426.45 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp.                                  | Gentex Corp.                                                          | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |   4205266 | NS      | $91885062.10  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                           | Flowers Foods, Inc.                                                   | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |   9163895 | NS      | $74685744.25  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co. (The)                              | Timken Co. (The)                                                      | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    463909 | NS      | $46655328.13  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical, Inc.                             | ICU Medical, Inc.                                                     | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |   1002935 | NS      | $129529055.25 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                          | Old National Bancorp                                                  | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |  12274383 | NS      | $271263864.30 | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd.                            | Everest Group Ltd.                                                    | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    237600 | NS      | $77659560.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd, Inc.                                    | WaFd, Inc.                                                            | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2657704 | NS      | $83451905.60  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                            | Devon Energy Corp.                                                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   3923187 | NS      | $197414769.84 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp.                               | NCR Voyix Corp.                                                       | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |   5272624 | NS      | $33375709.92  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp.                                     | UGI Corp.                                                             | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |   4357443 | NS      | $158698074.06 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex, Inc.                                | Teleflex, Inc.                                                        | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |   1114230 | NS      | $133273050.30 | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                         | Range Resources Corp.                                                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |   1995786 | NS      | $90169611.48  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                         | Assured Guaranty Ltd.                                                 | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |    691840 | NS      | $56371123.20  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd.                      | Cushman & Wakefield Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |    473617 | NS      | $5806544.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp.                                     | LKQ Corp.                                                             | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |   7834053 | NS      | $230086136.61 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co. (The)                             | Brink's Co. (The)                                                     | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |    931018 | NS      | $96481395.34  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments, Inc.                         | Shift4 Payments, Inc., Class A                                        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    981400 | NS      | $42916622.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Terex Corp.                                   | Terex Corp.                                                           | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |   1210451 | NS      | $71537654.10  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts, Inc.                      | Advance Auto Parts, Inc.                                              | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |   1955127 | NS      | $103132949.25 | 1.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Greif, Inc.                                   | Greif, Inc., Class A                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |   1024966 | NS      | $68744469.62  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares, Inc.                       | United Bankshares, Inc.                                               | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |   1077827 | NS      | $44643594.34  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm, Inc.                                | Gentherm, Inc.                                                        | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |    966374 | NS      | $26845869.72  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona, Inc.                         | Dentsply Sirona, Inc.                                                 | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |   9337652 | NS      | $108316763.20 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group, Inc.               | Northwestern Energy Group, Inc.                                       | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    395865 | NS      | $26103338.10  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group, Inc. (The)                      | Ensign Group, Inc. (The)                                              | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    460718 | NS      | $92834677.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp, Inc.                            | Hope Bancorp, Inc.                                                    | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |   4835198 | NS      | $54009161.66  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd.                    | Axis Capital Holdings Ltd.                                            | CUSIP: N/A<br>LEI: 635400VD2NQBYAHMEM55       | Long             | EC               | CORP              | BM        |    362514 | NS      | $36762544.74  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp.                   | Horace Mann Educators Corp.                                           | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |   1625247 | NS      | $69365541.96  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp.                                | Celanese Corp., Class A                                               | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |   2895305 | NS      | $190424209.85 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Financial Corp.                        | Beacon Financial Corp.                                                | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |   3330642 | NS      | $99919260.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co.                       | Columbia Sportswear Co.                                               | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |    215782 | NS      | $11827011.42  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd.          | White Mountains Insurance Group Ltd.                                  | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | BM        |     85474 | NS      | $187782959.04 | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                               | JBT Marel Corp.                                                       | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    275547 | NS      | $35234194.89  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                     | CNO Financial Group, Inc.                                             | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |   3078110 | NS      | $126387196.60 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co.                 | Graphic Packaging Holding Co.                                         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  14689377 | NS      | $146012407.38 | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                              | Concentrix Corp.                                                      | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |   1491663 | NS      | $40811899.68  | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Sonoco Products Co.                           | Sonoco Products Co.                                                   | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |   3797948 | NS      | $205431007.32 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp.            | Marriott Vacations Worldwide Corp.                                    | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |   1403690 | NS      | $91408292.80  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp.                             | Black Hills Corp.                                                     | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |    619796 | NS      | $43020040.36  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                       | Pebblebrook Hotel Trust                                               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   3970159 | NS      | $50143108.17  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund              | JPMorgan Prime Money Market Fund, Class IM                            | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        | 285248579 | NS      | $285277103.49 | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co. plc                               | Perrigo Co. plc                                                       | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |   6127636 | NS      | $65810810.64  | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| KeyCorp                                       | KeyCorp                                                               | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   2193159 | NS      | $43972837.95  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp.                                    | AGCO Corp.                                                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |   1301553 | NS      | $150810946.11 | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp.                                  | CONMED Corp.                                                          | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |   1368468 | NS      | $48389028.48  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor, Inc.                               | Frontdoor, Inc.                                                       | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |    623890 | NS      | $32978825.40  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co., Inc.               | MSC Industrial Direct Co., Inc., Class A                              | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    401099 | NS      | $37009404.73  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage, Inc.                                 | Lineage, Inc.                                                         | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    905580 | NS      | $29666800.80  | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Integra LifeSciences Holdings Corp.           | Integra LifeSciences Holdings Corp.                                   | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |   2928043 | NS      | $27582165.06  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.      | Science Applications International Corp.                              | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |   1241921 | NS      | $117883141.32 | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products, Inc.              | Reynolds Consumer Products, Inc.                                      | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |   5579340 | NS      | $118170421.20 | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp.                                    | Olin Corp.                                                            | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |   3911130 | NS      | $116277894.90 | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire, Inc.                                   | Spire, Inc.                                                           | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |   1363134 | NS      | $123418152.36 | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust, Inc.                  | Americold Realty Trust, Inc.                                          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |  12991579 | NS      | $148883495.34 | 1.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Primo Brands Corp.                            | Primo Brands Corp.                                                    | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |  11123395 | NS      | $209453527.85 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries, Inc.                          | ABM Industries, Inc.                                                  | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    871470 | NS      | $33569024.40  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                       | Kite Realty Group Trust                                               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5779154 | NS      | $141878230.70 | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson, Inc.                                  | Matson, Inc.                                                          | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |    416894 | NS      | $68345602.36  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                              | NCR Atleos Corp.                                                      | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |   1679481 | NS      | $73191781.98  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor, Inc.                                 | Avantor, Inc.                                                         | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8678853 | NS      | $68042207.52  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                | Rayonier, Inc.                                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   7567177 | NS      | $156035189.74 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                         | Chatham Lodging Trust                                                 | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1258496 | NS      | $9904363.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus, Inc.                                 | Maximus, Inc.                                                         | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |   1569724 | NS      | $100619308.40 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction, Inc.                    | Granite Construction, Inc.                                            | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    693875 | NS      | $83181735.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| FNB Corp.                                     | FNB Corp.                                                             | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |  12059899 | NS      | $201641511.28 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease, Inc.                    | Broadstone Net Lease, Inc.                                            | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   2503009 | NS      | $45729974.43  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings, Inc.                  | Southwest Gas Holdings, Inc.                                          | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |    674050 | NS      | $58574945.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp.                           | CVB Financial Corp.                                                   | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1680737 | NS      | $32589490.43  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW, Inc.                                    | DNOW, Inc.                                                            | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |   2385752 | NS      | $28414306.32  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp.                  | Simmons First National Corp., Class A                                 | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |   1081875 | NS      | $21042468.75  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy, Inc.                    | Patterson-UTI Energy, Inc.                                            | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |   9989510 | NS      | $108186393.30 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co. (The)                                | Toro Co. (The)                                                        | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |    207230 | NS      | $19363571.20  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.                 | Portland General Electric Co.                                         | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |   3216644 | NS      | $169742303.88 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties, Inc.                   | Healthpeak Properties, Inc.                                           | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |  22780127 | NS      | $374277486.61 | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                         | Silgan Holdings, Inc.                                                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   2700167 | NS      | $104766479.60 | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian, Inc.                          | First Hawaiian, Inc.                                                  | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |   3916986 | NS      | $96514535.04  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                       | Valley National Bancorp                                               | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |   4058110 | NS      | $49833590.80  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes, Inc.                        | Tri Pointe Homes, Inc.                                                | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    646982 | NS      | $30233468.86  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings, Inc.                      | Energizer Holdings, Inc.                                              | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |   2697836 | NS      | $44298467.12  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc.  | Fidelity National Information Services, Inc.                          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |   1962500 | NS      | $92060875.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding plc              | Sensata Technologies Holding plc                                      | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | GB        |   4814174 | NS      | $169555208.28 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp.                        | Envista Holdings Corp.                                                | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   3095501 | NS      | $78532860.37  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp.                                   | Cabot Corp.                                                           | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |   1680561 | NS      | $126563048.91 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp.                                  | Kemper Corp.                                                          | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |   2893848 | NS      | $88435994.88  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll, Inc.                             | MillerKnoll, Inc.                                                     | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |   2453047 | NS      | $35471059.62  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor plc                                     | Amcor plc                                                             | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | JE        |  10651120 | NS      | $423382020.00 | 4.90%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** UNDISCOVERED MANAGERS FUNDS

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer