# EDGAR Filing Document

**Accession Number:** 0001047712
**File Stem:** 0001752724-23-045253
**Filing Date:** 2023-2
**Character Count:** 39797
**Document Hash:** fd76c8a11fe265229ee78ccffd7324ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045253.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045253

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNDISCOVERED MANAGERS FUNDS
- **CENTRAL INDEX KEY:** 0001047712
- **IRS NUMBER:** 043400483
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08437
- **FILM NUMBER:** 23680628

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## 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           |

## 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:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $7376495536.38

**Total Liabilities:** $75283945.85

**Net Assets:** $7301211590.53

**Cash Not Reported:** $751524.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011784 | 13.49%               | 4.20%                | -3.91%               |
| Class ID C000126248 | 13.53%               | 4.24%                | -3.86%               |
| Class ID C000011783 | 13.52%               | 4.23%                | -3.87%               |
| Class ID C000177424 | 13.51%               | 4.22%                | -3.89%               |
| Class ID C000011786 | 13.46%               | 4.16%                | -3.95%               |
| Class ID C000177423 | 13.49%               | 4.19%                | -3.90%               |
| Class ID C000126246 | 13.52%               | 4.22%                | -3.88%               |
| Class ID C000177425 | 13.52%               | 4.23%                | -3.87%               |
| Class ID C000126247 | 13.47%               | 4.17%                | -3.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17608290.35             | $865427684.00                              |
| Month 2  | $42611616.11             | $255289835.26                              |
| Month 3  | $104596516.49            | $-415450402.95                             |

**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        |   3343286 | NS      | $63756464.02  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's, Inc.                                | Carter's, Inc.                                                        | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |    839428 | NS      | $62629723.08  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Dolby Laboratories, Inc.                      | Dolby Laboratories, Inc., Class A                                     | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |    492900 | NS      | $34769166.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings, Inc.                        | Koppers Holdings, Inc.                                                | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1807433 | NS      | $50969610.60  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA, Inc.                                   | TEGNA, Inc.                                                           | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |   2125590 | NS      | $45041252.10  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies, Inc.                    | Resideo Technologies, Inc.                                            | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |   4483802 | NS      | $73758542.90  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares, Inc.                   | Huntington Bancshares, Inc.                                           | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |   3608467 | NS      | $50879384.70  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd.                             | Enstar Group Ltd.                                                     | CUSIP: N/A<br>LEI: 213800AMAL5QFXVUCN04       | Long             | EC               | CORP              | BM        |    426729 | NS      | $98591468.16  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp, Inc.                       | Brookline Bancorp, Inc.                                               | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3281213 | NS      | $46429163.95  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical, Inc.                             | ICU Medical, Inc.                                                     | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |    471892 | NS      | $74313552.16  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                           | Bancorp, Inc. (The)                                                   | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1204182 | NS      | $34174685.16  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings, Inc.  | American Axle & Manufacturing Holdings, Inc.                          | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2793789 | NS      | $21847429.98  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings, Inc.                         | ADTRAN Holdings, Inc.                                                 | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |   1742221 | NS      | $32736332.59  | 0.45%             |  |  |  | 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        |  59008000 | NS      | $59007999.61  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinseo plc                                   | Trinseo plc                                                           | CUSIP: N/A<br>LEI: 549300TJ3HIGDA2Z8315       | Long             | EC               | CORP              | IE        |   1301387 | NS      | $29554498.77  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                          | Old National Bancorp                                                  | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |  16014288 | NS      | $287936898.24 | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies, Inc.                      | TETRA Technologies, Inc.                                              | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |   6249283 | NS      | $21622519.18  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                            | Devon Energy Corp.                                                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |   2786229 | NS      | $171380945.79 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corp.                                     | NCR Corp.                                                             | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |   4029310 | NS      | $94326147.10  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                         | Range Resources Corp.                                                 | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |   2527769 | NS      | $63244780.38  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ModivCare, Inc.                               | ModivCare, Inc.                                                       | CUSIP: 60783X104<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | EC               | CORP              | US        |    753386 | NS      | $67601325.78  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                         | Assured Guaranty Ltd.                                                 | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |    916233 | NS      | $57044666.58  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Allscripts Healthcare Solutions, Inc.         | Allscripts Healthcare Solutions, Inc.                                 | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |   2105554 | NS      | $37141972.56  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Materials Handling, Inc.          | Hyster-Yale Materials Handling, Inc.                                  | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    185124 | NS      | $4685488.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co. (The)                             | Brink's Co. (The)                                                     | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |   2914942 | NS      | $156561534.82 | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding, Inc.                        | JELD-WEN Holding, Inc.                                                | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |   8411718 | NS      | $81173078.70  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co., Inc.                   | CommScope Holding Co., Inc.                                           | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |   3316171 | NS      | $24373856.85  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp.                                   | Terex Corp.                                                           | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |   1847568 | NS      | $78928104.96  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                   | Greif, Inc., Class A                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |    974701 | NS      | $65363449.06  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares, Inc.                       | United Bankshares, Inc.                                               | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |   1536564 | NS      | $62215476.36  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm, Inc.                                | Gentherm, Inc.                                                        | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |    782255 | NS      | $51073428.95  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NorthWestern Corp.                            | NorthWestern Corp.                                                    | CUSIP: 668074305<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | EC               | CORP              | US        |   1385592 | NS      | $82221029.28  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group, Inc. (The)                      | Ensign Group, Inc. (The)                                              | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |   2111811 | NS      | $199798438.71 | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp, Inc.                            | Hope Bancorp, Inc.                                                    | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |   6732474 | NS      | $86242991.94  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd.                    | Axis Capital Holdings Ltd.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |    874589 | NS      | $47376486.13  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Horace Mann Educators Corp.                   | Horace Mann Educators Corp.                                           | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |   1198332 | NS      | $44781666.84  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp.                                | Celanese Corp.                                                        | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |    340265 | NS      | $34788693.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co.                       | Columbia Sportswear Co.                                               | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |   1122963 | NS      | $98349099.54  | 1.35%             |  |  |  | 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        |    124807 | NS      | $176518284.31 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund    | JPMorgan U.S. Government Money Market Fund, Share Class IM            | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  10050292 | NS      | $10050292.40  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                     | CNO Financial Group, Inc.                                             | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |   5911320 | NS      | $135073662.00 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co.                 | Graphic Packaging Holding Co.                                         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  11662657 | NS      | $259494118.25 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Street Properties Corp.              | Franklin Street Properties Corp.                                      | CUSIP: 35471R106<br>LEI: 549300STLK2T6QY5WO82 | Long             | EC               | CORP              | US        |   5920255 | NS      | $16162296.15  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands, Inc.                             | Hanesbrands, Inc.                                                     | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |  10827379 | NS      | $68862130.44  | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Black Hills Corp.                             | Black Hills Corp.                                                     | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |   1153596 | NS      | $81143942.64  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials, Inc.                         | Eagle Materials, Inc.                                                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    394709 | NS      | $52437090.65  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                       | Pebblebrook Hotel Trust                                               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   3810485 | NS      | $51022394.15  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| MRC Global, Inc.                              | MRC Global, Inc.                                                      | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |   3426470 | NS      | $39678522.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin, Inc.                     | Alexander & Baldwin, Inc.                                             | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1054245 | NS      | $19746008.85  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                       | KeyCorp                                                               | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   8357564 | NS      | $145588764.88 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| James River Group Holdings Ltd.               | James River Group Holdings Ltd.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |   1355894 | NS      | $28351743.54  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust                       | Physicians Realty Trust                                               | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |   4615258 | NS      | $66782783.26  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares, Inc.               | First Citizens BancShares, Inc., Class A                              | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |    110382 | NS      | $83709293.52  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Roofing Supply, Inc.                   | Beacon Roofing Supply, Inc.                                           | CUSIP: 073685109<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |   1386766 | NS      | $73207377.14  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co.                         | Commercial Metals Co.                                                 | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     60176 | NS      | $2906500.80   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group, Inc.                     | DigitalBridge Group, Inc.                                             | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    733423 | NS      | $8023647.62   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor, Inc.                               | Frontdoor, Inc.                                                       | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |    994187 | NS      | $20679089.60  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.      | Science Applications International Corp.                              | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |   1006490 | NS      | $111649935.70 | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield plc                       | Cushman & Wakefield plc                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   3246532 | NS      | $40451788.72  | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Reynolds Consumer Products, Inc.              | Reynolds Consumer Products, Inc.                                      | CUSIP: 76171L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1553708 | NS      | $46580165.84  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Janus Henderson Group plc                     | Janus Henderson Group plc                                             | CUSIP: N/A<br>LEI: 2138009WPYMWJN3RVF44       | Long             | EC               | CORP              | JE        |   1490400 | NS      | $35054208.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp.                                    | Olin Corp.                                                            | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |   2574837 | NS      | $136311870.78 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire, Inc.                                   | Spire, Inc.                                                           | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |   1319437 | NS      | $90856431.82  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems, Inc.                          | Verint Systems, Inc.                                                  | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    595297 | NS      | $21597375.16  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                       | Kite Realty Group Trust                                               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4683024 | NS      | $98577655.20  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Water Corp.                             | Primo Water Corp.                                                     | CUSIP: 74167P108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   6255826 | NS      | $97215536.04  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson, Inc.                                  | Matson, Inc.                                                          | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |   1116508 | NS      | $69792915.08  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.              | Armstrong World Industries, Inc.                                      | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |    423461 | NS      | $29045189.99  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet, Inc.                                   | Avnet, Inc.                                                           | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    742219 | NS      | $30861466.02  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund              | JPMorgan Prime Money Market Fund, Class IM                            | CUSIP: 46637K844<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  39692843 | NS      | $39712689.29  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp.                           | First Horizon Corp.                                                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    723978 | NS      | $17737461.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                | Rayonier, Inc.                                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1588325 | NS      | $52351192.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                         | Chatham Lodging Trust                                                 | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2705823 | NS      | $33200448.21  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus, Inc.                                 | Maximus, Inc.                                                         | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |   2357282 | NS      | $172859489.06 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                 | Healthcare Realty Trust, Inc.                                         | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |   4689266 | NS      | $90362155.82  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction, Inc.                    | Granite Construction, Inc.                                            | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |   2379481 | NS      | $83448398.67  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co., Inc.                           | Donaldson Co., Inc.                                                   | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    483731 | NS      | $28477243.97  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp.                                     | FNB Corp.                                                             | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |  20036143 | NS      | $261471666.15 | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings, Inc.                  | Southwest Gas Holdings, Inc.                                          | CUSIP: 844895102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1927047 | NS      | $119245668.36 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal, Inc.                              | Kennametal, Inc.                                                      | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |   1463601 | NS      | $35214240.06  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings, Inc.                          | Crown Holdings, Inc.                                                  | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |   1184975 | NS      | $97416794.75  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp.                  | Simmons First National Corp., Class A                                 | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |   1848640 | NS      | $39893651.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy, Inc.                    | Patterson-UTI Energy, Inc.                                            | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |   3351594 | NS      | $56440842.96  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.                 | Portland General Electric Co.                                         | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |   3337723 | NS      | $163548427.00 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                         | Silgan Holdings, Inc.                                                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    878587 | NS      | $45545950.08  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian, Inc.                          | First Hawaiian, Inc.                                                  | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |   2854109 | NS      | $74320998.36  | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Nomad Foods Ltd.                              | Nomad Foods Ltd.                                                      | CUSIP: N/A<br>LEI: 5493000ZZ1837DS2SI43       | Long             | EC               | CORP              | VG        |   4748172 | NS      | $81858485.28  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                       | Valley National Bancorp                                               | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |   3857286 | NS      | $43625904.66  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group, Inc.                | Citizens Financial Group, Inc.                                        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |   3721044 | NS      | $146497502.28 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group, Inc.                      | Berry Global Group, Inc.                                              | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |   3541675 | NS      | $214023420.25 | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes, Inc.                        | Tri Pointe Homes, Inc.                                                | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5104480 | NS      | $94892283.20  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings, Inc.                      | Energizer Holdings, Inc.                                              | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |   2804155 | NS      | $94079400.25  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp.                                   | Cabot Corp.                                                           | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |   1720253 | NS      | $114981710.52 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp.                                  | Kemper Corp.                                                          | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |   3016753 | NS      | $148424247.60 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies, Inc.         | Applied Industrial Technologies, Inc.                                 | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    692332 | NS      | $87254601.96  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll, Inc.                             | MillerKnoll, Inc.                                                     | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |   4072815 | NS      | $85569843.15  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** UNDISCOVERED MANAGERS FUNDS

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer