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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 34
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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SIGNATURE CHARLENE LUCCHESI
TITLE COMPLIANCE ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> SMALL CAP VALUE FUND CLASS C
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
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<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5565655
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106205
<AVERAGE-NET-ASSETS> 4512270
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 1.540
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.13
<EXPENSE-RATIO> 1.45
</TABLE>
SUB-Item 77B: Accountant's report on internal control
INDEPENDENT AUDITORS' REPORT
The Board of Trustees,
Undiscovered Managers Funds:
In planning and performing our audits of the financial statements of
Undiscovered Managers Funds (the "Trust"), including Undiscovered
Managers Behavioral Growth Fund, Undiscovered Managers Behavioral
Value Fund, Undiscovered Managers Behavioral Long/Short Fund,
Undiscovered Managers REIT Fund, Undiscovered Managers Special Small
Cap Fund, Undiscovered Managers Small Cap Value Fund, Undiscovered
Managers Hidden Value Fund, Undiscovered Managers All Cap Value
Fund, Undiscovered Managers Core Equity Fund, UM International Small
Cap Equity Fund, and UM International Equity Fund (the "Funds") for
the periods ended August 31, 1999 (on which we have issued our
report dated October 19, 1999), we considered its internal control,
including control activities over safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on
the Trust's internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to error or fraud may occur and not be detected.
Also, projection of any evaluation of internal control to future
periods are subject to the risk that the internal control may become
inadequate because of changes in conditions or that the degree of
compliance with policies or procedures may deteriorate.
Our consideration of the Trust's internal control would not
necessarily disclose all matters in the internal control that might
be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
Funds' internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of August 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
October 19, 1999
