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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 28
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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 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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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 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 44
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<PAGE> PAGE 48
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SIGNATURE DIANA TARNOW
TITLE ASSISTANT TREASURER
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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 CORE EQUITY FUND CLASS 2
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS HIDDEN VALUE FUND CLASS 2
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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 SMALL CAP VALUE FUND CLASS 2
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<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS REIT FUND
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<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS SPECIAL SMALL CAP FUND
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS BEHAVIORAL VALUE FUND
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<NAME> UNDISCOVERED MANAGERS FUNDS
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<NAME> UNDISCOVERED MANAGERS BEHAVIORAL LONG\SHORT FUND
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<TOTAL-LIABILITIES> 2709963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5290142
<SHARES-COMMON-STOCK> 437125
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6121
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (90807)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (244805)
<NET-ASSETS> 4960651
<DIVIDEND-INCOME> 1546
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<EXPENSES-NET> 10490
<NET-INVESTMENT-INCOME> 6121
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<NUMBER-OF-SHARES-SOLD> 429125
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<NET-CHANGE-IN-ASSETS> 4860651
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<GROSS-EXPENSE> 48749
<AVERAGE-NET-ASSETS> 3545406
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> (1.160)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
<SERIES>
<NUMBER> 10
<NAME> UNDISCOVERED MANAGERS INTERNATIONAL SMALL CAP EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> JAN-05-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 5246247
<INVESTMENTS-AT-VALUE> 5138691
<RECEIVABLES> 41063
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<PAYABLE-FOR-SECURITIES> 979801
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47078
<TOTAL-LIABILITIES> 1026879
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<ACCUMULATED-NET-GAINS> (10710)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (110528)
<NET-ASSETS> 5681018
<DIVIDEND-INCOME> 41
<INTEREST-INCOME> 5131
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<EXPENSES-NET> 6020
<NET-INVESTMENT-INCOME> 528
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<APPREC-INCREASE-CURRENT> (110528)
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<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001047712
<NAME> UNDISCOVEREN MANAGERS FUNDS
<SERIES>
<NUMBER> 11
<NAME> UNDISCOVERED MANAGERS INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> JAN-05-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 4818470
<INVESTMENTS-AT-VALUE> 4655333
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43333
<TOTAL-LIABILITIES> 43333
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<SHARES-COMMON-STOCK> 397105
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<ACCUMULATED-NII-CURRENT> 10859
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<ACCUM-APPREC-OR-DEPREC> (163162)
<NET-ASSETS> 4937912
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<OTHER-INCOME> 2006
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<NET-INVESTMENT-INCOME> 10859
<REALIZED-GAINS-CURRENT> (9785)
<APPREC-INCREASE-CURRENT> (163162)
<NET-CHANGE-FROM-OPS> (162088)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 389105
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45477
<AVERAGE-NET-ASSETS> 2293041
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
- -N-SAR - SUB-ITEM 77c
Submission of matters to a vote of security holders.
A special meeting of the Investor Class shareholders of the following funds
was held on January 29, 1999, to vote on the adoption of a 12b-1 Service
and Distribution Plan that replaced the existing Shareholder Servicing Plan
relating to such shares. The results were as follows:
FUND VOTES FOR VOTES AGAINST
Behavioral Growth Fund 51,603 0
Small Cap Value Fund 2,868 0
Hidden Value Fund 4,208 0
Core Equity Fund 3,409 0
All Cap Value Fund 3,588 0
