<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001047712
<NAME> UNDISCOVERED MANAGERS FUNDS
<SERIES>
<NUMBER> 011
<NAME> ALL CAP VALUE FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 556978
<INVESTMENTS-AT-VALUE> 644035
<RECEIVABLES> 1435
<ASSETS-OTHER> 15035
<OTHER-ITEMS-ASSETS> 22722
<TOTAL-ASSETS> 683227
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11871
<TOTAL-LIABILITIES> 11871
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 624433
<SHARES-COMMON-STOCK> 42293
<SHARES-COMMON-PRIOR> 62539
<ACCUMULATED-NII-CURRENT> 6103
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (46237)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 87057
<NET-ASSETS> 671356
<DIVIDEND-INCOME> 11908
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<OTHER-INCOME> 0
<EXPENSES-NET> 8566
<NET-INVESTMENT-INCOME> 5163
<REALIZED-GAINS-CURRENT> (32022)
<APPREC-INCREASE-CURRENT> 27622
<NET-CHANGE-FROM-OPS> 763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8824
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10390
<NUMBER-OF-SHARES-REDEEMED> (31234)
<SHARES-REINVESTED> 598
<NET-CHANGE-IN-ASSETS> (368076)
<ACCUMULATED-NII-PRIOR> 5897
<ACCUMULATED-GAINS-PRIOR> (14215)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112343
<AVERAGE-NET-ASSETS> 772817
<PER-SHARE-NAV-BEGIN> 15.22
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.47
<EXPENSE-RATIO> 0.99
</TABLE>
