Shareholder Report
Jun. 30, 2026
USD ($)
Holding
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class R6 Shares) |
$87 | 0.80% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class R6 Shares returned 17.45% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class R6 Shares) | April 30, 2013 | 17.45 | % | 8.52 | % | 10.64 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class R6 Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class R5 Shares) |
$98 | 0.90% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class R5 Shares returned 17.34% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class R5 Shares) | March 1, 2017 | 17.34 | % | 8.42 | % | 10.53 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class R5 Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class R4 Shares) |
$114 | 1.05% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class R4 Shares returned 17.16% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class R4 Shares) | March 1, 2017 | 17.16 | % | 8.25 | % | 10.36 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class R4 Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class R3 Shares) |
$141 | 1.30% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class R3 Shares returned 16.88% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class R3 Shares) | March 1, 2017 | 16.88 | % | 7.99 | % | 10.09 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class R3 Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class R2 Shares) |
$168 | 1.55% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class R2 Shares returned 16.59% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class R2 Shares) | April 30, 2013 | 16.59 | % | 7.71 | % | 9.81 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class R2 Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class L Shares) |
$98 | 0.90% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class L Shares returned 17.34% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class L Shares) | December 28, 1998 | 17.34 | % | 8.42 | % | 10.53 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class I Shares) |
$107 | 0.99% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class I Shares returned 17.23% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class I Shares) | April 30, 2013 | 17.23 | % | 8.31 | % | 10.39 | % |
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class I Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class C Shares) |
$188 | 1.74% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class C Shares, without a sales charge, returned 16.37% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class C Shares) | June 4, 2004 | 15.37 | % | 7.50 | % | 9.68 | % |
| Undiscovered Managers Behavioral Value Fund (Class C Shares) - excluding sales charge | 16.37 | 7.50 | 9.68 | ||||
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class C Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| Undiscovered Managers Behavioral Value Fund (Class A Shares) |
$134 | 1.24% |
How did the Fund Perform?
The Undiscovered Managers Behavioral Value Fund's Class A Shares, without a sales charge, returned 16.95% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.
- For the twelve months ended June 30, 2026, the Index increased substantially due to ownership of stocks exhibiting strong momentum, high volatility, and perceived benefits from the buildout of AI infrastructure. The Fund was unable to replicate this return largely due to its exposure to less volatile companies.
- The Fund’s security selection in the materials and health care sectors and average underweight in the information technology sector detracted from performance relative to the Index.
- The Fund’s average underweight to the consumer discretionary and financials sectors, average overweight to the materials sector, and security selection in the real estate sector contributed to performance relative to the Index.
- During the reporting period, the Fund’s largest sector overweights compared to the Index were in the materials and industrials sectors, while its largest sector underweights compared to the Index were in the information technology and energy sectors.
- The Fund’s sub-adviser, Fuller & Thaler Asset Management Inc., looked for stocks that it believed were mispriced based on behavioral biases. The sub-adviser generally utilizes a three-pronged approach that includes: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market over-reaction due to behavioral factors; and iii) analysis of the company’s fundamentals with regard to business model, valuation and credit risk.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| Undiscovered Managers Behavioral Value Fund (Class A Shares) | June 4, 2004 | 10.81 | % | 6.88 | % | 9.53 | % |
| Undiscovered Managers Behavioral Value Fund (Class A Shares) - excluding sales charge | 16.95 | 8.04 | 10.12 | ||||
| Russell 3000 Index | 22.82 | 12.31 | 15.06 | ||||
| Russell 2000 Value Index | 43.01 | 8.23 | 10.89 |
KEY FUND STATISTICS
| Fund net assets (000's) | $9,005,869 | |
| Total number of portfolio holdings | 88 | |
| Portfolio turnover rate | 31 | % |
| Total advisory fees paid (000's) | $65,693 |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective June 12, 2026, Class A Shares of the Fund are no longer subject to a limited offering.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-800-480-4111.