Undiscovered Managers Behavioral Value Fund

This fund aims to generate returns by investing in the common equities of U.S. companies that its sub-adviser identifies as possessing compelling value characteristics. The portfolio's scope includes, but is not restricted to, shares of small-capitalization firms—comparable to those typically represented in the Russell 2000 Value Index—as well as real estate investment trusts (REITs). A distinctive aspect of the sub-adviser's approach is its application of behavioral finance principles when making stock selections.