Cornercap Group Of Funds N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on November 23, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04581

CORNERCAP GROUP OF FUNDS

The Peachtree, Suite 1700

1355 Peachtree Street NE

Atlanta, GA 30309

Adam Waldstein

Atlantic Fund Services, LLC

Three Canal Plaza, Suite 600

Portland, ME 04101

Registrant’s telephone number, including area code: (404) 870-0700

Date of fiscal year end: March 31

Date of reporting period: April 1, 2015 – September 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS.

Table of Contents

Manager’s Report to Shareholders  1

CornerCap Balanced Fund	6
CornerCap Small-Cap Value Fund	8
CornerCap Large/Mid-Cap Value Fund	10

Fund Expenses 12

Schedules of Investments

CornerCap Balanced Fund	14
CornerCap Small-Cap Value Fund	21
CornerCap Large/Mid-Cap Value Fund	29

Statements of Assets and Liabilities 33

Statements of Operations 34

Statements of Changes in Net Assets 35

Financial Highlights

CornerCap Balanced Fund	36
CornerCap Small-Cap Value Fund	37
CornerCap Large/Mid-Cap Value Fund	38

Notes to Financial Statements 39

Additional Information 46

Manager’s Report to Shareholders (Unaudited)

 September 30, 2015

Dear Shareholders,

Following this shareholder letter are the portfolio valuation and financial reports for the semiannual period ending September 30, 2015.  In these reports you will find the fund returns and relevant benchmarks over various periods, the investment holdings, and other financial data for each of our CornerCap funds.

Although claimed by some asset managers, we do not believe that periodic volatility can be avoided for the delivery of strong equity returns over time.  We have experienced one of those volatile periods over the last year.  In our most recent annual report (3/31/15), our Small Cap Value fund realized a 15.23% six month return for the period ending 3/31/15.  In this report for 9/30/15, the fund’s six month return is -8.68% for the period ending 9/30/15.  While volatility can be a symptom of risk, it does not define risk.  In the near term, fear and greed tend to drive volatility.  The best managers of volatility are time and broad diversification.

We work to manage volatility and maximize returns using Fundametrics©, the proprietary research engine that we have been building, measuring, enhancing and accumulating data over the last 35 years.  Our research tracks fundamentals from over 5000 companies and markets and offers great insight into what is going on.

To summarize what we are currently seeing:

·   Investors are not sensitive to valuation currently. Whether or not a stock is cheap does not seem to matter right now. Over time, however, valuation matters.

·   On some level, investors currently prefer big stocks with above-average earnings growth in a challenging economy. But the deeper, more basic story is that investors want what they perceive to be DEFENSE. They want to limit the downside, and they are willing to pay high prices for it. On average, these stocks trade at 20-times earnings (near ten-year highs!), compared to stocks in our more value-sensitive portfolios trading at only 13-times earnings. We like how we are positioned.

·   We last saw this phenomenon in late 2011 and early 2012. The quest for defense pushed those stocks too high. The key is to avoid following the herd and putting too much emphasis on “low volatility” stocks. They can lose value as investor sentiment shifts. We see better opportunity in other, equally good stocks at better prices.

Fear is Driving Heavy Emphasis on Defense

We track over 130 data-driven factors in our research. We are able to see at any given time what we believe to be “in favor” and “out of favor” among US investors. Here’s what our analysis suggests:

·   Defensive factors1 have outperformed over the past year. Low volatility is clearly the overwhelming theme. “Low Beta” (a measure of volatility relative to the market) is by far our top performing factor. The problem is that, over time, “Low Beta” does not typically drive the best stock performance.

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1 such as low stock price volatility, higher dividends, or the largest capitalizations

 Semi-Annual Report  September 30, 2015  1

Manager’s Report to Shareholders (Unaudited)

September 30, 2015

·   Growth factors2 are also making some contributions. During the past few months, the emphasis has been on near-term visibility on earnings. During periods of fear, people typically compress their time horizons.

·   Valuation factors3 have collectively posted over the past year the worst returns of the attributes we track, particularly with Large Stocks4. As an aside, valuation is working better in Small Cap5 right now, primarily because small stocks aren’t typically used for defense. Over broader periods, valuation factors have been some of the BEST performing factors. They represent about two-thirds of our criteria for selecting stocks.

Proliferation of “Low Beta” Funds

When investor demand surges, Wall Street responds with products. By our analysis, 19 funds exist designed to deliver “low beta.” Almost all of them were introduced within the past five years, after the financial crisis of 2008/9.

And since 2012, the amount invested in these funds has increased five-fold, from around $3 billion to about $15 billion (source: Morningstar and CornerCap as of 9/30/15).

Our own take is that a low beta strategy can be fine, where clients are willing to trade long term performance for less volatility. The problem is that investors impatiently buy “low beta” stocks in fear (after they have run up in value) and impatiently sell them when the crisis has passed. Or, they assume “low beta” stocks won’t go down too much.

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2 levels of revenue or earnings growth, both actual or forecasted

3 a measure of how attractive the value of a stock is relative to other stocks

4 defined in our research database at stocks with capitalizations greater than $10 billion

5 defined in our research database as stocks between $500 million and $3 billion

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Manager’s Report to Shareholders (Unaudited)

September 30, 2015

Unfortunately, low beta stocks are still stocks. As a group, they can lose value. We prefer a broader, diversified portfolio as the solution.

Defense Has Become Increasingly Expensive

We become concerned when stocks—in this case, low beta stocks—get ahead of themselves.

Consider the following:

·   The average price to earnings ratio6 for low beta stocks is about 20-times (near all-time highs over the past ten year period), compared to only 15-times for what we call “higher beta.” (source: CornerCap as of 9/25/15)

·   For comparison, the stocks rated “buys” in our research system have an average P/E of 13-times as of 9/25/15.

·   Examples of low beta high-flyers include Reynolds American (with a P/E of 22x), Eli Lilly (28x), Costco (27x), Nike (31x), Visa (29x), and Expedia (35x), as of 9/25/15, to name a few. Note: none of these stocks are currently held in our Funds.

·   These are all good companies, but at rich valuations, we expect the risk going forward to be above average for these traditionally defensive stocks.

Déjà Vu All over Again

We saw a similar development in late 2011, during after-shocks from the financial crisis. Large stocks with high dividends and typically global operations were viewed as “safe havens”. Their P/E multiples averaged 16-times, compared to 14-times for stocks considered more volatile and 10-times for CornerCap “buys.” (source: CornerCap research for 9/28/12.)

During that time, our client portfolios lagged because we were not buying the expensive “defense” at the time. We believe this was a key factor that led to our strong performance in 2013 and 2014.

It’s worth noting that the difference between the stocks perceived to be less volatile vs. those that are considered more volatile is at greater extremes today. Today’s “safe havens” have richer valuations (P/E multiple of 20x today vs. 16x in 2012). There is also a wider spread between “low beta” and “high beta” valuations (i.e., 20x compared to 15x, vs. 16x to 14x).

The Bottom Line

There are plenty of good companies that are being discounted in the market today. Defensive stocks are good companies but on average are expensive. Buying them over the past year may help near-term performance (and

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6 or "P/E", which measures how attractive a company's earnings are when compared to its stock price

Semi-Annual Report September 30, 2015 3

Manager’s Report to Shareholders (Unaudited)

September 30, 2015

comfort) but we believe it would put our long term performance at risk. We must stay with our value-driven approach, which is out of favor in this market. As long as valuation matters over time, we should see better days.

CornerCap Investment Counsel

September 30, 2015

The views in this letter reflect the opinions of CornerCap Group of Funds as of September 30, 2015, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The CornerCap Balanced Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline. The CornerCap Balanced Fund invests in ETFs (Exchange- Traded Funds) and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly.

Recent Quarter Table of Returns

for Periods Ending 9/30/2015

Returns for periods over one year are average annual returns.

	3 Month	1 Year	5 Years	10 Years	Since Inception Inception Date		Gross Expenses	Net Expenses
CSCVX	-8.21%	5.22%	13.05%	6.84%	9.38%	9/30/92	1.50%	1.30%
Russell 2000 Value Index	-10.73%	-1.60%	10.17%	5.35%	10.49%
CBLFX	-6.87%	-5.38%	6.66%	4.55%	5.32%	5/24/97	1.34%	1.14%
Blended Equity & Debt*	-3.49%	0.85%	9.03%	6.03%	6.27%
CMCRX	-10.97%	-8.63%	8.78%	4.22%	2.19%	7/27/00	1.50%	1.20%
Russell 1000 Value Index	-8.39%	-4.42%	12.29%	5.71%	6.06%

The performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. To obtain performance as of the most

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Manager’s Report to Shareholders (Unaudited)

September 30, 2015

recent month end, please call (888) 813-8637. The investment return and principal value of your investment will fluctuate, so investors’ shares, when redeemed, may be worth more or less than their original cost.

* 60% S&P 500 Index and 40% Barclays Capital US Intermediate Government/Credit Index, inception date 5/31/1997

**The Adviser has contractually agreed to waive fees and reimburse the Balanced Fund, the Small-Cap Value Fund, and the Large/Mid-Cap Value Fund for “Total Annual Fund Operating Expenses” that exceed 1.10%, 1.30% and 1.20%, respectively. The contractual agreement cannot be terminated prior to August 1, 2016 without the Board of Trustees' approval.

The views in this letter reflect the opinions of CornerCap Group of Funds as of September 30, 2015, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors.  The CornerCap Balanced Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk.  As interest rates rise the value of bond prices will decline.  The CornerCap Balanced Fund invests in ETFs (Exchange-Traded Funds) and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly.

Price-to-Earnings Ratio (“P/E Ratio”) is the current share price of a stock divided by its earnings per share.

Semi-Annual Report September 30, 2015 5

Manager’s Report to Shareholders (Unaudited)

September 30, 2015

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Manager’s Report to Shareholders (Unaudited)

September 30, 2015

Semi-Annual Report September 30, 2015 7

Manager's Report to Shareholders (Unaudited)

September 30, 2015

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Manager's Report to Shareholders (Unaudited)

September 30, 2015

Semi-Annual Report September 30, 2015 9

Manager's Report to Shareholders (Unaudited)

September 30, 2015

10 www.cornercapfunds.com

Manager's Report to Shareholders  (Unaudited)

September 30, 2015

Semi-Annual Report September 30, 2015 11

Fund Expenses (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including wire fees, redemption fees, and low balance fees, and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2015, through September 30, 2015.

Actual Expenses – The first line under each Fund of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes – The second line under each Fund of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire fees, redemption fees, and low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During
	April 1, 2015		September 30, 2015		Period(a)
CornerCap Balanced Fund
Actual	$	1,000.00	$	926.81	$	5.30
Hypothetical (5% return before taxes)	$	1,000.00	$	1,019.50	$	5.55

CornerCap Small-Cap Value Fund
Actual	$	1,000.00	$	913.19	$	6.22
Hypothetical (5% return before taxes)	$	1,000.00	$	1,018.50	$	6.56

CornerCap Large/Mid-Cap Value Fund
Actual	$	1,000.00	$	885.81	$	5.66
Hypothetical (5% return before taxes)	$	1,000.00	$	1,019.00	$	6.06

(a) These calculations are based on the expenses incurred in the most recent fiscal half-year. The period’s annualized six-month expense ratio is 1.10% for Balanced Fund; 1.30% for Small-Cap Value Fund and 1.20% for Large/Mid-Cap Value Fund, respectively. The dollar amounts shown as “Expenses Paid During Period” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year (183), then divided by 365.

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Fund Expenses (Unaudited)

The expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, account maintenance fees or charges by processing organizations. The Funds do not charge any account maintenance fee or sales load, but do charge a 1.00% redemption fee that is applicable to all redemptions (sales or exchanges) made within sixty (60) days of an initial purchase of shares; provided, however, that the redemption fee will not apply if the shares to be redeemed are held in a retirement account subject to the Employee Retirement Income Security Act.

Semi-Annual Report September 30, 2015 13

SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
COMMON STOCK (60.1%)
Advertising (0.7%)
	Omnicom Group, Inc.	2,515	$	165,739
Aerospace & Defense (1.3%)
	The Boeing Co.	1,235		161,723
	United Technologies Corp.	1,830		162,852
				324,575
Agriculture (0.7%)
	Archer-Daniels-Midland Co.	3,945		163,520
Auto Manufacturers (2.0%)
	Ford Motor Co.	12,160		165,011
	General Motors Co.	5,525		165,861
	PACCAR, Inc.	2,985		155,727
				486,599
Auto Parts & Equipment (0.6%)
	Johnson Controls, Inc.	3,780		156,341
Banks (9.0%)
	Bank of America Corp.	10,715		166,940
	BB&T Corp.	4,935		175,686
	Capital One Financial Corp.	2,280		165,346
	Citigroup, Inc.	3,955		196,207
	Fifth Third Bancorp	9,350		176,808
	JPMorgan Chase & Co.	2,715		165,534
	Regions Financial Corp.	16,665		150,152
	State Street Corp.	2,300		154,583
	SunTrust Banks, Inc.	4,685		179,154
	The Goldman Sachs Group, Inc.	985		171,154
	The PNC Financial Services Group, Inc.	2,135		190,442
	U.S. Bancorp	4,115		168,756
	Wells Fargo & Co.	3,420		175,617
				2,236,379
Biotechnology (1.4%)
	Amgen, Inc.	1,225		169,442
	Gilead Sciences, Inc.	1,830		179,688
				349,130
Chemicals (2.6%)
	Eastman Chemical Co.	2,660		172,155
	The Dow Chemical Co.	4,160		176,384
	The Mosaic Co.	9,105		283,257
				631,796

The accompanying notes to financial statements are an integral part of these financial statements.
14	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Computers (3.4%)
	Apple, Inc.	1,630	$	179,789
	EMC Corp.	6,805		164,409
	Hewlett-Packard Co.	5,750		147,257
	International Business Machines Corp.	1,165		168,890
	Western Digital Corp.	2,320		184,301
				844,646
Diversified Financial Services (3.3%)
	Ally Financial, Inc.(a)	7,945		161,919
	American Express Co.	2,295		170,128
	Ameriprise Financial, Inc.	1,410		153,873
	Discover Financial Services	3,280		170,527
	Morgan Stanley	5,005		157,658
				814,105
Electric (2.2%)
	Entergy Corp.	2,565		166,982
	Exelon Corp.	5,675		168,547
	Public Service Enterprise Group, Inc.	4,685		197,520
				533,049
Electrical Components & Equipment (1.3%)
	Emerson Electric Co.	3,785		167,183
	Rockwell Automation, Inc.	1,485		150,683
				317,866
Engineering & Construction (0.6%)
	Fluor Corp.	3,430		145,261
Food (0.8%)
	Tyson Foods, Inc., Class A	4,740		204,294
Forest Products & Paper (0.6%)
	International Paper Co.	3,985		150,593
Healthcare Services (1.4%)
	Aflac, Inc.	3,110		180,784
	Quest Diagnostics, Inc.	2,640		162,281
				343,065
Home Furnishings (0.6%)
	Whirlpool Corp.	1,010		148,733
Insurance (5.4%)
	ACE, Ltd.	1,660		171,644
	Lincoln National Corp.	3,290		156,143
	MetLife, Inc.	3,960		186,714

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	15

SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Insurance (5.4%)(continued)
	Prudential Financial, Inc.	2,100	$	160,041
	The Allstate Corp.	2,775		161,616
	The Hartford Financial Services Group, Inc.	3,660		167,555
	The Travelers Cos., Inc.	1,795		178,656
	Voya Financial, Inc.	3,870		150,040
				1,332,409
Internet (0.6%)
	Symantec Corp.	8,170		159,070
Leisure Time (0.8%)
	Harley-Davidson, Inc.	3,400		186,660
Lodging (0.6%)
	Wyndham Worldwide Corp.	2,100		150,990
Media (2.1%)
	Comcast Corp., Class A	3,405		193,676
	Scripps Networks Interactive, Inc., Class A	3,195		157,162
	Viacom, Inc., Class B	4,125		177,994
				528,832
Miscellaneous Manufacturing (1.4%)
	Alcoa, Inc.	18,450		178,227
	Pentair PLC	3,210		163,838
				342,065
Oil & Gas (1.2%)
	Ensco PLC, Class A	10,160		143,053
	Marathon Petroleum Corp.	3,605		167,019
				310,072
Oil & Gas Services (0.6%)
	FMC Technologies, Inc.(a)	4,805		148,955
Pharmaceuticals (1.9%)
	Express Scripts Holding Co.(a)	2,185		176,897
	McKesson Corp.	805		148,949
	Teva Pharmaceutical Industries, Ltd., ADR	2,460		138,892
				464,738
Retail (4.4%)
	Bed Bath & Beyond, Inc.(a)	2,600		148,252
	Best Buy Co., Inc.	4,450		165,184
	Kohl's Corp.	3,290		152,360
	Macy's, Inc.	2,915		149,598
	Michael Kors Holdings, Ltd.(a)	3,910		165,159

The accompanying notes to financial statements are an integral part of these financial statements.
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SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Retail (4.4%)(continued)
	The Gap, Inc.	5,290	$	150,765
	Wal-Mart Stores, Inc.	2,510		162,748
				1,094,066
Semiconductors (2.0%)
	Intel Corp.	5,765		173,757
	Lam Research Corp.	2,375		155,159
	Texas Instruments, Inc.	3,505		173,567
				502,483
Software (0.7%)
	CA, Inc.	5,975		163,118
Telecommunications (3.3%)
	AT&T, Inc.	5,050		164,529
	CenturyLink, Inc.	6,150		154,488
	Cisco Systems, Inc.	6,610		173,512
	Juniper Networks, Inc.	6,190		159,145
	Verizon Communications, Inc.	3,735		162,510
				814,184
Transportation (2.6%)
	CSX Corp.	6,005		161,534
	Cummins, Inc.	1,490		161,784
	Union Pacific Corp.	1,880		166,211
	United Rentals, Inc.(a)	2,655		159,433
				648,962
	TOTAL COMMON STOCK (COST $16,589,195)			14,862,295

EXCHANGE TRADED FUNDS (4.3%)
	Guggenheim BulletShares 2015 High Yield Corporate Bond ETF	20,865	539,986
	Guggenheim BulletShares 2016 High Yield Corporate Bond ETF	20,135	520,893
	TOTAL EXCHANGE TRADED FUNDS (COST $1,085,518)		1,060,879

		Principal Amount	Fair Value
GOVERNMENT BOND (2.1%)
	U.S. Treasury Inflation Indexed Bond, 0.125%, 01/15/2022	$500,000	514,007
	TOTAL GOVERNMENT BOND (COST $519,835)		514,007

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	17

SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Principal Amount			Fair Value
CORPORATE BONDS (32.0%)
Agriculture (0.9%)
	Reynolds American, Inc., 6.750%, 06/15/2017		$200,000	$	216,508
Auto Manufacturers (1.4%)
	Ford Motor Co., 9.215%, 09/15/2021		275,000		344,694
Banks (3.7%)
	Bank of America Corp., 4.750%, 08/15/2020		250,000		267,514
	The Goldman Sachs Group, Inc., 5.750%, 01/24/2022		300,000		344,404
	The Goldman Sachs Group, Inc., MTN, 4.000%, 03/18/2029(b)		300,000		296,602
					908,520
Chemicals (1.8%)
	CF Industries, Inc., 7.125%, 05/01/2020		250,000		293,900
	The Dow Chemical Co., 2.500%, 02/15/2016		150,000		152,112
					446,012
Cosmetics & Personal Care (0.7%)
	The Estee Lauder Cos., Inc., 5.550%, 05/15/2017		150,000		160,203
Diversified Financial Services (3.6%)
	Credit Suisse USA, Inc., 5.375%, 03/02/2016		250,000		254,870
	Fiserv, Inc., 4.750%, 06/15/2021		300,000		326,941
	Weyerhaeuser Co., 7.125%, 07/15/2023		250,000		299,253
					881,064
Electronics (2.4%)
	Agilent Technologies, Inc., 5.000%, 07/15/2020		270,000		293,806
	Tech Data Corp., 3.750%, 09/21/2017		300,000		307,658
					601,464
Entertainment (1.1%)
	International Game Technology, 7.500%, 06/15/2019		250,000		263,750
Food (0.7%)
	Safeway, Inc., 3.950%, 08/15/2020		200,000		181,000
Healthcare Services (1.1%)
	Humana, Inc., 6.300%, 08/01/2018		250,000		279,277
Home Furnishings (0.6%)
	Whirlpool Corp., 6.500%, 06/15/2016		150,000		155,954

The accompanying notes to financial statements are an integral part of these financial statements.
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SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Principal Amount		Fair Value
Insurance (1.7%)
	The Travelers Cos., Inc., 5.900%, 06/02/2019	$150,000	$	171,491
	WR Berkley Corp., 5.375%, 09/15/2020	230,000		256,449
				427,940
Lodging (1.0%)
	Starwood Hotels & Resorts Worldwide, Inc., 7.375%, 11/15/2015	250,000		251,734
Media (1.1%)
	DIRECTV Holdings, LLC / DIRECTV Financing Co., Inc., 5.000%, 03/01/2021	255,000		277,958
Oil & Gas (1.5%)
	Chesapeake Energy Corp., 6.625%, 08/15/2020	285,000		211,789
	Statoil ASA, 6.700%, 01/15/2018	150,000		167,188
				378,977
Pharmaceuticals (1.3%)
	Cardinal Health, Inc., 3.200%, 03/15/2023	320,000		317,084
Retail (6.1%)
	AutoZone, Inc., 5.500%, 11/15/2015	150,000		150,819
	Best Buy Co., Inc., 3.750%, 03/15/2016	200,000		201,710
	Dillard's, Inc., 6.625%, 01/15/2018	275,000		297,392
	Foot Locker, Inc., 8.500%, 01/15/2022	385,000		452,375
	Oshkosh Corp., 5.375%, 03/01/2022	100,000		101,500
	Walgreen Co., 3.100%, 09/15/2022	305,000		300,413
				1,504,209
Transportation (1.3%)
	US Airways Group, Inc., 6.125%, 06/01/2018	300,000		308,250
	TOTAL CORPORATE BONDS (COST $7,962,248)			7,904,598

MUNICIPAL BONDS (1.2%)
Kansas (0.6%)
	Johnson County KS, Build America General Obligations Bonds, Unified School District No. 232, 4.950%, 09/01/2019	150,000	154,518
Texas (0.6%)
	County of Galveston TX, Build America General Obligation Bonds, Series B, 4.200%, 02/01/2017	150,000	155,336
	TOTAL MUNICIPAL BONDS (COST $301,450)		309,854

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report  September 30, 2015	19

SCHEDULE OF INVESTMENTS
CornerCap Balanced Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
SHORT-TERM INVESTMENTS (1.2%)
	Federated Treasury Obligation Money Market Fund, 7 Day Yield 0.015%	287,744	$	287,744
	TOTAL SHORT-TERM INVESTMENTS (COST $287,744)			287,744

  TOTAL INVESTMENTS (COST $26,745,990) 100.9% $ 24,939,377

  TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS (0.9)%  (223,774)

  NET ASSETS 100.0% $ 24,715,603

(a) Non-income producing security.

(b) Represents a step bond. Rate disclosed is as of September 30, 2015.

Common Abbreviations:

ADR American Depositary Receipt

ETF Exchange Traded Fund

LLC Limited Liability Company

MTN Medium Term Note

PLC Public Limited Company

The accompanying notes to financial statements are an integral part of these financial statements.
20	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
COMMON STOCK (97.6%)
Aerospace & Defense (0.8%)
	Kaman Corp.	9,500	$	340,575
	Triumph Group, Inc.	7,905		332,642
				673,217
Auto Parts & Equipment (3.2%)
	American Axle & Manufacturing Holdings, Inc.(a)	20,640		411,562
	Cooper Tire & Rubber Co.	10,245		404,780
	Cooper-Standard Holding, Inc.(a)	6,650		385,700
	Dana Holding Corp.	22,555		358,173
	Douglas Dynamics, Inc.	21,560		428,182
	Group 1 Automotive, Inc.	4,450		378,917
	Tower International, Inc.(a)	15,085		358,420
				2,725,734
Banks (11.9%)
	BBCN Bancorp, Inc.	28,000		420,560
	Chemical Financial Corp.	12,490		404,052
	Community Trust Bancorp, Inc.	11,931		423,670
	Customers Bancorp, Inc.(a)	16,605		426,748
	Fidelity Southern Corp.	27,120		573,317
	Financial Institutions, Inc.	16,900		418,782
	First Busey Corp.	22,255		442,207
	First Commonwealth Financial Corp.	45,290		411,686
	First Community Bancshares, Inc.	23,565		421,814
	First Interstate BancSystem, Inc., Class A	14,635		407,438
	FirstMerit Corp.	20,540		362,942
	German American Bancorp, Inc.	13,895		406,707
	Great Southern Bancorp, Inc.	9,990		432,567
	Heartland Financial USA, Inc.	12,470		452,536
	Horizon Bancorp.	17,295		410,756
	Lakeland Bancorp, Inc.	35,991		399,860
	MainSource Financial Group, Inc.	21,065		428,883
	Northrim BanCorp, Inc.	17,010		492,099
	Tompkins Financial Corp.	7,760		414,074
	TriCo Bancshares	17,155		421,498
	Univest Corp. of Pennsylvania	20,470		393,433
	Walker & Dunlop, Inc.(a)	15,460		403,197
	WesBanco, Inc.	12,045		378,815
	Wilshire Bancorp, Inc.	39,935		419,717
				10,167,358
Building Materials (1.9%)
	Core Molding Technologies, Inc.(a)	20,850		384,683
	Global Brass & Copper Holdings, Inc.	23,775		487,625
	Haynes International, Inc.	8,760		331,478
	MYR Group, Inc.(a)	14,930		391,166
				1,594,952

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	21

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Chemicals (2.2%)
	A Schulman, Inc.	10,055	$	326,486
	Cabot Corp.	9,050		285,618
	FutureFuel Corp.	44,400		438,672
	Innospec, Inc.	9,030		419,985
	Minerals Technologies, Inc.	7,885		379,742
				1,850,503
Coal Operations (0.5%)
	Hallador Energy Co.	56,730		394,273
Commercial Services (3.5%)
	American Public Education, Inc.(a)	17,620		413,189
	Grand Canyon Education, Inc.(a)	9,515		361,475
	Insperity, Inc.	9,340		410,306
	Navigant Consulting, Inc.(a)	29,965		476,743
	Quad/Graphics, Inc.	22,925		277,393
	RPX Corp.(a)	27,235		373,664
	TrueBlue, Inc.(a)	15,770		354,352
	Vectrus, Inc.(a)	15,960		351,758
				3,018,880
Computers (2.0%)
	Convergys Corp.	18,260		421,989
	Mentor Graphics Corp.	17,945		441,985
	Quality Systems, Inc.	33,165		413,899
	Sykes Enterprises, Inc.(a)	16,745		426,998
				1,704,871
Distribution/Wholesale (0.5%)
	Essendant, Inc.	12,190		395,322
Diversified Financial Services (2.9%)
	CRA International, Inc.(a)	16,740		361,249
	GAIN Capital Holdings, Inc.	40,800		297,024
	INTL. FCStone, Inc.(a)	15,415		380,596
	Marlin Business Services Corp.	19,940		306,877
	PennyMac Financial Services, Inc., Class A(a)	22,585		361,360
	Piper Jaffray Cos.(a)	8,905		322,094
	Provident Financial Services, Inc.	21,535		419,932
				2,449,132
Electric (2.0%)
	ALLETE, Inc.	8,700		439,263
	Avista Corp.	13,175		438,069
	Black Hills Corp.	10,535		435,517
	Otter Tail Corp.	15,560		405,493
				1,718,342

The accompanying notes to financial statements are an integral part of these financial statements.
22	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Electrical Components & Equipment (0.5%)
	EnerSys, Inc.	7,720	$	413,638
Electronics (4.9%)
	AVX Corp.	27,515		360,171
	Bel Fuse, Inc., Class B	21,290		413,878
	GSI Group, Inc.(a)	31,560		401,759
	II-VI, Inc.(a)	29,320		471,466
	Methode Electronics, Inc.	15,590		497,321
	Newport Corp.(a)	20,970		288,337
	Plexus Corp.(a)	9,995		385,607
	Sanmina Corp.(a)	19,710		421,203
	Stoneridge, Inc.(a)	36,070		445,104
	Tech Data Corp.(a)	7,385		505,872
				4,190,718
Engineering & Construction (0.8%)
	Aegion Corp.(a)	22,260		366,845
	Argan, Inc.	10,405		360,845
				727,690
Environmental Control (0.4%)
	Tetra Tech, Inc.	15,805		384,220
Food (1.9%)
	Fresh Del Monte Produce, Inc.	11,470		453,180
	Ingles Markets, Inc., Class A	9,655		461,799
	SpartanNash Co.	15,462		399,693
	SUPERVALU, Inc.(a)	46,120		331,141
				1,645,813
Forest Products & Paper (1.3%)
	Neenah Paper, Inc.	6,605		384,939
	PH Glatfelter Co.	21,980		378,496
	Schweitzer-Mauduit International, Inc.	10,555		362,881
				1,126,316
Hand & Machine Tools (0.4%)
	Regal-Beloit Corp.	6,190		349,425
Healthcare Products (1.4%)
	Exactech, Inc.(a)	22,775		396,968
	Haemonetics Corp.(a)	12,000		387,840
	Halyard Health, Inc.(a)	13,515		384,367
				1,169,175
Healthcare Services (2.0%)
	INC Research Holdings, Inc., Class A(a)	12,474		498,960

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	23

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Healthcare Services (2.0%) (continued)
	Magellan Health, Inc.(a)	7,165	$	397,156
	National HealthCare Corp.	6,380		388,478
	The Ensign Group, Inc.	9,340		398,164
				1,682,758
Home Builders (0.5%)
	Taylor Morrison Home Corp., Class A(a)	21,905		408,747
Household Products (1.4%)
	ACCO Brands Corp.(a)	50,715		358,555
	ARC Document Solutions, Inc.(a)	63,130		375,623
	Ennis, Inc.	29,160		506,218
				1,240,396
Insurance (6.2%)
	AMERISAFE, Inc.	9,830		488,846
	Aspen Insurance Holdings, Ltd.	8,615		400,339
	Employers Holdings, Inc.	19,220		428,414
	FBL Financial Group, Inc., Class A	6,945		427,256
	Federated National Holding Co.	17,485		419,990
	Fidelity & Guaranty Life	16,845		413,376
	Heritage Insurance Holdings, Inc.(a)	21,860		431,298
	Maiden Holdings, Ltd.	30,475		422,993
	National General Holdings Corp.	22,450		433,060
	Selective Insurance Group, Inc.	15,585		484,070
	The Navigators Group, Inc.(a)	5,615		437,858
	Universal Insurance Holdings, Inc.	16,035		473,674
				5,261,174
Internet (0.8%)
	Perficient, Inc.(a)	21,165		326,576
	Web.com Group, Inc.(a)	17,215		362,892
				689,468
Leisure Services (0.4%)
	Speedway Motorsports, Inc.	21,355		385,458
Lodging (0.9%)
	Interval Leisure Group, Inc.	19,850		364,446
	Isle of Capri Casinos, Inc.(a)	22,340		389,610
				754,056
Machinery - Construction & Mining (0.4%)
	Hyster-Yale Materials Handling, Inc.	6,620		382,835
Machinery - Diversified (2.0%)
	Alamo Group, Inc.	7,875		368,156
	Applied Industrial Technologies, Inc.	7,705		293,946

The accompanying notes to financial statements are an integral part of these financial statements.
24	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Machinery - Diversified (2.0%) (continued)
	DXP Enterprises, Inc.(a)	14,115	$	385,057
	Kadant, Inc.	9,050		353,040
	Terex Corp.	18,540		332,608
				1,732,807
Media (0.5%)
	Time, Inc.	20,605		392,525
Metal Fabricate & Hardware (0.5%)
	Worthington Industries, Inc.	15,585		412,691
Miscellaneous Manufacturing (6.2%)
	AZZ, Inc.	8,330		405,588
	Barnes Group, Inc.	11,060		398,713
	Chase Corp.	11,145		439,001
	Columbus McKinnon Corp.	21,745		394,889
	Crane Co.	8,455		394,088
	Fabrinet(a)	21,345		391,254
	Federal Signal Corp.	26,595		364,617
	Hillenbrand, Inc.	15,655		407,187
	Insteel Industries, Inc.	24,795		398,704
	LB Foster Co., Class A	29,470		361,892
	Lydall, Inc.(a)	14,670		417,948
	Park-Ohio Holdings Corp.	4,927		142,193
	TriMas Corp.(a)	24,385		398,695
	Trinseo SA(a)	15,830		399,707
				5,314,476
Office Furnishings (0.5%)
	Herman Miller, Inc.	14,235		410,537
Oil & Gas (1.8%)
	Atwood Oceanics, Inc.	13,800		204,378
	Delek US Holdings, Inc.	10,735		297,360
	Denbury Resources, Inc.	139,660		340,770
	Panhandle Oil and Gas, Inc., Class A	20,675		334,108
	Rowan Cos. PLC, Class A	23,000		371,450
				1,548,066
Oil & Gas Services (2.0%)
	Bristow Group, Inc.	13,605		355,907
	Chesapeake Utilities Corp.	8,705		462,061
	Gulf Island Fabrication, Inc.	34,235		360,494
	Matrix Service Co.(a)	22,025		494,902
				1,673,364

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	25

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Packaging & Containers (0.4%)
	Silgan Holdings, Inc.	7,115	$	370,265
Pharmaceuticals (1.1%)
	Nutraceutical International Corp.(a)	21,865		516,233
	Omega Protein Corp.(a)	26,625		451,826
				968,059
Real Estate Investment Trusts (5.0%)
	Armada Hoffler Properties, Inc. REIT	25,365		247,816
	Ashford Hospitality Prime, Inc. REIT	15,823		221,997
	Ashford Hospitality Trust, Inc. REIT	29,780		181,658
	CareTrust REIT, Inc.	20,555		233,299
	CBL & Associates Properties, Inc. REIT	14,080		193,600
	Cedar Realty Trust, Inc. REIT	33,905		210,550
	Chatham Lodging Trust REIT	13,150		282,462
	CoreSite Realty Corp. REIT	4,740		243,826
	DiamondRock Hospitality Co. REIT	20,420		225,641
	Inland Real Estate Corp. REIT	23,445		189,905
	Lexington Realty Trust REIT	26,800		217,080
	Medical Properties Trust, Inc. REIT	26,800		296,408
	One Liberty Properties, Inc. REIT	10,475		223,432
	Ryman Hospitality Properties REIT	4,175		205,535
	Sabra Health Care REIT, Inc.	8,485		196,682
	Summit Hotel Properties, Inc. REIT	20,770		242,386
	Sunstone Hotel Investors, Inc. REIT	16,890		223,455
	The Geo Group, Inc. REIT	7,725		229,741
	Whitestone REIT	20,580		237,287
				4,302,760
Retail (6.3%)
	Bloomin' Brands, Inc.	17,565		319,332
	Bravo Brio Restaurant Group, Inc.(a)	29,905		337,029
	Build-A-Bear Workshop, Inc.(a)	20,475		386,773
	DSW, Inc., Class A	12,770		323,209
	Express, Inc.(a)	23,925		427,540
	Genesco, Inc.(a)	5,855		334,145
	Movado Group, Inc.	17,380		448,925
	Nautilus, Inc.(a)	26,100		391,500
	Rocky Brands, Inc.	23,315		330,840
	Shoe Carnival, Inc.	16,580		394,604
	Stein Mart, Inc.	39,250		379,940
	The Finish Line, Inc., Class A	16,730		322,889
	Tilly's, Inc., Class A(a)	44,715		329,102
	World Fuel Services Corp.	10,355		370,709
	Zumiez, Inc.(a)	17,370		271,493
				5,368,030

The accompanying notes to financial statements are an integral part of these financial statements.
26	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Savings & Loans (3.6%)
	Berkshire Hills Bancorp, Inc.	15,080	$	415,303
	Dime Community Bancshares, Inc.	25,455		430,189
	First Defiance Financial Corp.	12,280		448,957
	Flagstar Bancorp, Inc.(a)	20,460		420,658
	Flushing Financial Corp.	19,975		399,900
	HomeStreet, Inc.(a)	21,525		497,227
	United Financial Bancorp, Inc.	32,960		430,128
				3,042,362
Semiconductors (3.3%)
	Brooks Automation, Inc.	38,565		451,596
	Cohu, Inc.	35,960		354,566
	Integrated Device Technology, Inc.(a)	21,880		444,164
	IXYS Corp.	33,475		373,581
	Microsemi Corp.(a)	11,760		385,963
	MKS Instruments, Inc.	11,435		383,416
	Photronics, Inc.(a)	42,835		388,085
				2,781,371
Software (2.8%)
	Coherent, Inc.(a)	6,080		332,576
	Constant Contact, Inc.(a)	17,180		416,443
	ePlus, Inc.(a)	5,475		432,908
	Lionbridge Technologies, Inc.(a)	78,230		386,456
	PDF Solutions, Inc.(a)	35,160		351,600
	SolarWinds, Inc.(a)	10,985		431,052
				2,351,035
Technology (0.5%)
	TeleTech Holdings, Inc.	16,815		450,474
Telecommunications (2.1%)
	Comtech Telecommunications Corp.	11,650		240,106
	FairPoint Communications, Inc.(a)	25,255		389,180
	Gray Television, Inc.(a)	28,985		369,849
	NETGEAR, Inc.(a)	13,650		398,170
	Polycom, Inc.(a)	38,295		401,332
				1,798,637
Transportation (3.4%)
	Aaron’s, Inc.	13,850		500,123
	Air Transport Services Group, Inc.(a)	44,100		377,055
	ArcBest Corp.	13,360		344,287
	Roadrunner Transportation Systems, Inc.(a)	18,065		332,396
	Swift Transportation Co.(a)	19,590		294,242
	Teekay Tankers, Ltd., Class A	56,520		389,988

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	27

SCHEDULE OF INVESTMENTS
CornerCap Small-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Transportation (3.4%) (continued)
	Universal Truckload Services, Inc.	18,595	$	289,524
	Werner Enterprises, Inc.	15,475		388,423
				2,916,038
	TOTAL COMMON STOCK (COST $86,159,667)			83,337,968

  TOTAL INVESTMENTS (COST $86,159,667) 97.6% $ 83,337,968

  TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES 2.4% 2,036,474

  NET ASSETS 100.0% $ 85,374,442

 (a) Non-income producing security.

Common Abbreviations:

PLC Public Limited Company

REIT Real Estate Investment Trust

The accompanying notes to financial statements are an integral part of these financial statements.
28	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Large/Mid-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
COMMON STOCK (98.1%)
Advertising (1.1%)
	Omnicom Group, Inc.	1,755	$	115,655
Aerospace & Defense (2.2%)
	The Boeing Co.	935		122,438
	United Technologies Corp.	1,310		116,577
				239,015
Agriculture (1.0%)
	Archer-Daniels-Midland Co.	2,440		101,138
Auto Manufacturers (3.4%)
	Ford Motor Co.	8,480		115,073
	General Motors Co.	3,890		116,778
	PACCAR, Inc.	2,430		126,773
				358,624
Auto Parts & Equipment (1.1%)
	Johnson Controls, Inc.	2,850		117,876
Banks (15.4%)
	Bank of America Corp.	7,765		120,979
	BB&T Corp.	3,510		124,956
	Capital One Financial Corp.	1,690		122,559
	Citigroup, Inc.	2,485		123,281
	Fifth Third Bancorp	7,435		140,596
	JPMorgan Chase & Co.	2,210		134,744
	Regions Financial Corp.	13,660		123,077
	State Street Corp.	1,640		110,224
	SunTrust Banks, Inc.	3,465		132,501
	The Goldman Sachs Group, Inc.	720		125,107
	The PNC Financial Services Group, Inc.	1,415		126,218
	U.S. Bancorp	3,285		134,718
	Wells Fargo & Co.	2,455		126,064
				1,645,024
Biotechnology (2.1%)
	Amgen, Inc.	840		116,189
	Gilead Sciences, Inc.	1,105		108,500
				224,689
Chemicals (3.3%)
	Eastman Chemical Co.	1,915		123,939
	The Dow Chemical Co.	2,785		118,084
	The Mosaic Co.	3,645		113,396
				355,419

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	29

SCHEDULE OF INVESTMENTS
CornerCap Large/Mid-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares			Fair Value
Computers (5.8%)
	Apple, Inc.		1,135	$	125,190
	EMC Corp.		5,575		134,692
	Hewlett-Packard Co.		4,295		109,995
	International Business Machines Corp.		915		132,648
	Western Digital Corp.		1,435		113,996
					616,521
Diversified Financial Services (5.5%)
	Ally Financial, Inc.(a)		5,615		114,434
	American Express Co.		1,680		124,538
	Ameriprise Financial, Inc.		1,015		110,767
	Discover Financial Services		2,405		125,036
	Morgan Stanley		3,340		105,210
					579,985
Electric (3.6%)
	Entergy Corp.		1,830		119,133
	Exelon Corp.		4,015		119,246
	Public Service Enterprise Group, Inc.		3,340		140,814
					379,193
Electrical Components & Equipment (2.0%)
	Emerson Electric Co.		2,415		106,670
	Rockwell Automation, Inc.		1,085		110,095
					216,765
Engineering & Construction (1.0%)
	Fluor Corp.		2,490		105,452
Food (1.3%)
	Tyson Foods, Inc., Class A		3,180		137,058
Forest Products & Paper (0.9%)
	International Paper Co.		2,480		93,719
Healthcare Services (1.0%)
	Quest Diagnostics, Inc.		1,755		107,880
Household Products (1.0%)
	Whirlpool Corp.		755		111,181
Insurance (10.0%)
	ACE, Ltd.		1,205		124,597
	Aflac, Inc.		2,170		126,142
	Lincoln National Corp.		2,345		111,294
	MetLife, Inc.		2,255		106,323

The accompanying notes to financial statements are an integral part of these financial statements.
30	www.cornercapfunds.com

SCHEDULE OF INVESTMENTS
CornerCap Large/Mid-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Insurance (10.0%) (continued)
	Prudential Financial, Inc.	1,480	$	112,791
	The Allstate Corp.	2,080		121,139
	The Hartford Financial Services Group, Inc.	2,530		115,823
	The Travelers Cos., Inc.	1,360		135,361
	Voya Financial, Inc.	2,835		109,913
				1,063,383
Internet (1.1%)
	Symantec Corp.	5,745		111,855
Leisure Time (1.2%)
	Harley-Davidson, Inc.	2,370		130,113
Lodging (1.0%)
	Wyndham Worldwide Corp.	1,535		110,367
Media (2.0%)
	Scripps Networks Interactive, Inc., Class A	1,995		98,134
	Viacom, Inc., Class B	2,730		117,800
				215,934
Miscellaneous Manufacturing (2.2%)
	Alcoa, Inc.	13,140		126,932
	Pentair PLC	2,115		107,950
				234,882
Oil & Gas (2.0%)
	Ensco PLC, Class A	7,605		107,078
	Marathon Petroleum Corp.	2,250		104,243
				211,321
Oil & Gas Services (0.9%)
	FMC Technologies, Inc.(a)	3,195		99,045
Pharmaceuticals (3.1%)
	Express Scripts Holding Co.(a)	1,480		119,821
	McKesson Corp.	600		111,018
	Teva Pharmaceutical Industries, Ltd., ADR	1,840		103,886
				334,725
Retail (7.2%)
	Bed Bath & Beyond, Inc.(a)	1,820		103,776
	Best Buy Co., Inc.	3,325		123,424
	Kohl's Corp.	1,995		92,389
	Macy's, Inc.	2,145		110,081
	Michael Kors Holdings, Ltd.(a)	2,660		112,358
	The Gap, Inc.	3,695		105,308

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	31

SCHEDULE OF INVESTMENTS
CornerCap Large/Mid-Cap Value Fund	September 30, 2015 (Unaudited)

		Shares		Fair Value
Retail (7.2%) (continued)
	Wal-Mart Stores, Inc.	1,790	$	116,064
				763,400
Semiconductors (3.5%)
	Intel Corp.	4,355		131,259
	Lam Research Corp.	1,700		111,061
	Texas Instruments, Inc.	2,540		125,781
				368,101
Software (1.1%)
	CA, Inc.	4,285		116,980
Telecommunications (6.7%)
	AT&T, Inc.	3,450		112,401
	CenturyLink, Inc.	4,335		108,895
	Cisco Systems, Inc.	4,950		129,937
	Comcast Corp., Class A	2,185		124,283
	Juniper Networks, Inc.	4,620		118,780
	Verizon Communications, Inc.	2,805		122,046
				716,342
Transportation (4.4%)
	CSX Corp.	4,400		118,360
	Cummins, Inc.	1,030		111,837
	Union Pacific Corp.	1,380		122,006
	United Rentals, Inc.(a)	1,970		118,299
				470,502
	TOTAL COMMON STOCK (COST $11,721,889)			10,452,144

SHORT-TERM INVESTMENTS (2.4%)
	Federated Treasury Obligations Money Market Fund, 7 Day Yield 0.015%	254,438	254,438
	TOTAL SHORT-TERM INVESTMENTS (COST $254,438)		254,438

  TOTAL INVESTMENTS (COST $11,976,327) 100.5% $ 10,706,582

  TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS (0.5)%   (55,502)

  NET ASSETS 100.0% $ 10,651,080

(a) Non-income producing security.

Common Abbreviations:

ADR American Depositary Receipt

PLC Public Limited Company

The accompanying notes to financial statements are an integral part of these financial statements.
32	www.cornercapfunds.com

Statements of Assets and Liabilities
	September 30, 2015 (Unaudited)

	60		CornerCap Balanced Fund			CornerCap Small-Cap Value Fund			CornerCap Large/Mid-Cap Value Fund
ASSETS:
Investments, at value (Cost $26,745,990, $86,159,667 and $11,976,327, respectively)		$	24,939,377		$	83,337,968		$	10,706,582
Cash			-			2,616,973			-
Receivable for fund shares subscribed			24,975			91,769			53,542
Receivable for investments sold			-			882,562			-
Dividends and interest receivable			104,725			139,195			13,835
	Total assets		25,069,077			87,068,467			10,773,959
LIABILITIES:
Payable for investment securities purchased			165,461			1,576,471			113,459
Payable for fund shares redeemed			166,736			28,331			-
Advisory fee payable			15,059			53,720			5,019
Other expenses payable			6,218			35,503			4,401
	Total liabilities		353,474			1,694,025			122,879
Net assets		$	24,715,603		$	85,374,442		$	10,651,080
PRICING OF SHARES (NOTE 2):
Net Assets		$	24,715,603		$	85,374,442		$	10,651,080
Shares Outstanding			1,824,181			6,011,255			874,445
Net asset value, offering and redemption price per share		$	13.55		$	14.20		$	12.18
NET ASSETS CONSISTS OF:
Paid-in capital		$	23,789,432		$	82,032,892		$	10,039,614
Undistributed net investment income			303,764			158,081			93,965
Accumulated net realized gain on investments			2,429,020			6,005,168			1,787,246
Net unrealized depreciation in value of investments			(1,806,613	)		(2,821,699	)		(1,269,745	)
Net assets		$	24,715,603		$	85,374,442		$	10,651,080

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	33

Statements of Operations
	September 30, 2015 (Unaudited)

		CornerCap Balanced Fund			CornerCap Small-Cap Value Fund			CornerCap Large/Mid-Cap Value Fund
INVESTMENT INCOME:
Dividends, (net of foreign withholding taxes of $290, $0 and $212, respectively)	$	184,211		$	679,960		$	119,620
Interest		163,437			-			-
Total investment income		347,648			679,960			119,620
EXPENSES:
Advisory fees		133,307			443,727			57,084
Operating expenses		39,992			221,862			28,542
Total expenses		173,299			665,589			85,626
Less fees waived/reimbursed by investment adviser		(26,662	)		(88,746	)		(17,126	)
Net expenses		146,637			576,843			68,500
Net investment income		201,011			103,117			51,120
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		301,928			1,619,867			198,612
Change in unrealized depreciation of investments		(2,460,935	)		(9,727,414	)		(1,583,504	)
Net loss on investments		(2,159,007	)		(8,107,547	)		(1,384,892	)
Net decrease in net assets resulting from operations	$	(1,957,996	)	$	(8,004,430	)	$	(1,333,772	)

The accompanying notes to financial statements are an integral part of these financial statements.
34	www.cornercapfunds.com

Statements of Changes in Net Assets

		CornerCap Balanced Fund						CornerCap Small-Cap Value Fund						CornerCap Large/Mid-Cap Value Fund
		For the Six Months Ended September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Year Ended March 31, 2015
OPERATIONS:
	Net investment income	$	201,011		$	369,232		$	103,117		$	111,647		$	51,120		$	124,642
	Net realized gain on investments		301,928			3,187,612			1,619,867			7,272,052			198,612			2,389,525
	Change in unrealized depreciation of investments		(2,460,935	)		(2,301,112	)		(9,727,414	)		(1,540,105	)		(1,583,504	)		(1,658,144	)
	Net increase (decrease) in net assets resulting from operations		(1,957,996	)		1,255,732			(8,004,430	)		5,843,594			(1,333,772	)		856,023
DISTRIBUTIONS TO SHAREHOLDERS:
	From net investment income		-			(366,495	)		-			(78,979	)		-			(114,458	)
	From net realized gain on investments		-			(2,348,112	)		-			(7,714,238	)		-			(875,657	)
Total Distributions to Shareholders			-			(2,714,607	)		-			(7,793,217	)		-			(990,115	)
CAPITAL SHARE TRANSACTIONS:
	Net increase (decrease) from capital share transactions (see Note 3)		(183,349	)		4,795,321			8,200,597			27,367,188			371,448			895,024
	Redemption fees					-			966			-			300			116
Net increase (decrease) from capital share transactions			(183,349	)		4,795,321			8,201,563			27,367,188			371,748			895,140
Total increase (decrease) in net assets			(2,141,345	)		3,336,446			197,133			25,417,565			(962,024	)		761,048
NET ASSETS:
	Beginning of period		26,856,948			23,520,502			85,177,309			59,759,744			11,613,104			10,852,056
	End of period*	$	24,715,603		$	26,856,948		$	85,374,442		$	85,177,309		$	10,651,080		$	11,613,104
*	Including undistributed net investment income of:	$	303,764		$	102,753		$	158,081		$	54,964		$	93,965		$	42,845

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	35

Financial Highlights

CornerCap Balanced Fund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2015 (Unaudited)				Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$		14.62		$	15.51		$	14.03		$	13.51		$	13.65		$	12.82
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income				0.11	(a)		0.22	(a)		0.23	(a)		0.24			0.24			0.26
Net realized and unrealized gain (loss) on investments				(1.18	)		0.59			2.09			0.78			(0.07	)		0.97
Total Income/(Loss) from Investment Operations				(1.07	)		0.81			2.32			1.02			0.17			1.23
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income				—			(0.23	)		(0.22	)		(0.24	)		(0.31	)		(0.40	)
Distributions from net realized gain on investments				—			(1.47	)		(0.62	)		(0.26	)		—			—
Total Dividends and Distributions to Shareholders				—			(1.70	)		(0.84	)		(0.50	)		(0.31	)		(0.40	)
Paid-in Capital from Redemption fees				—			—			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
Net Asset value, end of period		$		13.55		$	14.62		$	15.51		$	14.03		$	13.51		$	13.65
Total Return				(7.32	)%(c)		5.12	%		16.76	%		7.85	%		1.47	%		9.78	%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)			$24,716			$26,857			$23,521			$19,290			$18,538			$18,427
RATIOS TO AVERAGE NET ASSETS:
Net investment income				1.51	%(d)		1.45	%		1.54	%		1.82	%		1.64	%		2.13	%
Net expenses				1.10	%(d)		1.10	%		1.10	%		1.10	%		1.20	%(e)		1.30	%
Gross expenses				1.30	%(d)(f)		1.30	%(f)		1.30	%(f)		1.30	%(f)		1.30	%(f)		1.30	%
Portfolio turnover rate				26	%(c)		87	%		43	%		40	%		38	%		31	%
(a)	Calculated based on average shares outstanding during each period.
(b)	Less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Effective October 1, 2011, the Adviser agreed to limit expenses at 1.10%. Prior to October 1, 2011, no expense cap was in place.
(f)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an integral part of these financial statements.
36	www.cornercapfunds.com

Financial Highlights

CornerCap Small-Cap Value Fund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:		Six Months Ended September 30, 2015 (Unaudited)			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013				Year Ended March 31, 2012			Year Ended March 31, 2011
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	15.55		$	16.25		$	13.74		$	12.98			$	13.51		$	10.57
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.02	(a)		0.03	(a)		—	(a)		—				—			—
Net realized and unrealized gain (loss) on investments			(1.37	)		1.21			4.51			1.56				(0.53	)		2.94
Total Income/(Loss) from Investment Operations			(1.35	)		1.24			4.51			1.56				(0.53	)		2.94
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			—			(0.02	)		—			(0.13		)		—			—
Distributions from net realized gain on investments			—			(1.92	)		(2.00	)		(0.67		)		—			—
Total Dividends and Distributions to Shareholders			—			(1.94	)		(2.00	)		(0.80		)		—			—
Paid-in Capital from Redemption Fees(a)			0.00	(b)		0.00	(b)		0.00	(b)		0.00		(b)		0.00	(b)		0.00	(b)
Net Asset value, end of period		$	14.20		$	15.55		$	16.25		$	13.74			$	12.98		$	13.51
Total Return			(8.68	)%(c)		8.21	%		33.09	%		12.70		%		(3.92	)%		27.81	%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$85,374			$85,177			$59,760			$36,600				$22,922			$22,872
RATIOS TO AVERAGE NET ASSETS:
Net investment income (loss)			0.23	%(d)		0.17	%		0.02	%			0.74	%		0.30	%		(0.62	)%
Net expenses			1.30	%(d)		1.30	%		1.30	%			1.30	%		1.40	%(e)		1.50	%
Gross expenses			1.50	%(d)(f)		1.50	%(f)		1.50	%(f)			1.50	%(f)		1.50	%(f)		1.50	%
Portfolio turnover rate			70	%(c)		112	%		109	%			131	%		56	%		61	%
(a)	Calculated based on average shares outstanding during each period.
(b)	Less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Effective October 1, 2011, the Adviser agreed to limit expenses at 1.30%. Prior to October 1, 2011, no expense cap was in place.
(f)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an integral part of these financial statements.
Semi-Annual Report September 30, 2015	37

Financial Highlights

CornerCap Large/Mid-Cap ValueFund

Selected data for each share of beneficial interest outstanding throughout the periods indicated:	Six Months Ended September 30, 2015 (Unaudited)			Year Ended March 31, 2015			Year Ended March 31, 2014			Year  Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2011(a)
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period	$	13.75		$	13.87		$	10.88		$	10.07		$	10.41		$			9.16
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (a)		0.06	(b)		0.15	(b)		0.12	(b)		0.10			0.08					0.02
Net realized and unrealized gain (loss) on investments		(1.63	)		0.91			2.97			0.81			(0.34	)(c)				1.23
Total Income/(Loss) from Investment Operations		(1.57	)		1.06			3.09			0.91			(0.26	)				1.25
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income		—			(0.14	)		(0.10	)		(0.10	)		(0.08	)				—
Distributions from net realized gain on investments		—			(1.04	)		—			—			—					—
Total Dividends and Distributions to Shareholders		—			(1.18	)		(0.10	)		(0.10	)		(0.08	)				—
Paid-in Capital from Redemption Fees(a)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)			0.00		(d)
Net Asset value, end of period	$	12.18		$	13.75		$	13.87		$	10.88		$	10.07			$		10.41

Total Return			(11.42	)%(e)		7.46	%		28.42	%		9.16	%		(2.42		)%		13.65		%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$10,651			$11,613			$10,852			$8,163			$5,560				$3,955
RATIOS TO AVERAGE NET ASSETS:
Net investment income			0.90	%(f)		1.03	%		0.98	%		1.20	%			0.98	%			0.24	%
Net expenses			1.20	%(f)		1.20	%		1.20	%		1.20	%			1.25	%(g)			1.38	%
Gross expenses			1.50	%(f)(h)		1.50	%(e)		1.50	%		1.50	%			1.50	%			1.38	%
Portfolio turnover rate			41	%(e)		125	%		60	%		43	%			35	%			136	%
(a)	Prior to July 29, 2010, the CornerCap Large/Mid-Cap Value Fund was known as the CornerCap Contrarian Fund.
(b)	Calculated based on average shares outstanding during each period.
(c)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value for the year, and may not reconcile with the the aggregate gains and losses in the Statements of Operations due to share transactions for the year.
(d)	Less than $0.005 per share.
(e)	Not annualized.
(f)	Annualized.
(g)	Effective October 1, 2011, the Adviser agreed to limit expenses at 1.20%. Prior to October 1, 2011, the expense cap in place was 1.30%.
(h)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an integral part of these financial statements.
38	www.cornercapfunds.com

Notes to Financial Statements
	September 30, 2015 (Unaudited)

1. ORGANIZATION

The CornerCap Group of Funds (the “Funds”) was organized on January 6, 1986 as a Massachusetts Business Trust (the “Trust”) and is registered under the Investment Company Act of 1940 as a diversified open-end management investment company.

The investment objective of the CornerCap Balanced Fund and CornerCap Small‐Cap Value Fund is to obtain capital appreciation and current income, whereas the CornerCap Large/Mid‐Cap Value Fund’s investment objective is to obtain capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

Accounting Estimates – In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure for contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Security Valuation – Portfolio securities including common stocks, corporate bonds, municipal bonds, exchange traded funds (ETFs), open‐end funds, closed‐end funds, and U.S. Government and Agency obligations that are listed on national securities exchanges or the NASDAQ National Market System are valued at the last sale price as of 4:00 p.m. Eastern time or, in the absence of recorded sales, at the closing bid price on such exchanges or such system. Based on obtaining active market quotes, common stocks and exchange traded funds are classified as Level 1 of the fair value hierarchy. Corporate bonds, municipal bonds, certificates of deposit and U.S. Government and Agency obligations are classified as Level 2 of the fair value hierarchy, and are priced based upon valuations provided by a recognized independent, third party pricing agent. Third‐party pricing agents value these securities by employing methodologies that utilize actual market transactions, broker‐supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings, and developments relating to specific securities in arriving at valuations. Unlisted securities that are not included on such exchanges or systems are valued at the mean of the quoted bid and asked prices on the over‐the counter market. Shares of a registered investment company, including money market funds, that are not traded on an exchange are valued at that investment company’s net asset value per share and are classified as Level 1 within the fair value hierarchy. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser under procedures established by and under the general supervision and responsibility of the Funds’ Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments.

Security Transactions, Investment Income and Other – Security transactions are recorded on the trade date. Realized gains and losses on sales of investments are calculated on the identified cost basis. Withholding taxes on foreign dividends have been provided in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities, using the effective interest method. In the event of a security in default, a portion of interest receivable that was once recognized as interest income is written off and treated as a reduction of interest income.

Federal Income Taxes – For Federal income tax purposes, the Funds currently qualify, and intend to remain qualified, as regulated investment companies (“RICs”) under the provisions of Subchapter M of the Internal Revenue Code of 1986 (“Code”), as amended, by complying with the requirements applicable to RICs and by distributing their investment company taxable net income including

Semi-Annual Report September 30, 2015 39

Notes to Financial Statements
	September 30, 2015 (Unaudited)

any excess realized gain which has not been offset by capital loss carryforwards, if any, to their shareholders. Accordingly, no provision for federal income or excise taxes has been made. As of and during the six months ended September 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years of 2012-2014 and as of and during the six months ended September 30, 2015, have incorporated no uncertain tax positions that require a provision for income taxes. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months, the Funds did not incur any interest or penalties.

Distributions to Shareholders – Distributions from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Distributions to shareholders are recorded on the ex-dividend date.

Fair Value Measurements – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including each Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2015:

40 www.cornercapfunds.com

Notes to Financial Statements
	September 30, 2015 (Unaudited)

CornerCap Balanced Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	14,862,295	$	-	$	-	$	14,862,295
Exchange Traded Funds		1,060,879		-		-		1,060,879
Government Bond		-		514,007		-		514,007
Corporate Bonds		-		7,904,598		-		7,904,598
Municipal Bonds		-		309,854		-		309,854
Short-Term Investments		287,744		-		-		287,744
Total	$	16,210,918	$	8,728,459	$	-	$	24,939,377

CornerCap Small-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	83,337,968	$	-	$	-	$	83,337,968
Total	$	83,337,968	$	-	$	-	$	83,337,968

CornerCap Large/Mid-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	10,452,144	$	-	$	-	$	10,452,144
Short-Term Investments		254,438		-				254,438
Total	$	10,706,582	$	-	$	-	$	10,706,582

* See Schedule of Investments for industry classification.

The Funds recognize transfers between levels as of the beginning of the annual period in which the transfer occurred. There were no transfers into or out of Levels 1 and 2 during the six months ended September 30, 2015.

For the six months ended September 30, 2015, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value of any investments. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable. The Funds did not hold any derivative instruments at any time during the six months.

3. SHARES OF BENEFICIAL INTEREST

On September 30, 2015, there was an unlimited number of no par-value shares of beneficial interest authorized for each Fund. Subject to certain exceptions, each Fund charges a 1% redemption fee calculated as a percentage of the amount redeemed. This is applicable to all redemptions (sales or exchanges) made within sixty days of initial purchase of shares of the applicable Fund. The redemption fees charged during the six months are disclosed on the Statements of Changes in Net Assets.

Semi-Annual Report September 30, 2015 41

Notes to Financial Statements
	September 30, 2015 (Unaudited)

Transactions in shares of beneficial interest were as follows:

CornerCap Balanced Fund:		35574			42277	#	#				42094
		Six Months Ended September 30, 2015						Year Ended March 31, 2015
		Shares			Amount			Shares			Amount
	Shares Sold	210,271		$	3,045,286			363,579		$	5,540,649
	Shares Issued in Reinvestment of Dividends	-			-			183,973			2,711,768
	Total	210,271			3,045,286			547,552			8,252,417
	Less Shares Redeemed	(223,120	)		(3,228,635	)		(226,634	)		(3,457,096	)
	Net increase (decrease)	(12,849	)	$	(183,349	)		320,918		$	4,795,321

CornerCap Small-Cap Value Fund:		35574			42277	#	#				42094
		Six Months Ended September 30, 2015						Year Ended March 31, 2015
		Shares			Amount			Shares			Amount
	Shares Sold	733,106		$	11,253,270			1,598,514		$	24,616,043
	Shares Issued in Reinvestment of Dividends	-			-			523,914			7,780,119
	Total	733,106			11,253,270			2,122,428			32,396,162
	Less Shares Redeemed	(199,025	)		(3,052,673	)		(321,780	)		(5,028,974	)
	Net increase (decrease)	534,081		$	8,201,563			1,800,648		$	27,367,188

CornerCap Large/Mid-Cap Value Fund:		35574			42277	#	#				42094
		Six Months Ended September 30, 2015						Year Ended March 31, 2015
		Shares			Amount			Shares			Amount
	Shares Sold	117,619		$	1,568,127			197,580		$	2,776,016
	Shares Issued in Reinvestment of Dividends	-			-			70,614			987,891
	Total	117,619			1,568,127			268,194			3,763,907
	Less Shares Redeemed	(87,473	)		(1,196,679	)		(206,515	)		(2,868,883	)
	Net increase (decrease)	30,146		$	371,448			61,679		$	895,140

4. FEDERAL TAX INFORMATION

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Funds. Distributions from

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Notes to Financial Statements
	September 30, 2015 (Unaudited)

net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually.

The tax character of distributions paid for the years ended March 31, 2015 and March 31, 2014 were as follows:

	CornerCap Balanced Fund
Distributions Paid From:	2015		2014
Ordinary Income	$	1,168,009	$	420,002
Long-term capital gains		1,546,598		700,002
Total	$	2,714,607	$	1,120,004

	CornerCap Small-Cap Value Fund
Distributions Paid From:	2015		2014
Ordinary Income	$	3,289,628	$	4,603,756
Long-term capital gains		4,503,589		1,786,741
Total	$	7,793,217	$	6,390,497

	CornerCap Large/Mid-Cap Value Fund
Distributions Paid From:	2015		2014
Ordinary Income	$	389,070	$	80,252
Long-term capital gains		601,045		-
Total	$	990,115	$	80,252

As of March 31, 2015, the components of distributable earnings on a tax basis were as follows:

		CornerCap Balanced Fund		CornerCap Small-CapValue Fund		CornerCap Large/Mid-Cap Value Fund
Undistributed ordinary income	$	344,611	$	1,707,310	$	266,442
Accumulated net realized gain on   investments		1,885,234		2,732,955		1,366,994
Net unrealized appreciation on investments		654,322		6,905,715		311,802
Total	$	2,884,167	$	11,345,980	$	1,945,238

As of March 31, 2015, the Funds had no capital loss carryforwards to reduce the Funds’ taxable income arising from future net realized gains on investments.

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short-term securities at September 30, 2015, were as follows:

Semi-Annual Report September 30, 2015 43

Notes to Financial Statements
	September 30, 2015 (Unaudited)

	CornerCap Balanced Fund			CornerCap Small-Cap Value Fund			CornerCap Large/Mid-Cap Value Fund
Gross unrealized appreciation (excess of value over tax cost)	$	706,843		$	5,243,464		$	384,401
Gross unrealized depreciation (excess of tax cost over value)		(2,513,456	)		(8,065,163	)		(1,654,146	)
Net unrealized appreciation (depreciation)	$	(1,806,613	)	$	(2,821,699	)	$	(1,269,745	)
Cost of investments for income tax purposes	$	26,745,990		$	86,159,667		$	11,976,327

5. INVESTMENT ADVISORY AND OTHER RELATED PARTY TRANSACTIONS

A. Each of the Funds has an Investment Advisory Agreement with CornerCap Investment Counsel (the “Adviser”), pursuant to which the Adviser receives an Advisory Fee from each Fund, computed daily and payable monthly, at an annual rate of 1.00% of the average daily net assets. Under the terms of each Advisory Agreement, the Adviser manages the Funds’ investments subject to the approval of the Board of Trustees. The amount of expenses paid to the Adviser are reflected in the Statements of Operations and the amount of current liabilities are reflected in the Statements of Assets and Liabilities.

In addition, each Fund and the Adviser have an Operating Services Agreement whereby the Adviser receives an Operating Services Fee, computed daily and payable monthly, at an annual rate of 0.30%, 0.50% and 0.50% of the average daily net assets of the CornerCap Balanced Fund, CornerCap Small‐Cap Value Fund, and CornerCap Large/Mid‐Cap Value Fund, respectively. The amounts of expenses paid to the Adviser as Operating Services Fees are reflected in the Statements of Operations and the amount of current liabilities are reflected in the Statements of Assets and Liabilities.

The Adviser has contractually agreed to waive fees and reimburse each of the Funds so as to limit each Fund’s “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) as reflected in the following table:

Fund	Total Annual Fund Operating Expense Limitation
CornerCap Balanced Fund	1.10%
CornerCap Small-Cap Value Fund	1.30%
CornerCap Large/Mid-Cap Value Fund	1.20%

The contractual agreements cannot be terminated prior to August 1, 2016, without the Board of Trustees’ approval.

B.The Funds and the Adviser have entered into the following agreements whereby the Adviser pays any associated fees from the Operating Services Fees it receives from the Funds to Fund operational service providers pursuant to the following agreements: 1) Atlantic Fund Administration, LLC (d/b/a Atlantic Fund Services) (“Atlantic”) provides fund accounting, fund administration services and transfer agency services to each Fund. Pursuant to an Atlantic services agreement, the Adviser pays Atlantic customary fees for its services from the Operating Services Fee it receives from the Funds. Atlantic also provides certain shareholder report production, and EDGAR conversion and filing services; 2) Foreside Fund Services, LLC serves as each Fund’s distributor (the “Distributor”). The Distributor is not affiliated with the Adviser or Atlantic or their affiliates.

Certain officers and directors of the Funds are also officers and directors of the Adviser.

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Notes to Financial Statements
	September 30, 2015 (Unaudited)

6. PURCHASES AND SALES OF SECURITIES

Investment transactions for the six months ended September 30, 2015, excluding U.S. Government and Agency securities and short-term investments, were as follows:

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
CornerCap Balanced Fund	$	7,743,189	$	6,685,155
CornerCap Small-Cap Value Fund		69,441,954		59,684,260
CornerCap Large/Mid-Cap Value Fund		4,898,871		4,565,253

7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under section 2(a)(9) of the Investment Company Act of 1940. As of September 30, 2015, Charles Schwab & Co. held approximately 49.68%, 82.70% and 64.92% of the CornerCap Balanced Fund, CornerCap Small‐Cap Value Fund, and CornerCap Large/Mid‐Cap Value Fund, respectively. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the originating broker rather than designated separately).

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENTS

Subsequent events occurring after the date of this report through the date these financial statements were issued have been evaluated for potential impact and the Funds have had no such events.

Semi-Annual Report September 30, 2015 45

Additional Information (Unaudited)
	September 30, 2015

1.  PROXY VOTING POLICY

A copy of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Funds toll‐free at (888) 813‐8637 or on the Securities and Exchange Commission’s (SEC) website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12‐month period ended June 30 is also available without charge, upon request, by calling the Funds toll‐free at (888) 813‐8637 and on the SEC’s website at http://www.sec.gov.

2.  AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULE

Each of the Funds files its complete schedule of positions with the SEC for the first and third quarters of each fiscal year on Form N‐Q. The Funds’ Form N‐Q is available on the SEC website at http://www.sec.gov. The Funds’ Form N‐Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1‐800‐SEC‐0330. If any of the Funds make the information on Form N‐Q available to shareholders on its website or upon request, the information may be obtained by calling the Funds toll‐free at (888) 813‐8637.

3.  COMPENSATION OF TRUSTEES

No interested Trustee, officer, or employee of the Funds receives any compensation from the Funds for serving as an officer or Trustee of the Funds. Each Independent Trustee receives $3,000 for each Trustees meeting attended in‐person and $2,000 for each Trustees meeting attended by telephone. Members of the Audit Committee are paid $1,000 per Audit Committee meeting, and the Audit Committee Chairman is paid $2,000 per Audit Committee meeting. The Audit Committee will normally meet twice a year.

4. RENEWAL OF THE INVESTMENT ADVISORY AGREEMENTS

The Investment Company Act of 1940 requires that the Board of Trustees of the Funds (the “Board”), including all of the Trustees who are not “interested persons” of the Funds (“Independent Trustees”), annually review the Funds’ investment advisory agreements with Adviser (the “Agreements”) and consider whether or not to re-approve them for an additional year. At its meeting on May 14, 2015, the Board, including the Independent Trustees, conducted such a review and approved the continuation of the Funds’ Agreements. Legal counsel directed the Board to a memorandum legal counsel had prepared that summarized the trustees’ fiduciary duties and responsibilities in reviewing and approving the Agreements. Legal counsel discussed with the Trustees the types of information that should be reviewed by the Board and their responsibilities in making an informed decision regarding the approval of the continuance of the Agreements. Andrew B. Sachs, of Kilpatrick Townsend & Stockton LLP and Counsel to the Fund, then reviewed with the Board a memorandum from Adviser addressed to the Trustees that provided information regarding Adviser and its business (the “Memorandum”). In deciding on whether to approve the continuation of the Agreements, the Board considered numerous factors, including:

(i)   The Nature, Extent and Quality of the Services Provided by CornerCap.In this regard, the Board considered the responsibilities CornerCap would have under each of the Agreements. The Board reviewed the operating and investment advisory services provided by CornerCap to each Fund, including, without limitation, its investment advisory services since the Fund’s inception, its coordination of services for the Fund among the Fund’s service providers, its compliance procedures and practices, its efforts to promote the Funds and assist in its distribution and its provision of officers for the Trust. After reviewing the foregoing information and further information in CornerCap’s Memorandum, the Board concluded that the nature, extent and quality of the services provided by CornerCap were satisfactory and adequate for each of the Funds.

(ii)    The Investment Performance of the Funds and CornerCap.In this regard, the Board compared the performance of each Fund with the performance of its benchmark index, comparable funds with similar objectives and size managed by other investment advisers and comparable peer group indices. The Board also considered the consistency of CornerCap’s management of the Funds

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Additional Information (Unaudited)
	September 30, 2015

with the Funds’ investment objectives and  policies. After reviewing the Funds’ short- and long-term investment performance, CornerCap’s experience managing the Funds, CornerCap’s historical investment performance and other factors, the Board concluded that the investment performance of each Fund and CornerCap was satisfactory.

(iii)   The Costs of the Services to be Provided and Profits to be Realized by CornerCap and its Affiliates from the Relationship with the Funds. In this regard, the Board considered CornerCap’s staffing, personnel and methods of operating; CornerCap’s compliance policies and procedures; the financial condition of CornerCap and the level of commitment to the Funds and CornerCap by the principals of CornerCap; the asset levels of the Funds; and the overall fees and expenses of the Funds. The Board also considered CornerCap’s past and future expected profitability with respect to the Funds. The Board then reviewed the fees and expenses of each Fund, and compared them to other funds similar in terms of the type of fund, the style of investment management, the size of the fund and the nature of the fund’s investment strategy, among other factors. Specifically, the Board determined that each Fund’s net expense ratio was lower than some of its comparable funds and higher than others. The Board also compared the fees charged by CornerCap to its separate account clients, noting that there were differences, but also noting the differences in the level of service CornerCap is required to provide to the Funds. Following this comparison and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to CornerCap by each Fund under the Agreements are appropriate and within the range of what would have been negotiated at arm’s length.

(iv)   The Extent to Which Economies of Scale Would be Realized as the Funds Grow and Whether Advisory Fee Levels Reflect These Economies of Scale for the Benefit of the Funds’ Investors.Following discussion of the Funds’ asset levels, expectations for growth, levels of fees and past adjustments to expense limitation agreements, the Board determined that each Fund’s fee arrangement was appropriate and within the range of what would have been negotiated at arm’s length, and that each Fund’s overall fee structure provided for savings and protection for shareholders at lower asset levels.

Semi-Annual Report September 30, 2015 47

Additional Information (Unaudited)
	September 30, 2015

5. TRUSTEES AND OFFICERS

The business affairs of the Funds are managed under the direction of the Funds’ Board of Trustees in accordance with the laws of the State of Massachusetts. Information pertaining to the Trustees and Officers of the Funds are set forth below. Trustees who are not deemed to be “interested persons” of the trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), are referred to as “Independent Trustees.” Trustees who are deemed to be interested persons of Funds as defined in the 1940 Act are referred to as “Interested Trustees”. The Funds’ Statement of Additional Information includes additional information about the trustees and is available upon request by calling toll-free 1-888-813-8637.

INTERESTED TRUSTEES

Name, Address and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Thomas E. Quinn The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1945	Trustee, President, Chief Financial Officer, and Treasurer since 1992	3	Chief Executive Officer, CornerCap Investment Counsel; President, Church Investment Group (non-profit) 2013-present.	None

INDEPENDENT TRUSTEES

Name, Address* and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Richard L. Boger Born: 1946	Trustee since 1992	3	President & CEO, Lex-Tek International, Inc. (a financial services and software consulting company), (1991-present); Managing Trustee, Boger-Owen FNON (2012-present); Business Manager, Owen Holdings, LLLP (2003-2013); Heathland Holdings, LLLP (2004-present); and General Partner, Shawnee Meadow Holdings, LLLP (2004-present) (real estate and related companies).	Director, Gray Television, Inc., since 1991.
Laurin M. McSwain Born: 1951	Trustee since 1994	3	Attorney, Lefkoff, Duncan, Grimes, McSwain & Hass, (2003-present).	None
Leslie W. Gates Born: 1955	Trustee since 2006	3	Retired, 2005; Partner, Williams Benater & Libby, LLP (CPA Firm) (1989-2004).	None
G. Harry Durity Born: 1946	Trustee (1992-2004, since 2010)	3	Director, Overland Solutions, Inc. (Private Company) since January 2009; Senior Advisor, Consultant, New Mountain Capital, LLC since May 2005.	Director, National Medical Health Card; Director, Website Pros, Inc.; Director, Alexander Mann Solutions (Private Company)

*All Independent Trustees can be contacted via the Funds at:

c/o CornerCap Group of Funds, P.O. Box 588, Portland, ME 04112.

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Additional Information (Unaudited)
	September 30, 2015

OFFICERS

Name, Address and Year of Birth	Position with the Trust, Term of Office and Tenure	Number of Funds in Complex Overseen by Trustee	Principal Occupation(s) during past 5 years	Other Trusteeships/Directorships by Trustee
Richard T Bean The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1962	Vice President of the Funds since 1996	N/A	Vice President of the Funds and Portfolio Manager, CornerCap Investment Counsel.	N/A
John A. Hackney The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1966	Chief Compliance Officer since 2004 and Secretary of the Funds since 1999	N/A	Chief Compliance Officer, CornerCap Investment Counsel.	N/A
Gene A. Hoots The Peachtree, Suite 1700 1355 Peachtree St. NE Atlanta, GA 30309 Born: 1939	Vice President of the Funds since 1992	N/A	Vice President of the Funds and Chairman Emeritus of CornerCap Investment Counsel.	N/A

Semi-Annual Report September 30, 2015 49

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)   Included as part of the report to shareholders under Item 1.

(b)   Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Note applicable.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

 (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)  Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibits filed herewith).

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant                      CornerCap Group of Funds

By           /s/ Thomas E. Quinn

Thomas E. Quinn

President                                

Date        November 17, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By/s/ Thomas E. Quinn

Thomas E. Quinn

President (Principal Executive Officer) and Treasurer (Principal Financial Officer)

Date         November 17, 2015