Cornercap Group Of Funds NCSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on May 16, 2017

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

Gino Malaspina

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, 2016 – March 31, 2017

ITEM 1. REPORT TO STOCKHOLDERS.

Table of Contents

Manager's Report to Shareholders (Unaudited)

March 31, 2017

Dear Shareholders,

As we noted in our annual report a year ago (3/31/16), the "rush to comfort" stocks in 2015 "worked against us" during that period. The safety-seeking investor mood in 2015 was ideal for index investments – defensive, larger capitalization stocks with low beta (tight-to-market volatility) and reasonable yields. We noted that the successful investments at that time were psychologically comforting but economically discomforting. We reiterated at that time our belief that the more volatile and higher earning stocks that were out of favor in 2015 presented a higher risk/return opportunity.

In February 2016, the market started to recognize and react to the above noted extremes. After the November 8 elections, the market reaction accelerated. Following our long term contrarian discipline, we chose the more discomforting course, overweighting our funds ("Funds") with more cyclical and economically sensitive stocks (high beta) and lower multiple, value oriented investments (low P/E). For the last two calendar years, note the dramatic change in these performance attributes from our Fundametrics^® research system -- see boxed area.

Past performance is not indicative to future results. Data does not reflect that of the CornerCap Group of Funds.

In the current fiscal year, the absolute returns for the CornerCap Group of Funds realized a nice recovery from the challenges of the prior year. For our equity Funds, the CornerCap Large/Mid-Cap Value Fund was up 17.31% and the CornerCap Small Cap Value Fund – Investor Shares was up 24.40%. However, our equity Funds were below their benchmarks, which were up 19.22% and 29.37%, respectively. In the first half of 2016, there was a tug of war between

Annual Report I March 31, 2017

Manager's Report to Shareholders (Unaudited)

March 31, 2017

value and defense stocks, culminating with the Brexit vote in late June. We did not see a strong move toward value stocks until the second half of the year, led by the out-of-favor cyclical investments.

Our more conservative CornerCap Balanced Fund was up 12.46%, versus a benchmark return of 0.42%. This outperformance can mostly be attributed to our fixed income investments. We were much more conservatively structured than the benchmark, a positioning that helped us as bond rates rose following the Trump election.

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 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. The gross expense ratios for the funds are as follows: 1.30% for CSCVX and CMCRX, and 1.22% for CBLFX.

The Funds charge a 1.00% redemption fee for shares redeemed within 60 days of purchase.

The Funds' investment adviser, CornerCap Investment Counsel, continues to waive a portion of its advisory fee in order to limit and fix the Funds' net expense ratios to a specific, lower cost to the shareholders. The expense ratio for the Large/Mid-Cap and Balanced Funds is 1.00%/year and is 1.30%/year for the Small Cap Fund. The Adviser has contractually agreed to waive fees and reimburse the Balanced Fund and the Large/Mid-Cap Value Fund for "Total Annual Fund Operating Expenses" (exclusive of interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) that exceed 1.00%. The contractual agreement cannot be terminated prior to August 1, 2017 without the Board of Trustees' approval. This pricing is consistent with our goal of attracting long term investors.

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

March 31, 2017

·	This requires that CornerCap keeps the cost down to create a successful long term net return.

·	This requires that our Funds' shareholders establish the appropriate level of risk and maintain patience through the unavoidable market cycles.

CornerCap Group of Funds growth potential is based on its performance and your referrals. If you know of a situation where we might be helpful, please give someone at CornerCap a call or an email. Thank you for being a shareholder of our Funds.

CornerCap Investment Counsel March 31, 2017

The views in this letter reflect the opinions of CornerCap Group of Funds as of March 31, 2017 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 each fund's investment methodology and do not constitute investment advice. Past performance does not guarantee future results.

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 balanced fund is subject to the same risks as the underlying bonds in its portfolio, such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline. If a Fund invests in ETFs (Exchange-Traded Funds), it will be 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.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Price-to-Earnings Ratio (P/E Ratio) — Current share price of a stock divided by its earnings per share. The Price-to-Book ratio (P/B Ratio) is a ratio used to compare a stock's market value to its book value.

Annual Report I March 31, 2017

Manager's Report to Shareholders (Unaudited)

March 31, 2017

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

March 31, 2017

Annual Report I March 31, 2017

Manager's Report to Shareholders (Unaudited)

March 31, 2017

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

March 31, 2017

Annual Report I March 31, 2017

Manager's Report to Shareholders (Unaudited)

March 31, 2017

www.cornercapfunds.com

Manager's Report to Shareholders (Unaudited)

March 31, 2017

Annual Report I March 31, 2017

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 October 1, 2016, through March 31, 2017.

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
	October 1, 2016		March 31, 2017		Period^(a)
CornerCap Balanced
Actual	$	1,000.00	$	1,076.26	$	5.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04

CornerCap Small-Cap Value
Investor Shares
Actual	$	1,000.00	$	1,130.94	$	6.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.54
Institutional Shares
Actual	$	1,000.00	$	1,131.98	$	5.32
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04

CornerCap Large/Mid-Cap Value
Actual	$	1,000.00	$	1,123.20	$	5.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04

www.cornercapfunds.com

Fund Expenses (Unaudited)

^(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 1.00% for CornerCap Balanced Fund; 1.30% for CornerCap Small-Cap Value Fund - Investor Shares; 1.00% for CornerCap Small-Cap Value Fund – Institutional Shares and 1.00% for CornerCap 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 (182), then divided by 365.

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 fees 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.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Shares		Fair Value
COMMON STOCK (60.2%)
Aerospace & Defense (1.9%)
	Rockwell Collins, Inc.	2,060	$	200,149
	The Boeing Co.	1,155		204,273
	United Technologies Corp.	1,560		175,048
				579,470
Agriculture (0.6%)
	Bunge, Ltd.	2,445		193,791
Auto Manufacturers (0.6%)
	General Motors Co.	5,355		189,353
Banks (5.4%)
	BB&T Corp.	4,070		181,929
	Capital One Financial Corp.	1,995		172,887
	Citigroup, Inc.	2,820		168,692
	Fifth Third Bancorp	6,425		163,195
	Huntington Bancshares, Inc.	15,540		208,081
	JPMorgan Chase & Co.	2,445		214,769
	The Bank of New York Mellon Corp.	3,740		176,640
	U.S. Bancorp	3,785		194,927
	Wells Fargo & Co.	3,230		179,782
				1,660,902
Biotechnology (1.7%)
	Amgen, Inc.	1,140		187,040
	Biogen, Inc.^(a)	610		166,786
	Gilead Sciences, Inc.	2,420		164,366
				518,192
Building Materials (1.4%)
	DR Horton, Inc.	6,165		205,356
	Lennar Corp., Class A	4,095		209,623
				414,979
Chemicals (1.9%)
	Celanese Corp., Class A	2,300		206,655
	Eastman Chemical Co.	2,325		187,860
	LyondellBasell Industries NV, Class A	1,930		175,997
				570,512
Commercial Services (1.2%)
	FleetCor Technologies, Inc.^(a)	1,245		188,530
	Nielsen Holdings PLC	4,645		191,885
				380,415
Computers (2.2%)
	Accenture PLC, Class A	1,505		180,419

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Shares		Fair Value
Computers (2.2%)(continued)
	Cognizant Technology Solutions Corp., Class A^(a)	3,130	$	186,298
	NetApp, Inc.	4,730		197,950
	Xerox Corp.	16,635		122,101
				686,768
Diversified Financial Services (2.7%)
	American Express Co.	2,800		221,508
	Discover Financial Services	3,280		224,319
	Morgan Stanley	4,315		184,855
	Raymond James Financial, Inc.	2,385		181,880
				812,562
Electric (1.2%)
	FirstEnergy Corp.	5,640		179,465
	SCANA Corp.	2,825		184,614
				364,079
Electronics (0.6%)
	Corning, Inc.	7,135		192,645
Food (3.1%)
	Aramark	5,445		200,757
	Campbell Soup Co.	2,895		165,710
	Ingredion, Inc.	1,625		195,699
	Sysco Corp.	3,655		189,767
	The J.M. Smucker Co.	1,375		180,235
				932,168
Hand & Machine Tools (0.6%)
	Snap-on, Inc.	1,055		177,947
Healthcare Services (2.6%)
	HCA Holdings, Inc.^(a)	2,440		217,135
	Laboratory Corp. of America Holdings^(a)	1,280		183,642
	UnitedHealth Group, Inc.	1,170		191,892
	Universal Health Services, Inc., Class B	1,645		204,720
				797,389
Home Furnishings (0.5%)
	Whirlpool Corp.	950		162,764
Insurance (5.4%)
	Aetna, Inc.	1,390		177,294
	Aflac, Inc.	2,730		197,707
	CNA Financial Corp.	4,280		189,048
	Everest Re Group, Ltd.	795		185,879
	Lincoln National Corp.	2,630		172,133
	Principal Financial Group, Inc.	2,790		176,077

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Shares		Fair Value
Insurance (5.4%)(continued)
	Prudential Financial, Inc.	1,590	$	169,621
	The Allstate Corp.	2,440		198,836
	The Travelers Cos., Inc.	1,475		177,796
				1,644,391
Leisure Time (0.6%)
	Carnival Corp.	3,330		196,170
Media (0.7%)
	Comcast Corp., Class A	5,510		207,121

Miscellaneous Manufacturing (2.0%)
	Eaton Corp. PLC	2,880		213,552
	Ingersoll-Rand PLC	2,510		204,113
	Nucor Corp.	3,155		188,417
				606,082
Oil & Gas (4.9%)
	Cabot Oil & Gas Corp.	7,760		185,542
	Chevron Corp.	1,760		188,971
	ConocoPhillips	4,200		209,454
	Diamondback Energy, Inc.^(a)	1,725		178,908
	Exxon Mobil Corp.	2,045		167,710
	Marathon Petroleum Corp.	3,805		192,305
	Newfield Exploration Co.^(a)	4,170		153,915
	Valero Energy Corp.	3,175		210,471
				1,487,276
Packaging & Containers (0.5%)
	Sealed Air Corp.	3,690		160,810
Pharmaceuticals (3.5%)
	AbbVie, Inc.	2,820		183,751
	AmerisourceBergen Corp.	2,220		196,470
	Cardinal Health, Inc.	2,085		170,032
	Express Scripts Holding Co.^(a)	2,540		167,411
	McKesson Corp.	1,175		174,206
	Pfizer, Inc.	5,410		185,076
				1,076,946
Retail (2.2%)
	CVS Health Corp.	1,790		140,515
	The TJX Cos., Inc.	2,175		171,999
	Tractor Supply Co.	2,595		178,977
	Wal-Mart Stores, Inc.	2,510		180,921
				672,412

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Shares		Fair Value
Semiconductors (3.2%)
	Applied Materials, Inc.	5,465	$	212,588
	Intel Corp.	5,165		186,302
	Lam Research Corp.	1,565		200,883
	Microchip Technology, Inc.	2,770		204,371
	QUALCOMM, Inc.	3,135		179,761
				983,905
Software (3.7%)
	Alphabet, Inc., Class A^(a)	230		194,994
	CA, Inc.	5,085		161,296
	Citrix Systems, Inc.^(a)	2,230		185,960
	First Data Corp., Class A^(a)	12,315		190,883
	Oracle Corp.	4,515		201,414
	VMware, Inc., Class A^(a)	2,165		199,483
				1,134,030
Telecommunications (2.8%)
	AT&T, Inc.	4,400		182,820
	CenturyLink, Inc.	7,025		165,579
	Discovery Communications, Inc., Class A^(a)	5,800		168,722
	Juniper Networks, Inc.	6,190		172,268
	Verizon Communications, Inc.	3,435		167,456
				856,845
Transportation (2.5%)
	Cummins, Inc.	1,260		190,512
	FedEx Corp.	975		190,271
	Union Pacific Corp.	1,815		192,245
	United Rentals, Inc.^(a)	1,555		194,453
				767,481
	TOTAL COMMON STOCK (COST $16,558,556)			18,427,405
EXCHANGE TRADED FUNDS (4.0%)
	Guggenheim BulletShares 2017 High Yield Corporate Bond ETF	23,790		611,403
	Guggenheim BulletShares 2018 High Yield Corporate Bond ETF	24,345		616,659

	TOTAL EXCHANGE TRADED FUNDS (COST $1,208,428)			1,228,062
		Principal Amount		Fair Value
GOVERNMENT BONDS (3.6%)
	U.S. Treasury Inflation Indexed Bond, 1.375%, 01/15/2020	$ 282,329		295,707
	U.S. Treasury Inflation Indexed Bond, 0.125%, 01/15/2022	536,050		540,431
	U.S. Treasury Inflation Indexed Bond, 0.625%, 01/15/2024	260,528		266,346

	TOTAL GOVERNMENT BONDS (COST $1,095,524)			1,102,484

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Principal Amount		Fair Value
CORPORATE BONDS (27.9%)
Auto Manufacturers (1.1%)
	Ford Motor Co., 9.215%, 09/15/2021	$ 275,000	$	344,569
Banks (3.0%)
	Bank of America Corp., MTN, 4.750%, 08/15/2020	250,000		264,434
	JPMorgan Chase & Co., 3.875%, 09/10/2024	300,000		304,048
	The Goldman Sachs Group, Inc., 5.750%, 01/24/2022	300,000		337,836
				906,318
Biotechnology (1.0%)
	Celgene Corp., 1.900%, 08/15/2017	300,000		300,241
Chemicals (0.9%)
	CF Industries, Inc., 7.125%, 05/01/2020	250,000		272,173
Cosmetics & Personal Care (0.5%)
	The Estee Lauder Cos., Inc., 5.550%, 05/15/2017	150,000		150,745
Diversified Financial Services (1.0%)
	Fiserv, Inc., 4.750%, 06/15/2021	300,000		322,741
Electronics (2.8%)
	Agilent Technologies, Inc., 5.000%, 07/15/2020	270,000		291,502
	Avnet, Inc., 4.875%, 12/01/2022	250,000		262,570
	Tech Data Corp., 3.750%, 09/21/2017	300,000		302,785
				856,857
Entertainment (0.9%)
	International Game Technology, 7.500%, 06/15/2019	250,000		271,250
Food (1.1%)
	Ingredion, Inc., 1.800%, 09/25/2017	325,000		325,154
Healthcare Services (0.9%)
	Humana, Inc., 6.300%, 08/01/2018	250,000		264,503
Insurance (1.3%)
	The Travelers Cos., Inc., 5.900%, 06/02/2019	150,000		162,793
	WR Berkley Corp., 5.375%, 09/15/2020	230,000		250,851
				413,644

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Principal Amount		Fair Value
Oil & Gas (1.5%)
	Statoil ASA, 6.700%, 01/15/2018	$ 150,000	$	155,916
	Valero Energy Corp., 9.375%, 03/15/2019	275,000		312,654
				468,570
Pharmaceuticals (3.2%)
	Cardinal Health, Inc., 3.200%, 03/15/2023	320,000		323,684
	Express Scripts Holding Co., 3.900%, 02/15/2022	640,000		663,221
				986,905
Real Estate Investment Trusts (1.0%)
	Weyerhaeuser Co., 7.125%, 07/15/2023	250,000		296,091
Retail (3.7%)
	Dillard's, Inc., 6.625%, 01/15/2018	275,000		282,633
	Foot Locker, Inc., 8.500%, 01/15/2022	385,000		452,856
	Oshkosh Corp., 5.375%, 03/01/2022	100,000		103,875
	Walgreen Co., 3.100%, 09/15/2022	305,000		306,931
				1,146,295
Software (1.1%)
	CA, Inc., 5.375%, 12/01/2019	300,000		324,092
Telecommunications (1.9%)
	AT&T, Inc., 5.000%, 03/01/2021	255,000		275,092
	eBay, Inc., 2.600%, 07/15/2022	300,000		295,769
				570,861
Transportation (1.0%)
	American Airlines Group, Inc., 6.125%, 06/01/2018	300,000		310,500

	TOTAL CORPORATE BONDS (COST $8,447,654)			8,531,509
MUNICIPAL BONDS (0.5%)
Kansas (0.5%)
	Johnson County KS, Build America General Obligation Bonds, Unified School District No. 232, 4.950%, 09/01/2019	150,000		152,407

	TOTAL MUNICIPAL BONDS (COST $150,806)			152,407
U.S. GOVERNMENT & AGENCY OBLIGATIONS (1.4%)
U.S. Treasury Securities (1.4%)
	U.S. Treasury Note, 2.000%, 02/15/2025	435,000		425,263

	TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (COST $422,317)			425,263

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Balanced Fund	March 31, 2017

		Shares		Fair Value
SHORT-TERM INVESTMENTS (2.2%)
	Federated Treasury Obligation Money Market Fund, 7 Day Yield 0.576%	654,018	$	654,018

	TOTAL SHORT-TERM INVESTMENTS (COST $654,018)			654,018
TOTAL INVESTMENTS (COST $28,537,303)		99.8%		30,521,148
TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES		0.2%		71,036
NET ASSETS		100.0%	$	30,592,184

(a)	Non-income producing security.

Common Abbreviations:

ETF	Exchange Traded Fund

MTN	Medium Term Note

PLC	Public Limited Company

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
COMMON STOCK (97.7%)
Aerospace & Defense (1.4%)
	Ducommun, Inc.^(a)	15,757	$	453,644
	Esterline Technologies Corp.^(a)	5,650		486,182
	Moog, Inc., Class A^(a)	8,745		588,976
				1,528,802
Auto Parts & Equipment (2.9%)
	American Axle & Manufacturing Holdings, Inc.^(a)	24,090		452,410
	Commercial Vehicle Group, Inc.^(a)	84,985		575,348
	Cooper-Standard Holdings, Inc.^(a)	4,840		536,901
	Supreme Industries, Inc., Class A	29,710		601,925
	Tenneco, Inc.	7,535		470,335
	Tower International, Inc.	17,265		467,882
				3,104,801
Banks (13.2%)
	Boston Private Financial Holdings, Inc.	30,035		492,574
	Camden National Corp.	12,785		563,051
	Carolina Financial Corp.	15,410		462,300
	Cathay General Bancorp	12,300		463,464
	Community Trust Bancorp, Inc.	10,476		479,277
	Customers Bancorp, Inc.^(a)	14,255		449,460
	Enterprise Financial Services Corp.	10,570		448,168
	Farmers National Banc Corp.	38,660		554,771
	FB Financial Corp.^(a)	14,360		507,770
	Fidelity Southern Corp.	21,280		476,246
	Financial Institutions, Inc.	17,460		575,307
	First Internet Bancorp	18,120		534,540
	Franklin Financial Network, Inc.^(a)	12,275		475,656
	Hilltop Holdings, Inc.	16,970		466,166
	MainSource Financial Group, Inc.	15,075		496,420
	Old Line Bancshares, Inc.	16,370		466,218
	Preferred Bank/Los Angeles CA	9,100		488,306
	QCR Holdings, Inc.	13,810		584,854
	Republic Bancorp, Inc., Class A	13,825		475,442
	S&T Bancorp, Inc.	13,050		451,530
	Sandy Spring Bancorp, Inc.	12,485		511,760
	TCF Financial Corp.	28,655		487,708
	TriCo Bancshares	17,155		609,517
	Valley National Bancorp	44,095		520,321
	WashingtonFirst Bankshares, Inc.	17,175		480,900
	WesBanco, Inc.	11,795		449,507
	Western Alliance Bancorp.^(a)	11,265		552,999
	Wintrust Financial Corp.	6,655		459,994
				13,984,226
Building Materials (3.1%)
	Continental Building Products, Inc.^(a)	22,055		540,348

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Building Materials (3.1%)(continued)
	Core Molding Technologies, Inc.^(a)	29,535	$	526,609
	Global Brass & Copper Holdings, Inc.	16,995		584,628
	Louisiana-Pacific Corp.^(a)	26,465		656,861
	Patrick Industries, Inc.^(a)	6,740		477,866
	Universal Forest Products, Inc.	5,000		492,700
				3,279,012
Chemicals (2.4%)
	A Schulman, Inc.	14,770		464,517
	Cabot Corp.	10,100		605,091
	Minerals Technologies, Inc.	7,190		550,754
	PolyOne Corp.	14,060		479,305
	Stepan Co.	6,085		479,559
				2,579,226
Coal Operations (0.5%)
	Hallador Energy Co.	61,122		489,587

Commercial Services (6.1%)
	Acacia Research Corp.^(a)	85,765		493,149
	BG Staffing, Inc.	23,375		334,496
	CECO Environmental Corp.	36,030		378,675
	Cross Country Healthcare, Inc.^(a)	41,565		596,873
	Heidrick & Struggles International, Inc.	25,505		672,057
	HMS Holdings Corp.^(a)	31,075		631,755
	Navigant Consulting, Inc.^(a)	21,615		494,119
	Pitney Bowes, Inc.	33,410		438,005
	Quad/Graphics, Inc.	19,230		485,365
	SP Plus Corp.^(a)	15,270		515,362
	The Hackett Group, Inc.	23,940		466,591
	TrueBlue, Inc.^(a)	20,630		564,230
	Vectrus, Inc.^(a)	19,810		442,754
				6,513,431
Computers (1.8%)
	Barracuda Networks, Inc.^(a)	20,550		474,910
	CACI International, Inc., Class A^(a)	4,790		561,867
	Convergys Corp.	18,260		386,199
	Sykes Enterprises, Inc.^(a)	16,745		492,303
				1,915,279
Distribution/Wholesale (1.2%)
	Anixter International, Inc.^(a)	5,740		455,182
	Essendant, Inc.	23,710		359,207
	Veritiv Corp.^(a)	9,210		477,078
				1,291,467
Diversified Financial Services (4.1%)
	CBIZ, Inc.^(a)	44,080		597,284

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Diversified Financial Services (4.1%)(continued)
	Evercore Partners, Inc., Class A	6,905	$	537,899
	Federated Investors, Inc., Class B	16,995		447,648
	GAIN Capital Holdings, Inc.	71,845		598,469
	Houlihan Lokey, Inc.	14,915		513,822
	Huron Consulting Group, Inc.^(a)	10,690		450,049
	ICF International, Inc.^(a)	11,515		475,570
	Liberty Tax, Inc.	19,530		278,303
	Marcus & Millichap, Inc.^(a)	19,640		482,751
				4,381,795
Electric (1.5%)
	Avista Corp.	13,175		514,484
	El Paso Electric Co.	11,610		586,305
	NorthWestern Corp.	8,140		477,818
				1,578,607
Electrical Components & Equipment (1.0%)
	Atkore International Group, Inc.^(a)	23,000		604,440
	EnerSys	6,070		479,166
				1,083,606
Electronics (2.7%)
	Bel Fuse, Inc., Class B	18,075		461,816
	Methode Electronics, Inc.	12,245		558,372
	Plexus Corp.^(a)	11,120		642,736
	Sanmina Corp.^(a)	15,315		621,789
	Tech Data Corp.^(a)	5,785		543,212
				2,827,925
Engineering & Construction (2.4%)
	Argan, Inc.	7,145		472,642
	Comfort Systems USA, Inc.	15,580		571,007
	EMCOR Group, Inc.	7,410		466,459
	MasTec, Inc.^(a)	12,345		494,417
	Tutor Perini Corp.^(a)	15,150		481,770
				2,486,295
Food (2.7%)
	Darling Ingredients, Inc.^(a)	41,730		605,920
	Fresh Del Monte Produce, Inc.	8,230		487,463
	Ingles Markets, Inc., Class A	10,475		451,996
	SpartanNash Co.	13,602		475,934
	SUPERVALU, Inc.^(a)	79,470		306,754
	United Natural Foods, Inc.^(a)	11,800		510,114
				2,838,181
Forest Products & Paper (1.0%)
	Domtar Corp.	12,745		465,447
	Schweitzer-Mauduit International, Inc.	13,135		544,052
				1,009,499

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Hand & Machine Tools (0.5%)
	Regal Beloit Corp.	6,355	$	480,756
Healthcare Products (1.1%)
	AngioDynamics, Inc.^(a)	29,975		520,066
	Natus Medical, Inc.^(a)	15,285		599,937
				1,120,003
Healthcare Services (3.0%)
	Charles River Laboratories International, Inc.^(a)	6,235		560,838
	Civitas Solutions, Inc.^(a)	24,735		453,887
	LHC Group, Inc.^(a)	12,130		653,807
	LifePoint Health, Inc.^(a)	8,515		557,733
	Medpace Holdings, Inc.^(a)	17,215		513,868
	Select Medical Holdings Corp.^(a)	36,295		484,538
				3,224,671
Home Builders (0.9%)
	Century Communities, Inc.^(a)	11,765		298,831
	MDC Holdings, Inc.	20,979		630,419
				929,250
Home Furnishings (1.1%)
	American Woodmark Corp.^(a)	7,265		666,927
	La-Z-Boy, Inc.	17,895		483,165
				1,150,092
Household Products (1.5%)
	ACCO Brands Corp.^(a)	37,460		492,599
	Ennis, Inc.	24,975		424,575
	Lifetime Brands, Inc.	30,955		622,196
				1,539,370
Insurance (5.4%)
	Argo Group International Holdings, Ltd.	8,390		568,842
	Blue Capital Reinsurance Holdings, Ltd.	24,090		464,937
	CNO Financial Group, Inc.	32,045		656,923
	Crawford & Co., Class B	44,575		447,087
	Donegal Group, Inc., Class A	28,655		504,901
	Employers Holdings, Inc.	12,415		471,149
	Essent Group, Ltd.^(a)	17,085		617,965
	FBL Financial Group, Inc., Class A	7,425		485,966
	Fidelity & Guaranty Life	16,845		468,291
	Kingstone Cos, Inc.	32,180		513,271
	State National Cos., Inc.	36,130		520,272
				5,719,604
Internet (1.3%)
	Bankrate, Inc.^(a)	49,300		475,745

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Internet (1.3%)(continued)
	Perficient, Inc.^(a)	25,170	$	436,951
	Travelzoo, Inc.^(a)	43,780		422,477
				1,335,173
Leisure Services (1.0%)
	Johnson Outdoors, Inc., Class A	14,905		544,032
	MCBC Holdings, Inc.^(a)	33,480		541,372
				1,085,404
Lodging (0.5%)
	Extended Stay America, Inc.	35,545		566,587
Media (0.9%)
	Townsquare Media, Inc., Class A^(a)	38,125		464,362
	tronc, Inc.^(a)	36,630		509,890
				974,252
Metal Fabricate & Hardware (0.9%)
	Kaiser Aluminum Corp.	5,950		475,405
	Worthington Industries, Inc.	11,170		503,655
				979,060
Miscellaneous Manufacturing (3.0%)
	Barnes Group, Inc.	10,435		535,733
	Crane Co.	8,455		632,688
	Greif, Inc., Class A	9,145		503,798
	Owens-Illinois, Inc.^(a)	25,425		518,161
	Park-Ohio Holdings Corp.	14,125		507,794
	Trinseo SA	7,195		482,784
				3,180,958
Office Furnishings (1.5%)
	Herman Miller, Inc.	15,845		499,910
	Knoll, Inc.	20,595		490,367
	Steelcase, Inc., Class A	33,395		559,366
				1,549,643
Oil & Gas (1.2%)
	Carrizo Oil & Gas, Inc.^(a)	15,210		435,918
	Evolution Petroleum Corp.	64,880		519,040
	Gulfport Energy Corp.^(a)	21,035		361,592
				1,316,550
Oil & Gas Services (0.9%)
	Matrix Service Co.^(a)	28,875		476,437
	McDermott International, Inc.^(a)	66,405		448,234
				924,671
Pharmaceuticals (3.6%)
	Cambrex Corp.^(a)	8,930		491,596

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Pharmaceuticals (3.6%)(continued)
	Nutraceutical International Corp.	17,190	$	535,468
	Omega Protein Corp.	19,570		392,379
	PharMerica Corp.^(a)	18,185		425,529
	Phibro Animal Health Corp., Class A	16,900		474,890
	PRA Health Sciences, Inc.^(a)	7,940		517,926
	Prestige Brands Holdings, Inc.^(a)	9,705		539,210
	USANA Health Sciences, Inc.^(a)	7,510		432,576
				3,809,574
Real Estate Investment Trusts (8.4%)
	Armada Hoffler Properties, Inc. REIT	39,775		552,475
	Care Capital Properties, Inc. REIT	17,120		460,014
	CareTrust REIT, Inc.	35,480		596,774
	Corporate Office Properties Trust REIT	16,635		550,619
	First Potomac Realty Trust REIT	53,380		548,746
	Franklin Street Properties Corp. REIT	43,360		526,390
	Gladstone Commercial Corp. REIT	27,545		569,355
	Lexington Realty Trust REIT	49,270		491,715
	Pennsylvania Real Estate Investment Trust REIT	17,310		262,073
	Potlatch Corp. REIT	12,045		550,457
	PS Business Parks, Inc. REIT	4,840		555,439
	Ramco-Gershenson Properties Trust REIT	37,860		530,797
	RLJ Lodging Trust REIT	23,385		549,781
	Sabra Health Care REIT, Inc.	21,855		610,410
	Saul Centers, Inc. REIT	8,555		527,159
	Select Income REIT	21,500		554,485
	Urstadt Biddle Properties, Inc., Class A REIT	24,245		498,477
				8,935,166
Retail (3.0%)
	Bloomin' Brands, Inc.	26,155		516,038
	Caleres, Inc.	15,850		418,757
	DSW, Inc., Class A	22,015		455,270
	Party City Holdco, Inc.^(a)	29,580		415,599
	PCM, Inc.^(a)	16,690		468,154
	Perry Ellis International, Inc.^(a)	23,110		496,403
	World Fuel Services Corp.	10,355		375,369
				3,145,590
Savings & Loans (3.1%)
	Berkshire Hills Bancorp, Inc.	17,725		638,986
	Charter Financial Corp.	25,550		502,569
	Dime Community Bancshares, Inc.	25,455		516,737
	First Defiance Financial Corp.	11,910		589,664
	Flagstar Bancorp, Inc.^(a)	20,460		576,767
	Territorial Bancorp, Inc.	15,205		473,940
				3,298,663

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Small-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Semiconductors (1.6%)
	Amkor Technology, Inc.^(a)	45,520	$	527,577
	Cohu, Inc.	30,830		569,122
	IXYS Corp.	43,040		626,232
				1,722,931
Software (0.4%)
	Progress Software Corp.	16,265		472,498
Technology (0.5%)
	Control4 Corp.^(a)	32,135		507,412
Telecommunications (2.4%)
	Autobytel, Inc.^(a)	33,530		420,131
	DHI Group, Inc.^(a)	68,555		270,792
	Entercom Communications Corp., Class A	34,340		491,062
	Gray Television, Inc.^(a)	33,810		490,245
	InterDigital, Inc.	4,855		418,987
	NETGEAR, Inc.^(a)	8,535		422,909
				2,514,126
Transportation (1.5%)
	Aaron's, Inc.	15,215		452,494
	Malibu Boats, Inc., Class A^(a)	28,015		628,937
	McGrath RentCorp	15,755		528,895
				1,610,326
Wholesale Distributors (0.5%)
	ScanSource, Inc.^(a)	14,495		568,929

	TOTAL COMMON STOCK (COST $91,654,085)			103,552,998
TOTAL INVESTMENTS (COST $91,654,085)		97.7%		103,552,998
TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES		2.3%		2,424,641
NET ASSETS		100.0%	$	105,977,639

(a)	Non-income producing security.

Common Abbreviations:

REIT	Real Estate Investment Trust

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	March 31, 2017

		Shares		Fair Value
COMMON STOCK (97.4%)
Aerospace & Defense (2.9%)
	Rockwell Collins, Inc.	2,655	$	257,960
	The Boeing Co.	1,490		263,521
	United Technologies Corp.	1,780		199,734
				721,215
Agriculture (1.0%)
	Bunge, Ltd.	3,220		255,217
Auto Manufacturers (0.9%)
	General Motors Co.	5,975		211,276
Banks (9.5%)
	BB&T Corp.	5,220		233,334
	Capital One Financial Corp.	2,740		237,448
	Citigroup, Inc.	4,235		253,338
	Fifth Third Bancorp	7,865		199,771
	Huntington Bancshares, Inc.	18,320		245,305
	JPMorgan Chase & Co.	2,890		253,858
	State Street Corp.	3,040		242,014
	The Bank of New York Mellon Corp.	5,365		253,389
	U.S. Bancorp	4,660		239,990
	Wells Fargo & Co.	4,120		229,319
				2,387,766
Biotechnology (2.7%)
	Amgen, Inc.	1,440		236,261
	Biogen, Inc.^(a)	850		232,407
	Gilead Sciences, Inc.	3,165		214,967
				683,635
Building Materials (2.1%)
	DR Horton, Inc.	7,845		261,317
	Lennar Corp., Class A	5,205		266,444
				527,761
Capital Goods (1.0%)
	Huntington Ingalls Industries, Inc.	1,200		240,288
Chemicals (3.0%)
	Celanese Corp., Class A	2,950		265,057
	Eastman Chemical Co.	3,100		250,480
	LyondellBasell Industries NV, Class A	2,620		238,918
				754,455

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Commercial Services (1.9%)
	FleetCor Technologies, Inc.^(a)	1,455	$	220,331
	Nielsen Holdings PLC	6,075		250,958
				471,289
Computers (3.6%)
	Accenture PLC, Class A	2,075		248,751
	Cognizant Technology Solutions Corp., Class A^(a)	4,215		250,877
	NetApp, Inc.	6,410		268,258
	Xerox Corp.	19,255		141,332
				909,218
Diversified Financial Services (4.5%)
	American Express Co.	2,810		222,299
	Discover Financial Services	3,190		218,164
	Morgan Stanley	5,460		233,906
	Raymond James Financial, Inc.	2,995		228,399
	Synchrony Financial	6,865		235,470
				1,138,238
Electric (3.8%)
	Corning, Inc.	8,410		227,070
	Exelon Corp.	6,715		241,606
	FirstEnergy Corp.	7,955		253,128
	SCANA Corp.	3,645		238,201
				960,005
Food (4.6%)
	Aramark	7,020		258,827
	Campbell Soup Co.	3,690		211,216
	Ingredion, Inc.	2,085		251,097
	Sysco Corp.	4,115		213,651
	The J.M. Smucker Co.	1,715		224,802
				1,159,593
Hand & Machine Tools (0.9%)
	Snap-on, Inc.	1,300		219,271
Healthcare Services (4.9%)
	Aetna, Inc.	1,895		241,707
	HCA Holdings, Inc.^(a)	2,790		248,282
	Laboratory Corp. of America Holdings^(a)	1,690		242,464
	UnitedHealth Group, Inc.	1,505		246,835
	Universal Health Services, Inc., Class B	1,995		248,278
				1,227,566
Household Products (0.8%)
	Whirlpool Corp.	1,160		198,743

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Insurance (8.5%)
	Aflac, Inc.	2,755	$	199,517
	Chubb, Ltd.	1,740		237,075
	CNA Financial Corp.	5,595		247,131
	Everest Re Group, Ltd.	1,045		244,331
	Lincoln National Corp.	3,240		212,058
	Principal Financial Group, Inc.	4,095		258,436
	Prudential Financial, Inc.	2,275		242,697
	The Allstate Corp.	3,120		254,249
	The Travelers Cos., Inc.	1,945		234,450
				2,129,944
Leisure Time (0.9%)
	Carnival Corp.	3,835		225,920

Miscellaneous Manufacturing (2.7%)
	Eaton Corp. PLC	2,920		216,518
	Ingersoll-Rand PLC	2,920		237,454
	Nucor Corp.	3,830		228,728
				682,700
Oil & Gas (7.5%)
	Cabot Oil & Gas Corp.	10,760		257,272
	Chevron Corp.	2,065		221,719
	ConocoPhillips	5,575		278,025
	Diamondback Energy, Inc.^(a)	2,155		223,506
	Exxon Mobil Corp.	2,623		215,112
	Marathon Petroleum Corp.	4,685		236,780
	Newfield Exploration Co.^(a)	5,640		208,172
	Valero Energy Corp.	3,630		240,633
				1,881,219
Packaging & Containers (0.8%)
	Sealed Air Corp.	4,665		203,301

Pharmaceuticals (5.2%)
	AbbVie, Inc.	3,000		195,480
	AmerisourceBergen Corp.	2,575		227,888
	Cardinal Health, Inc.	2,465		201,021
	Express Scripts Holding Co.^(a)	3,930		259,026
	McKesson Corp.	1,145		169,758
	Pfizer, Inc.	7,140		244,259
				1,297,432
Retail (3.8%)
	CVS Health Corp.	2,830		222,155
	The TJX Cos., Inc.	2,975		235,263
	Tractor Supply Co.	3,310		228,291

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Schedule of Investments
CornerCap Large/Mid-Cap Value Fund	March 31, 2017

		Shares		Fair Value
Retail (3.8%)(continued)
	Wal-Mart Stores, Inc.	3,555	$	256,244
				941,953
Semiconductors (4.8%)
	Applied Materials, Inc.	6,905		268,604
	Intel Corp.	5,965		215,157
	Lam Research Corp.	2,010		258,004
	Microchip Technology, Inc.	3,450		254,541
	QUALCOMM, Inc.	3,670		210,438
				1,206,744
Software (6.0%)
	Alphabet, Inc., Class A^(a)	295		250,101
	CA, Inc.	7,375		233,935
	Citrix Systems, Inc.^(a)	3,075		256,424
	First Data Corp., Class A^(a)	15,805		244,978
	Oracle Corp.	5,910		263,645
	VMware, Inc., Class A^(a)	2,695		248,317
				1,497,400
Telecommunications (5.1%)
	AT&T, Inc.	5,340		221,877
	CenturyLink, Inc.	9,195		216,726
	Comcast Corp., Class A	4,850		182,312
	Discovery Communications, Inc., Class A^(a)	7,745		225,302
	Juniper Networks, Inc.	7,970		221,805
	Verizon Communications, Inc.	4,310		210,112
				1,278,134
Transportation (4.0%)
	Cummins, Inc.	1,610		243,432
	FedEx Corp.	1,290		251,743
	Union Pacific Corp.	2,395		253,678
	United Rentals, Inc.^(a)	1,970		246,349
				995,202
	TOTAL COMMON STOCK (COST $22,263,605)			24,405,485
SHORT-TERM INVESTMENTS (1.4%)
	Federated Treasury Obligations Money Market Fund, 7 Day Yield, 0.576%	358,167		358,167

	TOTAL SHORT-TERM INVESTMENTS (COST $358,167)			358,167
TOTAL INVESTMENTS (COST $22,621,772)		98.8%		24,763,652
TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES		1.2%		307,229
NET ASSETS		100.0%	$	25,070,881

(a)	Non-income producing security.

Common Abbreviations:

PLC	Public Limited Company

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Statements of Assets and Liabilities

March 31, 2017

	60		CornerCap Balanced Fund		CornerCap Small-Cap Value Fund		CornerCap Large/ Mid-Cap Value Fund
ASSETS:
Investments, at value (Cost $28,537,303, $91,654,085 and $22,621,772, respectively)		$	30,521,148	$	103,552,998	$	24,763,652
Cash			-		2,357,468		-
Receivable for fund shares subscribed			712		55,881		307,000
Dividends and interest receivable			94,392		121,505		19,531
	Total assets		30,616,252		106,087,852		25,090,183

LIABILITIES:
Payable for fund shares redeemed			-		4,850		-
Advisory fee payable			16,198		76,904		10,854
Other expenses payable			7,870		28,459		8,448
	Total liabilities		24,068		110,213		19,302
Net assets		$	30,592,184	$	105,977,639	$	25,070,881

PRICING OF INVESTOR SHARES (NOTE 2):
Net Assets		$	30,592,184	$	77,454,587	$	25,070,881
Shares Outstanding			2,173,463		4,644,801		1,996,823
Net asset value, offering and redemption price per share		$	14.08	$	16.68	$	12.56

PRICING OF INSTITUTIONAL SHARES (NOTE 2):
Net Assets		$	-	$	28,523,052	$	-
Shares Outstanding			-		1,708,452		-
Net asset value, offering and redemption price per share		$	-	$	16.70	$	-

NET ASSETS CONSISTS OF:
Paid-in capital		$	28,104,338	$	84,444,580	$	22,489,577
Undistributed net investment income			345,675		67,159		42,098
Accumulated net realized gain on investments			158,326		9,566,987		397,326
Net unrealized appreciation in value of investments			1,983,845		11,898,913		2,141,880
Net assets		$	30,592,184	$	105,977,639	$	25,070,881

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Statements of Operations

For the Year Ended March 31, 2017

		CornerCap Balanced Fund			CornerCap Small-Cap Value Fund		CornerCap Large/Mid-Cap Value Fund
INVESTMENT INCOME:
Dividends, (net of foreign withholding taxes of $292, $504 and $309)	$	407,501		$	1,658,902	$	410,139
Interest		290,857			-		5
Total investment income		698,358			1,658,902		410,144

EXPENSES:
Advisory fees		248,472			956,983		172,713
Operating expenses		82,824			338,922		76,762
Total expenses		331,296			1,295,905		249,475
Less fees waived/reimbursed by investment adviser		(55,216	)		-		(57,571	)
Net expenses		276,080			1,295,905		191,904
Net investment income		422,278			362,997		218,240

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		704,013			15,327,723		902,110
Change in unrealized appreciation of investments		2,136,508			8,504,064		2,162,404
Net gain on investments		2,840,521			23,831,787		3,064,514
Net increase in net assets resulting from operations	$	3,262,799		$	24,194,784	$	3,282,754

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Statements of Changes in Net Assets

			CornerCap Balanced Fund						CornerCap Small-Cap Value Fund						CornerCap Large/Mid-Cap Value Fund
			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
	Net investment income		$	422,278		$	408,885		$	362,997		$	340,911		$	218,240		$		121,507
	Net realized gain (loss) on investments			704,013			(417,442	)		15,327,723			469,607			902,110				(429,561	)
	Change in unrealized appreciation (depreciation) of investments			2,136,508			(806,985	)		8,504,064			(3,510,866	)		2,162,404				(334,283	)
	Net increase (decrease) in net assets resulting from operations			3,262,799			(815,542	)		24,194,784			(2,700,348	)		3,282,754				(642,337	)

DISTRIBUTIONS TO SHAREHOLDERS:
	From net investment income:
		Investor Shares		(417,131	)		(171,092	)		(149,494	)		(276,496	)		(185,530	)			(120,933	)
		Institutional Shares		-			-			(147,861	)		-			-				-
	From net realized gain on investments:
		Investor Shares		-			(2,255,355	)		(3,505,680	)		(5,883,804	)		-				(1,697,888	)
		Institutional Shares		-			-			(1,344,022	)		-			-				-
Total distributions				(417,131	)		(2,426,447	)		(5,147,057	)		(6,160,300	)		(185,530	)			(1,818,821	)

CAPITAL SHARE TRANSACTIONS:
	Net increase (decrease) from capital share transactions (see Note 3)			2,131,022			2,000,016			(10,173,104	)		20,784,317			8,803,119				4,017,928
	Redemption fees			519						840			1,198			270				394
Net increase (decrease) from capital share transactions				2,131,541			2,000,016			(10,172,264	)		20,785,515			8,803,389				4,018,322
Total increase (decrease) in net assets				4,977,209			(1,241,973	)		8,875,463			11,924,867			11,900,613				1,557,164

NET ASSETS:
	Beginning of year			25,614,975			26,856,948			97,102,176			85,177,309			13,170,268				11,613,104
	End of year*		$	30,592,184		$	25,614,975		$	105,977,639		$	97,102,176		$	25,070,881		$		13,170,268

*	Including undistributed net investment income of:		$	345,675		$	340,528		$	67,159		$	74,437		$	42,098			$	18,330

The accompanying notes to financial statements are an intergral part of these financial statements.

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Financial Highlights
CornerCap Balanced Fund


Selected data for each share of beneficial interest outstanding throughout the years indicated:		Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year		$	12.70		$	14.62		$	15.51		$	14.03		$	13.51
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.20	^(a)		0.22	^(a)		0.22	^(a)		0.23	^(a)		0.24
Net realized and unrealized gain (loss) on investments			1.38			(0.75	)		0.59			2.09			0.78
Total Income/(Loss) from Investment Operations			1.58			(0.53	)		0.81			2.32			1.02

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			(0.20	)		(0.09	)		(0.23	)		(0.22	)		(0.24	)
Distributions from net realized gain on investments			—			(1.30	)		(1.47	)		(0.62	)		(0.26	)
Total Dividends and Distributions to Shareholders			(0.20	)		(1.39	)		(1.70	)		(0.84	)		(0.50	)
Paid-in Capital from Redemption Fees			0.00	^(a)(b)		0.00			0.00			0.00	^(a)(b)		0.00	^(b)
Net asset value, end of year		$	14.08		$	12.70		$	14.62		$	15.51		$	14.03
Total Return			12.46	%		(3.32	)%		5.12	%		16.76	%		7.85	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in 000's)		$30,592			$25,615			$26,857			$23,521			$19,290

RATIOS TO AVERAGE NET ASSETS:
Net investment income			1.53	%		1.61	%		1.45	%		1.54	%		1.82	%
Net expenses			1.00	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses^(c)			1.20	%		1.27	%		1.30	%		1.30	%		1.30	%
Portfolio turnover rate			60	%		70	%		87	%		43	%		40	%

(a)	Calculated based on average shares outstanding during each year.
(b)	Less than $0.005 per share.
(c)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Financial Highlights
CornerCap Small-Cap Value Fund


Selected data for each share of beneficial interest outstanding throughout the years indicated:		Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
INVESTOR SHARES
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year		$	14.00		$	15.55		$	16.25		$	13.74		$	12.98
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.04	^(a)		0.05	^(a)		0.03	^(a)		0.00	^(a)(b)		0.10
Net realized and unrealized gain (loss) on investments			3.38			(0.60	)		1.21			4.51			1.46
Total Income/(Loss) from Investment Operations			3.42			(0.55	)		1.24			4.51			1.56

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			(0.03	)		(0.04	)		(0.02	)		—			(0.13	)
Distributions from net realized gain on investments			(0.71	)		(0.96	)		(1.92	)		(2.00	)		(0.67	)
Total Dividends and Distributions to Shareholders			(0.74	)		(1.00	)		(1.94	)		(2.00	)		(0.80	)
Paid-in Capital from Redemption Fees			0.00	^(a)(b)		0.00	^(a)(b)		0.00			0.00	^(a)(b)		0.00	^(b)
Net asset value, end of year		$	16.68		$	14.00		$	15.55		$	16.25		$	13.74
Total Return			24.40	%		(3.29	)%		8.21	%		33.09	%		12.70	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in 000's)		$77,455			$76,053			$85,177			$59,760			$36,600

RATIOS TO AVERAGE NET ASSETS:
Net investment income			0.26	%		0.38	%		0.17	%		0.02	%		0.74	%
Net expenses			1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Gross expenses			1.30	%		1.45	%^(c)		1.50	%^(c)		1.50	%^(c)		1.50	%^(c)
Portfolio turnover rate			129	%		144	%		112	%		109	%		131	%

(a)	Calculated based on average shares outstanding during each year.
(b)	Less than $0.005 per share.
(c)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

www.cornercapfunds.com

Financial Highlights
CornerCap Small-Cap Value Fund


Selected data for each share of beneficial interest outstanding throughout the years indicated:		Year Ended March 31, 2017			December 29, 2015^(a) through March 31, 2016
INSTITUTIONAL SHARES
PER SHARE OPERATING PERFORMANCE
Net Asset value, beginning of period		$	14.02		$	14.03
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)			0.09			0.04
Net realized and unrealized gain (loss) on investments			3.38			(0.05	)
Total Income/(Loss) from Investment Operations			3.47			(0.01	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			(0.08	)		—
Distributions from net realized gain on investments			(0.71	)		—
Total Dividends and Distributions to Shareholders			(0.79	)		—
Paid-in Capital from Redemption Fees^(b)			0.00	^(c)		0.00
Net asset value, end of period		$	16.70		$	14.02
Total Return			24.74	%		(0.07	)%^(d)

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)		$28,523			$21,049

RATIOS TO AVERAGE NET ASSETS:
Net investment income			0.57	%		1.33	%^(e)
Net expenses			1.00	%		1.00	%^(e)
Gross expenses			1.00	%		1.00	%^(e)
Portfolio turnover rate			129	%		144	%^(d)

(a)	Commencement of operations.
(b)	Calculated based on average shares outstanding during each period.
(c)	Less than $0.005 per share.
(d)	Not annualized.
(e)	Annualized.

The accompanying notes to financial statements are an intergral part of these financial statements.

Annual Report I March 31, 2017

Financial Highlights
CornerCap Large/Mid-Cap Value Fund


Selected data for each share of beneficial interest outstanding throughout the years indicated:		Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year		$	10.80		$	13.75		$	13.87		$	10.88		$	10.07
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.13	^(a)		0.13	^(a)		0.15	^(a)		0.12	^(a)		0.10
Net realized and unrealized gain (loss) on investments			1.73			(1.07	)		0.91			2.97			0.81
Total Income/(Loss) from Investment Operations			1.86			(0.94	)		1.06			3.09			0.91

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income			(0.10	)		(0.11	)		(0.14	)		(0.10	)		(0.10	)
Distributions from net realized gain on investments			—			(1.90	)		(1.04	)		—			—
Total Dividends and Distributions to Shareholders			(0.10	)		(2.01	)		(1.18	)		(0.10	)		(0.10	)
Paid-in Capital from Redemption Fees			0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(a)(b)		0.00	^(b)
Net asset value, end of year		$	12.56		$	10.80		$	13.75		$	13.87		$	10.88
Total Return			17.31	%		(6.29	)%		7.46	%		28.42	%		9.16	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in 000's)		$25,071			$13,170			$11,613			$10,852			$8,163

RATIOS TO AVERAGE NET ASSETS:
Net investment income			1.14	%		1.07	%		1.03	%		0.98	%		1.20	%
Net expenses			1.00	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses^(c)			1.30	%		1.44	%		1.50	%		1.50	%		1.50	%
Portfolio turnover rate			82	%		97	%		125	%		60	%		43	%

(a)	Calculated based on average shares outstanding during each year.
(b)	Less than $0.005 per share.
(c)	Reflects the expense ratio excluding any waivers and/or reimbursements.

The accompanying notes to financial statements are an intergral part of these financial statements.

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Notes to Financial Statements

March 31, 2017

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. CornerCap Balanced Fund and CornerCap Large/Mid-Cap Value Fund currently offer Investor Shares and CornerCap Small-Cap Value Fund currently offers Investor Shares and Institutional Shares.

The investment objective of the CornerCap Balanced Fund is long-term capital appreciation and current income. CornerCap Small‐Cap Value Fund's investment objective is long-term capital appreciation with a secondary objective of generating income from dividends or interest on securities, whereas the CornerCap Large/Mid‐Cap Value Fund's investment objective is long-term capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("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), 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 or official close 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 quoted bid 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

Annual Report I March 31, 2017

Notes to Financial Statements

March 31, 2017

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 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 year ended March 31, 2017, 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. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, 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 GAAP. Distributions to shareholders are recorded on the ex-dividend date.

Income and Expense Allocation – The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses that are directly attributable to more than one investment portfolio are allocated among the respective investment portfolios in an equitable manner.

CornerCap Small-Cap Value Fund's class specific expenses are charged to the operations of that class of shares. Income and expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on the class' respective net assets to the total net assets of the Fund.

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.

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Notes to Financial Statements

March 31, 2017

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2017:

CornerCap Balanced Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	18,427,405	$	-	$	-	$	18,427,405
Exchange Traded Funds		1,228,062		-		-		1,228,062
Government Bonds		-		1,102,484		-		1,102,484
Corporate Bonds		-		8,531,509		-		8,531,509
Municipal Bonds		-		152,407		-		152,407
U.S. Government & Agency Obligations		-		425,263		-		425,263
Short-Term Investments		654,018		-		-		654,018
Total	$	20,309,485	$	10,211,663	$	-	$	30,521,148

CornerCap Small-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	103,552,998	$	-	$	-	$	103,552,998
Total	$	103,552,998	$	-	$	-	$	103,552,998

CornerCap Large/Mid-Cap Value Fund:

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Common Stocks	$	24,405,485	$	-	$	-	$	24,405,485
Short-Term Investments		358,167		-		-		358,167
Total	$	24,763,652	$	-	$	-	$	24,763,652

* 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 year ended March 31, 2017.

For the year ended March 31, 2017, 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 year.

3. SHARES OF BENEFICIAL INTEREST

On March 31, 2017, 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, on redemptions (sales or exchanges) made within sixty days of initial purchase of shares of the applicable Fund. The redemption fees charged during the year are disclosed on the Statements of Changes in Net Assets.

Annual Report I March 31, 2017

Notes to Financial Statements

March 31, 2017

Transactions in shares of beneficial interest were as follows:

CornerCap Balanced Fund		35574			42825	#	#				42460
		Year Ended March 31, 2017						Year Ended March 31, 2016
		Shares			Amount			Shares			Amount
	Shares Sold	481,838		$	6,465,680			416,972		$	5,601,666
	Shares Issued in Reinvestment of Dividends	30,624			416,789			195,814			2,424,124
	Total	512,462			6,882,469			612,786			8,025,790
	Less Shares Redeemed	(356,030	)		(4,751,447	)		(432,785	)		(6,025,774	)
	Net increase	156,432		$	2,131,022			180,001		$	2,000,016

CornerCap Small-Cap Value Fund					42825			#	#				42460
			Year Ended March 31, 2017							Year Ended March 31, 2016
			Shares				Amount			Shares			Amount
	Shares Sold
		Investor Shares	667,044			$	10,329,541			1,221,462		$	18,051,246
		Institutional Shares	542,716				7,835,059			1,501,333			20,715,586
	Shares Issued in Reinvestment of Dividends
		Investor Shares	217,928				3,649,349			453,244			6,159,575
		Institutional Shares	84,729				1,423,348			-			-
	Total		1,512,417				23,237,297			3,176,039			44,926,407
	Less Shares Redeemed
	1	Investor Shares	(1,671,381	)			(26,425,066	)		(1,720,670	)		(24,142,090	)
	2	Institutional Shares	(420,326	)			(6,985,335	)		-			-
	Net increase (decrease)		(579,290	)		$	(10,173,104	)		1,455,369		$	20,784,317

CornerCap Large/Mid-Cap Value Fund		36734			42825	#	#				42460
		Year Ended March 31, 2017						Year Ended March 31, 2016
		Shares			Amount			Shares			Amount
	Shares Sold	892,309		$	10,156,348			367,122		$	4,310,268
	Shares Issued in Reinvestment of Dividends	15,474			185,530			172,503			1,818,821
	Total	907,783			10,341,878			539,625			6,129,089
	Less Shares Redeemed	(130,866	)		(1,538,759	)		(164,018	)		(2,111,161	)
	Net increase	776,917		$	8,803,119			375,607		$	4,017,928

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Notes to Financial Statements

March 31, 2017

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 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, 2017 and March 31, 2016 were as follows:

	CornerCap Balanced Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	417,131	$	418,583
Long-term capital gains		-		2,007,864
Total	$	417,131	$	2,426,447

	CornerCap Small-Cap Value Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	4,304,533	$	1,928,842
Long-term capital gains		842,524		4,231,458
Total	$	5,147,057	$	6,160,300

	CornerCap Large/Mid-Cap Value Fund
Distributions Paid From:	2017		2016
Ordinary Income	$	185,530	$	369,619
Long-term capital gains		-		1,449,202
Total	$	185,530	$	1,818,821

For the year ended March 31, 2017, each Fund recorded the following reclassifications to the accounts listed below. The reclassifications were primarily as a result of dividend reclassifications and real estate investment trust reclassifications.

	Increase/(Decrease) Undistributed Net Investment Income (Loss)				Increase/(Decrease) Accumulated Net Realized Gain
CornerCap Small-Cap Value Fund		$	(72,920	)		$	72,920
CornerCap Large/Mid-Cap Value Fund			(8,942	)			8,942

As of March 31, 2017, the components of distributable earnings on a tax basis were as follows:

		CornerCap Balanced Fund		CornerCap Small-Cap Value Fund		CornerCap Large/Mid-Cap Value Fund
Undistributed ordinary income	$	494,818	$	6,431,452	$	480,678
Undistributed long-term gain		-		3,174,956		-
Net unrealized appreciation on investments		1,993,028		11,926,651		2,100,626
Total	$	2,487,846	$	21,533,059	$	2,581,304

The difference between components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, real estate investment trust investments and return of capital on equity securities.

Annual Report I March 31, 2017

Notes to Financial Statements

March 31, 2017

As of March 31, 2017, 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 as of March 31, 2017, were as follows:

	CornerCap Balanced Fund			CornerCap Small-Cap Value Fund			CornerCap Large/Mid-Cap Value Fund
Gross unrealized appreciation (excess of value over tax cost)	$	2,355,804		$	15,082,630		$	2,548,949
Gross unrealized depreciation (excess of tax cost over value)		(362,776	)		(3,155,979	)		(448,323	)
Net unrealized appreciation	$	1,993,028		$	11,926,651		$	2,100,626
Cost of investments for income tax purposes	$	28,528,120		$	91,626,347		$	22,663,026

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 0.90% 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%, 0.40%, 0.10% and 0.40% of the average daily net assets of the CornerCap Balanced Fund, CornerCap Small‐Cap Value Fund – Investor Shares, CornerCap Small-Cap Value Fund – Institutional Shares 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		1.00%
CornerCap Small-Cap Value Fund – Investor Shares		1.30%
CornerCap Large/Mid-Cap Value Fund		1.00%

The contractual agreements cannot be terminated prior to August 1, 2017, 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,

www.cornercapfunds.com

Notes to Financial Statements

March 31, 2017

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. In addition, the Adviser pays all other operating expenses outlined in the Operating Services Agreement.

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

6. PURCHASES AND SALES OF SECURITIES

Investment transactions for the year ended March 31, 2017, excluding U.S. Government and Agency securities and short-term investments, were as follows:

	Purchases		Sales
CornerCap Balanced Fund	$	17,940,392	$	15,793,229
CornerCap Small-Cap Value Fund		133,809,560		147,589,287
CornerCap Large/Mid-Cap Value Fund		24,243,525		15,217,454

Investment transactions in U.S. Government and Agency securities for the year ended March 31, 2017 were as follows:

		Purchases			Sales
CornerCap Balanced Fund		$	983,068		$	-

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 March 31, 2017, Charles Schwab & Co. held approximately 56.82%, 76.79% and 78.50% 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.

Annual Report I March 31, 2017

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

CornerCap Group of Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of CornerCap Group of Funds, comprising CornerCap Balanced Fund, CornerCap Small-Cap Value Fund, and CornerCap Large/Mid-Cap Value Fund (the "Funds") as of March 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting CornerCap Group of Funds as of March 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 10, 2017

www.cornercapfunds.com

Additional Information

March 31, 2017 (Unaudited)

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 or Adviser for serving as an officer or Trustee of the Funds. As of March 2, 2017, each Independent Trustee receives $5,000 for each Trustees meeting attended in‐person and $3,000 for each Trustees meeting attended by telephone. Members of the Audit Committee are paid $1,500 per Audit Committee meeting, and the Audit Committee Chairman is paid $3,000 per Audit Committee meeting. The Audit Committee will normally meet twice a year. Independent Trustee and Audit Committee compensation is paid by the Adviser.

4. TAX DESIGNATIONS

For federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2016:

	CornerCap Balanced Fund	CornerCap Small-Cap Value Fund	CornerCap Large/Mid-Cap Value Fund
Dividends Received Deduction	79.12%	29.41%	100.00%
Qualified Dividend Income	85.31%	29.83%	100.00%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, CornerCap Small‐Cap Value Fund designated $842,524, as long‐term capital gain dividends.

Annual Report I March 31, 2017

Additional Information

March 31, 2017 (Unaudited)

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 the Trust 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, Letkoff, 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.	Former Director, National Medical Health Card; Former Director, WebSite Pros, Inc.; Director, Alexander Mann Solutions (since January 2014) (Private Company).

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

Three Canal Plaza, Suite 600, Portland, ME 04101.

www.cornercapfunds.com

Additional Information

March 31, 2017 (Unaudited)

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, 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.	Chief Compliance Officer, Church Investment Group (non-profit)
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

Annual Report I March 31, 2017

ITEM 2. CODE OF ETHICS.

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the registrant. The registrant's Code of Ethics was filed as an Exhibit hereto under Item 12(a)(1) of this Form N-CSR on June 6, 2008. There have been no amendments to the Code of Ethics since it was last filed.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that there is no "audit committee financial expert" serving on its audit committee. In this regard, the Board also determined that having such a person serve on its audit committee was unnecessary in light of the structure of the registrant's operations and the broad range of experience and expertise in financial matters possessed by the members of the audit committee, even though no such member was considered to have been an audit committee financial expert under the relatively narrow definition of such term.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $26,500 in 2016 and $26,500 in 2017.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2016 and $0 in 2017.

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $6,000 in 2016 and $6,000 in 2017. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2016 and $0 in 2017.

(e) (1) Audit Committee Pre-Approval Policies and Procedures: The registrant's Audit Committee has not adopted pre-approval policies and procedures. Instead, the Audit Committee approves each audit and non-audit service before the accountant is engaged to provide such service.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2016 and $0 in 2017. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.

(h) 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) The registrant's Code of Ethics for Principal Executive and Senior Financial Officers that applies to the registrant's principal executive officer and principal financial officer and as described in Item 2 hereof is incorporated by reference to Exhibit 99.12(a)(1) to the registrant's Form N-CSR for its fiscal year ended March 31, 2008, filed electronically with the Securities and Exchange Commission on June 6, 2008.

(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	May 16, 2017

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	May 16, 2017

Cornercap Group Of Funds N-CSRCertified annual shareholder report (management investment company)