As filed with the Securities and Exchange Commission on November 29, 2021
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
Zac Tackett
Apex Fund Services
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, 2021 – September 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS.
Semi
Annual
Report
September
30,
2021
CornerCap
Small-Cap
Value
Fund
Table
of
Contents
Manager’s
Report
to
Shareholders
1
Fund
Expenses
4
Schedule
of
Investments
6
Statement
of
Assets
and
Liabilities
16
Statement
of
Operations
17
Statements
of
Changes
in
Net
Assets
18
Financial
Highlights
19
Notes
to
Financial
Statements
21
Additional
Information
28
Manager’s
Report
to
Shareholders
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
1
Total
Return
for
the
period
ended
September
30,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
does
not
reflect
the
deduction
of
the
1%
redemption
fee
imposed
if
shares
are
redeemed
or
exchanged
within
sixty
days
of
purchase
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Data
quoted
represents
past
performance.
1
Year
5
Year
10
Year
Since
Inception
(a)
Expense
Ratio
CornerCap
Small-Cap
Value
Fund
--
Investor
Shares
(b)
60.52%
11.47%
14.56%
9.97%
1.30%
(c)
CornerCap
Small-Cap
Value
Fund
--
Institutional
Shares
(b)(d)
61.08%
11.79%
14.76%
10.04%
1.00%
Russell
2000
Value
Index
(e)
63.92%
11.03%
13.22%
10.86%
Russell
2000
Index
(f)
47.68%
13.45%
14.63%
10.24%
Manager’s
Report
to
Shareholders
September
30,
2021
(Unaudited)
2
www.cornercapfunds.com
Investment
return
and
share
price
will
fluctuate
with
market
conditions,
and
investors
may
have
a
gain
or
loss
when
shares
are
sold.
Mutual
fund
performance
changes
over
time
and
currently
may
be
significantly
lower
than
stated
above.
Performance
is
updated
and
published
monthly.
Call
888-813-8637
for
month-end
performance
figures.
The
index
figures
do
not
reflect
any
deduction
for
fees,
expenses
or
taxes.
It
is
not
possible
to
invest
directly
in
an
index.
(a)
The
Small-Cap
Value
Fund’s
Investor
Shares
began
operations
on
September
30,
1992
and
the
Institutional
Shares
began
operations
on
December
29,
2015.
(b)
The
Fund’s
total
returns
include
the
reinvestment
of
dividend
and
capital
gain
distributions
but
have
not
been
adjusted
for
any
income
taxes
payable
by
shareholders
on
these
distributions.
(c)
The
total
Annual
Fund
Operating
Expenses
(gross)
are
1.30%.
The
Adviser
has
entered
into
a
contractual
agreement
with
the
Small-Cap
Value
Fund
–
Investor
Shares
under
which
it
has
agreed
to
waive
fees
and
reimburse
the
Small-Cap
Value
Fund
–
Investor
Shares
for
“Total
Annual
Fund
Operating
Expenses”
(exclusive
of
interest,
taxes,
brokerage
fees
and
commissions,
acquired
fund
fees
and
expenses,
and
extraordinary
expenses)
that
exceed
1.30%.
To
the
extent
the
Small-Cap
Value
Fund
–
Investor
Shares
incurs
excluded
expenses,
the
expense
ratio
will
increase.
The
current
contractual
agreement
cannot
be
terminated
prior
to
August
1,
2022
,
without
the
Board
of
Trustees’
approval.
(d)
Institutional
Shares
commenced
operations
on
December
29,
2015.
Performance
for
the
10
year
and
Since
Inception
periods
is
a
blended
average
annual
return
which
includes
the
returns
of
Investor
Shares
(inception
date
September
30,
1992)
prior
to
the
commencement
of
operations
of
Institutional
Shares,
and
is
calculated
using
the
fees
and
expenses
in
effect
for
the
Investor
Shares
during
the
periods
shown,
net
of
any
applicable
fee
and
expense
limitations
or
waivers.
If
Institutional
Shares
had
been
available
during
periods
prior
to
December
29,
2015,
the
performance
shown
may
have
been
different.
The
performance
shown
for
the
periods
following
the
Fund's
commencement
of
Institutional
Shares
reflects
the
fees
and
expenses
of
Institutional
Shares,
net
of
any
applicable
fee
and
expense
limitations
or
waivers.
(e)
The
Russell
2000®
Value
Index
measures
the
2,000
smallest
of
the
3,000
largest
U.S.
Companies
(based
on
total
market
capitalization)
that
have
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
(f)
The
Russell
2000®
Index
is
an
index
that
measures
the
performance
of
the
2,000
smallest
companies
in
the
Russell
3000®
Index.
Manager’s
Report
to
Shareholders
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
3
Sector
Allocation
as
a
Percentage
of
Total
Investments
at
September
30,
2021*
*
These
allocations
may
not
reflect
the
current
or
future
position
of
the
portfolio.
Fund
Expenses
(Unaudited)
September
30,
2021
4
www.cornercapfunds.com
As
a
shareholder
of
the
Fund,
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
Fund,
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,
2021
through
September
30,
2021.
Actual
Expenses
–
The
first
line
under
each
share
class
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
share
class
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
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
the
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
Account
Value
April
1,
2021
Ending
Account
Value
September
30,
2021
Expenses
Paid
During
Period
(a)
Investor
Shares
Actual
$
1,000.00
$
1,040.85
$
6.65
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,018.55
$
6.58
Institutional
Shares
Actual
$
1,000.00
$
1,042.95
$
5.12
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,020.05
$
5.06
(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 1.30%
for
CornerCap
Small-Cap
Value
Fund
—
Investor
Shares
and
1.00%
for
CornerCap
Small-Cap
Value
Fund
—
Institutional
Shares,
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.
Fund
Expenses
(Unaudited)
September
30,
2021
Semi
Annual
Report
I
September
30,
2021
5
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
Fund
does
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.
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
6
www.cornercapfunds.com
Shares
Fair
Value
COMMON
STOCK
(99.1%)
Aerospace
&
Defense
(
0.7%
)
Barnes
Group,
Inc.
13,938
$
581,633
Kaman
Corp.
17,348
618,803
1,200,436
Airlines
(
0.4%
)
Mesa
Air
Group,
Inc.
(a)
81,374
623,325
Auto
Parts
&
Equipment
(
2.3%
)
Allison
Transmission
Holdings,
Inc.
17,467
616,935
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
35,711
314,614
Douglas
Dynamics,
Inc.
15,208
552,050
Meritor,
Inc.
(a)
29,120
620,547
REV
Group,
Inc.
41,188
706,786
Standard
Motor
Products,
Inc.
15,454
675,494
Tenneco,
Inc.,
Class A
(a)
17,298
246,843
3,733,269
Banks
(
15.5%
)
Allegiance
Bancshares,
Inc.
17,991
686,357
American
National
Bankshares,
Inc.
10,128
334,629
Bar
Harbor
Bankshares
11,358
318,592
BayCom
Corp.
(a)
18,585
345,681
Business
First
Bancshares,
Inc.
14,546
340,231
Civista
Bancshares,
Inc.
27,691
643,262
CNB
Financial
Corp.
29,612
720,756
Community
Trust
Bancorp,
Inc.
8,512
358,355
ConnectOne
Bancorp,
Inc.
27,917
837,789
Customers
Bancorp,
Inc.
(a)
16,709
718,821
Equity
Bancshares,
Inc.,
Class A
14,456
482,541
Farmers
National
Banc
Corp.
43,489
683,212
Financial
Institutions,
Inc.
23,943
733,853
First
Bank/Hamilton
NJ
25,868
364,480
First
Commonwealth
Financial
Corp.
46,574
634,804
First
Financial
Corp.
7,852
330,177
First
Internet
Bancorp
10,393
324,054
FNB
Corp.
56,505
656,588
Great
Southern
Bancorp,
Inc.
12,088
662,543
Great
Western
Bancorp,
Inc.
21,359
699,294
Hancock
Whitney
Corp.
13,999
659,633
Hanmi
Financial
Corp.
37,116
744,547
Heartland
Financial
USA,
Inc.
7,460
358,677
Hope
Bancorp,
Inc.
42,164
608,848
Horizon
Bancorp,
Inc./IN
39,912
725,201
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
7
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
Shares
Fair
Value
Banks
(15.5%)
(continued)
Mercantile
Bank
Corp.
20,360
$
652,131
Midland
States
Bancorp,
Inc.
25,792
637,836
MidWestOne
Financial
Group,
Inc.
25,008
754,241
Old
Second
Bancorp,
Inc.
25,533
333,461
OP
Bancorp
30,629
314,254
Orrstown
Financial
Services,
Inc.
15,753
368,620
PacWest
Bancorp
17,009
770,848
Peapack-Gladstone
Financial
Corp.
10,932
364,691
Peoples
Bancorp,
Inc.
20,273
640,829
Preferred
Bank/Los
Angeles
CA
5,442
362,873
Premier
Financial
Corp.
13,776
438,628
QCR
Holdings,
Inc.
14,865
764,656
RBB
Bancorp
23,842
601,057
Sierra
Bancorp
13,490
327,537
Synovus
Financial
Corp.
14,041
616,259
TriCo
Bancshares
16,545
718,053
TriState
Capital
Holdings,
Inc.
(a)
30,826
651,970
Umpqua
Holdings
Corp.
31,694
641,803
Univest
Financial
Corp.
23,952
656,045
Webster
Financial
Corp.
12,345
672,309
Western
New
England
Bancorp,
Inc.
40,901
348,886
25,609,912
Beverages
-
Non-alcoholic
(
0.4%
)
Coca-Cola
Consolidated,
Inc.
1,616
636,995
Building
Materials
(
3.6%
)
Beazer
Homes
USA,
Inc.
(a)
16,829
290,300
BrightView
Holdings,
Inc.
(a)
40,146
592,555
Caesarstone,
Ltd.
38,798
481,871
Century
Communities,
Inc.
4,421
271,671
Forestar
Group,
Inc.
(a)
28,930
538,966
JELD-WEN
Holding,
Inc.
(a)
13,432
336,203
KB
Home
11,647
453,301
MDU
Resources
Group,
Inc.
19,927
591,234
Patrick
Industries,
Inc.
7,391
615,670
Quanex
Building
Products
Corp.
28,024
599,994
Toll
Brothers,
Inc.
5,297
292,871
Tri
Pointe
Homes,
Inc.
(a)
14,887
312,925
Tutor
Perini
Corp.
(a)
47,154
612,059
5,989,620
Chemicals
(
2.7%
)
AdvanSix,
Inc.
(a)
18,716
743,961
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
8
www.cornercapfunds.com
Shares
Fair
Value
Chemicals
(2.7%)
(continued)
American
Vanguard
Corp.
19,041
$
286,567
Ashland
Global
Holdings,
Inc.
3,662
326,357
Cabot
Corp.
10,698
536,184
Ingevity
Corp.
(a)
9,783
698,213
Intrepid
Potash,
Inc.
(a)
10,787
333,318
Kraton
Corp.
(a)
16,920
772,229
The
Chemours
Co.
17,918
520,697
Valhi,
Inc.
13,036
304,130
4,521,656
Coal
Operations
(
0.7%
)
Alpha
Metallurgical
Resources,
Inc.
(a)
16,842
838,563
SunCoke
Energy,
Inc.
57,974
364,077
1,202,640
Commercial
Services
(
4.8%
)
BGSF,
Inc.
24,724
316,220
Cars.com,
Inc.
(a)
55,313
699,709
CoreCivic,
Inc.
(a)
61,159
544,315
Heidrick
&
Struggles
International,
Inc.
15,982
713,277
ManpowerGroup,
Inc.
3,727
403,560
Mimecast,
Ltd.
(a)
9,106
579,142
Resources
Connection,
Inc.
40,575
640,274
The
Aaron's
Co.,
Inc.
19,854
546,779
The
Hackett
Group,
Inc.
37,050
726,921
Travelzoo
(a)
56,672
657,395
Triton
International,
Ltd.
12,384
644,463
TrueBlue,
Inc.
(a)
25,277
684,501
Yelp,
Inc.
(a)
19,179
714,226
7,870,782
Computers
(
1.7%
)
CommVault
Systems,
Inc.
(a)
8,015
603,610
CSG
Systems
International,
Inc.
14,700
708,540
NetScout
Systems,
Inc.
(a)
11,344
305,721
QuinStreet,
Inc.
(a)
18,919
332,217
StarTek,
Inc.
(a)
45,461
250,490
Teradata
Corp.
(a)
11,408
654,249
2,854,827
Distribution/Wholesale
(
0.4%
)
ScanSource,
Inc.
(a)
17,448
607,016
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
9
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
Shares
Fair
Value
Diversified
Financial
Services
(
3.1%
)
Affiliated
Managers
Group,
Inc.
2,148
$
324,541
Alliance
Data
Systems
Corp.
6,088
614,218
Cushman
&
Wakefield
PLC
(a)
17,756
330,439
Evercore,
Inc.,
Class A
4,770
637,606
Moelis
&
Co.,
Class A
10,790
667,577
NMI
Holdings,
Inc.,
Class A
(a)
15,228
344,305
Piper
Sandler
Cos.
2,317
320,812
PJT
Partners,
Inc.
8,597
680,109
RE/MAX
Holdings,
Inc.
18,750
584,250
Sculptor
Capital
Management,
Inc.
13,249
369,515
Virtus
Investment
Partners,
Inc.
1,038
322,112
5,195,484
Education
(
0.5%
)
Graham
Holdings
Co.,
Class B
1,026
604,478
Grand
Canyon
Education,
Inc.
(a)
2,925
257,283
861,761
Electric
(
1.1%
)
NorthWestern
Corp.
10,714
613,912
Otter
Tail
Corp.
11,088
620,596
Unitil
Corp.
12,872
550,664
1,785,172
Electrical
Components
&
Equipment
(
1.2%
)
IntriCon
Corp.
(a)
28,845
523,825
Jabil,
Inc.
11,127
649,483
Sanmina
Corp.
(a)
15,524
598,295
Vishay
Intertechnology,
Inc.
7,302
146,697
1,918,300
Electronics
(
0.4%
)
OSI
Systems,
Inc.
(a)
7,053
668,624
Engineering
&
Construction
(
1.0%
)
Mistras
Group,
Inc.
(a)
48,770
495,503
Primoris
Services
Corp.
21,024
514,878
Sterling
Construction
Co.,
Inc.
(a)
30,524
691,979
1,702,360
Food
(
0.9%
)
Ingredion,
Inc.
3,455
307,530
John
B
Sanfilippo
&
Son,
Inc.
7,589
620,173
TreeHouse
Foods,
Inc.
(a)
14,438
575,787
1,503,490
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
10
www.cornercapfunds.com
Shares
Fair
Value
Forest
Products
&
Paper
(
0.8%
)
Clearwater
Paper
Corp.
(a)
18,925
$
725,395
Neenah,
Inc.
12,115
564,680
1,290,075
Gambling
(Non-Hotel)
(
1.0%
)
Everi
Holdings,
Inc.
(a)
29,300
708,474
Golden
Entertainment,
Inc.
(a)
7,262
356,491
Monarch
Casino
&
Resort,
Inc.
(a)
9,517
637,544
1,702,509
Healthcare
Products
(
2.8%
)
Bioventus,
Inc.
(a)
39,964
565,890
Catalyst
Pharmaceuticals,
Inc.
(a)
124,865
661,785
Integer
Holdings
Corp.
(a)
6,904
616,803
Integra
LifeSciences
Holdings
Corp.
(a)
9,103
623,373
LeMaitre
Vascular,
Inc.
11,705
621,419
Natus
Medical,
Inc.
(a)
25,802
647,114
NextGen
Healthcare,
Inc.
(a)
20,787
293,097
Orthofix
Medical,
Inc.
(a)
15,274
582,245
4,611,726
Healthcare
Services
(
5.4%
)
Acadia
Healthcare
Co.,
Inc.
(a)
10,306
657,317
Computer
Programs
and
Systems,
Inc.
(a)
9,826
348,430
Covetrus,
Inc.
(a)
25,132
455,894
Encompass
Health
Corp.
8,242
618,480
Envista
Holdings
Corp.
(a)
15,595
652,027
Exelixis,
Inc.
(a)
37,372
790,044
ICON
PLC
(a)
1,613
422,638
Inovalon
Holdings,
Inc.,
Class A
(a)
16,441
662,408
LHC
Group,
Inc.
(a)
3,100
486,421
MEDNAX,
Inc.
(a)
21,315
605,985
Option
Care
Health,
Inc.
(a)
24,237
587,990
Select
Medical
Holdings
Corp.
17,397
629,249
Sotera
Health
Co.
(a)
27,150
709,973
United
Therapeutics
Corp.
(a)
3,283
605,976
US
Physical
Therapy,
Inc.
6,141
679,195
8,912,027
Hotels
(
0.8%
)
Bluegreen
Vacations
Holding
Corp.
(a)
29,599
763,654
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
11
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
Shares
Fair
Value
Hotels
(0.8%)
(continued)
Travel
+
Leisure
Co.
10,246
$
558,715
1,322,369
Household
Products
(
0.3%
)
Ennis,
Inc.
30,316
571,457
Insurance
(
3.7%
)
Argo
Group
International
Holdings,
Ltd.
6,287
328,307
Axis
Capital
Holdings,
Ltd.
12,630
581,485
CNO
Financial
Group,
Inc.
27,097
637,863
Donegal
Group,
Inc.,
Class A
21,604
313,042
Essent
Group,
Ltd.
6,883
302,921
First
American
Financial
Corp.
10,490
703,354
Horace
Mann
Educators
Corp.
8,792
349,834
MGIC
Investment
Corp.
20,711
309,837
Old
Republic
International
Corp.
27,815
643,361
Radian
Group,
Inc.
14,375
326,600
Reinsurance
Group
of
America,
Inc.
2,825
314,310
Stewart
Information
Services
Corp.
12,031
761,081
Universal
Insurance
Holdings,
Inc.
45,746
596,528
6,168,523
Lodging
(
0.4%
)
Century
Casinos,
Inc.
(a)
48,683
655,760
Machinery
-
Construction
&
Mining
(
0.3%
)
Oshkosh
Corp.
5,662
579,619
Machinery
-
Diversified
(
1.6%
)
Gates
Industrial
Corp.
PLC
(a)
38,381
624,459
Luxfer
Holdings
PLC
17,437
342,288
Tennant
Co.
8,011
592,413
Terex
Corp.
12,115
510,042
The
Manitowoc
Co.,
Inc.
(a)
26,277
562,853
2,632,055
Media
(
1.4%
)
Entravision
Communications
Corp.,
Class A
45,865
325,642
Gray
Television,
Inc.
28,461
649,480
Nexstar
Media
Group,
Inc.,
Class A
4,699
714,060
The
EW
Scripps
Co.,
Class A
30,853
557,205
2,246,387
Metal
Fabricate
&
Hardware
(
2.1%
)
AZZ,
Inc.
12,130
645,316
Insteel
Industries,
Inc.
9,037
343,858
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
12
www.cornercapfunds.com
Shares
Fair
Value
Metal
Fabricate
&
Hardware
(2.1%)
(continued)
Mayville
Engineering
Co.,
Inc.
(a)
18,545
$
348,646
Ryerson
Holding
Corp.
36,292
808,223
TriMas
Corp.
(a)
22,304
721,757
Worthington
Industries,
Inc.
10,329
544,338
3,412,138
Miscellaneous
Manufacturing
(
4.5%
)
Alcoa
Corp.
(a)
12,792
626,041
Axalta
Coating
Systems,
Ltd.
(a)
12,055
351,885
Brady
Corp.,
Class A
12,082
612,557
Crane
Co.
6,693
634,563
Energizer
Holdings,
Inc.
8,229
321,343
Hillenbrand,
Inc.
14,574
621,581
Huntington
Ingalls
Industries,
Inc.
3,814
736,331
Ichor
Holdings,
Ltd.
(a)
5,757
236,555
L
B
Foster
Co.,
Class A
(a)
37,576
582,052
Moog,
Inc.,
Class A
7,563
576,528
O-I
Glass,
Inc.
(a)
35,741
510,024
Pilgrim's
Pride
Corp.
(a)
25,982
755,557
Sanderson
Farms,
Inc.
2,020
380,164
Unifi,
Inc.
(a)
24,494
537,153
7,482,334
Office
Furnishings
(
0.8%
)
HNI
Corp.
16,343
600,115
Interface,
Inc.
47,519
719,913
1,320,028
Oil
&
Gas
(
7.5%
)
Amplify
Energy
Corp.
(a)
88,385
470,208
APA
Corp.
34,430
737,835
Berry
Corp.
108,270
780,627
ChampionX
Corp.
(a)
28,632
640,212
Cimarex
Energy
Co.
9,276
808,867
CVR
Energy,
Inc.
35,998
599,727
Equitrans
Midstream
Corp.
69,312
702,824
HollyFrontier
Corp.
18,701
619,564
MRC
Global,
Inc.
(a)
69,070
506,974
National
Fuel
Gas
Co.
12,562
659,756
Northwest
Natural
Holding
Co.
6,247
287,300
ONE
Gas,
Inc.
9,577
606,894
Ovintiv,
Inc.
20,461
672,758
Penn
Virginia
Corp.
(a)
31,272
834,024
ProPetro
Holding
Corp.
(a)
83,480
722,102
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
13
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
Shares
Fair
Value
Oil
&
Gas
(7.5%)
(continued)
SilverBow
Resources,
Inc.
(a)
15,077
$
369,386
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
79,766
665,248
Southwest
Gas
Holdings,
Inc.
10,501
702,307
Spire,
Inc.
9,296
568,729
Whiting
Petroleum
Corp.
(a)
6,608
385,973
12,341,315
Pharmaceuticals
(
1.6%
)
Amphastar
Pharmaceuticals,
Inc.
(a)
32,488
617,597
Harmony
Biosciences
Holdings,
Inc.
(a)
16,644
637,965
Prestige
Consumer
Healthcare,
Inc.
(a)
12,549
704,124
USANA
Health
Sciences,
Inc.
(a)
7,952
733,174
2,692,860
Real
Estate
Investment
Trusts
(
7.5%
)
Alexander
&
Baldwin,
Inc.
REIT
28,696
672,634
Apple
Hospitality
REIT,
Inc.
40,392
635,366
Armada
Hoffler
Properties,
Inc.
REIT
48,667
650,678
Brixmor
Property
Group,
Inc.
REIT
25,426
562,169
CareTrust
REIT,
Inc.
26,497
538,419
Chatham
Lodging
Trust
REIT
(a)
49,086
601,303
City
Office
REIT,
Inc.
31,287
558,786
Community
Healthcare
Trust,
Inc.
REIT
7,500
338,925
Corporate
Office
Properties
Trust
REIT
23,438
632,357
Easterly
Government
Properties,
Inc.
REIT
25,686
530,673
EastGroup
Properties,
Inc.
REIT
2,601
433,405
EPR
Properties
REIT
11,602
572,907
Essential
Properties
Realty
Trust,
Inc.
REIT
18,962
529,419
Getty
Realty
Corp.
REIT
17,090
500,908
Highwoods
Properties,
Inc.
REIT
15,333
672,505
Industrial
Logistics
Properties
Trust
REIT
21,925
557,114
LTC
Properties,
Inc.
REIT
15,425
488,818
National
Storage
Affiliates
Trust
REIT
10,187
537,772
PS
Business
Parks,
Inc.
REIT
3,836
601,255
Sabra
Health
Care
REIT,
Inc.
15,588
229,455
The
GEO
Group,
Inc.
REIT
46,982
350,956
Urstadt
Biddle
Properties,
Inc.,
Class A
REIT
28,564
540,716
Whitestone
REIT
62,610
612,326
12,348,866
Recreational
Vehicles
(
0.2%
)
MasterCraft
Boat
Holdings,
Inc.
(a)
11,883
298,026
Retail
(
5.7%
)
Beacon
Roofing
Supply,
Inc.
(a)
6,168
294,584
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
14
www.cornercapfunds.com
Shares
Fair
Value
Retail
(5.7%)
(continued)
Caleres,
Inc.
25,668
$
570,343
Del
Taco
Restaurants,
Inc.
70,830
618,346
Dine
Brands
Global,
Inc.
(a)
7,087
575,535
Ethan
Allen
Interiors,
Inc.
13,222
313,361
Herbalife
Nutrition,
Ltd.
(a)
7,630
323,359
JOANN,
Inc.
43,785
487,765
La-Z-Boy,
Inc.
17,489
563,670
Movado
Group,
Inc.
9,889
311,404
Nu
Skin
Enterprises,
Inc.,
Class A
6,727
272,242
PVH
Corp.
(a)
6,046
621,468
Qurate
Retail,
Inc.,
Class A
55,877
569,387
Rush
Enterprises,
Inc.
13,598
614,086
Ruth's
Hospitality
Group,
Inc.
(a)
31,994
662,596
Tilly's,
Inc.,
Class A
22,911
320,983
Titan
Machinery,
Inc.
(a)
11,521
298,509
Vector
Group,
Ltd.
50,071
638,405
Wolverine
World
Wide,
Inc.
20,383
608,229
World
Fuel
Services
Corp.
20,451
687,563
9,351,835
Savings
&
Loans
(
1.5%
)
Brookline
Bancorp,
Inc.
22,184
338,528
Flushing
Financial
Corp.
22,399
506,217
Home
Bancorp,
Inc.
9,697
375,080
Investors
Bancorp,
Inc.
22,551
340,746
New
York
Community
Bancorp,
Inc.
24,284
312,535
OceanFirst
Financial
Corp.
29,666
635,149
2,508,255
Semiconductors
(
1.8%
)
Cirrus
Logic,
Inc.
(a)
7,522
619,437
CMC
Materials,
Inc.
5,174
637,592
Cohu,
Inc.
(a)
18,224
582,074
DSP
Group,
Inc.
(a)
10,322
226,155
MaxLinear,
Inc.
(a)
12,587
619,910
Onto
Innovation,
Inc.
(a)
4,908
354,603
3,039,771
Software
(
1.4%
)
ACI
Worldwide,
Inc.
(a)
8,859
272,237
ePlus,
Inc.
(a)
6,677
685,127
J2
Global,
Inc.
(a)
4,618
630,911
Progress
Software
Corp.
15,017
738,686
2,326,961
Schedule
of
Investments
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
15
Semi
Annual
Report
I
September
30,
2021
(Unaudited)
Shares
Fair
Value
Technology
(
0.3%
)
Xerox
Holdings
Corp.
26,604
$
536,603
Telecommunications
(
2.2%
)
ATN
International,
Inc.
11,983
561,404
Casa
Systems,
Inc.
(a)
47,169
319,806
CommScope
Holding
Co.,
Inc.
(a)
30,355
412,525
Extreme
Networks,
Inc.
(a)
42,615
419,758
TEGNA,
Inc.
29,256
576,928
Viavi
Solutions,
Inc.
(a)
42,987
676,615
Zix
Corp.
(a)
93,949
664,219
3,631,255
Transportation
(
2.1%
)
ArcBest
Corp.
8,410
687,686
Genco
Shipping
&
Trading,
Ltd.
34,073
685,890
Ryder
System,
Inc.
4,355
360,202
Safe
Bulkers,
Inc.
(a)
94,716
489,682
Universal
Logistics
Holdings,
Inc.
25,931
520,694
USA
Truck,
Inc.
(a)
43,933
671,296
3,415,450
TOTAL
COMMON
STOCK
(COST
$147,731,574)
163,883,873
INVESTMENTS,
AT
VALUE
(COST
$147,731,574)
99.1%
163,883,873
TOTAL
ASSETS
IN
EXCESS
OF
OTHER
LIABILITIES
0.9%
1,407,778
NET
ASSETS
100.0%
$
165,291,651
(a)
Non-income
producing
security.
Common
Abbreviations:
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Statement
of
Assets
and
Liabilities
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
16
www.cornercapfunds.com
ASSETS:
Investments,
at
value
(Cost
$147,731,574,
respectively)
$
163,883,873
Cash
996,425
Receivable
for
fund
shares
subscribed
340,536
Dividends
receivable
175,731
Total
assets
165,396,565
LIABILITIES:
Advisory
fee
payable
66,597
Other
expenses
38,317
Total
liabilities
104,914
Net
assets
$
165,291,651
PRICING
OF
INVESTOR
SHARES
(NOTE
2
):
Net
Assets
99,873,415
Shares
Outstanding
5,295,186
Net
asset
value,
offering
and
redemption
price
per
share
$
18.86
PRICING
OF
INSTITUTIONAL
SHARES
(NOTE
2
):
Net
Assets
$
65,418,236
Shares
Outstanding
3,454,062
Net
asset
value,
offering
and
redemption
price
per
share
$
18.94
NET
ASSETS
CONSISTS
OF:
Paid-in
capital
$
109,021,101
Distributable
earnings
56,270,550
Net
assets
$
165,291,651
Statement
of
Operations
For
the
Six
Months
Ended
September
30,
2021
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
17
Semi
Annual
Report
I
September
30,
2021
INVESTMENT
INCOME:
Dividends,
(net
of
foreign
withholding
taxes
of
$2,147)
$
1,796,777
Total
investment
income
1,796,777
EXPENSES:
Advisory
fees
764,050
Operating
expenses
Investor
Shares
207,843
Institutional
Shares
32,933
Total
expenses
1,
004,826
Less
fees
waived/reimbursed
by
investment
adviser
–
Net
expenses
1,004,826
Net
investment
income
791,951
REALIZED
AND
UNREALIZED
GAIN
ON
INVESTMENTS:
Net
realized
gain
on
investments
25,388,752
Net
change
in
unrealized
appreciation
on
investments
(19,213,165)
Net
gain
on
investments
6,175,587
Net
incr
ease
in
net
assets
resulting
from
operations
$
6,967,538
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
18
www.cornercapfunds.com
For
the
Six
Months
Ended
September
30,
2021
(Unaudited)
For
the
Year
Ended
March
31,
2021
OPERATIONS:
Net
investment
income
$
791,951
$
1,477,673
Net
realized
gain
on
investments
25,388,752
20,064,181
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
(19,213,165)
63,317,291
Net
increase
in
net
assets
resulting
from
operations
6,967,538
84,859,145
DISTRIBUTIONS
TO
SHAREHOLDERS:
Investor
Shares
–
(646,742)
Institutional
Shares
–
(527,937)
Total
distributions
–
(1,174,679
)
CAPITAL
SHARE
TRANSACTIONS:
Net
decrease
from
capital
share
transactions
(see
Note
3
)
(11,696,478)
(2,029,302)
Redemption
fees
514
2,594
Net
decrease
from
capital
share
transactions
(11,695,964)
(2,026,708)
Total
increase
(decrease)
in
net
assets
(4,728,426)
81,657,758
NET
ASSETS:
Beginning
of
period
170,020,077
88,362,319
End
of
period
$
165,291,651
$
170,020,077
Financial
Highlights
CornerCap
Small-Cap
Value
Fund
-
Investor
Shares
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
19
Semi
Annual
Report
I
September
30,
2021
Selected
data
for
each
share
of
beneficial
interest
outstanding
throughout
the
periods
indicated:
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Year
Ended
March
31,
2018
Year
Ended
March
31,
2017
INVESTOR
SHARES
PER
SHARE
OPERATING
PERFORMANCE
Net
asset
value,
beginning
of
period
$
18.11
$
9.67
$
13.12
$
15.27
$
16.68
$
14.00
INCOME/(LOSS)
FROM
INVESTMENT
OPERATIONS:
Net
investment
income
(a)
0.08
0.13
0.10
0.08
0.06
0.04
Net
realized
and
unrealized
gain
(loss)
on
investments
0.67
8.41
(3.47)
(0.38)
0.90
3.38
Total
Income/(Loss)
from
Investment
Operations
0.75
8.54
(3.37)
(0.30)
0.96
3.42
DIVIDENDS
AND
DISTRIBUTIONS
TO
SHAREHOLDERS:
Distributions
from
net
investment
income
–
(0.10)
(0.08)
(0.04)
(0.01)
(0.03)
Distributions
from
net
realized
gain
on
investments
–
–
–
(1.81)
(2.36)
(0.71)
Total
Dividends
and
Distributions
to
Shareholders
–
(0.10)
(0.08)
(1.85)
(2.37)
(0.74)
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
$
18.86
$
18.11
$
9.67
$
13.12
$
15.27
$
16.68
Total
Return
4.14%
(c)
88.56%
(25.91)%
(0.99)%
5.64%
24.40%
RATIOS
AND
SUPPLEMENTAL
DATA:
Net
assets,
end
of
period
(in
000s)
$
99,873
$
106,613
$
60,472
$
85,230
$
84,789
$
77,455
RATIOS
TO
AVERAGE
NET
ASSETS:
Net
investment
income
0.81%
(d)
0.99%
0.74%
0.55%
0.36%
0.26%
Net
expenses
1.30%
(d)
1.30%
1.30%
1.30%
1.30%
1.30%
Gross
expenses
1.30%
(d)
1.30%
1.30%
1.30%
1.30%
1.30%
Portfolio
turnover
rate
57%
(c)
121%
127%
147%
117%
129%
footer
(a)
Calculated
based
on
average
shares
outstanding
during
each
period.
(b)
Less
than
$0.005
per
share.
(c)
Not
annualized.
(d)
Annualized.
Financial
Highlights
CornerCap
Small-Cap
Value
Fund
-
Institutional
Shares
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
20
www.cornercapfunds.com
Selected
data
for
each
share
of
beneficial
interest
outstanding
throughout
the
periods
indicated:
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Year
Ended
March
31,
2018
Year
Ended
March
31,
2017
INSTITUTIONAL
SHARES
PER
SHARE
OPERATING
PERFORMANCE
Net
asset
value,
beginning
of
period
$
18.16
$
9.69
$
13.15
$
15.30
$
16.70
$
14.02
INCOME/(LOSS)
FROM
INVESTMENT
OPERATIONS:
Net
investment
income
(a)
0.11
0.18
0.14
0.13
0.11
0.09
Net
realized
and
unrealized
gain
(loss)
on
investments
0.67
8.43
(3.48)
(0.39)
0.91
3.38
Total
Income/(Loss)
from
Investment
Operations
0.78
8.61
(3.34)
(0.26)
1.02
3.47
DIVIDENDS
AND
DISTRIBUTIONS
TO
SHAREHOLDERS:
Distributions
from
net
investment
income
–
(0.14)
(0.12)
(0.08)
(0.06)
(0.08)
Distributions
from
net
realized
gain
on
investments
–
–
–
(1.81)
(2.36)
(0.71)
Total
Dividends
and
Distributions
to
Shareholders
–
(0.14)
(0.12)
(1.89)
(2.42)
(0.79)
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
$
18.94
$
18.16
$
9.69
$
13.15
$
15.30
$
16.70
Total
Return
4.30%
(c)
89.19%
(25.72)%
(0.68)%
5.96%
24.74%
RATIOS
AND
SUPPLEMENTAL
DATA:
Net
assets,
end
of
period
(in
000s)
$
65,418
$
63,407
$
27,890
$
34,161
$
37,788
$
28,523
RATIOS
TO
AVERAGE
NET
ASSETS:
Net
investment
income
1.13%
(d)
1.31%
1.05%
0.84%
0.67%
0.57%
Net
expenses
1.00%
(d)
1.00%
1.00%
1.00%
1.00%
1.00%
Gross
expenses
1.00%
(d)
1.00%
1.00%
1.00%
1.00%
1.00%
Portfolio
turnover
rate
57%
(c)
121%
127%
147%
117%
129%
footer
(a)
Calculated
based
on
average
shares
outstanding
during
each
period.
(b)
Less
than
$0.005
per
share.
(c)
Not
annualized.
(d)
Annualized.
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
21
1.
ORGANIZATION
The
CornerCap
Group
of
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
Trust
currently
consists
of
the
CornerCap
Small-Cap
Value
Fund
(the
“Fund”).
The
Fund
currently
offers
Investor
Shares
and
Institutional
Shares.
The
Fund’s
investment
objective
is
long-term
capital
appreciation
with
a
secondary
objective
of
generating
income
from
dividends
or
interest
on
securities.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
Fund
is
an
investment
company
and
follows
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
Fund.
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
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
are
classified
as
Level
1
of
the
fair
value
hierarchy.
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
Fund’s
Board
of
Trustees
and
will
be
classified
as
Level
2
or
3
within
the
fair
value
hierarchy,
depending
on
the
inputs
used.
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
Fund’s
understanding
of
the
applicable
country’s
tax
rules
and
rates.
Discounts
and
premiums
on
securities
purchased
are
amortized
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.
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
22
www.cornercapfunds.com
REITs
–
The
Fund
has
made
certain
investments
in
real
estate
investment
trusts
(“REITs”)
which
pay
dividends
to
their
shareholders
based
upon
funds
available
from
operations.
It
is
quite
common
for
these
dividends
to
exceed
the
REIT’s
taxable
earnings
and
profits
resulting
in
the
excess
portion
of
such
dividends
being
designated
as
a
return
of
capital.
The
Fund
may
include
the
gross
dividends
from
such
REITs
in
income
or
may
utilize
estimates
of
any
potential
REIT
dividend
reclassifications
in
the
Fund’s
annual
distributions
to
shareholders
and,
accordingly,
a
portion
of
the
Fund’s
distributions
may
be
designated
as
a
return
of
capital,
require
reclassification,
or
be
under
distributed
on
an
excise
basis
and
subject
to
excise
tax.
Any
reclassifications
are
treated
as
permanent
book
to
tax
differences
and
are
reclassified
within
the
components
of
net
assets
on
the
Statement
of
Assets
and
Liabilities,
rather
than
reclassifying
such
amounts
on
the
Statements
of
Operations.
Federal
Income
Taxes
–
For
Federal
income
tax
purposes,
the
Fund
currently
qualifies,
and
intends
to
remain
qualified,
as
a
regulated
investment
company
(“RIC”)
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
period
ended
September
30,
2021,
the
Fund
did
not
have
a
liability
for
any
unrecognized
tax
benefits.
The
Fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
Fund’s
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
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
period,
the
Fund
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
the
Fund.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
Funds
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.
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
23
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
investments
based
on
the
inputs
used
to
value
the
Fund’s
investments
as
of
September
30,
2021:
For
the
period
ended
September
30,
2021
,
the
Fund
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
Fund
did
not
hold
any
derivative
instruments
at
any
time
during
the
period
.
3.
SHARES
OF
BENEFICIAL
INTEREST
On
September
30,
2021
,
there
was
an
unlimited
number
of
no
par-value
shares
of
beneficial
interest
authorized
for
the
Fund.
Subject
to
certain
exceptions,
the
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
Fund.
The
redemption
fees
charged
during
the
year
are
disclosed
on
the
Statements
of
Changes
in
Net
Assets.
Transactions
in
shares
of
beneficial
interest
were
as
follows:
CornerCap
Small-Cap
Value
Fund:
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
163,883,873
$
–
$
–
$
163,883,873
Total
$
163,883,873
$
–
$
–
$
163,883,873
*
See
Schedule
of
Investments
for
industry
classification
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
24
www.cornercapfunds.com
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
Fund.
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,
2021
and
March
31,
2020
were
as
follows:
Equalization
debits
included
in
the
distribution
for
the
Fund
were
as
follows:
For
the
year
ended
March
31,
2021
,
the
Fund
recorded
the
following
reclassifications
to
the
accounts
listed
below.
The
reclassifications
were
primarily
as
a
result
of
equalization
debits
utilized.
As
of
March
31,
2021
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
CornerCap
Small-Cap
Value
Fund:
Six
Months
Ended
September
30,
2021
Year
Ended
March
31,
2021
Shares
Amount
Shares
Amount
Shares
Sold
Investor
Shares
198,380
3,744,674
1,282,119
15,528,843
Institutional
Shares
212,453
4,077,374
1,325,194
16,883,046
Shares
Issued
in
Reinvestment
of
Dividends
Investor
Shares
–
–
43,844
646,694
Institutional
Shares
–
–
35,048
517,654
Total
410,833
7,822,048
2,686,205
33,576,237
Less
Shares
Redeemed
Investor
Shares
(788,624)
(14,770,544)
(1,693,071)
(24,498,915)
Institutional
Shares
(249,432)
(4,747,982)
(746,425)
(11,106,624)
Net
increase
(decrease)
(627,223)
$
(11,696,478)
246,709
$
(2,029,302)
Distributions
Paid
From:
2021
2020
Ordinary
Income
$
1,174,679
$
764,862
Long-term
capital
gains
5
40,000
–
Total
$
1,7
14,679
$
764,862
Ordinary
Income
Long-Term
Capital
Gain
Total
2021
$
–
$
5
40,000
$
5
40,000
Distributable
Earnings
Paid-in-Capital
$
(5
40,000
)
$
5
40,000
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
25
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.
During
the
year
ended
March
31,
2021,
the
Fund
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to
$6,054,340.
The
amount
of
net
unrealized
appreciation
(depreciation)
and
the
cost
of
investment
securities
for
tax
purposes,
including
short-term
securities
as
of
September
30,
2021
,
were
as
follows:
5.
INVESTMENT
ADVISORY
AND
OTHER
RELATED
PARTY
TRANSACTIONS
A.
The
Fund
has
an
Investment
Advisory
Agreement
with
CornerCap
Investment
Counsel
(the
“Adviser”),
pursuant
to
which
the
Adviser
receives
an
Advisory
Fee
from
the
Fund,
computed
daily
and
payable
monthly,
at
an
annual
rate
of
0.90%
of
the
Fund’s
average
daily
net
assets.
Under
the
terms
of
each
Advisory
Agreement,
the
Adviser
manages
the
Fund’s
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,
the
Fund
and
the
Adviser
have
entered
into
an
Operating
Services
Agreement
whereby
the
Adviser
receives
an
Operating
Services
Fee,
computed
daily
and
payable
monthly,
at
an
annual
rate
of
0.40%
and
0.10%
of
the
average
daily
net
assets
of
the
Fund
Investor
and
Institutional
Shares,
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
the
Fund
so
as
to
limit
the
Fund’s
“Total
Annual
Fund
Operating
Expenses”
(exclusive
of
all
taxes,
interest,
brokerage
fees
and
commissions,
acquired
fund
fees
and
expenses,
and
extraordinary
expenses)
as
reflected
in
the
following
table:
Undistributed
ordinary
income
$
11,623,958
Undistributed
long-term
gain
2,2
04,761
Net
unrealized
appreciation
on
investments
35,474,293
Total
$
49,3
03,012
Gross
Unrealized
Appreciation
$
22,404,364
Gross
Unrealized
Depreciation
(6,252,065)
Net
Unrealized
Appreciation
$
16,152,299
Cost
of
investments
for
income
tax
purposes
$
147,731,574
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
26
www.cornercapfunds.com
The
contractual
agreement
cannot
be
terminated
prior
to
August
1,
2022,
without
the
Board
of
Trustees’
approval.
For
the
period
ended
September
30,
2021,
the
Adviser
did
not
waive
fees
or
reimburse
expenses
for
the
Fund.
B.
The
Fund
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
Fund
to
Fund
operational
service
providers
pursuant
to
the
following
agreements:
1)
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
(“Apex”)
provides
fund
accounting,
fund
administration
services
and
transfer
agency
services
to
the
Fund.
Pursuant
to
an
Apex
services
agreement,
the
Adviser
pays
Apex
customary
fees
for
its
services
from
the
Operating
Services
Fee
it
receives
from
the
Fund.
Apex
also
provides
certain
shareholder
report
production,
and
EDGAR
conversion
and
filing
services;
2)
Foreside
Fund
Services,
LLC
serves
as
the
Fund’s
distributor
(the
“Distributor”).
The
Distributor
is
not
affiliated
with
the
Adviser
or
Apex
or
their
affiliates.
In
addition,
the
Adviser
pays
all
other
operating
expenses
of
the
Fund,
as
outlined
in
the
Operating
Services
Agreement.
Certain
trustees
and
officers
of
the
Fund
are
also
directors
and
officers
of
the
Adviser.
6.
PURCHASES
AND
SALES
OF
SECURITIES
Investment
transactions
for
the
six
months
ended
September
30,
2021
,
excluding
short-term
investments,
were
as
follows:
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,
2021
,
Charles
Schwab
&
Co.
held
approximately
67.90%
of
the
Fund.
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
Total
Annual
Fund
Operating
Expense
Limitation
Investor
Shares
1.30%
Purchases
Sales
$
95,297,048
$
10
7,153,532
Notes
to
Financial
Statements
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
27
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
In
preparing
these
financial
statements,
management
has
evaluated
events
and
transactions
for
potential
recognition
or
disclosure
through
the
date
the
financial
statements
were
issued.
There
were
no
events
or
transactions
that
occurred
during
the
period
subsequent
to
the
end
of
the
current
fiscal
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Fund's
financial
statements.
Additional
Information
September
30,
2021
(Unaudited)
28
www.cornercapfunds.com
1.
PROXY
VOTING
POLICY
A
copy
of
the
policies
and
procedures
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
without
charge,
upon
request,
by
calling
the
Fund
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
Fund
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
The
Fund
files
its
complete
schedule
of
positions
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N‐PORT.
Forms
N-PORT
are
available
free
of
charge
on
the
SEC’s
website
at
www.sec.gov
or
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.
3.
COMPENSATION
OF
TRUSTEES
No
interested
Trustee,
officer,
or
employee
of
the
Fund
receives
any
compensation
from
the
Funds
or
Adviser
for
serving
as
an
officer
or
Trustee
of
the
Fund.
Each
Independent
Trustee
receives
an
annual
retainer
of
$8,000,
$5,000
for
each
regular
meeting
or
special
in-person
meeting
of
the
Trustees,
and
$2,000
for
each
special
meeting
attended
by
telephone;
members
of
the
Audit
Committee
are
paid
$1,600
per
Audit
Committee
meeting,
and
the
Audit
Committee
Chairman
is
paid
$3,200
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.
RENEWAL
OF
THE
INVESTMENT
ADVISORY
AGREEMENT
The
Investment
Company
Act
of
1940
requires
that
the
Board
of
Trustees
of
the
Fund
(the
“Board”),
including
all
of
the
Trustees
who
are
not
“interested
persons”
of
the
Fund
(“Independent
Trustees”),
annually
review
the
Fund’s
investment
advisory
agreement
with
the
Adviser
(the
“Agreement”)
and
consider
whether
or
not
to
re-approve
them
for
an
additional
year.
At
its
meeting
on
May
12,
2021,
the
Board,
including
the
Independent
Trustees,
conducted
such
a
review
and
approved
the
continuation
of
the
Fund’s
Agreement.
Andrew
B.
Sachs,
of
Kilpatrick
Townsend
&
Stockton
LLP
and
Counsel
to
the
Fund,
directed
the
Board
to
a
memorandum
prepared
by
Counsel
that
summarized
the
trustees’
fiduciary
duties
and
responsibilities
in
reviewing
and
approving
the
Agreement.
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
Agreement.
Thomas
E.
Quinn,
Chief
Executive
Officer
of
the
Adviser,
then
reviewed
with
the
Board
a
memorandum
from
the
Adviser
addressed
to
the
Trustees
that
provided
information
regarding
the
Adviser
and
its
business
(the
“Memorandum”).
In
deciding
on
whether
to
approve
the
continuation
of
the
Agreement,
the
Board
considered
numerous
factors,
including:
(i)
The
Nature,
Extent
and
Quality
of
the
Services
Provided
by
the
Adviser.
In
this
regard,
the
Board
considered
the
responsibilities
CornerCap
would
have
under
the
Advisory
Agreement.
The
Board
reviewed
the
operating
and
investment
Additional
Information
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
29
advisory
services
provided
by
CornerCap
to
the
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
Fund
and
assist
in
their
distribution
and
its
provision
of
officers
for
the
Trust.
After
reviewing
the
foregoing
information
and
further
information
in
the
Adviser
Memorandum,
the
Board
concluded
that
the
nature,
extent
and
quality
of
the
services
provided
by
CornerCap
were
satisfactory
and
adequate
for
the
Fund.
(ii)
The
Investment
Performance
of
the
Fund
and
the
Adviser.
In
this
regard,
the
Board
compared
the
performance
of
the
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
Fund
with
the
Fund’s
investment
objectives
and
policies.
Specifically,
the
Board
observed
that
the
CornerCap
Small-Cap
Value
Fund
outperformed
its
primary
benchmark
index
over
the
three-,
and
10-year
periods
ended
March
31,
2021.
The
Board
also
observed
that
the
Fund
outperformed
relative
to
its
peer
group
over
the
three-,
five-,
and
10-year
periods
ended
March
31,
2021,
and
placed
in
the
first
quartile
for
small
capitalization
value
funds
for
the
10-year
period.
The
Board
noted
the
Fund
had
a
four-star
Morningstar
rating
as
of
March
31,
2021.
After
reviewing
the
Fund’s
short-term
and
long-term
investment
performance,
CornerCap’s
experience
managing
the
Fund,
CornerCap’s
historical
investment
performance
and
other
factors,
the
Board
concluded
that
the
investment
performance
of
the
Fund
and
CornerCap
was
reasonable
in
light
of
all
factors
considered
(iii)
The
Costs
of
the
Services
to
be
Provided
and
Profits
to
be
Realized
by
the
Adviser
and
its
Affiliates
from
the
Relationship
with
the
Fund
.
In
this
regard,
the
Board
considered
CornerCap’s
staffing,
personnel
and
management
of
the
Fund;
CornerCap’s
compliance
policies
and
procedures;
the
financial
condition
of
CornerCap
and
the
level
of
commitment
to
the
Fund
and
CornerCap
by
the
principals
of
CornerCap;
the
asset
levels
of
the
Fund;
and
the
overall
fees
and
expenses
of
the
Fund,
including
the
Fund’s
advisory
fee.
The
Board
also
considered
CornerCap’s
past
and
future
expected
profitability
with
respect
to
the
Fund.
The
Board
then
reviewed
the
fees
and
expenses
of
the
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
the
Fund’s
net
expense
ratio
and
advisory
fee
were
each
higher
than
the
median
of
its
Morningstar
peer
group.
The
Board
also
considered
fees
charged
by
CornerCap
to
its
other
clients,
noting
that
these
fees
are
typically
lower
than
the
fees
charged
to
the
Fund;
however,
the
Board
also
recognized
the
additional
regulatory,
operating
and
other
services
provided
to
the
Fund
by
CornerCap.
The
Board
also
considered
that
in
2016
CornerCap
lowered
its
operating
service
fees
for
the
CornerCap
Small-Cap
Value
Fund
as
CornerCap
continued
to
limit
certain
Fund
operating
expenses
through
an
expense
limitation
agreement.
Following
these
comparisons
and
considerations
and
upon
further
discussion
of
the
foregoing,
the
Board
concluded
that
the
fees
to
be
paid
to
CornerCap
by
the
Fund
under
the
Advisory
Agreement
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
Fund
Grows
and
Whether
Advisory
Fee
Levels
Reflect
These
Economies
of
Scale
for
the
Benefit
of
the
Fund’s
Investors.
Following
discussion
of
the
Fund’s
asset
levels,
Additional
Information
September
30,
2021
(Unaudited)
30
www.cornercapfunds.com
expectations
for
growth,
levels
of
fees,
past
adjustments
to
fees
and
expense
limitation
agreements,
and
the
Adviser’s
continuing
commitment
to
competitive
fees,
the
Board
determined
that
the
Fund’s
fee
arrangement
provided
appropriate
opportunities
for
savings
and
protection
for
shareholders
given
the
Fund’s
current
asset
levels.
(v)
Ancillary
Benefits
to
the
Adviser.
The
Board
considered
other
benefits
received
by
CornerCap
from
management
of
the
Fund,
such
as
soft
dollar
credits
in
connection
with
some
portfolio
transactions
for
the
Fund,
and
CornerCap’s
ability
to
place
accounts
in
the
Fund
that
are
too
small
for
CornerCap’s
separate
account
services.
The
Board
also
considered
that
publicity
of
the
Fund
may
benefit
the
Adviser’s
other
business
lines.
After
full
consideration
of
the
above
factors
as
well
as
other
factors,
the
Board
unanimously
approved
the
continuance
and
renewal
of
the
Agreement.
5.
Liquidity
Risk
Management
The
Fund
has
adopted
and
implemented
a
written
liquidity
risk
management
program,
as
required
by
Rule
22e-4
(the
“Liquidity
Rule”)
under
the
Investment
Company
Act
of
1940,
as
amended.
The
liquidity
risk
management
program
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk,
taking
into
consideration,
among
other
factors,
the
Fund's
investment
strategy
and
the
liquidity
of
the
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources.
The
Board
approved
the
designation
of
the
Trust’s
Valuation
Committee
as
the
administrator
of
the
liquidity
risk
management
program
(the
“Program
Administrator”).
The
Program
Administrator
is
responsible
for
the
administration
and
oversight
of
the
program
and
for
reporting
to
the
Board
on
at
least
an
annual
basis
regarding,
among
other
things,
the
program’s
operation,
adequacy,
and
effectiveness.
The
Program
Administrator
assessed
the
Fund’s
liquidity
risk
profile
based
on
information
gathered
for
the
period
January
1,
2020
through
December
31,
2020
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
May
12,
2021.
The
Program
Administrator’s
report
stated
that:
(i)
the
Fund
is
able
to
meet
redemptions
in
normal
and
reasonably
foreseeable
stressed
conditions
and
without
significant
dilution
of
remaining
shareholders’
interests
in
the
Fund;
(ii)
the
Fund's
strategy
is
appropriate
for
an
open-end
mutual
fund;
(iii)
the
liquidity
classification
determinations
regarding
the
Fund's
portfolio
investments,
which
take
into
account
a
variety
of
factors
and
may
incorporate
analysis
from
one
or
more
third-party
data
vendors,
remained
appropriate;
(iv)
the
Fund
did
not
approach
the
internal
triggers
set
forth
in
the
liquidity
risk
management
program
or
the
regulatory
percentage
limitation
(15%)
on
holdings
in
illiquid
investments;
(v)
it
continues
to
be
appropriate
to
not
set
a
“highly
liquid
investment
minimum”
for
the
Fund
because
the
Fund
primarily
holds
“highly
liquid
investments”;
and
(vi)
the
liquidity
risk
management
program
remains
reasonably
designed
and
adequately
implemented
to
prevent
violations
of
the
Liquidity
Rule.
No
significant
liquidity
events
impacting
the
Fund
were
noted
in
the
report.
Additional
Information
September
30,
2021
(Unaudited)
Semi
Annual
Report
I
September
30,
2021
31
6.
TRUSTEES
AND
OFFICERS
The
business
affairs
of
the
Fund
is
managed
under
the
direction
of
the
Fund’s
Board
of
Trustees
in
accordance
with
the
laws
of
the
State
of
Massachusetts.
Information
pertaining
to
the
Trustees
and
Officers
of
the
Fund
is
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
Fund’s
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,
Chairman
of
the
Board,
President,
Chief
Financial
Officer,
and
Treasurer
since
1992
1
Chief
Financial
Officer,
CornerCap
Investment
Counsel
(since
1989);
Chief
Executive
Officer,
CornerCap
Investment
Counsel
(1989-2020);
Vice-Chairman,
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
1
President
&
CEO,
Lex-Tek
International,
Inc.
(a
financial
services
and
software
consulting
company),
(1991-present);
Managing
Trustee,
Boger-Owen
FNDN
(2012-present);
Business
Manager,
Owen
Holdings,
LLLP
(2003-2013);
Heathland
Holdings,
LLP,
and
General
Partner,
Shawnee
Meadow
Holdings,
LLLP
(real
estate
and
related
companies)
(2004-present).
Director,
Gray
Television,
Inc.
since
1991.
Laurin
M.
McSwain
Born:
1951
Trustee
since
1994
1
Attorney,
Lefkoff,
Duncan,
Grimes,
McSwain
&
Hass,
(2003-present).
None
Leslie
W.
Gates
Born:
1955
Trustee
since
2006
1
Retired,
2005.
Partner,
Williams
Benator
&
Libby,
LLP
(CPA
firm)
(1989-2004).
None
Additional
Information
September
30,
2021
(Unaudited)
32
www.cornercapfunds.com
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
G.
Harry
Durity
Born:
1946
Trustee
1992-2004,
since
2010
1
Senior
Advisor,
Consultant,
New
Mountain
Capital,
LLC
(asset
management
company)
(2005-present);
Director,
Overland
Solutions,
Inc.
(audit
services)
(2009-2014);
Director,
Alexander
Mann
Solutions
(Private
company)
(2014-present).
Former
Director,
National
Medical
Health
Card;
Former
Director,
WebSite
Pros,
Inc.
*All
Independent
Trustees
can
be
contacted
via
the
Fund
at:
P.O.
Box
588,
Portland,
ME
04112.
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
Fund
since
1996
N/A
Portfolio
Manager
(since
1996)
and
Chief
Investment
Officer
(since
2020),
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
Fund
since
1999
N/A
Chief
Compliance
Officer,
CornerCap
Investment
Counsel.
Chief
Compliance
Officer,
Church
Investment
Group
(non-profit)
J.
Cannon
Carr,
Jr.
The
Peachtree,
Suite
1700
1355
Peachtree
St.
NE
Atlanta,
GA
30309
Born:
1967
Vice
President
of
the
Fund
since
2019
N/A
Chief
Executive
Officer,
CornerCap
Investment
Counsel
(since
2020);
Chief
Investment
Officer,
CornerCap
Investment
Counsel
(2013-2020).
N/A
www.cornercapfunds.com
888-813-8637
DISTRIBUTOR
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
Maine
04101
www.foreside.com
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund’s
risks,
objectives,
fees
and
expenses,
experience
of
their
management
and
other
information.
232-SAR-0921
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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable.
(a)(3) Not applicable.
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 24, 2021
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 24, 2021