As filed with the Securities and Exchange Commission on November 22, 2022
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, 2022 – September 30, 2022
ITEM 1. REPORT TO STOCKHOLDERS.
Semi
Annual
Report
September
30,
2022
CornerCap
Small-Cap
Value
Fund
Table
of
Contents
Fund
Expenses
3
Schedule
of
Investments
5
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
22
Additional
Information
29
Fund
Expenses
(Unaudited)
September
30,
2022
Semi
Annual
Report
I
September
30,
2022
3
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,
2022
through
September
30,
2022.
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,
2022
Ending
Account
Value
September
30,
2022
Expenses
Paid
During
Period
(a)
Investor
Shares
Actual
$
1,000.00
$
835.46
$
5.98
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,018.55
$
6.58
Institutional
Shares
Actual
$
1,000.00
$
836.57
$
4.60
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,
2022
4
www.cornercapfunds.com
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,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
5
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
COMMON
STOCK
(99.1%)
Auto
Parts
&
Equipment
(
1.1%
)
Allison
Transmission
Holdings,
Inc.
17,467
$
589,686
Dorman
Products,
Inc.
(a)
6,269
514,810
Gentex
Corp.
9,724
231,820
1,336,316
Banks
(
16.7%
)
Associated
Banc-Corp.
12,502
251,040
Bank
OZK
6,771
267,861
Bar
Harbor
Bankshares
15,066
399,550
BayCom
Corp.
12,230
215,003
Business
First
Bancshares,
Inc.
11,869
255,540
Cadence
Bank
20,943
532,162
Carter
Bankshares
,
Inc.
(a)
17,125
275,713
Cathay
General
Bancorp
12,634
485,904
Central
Pacific
Financial
Corp.
21,557
446,014
Civista
Bancshares,
Inc.
27,691
574,865
CNB
Financial
Corp.
26,612
627,245
ConnectOne
Bancorp,
Inc.
10,426
240,424
Customers
Bancorp,
Inc.
(a)
12,802
377,403
Enterprise
Financial
Services
Corp.
11,079
487,919
Farmers
National
Banc
Corp.
33,895
443,686
Finwise
Bancorp
(a)
18,082
163,280
First
Bank/Hamilton
NJ
18,323
250,475
First
Busey
Corp.
23,085
507,408
First
Commonwealth
Financial
Corp.
37,767
484,928
First
Financial
Bancorp
21,875
461,125
First
Internet
Bancorp
3,046
103,138
First
Merchants
Corp.
13,050
504,774
FNB
Corp.
41,268
478,709
Fulton
Financial
Corp.
16,830
265,914
Heritage
Commerce
Corp.
20,368
230,973
Hope
Bancorp,
Inc.
36,662
463,408
Horizon
Bancorp,
Inc./IN
30,269
543,631
Independent
Bank
Corp.
13,740
262,434
Lakeland
Bancorp,
Inc.
32,916
526,985
Mercantile
Bank
Corp.
14,206
422,060
Metropolitan
Bank
Holding
Corp.
(a)
3,257
209,621
Midland
States
Bancorp,
Inc.
20,521
483,680
MidWestOne
Financial
Group,
Inc.
17,263
471,107
Northrim
BanCorp
,
Inc.
6,934
288,177
Old
Second
Bancorp,
Inc.
19,097
249,216
OP
Bancorp
30,629
340,594
PacWest
Bancorp
19,738
446,079
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
6
www.cornercapfunds.com
Shares
Fair
Value
Banks
(16.7%)
(continued)
Pathward
Financial,
Inc.
6,221
$
205,044
PCB
Bancorp
13,788
249,149
Peapack
-Gladstone
Financial
Corp.
8,008
269,469
Preferred
Bank/Los
Angeles
CA
8,294
541,018
QCR
Holdings,
Inc.
9,483
483,064
RBB
Bancorp
27,123
563,616
Synovus
Financial
Corp.
12,126
454,846
The
Bancorp,
Inc.
(a)
22,147
486,791
Univest
Financial
Corp.
10,252
240,717
Valley
National
Bancorp
48,792
526,954
Veritex
Holdings,
Inc.
15,163
403,184
Virtu
Financial,
Inc.,
Class A
14,225
295,453
Webster
Financial
Corp.
10,668
482,194
Western
New
England
Bancorp,
Inc.
40,901
332,525
Wintrust
Financial
Corp.
6,291
513,031
20,085,100
Beverages
-
Non-alcoholic
(
0.4%
)
Coca-Cola
Consolidated,
Inc.
1,125
463,196
Biotechnology
(
4.2%
)
4D
Molecular
Therapeutics,
Inc.
(a)
10,354
83,246
Alector
,
Inc.
(a)
11,767
111,316
Allakos
,
Inc.
(a)
32,567
199,310
Allovir
,
Inc.
(a)
22,843
180,231
Annexon
,
Inc.
(a)
22,256
137,542
Applied
Molecular
Transport,
Inc.
(a)
44,101
42,919
Arcus
Biosciences,
Inc.
(a)
3,874
101,344
BioAtla
,
Inc.
(a)
13,010
100,177
C4
Therapeutics,
Inc.
(a)
9,815
86,078
Cullinan
Oncology,
Inc.
(a)
8,053
103,239
CytomX
Therapeutics,
Inc.
(a)
79,697
115,561
Denali
Therapeutics,
Inc.
(a)
3,241
99,466
Dyne
Therapeutics,
Inc.
(a)
10,535
133,794
Editas
Medicine,
Inc.
(a)
5,658
69,254
Fate
Therapeutics,
Inc.
(a)
3,353
75,141
Generation
Bio
Co.
(a)
15,099
80,176
Graphite
Bio,
Inc.
(a)
35,187
111,543
Homology
Medicines,
Inc.
(a)
39,929
64,286
Ikena
Oncology,
Inc.
(a)
11,876
42,160
ImmunoGen
,
Inc.
(a)
17,731
84,754
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
7
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
Biotechnology
(4.2%)
(continued)
Instil
Bio,
Inc.
(a)
20,700
$
100,188
Ionis
Pharmaceuticals,
Inc.
(a)
2,806
124,109
Iovance
Biotherapeutics
,
Inc.
(a)
8,987
86,095
Kronos
Bio,
Inc.
(a)
14,607
48,933
Kymera
Therapeutics,
Inc.
(a)
4,005
87,189
LianBio
,
ADR
(a)
42,042
83,664
Ligand
Pharmaceuticals,
Inc.
(a)
1,297
111,685
MacroGenics
,
Inc.
(a)
27,977
96,800
Magenta
Therapeutics,
Inc.
(a)
68,263
96,251
MeiraGTx
Holdings
plc
(a)
13,290
111,769
Mersana
Therapeutics,
Inc.
(a)
23,652
159,887
Monte
Rosa
Therapeutics,
Inc.
(a)
13,615
111,235
Nektar
Therapeutics
(a)
32,720
104,704
NGM
Biopharmaceuticals,
Inc.
(a)
6,831
89,349
Nuvation
Bio,
Inc.
(a)
38,143
85,440
Omeros
Corp.
(a)
27,686
87,211
Poseida
Therapeutics,
Inc.
(a)
33,368
117,789
Praxis
Precision
Medicines,
Inc.
(a)
37,838
85,892
Precision
BioSciences
,
Inc.
(a)
69,694
90,602
Rubius
Therapeutics,
Inc.
(a)
142,771
61,934
Sage
Therapeutics,
Inc.
(a)
2,919
114,308
Sangamo
Therapeutics,
Inc.
(a)
24,541
120,251
Sarepta
Therapeutics,
Inc.
(a)
1,273
140,717
Scholar
Rock
Holding
Corp.
(a)
14,490
100,416
Selecta
Biosciences,
Inc.
(a)
51,193
83,957
Shattuck
Labs,
Inc.
(a)
26,530
71,631
Surface
Oncology,
Inc.
(a)
55,378
57,593
Sutro
Biopharma,
Inc.
(a)
18,563
103,025
Taysha
Gene
Therapies,
Inc.
(a)
26,474
51,095
TCR2
Therapeutics,
Inc.
(a)
34,649
62,368
Vir
Biotechnology,
Inc.
(a)
5,227
100,777
Zentalis
Pharmaceuticals,
Inc.
(a)
4,501
97,492
5,065,893
Building
Materials
(
3.0%
)
Apogee
Enterprises,
Inc.
13,284
507,715
BrightView
Holdings,
Inc.
(a)
51,183
406,393
Cavco
Industries,
Inc.
(a)
1,149
236,418
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
8
www.cornercapfunds.com
Shares
Fair
Value
Building
Materials
(3.0%)
(continued)
Eagle
Materials,
Inc.
2,156
$
231,080
M/I
Homes,
Inc.
(a)
11,893
430,883
Masonite
International
Corp.
(a)
6,750
481,208
Patrick
Industries,
Inc.
7,391
324,021
PGT
Innovations,
Inc.
(a)
15,574
326,431
Quanex
Building
Products
Corp.
23,304
423,201
UFP
Industries,
Inc.
3,420
246,787
3,614,137
Chemicals
(
2.8%
)
American
Vanguard
Corp.
23,269
435,130
Avient
Corp.
12,247
371,084
Haynes
International,
Inc.
11,680
410,202
Ingevity
Corp.
(a)
7,621
462,061
Kronos
Worldwide,
Inc.
50,519
471,847
Minerals
Technologies,
Inc.
4,443
219,529
The
Chemours
Co.
14,742
363,390
Tronox
Holdings
PLC,
Class A
35,618
436,321
Valhi,
Inc.
5,867
147,614
3,317,178
Commercial
Services
(
4.9%
)
Alarm.com
Holdings,
Inc.
(a)
3,824
248,025
ASGN,
Inc.
(a)
2,967
268,128
Cable
One,
Inc.
537
458,088
CoreCivic
,
Inc.
(a)
56,721
501,414
Euronet
Worldwide,
Inc.
(a)
5,855
443,575
Forrester
Research,
Inc.
(a)
12,873
463,557
Heidrick
&
Struggles
International,
Inc.
15,982
415,372
Kelly
Services,
Inc.,
Class A
14,448
196,348
Korn
Ferry
4,349
204,185
ManpowerGroup
,
Inc.
7,032
454,900
Medifast
,
Inc.
1,414
153,221
Repay
Holdings
Corp.
(a)
33,229
234,597
SP
Plus
Corp.
(a)
16,037
502,279
The
Aaron's
Co.,
Inc.
38,874
377,855
WEX,
Inc.
(a)
3,343
424,360
Yelp,
Inc.
(a)
17,482
592,815
5,938,719
Computers
(
1.3%
)
Box,
Inc.
(a)
22,691
553,434
CommVault
Systems,
Inc.
(a)
10,233
542,758
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
9
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
Computers
(1.3%)
(continued)
Qualys
,
Inc.
(a)
3,475
$
484,380
1,580,572
Distribution/Wholesale
(
0.3%
)
ScanSource
,
Inc.
(a)
12,924
341,323
Diversified
Financial
Services
(
2.0%
)
Affiliated
Managers
Group,
Inc.
2,148
240,254
Air
Lease
Corp.
13,518
419,193
BGC
Partners,
Inc.,
Class A
68,509
215,118
Cushman
&
Wakefield
PLC
(a)
27,121
310,535
Evercore
,
Inc.,
Class A
4,320
355,320
NMI
Holdings,
Inc.,
Class A
(a)
29,133
593,439
StoneX
Group,
Inc.
(a)
3,508
290,954
2,424,813
Education
(
0.9%
)
Bright
Horizons
Family
Solutions,
Inc.
(a)
5,641
325,204
Graham
Holdings
Co.,
Class B
479
257,692
Laureate
Education,
Inc.,
Class A
(a)
46,370
489,204
1,072,100
Electric
(
1.6%
)
ALLETE,
Inc.
9,508
475,875
Black
Hills
Corp.
6,917
468,489
NorthWestern
Corp.
10,050
495,264
Unitil
Corp.
10,222
474,812
1,914,440
Electrical
Components
&
Equipment
(
3.2%
)
IPG
Photonics
Corp.
(a)
5,456
460,214
Jabil,
Inc.
11,127
642,139
Knowles
Corp.
(a)
18,891
229,903
Littelfuse
,
Inc.
1,183
235,050
Sanmina
Corp.
(a)
11,422
526,326
Sensata
Technologies
Holding
PLC
12,921
481,695
TTM
Technologies,
Inc.
(a)
34,833
459,099
Vishay
Intertechnology
,
Inc.
28,621
509,168
Vishay
Precision
Group,
Inc.
(a)
9,328
276,015
3,819,609
Electronics
(
0.8%
)
Avnet,
Inc.
12,780
461,614
OSI
Systems,
Inc.
(a)
7,053
508,239
969,853
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
10
www.cornercapfunds.com
Shares
Fair
Value
Engineering
&
Construction
(
1.3%
)
EMCOR
Group,
Inc.
4,501
$
519,776
Primoris
Services
Corp.
26,591
432,104
Sterling
Infrastructure,
Inc.
(a)
26,124
560,882
1,512,762
Food
(
1.4%
)
Calavo
Growers,
Inc.
14,659
465,423
Flowers
Foods,
Inc.
21,702
535,822
Natural
Grocers
by
Vitamin
Cottage,
Inc.
16,206
174,863
Post
Holdings,
Inc.
(a)
6,612
541,589
1,717,697
Forest
Products
&
Paper
(
0.4%
)
Clearwater
Paper
Corp.
(a)
12,342
464,059
Gambling
(Non-Hotel)
(
1.6%
)
Accel
Entertainment,
Inc.
(a)
24,910
194,547
Everi
Holdings,
Inc.
(a)
29,300
475,246
Golden
Entertainment,
Inc.
(a)
10,954
382,185
Monarch
Casino
&
Resort,
Inc.
(a)
7,426
416,895
Red
Rock
Resorts,
Inc.,
Class A
13,491
462,202
1,931,075
Hand
&
Machine
Tools
(
0.3%
)
Columbus
McKinnon
Corp.
15,723
411,314
Healthcare
Products
(
3.6%
)
Avanos
Medical,
Inc.
(a)
21,051
458,491
Catalyst
Pharmaceuticals,
Inc.
(a)
38,651
495,892
Haemonetics
Corp.
(a)
6,930
513,028
Integra
LifeSciences
Holdings
Corp.
(a)
9,249
391,788
Lantheus
Holdings,
Inc.
(a)
6,273
441,180
LivaNova
PLC
(a)
4,472
227,044
Merit
Medical
Systems,
Inc.
(a)
9,893
559,053
NuVasive
,
Inc.
(a)
12,073
528,918
Patterson
Cos.,
Inc.
18,054
433,657
Sensus
Healthcare,
Inc.
(a)
19,393
242,994
4,292,045
Healthcare
Services
(
3.0%
)
Exelixis
,
Inc.
(a)
28,769
451,098
Option
Care
Health,
Inc.
(a)
20,237
636,858
Phibro
Animal
Health
Corp.,
Class A
35,021
465,429
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
11
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
Healthcare
Services
(3.0%)
(continued)
Premier,
Inc.,
Class A
15,391
$
522,370
Syneos
Health,
Inc.
(a)
8,658
408,225
The
Ensign
Group,
Inc.
7,372
586,074
United
Therapeutics
Corp.
(a)
2,683
561,767
3,631,821
Home
Builders
(
0.2%
)
Taylor
Morrison
Home
Corp.,
Class A
(a)
9,060
211,279
Hotels
(
1.5%
)
Bluegreen
Vacations
Holding
Corp.
23,778
392,813
Marriott
Vacations
Worldwide
Corp.
4,405
536,793
Playa
Hotels
&
Resorts
NV
(a)
79,893
464,977
Travel
+
Leisure
Co.
12,443
424,555
1,819,138
Household
Products
(
0.7%
)
ACCO
Brands
Corp.
42,401
207,765
Ennis,
Inc.
30,316
610,261
818,026
Insurance
(
1.4%
)
Axis
Capital
Holdings,
Ltd.
12,630
620,764
Primerica,
Inc.
4,020
496,269
RenaissanceRe
Holdings,
Ltd.
4,179
586,690
1,703,723
Machinery
-
Diversified
(
2.7%
)
Altra
Industrial
Motion
Corp.
14,010
471,016
BWX
Technologies,
Inc.
10,367
522,186
Cactus,
Inc.
5,503
211,480
DXP
Enterprises,
Inc./TX
(a)
17,644
417,810
Gates
Industrial
Corp.
PLC
(a)
47,037
459,081
GrafTech
International,
Ltd.
59,336
255,738
Kennametal,
Inc.
19,437
400,014
Thermon
Group
Holdings,
Inc.
(a)
33,014
508,746
3,246,071
Media
(
1.4%
)
Cumulus
Media,
Inc.,
Class
A
(a)
32,449
228,117
Entravision
Communications
Corp.,
Class A
54,705
217,179
Gray
Television,
Inc.
28,876
413,504
iHeartMedia
,
Inc.,
Class
A
(a)
56,881
416,938
Sinclair
Broadcast
Group,
Inc.,
Class A
19,748
357,241
1,632,979
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
12
www.cornercapfunds.com
Shares
Fair
Value
Medical
Devices
(
0.4%
)
iRadimed
Corp.
16,618
$
499,537
Metal
Fabricate
&
Hardware
(
0.9%
)
Helios
Technologies,
Inc.
9,453
478,322
Proto
Labs,
Inc.
(a)
11,339
413,080
TriMas
Corp.
7,273
182,334
1,073,736
Miscellaneous
Manufacturing
(
3.6%
)
Brady
Corp.,
Class A
11,882
495,836
Harley-Davidson,
Inc.
15,101
526,723
Hillenbrand,
Inc.
12,522
459,808
Moog,
Inc.,
Class A
6,567
461,989
MSA
Safety,
Inc.
4,383
478,974
O-I
Glass,
Inc.
(a)
39,039
505,555
Oxford
Industries,
Inc.
3,594
322,669
Pilgrim's
Pride
Corp.
(a)
17,021
391,824
Resideo
Technologies,
Inc.
(a)
12,857
245,054
Standex
International
Corp.
5,537
452,096
4,340,528
Oil
&
Gas
(
8.6%
)
APA
Corp.
12,591
430,486
Berry
Corp.
31,043
232,823
Chord
Energy
Corp.
4,745
648,974
CVR
Energy,
Inc.
15,261
442,264
Delek
U.S.
Holdings,
Inc.
11,220
304,511
EnLink
Midstream,
LLC
52,486
466,601
MRC
Global,
Inc.
(a)
63,482
456,436
Murphy
Oil
Corp.
14,033
493,541
National
Fuel
Gas
Co.
8,888
547,056
NexTier
Oilfield
Solutions,
Inc.
(a)
24,771
183,305
Northwest
Natural
Holding
Co.
10,932
474,230
Ovintiv
,
Inc.
15,055
692,530
PDC
Energy,
Inc.
8,693
502,368
ProPetro
Holding
Corp.
(a)
64,000
515,200
Ranger
Oil
Corp.
15,774
496,092
REX
American
Resources
Corp.
(a)
8,169
228,079
Riley
Exploration
Permian,
Inc.
24,742
469,603
SM
Energy
Co.
11,530
433,643
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
50,503
472,708
Spire,
Inc.
7,168
446,781
Talos
Energy,
Inc.
(a)
28,709
478,005
UGI
Corp.
12,774
412,983
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
13
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
Oil
&
Gas
(8.6%)
(continued)
World
Fuel
Services
Corp.
23,124
$
542,027
10,370,246
Pharmaceuticals
(
1.9%
)
Amneal
Pharmaceuticals,
Inc.
(a)
85,996
173,712
Amphastar
Pharmaceuticals,
Inc.
(a)
17,771
499,365
Arvinas
,
Inc.
(a)
2,644
117,632
Assertio
Holdings,
Inc.
(a)
86,831
197,106
Gritstone
bio,
Inc.
(a)
40,619
104,391
Jounce
Therapeutics,
Inc.
(a)
48,257
112,921
Olema
Pharmaceuticals,
Inc.
(a)
27,664
76,353
ORIC
Pharmaceuticals,
Inc.
(a)
34,870
111,584
Passage
Bio,
Inc.
(a)
51,410
64,263
Pieris
Pharmaceuticals,
Inc.
(a)
34,753
39,966
Prestige
Consumer
Healthcare,
Inc.
(a)
9,080
452,456
USANA
Health
Sciences,
Inc.
(a)
7,199
403,504
2,353,253
Real
Estate
Investment
Trusts
(
7.1%
)
American
Assets
Trust,
Inc.
REIT
14,674
377,415
Apple
Hospitality
REIT,
Inc.
33,392
469,492
Braemar
Hotels
&
Resorts,
Inc.
REIT
93,902
403,779
Brixmor
Property
Group,
Inc.
REIT
20,455
377,804
City
Office
REIT,
Inc.
20,811
207,486
Cousins
Properties,
Inc.
REIT
8,342
194,786
DiamondRock
Hospitality
Co.
REIT
54,633
410,294
Douglas
Emmett,
Inc.
REIT
9,541
171,070
EastGroup
Properties,
Inc.
REIT
1,591
229,645
EPR
Properties
REIT
11,602
416,048
Essential
Properties
Realty
Trust,
Inc.
REIT
20,855
405,630
Getty
Realty
Corp.
REIT
16,929
455,221
Global
Medical
REIT,
Inc.
37,896
322,874
Highwoods
Properties,
Inc.
REIT
6,243
168,311
Innovative
Industrial
Properties,
Inc.
REIT
3,585
317,272
Office
Properties
Income
Trust
REIT
11,922
167,504
Outfront
Media,
Inc.
REIT
25,663
389,821
Paramount
Group,
Inc.
REIT
59,860
372,928
Piedmont
Office
Realty
Trust,
Inc.,
Class A
REIT
38,795
409,675
Power
REIT
(a)
10,242
109,282
Retail
Opportunity
Investments
Corp.
REIT
26,019
358,021
RLJ
Lodging
Trust
REIT
37,575
380,259
The
Howard
Hughes
Corp.
(a)
3,311
183,396
The
Necessity
Retail
REIT,
Inc.
30,064
176,776
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
14
www.cornercapfunds.com
Shares
Fair
Value
Real
Estate
Investment
Trusts
(7.1%)
(continued)
Uniti
Group,
Inc.
REIT
47,474
$
329,944
Urstadt
Biddle
Properties,
Inc.,
Class A
REIT
25,031
388,231
Whitestone
REIT
43,492
367,942
8,560,906
Recreational
Vehicles
(
0.6%
)
Malibu
Boats,
Inc.,
Class A
(a)
9,248
443,811
MasterCraft
Boat
Holdings,
Inc.
(a)
12,094
227,972
671,783
Retail
(
3.0%
)
Casey's
General
Stores,
Inc.
2,359
477,745
Chico's
FAS,
Inc.
(a)
50,533
244,580
Coty,
Inc.,
Class A
(a)
73,554
464,861
Herbalife
Nutrition,
Ltd.
(a)
10,784
214,494
Kimball
International,
Inc.,
Class B
30,799
193,726
La-Z-Boy,
Inc.
15,189
342,816
PVH
Corp.
6,913
309,702
Qurate
Retail,
Inc.,
Class A
(a)
68,892
138,473
TravelCenters
of
America,
Inc.
(a)
4,829
260,428
Turning
Point
Brands,
Inc.
8,798
186,781
Under
Armour
,
Inc.
(a)
55,186
366,987
Vector
Group,
Ltd.
50,071
441,125
3,641,718
Savings
&
Loans
(
2.3%
)
Axos
Financial,
Inc.
(a)
6,957
238,138
Banc
of
California,
Inc.
14,239
227,397
Brookline
Bancorp,
Inc.
40,089
467,037
FS
Bancorp,
Inc.
9,148
249,374
Home
Bancorp,
Inc.
6,032
235,188
HomeTrust
Bancshares,
Inc.
11,645
257,354
OceanFirst
Financial
Corp.
29,666
552,974
Washington
Federal,
Inc.
17,666
529,627
2,757,089
Semiconductors
(
2.1%
)
Amkor
Technology,
Inc.
12,239
208,675
Cirrus
Logic,
Inc.
(a)
7,522
517,513
Cohu
,
Inc.
(a)
18,224
469,815
MaxLinear
,
Inc.
(a)
14,132
460,986
Semtech
Corp.
(a)
15,327
450,767
Ultra
Clean
Holdings,
Inc.
(a)
15,985
411,614
2,519,370
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
15
Semi
Annual
Report
I
September
30,
2022
Shares
Fair
Value
Software
(
3.0%
)
ACI
Worldwide,
Inc.
(a)
19,912
$
416,161
American
Software,
Inc.,
Class A
29,899
458,053
Brightcove
,
Inc.
(a)
9,123
57,475
EverCommerce
,
Inc.
(a)
44,081
481,805
Five9,
Inc.
(a)
6,184
463,676
Immersion
Corp.
(a)
50,805
278,919
PowerSchool
Holdings,
Inc.
(a)
32,462
541,791
Progress
Software
Corp.
10,507
447,073
Sapiens
International
Corp.
NV
22,280
427,330
3,572,283
Telecommunications
(
2.0%
)
CommScope
Holding
Co.,
Inc.
(a)
20,676
190,426
InterDigital
,
Inc.
9,323
376,836
Maxar
Technologies,
Inc.
21,181
396,508
Q2
Holdings,
Inc.
(a)
6,326
203,697
Telephone
and
Data
Systems,
Inc.
34,073
473,615
Viavi
Solutions,
Inc.
(a)
35,693
465,793
WideOpenWest
,
Inc.
(a)
24,218
297,155
2,404,030
Transportation
(
0.9%
)
Alaska
Air
Group,
Inc.
(a)
12,216
478,257
Daseke
,
Inc.
(a)
36,576
197,876
XPO
Logistics,
Inc.
(a)
9,335
415,594
1,091,727
TOTAL
COMMON
STOCK
(COST
$135,045,841)
119,191,444
INVESTMENTS,
AT
VALUE
(COST
$135,045,841)
99.1%
119,191,444
TOTAL
ASSETS
IN
EXCESS
OF
OTHER
LIABILITIES
0.9%
1,101,865
NET
ASSETS
100.0%
$
120,293,309
(a)
Non-income
producing
security.
Common
Abbreviations:
ADR
American
Depositary
Receipt
LLC
Limited
Liability
Company
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
16
www.cornercapfunds.com
*These
allocations
may
not
reflect
the
current
or
future
position
of
the
portfolio.
Sector
Allocation
as
a
Percentage
of
Total
Investments*
Financials
25.67%
Industrials
14.36%
Health
Care
13.29%
Information
Technology
13.12%
Consumer
Discretionary
11.13%
Energy
8.70%
Real
Estate
4.14%
Materials
3.17%
Consumer
Staples
2.56%
Communication
Services
2.25%
Utilities
1.61%
Statement
of
Assets
and
Liabilities
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
17
Semi
Annual
Report
I
September
30,
2022
ASSETS:
Investments,
at
value
(Cost
$135,045,841)
$
119,191,444
Cash
772,228
Receivable
for
fund
shares
subscribed
24,237
Receivable
for
investments
sold
3,105,062
Dividends
receivable
161,727
Total
assets
123,254,698
LIABILITIES:
Payable
for
investment
securities
purchased
2,851,192
Payable
for
fund
shares
redeemed
44,585
Advisory
fee
payable
37,538
Other
expenses
28,074
Total
liabilities
2,961,389
Net
assets
$
120,293,309
PRICING
OF
INVESTOR
SHARES
(Note
2):
Net
Assets
64,320,013
Shares
Outstanding
5,171,645
Net
asset
value,
offering
and
redemption
price
per
share
$
12.44
PRICING
OF
INSTITUTIONAL
SHARES
(Note
2)
:
Net
Assets
$
55,973,296
Shares
Outstanding
4,481,571
Net
asset
value,
offering
and
redemption
price
per
share
$
12.49
NET
ASSETS
CONSISTS
OF:
Paid-in
capital
$
124,473,093
Distributable
earnings
(4,179,784)
Net
assets
$
120,293,309
Statement
of
Operations
For
the
Six
Months
Ended
September
30,
2022
(Unaudited)
The
accompanying
notes
to
financial
statements
are
an
integral
part
of
these
financial
statements.
18
www.cornercapfunds.com
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
increase
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.
19
Semi
Annual
Report
I
September
30,
2022
For
the
Six
Months
Ended
September
30,
2022
(Unaudited)
For
the
Year
Ended
March
31,
2022
OPERATIONS:
Net
investment
income
$
511,617
$
1,291,473
Net
realized
gain
on
investments
776,880
39,386,985
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
(25,584,318)
(25,635,543)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(24,295,821)
15,042,915
DISTRIBUTIONS
TO
SHAREHOLDERS:
Investor
Shares
–
(23,164,663)
Institutional
Shares
–
(18,315,227)
Total
distributions
–
(41,479,890)
CAPITAL
SHARE
TRANSACTIONS:
Net
increase
(decrease)
from
capital
share
transactions
(see
Note
3
)
(6,731,838)
7,736,865
Redemption
fees
4
997
Net
increase
(decrease)
from
capital
share
transactions
(6,731,834)
7,737,862
Total
decrease
in
net
assets
(31,027,655)
(18,699,113)
NET
ASSETS:
Beginning
of
period
151,320,964
170,020,077
End
of
period
$
120,293,309
$
151,320,964
Financial
Highlights
CornerCap
Small-Cap
Value
Fund
-
Investor
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,
2022
(Unaudited)
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Year
Ended
March
31,
2018
INVESTOR
SHARES
PER
SHARE
OPERATING
PERFORMANCE
Net
asset
value,
beginning
of
period
$
14.89
$
18.11
$
9.67
$
13.12
$
15.27
$
16.68
INCOME/(LOSS)
FROM
INVESTMENT
OPERATIONS:
Net
investment
income
(a)
0.04
0.12
0.13
0.10
0.08
0.06
Net
realized
and
unrealized
gain
(loss)
on
investments
(2.49)
1.62
8.41
(3.47)
(0.38)
0.90
Total
Income/(Loss)
from
Investment
Operations
(2.45)
1.74
8.54
(3.37)
(0.30)
0.96
DIVIDENDS
AND
DISTRIBUTIONS
TO
SHAREHOLDERS:
Distributions
from
net
investment
income
–
(0.10)
(0.10)
(0.08)
(0.04)
(0.01)
Distributions
from
net
realized
gain
on
investments
–
(4.86)
–
–
(1.81)
(2.36)
Total
Dividends
and
Distributions
to
Shareholders
–
(4.96)
(0.10)
(0.08)
(1.85)
(2.37)
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
$
12.44
$
14.89
$
18.11
$
9.67
$
13.12
$
15.27
Total
Return
(16.45)%
(c)
9.14%
88.56%
(25.91)%
(0.99)%
5.64%
RATIOS
AND
SUPPLEMENTAL
DATA:
Net
assets,
end
of
period
(in
000s)
$
64,320
$
82,115
$
106,613
$
60,472
$
85,230
$
84,789
RATIOS
TO
AVERAGE
NET
ASSETS:
Net
investment
income
0.60%
(d)
0.66%
0.99%
0.74%
0.55%
0.36%
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
68%
(c)
116%
121%
127%
147%
117%
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.
21
Semi
Annual
Report
I
September
30,
2022
Selected
data
for
each
share
of
beneficial
interest
outstanding
throughout
the
periods
indicated:
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Year
Ended
March
31,
2018
INSTITUTIONAL
SHARES
PER
SHARE
OPERATING
PERFORMANCE
Net
asset
value,
beginning
of
period
$
14.93
$
18.16
$
9.69
$
13.15
$
15.30
$
16.70
INCOME/(LOSS)
FROM
INVESTMENT
OPERATIONS:
Net
investment
income
(a)
0.06
0.17
0.18
0.14
0.13
0.11
Net
realized
and
unrealized
gain
(loss)
on
investments
(2.50)
1.63
8.43
(3.48)
(0.39)
0.91
Total
Income/(Loss)
from
Investment
Operations
(2.44)
1.80
8.61
(3.34)
(0.26)
1.02
DIVIDENDS
AND
DISTRIBUTIONS
TO
SHAREHOLDERS:
Distributions
from
net
investment
income
–
(0.17)
(0.14)
(0.12)
(0.08)
(0.06)
Distributions
from
net
realized
gain
on
investments
–
(4.86)
–
–
(1.81)
(2.36)
Total
Dividends
and
Distributions
to
Shareholders
–
(5.03)
(0.14)
(0.12)
(1.89)
(2.42)
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
$
12.49
$
14.93
$
18.16
$
9.69
$
13.15
$
15.30
Total
Return
(16.34)%
(c)
9.45%
89.19%
(25.72)%
(0.68)%
5.96%
RATIOS
AND
SUPPLEMENTAL
DATA:
Net
assets,
end
of
period
(in
000s)
$
55,973
$
69,206
$
63,407
$
27,890
$
34,161
$
37,788
RATIOS
TO
AVERAGE
NET
ASSETS:
Net
investment
income
0.91%
(d)
0.96%
1.31%
1.05%
0.84%
0.67%
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
68%
(c)
116%
121%
127%
147%
117%
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,
2022
(Unaudited)
22
www.cornercapfunds.com
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,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
23
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,
2022,
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,
2022
(Unaudited)
24
www.cornercapfunds.com
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,
2022:
For
the
period
ended
September
30,
2022
,
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,
2022
,
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
period
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
$
119,191,444
$
–
$
–
$
119,191,444
Total
$
119,191,444
$
–
$
–
$
119,191,444
*
See
Schedule
of
Investments
for
industry
classification
Notes
to
Financial
Statements
September
30,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
25
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,
2022
and
March
31,
2021
were
as
follows:
For
the
year
ended
March
31,
2022
,
the
Fund
recorded
the
following
reclassifications
to
the
accounts
listed
below.
The
reclassifications
were
primarily
as
a
result
of
equalization
utilized
for
tax
purposes
to
meet
distribution
requirements.
CornerCap
Small-Cap
Value
Fund:
Six
Months
Ended
September
30,
2022
Year
Ended
March
31,
2022
Shares
Amount
Shares
Amount
Shares
Sold
Investor
Shares
229,018
3,147,277
397,521
6,898,459
Institutional
Shares
311,139
4,349,001
1,028,194
18,312,919
Shares
Issued
in
Reinvestment
of
Dividends
Investor
Shares
–
–
1,528,864
23,162,296
Institutional
Shares
–
–
1,171,789
17,787,764
Total
540,157
7,496,278
4,126,368
66,161,438
Less
Shares
Redeemed
Investor
Shares
(573,675)
(7,835,684)
(2,295,513)
(40,361,324)
Institutional
Shares
(466,168)
(6,392,432)
(1,054,424)
(18,063,249)
Net
increase
(decrease)
(499,686)
$
(6,731,838)
776,431
$
7,736,865
Distributions
Paid
From:
2022
2021
Ordinary
Income
$
25,828,099
$
1,174,679
Long-term
capital
gains
15,651,791
-
Total
$
4
1,479,890
$
1,17
4,679
Distributable
Earning
Paid-in-Capital
$
(2,750,000)
$
2,750,000
Notes
to
Financial
Statements
September
30,
2022
(Unaudited)
26
www.cornercapfunds.com
As
of
March
31,
2022
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
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.
The
amount
of
net
unrealized
appreciation
(depreciation)
and
the
cost
of
investment
securities
for
tax
purposes,
including
short-term
securities
as
of
September
30,
2022
,
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
$
3,042,856
Undistributed
long-term
gain
7,275,118
Net
unrealized
appreciation
on
investments
9,798,063
Total
$
20,116,037
Gross
Unrealized
Appreciation
$
6,027,221
Gross
Unrealized
Depreciation
(21,881,618)
Net
Unrealized
Depreciation
$
(15,854,397)
Cost
of
investments
for
income
tax
purposes
$
135,045,841
Notes
to
Financial
Statements
September
30,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
27
The
contractual
agreement
cannot
be
terminated
prior
to
August
1,
2023,
without
the
Board
of
Trustees’
approval.
For
the
period
ended
September
30,
2022,
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,
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(doing
business
as
ACA
Group),
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,
2022
,
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,
2022
,
Charles
Schwab
&
Co.
held
approximately
73.16%
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).
Total
Annual
Fund
Operating
Expense
Limitation
Investor
Shares
1.30%
Purchases
Sales
CornerCap
Small-Cap
Value
Fund
$
92,449,051
$
97,219,454
Notes
to
Financial
Statements
September
30,
2022
(Unaudited)
28
www.cornercapfunds.com
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
after
the
date
of
the
Statement
of
Assets
and
Liabilities
have
been
evaluated
through
the
date
the
financial
statements
were
issued.
Management
has
determined
that
no
events
or
transactions
occurred
requiring
adjustment
or
disclosure
in
the
financial
statements
other
than
the
following:
Pursuant
to
the
approval
of
a
Plan
of
Reorganization
by
the
shareholders
of
the
Fund
at
a
special
meeting
of
the
Fund’s
shareholders
held
on
November
4,
2022,
the
Fund
transferred
all
of
the
assets
and
liabilities
of
the
Fund
to
the
CornerCap
Small-Cap
Value
Fund,
a
newly
created
mutual
fund
within
Managed
Portfolio
Series,
effective
on
or
about
November
18,
2022.
Additional
Information
September
30,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
29
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
Fund
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
Fund
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,
2022,
the
Board,
including
the
Independent
Trustees,
conducted
such
a
review
and
approved
the
continuation
of
the
Fund’s
Agreement.
Kate
A.
McCurry,
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,
2022
(Unaudited)
30
www.cornercapfunds.com
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.
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.
The
Board
also
considered
fees
charged
by
CornerCap
to
its
other
clients.
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,
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.
Additional
Information
September
30,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
31
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
liquidity
risk
management
program
(the
“Program
Administrator”)
reported
on
its
assessment
of
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,
2021
through
December
31,
2021
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
May
12,
2022.
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.
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.
Additional
Information
September
30,
2022
(Unaudited)
32
www.cornercapfunds.com
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),
(1991-2021);
Managing
Trustee,
Boger-Owen
FNDN
(2012-present);
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
&
Hanley
P.C.
(2003-present).
None
Leslie
W.
Gates
Born:
1955
Trustee
since
2006
1
Retired,
2005.
Partner,
Williams
Benator
&
Libby,
LLP
(CPA
firm)
(1989-2004).
None
G.
Harry
Durity
Born:
1946
Trustee
1992-2004,
since
2010
1
Senior
Advisor,
Consultant,
New
Mountain
Capital,
LLC
(asset
management
company)
(2005-present);
Director,
Alexander
Mann
Solutions
(Private
company)
(2014-2018).
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
Additional
Information
September
30,
2022
(Unaudited)
Semi
Annual
Report
I
September
30,
2022
33
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
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-0922
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 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)(2)
Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibits filed herewith).
(a)(3) Not applicable.
(b)
Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant CornerCap Group of Funds
By /s/ Thomas E. Quinn
Thomas E. Quinn
President
Date November 16, 2022
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 16, 2022