Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
1
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
COMMON
STOCK
(55.1%)
Aerospace
&
Defense
(
0.7%
)
Northrop
Grumman
Corp.
391
$
120,209
Raytheon
Technologies
Corp.
1,207
74,375
194,584
Auto
Parts
&
Equipment
(
0.5%
)
O'Reilly
Automotive,
Inc.
(a)
328
138,308
Banks
(
5.1%
)
Citigroup,
Inc.
2,788
142,467
Citizens
Financial
Group,
Inc.
6,131
154,746
Comerica,
Inc.
2,355
89,726
Fifth
Third
Bancorp
8,255
159,156
Huntington
Bancshares,
Inc.
14,167
127,999
JPMorgan
Chase
&
Co.
1,265
118,986
KeyCorp
9,500
115,710
Northern
Trust
Corp.
1,638
129,959
Regions
Financial
Corp.
12,257
136,298
The
Bank
of
New
York
Mellon
Corp.
3,125
120,781
U.S.
Bancorp
3,540
130,343
Wells
Fargo
&
Co.
3,130
80,128
1,506,299
Biotechnology
(
1.8%
)
Alexion
Pharmaceuticals,
Inc.
(a)
1,125
126,270
Amgen,
Inc.
647
152,601
Biogen,
Inc.
(a)
435
116,384
Gilead
Sciences,
Inc.
1,807
139,031
534,286
Building
Materials
(
2.2%
)
Carrier
Global
Corp.
1,207
26,820
DR
Horton,
Inc.
2,443
135,464
Johnson
Controls
International
PLC
4,039
137,891
Lowe's
Cos.,
Inc.
1,049
141,741
Masco
Corp.
4,015
201,593
643,509
Chemicals
(
1.8%
)
CF
Industries
Holdings,
Inc.
4,728
133,046
Dow,
Inc.
3,426
139,643
Eastman
Chemical
Co.
2,120
147,637
PPG
Industries,
Inc.
1,230
130,454
550,780
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
2
www.cornercapfunds.com
Shares
Fair
Value
Commercial
Services
(
1.9%
)
Automatic
Data
Processing,
Inc.
908
$
135,192
Booz
Allen
Hamilton
Holding
Corp.
1,719
133,721
Cisco
Systems,
Inc.
3,240
151,114
Paychex,
Inc.
1,990
150,742
570,769
Computers
(
2.8%
)
Alphabet,
Inc.,
Class A
(a)
93
131,879
Cognizant
Technology
Solutions
Corp.,
Class A
2,507
142,448
Fortinet,
Inc.
(a)
1,223
167,881
Hewlett
Packard
Enterprise
Co.
9,010
87,667
HP,
Inc.
7,785
135,693
Leidos
Holdings,
Inc.
1,720
161,112
826,680
Diversified
Financial
Services
(
2.4%
)
Ally
Financial,
Inc.
8,690
172,323
BlackRock,
Inc.
253
137,655
Cboe
Global
Markets,
Inc.
1,248
116,413
CBRE
Group,
Inc.,
Class A
(a)
3,313
149,814
Synchrony
Financial
6,858
151,973
728,178
Electric
(
2.9%
)
Avangrid
,
Inc.
1,588
66,664
DTE
Energy
Co.
1,181
126,958
Duke
Energy
Corp.
1,449
115,761
Edison
International
2,298
124,804
Evergy
,
Inc.
2,099
124,450
PPL
Corp.
4,787
123,696
Sempra
Energy
1,079
126,491
The
Southern
Co.
1,275
66,109
874,933
Electrical
Components
&
Equipment
(
0.5%
)
Emerson
Electric
Co.
2,280
141,428
Electronics
(
0.6%
)
Garmin,
Ltd.
1,915
186,713
Entertainment
(
0.0%
)
ViacomCBS
,
Inc.,
Class B
1
23
Food
(
2.3%
)
General
Mills,
Inc.
2,122
130,821
The
Hershey
Co.
1,135
147,119
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
3
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Food
(2.3%)
(continued)
The
J
M
Smucker
Co.
1,034
$
109,408
The
Kroger
Co.
3,938
133,301
Tyson
Foods,
Inc.,
Class A
2,530
151,066
671,715
Forest
Products
&
Paper
(
0.5%
)
International
Paper
Co.
3,845
135,383
Healthcare
Services
(
2.8%
)
Anthem,
Inc.
640
168,307
Cardinal
Health,
Inc.
2,501
130,527
Dentsply
Sirona,
Inc.
3,031
133,546
Hologic
,
Inc.
(a)
2,406
137,142
Laboratory
Corp.
of
America
Holdings
(a)
761
126,410
Universal
Health
Services,
Inc.,
Class B
1,395
129,582
825,514
Insurance
(
3.3%
)
Aflac,
Inc.
3,250
117,097
Fidelity
National
Financial,
Inc.
4,906
150,418
Principal
Financial
Group,
Inc.
4,201
174,510
Prudential
Financial,
Inc.
2,088
127,159
The
Allstate
Corp.
1,465
142,090
The
Travelers
Cos.,
Inc.
1,277
145,642
Unum
Group
7,000
116,130
973,046
Machinery
-
Diversified
(
0.4%
)
Dover
Corp.
1,208
116,645
Media
(
0.4%
)
Fox
Corp.
4,807
128,924
Miscellaneous
Manufacturing
(
1.9%
)
3M
Co.
985
153,650
Eaton
Corp.
PLC
1,509
132,007
Edwards
Lifesciences
Corp.
(a)
1,935
133,728
Honeywell
International,
Inc.
1,020
147,482
566,867
Oil
&
Gas
(
2.6%
)
Chevron
Corp.
1,625
144,999
Concho
Resources,
Inc.
1,187
61,130
Diamondback
Energy,
Inc.
3,119
130,437
EOG
Resources,
Inc.
3,354
169,914
Marathon
Petroleum
Corp.
3,951
147,688
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
4
www.cornercapfunds.com
Shares
Fair
Value
Oil
&
Gas
(2.6%)
(continued)
Phillips
66
1,720
$
123,668
777,836
Pharmaceuticals
(
1.8%
)
Eli
Lilly
and
Co.
922
151,374
Johnson
&
Johnson
931
130,926
Merck
&
Co.,
Inc.
1,638
126,667
Pfizer,
Inc.
4,054
132,566
541,533
Real
Estate
Investment
Trusts
(
2.5%
)
Boston
Properties,
Inc.
REIT
827
74,744
CubeSmart
REIT
2,814
75,950
Duke
Realty
Corp.
REIT
2,029
71,806
Equity
Residential
REIT
1,110
65,290
Essex
Property
Trust,
Inc.
REIT
262
60,043
Host
Hotels
&
Resorts,
Inc.
REIT
5,500
59,345
Kilroy
Realty
Corp.
REIT
1,246
73,140
Mid-America
Apartment
Communities,
Inc.
REIT
621
71,210
National
Retail
Properties,
Inc.
REIT
1,650
58,542
Omega
Healthcare
Investors,
Inc.
REIT
2,535
75,366
PS
Business
Parks,
Inc.
REIT
550
72,820
758,256
Retail
(
4.4%
)
Altria
Group,
Inc.
2,997
117,632
Best
Buy
Co.,
Inc.
2,010
175,413
Booking
Holdings,
Inc.
(a)
100
159,234
Cigna
Corp.
824
154,624
Constellation
Brands,
Inc.,
Class A
840
146,958
CVS
Health
Corp.
2,005
130,265
Dollar
Tree,
Inc.
(a)
1,665
154,312
eBay,
Inc.
3,223
169,046
Philip
Morris
International,
Inc.
1,631
114,268
1,321,752
Semiconductors
(
2.1%
)
Applied
Materials,
Inc.
2,564
154,994
Fortive
Corp.
2,362
159,813
Intel
Corp.
2,147
128,455
Skyworks
Solutions,
Inc.
1,524
194,858
638,120
Software
(
3.1%
)
Electronic
Arts,
Inc.
(a)
1,188
156,875
GoDaddy
,
Inc.,
Class A
(a)
2,335
171,225
Oracle
Corp.
2,551
140,994
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
5
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Software
(3.1%)
(continued)
SS&C
Technologies
Holdings,
Inc.
2,385
$
134,705
Take-Two
Interactive
Software,
Inc.
(a)
1,123
156,737
VMware,
Inc.,
Class A
(a)
974
150,834
911,370
Telecommunications
(
1.8%
)
AT&T,
Inc.
4,325
130,745
Comcast
Corp.,
Class A
3,390
132,142
Facebook,
Inc.,
Class A
(a)
693
157,359
Verizon
Communications,
Inc.
2,361
130,162
550,408
Transportation
(
2.0%
)
CSX
Corp.
2,525
176,093
Cummins,
Inc.
838
145,192
Delta
Air
Lines,
Inc.
5,035
141,232
Kansas
City
Southern
923
137,795
600,312
TOTAL
COMMON
STOCK
(COST
$16,388,894)
16,414,171
Shares
Fair
Value
EXCHANGE
TRADED
FUNDS
(
5.5%
)
iShares
Morningstar
Mid-Capital
Value
ETF
1,552
195,909
iShares
Morningstar
Small-Capital
Value
ETF
1,912
198,425
Vanguard
S&P
Mid-Capital
400
ETF
3,514
422,488
Vanguard
S&P
Mid-Capital
400
Value
ETF
1,995
205,146
Vanguard
S&P
Small-Capital
600
ETF
3,296
412,429
Vanguard
S&P
Small-Capital
600
Value
ETF
1,925
200,885
TOTAL
EXCHANGE
TRADED
FUNDS
(COST
$1,279,436)
1,635,282
Principal
Amount
Fair
Value
GOVERNMENT
BOND
(
4.4%
)
U.S.
Treasury
Inflation
Indexed
Bonds,
2.00%,
01/15/2026
$
395,123
450,826
U.S.
Treasury
Inflation
Indexed
Note,
0.13%,
01/15/2022
565,985
574,600
U.S.
Treasury
Inflation
Indexed
Note,
0.63%,
01/15/2024
275,046
289,584
TOTAL
GOVERNMENT
BOND
(COST
$1,253,143)
1,315,010
CORPORATE
NON-CONVERTIBLE
BONDS
(
29.3%
)
Auto
Manufacturers
(
2.1%
)
Ford
Motor
Co.,
9.22%,
09/15/2021
275,000
287,513
General
Motors
Financial
Co.,
Inc.,
4.00%,
01/15/2025
325,000
339,741
627,254
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
6
www.cornercapfunds.com
Principal
Amount
Fair
Value
Banks
(
4.4%
)
Bank
of
America
Corp.,
MTN,
4.75%,
08/15/2020
$
250,000
$
249,494
JPMorgan
Chase
&
Co.,
4.25%,
10/15/2020
400,000
404,528
JPMorgan
Chase
&
Co.,
3.88%,
09/10/2024
300,000
332,617
The
Goldman
Sachs
Group,
Inc.,
5.75%,
01/24/2022
300,000
323,661
1,310,300
Biotechnology
(
1.3%
)
Celgene
Corp.,
4.00%,
08/15/2023
360,000
390,518
Diversified
Financial
Services
(
1.1%
)
Fiserv,
Inc.,
4.75%,
06/15/2021
300,000
311,921
Electronics
(
2.0%
)
Arrow
Electronics,
Inc.,
5.13%,
03/01/2021
310,000
316,784
Avnet,
Inc.,
4.88%,
12/01/2022
250,000
267,436
584,220
Food
(
1.4%
)
Ingredion,
Inc.,
3.20%,
10/01/2026
380,000
413,077
Household
Products
(
1.3%
)
Whirlpool
Corp.,
4.00%,
03/01/2024
375,000
395,667
Insurance
(
2.1%
)
Humana,
Inc.,
2.50%,
12/15/2020
395,000
398,560
W
R
Berkley
Corp.,
5.38%,
09/15/2020
230,000
231,958
630,518
Oil
&
Gas
(
1.4%
)
Valero
Energy
Partners
LP,
4.38%,
12/15/2026
370,000
420,020
Pharmaceuticals
(
3.4%
)
Cardinal
Health,
Inc.,
3.20%,
03/15/2023
320,000
338,463
Express
Scripts
Holding
Co.,
3.90%,
02/15/2022
640,000
671,062
1,009,525
Real
Estate
Investment
Trusts
(
1.0%
)
Weyerhaeuser
Co.,
7.13%,
07/15/2023
250,000
288,130
Retail
(
4.6%
)
CVS
Health
Corp.,
4.13%,
05/15/2021
300,000
306,909
CVS
Health
Corp.,
2.13%,
06/01/2021
350,000
354,610
Foot
Locker,
Inc.,
8.50%,
01/15/2022
385,000
400,400
Walgreen
Co.,
3.10%,
09/15/2022
305,000
319,628
1,381,547
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Balanced
Fund
7
Quarterly
Report
I
June
30,
2020
Principal
Amount
Fair
Value
Telecommunications
(
1.0%
)
eBay,
Inc.,
2.60%,
07/15/2022
$
300,000
$
310,177
Transportation
(
2.2%
)
Delta
Air
Lines,
Inc.,
3.80%,
04/19/2023
330,000
293,742
Southwest
Airlines
Co.,
2.65%,
11/05/2020
370,000
370,225
663,967
TOTAL
CORPORATE
NON-CONVERTIBLE
BONDS
(COST
$8,473,378)
8,736,841
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
(
5.6%
)
Federated
Treasury
Obligations
Money
Market
Fund,
Institutional
Shares,
0.10%
(b)
1,679,784
1,679,784
TOTAL
SHORT-TERM
INVESTMENTS
(COST
$1,679,784)
1,679,784
INVESTMENTS,
AT
VALUE
(COST
$29,074,635)
99.9%
29,781,088
TOTAL
ASSETS
IN
EXCESS
OF
OTHER
LIABILITIES
0.1%
28,649
NET
ASSETS
100.0%
$
29,809,737
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2020.
Common
Abbreviations:
ETF
Exchange
Traded
Fund
LP
Limited
Partnership
MTN
Medium
Term
Note
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
8
www.cornercapfunds.com
Shares
Fair
Value
COMMON
STOCK
(99.2%)
Aerospace
&
Defense
(
0.9%
)
Barnes
Group,
Inc.
13,751
$
543,989
Kaman
Corp.
12,556
522,330
1,066,319
Auto
Parts
&
Equipment
(
1.9%
)
Allison
Transmission
Holdings,
Inc.
14,547
535,039
Dorman
Products,
Inc.
(a)
3,961
265,664
Gentherm
,
Inc.
(a)
13,265
516,008
Methode
Electronics,
Inc.
15,230
476,090
Standard
Motor
Products,
Inc.
12,644
520,933
2,313,734
Banks
(
12.5%
)
American
National
Bankshares
,
Inc.
11,298
282,902
Baycom
Corp.
(a)
15,084
194,734
Bridge
Bancorp,
Inc.
25,831
589,980
Civista
Bancshares,
Inc.
38,143
587,402
CNB
Financial
Corp.
19,240
344,973
ConnectOne
Bancorp,
Inc.
38,357
618,315
Customers
Bancorp,
Inc.
(a)
44,798
538,472
Enterprise
Financial
Services
Corp.
16,840
524,061
Equity
Bancshares,
Inc.,
Class A
(a)
15,344
267,599
Financial
Institutions,
Inc.
18,800
349,868
First
Bancorp/Southern
Pines
NC
20,618
517,099
First
Community
Bankshares
,
Inc.
20,030
449,674
First
Financial
Bancorp
18,413
255,757
First
Foundation,
Inc.
36,302
593,175
First
Internet
Bancorp
13,763
228,741
First
Mid
Bancshares,
Inc.
10,649
279,323
FNB
Corp.
66,092
495,690
Heartland
Financial
USA,
Inc.
7,460
249,462
Hilltop
Holdings,
Inc.
24,222
446,896
Horizon
Bancorp,
Inc./IN
48,234
515,621
IBERIABANK
Corp.
7,330
333,808
Independent
Bank
Corp.
29,361
436,011
Merchants
Bancorp/IN
27,179
502,540
Meta
Financial
Group,
Inc.
16,563
300,950
Metropolitan
Bank
Holding
Corp.
(a)
9,524
305,530
Midland
States
Bancorp,
Inc.
20,635
308,493
MidWestOne
Financial
Group,
Inc.
17,535
350,700
PacWest
Bancorp
26,090
514,234
Peapack
-Gladstone
Financial
Corp.
25,082
469,786
Preferred
Bank/Los
Angeles
CA
6,457
276,682
QCR
Holdings,
Inc.
16,315
508,702
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
9
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Banks
(12.5%)
(continued)
Republic
Bancorp,
Inc.,
Class A
16,234
$
531,014
Sandy
Spring
Bancorp,
Inc.
16,370
405,649
The
Bancorp,
Inc.
(a)
32,936
322,773
The
First
of
Long
Island
Corp.
17,678
288,859
Valley
National
Bancorp
50,350
393,737
West
BanCorp
,
Inc.
31,377
548,784
Western
Alliance
Bancorp.
12,774
483,751
15,611,747
Beverages
-
Non-alcoholic
(
0.4%
)
Coca-Cola
Consolidated,
Inc.
2,350
538,596
Building
Materials
(
7.6%
)
ABM
Industries,
Inc.
13,713
497,782
American
Woodmark
Corp.
(a)
9,007
681,380
Boise
Cascade
Co.
16,350
614,924
Builders
FirstSource
,
Inc.
(a)
22,145
458,402
Caesarstone
,
Ltd.
(a)
48,977
580,377
Foundation
Building
Materials,
Inc.
(a)
35,052
547,162
Gibraltar
Industries,
Inc.
(a)
11,254
540,305
GMS,
Inc.
(a)
27,136
667,274
LSI
Industries,
Inc.
74,893
484,558
M/I
Homes,
Inc.
(a)
19,485
671,063
MDU
Resources
Group,
Inc.
24,110
534,760
Meritage
Homes
Corp.
(a)
8,924
679,295
MYR
Group,
Inc.
(a)
18,151
579,198
Patrick
Industries,
Inc.
9,000
551,250
Quanex
Building
Products
Corp.
36,738
509,923
TRI
Pointe
Group,
Inc.
(a)
19,157
281,416
UFP
Industries,
Inc.
11,640
576,296
9,455,365
Chemicals
(
3.1%
)
Cabot
Corp.
14,960
554,268
Haynes
International,
Inc.
20,562
480,328
HB
Fuller
Co.
13,892
619,583
Kraton
Corp.
(a)
32,838
567,441
Minerals
Technologies,
Inc.
11,367
533,453
PolyOne
Corp.
20,310
532,731
Univar
Solutions,
Inc.
(a)
32,719
551,643
3,839,447
Commercial
Services
(
4.0%
)
Barrett
Business
Services,
Inc.
11,051
587,140
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
10
www.cornercapfunds.com
Shares
Fair
Value
Commercial
Services
(4.0%)
(continued)
CoreLogic
,
Inc.
9,240
$
621,113
Cross
Country
Healthcare,
Inc.
(a)
54,436
335,326
Heidrick
&
Struggles
International,
Inc.
13,314
287,849
HMS
Holdings
Corp.
(a)
15,898
514,936
Kforce
,
Inc.
17,346
507,370
National
Research
Corp.,
Class A
9,889
575,639
R1
RCM,
Inc.
(a)
41,917
467,374
Resources
Connection,
Inc.
46,048
551,194
The
Hackett
Group,
Inc.
37,183
503,458
4,951,399
Computers
(
3.1%
)
Box,
Inc.
(a)
28,950
601,002
CSG
Systems
International,
Inc.
12,493
517,085
Mitek
Systems,
Inc.
(a)
63,615
611,340
MTS
Systems
Corp.
21,399
376,409
OneSpan
,
Inc.
(a)
25,107
701,239
Perspecta
,
Inc.
21,380
496,657
Super
Micro
Computer,
Inc.
(a)
19,488
553,264
3,856,996
Diversified
Financial
Services
(
3.3%
)
Artisan
Partners
Asset
Management,
Inc.,
Class A
18,484
600,730
Eaton
Vance
Corp.
12,829
495,199
Evercore
,
Inc.,
Class A
8,493
500,408
Federated
Hermes,
Inc.,
Class B
22,022
521,921
KAR
Auction
Services,
Inc.
30,602
421,084
Moelis
&
Co.,
Class A
13,940
434,370
PJT
Partners,
Inc.
11,370
583,736
RE/MAX
Holdings,
Inc.
17,444
548,265
4,105,713
Education
(
0.7%
)
Grand
Canyon
Education,
Inc.
(a)
2,925
264,800
Perdoceo
Education
Corp.
(a)
39,947
636,356
901,156
Electric
(
2.0%
)
ALLETE,
Inc.
9,375
511,969
Black
Hills
Corp.
9,599
543,879
NorthWestern
Corp.
9,005
490,953
Otter
Tail
Corp.
10,582
410,476
Portland
General
Electric
Co.
11,704
489,344
2,446,621
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
11
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Electrical
Components
&
Equipment
(
2.2%
)
Atkore
International
Group,
Inc.
(a)
20,191
$
552,224
IDACORP,
Inc.
5,269
460,353
Jabil,
Inc.
15,010
481,521
Kimball
Electronics,
Inc.
(a)
18,713
253,374
Rambus,
Inc.
(a)
34,640
526,528
Sanmina
Corp.
(a)
19,336
484,173
2,758,173
Electronics
(
2.1%
)
OSI
Systems,
Inc.
(a)
7,053
526,436
Plexus
Corp.
(a)
8,332
587,906
SYNNEX
Corp.
4,775
571,902
Tech
Data
Corp.
(a)
3,075
445,721
Universal
Electronics,
Inc.
(a)
11,603
543,252
2,675,217
Engineering
&
Construction
(
0.6%
)
Mistras
Group,
Inc.
(a)
48,770
192,642
Primoris
Services
Corp.
30,104
534,647
727,289
Food
(
0.6%
)
Sprouts
Farmers
Market,
Inc.
(a)
9,741
249,272
TreeHouse
Foods,
Inc.
(a)
11,000
481,800
731,072
Forest
Products
&
Paper
(
0.9%
)
Neenah,
Inc.
10,124
500,733
Schweitzer-Mauduit
International,
Inc.
17,059
569,941
1,070,674
Hand
&
Machine
Tools
(
0.4%
)
Regal
Beloit
Corp.
6,410
559,721
Health
Care
(
0.4%
)
HealthStream
,
Inc.
(a)
23,816
527,048
Healthcare
Products
(
2.7%
)
Electromed
,
Inc.
(a)
36,683
564,551
Haemonetics
Corp.
(a)
5,985
536,016
Integer
Holdings
Corp.
(a)
6,916
505,214
Integra
LifeSciences
Holdings
Corp.
(a)
10,415
489,401
Natus
Medical,
Inc.
(a)
22,874
499,111
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
12
www.cornercapfunds.com
Shares
Fair
Value
Healthcare
Products
(2.7%)
(continued)
Quidel
Corp.
(a)
3,278
$
733,420
3,327,713
Healthcare
Services
(
2.5%
)
Charles
River
Laboratories
International,
Inc.
(a)
3,107
541,706
Magellan
Health,
Inc.
(a)
7,229
527,572
Premier,
Inc.,
Class A
(a)
16,050
550,194
Select
Medical
Holdings
Corp.
(a)
35,584
524,152
The
Ensign
Group,
Inc.
10,830
453,236
The
Providence
Service
Corp.
(a)
6,675
526,724
3,123,584
Home
Furnishings
(
0.4%
)
La-Z-Boy,
Inc.
17,725
479,639
Hotels
(
0.4%
)
Marriott
Vacations
Worldwide
Corp.
5,385
442,701
Household
Products
(
0.4%
)
Ennis,
Inc.
25,042
454,262
Insurance
(
4.4%
)
CNO
Financial
Group,
Inc.
37,463
583,299
Essent
Group,
Ltd.
14,918
541,076
FBL
Financial
Group,
Inc.,
Class A
14,429
517,857
Heritage
Insurance
Holdings,
Inc.
42,970
562,477
MGIC
Investment
Corp.
41,292
338,181
National
General
Holdings
Corp.
25,317
547,100
Old
Republic
International
Corp.
24,699
402,841
Primerica,
Inc.
4,502
524,933
Radian
Group,
Inc.
23,255
360,685
Stewart
Information
Services
Corp.
15,774
512,813
Unum
Group
33,167
550,241
5,441,503
Machinery
-
Construction
&
Mining
(
0.3%
)
AGCO
Corp.
7,709
427,541
Machinery
-
Diversified
(
0.8%
)
Argan
,
Inc.
11,515
545,581
Curtiss-Wright
Corp.
5,813
518,984
1,064,565
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
13
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Media
(
0.4%
)
Gray
Television,
Inc.
(a)
33,647
$
469,376
Metal
Fabricate
&
Hardware
(
2.6%
)
AZZ,
Inc.
16,941
581,415
Carpenter
Technology
Corp.
21,417
520,005
Commercial
Metals
Co.
27,613
563,305
Mueller
Industries,
Inc.
20,448
543,508
The
Timken
Co.
10,510
478,100
Worthington
Industries,
Inc.
16,532
616,643
3,302,976
Miscellaneous
Manufacturing
(
4.1%
)
Acuity
Brands,
Inc.
5,371
514,220
Carriage
Services,
Inc.
29,465
533,906
Crane
Co.
9,676
575,335
EnPro
Industries,
Inc.
11,217
552,886
Greif,
Inc.,
Class A
14,950
514,429
Ichor
Holdings,
Ltd.
(a)
21,626
574,819
Powell
Industries,
Inc.
18,623
510,084
Standex
International
Corp.
9,144
526,237
Sturm
Ruger
&
Co.,
Inc.
4,000
304,000
Unifi,
Inc.
(a)
40,527
521,988
5,127,904
Office
Furnishings
(
1.4%
)
Herman
Miller,
Inc.
12,235
288,868
HNI
Corp.
18,445
563,864
Interface,
Inc.
60,064
488,921
Knoll,
Inc.
35,486
432,574
1,774,227
Oil
&
Gas
(
3.9%
)
Berry
Corp.
108,270
522,944
Cimarex
Energy
Co.
18,308
503,287
HollyFrontier
Corp.
15,781
460,805
National
Fuel
Gas
Co.
12,714
533,098
New
Jersey
Resources
Corp.
15,816
516,392
Parsley
Energy,
Inc.,
Class A
28,084
299,937
South
Jersey
Industries,
Inc.
21,869
546,506
Southwest
Gas
Holdings,
Inc.
7,692
531,133
Spire,
Inc.
7,529
494,731
Texas
Pacific
Land
Trust
742
441,260
4,850,093
Pharmaceuticals
(
2.2%
)
Emergent
BioSolutions
,
Inc.
(a)
7,675
606,939
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
14
www.cornercapfunds.com
Shares
Fair
Value
Pharmaceuticals
(2.2%)
(continued)
Horizon
Therapeutics
PLC
(a)
10,080
$
560,246
PRA
Health
Sciences,
Inc.
(a)
5,065
492,774
Prestige
Consumer
Healthcare,
Inc.
(a)
13,546
508,788
Supernus
Pharmaceuticals,
Inc.
(a)
23,082
548,198
2,716,945
Real
Estate
Investment
Trusts
(
8.2%
)
American
Assets
Trust,
Inc.
REIT
16,499
459,332
American
Campus
Communities,
Inc.
REIT
12,531
438,084
Apple
Hospitality
REIT,
Inc.
45,392
438,487
Armada
Hoffler
Properties,
Inc.
REIT
54,229
539,578
Brandywine
Realty
Trust
REIT
47,097
512,886
Brixmor
Property
Group,
Inc.
REIT
31,424
402,856
CareTrust
REIT,
Inc.
26,497
454,688
CoreCivic
,
Inc.
REIT
40,104
375,373
CorEnergy
Infrastructure
Trust,
Inc.
REIT
10,479
95,883
Corporate
Office
Properties
Trust
REIT
18,460
467,776
Empire
State
Realty
Trust,
Inc.
REIT
34,817
243,719
First
Industrial
Realty
Trust,
Inc.
REIT
11,411
438,639
Franklin
Street
Properties
Corp.
REIT
64,308
327,328
Getty
Realty
Corp.
REIT
17,090
507,231
Highwoods
Properties,
Inc.
REIT
11,763
439,113
LTC
Properties,
Inc.
REIT
10,880
409,849
McGrath
RentCorp
8,087
436,779
National
Health
Investors,
Inc.
REIT
7,781
472,462
Newmark
Group,
Inc.,
Class A
48,902
237,664
PotlatchDeltic
Corp.
REIT
13,657
519,376
PS
Business
Parks,
Inc.
REIT
3,577
473,595
Rayonier,
Inc.
REIT
19,720
488,859
Service
Properties
Trust
REIT
47,698
338,179
Urstadt
Biddle
Properties,
Inc.,
Class A
REIT
36,293
431,161
Weingarten
Realty
Investors
REIT
17,300
327,489
10,276,386
Retail
(
3.0%
)
AutoNation,
Inc.
(a)
14,131
531,043
Capri
Holdings,
Ltd.
(a)
19,287
301,456
PriceSmart
,
Inc.
6,505
392,447
Qurate
Retail,
Inc.,
Class A
(a)
55,877
530,832
Rent-A-Center,
Inc./TX,
Class A
20,365
566,554
Steven
Madden,
Ltd.
19,276
475,924
Vector
Group,
Ltd.
50,104
504,046
World
Fuel
Services
Corp.
15,301
394,154
3,696,456
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
15
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Savings
&
Loans
(
2.2%
)
Berkshire
Hills
Bancorp,
Inc.
26,166
$
288,349
Flagstar
Bancorp,
Inc.
19,128
562,937
FS
Bancorp,
Inc.
14,042
541,600
Investors
Bancorp,
Inc.
31,401
266,908
Meridian
Bancorp,
Inc.
25,846
299,814
Provident
Financial
Services,
Inc.
38,655
558,565
Southern
Missouri
Bancorp,
Inc.
8,412
204,412
2,722,585
Semiconductors
(
1.9%
)
Amkor
Technology,
Inc.
(a)
49,345
607,437
Cirrus
Logic,
Inc.
(a)
9,040
558,491
FormFactor
,
Inc.
(a)
22,001
645,289
Ultra
Clean
Holdings,
Inc.
(a)
25,200
570,276
2,381,493
Software
(
5.7%
)
American
Software,
Inc.,
Class A
26,415
416,300
Blackbaud
,
Inc.
9,922
566,348
ChannelAdvisor
Corp.
(a)
45,912
727,246
Cornerstone
OnDemand
,
Inc.
(a)
14,424
556,190
Digi
International,
Inc.
(a)
47,870
557,686
Donnelley
Financial
Solutions,
Inc.
(a)
58,659
492,736
ePlus
,
Inc.
(a)
6,677
471,930
NeoPhotonics
Corp.
(a)
63,180
561,038
Omnicell
,
Inc.
(a)
7,095
501,049
Progress
Software
Corp.
13,095
507,431
Sciplay
Corp.,
Class A
(a)
38,759
574,796
SPS
Commerce,
Inc.
(a)
7,532
565,804
Verint
Systems,
Inc.
(a)
12,645
571,301
7,069,855
Storage
&
Warehousing
(
0.3%
)
Mobile
Mini,
Inc.
14,685
433,208
Technology
(
0.9%
)
eGain
Corp.
(a)
57,701
641,058
Xerox
Holdings
Corp.
33,338
509,738
1,150,796
Telecommunications
(
1.7%
)
A10
Networks,
Inc.
(a)
83,576
569,153
TEGNA,
Inc.
48,132
536,191
Telephone
and
Data
Systems,
Inc.
24,288
482,845
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Small-Cap
Value
Fund
16
www.cornercapfunds.com
Shares
Fair
Value
Telecommunications
(1.7%)
(continued)
Viavi
Solutions,
Inc.
(a)
42,987
$
547,654
2,135,843
Transportation
(
2.1%
)
Air
Transport
Services
Group,
Inc.
(a)
25,506
568,019
Costamare
,
Inc.
112,698
626,601
Fortress
Transportation
and
Infrastructure
Investors,
LLC
39,152
508,584
Schneider
National,
Inc.,
Class B
27,220
671,517
SkyWest,
Inc.
8,840
288,361
2,663,082
TOTAL
COMMON
STOCK
(COST
$127,736,594)
123,669,020
INVESTMENTS,
AT
VALUE
(COST
$127,736,594)
99.2%
123,669,020
TOTAL
ASSETS
IN
EXCESS
OF
OTHER
LIABILITIES
0.8%
953,744
NET
ASSETS
100.0%
$
124,622,764
(a)
Non-income
producing
security.
Common
Abbreviations:
LLC
Limited
Liability
Company
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Large/Mid-Cap
Value
Fund
17
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
COMMON
STOCK
(99.4%)
Aerospace
&
Defense
(
1.3%
)
Northrop
Grumman
Corp.
818
$
251,486
Raytheon
Technologies
Corp.
2,370
146,039
397,525
Auto
Parts
&
Equipment
(
0.9%
)
O'Reilly
Automotive,
Inc.
(a)
652
274,929
Banks
(
9.0%
)
Citigroup,
Inc.
5,299
270,779
Citizens
Financial
Group,
Inc.
11,169
281,906
Comerica,
Inc.
4,415
168,211
Fifth
Third
Bancorp
13,940
268,763
Huntington
Bancshares,
Inc.
27,124
245,065
JPMorgan
Chase
&
Co.
2,365
222,452
KeyCorp
16,925
206,147
Northern
Trust
Corp.
3,240
257,062
Regions
Financial
Corp.
21,118
234,832
The
Bank
of
New
York
Mellon
Corp.
6,397
247,244
U.S.
Bancorp
6,722
247,504
Wells
Fargo
&
Co.
5,830
149,248
2,799,213
Biotechnology
(
3.4%
)
Alexion
Pharmaceuticals,
Inc.
(a)
2,466
276,784
Amgen,
Inc.
1,115
262,984
Biogen,
Inc.
(a)
933
249,624
Gilead
Sciences,
Inc.
3,419
263,058
1,052,450
Building
Materials
(
4.0%
)
Carrier
Global
Corp.
2,370
52,661
DR
Horton,
Inc.
6,108
338,689
Johnson
Controls
International
PLC
7,293
248,983
Lowe's
Cos.,
Inc.
2,123
286,860
Masco
Corp.
6,395
321,093
1,248,286
Chemicals
(
3.7%
)
CF
Industries
Holdings,
Inc.
9,418
265,022
Dow,
Inc.
8,467
345,115
Eastman
Chemical
Co.
3,845
267,766
PPG
Industries,
Inc.
2,445
259,317
1,137,220
Commercial
Services
(
3.4%
)
Automatic
Data
Processing,
Inc.
1,669
248,497
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Large/Mid-Cap
Value
Fund
18
www.cornercapfunds.com
Shares
Fair
Value
Commercial
Services
(3.4%)
(continued)
Booz
Allen
Hamilton
Holding
Corp.
3,476
$
270,398
Cisco
Systems,
Inc.
5,321
248,172
Paychex,
Inc.
3,615
273,836
1,040,903
Computers
(
5.2%
)
Alphabet,
Inc.,
Class A
(a)
270
382,873
Cognizant
Technology
Solutions
Corp.,
Class A
4,839
274,952
Fortinet,
Inc.
(a)
2,105
288,953
Hewlett
Packard
Enterprise
Co.
18,015
175,286
HP,
Inc.
14,432
251,550
Leidos
Holdings,
Inc.
2,419
226,588
1,600,202
Diversified
Financial
Services
(
4.3%
)
Ally
Financial,
Inc.
13,243
262,609
BlackRock,
Inc.
532
289,456
Cboe
Global
Markets,
Inc.
2,651
247,285
CBRE
Group,
Inc.,
Class A
(a)
6,295
284,660
Synchrony
Financial
11,257
249,455
1,333,465
Electric
(
5.4%
)
Avangrid
,
Inc.
3,152
132,321
DTE
Energy
Co.
2,312
248,540
Duke
Energy
Corp.
2,971
237,353
Edison
International
3,792
205,943
Evergy
,
Inc.
4,540
269,177
PPL
Corp.
8,963
231,604
Sempra
Energy
2,005
235,046
The
Southern
Co.
2,543
131,855
1,691,839
Electrical
Components
&
Equipment
(
0.9%
)
Emerson
Electric
Co.
4,295
266,419
Electronics
(
1.0%
)
Garmin,
Ltd.
3,175
309,562
Food
(
4.1%
)
General
Mills,
Inc.
3,728
229,831
The
Hershey
Co.
2,150
278,683
The
J
M
Smucker
Co.
2,390
252,886
The
Kroger
Co.
8,134
275,336
Tyson
Foods,
Inc.,
Class A
3,877
231,496
1,268,232
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Large/Mid-Cap
Value
Fund
19
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Forest
Products
&
Paper
(
0.8%
)
International
Paper
Co.
7,425
$
261,434
Healthcare
Services
(
5.1%
)
Anthem,
Inc.
1,210
318,206
Cardinal
Health,
Inc.
5,016
261,785
Dentsply
Sirona,
Inc.
5,346
235,545
Hologic
,
Inc.
(a)
4,500
256,500
Laboratory
Corp.
of
America
Holdings
(a)
1,647
273,583
Universal
Health
Services,
Inc.,
Class B
2,586
240,213
1,585,832
Insurance
(
5.8%
)
Aflac,
Inc.
7,268
261,866
Fidelity
National
Financial,
Inc.
8,656
265,393
Principal
Financial
Group,
Inc.
6,582
273,416
Prudential
Financial,
Inc.
3,035
184,832
The
Allstate
Corp.
2,770
268,662
The
Travelers
Cos.,
Inc.
2,459
280,449
Unum
Group
15,854
263,018
1,797,636
Machinery
-
Diversified
(
0.8%
)
Dover
Corp.
2,620
252,987
Media
(
0.8%
)
Fox
Corp.
9,000
241,380
Miscellaneous
Manufacturing
(
3.4%
)
3M
Co.
1,616
252,080
Eaton
Corp.
PLC
3,117
272,675
Edwards
Lifesciences
Corp.
(a)
3,857
266,557
Honeywell
International,
Inc.
1,795
259,539
1,050,851
Oil
&
Gas
(
4.6%
)
Chevron
Corp.
2,714
242,170
Concho
Resources,
Inc.
2,306
118,759
Diamondback
Energy,
Inc.
6,296
263,299
EOG
Resources,
Inc.
5,851
296,412
Marathon
Petroleum
Corp.
7,320
273,621
Phillips
66
3,291
236,623
1,430,884
Pharmaceuticals
(
3.3%
)
Eli
Lilly
and
Co.
1,494
245,285
Johnson
&
Johnson
1,747
245,681
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Large/Mid-Cap
Value
Fund
20
www.cornercapfunds.com
Shares
Fair
Value
Pharmaceuticals
(3.3%)
(continued)
Merck
&
Co.,
Inc.
3,475
$
268,722
Pfizer,
Inc.
8,082
264,281
1,023,969
Real
Estate
Investment
Trusts
(
4.1%
)
Boston
Properties,
Inc.
REIT
1,310
118,398
CubeSmart
REIT
4,599
124,127
Duke
Realty
Corp.
REIT
3,821
135,225
Equity
Residential
REIT
2,105
123,816
Essex
Property
Trust,
Inc.
REIT
451
103,356
Host
Hotels
&
Resorts,
Inc.
REIT
9,385
101,264
Kilroy
Realty
Corp.
REIT
1,718
100,846
Mid-America
Apartment
Communities,
Inc.
REIT
894
102,515
National
Retail
Properties,
Inc.
REIT
3,085
109,456
Omega
Healthcare
Investors,
Inc.
REIT
3,774
112,201
PS
Business
Parks,
Inc.
REIT
1,000
132,400
1,263,604
Retail
(
8.0%
)
Altria
Group,
Inc.
6,396
251,043
Best
Buy
Co.,
Inc.
3,057
266,784
Booking
Holdings,
Inc.
(a)
175
278,660
Cigna
Corp.
1,560
292,734
Constellation
Brands,
Inc.,
Class A
1,583
276,946
CVS
Health
Corp.
4,730
307,308
Dollar
Tree,
Inc.
(a)
2,988
276,928
eBay,
Inc.
5,705
299,227
Philip
Morris
International,
Inc.
3,535
247,662
2,497,292
Semiconductors
(
3.8%
)
Applied
Materials,
Inc.
4,421
267,249
Fortive
Corp.
4,228
286,067
Intel
Corp.
5,275
315,603
Skyworks
Solutions,
Inc.
2,453
313,641
1,182,560
Software
(
5.7%
)
Electronic
Arts,
Inc.
(a)
2,239
295,660
GoDaddy
,
Inc.,
Class A
(a)
4,640
340,251
Oracle
Corp.
4,813
266,014
SS&C
Technologies
Holdings,
Inc.
5,795
327,302
Take-Two
Interactive
Software,
Inc.
(a)
1,775
247,737
VMware,
Inc.,
Class A
(a)
1,970
305,074
1,782,038
Schedule
of
Investments
June
30,
2020
(Unaudited)
CornerCap
Large/Mid-Cap
Value
Fund
21
Quarterly
Report
I
June
30,
2020
Shares
Fair
Value
Telecommunications
(
3.3%
)
AT&T,
Inc.
8,243
$
249,186
Comcast
Corp.,
Class A
6,455
251,616
Facebook,
Inc.,
Class A
(a)
1,198
272,030
Verizon
Communications,
Inc.
4,462
245,990
1,018,822
Transportation
(
3.3%
)
CSX
Corp.
4,455
310,692
Cummins,
Inc.
1,690
292,809
Delta
Air
Lines,
Inc.
5,455
153,013
Kansas
City
Southern
1,713
255,734
1,012,248
TOTAL
COMMON
STOCK
(COST
$31,651,552)
30,821,782
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
(
0.9%
)
Federated
Treasury
Obligations
Money
Market
Fund,
Institutional
Shares,
0.10%
(b)
278,960
278,960
TOTAL
SHORT-TERM
INVESTMENTS
(COST
$278,960)
278,960
INVESTMENTS,
AT
VALUE
(COST
$31,930,512)
100.3%
31,100,742
TOTAL
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
(0.3)%
(102,514)
NET
ASSETS
100.0%
$
30,998,228
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2020.
Common
Abbreviations:
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
June
30,
2020
(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
following
three
series
(each,
a
“Fund”
and,
together,
the
“Funds”):
CornerCap
Balanced
Fund,
CornerCap
Large/Mid-Cap
Value
Fund
and
CornerCap
Small-Cap
Value
Fund.
CornerCap
Balanced
Fund
and
CornerCap
Large/Mid-Cap
Value
Fund
currently
offer
Investor
Shares
and
CornerCap
Small-Cap
Value
Fund
currently
offers
Investor
Shares
and
Institutional
Shares.
The
investment
objective
of
the
CornerCap
Balanced
Fund
is
long-term
capital
appreciation
and
current
income.
The
CornerCap
Small‐Cap
Value
Fund’s
investment
objective
is
long-term
capital
appreciation
with
a
secondary
objective
of
generating
income
from
dividends
or
interest
on
securities.
The
CornerCap
Large/Mid‐Cap
Value
Fund’s
investment
objective
is
long-term
capital
appreciation.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
Funds
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
–
Investment
Companies”.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Funds.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
Accounting
Estimates
–
In
preparing
financial
statements
in
conformity
with
GAAP,
management
makes
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
for
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Security
Valuation
–
Portfolio
securities
including
common
stocks,
corporate
bonds,
municipal
bonds,
exchange
traded
funds
(ETFs),
and
U.S.
Government
and
Agency
obligations
that
are
listed
on
national
securities
exchanges
or
the
NASDAQ
National
Market
System
are
valued
at
the
last
sale
price
or
official
close
as
of
4:00
p.m.
Eastern
time
or,
in
the
absence
of
recorded
sales,
at
the
closing
bid
price
on
such
exchanges
or
such
system.
Based
on
obtaining
active
market
quotes,
common
stocks
and
exchange
traded
funds
are
classified
as
Level
1
of
the
fair
value
hierarchy.
Corporate
bonds,
municipal
bonds,
certificates
of
deposit
and
U.S.
Government
and
Agency
obligations
are
classified
as
Level
2
of
the
fair
value
hierarchy,
and
are
priced
based
upon
valuations
provided
by
a
recognized
independent,
third
party
pricing
agent.
Third‐
party
pricing
agents
value
these
securities
by
employing
methodologies
that
utilize
actual
market
transactions,
broker‐
supplied
valuations,
or
other
methodologies
designed
to
identify
the
market
value
for
such
securities.
Such
methodologies
generally
consider
such
factors
as
security
prices,
yields,
maturities,
call
features,
ratings,
and
developments
relating
to
specific
securities
in
arriving
at
valuations.
Unlisted
securities
that
are
not
included
on
such
exchanges
or
systems
are
valued
at
the
quoted
bid
prices
on
the
over‐the
counter
market.
Shares
of
a
registered
investment
company,
including
money
market
funds,
that
are
not
traded
on
an
exchange
are
valued
at
that
investment
company’s
net
asset
value
per
share
and
are
classified
as
Level
1
within
the
fair
value
hierarchy.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Adviser
under
procedures
established
Schedule
of
Investments
June
30,
2020
(Unaudited)
Quarterly
Report
I
June
30,
2020
23
by
and
under
the
general
supervision
and
responsibility
of
the
Funds’
Board
of
Trustees
and
will
be
classified
as
Level
2
or
3
within
the
fair
value
hierarchy,
depending
on
the
inputs
used.
The
ability
of
issuers
of
debt
securities
held
by
the
Funds
to
meet
their
obligations
may
be
affected
by
economic
and
political
developments.
Security
Transactions,
Investment
Income
and
Other
–
Security
transactions
are
recorded
on
the
trade
date.
Realized
gains
and
losses
on
sales
of
investments
are
calculated
on
the
identified
cost
basis.
Withholding
taxes
on
foreign
dividends
have
been
provided
in
accordance
with
the
Funds’
understanding
of
the
applicable
country’s
tax
rules
and
rates.
Discounts
and
premiums
on
securities
purchased
are
amortized
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.
REITs
–
Each
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.
Each
Fund
may
include
the
gross
dividends
from
such
REITs
in
income
or
may
utilize
estimates
of
any
potential
REIT
dividend
reclassifications
in
each
Fund’s
annual
distributions
to
shareholders
and,
accordingly,
a
portion
of
each
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
Funds
currently
qualify,
and
intend
to
remain
qualified,
as
regulated
investment
companies
(“RICs”)
under
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986
(“Code”),
as
amended,
by
complying
with
the
requirements
applicable
to
RICs
and
by
distributing
their
investment
company
taxable
net
income
including
any
excess
realized
gain
which
has
not
been
offset
by
capital
loss
carryforwards,
if
any,
to
their
shareholders.
Accordingly,
no
provision
for
federal
income
or
excise
taxes
has
been
made.
As
of
and
during
the
period
ended
June
30,
2020,
the
Funds
did
not
have
a
liability
for
any
unrecognized
tax
benefits.
The
Funds
file
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
Funds’
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations.
During
the
period,
the
Funds
did
not
incur
any
interest
or
penalties.
Distributions
to
Shareholders
–
Distributions
from
net
investment
income
and
distributions
of
net
realized
capital
gains,
if
any,
will
be
declared
and
paid
at
least
annually.
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
and
Expense
Allocation
–
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
Fund.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
Funds
in
an
equitable
manner.
Schedule
of
Investments
June
30,
2020
(Unaudited)
24
www.cornercapfunds.com
CornerCap
Small-Cap
Value
Fund’s
class
specific
expenses
are
charged
to
the
operations
of
that
class
of
shares.
Income
and
expenses
(other
than
expenses
attributable
to
a
specific
class)
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
the
class’
respective
net
assets
to
the
total
net
assets
of
the
Fund.
Fair
Value
Measurements
–
A
three-tier
hierarchy
has
been
established
to
classify
fair
value
measurements
for
disclosure
purposes.
Inputs
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability,
including
assumptions
about
risk.
Inputs
may
be
observable
or
unobservable.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
that
are
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
that
are
developed
based
on
the
best
information
available.
Various
inputs
are
used
in
determining
the
value
of
each
Fund’s
investments
as
of
the
reporting
period
end.
When
inputs
used
fall
into
different
levels
of
the
fair
value
hierarchy,
the
level
in
the
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
designated
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
these
investments.
These
inputs
are
categorized
in
the
following
hierarchy
under
applicable
financial
accounting
standards:
Level
1
–
Unadjusted
quoted
prices
in
active
markets
for
identical
investments,
unrestricted
assets
or
liabilities
that
a
Fund
has
the
ability
to
access
at
the
measurement
date;
Level
2
–
Quoted
prices
which
are
not
active,
quoted
prices
for
similar
assets
or
liabilities
in
active
markets
or
inputs
other
than
quoted
prices
that
are
observable
(either
directly
or
indirectly)
for
substantially
the
full
term
of
the
asset
or
liability;
and
Level
3
–
Significant
unobservable
prices
or
inputs
(including
each
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
where
there
is
little
or
no
market
activity
for
the
asset
or
liability
at
the
measurement
date.
The
following
is
a
summary
of
investments
based
on
the
inputs
used
to
value
the
Funds’
investments
as
of
June
30,
2020:
Schedule
of
Investments
June
30,
2020
(Unaudited)
Quarterly
Report
I
June
30,
2020
25
For
the
period
ended
June
30,
2020
,
the
Funds
did
not
have
significant
unobservable
inputs
(Level
3)
used
in
determining
fair
value
of
any
investments.
Therefore,
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
is
not
applicable.
The
Funds
did
not
hold
any
derivative
instruments
at
any
time
during
the
period
.
CornerCap
Balanced
Fund:
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
16,414,171
$
–
$
–
$
16,414,171
Exchange
Traded
Funds
1,635,282
–
–
1,635,282
Government
Bond
–
1,315,010
–
1,315,010
Corporate
Non-Convertible
Bonds
–
8,736,841
–
8,736,841
Short-Term
Investments
1,679,784
–
–
1,679,784
Total
$
19,729,237
$
10,051,851
$
–
$
29,781,088
CornerCap
Small-Cap
Value
Fund:
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
123,669,020
$
–
$
–
$
123,669,020
Total
$
123,669,020
$
–
$
–
$
123,669,020
CornerCap
Large/Mid-Cap
Value
Fund:
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
30,821,782
$
–
$
–
$
30,821,782
Short-Term
Investments
278,960
–
–
278,960
Total
$
31,100,742
$
–
$
–
$
31,100,742
*
See
Schedule
of
Investments
for
industry
classification