Cornercap Group Of Funds NPORT-P Cornercap Small-cap Value Fund (Dec 2020 report)

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

1

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

COMMON

STOCK

(53.7%)

Aerospace

&

Defense

(

1.5%

)

‌

‌

General

Dynamics

Corp.

457

$

68,011

L3Harris

Technologies,

Inc.

191

36,103

Lockheed

Martin

Corp.

233

82,710

Northrop

Grumman

Corp.

391

119,145

305,969

Auto

Parts

&

Equipment

(

0.3%

)

‌

‌

O'Reilly

Automotive,

Inc.

(a)

147

66,528

Banks

(

4.6%

)

‌

‌

Citigroup,

Inc.

1,100

67,826

Citizens

Financial

Group,

Inc.

2,053

73,415

Comerica,

Inc.

1,639

91,555

Fifth

Third

Bancorp

2,564

70,689

Huntington

Bancshares,

Inc.

6,465

81,653

JPMorgan

Chase

&

Co.

1,265

160,744

KeyCorp

5,184

85,069

The

Bank

of

New

York

Mellon

Corp.

3,125

132,625

U.S.

Bancorp

1,844

85,912

Wells

Fargo

&

Co.

2,744

82,814

932,302

Biotechnology

(

1.6%

)

‌

‌

Alexion

Pharmaceuticals,

Inc.

(a)

586

91,556

Amgen,

Inc.

341

78,403

Biogen,

Inc.

(a)

208

50,931

Gilead

Sciences,

Inc.

1,807

105,276

326,166

Building

Materials

(

2.1%

)

‌

‌

DR

Horton,

Inc.

872

60,098

Johnson

Controls

International

PLC

1,784

83,117

Lennar

Corp.,

Class A

972

74,095

Lowe's

Cos.,

Inc.

849

136,273

Masco

Corp.

1,244

68,333

421,916

Chemicals

(

1.8%

)

‌

‌

CF

Industries

Holdings,

Inc.

1,651

63,910

Dow,

Inc.

1,463

81,197

Eastman

Chemical

Co.

865

86,742

FMC

Corp.

610

70,107

PPG

Industries,

Inc.

429

61,871

‌

‌

‌

‌

363,827

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

2

www.cornercapfunds.com

Shares

Fair

Value

Commercial

Services

(

1.5%

)

‌

‌

Booz

Allen

Hamilton

Holding

Corp.

1,419

$

123,708

Cisco

Systems,

Inc.

1,446

64,709

Equifax,

Inc.

246

47,439

FleetCor

Technologies,

Inc.

(a)

228

62,205

298,061

Computers

(

2.1%

)

‌

‌

Alphabet,

Inc.,

Class A

(a)

38

66,600

Cognizant

Technology

Solutions

Corp.,

Class A

974

79,819

Fortinet,

Inc.

(a)

563

83,623

Hewlett

Packard

Enterprise

Co.

9,010

106,769

Leidos

Holdings,

Inc.

893

93,872

430,683

Diversified

Financial

Services

(

2.5%

)

‌

‌

Cboe

Global

Markets,

Inc.

1,354

126,084

Morgan

Stanley

1,636

112,115

Synchrony

Financial

2,918

101,284

The

Goldman

Sachs

Group,

Inc.

328

86,497

Truist

Financial

Corp.

1,663

79,708

505,688

Electric

(

2.0%

)

‌

‌

Ameren

Corp.

1,109

86,569

American

Electric

Power

Co.,

Inc.

759

63,202

Avangrid

,

Inc.

1,588

72,175

CMS

Energy

Corp.

531

32,396

Consolidated

Edison,

Inc.

855

61,791

DTE

Energy

Co.

547

66,411

WEC

Energy

Group,

Inc.

340

31,290

413,834

Electrical

Components

&

Equipment

(

0.4%

)

‌

‌

Emerson

Electric

Co.

971

78,039

Electronics

(

0.3%

)

‌

‌

Garmin,

Ltd.

578

69,163

Energy

(

0.2%

)

‌

‌

Atmos

Energy

Corp.

458

43,707

Entertainment

(

0.0%

)

‌

‌

ViacomCBS

,

Inc.,

Class B

1

37

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

3

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Food

(

2.6%

)

‌

‌

Campbell

Soup

Co.

929

$

44,917

General

Mills,

Inc.

2,122

124,774

The

J

M

Smucker

Co.

622

71,903

The

Kroger

Co.

3,938

125,071

Tyson

Foods,

Inc.,

Class A

2,530

163,033

529,698

Forest

Products

&

Paper

(

0.4%

)

‌

‌

International

Paper

Co.

1,632

81,143

Healthcare

Services

(

3.0%

)

‌

‌

Anthem,

Inc.

206

66,144

Cardinal

Health,

Inc.

2,501

133,953

Centene

Corp.

(a)

1,023

61,411

Hologic

,

Inc.

(a)

1,001

72,903

Humana,

Inc.

214

87,798

UnitedHealth

Group,

Inc.

142

49,797

Universal

Health

Services,

Inc.,

Class B

995

136,812

608,818

Household

Products

(

0.2%

)

‌

‌

Kimberly-Clark

Corp.

286

38,561

Insurance

(

3.0%

)

‌

‌

Aflac,

Inc.

1,380

61,369

Fidelity

National

Financial,

Inc.

2,369

92,604

Principal

Financial

Group,

Inc.

1,423

70,595

Prudential

Financial,

Inc.

1,190

92,903

The

Allstate

Corp.

869

95,529

The

Travelers

Cos.,

Inc.

710

99,663

Unum

Group

4,517

103,620

616,283

Machinery

-

Diversified

(

0.4%

)

‌

‌

Dover

Corp.

610

77,013

Media

(

0.4%

)

‌

‌

Fox

Corp.

2,476

72,101

Miscellaneous

Manufacturing

(

1.3%

)

‌

‌

3M

Co.

985

172,168

Eaton

Corp.

PLC

763

91,667

263,835

Oil

&

Gas

(

2.5%

)

‌

‌

Chevron

Corp.

958

80,903

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

4

www.cornercapfunds.com

Shares

Fair

Value

Oil

&

Gas

(2.5%)

(continued)

Diamondback

Energy,

Inc.

1,394

$

67,470

EOG

Resources,

Inc.

1,227

61,190

Kinder

Morgan,

Inc.

(a)

8,936

122,155

Schlumberger

NV

4,955

108,168

The

Williams

Cos.,

Inc.

3,595

72,080

511,966

Pharmaceuticals

(

2.2%

)

‌

‌

Bristol-Myers

Squibb

Co.

1,056

65,504

Eli

Lilly

and

Co.

523

88,303

Johnson

&

Johnson

456

71,765

Merck

&

Co.,

Inc.

832

68,058

Pfizer,

Inc.

2,180

80,246

Viatris

,

Inc.

(a)

3,614

67,726

441,602

Real

Estate

Investment

Trusts

(

2.8%

)

‌

‌

CubeSmart

REIT

506

17,007

Duke

Realty

Corp.

REIT

1,186

47,404

Essex

Property

Trust,

Inc.

REIT

136

32,289

Gaming

and

Leisure

Properties,

Inc.

REIT

1,000

42,398

Healthcare

Trust

of

America,

Inc.,

Class A

REIT

1,286

35,416

Host

Hotels

&

Resorts,

Inc.

REIT

5,500

80,465

Kilroy

Realty

Corp.

REIT

538

30,881

Mid-America

Apartment

Communities,

Inc.

REIT

322

40,794

National

Retail

Properties,

Inc.

REIT

1,650

67,518

PS

Business

Parks,

Inc.

REIT

550

73,079

Realty

Income

Corp.

REIT

556

34,567

WP

Carey,

Inc.

REIT

1,014

71,568

573,386

Retail

(

4.0%

)

‌

‌

Altria

Group,

Inc.

2,997

122,877

Best

Buy

Co.,

Inc.

726

72,448

Booking

Holdings,

Inc.

(a)

47

104,682

Cigna

Corp.

163

33,933

Constellation

Brands,

Inc.,

Class A

424

92,877

CVS

Health

Corp.

878

59,967

Dollar

Tree,

Inc.

(a)

787

85,027

eBay,

Inc.

2,298

115,475

Philip

Morris

International,

Inc.

1,631

135,031

822,317

Semiconductors

(

3.0%

)

‌

‌

Applied

Materials,

Inc.

947

81,726

Broadcom,

Inc.

212

92,824

Fortive

Corp.

1,762

124,785

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

5

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Semiconductors

(3.0%)

(continued)

Intel

Corp.

1,495

$

74,481

KLA

Corp.

247

63,951

Micron

Technology,

Inc.

(a)

1,342

100,892

Skyworks

Solutions,

Inc.

489

74,758

613,417

Software

(

3.3%

)

‌

‌

Cerner

Corp.

1,098

86,171

Citrix

Systems,

Inc.

954

124,115

Electronic

Arts,

Inc.

539

77,400

GoDaddy

,

Inc.,

Class A

(a)

1,034

85,770

Oracle

Corp.

1,388

89,790

SS&C

Technologies

Holdings,

Inc.

1,059

77,042

Take-Two

Interactive

Software,

Inc.

(a)

340

70,649

VMware,

Inc.,

Class A

(a)

449

62,977

673,914

Telecommunications

(

2.4%

)

‌

‌

AT&T,

Inc.

2,468

70,980

DISH

Network

Corp.,

Class A

(a)

2,583

83,534

Facebook,

Inc.,

Class A

(a)

400

109,264

Netflix,

Inc.

(a)

152

82,191

Verizon

Communications,

Inc.

2,361

138,709

484,678

Transportation

(

1.3%

)

‌

‌

CSX

Corp.

931

84,488

FedEx

Corp.

328

85,155

Union

Pacific

Corp.

403

83,913

253,556

TOTAL

COMMON

STOCK

(COST

$9,316,730)

10,918,208

Shares

Fair

Value

EXCHANGE

TRADED

FUNDS

(

5.5%

)

‌

‌

iShares

Morningstar

Mid-Capital

Value

ETF

820

128,264

iShares

Morningstar

Small-Capital

Value

ETF

1,094

154,112

Vanguard

S&P

Mid-Capital

400

ETF

1,703

264,901

Vanguard

S&P

Mid-Capital

400

Value

ETF

1,125

148,129

Vanguard

S&P

Small-Capital

600

ETF

1,574

264,070

Vanguard

S&P

Small-Capital

600

Value

ETF

1,040

146,037

TOTAL

EXCHANGE

TRADED

FUNDS

(COST

$623,999)

‌

1,105,513

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

6

www.cornercapfunds.com

Principal

Amount

Fair

Value

GOVERNMENT

BOND

(

3.8%

)

‌

‌

U.S.

Treasury

Inflation

Indexed

Bonds,

2.00%,

01/15/2026

$

401,168

$

467,858

U.S.

Treasury

Inflation

Indexed

Note,

0.63%,

01/15/2024

279,331

299,384

TOTAL

GOVERNMENT

BOND

(COST

$702,252)

767,242

CORPORATE

NON-CONVERTIBLE

BONDS

(

28.2%

)

‌

‌

Auto

Manufacturers

(

3.2%

)

‌

‌

Ford

Motor

Co.,

9.22%,

09/15/2021

275,000

288,750

General

Motors

Financial

Co.,

Inc.,

4.00%,

01/15/2025

325,000

357,813

646,563

Banks

(

1.6%

)

‌

‌

JPMorgan

Chase

&

Co.,

3.88%,

09/10/2024

300,000

335,863

Biotechnology

(

1.9%

)

‌

‌

Celgene

Corp.,

4.00%,

08/15/2023

360,000

390,056

Diversified

Financial

Services

(

3.1%

)

‌

‌

Fiserv,

Inc.,

4.75%,

06/15/2021

300,000

306,159

The

Goldman

Sachs

Group,

Inc.,

5.75%,

01/24/2022

300,000

317,092

623,251

Electronics

(

2.9%

)

‌

‌

Arrow

Electronics,

Inc.,

5.13%,

03/01/2021

310,000

311,957

Avnet,

Inc.,

4.88%,

12/01/2022

250,000

268,233

580,190

Food

(

2.1%

)

‌

‌

Ingredion,

Inc.,

3.20%,

10/01/2026

380,000

422,588

Household

Products

(

2.0%

)

‌

‌

Whirlpool

Corp.,

4.00%,

03/01/2024

375,000

411,565

Oil

&

Gas

(

1.1%

)

‌

‌

Valero

Energy

Partners

LP,

4.38%,

12/15/2026

200,000

231,439

Pharmaceuticals

(

2.7%

)

‌

‌

Cardinal

Health,

Inc.,

3.20%,

03/15/2023

320,000

338,473

Evernorth

Health,

Inc.,

3.90%,

02/15/2022

200,000

207,344

545,817

Real

Estate

Investment

Trusts

(

1.4%

)

‌

‌

Weyerhaeuser

Co.,

7.13%,

07/15/2023

250,000

288,347

Retail

(

3.0%

)

‌

‌

CVS

Health

Corp.,

4.13%,

05/15/2021

300,000

300,593

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Balanced

Fund

7

Quarterly

Report

I

December

31,

2020

Principal

Amount

Fair

Value

Retail

(3.0%)

(continued)

Walgreen

Co.,

3.10%,

09/15/2022

$

305,000

$

318,367

618,960

Telecommunications

(

1.5%

)

‌

‌

eBay,

Inc.,

2.60%,

07/15/2022

300,000

308,771

Transportation

(

1.7%

)

‌

‌

Delta

Air

Lines,

Inc.,

3.80%,

04/19/2023

330,000

338,807

TOTAL

CORPORATE

NON-CONVERTIBLE

BONDS

(COST

$5,433,602)

5,742,217

Shares

Fair

Value

INVESTMENT

COMPANY

(

3.0%

)

‌

‌

Vanguard

High-Yield

Corporate

Fund

101,636

607,781

TOTAL

INVESTMENT

COMPANY

(COST

$591,519)

607,781

Shares

Fair

Value

SHORT-TERM

INVESTMENTS

(

5.4%

)

‌

‌

Federated

Treasury

Obligations

Money

Market

Fund,

Institutional

Shares,

0.01%

(b)

1,097,291

1,097,291

TOTAL

SHORT-TERM

INVESTMENTS

(COST

$1,097,291)

1,097,291

INVESTMENTS,

AT

VALUE

(COST

$17,765,393)

99.6%

20,238,252

TOTAL

ASSETS

IN

EXCESS

OF

OTHER

LIABILITIES

0.4%

83,432

NET

ASSETS

100.0%

$

20,321,684

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2020.

Common

Abbreviations:

ETF

Exchange

Traded

Fund

LP

Limited

Partnership

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

8

www.cornercapfunds.com

Shares

Fair

Value

COMMON

STOCK

(99.7%)

Auto

Parts

&

Equipment

(

1.2%

)

‌

‌

Commercial

Vehicle

Group,

Inc.

(a)

34,697

$

300,129

Dorman

Products,

Inc.

(a)

2,971

257,942

Methode

Electronics,

Inc.

18,260

698,993

Standard

Motor

Products,

Inc.

15,454

625,269

1,882,333

Banks

(

14.6%

)

‌

‌

American

National

Bankshares

,

Inc.

11,298

296,121

Ameris

Bancorp

22,604

860,534

BayCom

Corp.

(a)

24,085

365,369

BOK

Financial

Corp.

8,916

610,568

Bridge

Bancorp,

Inc.

25,831

624,594

Camden

National

Corp.

8,537

305,454

Civista

Bancshares,

Inc.

38,143

668,647

CNB

Financial

Corp.

29,612

630,439

Community

Trust

Bancorp,

Inc.

8,512

315,370

ConnectOne

Bancorp,

Inc.

38,357

759,085

Customers

Bancorp,

Inc.

(a)

44,798

814,428

Eagle

Bancorp,

Inc.

8,310

343,203

Farmers

National

Banc

Corp.

23,182

307,625

Financial

Institutions,

Inc.

30,616

688,860

First

Busey

Corp.

29,837

642,987

First

Financial

Bancorp

18,413

322,780

First

Foundation,

Inc.

36,302

726,040

First

Horizon

Corp.

27,368

349,216

First

Internet

Bancorp

13,763

395,549

FNB

Corp.

66,097

627,921

Hanmi

Financial

Corp.

56,591

641,742

Heartland

Financial

USA,

Inc.

7,460

301,160

Hilltop

Holdings,

Inc.

24,222

666,347

HomeStreet

,

Inc.

9,802

330,817

Hope

Bancorp,

Inc.

34,591

377,388

Horizon

Bancorp,

Inc./IN

48,234

764,991

Independent

Bank

Corp.

39,724

733,702

Merchants

Bancorp/IN

22,548

623,001

Metropolitan

Bank

Holding

Corp.

(a)

9,524

345,435

Midland

States

Bancorp,

Inc.

35,257

630,043

MidWestOne

Financial

Group,

Inc.

17,535

429,608

Northrim

BanCorp

,

Inc.

9,674

328,432

PacWest

Bancorp

26,090

662,686

Peapack

-Gladstone

Financial

Corp.

10,932

248,812

Preferred

Bank/Los

Angeles

CA

6,457

325,885

Premier

Financial

Corp.

13,776

316,848

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

9

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Banks

(14.6%)

(continued)

QCR

Holdings,

Inc.

18,266

$

723,151

RBB

Bancorp

23,842

366,690

Republic

Bancorp,

Inc.,

Class A

16,234

585,560

Sierra

Bancorp

13,490

322,681

The

Bancorp,

Inc.

(a)

23,121

315,602

The

First

of

Long

Island

Corp.

17,678

315,552

Trustmark

Corp.

11,981

327,201

Valley

National

Bancorp

50,350

490,913

Washington

Trust

Bancorp,

Inc.

7,794

349,171

22,178,208

Beverages

-

Non-alcoholic

(

0.4%

)

‌

‌

Coca-Cola

Consolidated,

Inc.

2,350

625,735

Building

Materials

(

7.2%

)

‌

‌

Apogee

Enterprises,

Inc.

21,433

678,998

Beazer

Homes

USA,

Inc.

(a)

24,029

364,039

Caesarstone

,

Ltd.

48,977

631,314

Century

Communities,

Inc.

(a)

6,936

303,658

Comfort

Systems

USA,

Inc.

5,937

312,642

GMS,

Inc.

(a)

22,192

676,412

Griffon

Corp.

13,288

270,810

JELD-WEN

Holding,

Inc.

(a)

13,432

340,636

KB

Home

13,877

465,157

Louisiana-Pacific

Corp.

8,829

328,174

LSI

Industries,

Inc.

74,893

641,084

Lydall

,

Inc.

(a)

10,701

321,351

M/I

Homes,

Inc.

(a)

13,932

617,048

MDU

Resources

Group,

Inc.

24,110

635,057

Meritage

Homes

Corp.

(a)

7,342

608,065

MYR

Group,

Inc.

(a)

10,563

634,836

Patrick

Industries,

Inc.

9,351

639,141

PGT

Innovations,

Inc.

(a)

17,217

350,194

Quanex

Building

Products

Corp.

28,024

621,292

TRI

Pointe

Group,

Inc.

(a)

19,157

330,458

Tutor

Perini

Corp.

(a)

21,994

284,822

UFP

Industries,

Inc.

10,293

571,776

Winnebago

Industries,

Inc.

4,687

280,939

10,907,903

Chemicals

(

2.1%

)

‌

‌

American

Vanguard

Corp.

19,041

295,516

Cabot

Corp.

13,220

593,314

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

10

www.cornercapfunds.com

Shares

Fair

Value

Chemicals

(2.1%)

(continued)

Koppers

Holdings,

Inc.

(a)

10,600

$

330,296

Kraton

Corp.

(a)

22,443

623,691

Minerals

Technologies,

Inc.

11,367

706,118

Univar

Solutions,

Inc.

(a)

32,719

621,988

3,170,923

Commercial

Services

(

2.3%

)

‌

‌

AMN

Healthcare

Services,

Inc.

(a)

4,358

297,434

Cars.com,

Inc.

(a)

55,313

625,037

Kforce

,

Inc.

14,721

619,607

Mimecast,

Ltd.

(a)

14,188

806,446

Resources

Connection,

Inc.

49,377

620,669

The

Hackett

Group,

Inc.

37,183

535,063

3,504,256

Computers

(

2.6%

)

‌

‌

Box,

Inc.

(a)

34,110

615,686

CSG

Systems

International,

Inc.

12,493

563,060

Insight

Enterprises,

Inc.

(a)

4,403

335,024

MAXIMUS,

Inc.

4,317

315,961

NetScout

Systems,

Inc.

(a)

11,344

311,053

Perspecta

,

Inc.

21,380

514,830

Science

Applications

International

Corp.

6,549

619,797

Super

Micro

Computer,

Inc.

(a)

10,552

334,076

Sykes

Enterprises,

Inc.

(a)

8,210

309,271

3,918,758

Distribution/Wholesale

(

0.2%

)

‌

‌

Titan

Machinery,

Inc.

(a)

16,551

323,572

Diversified

Financial

Services

(

3.9%

)

‌

‌

Artisan

Partners

Asset

Management,

Inc.,

Class A

13,393

674,204

Evercore

,

Inc.,

Class A

6,672

731,518

Federated

Hermes,

Inc.,

Class B

22,022

636,216

Interactive

Brokers

Group,

Inc.

10,824

659,398

KAR

Auction

Services,

Inc.

22,602

420,623

Moelis

&

Co.,

Class A

13,790

644,820

PJT

Partners,

Inc.

11,370

855,592

RE/MAX

Holdings,

Inc.

16,466

598,210

StoneX

Group,

Inc.

(a)

11,272

652,649

5,873,230

Education

(

0.7%

)

‌

‌

Adtalem

Global

Education,

Inc.

(a)

8,104

275,131

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

11

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Education

(0.7%)

(continued)

American

Public

Education,

Inc.

(a)

9,211

$

280,751

Grand

Canyon

Education,

Inc.

(a)

2,925

272,347

Perdoceo

Education

Corp.

(a)

22,164

279,931

1,108,160

Electric

(

1.9%

)

‌

‌

ALLETE,

Inc.

10,457

647,707

Black

Hills

Corp.

9,599

589,858

NorthWestern

Corp.

10,707

624,325

Otter

Tail

Corp.

13,800

588,018

Portland

General

Electric

Co.

11,704

500,580

2,950,488

Electrical

Components

&

Equipment

(

1.9%

)

‌

‌

Atkore

International

Group,

Inc.

(a)

17,621

724,399

Jabil,

Inc.

15,010

638,375

Kimball

Electronics,

Inc.

(a)

18,713

299,221

Rambus,

Inc.

(a)

34,640

604,815

Sanmina

Corp.

(a)

19,336

616,625

2,883,435

Electronics

(

1.7%

)

‌

‌

FLIR

Systems,

Inc.

7,795

341,655

OSI

Systems,

Inc.

(a)

7,053

657,481

Plexus

Corp.

(a)

7,283

569,603

SYNNEX

Corp.

3,708

301,980

Universal

Electronics,

Inc.

(a)

13,694

718,387

2,589,106

Engineering

&

Construction

(

1.2%

)

‌

‌

EMCOR

Group,

Inc.

7,573

692,627

Mistras

Group,

Inc.

(a)

48,770

378,455

Primoris

Services

Corp.

30,104

831,171

1,902,253

Food

(

1.1%

)

‌

‌

Flowers

Foods,

Inc.

22,539

510,058

Ingredion,

Inc.

3,455

271,805

John

B

Sanfilippo

&

Son,

Inc.

3,297

260,001

TreeHouse

Foods,

Inc.

(a)

14,288

607,097

1,648,961

Forest

Products

&

Paper

(

1.2%

)

‌

‌

Clearwater

Paper

Corp.

(a)

14,589

550,735

Domtar

Corp.

20,232

640,343

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

12

www.cornercapfunds.com

Shares

Fair

Value

Forest

Products

&

Paper

(1.2%)

(continued)

Schweitzer-Mauduit

International,

Inc.

17,059

$

685,942

1,877,020

Hand

&

Machine

Tools

(

0.4%

)

‌

‌

Regal

Beloit

Corp.

5,161

633,822

Health

Care

(

0.3%

)

‌

‌

HealthStream

,

Inc.

(a)

23,816

520,141

Healthcare

Products

(

1.5%

)

‌

‌

Globus

Medical,

Inc.

(a)

10,152

662,113

Luminex

Corp.

25,213

582,925

Merit

Medical

Systems,

Inc.

(a)

11,560

641,696

NextGen

Healthcare,

Inc.

(a)

20,787

379,155

2,265,889

Healthcare

Services

(

5.1%

)

‌

‌

Addus

HomeCare

Corp.

(a)

5,634

659,685

Apollo

Medical

Holdings,

Inc.

(a)

31,615

577,606

Charles

River

Laboratories

International,

Inc.

(a)

2,273

567,932

Computer

Programs

and

Systems,

Inc.

9,826

263,730

Covetrus

,

Inc.

(a)

23,319

670,188

Hanger,

Inc.

(a)

26,441

581,438

LHC

Group,

Inc.

(a)

3,100

661,292

Phibro

Animal

Health

Corp.,

Class A

34,584

671,621

Premier,

Inc.,

Class A

16,050

563,355

Select

Medical

Holdings

Corp.

(a)

26,813

741,648

The

Ensign

Group,

Inc.

8,886

647,967

United

Therapeutics

Corp.

(a)

4,071

617,937

Viemed

Healthcare,

Inc.

(a)

62,895

488,065

7,712,464

Home

Builders

(

0.2%

)

‌

‌

MDC

Holdings,

Inc.

6,387

310,408

Home

Furnishings

(

0.8%

)

‌

‌

Ethan

Allen

Interiors,

Inc.

16,542

334,314

Hooker

Furniture

Corp.

9,391

302,860

La-Z-Boy,

Inc.

15,141

603,217

‌

‌

‌

‌

1,240,391

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

13

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Hotels

(

0.2%

)

‌

‌

Extended

Stay

America,

Inc.

23,433

$

347,043

Household

Products

(

0.4%

)

‌

‌

Ennis,

Inc.

36,223

646,581

Insurance

(

3.8%

)

‌

‌

CNO

Financial

Group,

Inc.

37,463

832,803

Donegal

Group,

Inc.,

Class A

21,604

303,968

First

American

Financial

Corp.

11,990

619,044

Mercury

General

Corp.

6,188

323,075

Old

Republic

International

Corp.

33,298

656,304

Primerica,

Inc.

4,502

602,953

ProSight

Global,

Inc.

(a)

28,382

364,141

Stewart

Information

Services

Corp.

13,531

654,359

Universal

Insurance

Holdings,

Inc.

42,686

644,985

Unum

Group

33,167

760,851

5,762,483

Machinery

-

Diversified

(

1.9%

)

‌

‌

AGCO

Corp.

6,135

632,457

Argan

,

Inc.

12,774

568,315

Astec

Industries,

Inc.

5,546

321,003

Curtiss-Wright

Corp.

5,813

676,343

Luxfer

Holdings

PLC

20,422

335,329

Tennant

Co.

4,461

313,028

2,846,475

Media

(

1.4%

)

‌

‌

Gray

Television,

Inc.

(a)

36,822

658,745

John

Wiley

&

Sons,

Inc.,

Class A

15,441

705,036

The

EW

Scripps

Co.,

Class A

49,113

750,938

2,114,719

Metal

Fabricate

&

Hardware

(

2.7%

)

‌

‌

AZZ,

Inc.

13,589

644,662

Commercial

Metals

Co.

27,613

567,171

Insteel

Industries,

Inc.

14,267

317,726

Kaiser

Aluminum

Corp.

3,032

299,865

Mueller

Industries,

Inc.

20,448

717,929

The

Timken

Co.

10,510

813,054

Worthington

Industries,

Inc.

13,978

717,630

4,078,037

Miscellaneous

Manufacturing

(

5.1%

)

‌

‌

Brady

Corp.,

Class A

6,915

365,250

Carriage

Services,

Inc.

20,008

626,651

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

14

www.cornercapfunds.com

Shares

Fair

Value

Miscellaneous

Manufacturing

(5.1%)

(continued)

Consolidated

Water

Co.,

Ltd.

8,664

$

104,401

Cooper

Tire

&

Rubber

Co.

7,677

310,918

Crane

Co.

8,256

641,161

EnPro

Industries,

Inc.

9,130

689,498

Greif,

Inc.,

Class A

12,768

598,564

Hamilton

Beach

Brands

Holding

Co.,

Class

A

12,850

225,003

Huntington

Ingalls

Industries,

Inc.

3,814

650,211

Ichor

Holdings,

Ltd.

(a)

10,417

314,020

Matthews

International

Corp.

11,270

331,338

O-I

Glass,

Inc.

50,810

604,639

Powell

Industries,

Inc.

22,736

670,485

Spectrum

Brands

Holdings,

Inc.

8,340

658,693

Sturm

Ruger

&

Co.,

Inc.

4,000

260,280

Unifi,

Inc.

(a)

40,527

718,949

7,770,061

Office

Furnishings

(

1.2%

)

‌

‌

Herman

Miller,

Inc.

16,511

558,072

HNI

Corp.

18,445

635,615

Interface,

Inc.

60,064

630,672

1,824,359

Oil

&

Gas

(

3.2%

)

‌

‌

Berry

Corp.

108,270

398,434

Bonanza

Creek

Energy,

Inc.

(a)

28,521

551,311

Cimarex

Energy

Co.

18,308

686,733

Comstock

Resources,

Inc.

(a)

92,033

402,184

HollyFrontier

Corp.

15,781

407,939

National

Fuel

Gas

Co.

15,058

619,336

PDC

Energy,

Inc.

(a)

32,074

658,479

Southwest

Gas

Holdings,

Inc.

9,662

586,966

Spire,

Inc.

8,927

571,685

4,883,067

Pharmaceuticals

(

2.0%

)

‌

‌

Emergent

BioSolutions

,

Inc.

(a)

7,255

650,048

Horizon

Therapeutics

PLC

(a)

7,586

554,916

PRA

Health

Sciences,

Inc.

(a)

5,065

635,353

Prestige

Consumer

Healthcare,

Inc.

(a)

16,503

575,460

USANA

Health

Sciences,

Inc.

(a)

7,952

613,099

3,028,876

Real

Estate

Investment

Trusts

(

8.4%

)

‌

‌

Apple

Hospitality

REIT,

Inc.

45,392

586,011

Brixmor

Property

Group,

Inc.

REIT

31,424

520,067

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

15

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Real

Estate

Investment

Trusts

(8.4%)

(continued)

CareTrust

REIT,

Inc.

26,497

$

587,703

City

Office

REIT,

Inc.

31,287

305,674

Community

Healthcare

Trust,

Inc.

REIT

7,500

353,325

CoreCivic

,

Inc.

REIT

62,811

411,412

Cousins

Properties,

Inc.

REIT

8,346

279,591

EastGroup

Properties,

Inc.

REIT

2,601

359,094

First

Industrial

Realty

Trust,

Inc.

REIT

11,411

480,745

Getty

Realty

Corp.

REIT

17,090

470,659

Gladstone

Land

Corp.

REIT

33,848

495,535

Healthcare

Realty

Trust,

Inc.

REIT

8,054

238,398

Highwoods

Properties,

Inc.

REIT

15,333

607,647

Industrial

Logistics

Properties

Trust

REIT

21,925

510,633

Lexington

Realty

Trust

REIT

25,963

275,727

McGrath

RentCorp

8,087

542,638

National

Health

Investors,

Inc.

REIT

8,154

564,012

National

Storage

Affiliates

Trust

REIT

14,187

511,158

Office

Properties

Income

Trust

REIT

22,527

511,813

PotlatchDeltic

Corp.

REIT

11,045

552,471

PS

Business

Parks,

Inc.

REIT

3,577

475,276

Sabra

Health

Care

REIT,

Inc.

15,588

270,764

Service

Properties

Trust

REIT

43,321

497,758

STAG

Industrial,

Inc.

REIT

14,442

452,323

The

GEO

Group,

Inc.

REIT

46,982

416,261

Urstadt

Biddle

Properties,

Inc.,

Class A

REIT

36,293

512,820

Weingarten

Realty

Investors

REIT

17,300

374,891

Whitestone

REIT

69,610

554,792

12,719,198

Recreational

Vehicles

(

0.4%

)

‌

‌

Polaris,

Inc.

6,378

607,696

Retail

(

3.5%

)

‌

‌

AutoNation,

Inc.

(a)

9,545

666,145

Beacon

Roofing

Supply,

Inc.

(a)

18,240

733,066

Nu

Skin

Enterprises,

Inc.,

Class A

5,044

275,554

OneWater

Marine,

Inc.

(a)

12,247

356,265

Qurate

Retail,

Inc.,

Class A

55,877

612,971

Rocky

Brands,

Inc.

10,060

282,384

The

ODP

Corp.

20,559

602,379

Tupperware

Brands

Corp.

(a)

17,638

571,295

Vector

Group,

Ltd.

60,465

704,417

World

Fuel

Services

Corp.

15,301

476,779

‌

‌

‌

‌

5,281,255

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

16

www.cornercapfunds.com

Shares

Fair

Value

Retail-Restaurants

(

0.8%

)

‌

‌

del

Taco

Restaurants,

Inc.

(a)

72,155

$

653,724

The

Wendy's

Co.

28,315

620,665

1,274,389

Savings

&

Loans

(

2.6%

)

‌

‌

Dime

Community

Bancshares,

Inc.

19,012

299,819

Flagstar

Bancorp,

Inc.

19,128

779,657

Flushing

Financial

Corp.

22,399

372,719

FS

Bancorp,

Inc.

14,042

769,502

Investors

Bancorp,

Inc.

31,401

331,595

Meridian

Bancorp,

Inc.

25,846

385,364

New

York

Community

Bancorp,

Inc.

29,783

314,211

Provident

Financial

Services,

Inc.

20,315

364,857

Southern

Missouri

Bancorp,

Inc.

12,067

367,319

3,985,043

Semiconductors

(

1.1%

)

‌

‌

Amkor

Technology,

Inc.

49,345

744,122

Axcelis

Technologies,

Inc.

(a)

12,442

362,311

Ultra

Clean

Holdings,

Inc.

(a)

17,398

541,948

1,648,381

Software

(

2.8%

)

‌

‌

Blackbaud

,

Inc.

8,200

471,992

ChannelAdvisor

Corp.

(a)

43,548

695,897

Donnelley

Financial

Solutions,

Inc.

(a)

38,127

647,015

ePlus

,

Inc.

(a)

6,677

587,242

Progress

Software

Corp.

15,017

678,619

Sciplay

Corp.,

Class A

(a)

38,759

536,812

SPS

Commerce,

Inc.

(a)

6,573

713,762

4,331,339

Technology

(

0.4%

)

‌

‌

Xerox

Holdings

Corp.

28,411

658,851

Telecommunications

(

3.1%

)

‌

‌

A10

Networks,

Inc.

(a)

69,003

680,370

Aviat

Networks,

Inc.

(a)

6,078

207,564

CommScope

Holding

Co.,

Inc.

(a)

48,363

648,064

TEGNA,

Inc.

41,632

580,766

Telephone

and

Data

Systems,

Inc.

28,824

535,262

U.S.

Cellular

Corp.

(a)

21,439

657,963

Viavi

Solutions,

Inc.

(a)

42,987

643,730

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Small-Cap

Value

Fund

17

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Telecommunications

(3.1%)

(continued)

Zix

Corp.

(a)

84,854

$

732,290

4,686,009

Transportation

(

2.2%

)

‌

‌

ArcBest

Corp.

7,771

331,589

Covenant

Logistics

Group,

Inc.,

Class A

(a)

14,319

212,064

DHT

Holdings,

Inc.

59,480

311,080

Diamond

S

Shipping,

Inc.

(a)

72,448

482,504

Heartland

Express,

Inc.

16,799

304,062

Marten

Transport,

Ltd.

15,431

265,876

Ryder

System,

Inc.

5,230

323,005

Schneider

National,

Inc.,

Class B

27,349

566,124

Werner

Enterprises,

Inc.

13,222

518,567

3,314,871

TOTAL

COMMON

STOCK

(COST

$131,385,356)

151,836,189

INVESTMENTS,

AT

VALUE

(COST

$131,385,356)

99.7%

151,836,189

TOTAL

ASSETS

IN

EXCESS

OF

OTHER

LIABILITIES

0.3%

448,410

NET

ASSETS

100.0%

$

152,284,599

(a)

Non-income

producing

security.

Common

Abbreviations:

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

18

www.cornercapfunds.com

Shares

Fair

Value

COMMON

STOCK

(96.0%)

Aerospace

&

Defense

(

2.5%

)

‌

‌

General

Dynamics

Corp.

912

$

135,724

L3Harris

Technologies,

Inc.

281

53,115

Lockheed

Martin

Corp.

473

167,905

Northrop

Grumman

Corp.

355

108,176

464,920

Auto

Parts

&

Equipment

(

1.2%

)

‌

‌

O'Reilly

Automotive,

Inc.

(a)

473

214,066

Banks

(

7.6%

)

‌

‌

Citigroup,

Inc.

2,847

175,546

Citizens

Financial

Group,

Inc.

4,780

170,933

Comerica,

Inc.

2,247

125,517

Fifth

Third

Bancorp

4,454

122,797

Huntington

Bancshares,

Inc.

8,750

110,513

JPMorgan

Chase

&

Co.

878

111,567

KeyCorp

7,334

120,351

The

Bank

of

New

York

Mellon

Corp.

4,185

177,611

U.S.

Bancorp

2,954

137,627

Wells

Fargo

&

Co.

4,137

124,855

1,377,317

Biotechnology

(

3.5%

)

‌

‌

Alexion

Pharmaceuticals,

Inc.

(a)

1,269

198,269

Amgen,

Inc.

614

141,171

Biogen,

Inc.

(a)

304

74,437

Gilead

Sciences,

Inc.

3,919

228,321

642,198

Building

Materials

(

3.1%

)

‌

‌

DR

Horton,

Inc.

2,088

143,905

Johnson

Controls

International

PLC

2,678

124,768

Lennar

Corp.,

Class A

685

52,218

Lowe's

Cos.,

Inc.

654

104,973

Masco

Corp.

2,558

140,511

566,375

Chemicals

(

4.3%

)

‌

‌

CF

Industries

Holdings,

Inc.

4,183

161,924

Dow,

Inc.

2,766

153,513

Eastman

Chemical

Co.

1,732

173,685

FMC

Corp.

920

105,735

PPG

Industries,

Inc.

1,317

189,938

‌

‌

‌

‌

784,795

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

19

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Commercial

Services

(

3.1%

)

‌

‌

Booz

Allen

Hamilton

Holding

Corp.

2,776

$

242,012

Cisco

Systems,

Inc.

3,142

140,605

Equifax,

Inc.

348

67,108

FleetCor

Technologies,

Inc.

(a)

458

124,956

574,681

Computers

(

4.2%

)

‌

‌

Alphabet,

Inc.,

Class A

(a)

83

145,469

Cognizant

Technology

Solutions

Corp.,

Class A

1,314

107,682

Fortinet,

Inc.

(a)

1,079

160,264

Hewlett

Packard

Enterprise

Co.

18,015

213,478

Leidos

Holdings,

Inc.

1,302

136,866

763,759

Diversified

Financial

Services

(

4.5%

)

‌

‌

Cboe

Global

Markets,

Inc.

1,298

120,870

Morgan

Stanley

3,409

233,619

Synchrony

Financial

4,816

167,163

The

Goldman

Sachs

Group,

Inc.

482

127,108

Truist

Financial

Corp.

3,570

171,110

819,870

Electric

(

3.3%

)

‌

‌

Ameren

Corp.

1,782

139,103

American

Electric

Power

Co.,

Inc.

755

62,869

Avangrid

,

Inc.

943

42,859

CMS

Energy

Corp.

853

52,041

Consolidated

Edison,

Inc.

1,884

136,157

DTE

Energy

Co.

931

113,033

WEC

Energy

Group,

Inc.

546

50,248

596,310

Electrical

Components

&

Equipment

(

1.0%

)

‌

‌

Emerson

Electric

Co.

2,212

177,778

Electronics

(

1.0%

)

‌

‌

Garmin,

Ltd.

1,513

181,046

Energy

(

0.4%

)

‌

‌

Atmos

Energy

Corp.

748

71,382

Food

(

4.1%

)

‌

‌

Campbell

Soup

Co.

1,660

80,261

General

Mills,

Inc.

1,788

105,135

The

J

M

Smucker

Co.

929

107,392

The

Kroger

Co.

6,434

204,344

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

20

www.cornercapfunds.com

Shares

Fair

Value

Food

(4.1%)

(continued)

Tyson

Foods,

Inc.,

Class A

3,877

$

249,834

746,966

Forest

Products

&

Paper

(

0.8%

)

‌

‌

International

Paper

Co.

2,937

146,028

Healthcare

Services

(

4.6%

)

‌

‌

Anthem,

Inc.

301

96,648

Cardinal

Health,

Inc.

2,516

134,757

Centene

Corp.

(a)

2,175

130,565

Hologic

,

Inc.

(a)

1,863

135,682

Humana,

Inc.

134

54,976

UnitedHealth

Group,

Inc.

286

100,295

Universal

Health

Services,

Inc.,

Class B

1,310

180,125

833,048

Household

Products

(

0.4%

)

‌

‌

Kimberly-Clark

Corp.

509

68,628

Insurance

(

5.3%

)

‌

‌

Aflac,

Inc.

3,477

154,622

Fidelity

National

Financial,

Inc.

2,804

109,608

Principal

Financial

Group,

Inc.

3,659

181,523

Prudential

Financial,

Inc.

1,866

145,679

The

Allstate

Corp.

1,456

160,058

The

Travelers

Cos.,

Inc.

760

106,681

Unum

Group

4,342

99,606

957,777

Machinery

-

Diversified

(

0.9%

)

‌

‌

Dover

Corp.

1,330

167,912

Media

(

0.6%

)

‌

‌

Fox

Corp.

3,732

108,676

Miscellaneous

Manufacturing

(

1.2%

)

‌

‌

3M

Co.

596

104,175

Eaton

Corp.

PLC

922

110,769

214,944

Oil

&

Gas

(

5.0%

)

‌

‌

Chevron

Corp.

1,671

141,116

Diamondback

Energy,

Inc.

2,884

139,585

EOG

Resources,

Inc.

1,991

99,291

Kinder

Morgan,

Inc.

(a)

19,525

266,907

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

21

Quarterly

Report

I

December

31,

2020

Shares

Fair

Value

Oil

&

Gas

(5.0%)

(continued)

Schlumberger

NV

6,998

$

152,766

The

Williams

Cos.,

Inc.

5,292

106,105

905,770

Pharmaceuticals

(

4.5%

)

‌

‌

Bristol-Myers

Squibb

Co.

2,319

143,847

Eli

Lilly

and

Co.

932

157,359

Johnson

&

Johnson

857

134,875

Merck

&

Co.,

Inc.

1,515

123,927

Pfizer,

Inc.

4,065

149,633

Viatris

,

Inc.

(a)

5,806

108,804

818,445

Real

Estate

Investment

Trusts

(

4.2%

)

‌

‌

CubeSmart

REIT

742

24,939

Duke

Realty

Corp.

REIT

1,400

55,958

Essex

Property

Trust,

Inc.

REIT

451

107,076

Gaming

and

Leisure

Properties,

Inc.

REIT

1,245

52,772

Healthcare

Trust

of

America,

Inc.,

Class A

REIT

1,823

50,205

Host

Hotels

&

Resorts,

Inc.

REIT

5,505

80,538

Kilroy

Realty

Corp.

REIT

1,718

98,613

Mid-America

Apartment

Communities,

Inc.

REIT

401

50,803

National

Retail

Properties,

Inc.

REIT

1,562

63,917

PS

Business

Parks,

Inc.

REIT

540

71,750

Realty

Income

Corp.

REIT

765

47,560

WP

Carey,

Inc.

REIT

879

62,040

766,171

Retail

(

6.6%

)

‌

‌

Altria

Group,

Inc.

6,396

262,236

Best

Buy

Co.,

Inc.

888

88,614

Booking

Holdings,

Inc.

(a)

50

111,364

Cigna

Corp.

241

50,171

Constellation

Brands,

Inc.,

Class A

578

126,611

CVS

Health

Corp.

2,604

177,853

Dollar

Tree,

Inc.

(a)

1,158

125,110

eBay,

Inc.

2,464

123,816

Philip

Morris

International,

Inc.

1,567

129,732

1,195,507

Semiconductors

(

4.9%

)

‌

‌

Applied

Materials,

Inc.

1,985

171,305

Broadcom,

Inc.

207

90,635

Fortive

Corp.

2,063

146,102

Intel

Corp.

2,138

106,515

KLA

Corp.

439

113,661

Micron

Technology,

Inc.

(a)

1,898

142,692

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

22

www.cornercapfunds.com

Shares

Fair

Value

Semiconductors

(4.9%)

(continued)

Skyworks

Solutions,

Inc.

744

$

113,743

884,653

Software

(

7.2%

)

‌

‌

Cerner

Corp.

1,679

131,768

Citrix

Systems,

Inc.

1,916

249,272

Electronic

Arts,

Inc.

994

142,738

GoDaddy

,

Inc.,

Class A

(a)

2,996

248,518

Oracle

Corp.

1,762

113,984

SS&C

Technologies

Holdings,

Inc.

2,082

151,466

Take-Two

Interactive

Software,

Inc.

(a)

628

130,492

VMware,

Inc.,

Class A

(a)

970

136,052

1,304,290

Telecommunications

(

4.3%

)

‌

‌

AT&T,

Inc.

8,243

237,069

DISH

Network

Corp.,

Class A

(a)

4,598

148,699

Facebook,

Inc.,

Class A

(a)

507

138,492

Netflix,

Inc.

(a)

214

115,716

Verizon

Communications,

Inc.

2,309

135,654

775,630

Transportation

(

1.7%

)

‌

‌

CSX

Corp.

1,113

101,005

FedEx

Corp.

362

93,982

Union

Pacific

Corp.

569

118,477

313,464

TOTAL

COMMON

STOCK

(COST

$15,263,278)

17,442,406

Shares

Fair

Value

SHORT-TERM

INVESTMENTS

(

3.9%

)

‌

‌

Federated

Treasury

Obligations

Money

Market

Fund,

Institutional

Shares,

0.01%

(b)

705,625

705,625

TOTAL

SHORT-TERM

INVESTMENTS

(COST

$705,625)

705,625

INVESTMENTS,

AT

VALUE

(COST

$15,968,903)

99.9%

18,148,031

TOTAL

ASSETS

IN

EXCESS

OF

OTHER

LIABILITIES

0.1%

20,879

NET

ASSETS

100.0%

$

18,168,910

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2020.

Schedule

of

Investments

December

31,

2020

(Unaudited)

CornerCap

Large/Mid-Cap

Value

Fund

23

Quarterly

Report

I

December

31,

2020

Common

Abbreviations:

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

December

31,

2020

24

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

(Unaudited)

December

31,

2020

Quarterly

Report

I

December

31,

2020

25

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

December

31,

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

(Unaudited)

December

31,

2020

26

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

December

31,

2020:

Schedule

of

Investments

(Unaudited)

December

31,

2020

Quarterly

Report

I

December

31,

2020

27

For

the

period

ended

December

31,

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

$

10,918,208

$

–

$

–

$

10,918,208

Exchange

Traded

Funds

1,105,513

–

–

1,105,513

Government

Bond

–

767,242

–

767,242

Corporate

Non-Convertible

Bonds

–

5,742,217

–

5,742,217

Investment

Company

607,781

–

–

607,781

Short-Term

Investments

1,097,291

–

–

1,097,291

Total

$

13,728,793

$

6,509,459

$

–

$

20,238,252

CornerCap

Small-Cap

Value

Fund:

Valuation

Inputs

Investments

at

Value

*

Level

1

Level

2

Level

3

Total

Common

Stocks

$

151,836,189

$

–

$

–

$

151,836,189

Total

$

151,836,189

$

–

$

–

$

151,836,189

CornerCap

Large/Mid-Cap

Value

Fund:

Valuation

Inputs

Investments

at

Value

*

Level

1

Level

2

Level

3

Total

Common

Stocks

$

17,442,406

$

–

$

–

$

17,442,406

Short-Term

Investments

705,625

–

–

705,625

Total

$

18,148,031

$

–

$

–

$

18,148,031

*

See

Schedule

of

Investments

for

industry

classification