Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
1
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
COMMON
STOCK
(99.5%)
Aerospace
&
Defense
(
0.8%
)
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
13,754
$
558,413
Barnes
Group,
Inc.
13,938
434,029
992,442
Auto
Parts
&
Equipment
(
1.3%
)
Allison
Transmission
Holdings,
Inc.
17,467
671,606
Dorman
Products,
Inc.
(a)
5,242
575,100
Standard
Motor
Products,
Inc.
10,865
488,816
1,735,522
Banks
(
16.7%
)
Amalgamated
Financial
Corp.
17,245
341,106
Associated
Banc-Corp.
12,502
228,287
Bar
Harbor
Bankshares
15,066
389,607
Carter
Bankshares
,
Inc.
(a)
17,125
226,050
Cathay
General
Bancorp
12,634
494,621
Central
Pacific
Financial
Corp.
21,557
462,398
Civista
Bancshares,
Inc.
27,691
588,711
CNB
Financial
Corp.
29,612
716,314
Community
Trust
Bancorp,
Inc.
6,365
257,401
CrossFirst
Bankshares
,
Inc.
(a)
20,456
270,019
Customers
Bancorp,
Inc.
(a)
12,802
433,988
Eagle
Bancorp,
Inc.
5,825
276,163
Enterprise
Financial
Services
Corp.
11,079
459,778
Farmers
National
Banc
Corp.
33,895
508,425
Finwise
Bancorp
(a)
18,082
168,705
First
Bancorp/Southern
Pines
NC
15,485
540,427
First
Bank/Hamilton
NJ
18,323
256,156
First
Commonwealth
Financial
Corp.
18,864
253,155
First
Financial
Bancorp
27,968
542,579
First
Internet
Bancorp
6,651
244,890
First
Merchants
Corp.
13,050
464,841
FNB
Corp.
41,268
448,170
Fulton
Financial
Corp.
16,830
243,194
Hancock
Whitney
Corp.
10,753
476,680
Hanmi
Financial
Corp.
24,629
552,675
Heritage
Commerce
Corp.
24,164
258,313
Hope
Bancorp,
Inc.
42,164
583,550
Horizon
Bancorp,
Inc./IN
30,269
527,286
Independent
Bank
Corp.
13,740
264,907
Lakeland
Bancorp,
Inc.
32,916
481,232
Mercantile
Bank
Corp.
14,206
453,882
Meta
Financial
Group,
Inc.
6,221
240,566
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
2
www.cornercapfunds.com
Shares
Fair
Value
Banks
(16.7%)
(continued)
Metropolitan
Bank
Holding
Corp.
(a)
3,257
$
226,101
Midland
States
Bancorp,
Inc.
25,792
620,040
MidWestOne
Financial
Group,
Inc.
23,008
683,798
OP
Bancorp
30,629
321,298
PCB
Bancorp
13,788
257,560
Peapack
-Gladstone
Financial
Corp.
8,008
237,838
Preferred
Bank/Los
Angeles
CA
8,294
564,158
QCR
Holdings,
Inc.
9,483
511,987
RBB
Bancorp
27,123
560,632
Republic
Bancorp,
Inc.,
Class A
12,017
579,820
Synovus
Financial
Corp.
12,126
437,142
The
Bancorp,
Inc.
(a)
29,771
581,130
The
First
Bancshares,
Inc.
18,039
515,915
TrustCo
Bank
Corp.
NY
18,843
581,118
Univest
Financial
Corp.
10,252
260,811
Valley
National
Bancorp
48,792
507,925
Veritex
Holdings,
Inc.
15,163
443,669
Virtu
Financial,
Inc.,
Class A
14,225
333,007
Webster
Financial
Corp.
10,668
449,656
Western
New
England
Bancorp,
Inc.
40,901
305,121
21,632,802
Beverages
-
Non-alcoholic
(
0.4%
)
Coca-Cola
Consolidated,
Inc.
936
527,810
Biotechnology
(
2.7%
)
4D
Molecular
Therapeutics,
Inc.
(a)
10,354
72,271
Alector
,
Inc.
(a)
7,650
77,724
Allakos
,
Inc.
(a)
17,749
55,554
Allovir
,
Inc.
(a)
14,955
58,325
Annexon
,
Inc.
(a)
22,256
83,905
Applied
Molecular
Transport,
Inc.
(a)
17,987
52,342
Arcus
Biosciences,
Inc.
(a)
3,874
98,167
Avidity
Biosciences,
Inc.
(a)
5,825
84,637
BioAtla
,
Inc.
(a)
20,814
59,320
C4
Therapeutics,
Inc.
(a)
9,815
74,005
CytomX
Therapeutics,
Inc.
(a)
36,843
67,423
Denali
Therapeutics,
Inc.
(a)
3,241
95,383
Dyne
Therapeutics,
Inc.
(a)
10,535
72,376
Editas
Medicine,
Inc.
(a)
5,658
66,934
Erasca
,
Inc.
(a)
12,374
68,923
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
3
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
Biotechnology
(2.7%)
(continued)
Fate
Therapeutics,
Inc.
(a)
3,353
$
83,087
Forma
Therapeutics
Holdings,
Inc.
(a)
11,052
76,148
Generation
Bio
Co.
(a)
15,099
99,049
Homology
Medicines,
Inc.
(a)
39,929
78,660
Ideaya
Biosciences,
Inc.
(a)
7,786
107,447
Ikena
Oncology,
Inc.
(a)
11,876
52,611
ImmunityBio
,
Inc.
(a)
20,024
74,489
ImmunoGen
,
Inc.
(a)
17,731
79,790
Ionis
Pharmaceuticals,
Inc.
(a)
2,806
103,878
Iovance
Biotherapeutics
,
Inc.
(a)
5,259
58,059
Kronos
Bio,
Inc.
(a)
14,607
53,170
Kymera
Therapeutics,
Inc.
(a)
4,005
78,858
LianBio
,
ADR
(a)
26,186
56,562
MacroGenics
,
Inc.
(a)
11,029
32,536
Magenta
Therapeutics,
Inc.
(a)
34,349
41,219
MeiraGTx
Holdings
plc
(a)
7,597
57,509
Mersana
Therapeutics,
Inc.
(a)
23,652
109,272
Nektar
Therapeutics
(a)
21,019
79,872
NGM
Biopharmaceuticals,
Inc.
(a)
6,831
87,573
Pliant
Therapeutics,
Inc.
(a)
15,170
121,512
Praxis
Precision
Medicines,
Inc.
(a)
9,837
24,101
Precision
BioSciences
,
Inc.
(a)
32,508
52,013
Rubius
Therapeutics,
Inc.
(a)
17,955
15,274
Sage
Therapeutics,
Inc.
(a)
2,919
94,284
Sangamo
Therapeutics,
Inc.
(a)
15,956
66,058
Sarepta
Therapeutics,
Inc.
(a)
1,273
95,424
Scholar
Rock
Holding
Corp.
(a)
7,861
43,157
Shattuck
Labs,
Inc.
(a)
26,530
107,712
Surface
Oncology,
Inc.
(a)
35,208
57,741
Sutro
Biopharma,
Inc.
(a)
12,701
66,172
Taysha
Gene
Therapies,
Inc.
(a)
15,322
56,998
TCR2
Therapeutics,
Inc.
(a)
23,909
69,336
Viking
Therapeutics,
Inc.
(a)
29,855
86,281
Zentalis
Pharmaceuticals,
Inc.
(a)
3,223
90,566
3,543,707
Building
Materials
(
3.1%
)
Apogee
Enterprises,
Inc.
5,999
235,281
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
4
www.cornercapfunds.com
Shares
Fair
Value
Building
Materials
(3.1%)
(continued)
Eagle
Materials,
Inc.
2,156
$
237,031
Forestar
Group,
Inc.
(a)
24,153
330,655
Great
Lakes
Dredge
&
Dock
Corp.
(a)
20,245
265,412
KB
Home
11,647
331,474
Masonite
International
Corp.
(a)
2,747
211,052
Patrick
Industries,
Inc.
7,391
383,149
PGT
Innovations,
Inc.
(a)
15,574
259,151
Quanex
Building
Products
Corp.
23,304
530,166
Trinity
Industries,
Inc.
21,725
526,179
Tutor
Perini
Corp.
(a)
58,252
511,452
UFP
Industries,
Inc.
3,420
233,039
4,054,041
Chemicals
(
2.9%
)
American
Vanguard
Corp.
28,948
646,988
Ashland
Global
Holdings,
Inc.
4,961
511,231
Haynes
International,
Inc.
11,680
382,753
Ingevity
Corp.
(a)
9,783
617,699
Minerals
Technologies,
Inc.
4,443
272,534
The
Chemours
Co.
17,918
573,734
Tronox
Holdings
PLC,
Class A
29,160
489,888
Valhi,
Inc.
5,867
266,010
3,760,837
Coal
Operations
(
0.2%
)
SunCoke
Energy,
Inc.
36,403
247,904
Commercial
Services
(
4.7%
)
ASGN,
Inc.
(a)
2,967
267,772
Cars.com,
Inc.
(a)
20,762
195,786
Euronet
Worldwide,
Inc.
(a)
4,171
419,561
Forrester
Research,
Inc.
(a)
9,880
472,659
Heidrick
&
Struggles
International,
Inc.
15,982
517,177
Kelly
Services,
Inc.,
Class A
14,448
286,504
Korn
Ferry
4,349
252,329
ManpowerGroup
,
Inc.
5,186
396,262
Medifast
,
Inc.
1,414
255,241
SP
Plus
Corp.
(a)
22,600
694,272
The
Aaron's
Co.,
Inc.
26,252
381,967
Vectrus
,
Inc.
(a)
16,755
560,622
WEX,
Inc.
(a)
3,343
520,037
Yelp,
Inc.
(a)
19,179
532,601
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
5
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
Commercial
Services
(4.7%)
(continued)
ZipRecruiter,
Inc.
(a)
23,980
$
355,384
6,108,174
Computers
(
1.3%
)
Box,
Inc.
(a)
22,691
570,452
CommVault
Systems,
Inc.
(a)
10,233
643,656
Qualys
,
Inc.
(a)
4,045
510,236
1,724,344
Distribution/Wholesale
(
0.7%
)
G-III
Apparel
Group,
Ltd.
(a)
12,082
244,419
Resideo
Technologies,
Inc.
(a)
12,857
249,683
ScanSource
,
Inc.
(a)
12,924
402,453
896,555
Diversified
Financial
Services
(
2.5%
)
Affiliated
Managers
Group,
Inc.
2,148
250,457
Air
Lease
Corp.
13,518
451,907
BGC
Partners,
Inc.,
Class A
68,509
230,875
Cushman
&
Wakefield
PLC
(a)
27,121
413,324
Evercore
,
Inc.,
Class A
4,320
404,395
International
Money
Express,
Inc.
(a)
13,358
273,438
NMI
Holdings,
Inc.,
Class A
(a)
29,133
485,064
RE/MAX
Holdings,
Inc.
18,750
459,750
StoneX
Group,
Inc.
(a)
3,508
273,870
3,243,080
Education
(
0.8%
)
Bright
Horizons
Family
Solutions,
Inc.
(a)
5,641
476,777
Laureate
Education,
Inc.,
Class A
46,370
536,501
1,013,278
Electric
(
2.5%
)
ALLETE,
Inc.
9,508
558,881
Black
Hills
Corp.
6,917
503,350
Hawaiian
Electric
Industries,
Inc.
14,858
607,692
Pinnacle
West
Capital
Corp.
7,518
549,716
PNM
Resources,
Inc.
11,286
539,245
Portland
General
Electric
Co.
10,415
503,357
3,262,241
Electrical
Components
&
Equipment
(
2.3%
)
IPG
Photonics
Corp.
(a)
5,456
513,573
Jabil,
Inc.
11,127
569,814
Sanmina
Corp.
(a)
15,524
632,292
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
6
www.cornercapfunds.com
Shares
Fair
Value
Electrical
Components
&
Equipment
(2.3%)
(continued)
TTM
Technologies,
Inc.
(a)
42,602
$
532,525
Vishay
Intertechnology
,
Inc.
28,621
510,026
Vishay
Precision
Group,
Inc.
(a)
9,328
271,725
3,029,955
Electronics
(
0.5%
)
OSI
Systems,
Inc.
(a)
7,053
602,608
Engineering
&
Construction
(
0.9%
)
EMCOR
Group,
Inc.
5,221
537,554
Sterling
Infrastructure,
Inc.
(a)
26,124
572,638
1,110,192
Food
(
1.4%
)
Flowers
Foods,
Inc.
21,702
571,197
Natural
Grocers
by
Vitamin
Cottage,
Inc.
16,206
258,486
Post
Holdings,
Inc.
(a)
6,612
544,498
The
Hain
Celestial
Group,
Inc.
(a)
19,191
455,594
1,829,775
Forest
Products
&
Paper
(
0.4%
)
Clearwater
Paper
Corp.
(a)
15,845
532,867
Gambling
(Non-Hotel)
(
1.2%
)
Accel
Entertainment,
Inc.
(a)
24,910
264,544
Everi
Holdings,
Inc.
(a)
29,300
477,883
Golden
Entertainment,
Inc.
(a)
10,954
433,231
Monarch
Casino
&
Resort,
Inc.
(a)
7,426
435,683
1,611,341
Hand
&
Machine
Tools
(
0.4%
)
Columbus
McKinnon
Corp.
15,723
446,062
Healthcare
Products
(
3.3%
)
Avanos
Medical,
Inc.
(a)
18,363
502,044
Catalyst
Pharmaceuticals,
Inc.
(a)
75,466
529,017
Haemonetics
Corp.
(a)
8,413
548,359
Integra
LifeSciences
Holdings
Corp.
(a)
9,249
499,724
Lantheus
Holdings,
Inc.
(a)
8,273
546,266
Merit
Medical
Systems,
Inc.
(a)
9,893
536,893
Natus
Medical,
Inc.
(a)
15,115
495,319
NextGen
Healthcare,
Inc.
(a)
25,944
452,463
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
7
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
Healthcare
Products
(3.3%)
(continued)
Sensus
Healthcare,
Inc.
(a)
29,658
$
227,774
4,337,859
Healthcare
Services
(
4.2%
)
Acadia
Healthcare
Co.,
Inc.
(a)
7,139
482,811
Agiliti
,
Inc.
(a)
26,258
538,552
Computer
Programs
and
Systems,
Inc.
(a)
8,490
271,425
Exelixis
,
Inc.
(a)
23,460
488,437
Hanger,
Inc.
(a)
16,488
236,108
MEDNAX,
Inc.
(a)
21,315
447,828
Option
Care
Health,
Inc.
(a)
24,237
673,546
Premier,
Inc.,
Class A
15,391
549,151
Sotera
Health
Co.
(a)
24,068
471,492
The
Ensign
Group,
Inc.
7,372
541,621
United
Therapeutics
Corp.
(a)
3,283
773,606
5,474,577
Home
Builders
(
0.4%
)
MDC
Holdings,
Inc.
8,287
267,753
Taylor
Morrison
Home
Corp.,
Class A
(a)
9,060
211,642
479,395
Hotels
(
1.4%
)
Bluegreen
Vacations
Holding
Corp.
20,099
501,671
Marriott
Vacations
Worldwide
Corp.
4,405
511,861
Playa
Hotels
&
Resorts
NV
(a)
28,344
194,723
Target
Hospitality
Corp.
(a)
40,862
233,322
Travel
+
Leisure
Co.
10,246
397,750
1,839,327
Household
Products
(
0.5%
)
Ennis,
Inc.
30,316
613,293
Insurance
(
2.0%
)
Axis
Capital
Holdings,
Ltd.
12,630
721,047
CNO
Financial
Group,
Inc.
29,490
533,474
MGIC
Investment
Corp.
20,041
252,516
Palomar
Holdings,
Inc.
(a)
9,733
626,805
Primerica,
Inc.
4,020
481,154
2,614,996
Lodging
(
0.4%
)
Century
Casinos,
Inc.
(a)
63,475
457,020
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
8
www.cornercapfunds.com
Shares
Fair
Value
Machinery
-
Diversified
(
2.4%
)
Cactus,
Inc.
5,503
$
221,606
DXP
Enterprises,
Inc./TX
(a)
17,644
540,436
Enovis
Corp.
(a)
9,144
502,920
GrafTech
International,
Ltd.
59,336
419,505
Kadant
,
Inc.
3,105
566,197
Kennametal,
Inc.
19,437
451,521
Thermon
Group
Holdings,
Inc.
(a)
33,014
463,847
3,166,032
Media
(
0.3%
)
Sinclair
Broadcast
Group,
Inc.,
Class A
19,748
402,859
Medical
Devices
(
0.4%
)
iRadimed
Corp.
16,618
564,015
Metal
Fabricate
&
Hardware
(
1.4%
)
AZZ,
Inc.
12,130
495,147
Proto
Labs,
Inc.
(a)
11,339
542,458
The
Timken
Co.
9,635
511,137
TriMas
Corp.
7,273
201,389
1,750,131
Miscellaneous
Manufacturing
(
3.1%
)
Belden,
Inc.
10,763
573,345
Harley-Davidson,
Inc.
15,101
478,098
Hillenbrand,
Inc.
12,522
512,901
Moog,
Inc.,
Class A
6,567
521,354
O-I
Glass,
Inc.
(a)
32,248
451,472
Oxford
Industries,
Inc.
4,615
409,535
Pilgrim's
Pride
Corp.
(a)
20,499
640,184
Standex
International
Corp.
5,537
469,427
4,056,316
Oil
&
Gas
(
8.5%
)
APA
Corp.
19,430
678,107
CVR
Energy,
Inc.
15,261
511,244
DT
Midstream,
Inc.
9,981
489,269
EnLink
Midstream,
LLC
39,279
333,872
Kosmos
Energy,
Ltd.
(a)
34,899
216,025
Murphy
Oil
Corp.
14,033
423,656
National
Fuel
Gas
Co.
8,888
587,052
NexTier
Oilfield
Solutions,
Inc.
(a)
24,771
235,572
NOW,
Inc.
(a)
48,501
474,340
Oasis
Petroleum,
Inc.
8,011
974,487
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
9
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
Oil
&
Gas
(8.5%)
(continued)
Ovintiv
,
Inc.
21,055
$
930,420
PBF
Energy,
Inc.,
Class A
(a)
8,339
241,998
PDC
Energy,
Inc.
8,693
535,576
ProPetro
Holding
Corp.
(a)
53,480
534,800
Ranger
Oil
Corp.
(a)
15,774
518,491
REX
American
Resources
Corp.
(a)
2,723
230,910
Riley
Exploration
Permian,
Inc.
5,008
121,093
SM
Energy
Co.
15,451
528,270
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
59,766
650,254
Talos
Energy,
Inc.
(a)
28,709
444,128
UGI
Corp.
12,774
493,204
Whiting
Petroleum
Corp.
6,461
439,542
World
Fuel
Services
Corp.
23,124
473,117
11,065,427
Pharmaceuticals
(
2.3%
)
Amphastar
Pharmaceuticals,
Inc.
(a)
12,351
429,691
Assertio
Holdings,
Inc.
(a)
86,831
256,151
Fulcrum
Therapeutics,
Inc.
(a)
13,071
64,048
Gritstone
bio,
Inc.
(a)
25,225
61,045
Harmony
Biosciences
Holdings,
Inc.
(a)
9,856
480,677
Jounce
Therapeutics,
Inc.
(a)
21,091
63,906
Olema
Pharmaceuticals,
Inc.
(a)
27,664
112,593
ORIC
Pharmaceuticals,
Inc.
(a)
16,030
71,814
Passage
Bio,
Inc.
(a)
32,459
76,603
Pieris
Pharmaceuticals,
Inc.
(a)
34,753
64,988
Prestige
Consumer
Healthcare,
Inc.
(a)
11,000
646,800
Rhythm
Pharmaceuticals,
Inc.
(a)
21,403
88,822
USANA
Health
Sciences,
Inc.
(a)
7,199
520,920
2,938,058
Real
Estate
Investment
Trusts
(
6.9%
)
Alexander
&
Baldwin,
Inc.
REIT
18,624
334,301
American
Assets
Trust,
Inc.
REIT
14,674
435,818
Apple
Hospitality
REIT,
Inc.
33,392
489,861
Armada
Hoffler
Properties,
Inc.
REIT
31,900
409,596
Braemar
Hotels
&
Resorts,
Inc.
REIT
93,902
402,840
Brixmor
Property
Group,
Inc.
REIT
20,455
413,395
Chatham
Lodging
Trust
REIT
(a)
34,531
360,849
City
Office
REIT,
Inc.
20,811
269,502
Community
Healthcare
Trust,
Inc.
REIT
10,033
363,295
Douglas
Emmett,
Inc.
REIT
9,541
213,528
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
10
www.cornercapfunds.com
Shares
Fair
Value
Real
Estate
Investment
Trusts
(6.9%)
(continued)
EastGroup
Properties,
Inc.
REIT
1,591
$
245,539
EPR
Properties
REIT
11,602
544,482
Essential
Properties
Realty
Trust,
Inc.
REIT
20,855
448,174
Getty
Realty
Corp.
REIT
16,929
448,618
Global
Medical
REIT,
Inc.
37,896
425,572
Global
Net
Lease,
Inc.
REIT
29,538
418,258
Highwoods
Properties,
Inc.
REIT
6,243
213,448
Innovative
Industrial
Properties,
Inc.
REIT
3,585
393,884
National
Storage
Affiliates
Trust
REIT
6,764
338,673
Piedmont
Office
Realty
Trust,
Inc.,
Class A
REIT
27,731
363,831
Power
REIT
(a)
10,242
130,381
Retail
Opportunity
Investments
Corp.
REIT
26,019
410,580
Urstadt
Biddle
Properties,
Inc.,
Class A
REIT
25,031
405,502
Whitestone
REIT
43,492
467,539
8,947,466
Recreational
Vehicles
(
0.2%
)
MasterCraft
Boat
Holdings,
Inc.
(a)
12,094
254,579
Resorts/Theme
Parks
(
0.1%
)
Six
Flags
Entertainment
Corp.
(a)
8,277
179,611
Retail
(
3.6%
)
Capri
Holdings,
Ltd.
(a)
5,804
238,022
Casey's
General
Stores,
Inc.
2,359
436,368
Chico's
FAS,
Inc.
(a)
50,533
251,149
Herbalife
Nutrition,
Ltd.
(a)
6,945
142,025
Kimball
International,
Inc.,
Class B
30,799
236,228
La-Z-Boy,
Inc.
15,189
360,131
Movado
Group,
Inc.
8,347
258,173
PVH
Corp.
6,913
393,350
Qurate
Retail,
Inc.,
Class A
68,892
197,720
The
ONE
Group
Hospitality,
Inc.
(a)
27,877
205,453
Titan
Machinery,
Inc.
(a)
19,027
426,395
TravelCenters
of
America,
Inc.
(a)
6,989
240,911
Turning
Point
Brands,
Inc.
8,798
238,690
Under
Armour
,
Inc.
(a)
55,186
459,699
Vector
Group,
Ltd.
50,071
525,746
4,610,060
Savings
&
Loans
(
1.5%
)
Axos
Financial,
Inc.
(a)
6,957
249,408
Banc
of
California,
Inc.
14,239
250,891
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
11
Quarterly
Report
I
June
30,
2022
Shares
Fair
Value
Savings
&
Loans
(1.5%)
(continued)
Home
Bancorp,
Inc.
9,697
$
330,959
OceanFirst
Financial
Corp.
29,666
567,511
Washington
Federal,
Inc.
17,666
530,333
1,929,102
Semiconductors
(
2.1%
)
Amkor
Technology,
Inc.
14,032
237,842
Cirrus
Logic,
Inc.
(a)
7,522
545,646
Cohu
,
Inc.
(a)
18,224
505,716
MaxLinear
,
Inc.
(a)
14,132
480,205
Onto
Innovation,
Inc.
(a)
7,426
517,889
Ultra
Clean
Holdings,
Inc.
(a)
15,985
475,874
2,763,172
Software
(
3.8%
)
ACI
Worldwide,
Inc.
(a)
19,912
515,522
American
Software,
Inc.,
Class A
29,899
483,168
Aspen
Technology,
Inc.
(a)
1,412
259,356
EverCommerce
,
Inc.
(a)
55,794
504,378
Instructure
Holdings,
Inc.
(a)
23,050
523,235
PowerSchool
Holdings,
Inc.
(a)
41,688
502,341
Progress
Software
Corp.
10,507
475,967
Sapiens
International
Corp.
NV
22,280
538,953
Sciplay
Corp.,
Class A
(a)
22,482
314,074
Upland
Software,
Inc.
(a)
40,245
584,357
Verint
Systems,
Inc.
(a)
6,184
261,892
4,963,243
Telecommunications
(
2.1%
)
Extreme
Networks,
Inc.
(a)
52,880
471,690
InterDigital
,
Inc.
9,323
566,838
Telephone
and
Data
Systems,
Inc.
34,073
538,013
The
New
York
Times
Co.,
Class A
8,529
237,959
Viavi
Solutions,
Inc.
(a)
35,693
472,218
WideOpenWest
,
Inc.
(a)
24,218
441,010
2,727,728
Transportation
(
0.9%
)
Alaska
Air
Group,
Inc.
(a)
12,216
489,251
Daseke
,
Inc.
(a)
36,576
233,721
Schedule
of
Investments
June
30,
2022
(Unaudited)
CornerCap
Small-Cap
Value
Fund
12
www.cornercapfunds.com
Shares
Fair
Value
Transportation
(0.9%)
(continued)
XPO
Logistics,
Inc.
(a)
9,335
$
449,573
1,172,545
TOTAL
COMMON
STOCK
(COST
$136,756,798)
129,212,348
INVESTMENTS,
AT
VALUE
(COST
$136,756,798)
99.5%
129,212,348
TOTAL
ASSETS
IN
EXCESS
OF
OTHER
LIABILITIES
0.5%
623,286
NET
ASSETS
100.0%
$
129,835,634
(a)
Non-income
producing
security.
Common
Abbreviations:
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
June
30,
2022
Quarterly
Report
I
June
30,
2022
13
1.
ORGANIZATION
The
CornerCap
Group
of
Funds
was
organized
on
January
6,
1986
as
a
Massachusetts
Business
Trust
(the
“Trust”)
and
is
registered
under
the
Investment
Company
Act
of
1940
as
a
diversified
open-end
management
investment
company.
The
Trust
currently
consists
of
the
CornerCap
Small-Cap
Value
Fund
(the
“Fund”).
The
Fund
currently
offers
Investor
Shares
and
Institutional
Shares.
The
Fund’s
investment
objective
is
long-term
capital
appreciation
with
a
secondary
objective
of
generating
income
from
dividends
or
interest
on
securities.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
Fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
–
Investment
Companies”.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
Accounting
Estimates
–
In
preparing
financial
statements
in
conformity
with
GAAP,
management
makes
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
for
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Security
Valuation
–
Portfolio
securities
including
common
stocks
that
are
listed
on
national
securities
exchanges
or
the
NASDAQ
National
Market
System
are
valued
at
the
last
sale
price
or
official
close
as
of
4:00
p.m.
Eastern
time
or,
in
the
absence
of
recorded
sales,
at
the
closing
bid
price
on
such
exchanges
or
such
system.
Based
on
obtaining
active
market
quotes,
common
stocks
are
classified
as
Level
1
of
the
fair
value
hierarchy.
Unlisted
securities
that
are
not
included
on
such
exchanges
or
systems
are
valued
at
the
quoted
bid
prices
on
the
over‐the
counter
market.
Shares
of
a
registered
investment
company,
including
money
market
funds,
that
are
not
traded
on
an
exchange
are
valued
at
that
investment
company’s
net
asset
value
per
share
and
are
classified
as
Level
1
within
the
fair
value
hierarchy.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Adviser
under
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Fund’s
Board
of
Trustees
and
will
be
classified
as
Level
2
or
3
within
the
fair
value
hierarchy,
depending
on
the
inputs
used.
Security
Transactions,
Investment
Income
and
Other
–
Security
transactions
are
recorded
on
the
trade
date.
Realized
gains
and
losses
on
sales
of
investments
are
calculated
on
the
identified
cost
basis.
Withholding
taxes
on
foreign
dividends
have
been
provided
in
accordance
with
the
Fund’s
understanding
of
the
applicable
country’s
tax
rules
and
rates.
Discounts
and
premiums
on
securities
purchased
are
amortized
using
the
effective
interest
method.
In
the
event
of
a
security
in
default,
a
portion
of
interest
receivable
that
was
once
recognized
as
interest
income
is
written
off
and
treated
as
a
reduction
of
interest
income.
Schedule
of
Investments
June
30,
2022
14
www.cornercapfunds.com
REITs
–
The
Fund
has
made
certain
investments
in
real
estate
investment
trusts
(“REITs”)
which
pay
dividends
to
their
shareholders
based
upon
funds
available
from
operations.
It
is
quite
common
for
these
dividends
to
exceed
the
REIT’s
taxable
earnings
and
profits
resulting
in
the
excess
portion
of
such
dividends
being
designated
as
a
return
of
capital.
The
Fund
may
include
the
gross
dividends
from
such
REITs
in
income
or
may
utilize
estimates
of
any
potential
REIT
dividend
reclassifications
in
the
Fund’s
annual
distributions
to
shareholders
and,
accordingly,
a
portion
of
the
Fund’s
distributions
may
be
designated
as
a
return
of
capital,
require
reclassification,
or
be
under
distributed
on
an
excise
basis
and
subject
to
excise
tax.
Any
reclassifications
are
treated
as
permanent
book
to
tax
differences
and
are
reclassified
within
the
components
of
net
assets
on
the
Statement
of
Assets
and
Liabilities,
rather
than
reclassifying
such
amounts
on
the
Statements
of
Operations.
Federal
Income
Taxes
–
For
Federal
income
tax
purposes,
the
Fund
currently
qualifies,
and
intends
to
remain
qualified,
as
a
regulated
investment
company
(“RIC”)
under
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986
(“Code”),
as
amended,
by
complying
with
the
requirements
applicable
to
RICs
and
by
distributing
their
investment
company
taxable
net
income
including
any
excess
realized
gain
which
has
not
been
offset
by
capital
loss
carryforwards,
if
any,
to
their
shareholders.
Accordingly,
no
provision
for
federal
income
or
excise
taxes
has
been
made.
As
of
and
during
the
period
ended
June
30,
2022,
the
Fund
did
not
have
a
liability
for
any
unrecognized
tax
benefits.
The
Fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
Fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
The
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
period,
the
Fund
did
not
incur
any
interest
or
penalties.
Distributions
to
Shareholders
–
Distributions
from
net
investment
income
and
distributions
of
net
realized
capital
gains,
if
any,
will
be
declared
and
paid
at
least
annually.
Income
and
capital
gains
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
and
Expense
Allocation
–
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
the
Fund.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
Funds
in
an
equitable
manner.
CornerCap
Small-Cap
Value
Fund’s
class
specific
expenses
are
charged
to
the
operations
of
that
class
of
shares.
Income
and
expenses
(other
than
expenses
attributable
to
a
specific
class)
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
the
class’
respective
net
assets
to
the
total
net
assets
of
the
Fund.
Fair
Value
Measurements
–
A
three-tier
hierarchy
has
been
established
to
classify
fair
value
measurements
for
disclosure
purposes.
Inputs
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability,
including
assumptions
about
risk.
Inputs
may
be
observable
or
unobservable.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
that
are
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
that
are
developed
based
on
the
best
information
available.
Schedule
of
Investments
June
30,
2022
Quarterly
Report
I
June
30,
2022
15
Various
inputs
are
used
in
determining
the
value
of
each
Fund’s
investments
as
of
the
reporting
period
end.
When
inputs
used
fall
into
different
levels
of
the
fair
value
hierarchy,
the
level
in
the
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
designated
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
these
investments.
These
inputs
are
categorized
in
the
following
hierarchy
under
applicable
financial
accounting
standards:
Level
1
–
Unadjusted
quoted
prices
in
active
markets
for
identical
investments,
unrestricted
assets
or
liabilities
that
a
Fund
has
the
ability
to
access
at
the
measurement
date;
Level
2
–
Quoted
prices
which
are
not
active,
quoted
prices
for
similar
assets
or
liabilities
in
active
markets
or
inputs
other
than
quoted
prices
that
are
observable
(either
directly
or
indirectly)
for
substantially
the
full
term
of
the
asset
or
liability;
and
Level
3
–
Significant
unobservable
prices
or
inputs
(including
each
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
where
there
is
little
or
no
market
activity
for
the
asset
or
liability
at
the
measurement
date.
The
following
is
a
summary
of
investments
based
on
the
inputs
used
to
value
the
Fund’s
investments
as
of
June
30,
2022:
For
the
period
ended
June
30,
2022
,
the
Fund
did
not
have
significant
unobservable
inputs
(Level
3)
used
in
determining
fair
value
of
any
investments.
Therefore,
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
is
not
applicable.
The
Fund
did
not
hold
any
derivative
instruments
at
any
time
during
the
period
.
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
129,212,348
$
–
$
–
$
129,212,348
Total
$
129,212,348
$
–
$
–
$
129,212,348
*
See
Schedule
of
Investments
for
industry
classification