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Cornercap Group Of Funds NPORT-PCornercap Small-cap Value Fund (Jun 2021 report)

Filed: 23 Aug 21, 8:35am

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Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

1

Quarterly

Report

I

June

30,

2021

Shares

Fair

Value

COMMON

STOCK

(99.5%)

Airlines

(

0.4%

)

‌

‌

Mesa

Air

Group,

Inc.

(a)

69,826

$

651,477

Auto

Parts

&

Equipment

(

2.5%

)

‌

‌

Allison

Transmission

Holdings,

Inc.

17,467

694,139

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

35,711

369,609

Commercial

Vehicle

Group,

Inc.

(a)

28,607

304,092

Douglas

Dynamics,

Inc.

15,208

618,814

Meritor,

Inc.

(a)

29,120

681,990

Modine

Manufacturing

Co.

(a)

39,766

659,718

Standard

Motor

Products,

Inc.

15,454

669,931

Tenneco,

Inc.,

Class A

(a)

17,298

334,197

4,332,490

Banks

(

15.1%

)

‌

‌

Amalgamated

Financial

Corp.

22,044

344,548

American

National

Bankshares

,

Inc.

10,128

314,880

Bar

Harbor

Bankshares

11,358

325,066

BayCom

Corp.

(a)

18,585

333,601

Cadence

BanCorp

8,318

173,680

Camden

National

Corp.

7,382

352,564

Carter

Bankshares

,

Inc.

(a)

11,155

139,549

Civista

Bancshares,

Inc.

27,691

611,971

CNB

Financial

Corp.

29,612

675,746

Community

Trust

Bancorp,

Inc.

8,512

343,715

ConnectOne

Bancorp,

Inc.

27,917

730,588

Customers

Bancorp,

Inc.

(a)

16,709

651,484

Dime

Community

Bancshares,

Inc.

18,478

621,230

Equity

Bancshares,

Inc.,

Class A

(a)

14,456

440,763

Farmers

National

Banc

Corp.

23,182

359,553

Financial

Institutions,

Inc.

23,943

718,290

First

Bank/Hamilton

NJ

25,868

350,253

First

Busey

Corp.

29,837

735,780

First

Commonwealth

Financial

Corp.

46,574

655,296

First

Internet

Bancorp

10,393

321,975

Flagstar

Bancorp,

Inc.

14,687

620,820

Great

Southern

Bancorp,

Inc.

12,088

651,543

Great

Western

Bancorp,

Inc.

21,359

700,362

Hancock

Whitney

Corp.

9,145

406,404

Hanmi

Financial

Corp.

37,116

707,431

Heartland

Financial

USA,

Inc.

7,460

350,545

Hope

Bancorp,

Inc.

42,164

597,886

Horizon

Bancorp,

Inc./IN

39,912

695,666

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

2

www.cornercapfunds.com

Shares

Fair

Value

Banks

(15.1%)

(continued)

Independent

Bank

Corp.

32,224

$

699,583

Mercantile

Bank

Corp.

10,286

310,637

Merchants

Bancorp/IN

17,032

668,336

Metropolitan

Bank

Holding

Corp.

(a)

5,438

327,476

Midland

States

Bancorp,

Inc.

25,792

677,556

MidWestOne

Financial

Group,

Inc.

25,008

719,480

Old

Second

Bancorp,

Inc.

25,533

316,609

OP

Bancorp

30,629

308,128

Orrstown

Financial

Services,

Inc.

15,753

363,422

PacWest

Bancorp

17,009

700,090

Peapack

-Gladstone

Financial

Corp.

10,932

339,657

Peoples

Bancorp,

Inc.

20,273

600,486

Preferred

Bank/Los

Angeles

CA

5,442

344,315

Premier

Financial

Corp.

13,776

391,376

QCR

Holdings,

Inc.

14,865

714,858

RBB

Bancorp

23,842

577,453

Sierra

Bancorp

13,490

343,321

Synovus

Financial

Corp.

14,041

616,119

The

First

of

Long

Island

Corp.

17,678

375,304

Umpqua

Holdings

Corp.

43,335

799,531

Univest

Financial

Corp.

23,952

631,614

Webster

Financial

Corp.

12,345

658,482

Western

New

England

Bancorp,

Inc.

40,901

333,343

25,748,365

Building

Materials

(

4.4%

)

‌

‌

Apogee

Enterprises,

Inc.

19,133

779,287

Beazer

Homes

USA,

Inc.

(a)

16,829

324,631

Caesarstone

,

Ltd.

38,798

572,659

Century

Communities,

Inc.

4,421

294,173

Forestar

Group,

Inc.

(a)

28,930

604,926

Griffon

Corp.

13,288

340,572

JELD-WEN

Holding,

Inc.

(a)

13,432

352,724

KB

Home

11,647

474,266

MDU

Resources

Group,

Inc.

19,927

624,512

Meritage

Homes

Corp.

(a)

6,115

575,299

Patrick

Industries,

Inc.

7,391

539,543

Quanex

Building

Products

Corp.

28,024

696,116

Tri

Pointe

Homes,

Inc.

(a)

19,157

410,535

Tutor

Perini

Corp.

(a)

47,154

653,083

Winnebago

Industries,

Inc.

4,687

318,529

7,560,855

Chemicals

(

2.7%

)

‌

‌

AdvanSix

,

Inc.

(a)

21,216

633,510

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

3

Quarterly

Report

I

June

30,

2021

Shares

Fair

Value

Chemicals

(2.7%)

(continued)

American

Vanguard

Corp.

19,041

$

333,408

Ashland

Global

Holdings,

Inc.

3,662

320,425

Cabot

Corp.

10,698

609,037

Ingevity

Corp.

(a)

9,783

795,945

Koppers

Holdings,

Inc.

(a)

10,600

342,910

Kraton

Corp.

(a)

17,959

579,896

The

Chemours

Co.

17,918

623,546

Valhi,

Inc.

13,036

317,166

4,555,843

Coal

Operations

(

0.2%

)

‌

‌

SunCoke

Energy,

Inc.

57,974

413,934

Commercial

Services

(

4.7%

)

‌

‌

BGSF,

Inc.

24,724

305,094

Cars.com,

Inc.

(a)

55,313

792,635

CoreCivic

,

Inc.

(a)

61,159

640,335

GP

Strategies

Corp.

(a)

43,333

681,195

ManpowerGroup

,

Inc.

3,727

443,178

Mimecast,

Ltd.

(a)

13,547

718,668

Radiant

Logistics,

Inc.

(a)

24,701

171,178

Resources

Connection,

Inc.

49,377

709,054

The

Aaron's

Co.,

Inc.

19,854

635,129

The

Hackett

Group,

Inc.

41,550

748,731

Triton

International,

Ltd.

12,384

648,179

TrueBlue

,

Inc.

(a)

25,277

710,536

Yelp,

Inc.

(a)

19,179

766,393

7,970,305

Computers

(

2.1%

)

‌

‌

CommVault

Systems,

Inc.

(a)

8,015

626,532

CSG

Systems

International,

Inc.

14,700

693,546

Maximus,

Inc.

7,233

636,287

NetScout

Systems,

Inc.

(a)

11,344

323,758

StarTek

,

Inc.

(a)

45,461

324,137

Tenable

Holdings,

Inc.

(a)

7,648

316,245

Teradata

Corp.

(a)

12,634

631,321

3,551,826

Distribution/Wholesale

(

0.8%

)

‌

‌

Resideo

Technologies,

Inc.

(a)

22,624

678,720

ScanSource

,

Inc.

(a)

21,646

608,902

‌

‌

‌

‌

1,287,622

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

4

www.cornercapfunds.com

Shares

Fair

Value

Diversified

Financial

Services

(

2.5%

)

‌

‌

Affiliated

Managers

Group,

Inc.

2,148

$

331,243

Alliance

Data

Systems

Corp.

6,088

634,309

Evercore

,

Inc.,

Class A

4,770

671,473

Moelis

&

Co.,

Class A

13,790

784,513

NMI

Holdings,

Inc.,

Class A

(a)

15,228

342,325

PJT

Partners,

Inc.

8,597

613,654

RE/MAX

Holdings,

Inc.

18,750

624,937

Sculptor

Capital

Management,

Inc.

13,249

325,793

4,328,247

Education

(

0.5%

)

‌

‌

Graham

Holdings

Co.,

Class B

1,026

650,382

Grand

Canyon

Education,

Inc.

(a)

2,925

263,162

913,544

Electric

(

0.8%

)

‌

‌

NorthWestern

Corp.

10,714

645,197

Otter

Tail

Corp.

13,800

673,578

1,318,775

Electrical

Components

&

Equipment

(

1.5%

)

‌

‌

IntriCon

Corp.

(a)

28,845

648,436

Jabil,

Inc.

15,010

872,381

Kimball

Electronics,

Inc.

(a)

14,638

318,230

Sanmina

Corp.

(a)

15,524

604,815

Vishay

Intertechnology

,

Inc.

7,302

164,660

2,608,522

Electronics

(

0.7%

)

‌

‌

OSI

Systems,

Inc.

(a)

7,053

716,867

SYNNEX

Corp.

3,708

451,486

1,168,353

Engineering

&

Construction

(

1.1%

)

‌

‌

Mistras

Group,

Inc.

(a)

48,770

479,409

Primoris

Services

Corp.

21,024

618,736

Sterling

Construction

Co.,

Inc.

(a)

30,524

736,544

1,834,689

Food

(

0.6%

)

‌

‌

Ingredion,

Inc.

3,455

312,677

TreeHouse

Foods,

Inc.

(a)

14,438

642,780

955,457

Forest

Products

&

Paper

(

0.9%

)

‌

‌

Clearwater

Paper

Corp.

(a)

18,925

548,257

Neenah,

Inc.

12,115

607,810

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

5

Quarterly

Report

I

June

30,

2021

Shares

Fair

Value

Forest

Products

&

Paper

(0.9%)

(continued)

Schweitzer-Mauduit

International,

Inc.

7,966

$

321,667

1,477,734

Gambling

(Non-Hotel)

(

0.6%

)

‌

‌

Golden

Entertainment,

Inc.

(a)

7,262

325,338

Red

Rock

Resorts,

Inc.,

Class A

(a)

16,345

694,662

1,020,000

Healthcare

Products

(

1.3%

)

‌

‌

Bioventus

,

Inc.

(a)

18,760

330,176

Haemonetics

Corp.

(a)

9,645

642,743

Natus

Medical,

Inc.

(a)

12,226

317,632

NextGen

Healthcare,

Inc.

(a)

20,787

344,856

Surmodics

,

Inc.

(a)

12,192

661,416

2,296,823

Healthcare

Services

(

4.1%

)

‌

‌

Computer

Programs

and

Systems,

Inc.

(a)

9,826

326,518

Covetrus

,

Inc.

(a)

17,060

460,620

Envista

Holdings

Corp.

(a)

15,595

673,860

Hanger,

Inc.

(a)

26,441

668,428

Hill-Rom

Holdings,

Inc.

6,357

722,092

Inovalon

Holdings,

Inc.,

Class A

(a)

27,020

920,842

LHC

Group,

Inc.

(a)

3,100

620,806

Premier,

Inc.,

Class A

16,050

558,379

Select

Medical

Holdings

Corp.

17,397

735,197

United

Therapeutics

Corp.

(a)

3,283

589,003

US

Physical

Therapy,

Inc.

6,141

711,558

6,987,303

Home

Builders

(

0.2%

)

‌

‌

MDC

Holdings,

Inc.

5,682

287,509

Home

Furnishings

(

0.7%

)

‌

‌

Ethan

Allen

Interiors,

Inc.

13,222

364,927

Hooker

Furniture

Corp.

9,391

325,304

La-Z-Boy,

Inc.

15,141

560,823

1,251,054

Hotels

(

0.7%

)

‌

‌

Bluegreen

Vacations

Holding

Corp.

(a)

32,599

586,782

Travel

+

Leisure

Co.

10,246

609,125

‌

‌

‌

‌

1,195,907

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

6

www.cornercapfunds.com

Shares

Fair

Value

Household

Products

(

0.4%

)

‌

‌

Ennis,

Inc.

30,316

$

652,400

Insurance

(

3.6%

)

‌

‌

CNO

Financial

Group,

Inc.

27,097

640,031

Donegal

Group,

Inc.,

Class A

21,604

314,770

Essent

Group,

Ltd.

6,883

309,391

First

American

Financial

Corp.

11,990

747,576

Horace

Mann

Educators

Corp.

8,792

328,997

Kemper

Corp.

9,295

686,901

MGIC

Investment

Corp.

22,691

308,598

Old

Republic

International

Corp.

27,815

692,872

ProSight

Global,

Inc.

(a)

28,382

362,154

Radian

Group,

Inc.

14,375

319,844

Stewart

Information

Services

Corp.

13,531

767,072

Universal

Insurance

Holdings,

Inc.

45,746

634,954

6,113,160

Machinery

-

Diversified

(

2.2%

)

‌

‌

Argan

,

Inc.

12,774

610,470

Astec

Industries,

Inc.

9,756

614,043

Curtiss-Wright

Corp.

5,110

606,864

Luxfer

Holdings

PLC

17,437

387,973

Tennant

Co.

8,011

639,678

Terex

Corp.

14,366

684,109

Thermon

Group

Holdings,

Inc.

(a)

13,286

226,393

3,769,530

Media

(

1.8%

)

‌

‌

Gray

Television,

Inc.

28,461

665,987

Hemisphere

Media

Group,

Inc.

(a)

26,652

314,494

Meredith

Corp.

(a)

17,475

759,114

Nexstar

Media

Group,

Inc.,

Class A

4,699

694,888

The

EW

Scripps

Co.,

Class A

30,853

629,093

3,063,576

Metal

Fabricate

&

Hardware

(

0.9%

)

‌

‌

Insteel

Industries,

Inc.

9,037

290,540

Ryerson

Holding

Corp.

(a)

41,292

602,863

Worthington

Industries,

Inc.

10,329

631,928

1,525,331

Miscellaneous

Manufacturing

(

6.3%

)

‌

‌

Alcoa

Corp.

(a)

22,313

822,011

Axalta

Coating

Systems,

Ltd.

(a)

12,055

367,557

Belden,

Inc.

6,458

326,581

Brady

Corp.,

Class A

6,915

387,517

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

7

Quarterly

Report

I

June

30,

2021

Shares

Fair

Value

Miscellaneous

Manufacturing

(6.3%)

(continued)

Carriage

Services,

Inc.

20,008

$

739,696

Crane

Co.

6,693

618,232

Energizer

Holdings,

Inc.

8,229

353,682

Hillenbrand,

Inc.

14,574

642,422

Huntington

Ingalls

Industries,

Inc.

3,814

803,800

Ichor

Holdings,

Ltd.

(a)

5,757

309,727

L

B

Foster

Co.,

Class A

(a)

37,576

700,417

Matthews

International

Corp.

11,270

405,269

Moog,

Inc.,

Class A

7,563

635,746

O-I

Glass,

Inc.

(a)

35,741

583,650

Park-Ohio

Holdings

Corp.

20,991

674,651

Pilgrim's

Pride

Corp.

(a)

29,982

665,001

Sanderson

Farms,

Inc.

2,020

379,699

Unifi,

Inc.

(a)

24,494

596,674

US

Ecology,

Inc.

(a)

17,486

656,075

10,668,407

Office

Furnishings

(

0.4%

)

‌

‌

Interface,

Inc.

47,519

727,041

Oil

&

Gas

(

5.7%

)

‌

‌

Berry

Corp.

108,270

727,574

Cimarex

Energy

Co.

9,276

672,046

CVR

Energy,

Inc.

35,998

646,524

Equitrans

Midstream

Corp.

79,099

673,132

HollyFrontier

Corp.

18,701

615,263

MRC

Global,

Inc.

(a)

69,070

649,258

National

Fuel

Gas

Co.

12,562

656,365

Ovintiv

,

Inc.

14,021

441,241

PDC

Energy,

Inc.

14,635

670,137

Penn

Virginia

Corp.

(a)

27,611

651,896

ProPetro

Holding

Corp.

(a)

64,306

589,043

SilverBow

Resources,

Inc.

(a)

15,077

350,088

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

64,513

628,357

Southwest

Gas

Holdings,

Inc.

10,501

695,061

Spire,

Inc.

9,296

671,822

Whiting

Petroleum

Corp.

(a)

6,608

360,466

9,698,273

Pharmaceuticals

(

2.9%

)

‌

‌

Amphastar

Pharmaceuticals,

Inc.

(a)

38,004

766,161

ANI

Pharmaceuticals,

Inc.

(a)

20,851

730,828

Emergent

BioSolutions

,

Inc.

(a)

10,676

672,481

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

8

www.cornercapfunds.com

Shares

Fair

Value

Pharmaceuticals

(2.9%)

(continued)

Harmony

Biosciences

Holdings,

Inc.

(a)

22,045

$

622,330

PRA

Health

Sciences,

Inc.

(a)

3,912

646,301

Prestige

Consumer

Healthcare,

Inc.

(a)

14,249

742,373

USANA

Health

Sciences,

Inc.

(a)

7,952

814,523

4,994,997

Real

Estate

Investment

Trusts

(

7.8%

)

‌

‌

Apple

Hospitality

REIT,

Inc.

45,392

692,682

Brixmor

Property

Group,

Inc.

REIT

31,424

719,295

CareTrust

REIT,

Inc.

26,497

615,525

Chatham

Lodging

Trust

REIT

(a)

49,086

631,737

City

Office

REIT,

Inc.

31,287

388,897

Clipper

Realty,

Inc.

REIT

37,751

277,470

Community

Healthcare

Trust,

Inc.

REIT

7,500

355,950

Corporate

Office

Properties

Trust

REIT

23,438

656,030

Cousins

Properties,

Inc.

REIT

8,346

306,966

Easterly

Government

Properties,

Inc.

REIT

29,276

617,138

EastGroup

Properties,

Inc.

REIT

2,601

427,734

Getty

Realty

Corp.

REIT

17,090

532,353

Highwoods

Properties,

Inc.

REIT

15,333

692,592

Industrial

Logistics

Properties

Trust

REIT

21,925

573,119

National

Health

Investors,

Inc.

REIT

8,154

546,726

National

Storage

Affiliates

Trust

REIT

14,187

717,295

NETSTREIT

Corp.

REIT

25,725

593,218

Physicians

Realty

Trust

REIT

32,834

606,444

PS

Business

Parks,

Inc.

REIT

3,836

568,035

Retail

Opportunity

Investments

Corp.

REIT

19,483

344,070

Sabra

Health

Care

REIT,

Inc.

15,588

283,702

Service

Properties

Trust

REIT

43,321

545,845

The

GEO

Group,

Inc.

REIT

46,982

334,512

Urstadt

Biddle

Properties,

Inc.,

Class A

REIT

36,293

703,358

Whitestone

REIT

69,610

574,283

13,304,976

Recreational

Vehicles

(

0.9%

)

‌

‌

MasterCraft

Boat

Holdings,

Inc.

(a)

11,883

312,404

OneWater

Marine,

Inc.

12,247

514,742

Polaris,

Inc.

5,121

701,372

1,528,518

Retail

(

8.0%

)

‌

‌

AutoNation,

Inc.

(a)

7,182

680,925

Build-A-Bear

Workshop,

Inc.,

Class A

(a)

21,721

375,990

Caleres

,

Inc.

25,668

700,480

Carrols

Restaurant

Group,

Inc.

(a)

55,239

331,986

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

9

Quarterly

Report

I

June

30,

2021

Shares

Fair

Value

Retail

(8.0%)

(continued)

Carter's,

Inc.

6,047

$

623,869

Culp,

Inc.

45,892

748,040

Del

Taco

Restaurants,

Inc.

61,812

618,738

Delta

Apparel,

Inc.

(a)

10,039

296,351

Dine

Brands

Global,

Inc.

(a)

7,087

632,515

Foot

Locker,

Inc.

11,095

683,785

Herbalife

Nutrition,

Ltd.

(a)

7,630

402,330

JOANN,

Inc.

43,785

689,614

Movado

Group,

Inc.

11,749

369,741

Nu

Skin

Enterprises,

Inc.,

Class A

6,727

381,085

Party

City

Holdco,

Inc.

(a)

76,959

718,027

PVH

Corp.

(a)

6,046

650,489

Qurate

Retail,

Inc.,

Class A

(a)

55,877

731,430

Rush

Enterprises,

Inc.

13,598

587,977

The

Wendy's

Co.

29,180

683,396

Tilly's,

Inc.,

Class A

29,621

473,344

Tupperware

Brands

Corp.

(a)

24,469

581,139

Vector

Group,

Ltd.

50,071

708,004

Wolverine

World

Wide,

Inc.

9,189

309,118

World

Fuel

Services

Corp.

20,451

648,910

13,627,283

Savings

&

Loans

(

1.3%

)

‌

‌

Flushing

Financial

Corp.

22,399

480,010

FS

Bancorp,

Inc.

10,170

724,816

Home

Bancorp,

Inc.

9,697

369,553

Investors

Bancorp,

Inc.

22,551

321,577

New

York

Community

Bancorp,

Inc.

29,783

328,209

2,224,165

Semiconductors

(

2.0%

)

‌

‌

Cirrus

Logic,

Inc.

(a)

8,727

742,842

Cohu

,

Inc.

(a)

18,224

670,461

DSP

Group,

Inc.

(a)

10,322

152,766

MaxLinear

,

Inc.

(a)

18,618

791,079

Onto

Innovation,

Inc.

(a)

4,908

358,480

Ultra

Clean

Holdings,

Inc.

(a)

12,596

676,657

3,392,285

Software

(

0.8%

)

‌

‌

BM

Technologies,

Inc.

(a)

6,893

85,749

ePlus

,

Inc.

(a)

6,677

578,829

Schedule

of

Investments

June

30,

2021

(Unaudited)

CornerCap

Small-Cap

Value

Fund

10

www.cornercapfunds.com

Shares

Fair

Value

Software

(0.8%)

(continued)

Progress

Software

Corp.

15,017

$

694,536

1,359,114

Technology

(

0.4%

)

‌

‌

Xerox

Holdings

Corp.

26,604

624,928

Telecommunications

(

3.2%

)

‌

‌

ATN

International,

Inc.

11,983

545,107

Casa

Systems,

Inc.

(a)

47,169

418,389

CommScope

Holding

Co.,

Inc.

(a)

34,866

742,995

Extreme

Networks,

Inc.

(a)

42,615

475,583

TEGNA,

Inc.

36,766

689,730

Telephone

and

Data

Systems,

Inc.

28,824

653,152

U.S.

Cellular

Corp.

(a)

17,962

652,200

Viavi

Solutions,

Inc.

(a)

42,987

759,150

Zix

Corp.

(a)

68,050

479,753

5,416,059

Transportation

(

1.8%

)

‌

‌

ArcBest

Corp.

8,410

489,378

Ryder

System,

Inc.

4,355

323,707

Schneider

National,

Inc.,

Class B

30,512

664,246

SFL

Corp.,

Ltd.

43,991

336,531

Universal

Logistics

Holdings,

Inc.

25,931

604,192

USA

Truck,

Inc.

(a)

43,933

706,004

3,124,058

TOTAL

COMMON

STOCK

(COST

$144,429,781)

169,530,735

INVESTMENTS,

AT

VALUE

(COST

$144,429,781)

99.5%

169,530,735

TOTAL

ASSETS

IN

EXCESS

OF

OTHER

LIABILITIES

0.5%

870,054

NET

ASSETS

100.0%

$

170,400,789

(a)

Non-income

producing

security.

Common

Abbreviations:

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

June

30,

2021

(Unaudited)

Quarterly

Report

I

June

30,

2021

11

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,

2021

(Unaudited)

12

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,

2021

(Unaudited),

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,

2021

(Unaudited)

Quarterly

Report

I

June

30,

2021

13

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,

2021

(Unaudited):

For

the

period

ended

June

30,

2021

,

the

Fund

did

not

have

significant

unobservable

inputs

(Level

3)

used

in

determining

fair

value

of

any

investments.

Therefore,

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

is

not

applicable.

The

Fund

did

not

hold

any

derivative

instruments

at

any

time

during

the

period

.

CornerCap

Small-Cap

Value

Fund:

Valuation

Inputs

Investments

at

Value

*

Level

1

Level

2

Level

3

Total

Common

Stocks

$

169,530,735

$

–

$

–

$

169,530,735

Total

$

169,530,735

$

–

$

–

$

169,530,735

*

See

Schedule

of

Investments

for

industry

classification

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