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Cornercap Group Of Funds NPORT-PCornercap Small-cap Value Fund (Jun 2022 report)

Filed: 16 Aug 22, 11:21am

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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

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