Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
1
Quarterly
Report
I
December
31,
2021
Shares
Fair
Value
COMMON
STOCK
(100.7%)
Aerospace
&
Defense
(
0.8%
)
Barnes
Group,
Inc.
13,938
$
649,371
Kaman
Corp.
13,317
574,629
1,224,000
Auto
Parts
&
Equipment
(
1.5%
)
Allison
Transmission
Holdings,
Inc.
17,467
634,926
Meritor,
Inc.
(a)
24,901
617,047
REV
Group,
Inc.
41,188
582,810
Standard
Motor
Products,
Inc.
10,865
569,217
2,404,000
Banks
(
14.9%
)
Amalgamated
Financial
Corp.
17,245
289,199
Bar
Harbor
Bankshares
15,066
435,859
BayCom
Corp.
(a)
18,585
348,655
Carter
Bankshares
,
Inc.
(a)
19,965
307,261
Cathay
General
Bancorp
6,917
297,362
Central
Pacific
Financial
Corp.
11,032
310,771
Civista
Bancshares,
Inc.
27,691
675,660
CNB
Financial
Corp.
29,612
784,718
Community
Trust
Bancorp,
Inc.
8,512
371,208
ConnectOne
Bancorp,
Inc.
20,862
682,396
Equity
Bancshares,
Inc.,
Class A
14,456
490,492
Farmers
National
Banc
Corp.
43,489
806,721
Financial
Institutions,
Inc.
17,912
569,602
First
Bank/Hamilton
NJ
25,868
375,345
First
Commonwealth
Financial
Corp.
26,923
433,191
First
Financial
Corp.
7,852
355,617
First
Internet
Bancorp
6,040
284,122
First
Merchants
Corp.
7,251
303,744
FNB
Corp.
56,505
685,406
Fulton
Financial
Corp.
16,830
286,110
Great
Western
Bancorp,
Inc.
16,946
575,486
Hancock
Whitney
Corp.
13,999
700,230
Hanmi
Financial
Corp.
37,116
878,907
Heartland
Financial
USA,
Inc.
10,782
545,677
Hope
Bancorp,
Inc.
42,164
620,232
Horizon
Bancorp,
Inc./IN
27,588
575,210
Mercantile
Bank
Corp.
20,360
713,211
Midland
States
Bancorp,
Inc.
25,792
639,384
MidWestOne
Financial
Group,
Inc.
25,008
809,509
Old
Second
Bancorp,
Inc.
19,533
245,921
OP
Bancorp
30,629
390,826
Orrstown
Financial
Services,
Inc.
11,212
282,542
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
2
www.cornercapfunds.com
Shares
Fair
Value
Banks
(14.9%)
(continued)
PacWest
Bancorp
13,473
$
608,575
Peapack
-Gladstone
Financial
Corp.
8,008
283,483
Peoples
Bancorp,
Inc.
20,273
644,884
Preferred
Bank/Los
Angeles
CA
4,520
324,491
QCR
Holdings,
Inc.
13,365
748,440
RBB
Bancorp
23,842
624,660
Sierra
Bancorp
13,490
366,254
Synovus
Financial
Corp.
14,041
672,143
TriCo
Bancshares
16,545
710,773
TrustCo
Bank
Corp.
NY
18,843
627,660
Univest
Financial
Corp.
17,050
510,136
Webster
Financial
Corp.
12,345
689,345
Western
New
England
Bancorp,
Inc.
40,901
358,293
23,239,711
Beverages
-
Non-alcoholic
(
0.4%
)
Coca-Cola
Consolidated,
Inc.
989
612,379
Building
Materials
(
4.0%
)
Beazer
Homes
USA,
Inc.
(a)
16,829
390,769
BrightView
Holdings,
Inc.
(a)
40,146
565,256
Forestar
Group,
Inc.
(a)
24,153
525,328
Frontdoor
,
Inc.
(a)
8,029
294,263
JELD-WEN
Holding,
Inc.
(a)
23,383
616,376
KB
Home
11,647
520,970
MDU
Resources
Group,
Inc.
19,927
614,549
Patrick
Industries,
Inc.
7,391
596,380
Quanex
Building
Products
Corp.
23,304
577,473
Toll
Brothers,
Inc.
8,282
599,534
Tri
Pointe
Homes,
Inc.
(a)
14,887
415,198
Tutor
Perini
Corp.
(a)
47,154
583,295
6,299,391
Chemicals
(
2.7%
)
American
Vanguard
Corp.
19,041
312,082
Haynes
International,
Inc.
17,039
687,183
Ingevity
Corp.
(a)
9,783
701,441
Intrepid
Potash,
Inc.
(a)
7,007
299,409
Kronos
Worldwide,
Inc.
43,050
646,181
Minerals
Technologies,
Inc.
4,443
325,005
The
Chemours
Co.
17,918
601,328
Tronox
Holdings
PLC
13,525
325,006
Valhi,
Inc.
13,036
374,785
4,272,420
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
3
Quarterly
Report
I
December
31,
2021
Shares
Fair
Value
Coal
Operations
(
0.7%
)
Alpha
Metallurgical
Resources,
Inc.
(a)
10,466
$
638,949
SunCoke
Energy,
Inc.
57,974
382,049
1,020,998
Commercial
Services
(
6.3%
)
BGSF,
Inc.
24,724
354,789
Cars.com,
Inc.
(a)
30,982
498,500
CoreCivic
,
Inc.
(a)
61,159
609,755
Euronet
Worldwide,
Inc.
(a)
5,641
672,238
Heidrick
&
Struggles
International,
Inc.
15,982
698,893
ManpowerGroup
,
Inc.
6,166
600,137
Mimecast,
Ltd.
(a)
9,106
724,565
Resources
Connection,
Inc.
23,160
413,174
SP
Plus
Corp.
(a)
22,600
637,772
The
Aaron's
Co.,
Inc.
19,854
489,401
The
Hackett
Group,
Inc.
27,581
566,238
Travelzoo
(a)
56,672
533,850
Triton
International,
Ltd.
10,107
608,745
TrueBlue
,
Inc.
(a)
17,542
485,387
Vectrus
,
Inc.
(a)
13,087
598,992
WEX,
Inc.
(a)
4,148
582,338
Yelp,
Inc.
(a)
19,179
695,047
9,769,821
Computers
(
1.1%
)
Box,
Inc.
(a)
22,691
594,277
CommVault
Systems,
Inc.
(a)
10,233
705,258
CSG
Systems
International,
Inc.
6,248
360,010
1,659,545
Distribution/Wholesale
(
0.7%
)
G-III
Apparel
Group,
Ltd.
(a)
16,789
464,048
ScanSource
,
Inc.
(a)
17,448
612,076
1,076,124
Diversified
Financial
Services
(
3.2%
)
Affiliated
Managers
Group,
Inc.
2,148
353,367
Cushman
&
Wakefield
PLC
(a)
27,121
603,171
Evercore
,
Inc.,
Class A
4,320
586,872
International
Money
Express,
Inc.
(a)
20,058
320,126
Moelis
&
Co.,
Class A
10,790
674,483
NMI
Holdings,
Inc.,
Class A
(a)
15,228
332,732
Piper
Sandler
Cos.
2,317
413,608
RE/MAX
Holdings,
Inc.
18,750
571,687
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
4
www.cornercapfunds.com
Shares
Fair
Value
Diversified
Financial
Services
(3.2%)
(continued)
Sculptor
Capital
Management,
Inc.
13,249
$
282,866
StoneX
Group,
Inc.
(a)
4,498
275,502
Victory
Capital
Holdings,
Inc.,
Class A
8,403
306,962
Virtus
Investment
Partners,
Inc.
1,038
308,390
5,029,766
Education
(
0.2%
)
Grand
Canyon
Education,
Inc.
(a)
2,925
250,702
Electric
(
1.6%
)
NorthWestern
Corp.
10,714
612,412
Pinnacle
West
Capital
Corp.
9,627
679,570
PNM
Resources,
Inc.
12,814
584,447
Unitil
Corp.
14,561
669,660
2,546,089
Electrical
Components
&
Equipment
(
1.8%
)
Jabil,
Inc.
11,127
782,785
Sanmina
Corp.
(a)
15,524
643,625
TTM
Technologies,
Inc.
(a)
50,519
752,733
Vishay
Intertechnology
,
Inc.
28,621
625,941
2,805,084
Electronics
(
0.4%
)
OSI
Systems,
Inc.
(a)
7,053
657,340
Engineering
&
Construction
(
0.9%
)
MasTec
,
Inc.
(a)
1,716
158,353
Mistras
Group,
Inc.
(a)
66,630
495,061
Sterling
Construction
Co.,
Inc.
(a)
26,124
687,061
1,340,475
Food
(
0.7%
)
Ingredion,
Inc.
3,455
333,891
John
B
Sanfilippo
&
Son,
Inc.
7,589
684,224
1,018,115
Forest
Products
&
Paper
(
0.4%
)
Clearwater
Paper
Corp.
(a)
16,157
592,477
Gambling
(Non-Hotel)
(
1.1%
)
Everi
Holdings,
Inc.
(a)
29,300
625,555
Golden
Entertainment,
Inc.
(a)
6,472
327,030
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
5
Quarterly
Report
I
December
31,
2021
Shares
Fair
Value
Gambling
(Non-Hotel)
(1.1%)
(continued)
Monarch
Casino
&
Resort,
Inc.
(a)
9,517
$
703,782
1,656,367
Healthcare
Products
(
2.9%
)
Catalyst
Pharmaceuticals,
Inc.
(a)
82,971
561,714
Globus
Medical,
Inc.
(a)
6,681
482,368
Integer
Holdings
Corp.
(a)
6,904
590,913
Integra
LifeSciences
Holdings
Corp.
(a)
8,103
542,820
LivaNova
PLC
(a)
7,280
636,490
Merit
Medical
Systems,
Inc.
(a)
9,128
568,674
Natus
Medical,
Inc.
(a)
25,802
612,282
STAAR
Surgical
Co.
(a)
5,762
526,071
4,521,332
Healthcare
Services
(
6.0%
)
Acadia
Healthcare
Co.,
Inc.
(a)
10,306
625,574
Agiliti
,
Inc.
(a)
25,958
601,187
Antares
Pharma,
Inc.
(a)
71,773
256,230
Aveanna
Healthcare
Holdings,
Inc.
(a)
81,412
602,449
Covetrus
,
Inc.
(a)
25,132
501,886
Encompass
Health
Corp.
8,634
563,455
Exelixis
,
Inc.
(a)
37,372
683,160
MEDNAX,
Inc.
(a)
21,315
579,981
Option
Care
Health,
Inc.
(a)
24,237
689,300
Ortho
Clinical
Diagnostics
Holdings
PLC
(a)
15,963
341,449
Premier,
Inc.,
Class A
15,391
633,648
RadNet
,
Inc.
(a)
21,834
657,422
Select
Medical
Holdings
Corp.
20,401
599,789
Sotera
Health
Co.
(a)
24,068
566,801
Tenet
Healthcare
Corp.
(a)
8,670
708,252
United
Therapeutics
Corp.
(a)
3,283
709,391
9,319,974
Hotels
(
0.8%
)
Bluegreen
Vacations
Holding
Corp.
(a)
20,099
705,475
Travel
+
Leisure
Co.
10,246
566,296
1,271,771
Household
Products
(
0.4%
)
Ennis,
Inc.
30,316
592,072
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
6
www.cornercapfunds.com
Shares
Fair
Value
Insurance
(
3.3%
)
Argo
Group
International
Holdings,
Ltd.
6,287
$
365,337
Axis
Capital
Holdings,
Ltd.
12,630
687,956
Brighthouse
Financial,
Inc.
(a)
11,546
598,083
Essent
Group,
Ltd.
13,727
624,990
MGIC
Investment
Corp.
20,711
298,653
Primerica,
Inc.
4,020
616,145
Radian
Group,
Inc.
14,375
303,744
Selectquote
,
Inc.
(a)
64,293
582,495
United
Fire
Group,
Inc.
14,554
337,507
Universal
Insurance
Holdings,
Inc.
45,746
777,682
5,192,592
Lodging
(
0.4%
)
Century
Casinos,
Inc.
(a)
48,683
592,959
Machinery
-
Construction
&
Mining
(
0.4%
)
Oshkosh
Corp.
5,662
638,164
Machinery
-
Diversified
(
3.1%
)
Altra
Industrial
Motion
Corp.
12,017
619,717
Cactus,
Inc.
7,954
303,286
Curtiss-Wright
Corp.
2,355
326,568
Flowserve
Corp.
9,467
289,690
Gates
Industrial
Corp.
PLC
(a)
38,381
610,642
Kennametal,
Inc.
16,947
608,567
Luxfer
Holdings
PLC
17,437
336,709
Tennant
Co.
8,011
649,211
Terex
Corp.
12,115
532,454
The
Manitowoc
Co.,
Inc.
(a)
30,463
566,307
4,843,151
Media
(
0.8%
)
Entravision
Communications
Corp.,
Class A
45,865
310,964
iHeartMedia
,
Inc.
(a)
13,998
294,518
John
Wiley
&
Sons,
Inc.,
Class A
9,992
572,242
1,177,724
Metal
Fabricate
&
Hardware
(
2.1%
)
AZZ,
Inc.
12,130
670,668
Carpenter
Technology
Corp.
20,492
598,161
Insteel
Industries,
Inc.
9,037
359,763
Ryerson
Holding
Corp.
28,496
742,321
TriMas
Corp.
8,573
317,201
Worthington
Industries,
Inc.
10,329
564,583
3,252,697
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
7
Quarterly
Report
I
December
31,
2021
Shares
Fair
Value
Miscellaneous
Manufacturing
(
3.5%
)
Belden,
Inc.
9,686
$
636,661
Brady
Corp.,
Class A
3,582
193,070
Columbia
Sportswear
Co.
2,945
286,961
Crane
Co.
6,693
680,879
Energizer
Holdings,
Inc.
6,229
249,783
Hillenbrand,
Inc.
10,944
568,978
Ichor
Holdings,
Ltd.
(a)
5,757
264,995
Moog,
Inc.,
Class A
8,255
668,407
O-I
Glass,
Inc.
(a)
42,041
505,753
Oxford
Industries,
Inc.
4,615
468,515
Pilgrim's
Pride
Corp.
(a)
20,499
578,072
Sanderson
Farms,
Inc.
2,020
385,981
5,488,055
Office
Furnishings
(
0.3%
)
Interface,
Inc.
27,451
437,843
Oil
&
Gas
(
7.1%
)
Amplify
Energy
Corp.
(a)
88,385
274,877
Antero
Resources
Corp.
(a)
32,322
565,635
APA
Corp.
25,430
683,813
ChampionX
Corp.
(a)
28,632
578,653
Comstock
Resources,
Inc.
(a)
67,574
546,674
Coterra
Energy,
Inc.
29,867
567,473
CVR
Energy,
Inc.
29,780
500,602
Equitrans
Midstream
Corp.
69,312
716,686
HollyFrontier
Corp.
18,701
613,019
MRC
Global,
Inc.
(a)
85,124
585,653
National
Fuel
Gas
Co.
12,562
803,214
Northwest
Natural
Holding
Co.
6,247
304,729
NOW,
Inc.
(a)
65,080
555,783
Ovintiv
,
Inc.
20,461
689,536
ProPetro
Holding
Corp.
(a)
83,480
676,188
Ranger
Oil
Corp.
(a)
25,299
681,049
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
79,766
522,467
Spire,
Inc.
8,296
541,065
Whiting
Petroleum
Corp.
(a)
10,134
655,467
11,062,583
Pharmaceuticals
(
2.0%
)
Amphastar
Pharmaceuticals,
Inc.
(a)
32,488
756,645
Harmony
Biosciences
Holdings,
Inc.
(a)
12,253
522,468
Prestige
Consumer
Healthcare,
Inc.
(a)
11,000
667,150
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
8
www.cornercapfunds.com
Shares
Fair
Value
Pharmaceuticals
(2.0%)
(continued)
USANA
Health
Sciences,
Inc.
(a)
6,476
$
655,371
Vanda
Pharmaceuticals,
Inc.
(a)
35,220
552,602
3,154,236
Real
Estate
Investment
Trusts
(
8.2%
)
Agree
Realty
Corp.
REIT
8,199
585,081
Alexander
&
Baldwin,
Inc.
REIT
18,624
467,276
American
Assets
Trust,
Inc.
REIT
14,674
550,715
Apple
Hospitality
REIT,
Inc.
40,392
652,331
Armada
Hoffler
Properties,
Inc.
REIT
34,908
531,300
Braemar
Hotels
&
Resorts,
Inc.
REIT
(a)
113,902
580,900
Brixmor
Property
Group,
Inc.
REIT
25,426
646,075
Broadstone
Net
Lease,
Inc.
REIT
22,330
554,231
CareTrust
REIT,
Inc.
23,201
529,679
Chatham
Lodging
Trust
REIT
(a)
40,609
557,155
Community
Healthcare
Trust,
Inc.
REIT
7,500
354,525
Corporate
Office
Properties
Trust
REIT
23,438
655,561
Douglas
Elliman
,
Inc.
(a)
25,036
287,908
Easterly
Government
Properties,
Inc.
REIT
21,686
497,043
EastGroup
Properties,
Inc.
REIT
1,591
362,509
EPR
Properties
REIT
11,602
550,979
Essential
Properties
Realty
Trust,
Inc.
REIT
18,962
546,674
Highwoods
Properties,
Inc.
REIT
12,737
567,943
Industrial
Logistics
Properties
Trust
REIT
21,925
549,221
Marcus
&
Millichap,
Inc.
(a)
6,366
327,594
National
Storage
Affiliates
Trust
REIT
6,764
468,069
Power
REIT
(a)
4,468
307,801
PS
Business
Parks,
Inc.
REIT
1,464
269,625
The
GEO
Group,
Inc.
REIT
46,982
364,111
Urstadt
Biddle
Properties,
Inc.,
Class A
REIT
25,031
533,160
Whitestone
REIT
52,492
531,744
12,829,210
Retail
(
6.4%
)
Bassett
Furniture
Industries,
Inc.
17,796
298,439
Brinker
International,
Inc.
(a)
12,379
452,948
Caleres
,
Inc.
25,668
582,150
Casey's
General
Stores,
Inc.
3,298
650,860
Dine
Brands
Global,
Inc.
7,890
598,141
Ethan
Allen
Interiors,
Inc.
10,222
268,736
Herbalife
Nutrition,
Ltd.
(a)
6,945
284,259
Kohl's
Corp.
11,293
557,761
La-Z-Boy,
Inc.
17,489
635,026
Movado
Group,
Inc.
6,661
278,630
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
9
Quarterly
Report
I
December
31,
2021
Shares
Fair
Value
Retail
(6.4%)
(continued)
Nature's
Sunshine
Products,
Inc.
35,143
$
650,145
PVH
Corp.
6,046
644,806
Rush
Enterprises,
Inc.
13,598
756,593
Ruth's
Hospitality
Group,
Inc.
(a)
31,994
636,681
The
ONE
Group
Hospitality,
Inc.
(a)
22,814
287,685
Tilly's,
Inc.,
Class A
17,391
280,169
Titan
Machinery,
Inc.
(a)
11,521
388,142
Vector
Group,
Ltd.
50,071
574,815
Wolverine
World
Wide,
Inc.
20,383
587,234
World
Fuel
Services
Corp.
23,124
612,092
10,025,312
Savings
&
Loans
(
1.8%
)
Flushing
Financial
Corp.
22,399
544,296
Home
Bancorp,
Inc.
9,697
402,522
New
York
Community
Bancorp,
Inc.
24,284
296,508
OceanFirst
Financial
Corp.
29,666
658,585
Southern
Missouri
Bancorp,
Inc.
5,882
306,864
Washington
Federal,
Inc.
17,666
589,691
2,798,466
Semiconductors
(
1.6%
)
Cirrus
Logic,
Inc.
(a)
7,522
692,174
Cohu
,
Inc.
(a)
18,224
694,152
inTEST
Corp.
(a)
19,734
251,017
MaxLinear
,
Inc.
(a)
6,885
519,060
Onto
Innovation,
Inc.
(a)
2,791
282,533
2,438,936
Software
(
3.1%
)
ACI
Worldwide,
Inc.
(a)
17,777
616,862
American
Software,
Inc.,
Class A
12,584
329,323
CDK
Global,
Inc.
13,605
567,873
Convey
Health
Solutions
Holdings,
Inc.
(a)
46,939
392,410
ePlus
,
Inc.
(a)
11,452
617,034
Loyalty
Ventures,
Inc.
(a)
18,925
569,075
Progress
Software
Corp.
15,017
724,871
Upland
Software,
Inc.
(a)
27,577
494,731
Zynga,
Inc.
(a)
81,488
521,523
4,833,702
Technology
(
0.2%
)
eGain
Corp.
(a)
29,277
292,185
Schedule
of
Investments
December
31,
2021
(Unaudited)
CornerCap
Small-Cap
Value
Fund
10
www.cornercapfunds.com
Shares
Fair
Value
Telecommunications
(
1.7%
)
ATN
International,
Inc.
11,983
$
478,721
Extreme
Networks,
Inc.
(a)
26,919
422,628
InterDigital
,
Inc.
9,323
667,806
Shenandoah
Telecommunications
Co.
22,567
575,459
Viavi
Solutions,
Inc.
(a)
32,195
567,276
2,711,890
Transportation
(
1.2%
)
Alaska
Air
Group,
Inc.
(a)
5,585
290,978
Genco
Shipping
&
Trading,
Ltd.
34,073
545,168
Ryder
System,
Inc.
4,355
358,983
SkyWest,
Inc.
(a)
6,721
264,135
Universal
Logistics
Holdings,
Inc.
25,931
489,059
1,948,323
TOTAL
COMMON
STOCK
(COST
$141,223,944)
156,897,981
INVESTMENTS,
AT
VALUE
(COST
$141,223,944)
100.7%
156,897,981
TOTAL
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
(0.7)%
(1,084,002)
NET
ASSETS
100.0%
$
155,813,979
(a)
Non-income
producing
security.
Common
Abbreviations:
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
December
31,
2021
(Unaudited)
Quarterly
Report
I
December
31,
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
December
31,
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
December
31,
2021,
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
December
31,
2021
(Unaudited)
Quarterly
Report
I
December
31,
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
December
31,
2021:
For
the
period
ended
December
31,
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
.
Valuation
Inputs
Investments
at
Value
*
Level
1
Level
2
Level
3
Total
Common
Stocks
$
156,897,981
$
–
$
–
$
1
56,897,981
Total
$
1
56,897,9
8
1
$
–
$
–
$
1
56,897,981
*
See
Schedule
of
Investments
for
industry
classification