N-Q 1 dnq.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04581

CORNERCAP GROUP OF FUNDS
The Peachtree, Suite 1700
1355 Peachtree Street NE
Atlanta, GA 30309


Atlantic Fund Services, LLC
Three Canal Plaza, Suite 600
Portland, ME 04101


Registrant's telephone number, including area code: (404) 870-0700

Date of fiscal year end: March 31

Date of reporting period: April 1, 2017 – June 30, 2017
 
Item 1.  Schedule of Investments.
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
COMMON STOCK (59.3%)
    
Aerospace & Defense (0.7%)
    
 
Rockwell Collins, Inc.
2,060
$
216,465
  
Auto Manufacturers (0.6%)
    
 
General Motors Co.
5,355
  
187,050
  
Banks (7.3%)
    
 
Bank of America Corp.
7,940
  
192,624
  
 
BB&T Corp.
4,575
  
207,751
  
 
Capital One Financial Corp.
1,995
  
164,827
  
 
Citigroup, Inc.
2,820
  
188,602
  
 
Citizens Financial Group, Inc.
5,615
  
200,343
  
 
Huntington Bancshares, Inc.
15,540
  
210,101
  
 
JPMorgan Chase & Co.
2,445
  
223,473
  
 
KeyCorp
10,700
  
200,518
  
 
Regions Financial Corp.
13,590
  
198,958
  
 
The Bank of New York Mellon Corp.
4,160
  
212,243
  
 
U.S. Bancorp
3,785
  
196,517
  
 
Wells Fargo & Co.
3,230
  
178,974
  
       
2,374,931
  
Biotechnology (1.8%)
    
 
Amgen, Inc.
1,140
  
196,342
  
 
Biogen, Inc.(a)
770
  
208,947
  
 
Gilead Sciences, Inc.
2,420
  
171,288
  
       
576,577
  
Building Materials (0.7%)
    
 
DR Horton, Inc.
6,165
  
213,124
  
Chemicals (1.8%)
    
 
Celanese Corp., Class A
2,300
  
218,362
  
 
Eastman Chemical Co.
2,325
  
195,277
  
 
LyondellBasell Industries NV, Class A
1,930
  
162,873
  
       
576,512
  
Commercial Services (1.8%)
    
 
FleetCor Technologies, Inc.(a)
1,420
  
204,778
  
 
Nielsen Holdings PLC
4,645
  
179,576
  
 
Vantiv, Inc., Class A(a)
3,160
  
200,154
  
       
584,508
  
Computers (1.5%)
    
 
Accenture PLC, Class A
1,505
  
186,138
  
 
NetApp, Inc.
4,730
  
189,437
  
 
Xerox Corp.
4,158
  
119,459
  
       
495,034
  
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Diversified Financial Services (2.9%)
    
 
Alliance Data Systems Corp.
820
$
210,486
  
 
Discover Financial Services
2,780
  
172,888
  
 
Morgan Stanley
4,315
  
192,276
  
 
Raymond James Financial, Inc.
2,385
  
191,325
  
 
The Western Union Co.
9,615
  
183,166
  
       
950,141
  
Electric (1.2%)
    
 
FirstEnergy Corp.
6,885
  
200,766
  
 
TE Connectivity, Ltd.
2,520
  
198,274
  
       
399,040
  
Electronics (0.7%)
    
 
Corning, Inc.
7,135
  
214,407
  
Food (3.4%)
    
 
Aramark
5,445
  
223,136
  
 
Campbell Soup Co.
2,895
  
150,974
  
 
Ingredion, Inc.
1,625
  
193,717
  
 
Sysco Corp.
3,655
  
183,956
  
 
The J.M. Smucker Co.
1,375
  
162,704
  
 
Tyson Foods, Inc., Class A
3,205
  
200,729
  
       
1,115,216
  
Hand & Machine Tools (0.5%)
    
 
Snap-on, Inc.
1,055
  
166,690
  
Healthcare Services (2.5%)
    
 
Centene Corp.(a)
2,695
  
215,276
  
 
CIGNA Corp.
1,185
  
198,357
  
 
HCA Healthcare, Inc.(a)
2,440
  
212,768
  
 
Universal Health Services, Inc., Class B
1,645
  
200,822
  
       
827,223
  
Insurance (4.3%)
    
 
Aflac, Inc.
2,730
  
212,066
  
 
CNA Financial Corp.
4,280
  
208,650
  
 
Everest Re Group, Ltd.
795
  
202,399
  
 
Lincoln National Corp.
2,630
  
177,735
  
 
Principal Financial Group, Inc.
3,185
  
204,063
  
 
Prudential Financial, Inc.
1,590
  
171,943
  
 
The Allstate Corp.
2,440
  
215,794
  
       
1,392,650
  
Leisure Time (0.7%)
    
 
Carnival Corp.
3,330
  
218,348
  
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Machinery - Construction & Mining (0.6%)
    
 
Caterpillar, Inc.
1,895
$
203,637
  
Media (1.2%)
    
 
Comcast Corp., Class A
5,510
  
214,449
  
 
Viacom, Inc., Class B
5,500
  
184,635
  
       
399,084
  
Miscellaneous Manufacturing (1.9%)
    
 
Eaton Corp. PLC
2,880
  
224,151
  
 
Parker-Hannifin Corp.(a)
1,170
  
186,989
  
 
WestRock Co.
3,705
  
209,925
  
       
621,065
  
Oil & Gas (5.0%)
    
 
Cabot Oil & Gas Corp.
7,760
  
194,621
  
 
Chevron Corp.
1,760
  
183,621
  
 
ConocoPhillips
4,200
  
184,632
  
 
Devon Energy Corp.
4,990
  
159,530
  
 
Diamondback Energy, Inc.(a)
1,725
  
153,197
  
 
Exxon Mobil Corp.
2,365
  
190,926
  
 
Marathon Petroleum Corp.
3,805
  
199,116
  
 
Newfield Exploration Co.(a)
5,060
  
144,008
  
 
Valero Energy Corp.
3,175
  
214,185
  
       
1,623,836
  
Pharmaceuticals (3.6%)
    
 
AbbVie, Inc.
2,820
  
204,478
  
 
AmerisourceBergen Corp.
2,220
  
209,857
  
 
Bristol-Myers Squibb Co.
3,390
  
188,891
  
 
McKesson Corp.
1,175
  
193,334
  
 
Merck & Co., Inc.
2,935
  
188,104
  
 
Pfizer, Inc.
5,410
  
181,722
  
       
1,166,386
  
Real Estate Investment Trusts (2.3%)
    
 
American Homes 4 Rent, Class A REIT
4,810
  
108,562
  
 
Corporate Office Properties Trust REIT
3,010
  
105,440
  
 
CubeSmart REIT
4,325
  
103,973
  
 
Highwoods Properties, Inc. REIT
2,045
  
103,702
  
 
National Retail Properties, Inc. REIT
2,725
  
106,547
  
 
Park Hotels & Resorts, Inc. REIT
3,860
  
104,066
  
 
PS Business Parks, Inc. REIT
810
  
107,236
  
       
739,526
  
Retail (2.8%)
    
 
CVS Health Corp.
2,330
  
187,472
  
 
The Gap, Inc.
8,670
  
190,653
  
 
The TJX Cos., Inc.
2,615
  
188,725
  
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Retail (2.8%)(continued)
        
 
Tractor Supply Co.
2,595
$
140,675
  
 
Wal-Mart Stores, Inc.
2,510
  
189,957
  
       
897,482
  
Semiconductors (2.8%)
    
 
Applied Materials, Inc.
4,645
  
191,885
  
 
Intel Corp.
5,165
  
174,267
  
 
Lam Research Corp.
1,325
  
187,395
  
 
Microchip Technology, Inc.
2,345
  
180,987
  
 
QUALCOMM, Inc.
3,135
  
173,115
  
       
907,649
  
Software (2.6%)
    
 
Citrix Systems, Inc.(a)
2,450
  
194,971
  
 
First Data Corp., Class A(a)
12,315
  
224,133
  
 
Oracle Corp.
4,515
  
226,382
  
 
VMware, Inc., Class A(a)
2,165
  
189,286
  
       
834,772
  
Telecommunications (2.2%)
    
 
AT&T, Inc.
4,400
  
166,012
  
 
CenturyLink, Inc.
7,025
  
167,757
  
 
Discovery Communications, Inc., Class A(a)
7,505
  
193,854
  
 
Juniper Networks, Inc.
6,190
  
172,577
  
       
700,200
  
Transportation (1.9%)
    
 
Cummins, Inc.
1,260
  
204,397
  
 
Union Pacific Corp.
1,815
  
197,672
  
 
United Rentals, Inc.(a)
1,765
  
198,933
  
       
601,002
  
 
TOTAL COMMON STOCK (COST $17,495,476)
    
19,202,555
  
 
EXCHANGE TRADED FUNDS (3.9%)
    
 
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF
24,635
  
633,612
  
 
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
24,965
  
633,861
  
 
TOTAL EXCHANGE TRADED FUNDS (COST $1,245,946)
    
1,267,473
  
   
Principal
Amount
  
Fair Value
  
GOVERNMENT BOND (3.4%)
    
 
U.S. Treasury Inflation Indexed Bond, 1.375%, 01/15/2020
$   284,277
$
293,024
  
 
U.S. Treasury Inflation Indexed Bond, 0.125%, 01/15/2022
539,770
  
539,315
  
 
U.S. Treasury Inflation Indexed Bond, 0.625%, 01/15/2024
262,333
  
265,665
  
           
 
TOTAL GOVERNMENT BOND (COST $1,101,688)
    
1,098,004
  
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Principal
Amount
  
Fair Value
  
CORPORATE BONDS (27.9%)
    
Auto Manufacturers (2.1%)
    
 
Ford Motor Co., 9.215%, 09/15/2021
$   275,000
$
341,486
  
 
General Motors Financial Co, Inc., 4.000%, 01/15/2025
325,000
  
326,409
  
       
667,895
  
Banks (2.8%)
    
 
Bank of America Corp., MTN, 4.750%, 08/15/2020
250,000
  
264,601
  
 
JPMorgan Chase & Co., 3.875%, 09/10/2024
300,000
  
309,549
  
 
The Goldman Sachs Group, Inc., 5.750%, 01/24/2022
300,000
  
337,728
  
       
911,878
  
Biotechnology (0.9%)
    
 
Celgene Corp., 1.900%, 08/15/2017
300,000
  
300,127
  
Diversified Financial Services (1.0%)
    
 
Fiserv, Inc., 4.750%, 06/15/2021
300,000
  
324,251
  
           
Electronics (3.7%)
    
 
Agilent Technologies, Inc., 5.000%, 07/15/2020
270,000
  
290,433
  
 
Arrow Electronics, Inc., 5.125%, 03/01/2021
310,000
  
334,761
  
 
Avnet, Inc., 4.875%, 12/01/2022
250,000
  
264,797
  
 
Tech Data Corp., 3.750%, 09/21/2017
300,000
  
300,912
  
       
1,190,903
  
Entertainment (0.8%)
    
 
International Game Technology, 7.500%, 06/15/2019
250,000
  
274,375
  
Food (1.0%)
    
 
Ingredion, Inc., 1.800%, 09/25/2017
325,000
  
325,195
  
Healthcare Services (0.8%)
    
 
Humana, Inc., 6.300%, 08/01/2018
250,000
  
261,664
  
Insurance (1.3%)
    
 
The Travelers Cos., Inc., 5.900%, 06/02/2019
150,000
  
161,008
  
 
WR Berkley Corp., 5.375%, 09/15/2020
230,000
  
248,939
  
       
409,947
  
Oil & Gas (1.4%)
    
 
Statoil ASA, 6.700%, 01/15/2018
150,000
  
153,969
  
 
Valero Energy Corp., 9.375%, 03/15/2019
275,000
  
307,754
  
       
461,723
  
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Principal
Amount
  
Fair Value
  
Pharmaceuticals (3.1%)
    
 
Cardinal Health, Inc., 3.200%, 03/15/2023
$   320,000
$
326,262
  
 
Express Scripts Holding Co., 3.900%, 02/15/2022
640,000
  
669,887
  
       
996,149
  
Real Estate Investment Trusts (0.9%)
    
 
Weyerhaeuser Co., 7.125%, 07/15/2023
250,000
  
297,822
  
Retail (3.5%)
    
 
Dillard's, Inc., 6.625%, 01/15/2018
275,000
  
280,618
  
 
Foot Locker, Inc., 8.500%, 01/15/2022
385,000
  
450,450
  
 
Oshkosh Corp., 5.375%, 03/01/2022
100,000
  
103,750
  
 
Walgreen Co., 3.100%, 09/15/2022
305,000
  
311,084
  
       
1,145,902
  
Software (1.0%)
    
 
CA, Inc., 5.375%, 12/01/2019
300,000
  
314,970
  
Telecommunications (1.8%)
    
 
AT&T, Inc., 5.000%, 03/01/2021
255,000
  
275,850
  
 
eBay, Inc., 2.600%, 07/15/2022
300,000
  
297,326
  
       
573,176
  
Transportation (1.8%)
    
 
American Airlines Group, Inc., 6.125%, 06/01/2018
300,000
  
308,100
  
 
United Continental Holdings, Inc., 6.375%, 06/01/2018
250,000
  
259,063
  
       
567,163
  
 
TOTAL CORPORATE BONDS (COST $8,917,599)
    
9,023,140
  
 
MUNICIPAL BONDS (0.5%)
    
Kansas (0.5%)
    
 
Johnson County KS, Build America General
 Obligation Bonds, Unified School District
 No. 232, 4.950%, 09/01/2019
150,000
  
151,900
  
 
TOTAL MUNICIPAL BONDS (COST $150,722)
    
151,900
  
 
U.S. GOVERNMENT & AGENCY OBLIGATIONS (1.3%)
    
U.S. Treasury Securities (1.3%)
    
 
U.S. Treasury Note, 2.000%, 02/15/2025
435,000
  
428,934
  
           
 
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (COST $422,687)
    
428,934
  
 
Schedule of Investments
 
 
CornerCap Balanced Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
    
SHORT-TERM INVESTMENTS (2.7%)
      
 
Federated Treasury Obligation Money Market Fund, 7 Day Yield 0.836%
889,348
  
889,348
    
 
TOTAL SHORT-TERM INVESTMENTS (COST $889,348)
    
889,348
    
 
TOTAL INVESTMENTS (COST $30,223,466)
99.0%
  
32,061,354
    
TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES
  
1.0%
  
317,810
    
NET ASSETS  
100.0%
$
32,379,164
    
 
(a)
Non-income producing security.

Common Abbreviations:
ETF
Exchange Traded Fund
MTN
Medium Term Note
PLC
Public Limited Company
REIT
Real Estate Investment Trust
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
COMMON STOCK (96.6%)
    
Aerospace & Defense (1.5%)
    
 
Aerojet Rocketdyne Holdings, Inc.(a)
22,810
$
474,448
  
 
Esterline Technologies Corp.(a)
5,650
  
535,620
  
 
Moog, Inc., Class A(a)
8,745
  
627,191
  
       
1,637,259
  
Auto Parts & Equipment (2.8%)
    
 
Commercial Vehicle Group, Inc.(a)
84,985
  
718,123
  
 
Cooper-Standard Holdings, Inc.(a)
4,840
  
488,211
  
 
Standard Motor Products, Inc.
9,685
  
505,751
  
 
Strattec Security Corp.
11,255
  
398,427
  
 
Tenneco, Inc.
7,535
  
435,749
  
 
Tower International, Inc.
22,265
  
499,849
  
       
3,046,110
  
Banks (14.7%)
    
 
BankUnited, Inc.
14,705
  
495,706
  
 
Camden National Corp.
12,785
  
548,604
  
 
Carolina Financial Corp.
15,410
  
498,051
  
 
Cathay General Bancorp
13,475
  
511,376
  
 
Civista Bancshares, Inc.
23,335
  
487,235
  
 
Customers Bancorp, Inc.(a)
16,000
  
452,480
  
 
Enterprise Financial Services Corp.
11,965
  
488,172
  
 
Farmers National Banc Corp.
38,660
  
560,570
  
 
FB Financial Corp.(a)
14,360
  
519,688
  
 
Financial Institutions, Inc.
17,460
  
520,308
  
 
First Commonwealth Financial Corp.
37,820
  
479,558
  
 
First Foundation, Inc.(a)
31,290
  
514,095
  
 
First Internet Bancorp
18,120
  
508,266
  
 
First Midwest Bancorp, Inc.
21,630
  
504,195
  
 
Franklin Financial Network, Inc.(a)
12,275
  
506,344
  
 
Fulton Financial Corp.
27,905
  
530,195
  
 
Hilltop Holdings, Inc.
16,970
  
444,784
  
 
Home BancShares, Inc.
20,455
  
509,329
  
 
Independent Bank Group, Inc.
8,550
  
508,725
  
 
MainSource Financial Group, Inc.
15,075
  
505,163
  
 
Old Line Bancshares, Inc.
17,320
  
488,078
  
 
Old Second Bancorp, Inc.(a)
44,635
  
515,534
  
 
Peoples Bancorp, Inc.
15,340
  
492,874
  
 
Preferred Bank/Los Angeles CA
9,700
  
518,659
  
 
Republic Bancorp, Inc., Class A
13,825
  
493,553
  
 
S&T Bancorp, Inc.
13,760
  
493,434
  
 
Sandy Spring Bancorp, Inc.
12,485
  
507,640
  
 
TCF Financial Corp.
28,655
  
456,761
  
 
United Community Banks, Inc.
17,865
  
496,647
  
 
Valley National Bancorp
44,095
  
520,762
  
 
WesBanco, Inc.
11,795
  
466,374
  
 
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Banks (14.7%)(continued)
        
 
Western Alliance Bancorp.(a)
11,265
$
554,238
  
       
16,097,398
  
Building Materials (1.5%)
    
 
Continental Building Products, Inc.(a)
22,055
  
513,882
  
 
Global Brass & Copper Holdings, Inc.
16,995
  
519,197
  
 
Louisiana-Pacific Corp.(a)
26,465
  
638,071
  
       
1,671,150
  
Chemicals (2.4%)
    
 
A Schulman, Inc.
16,010
  
512,320
  
 
Cabot Corp.
10,100
  
539,643
  
 
Minerals Technologies, Inc.
7,190
  
526,308
  
 
OMNOVA Solutions, Inc.(a)
52,590
  
512,753
  
 
PolyOne Corp.
14,060
  
544,684
  
       
2,635,708
  
Coal Operations (1.0%)
    
 
Hallador Energy Co.
61,122
  
474,918
  
 
SunCoke Energy, Inc.(a)
53,655
  
584,839
  
       
1,059,757
  
Commercial Services (4.8%)
    
 
BG Staffing, Inc.
23,375
  
406,258
  
 
CECO Environmental Corp.
36,030
  
330,755
  
 
Heidrick & Struggles International, Inc.
25,505
  
554,734
  
 
Heritage-Crystal Clean, Inc.(a)
32,430
  
515,637
  
 
Navigant Consulting, Inc.(a)
25,145
  
496,865
  
 
Quad/Graphics, Inc.
19,230
  
440,752
  
 
RPX Corp.(a)
36,680
  
511,686
  
 
SP Plus Corp.(a)
16,380
  
500,409
  
 
The Hackett Group, Inc.
23,940
  
371,070
  
 
TrueBlue, Inc.(a)
20,630
  
546,695
  
 
Vectrus, Inc.(a)
19,810
  
640,259
  
       
5,315,120
  
Computers (1.9%)
    
 
Barracuda Networks, Inc.(a)
20,550
  
473,883
  
 
CACI International, Inc., Class A(a)
4,790
  
598,989
  
 
Convergys Corp.
20,100
  
477,978
  
 
Sykes Enterprises, Inc.(a)
16,745
  
561,460
  
       
2,112,310
  
Distribution/Wholesale (1.3%)
    
 
Anixter International, Inc.(a)
6,150
  
480,930
  
 
Essendant, Inc.
28,495
  
422,581
  
 
WESCO International, Inc.(a)
8,440
  
483,612
  
       
1,387,123
  
 
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Diversified Financial Services (3.3%)
    
 
CBIZ, Inc.(a)
32,090
$
481,350
  
 
Consolidated-Tomoka Land Co.
9,040
  
514,828
  
 
Evercore Partners, Inc., Class A
6,905
  
486,803
  
 
Federated Investors, Inc., Class B
18,605
  
525,591
  
 
Houlihan Lokey, Inc.
14,915
  
520,534
  
 
ICF International, Inc.(a)
11,515
  
542,356
  
 
INTL. FCStone, Inc.(a)
13,265
  
500,886
  
       
3,572,348
  
Electric (1.5%)
    
 
Avista Corp.
13,175
  
559,410
  
 
El Paso Electric Co.
11,610
  
600,237
  
 
NorthWestern Corp.
8,140
  
496,703
  
       
1,656,350
  
Electrical Components & Equipment (0.9%)
    
 
Atkore International Group, Inc.(a)
23,000
  
518,650
  
 
EnerSys
6,870
  
497,731
  
       
1,016,381
  
Electronics (2.0%)
    
 
CTS Corp.
24,265
  
524,124
  
 
Methode Electronics, Inc.
12,245
  
504,494
  
 
Plexus Corp.(a)
11,120
  
584,578
  
 
Sanmina Corp.(a)
15,315
  
583,502
  
       
2,196,698
  
Energy (0.9%)
    
 
Generac Holdings, Inc.(a)
13,500
  
487,755
  
 
SPX Corp.(a)
19,350
  
486,846
  
       
974,601
  
Engineering & Construction (1.4%)
    
 
Argan, Inc.
8,030
  
481,800
  
 
EMCOR Group, Inc.
7,410
  
484,466
  
 
MasTec, Inc.(a)
12,345
  
557,377
  
       
1,523,643
  
Food (1.1%)
    
 
Fresh Del Monte Produce, Inc.
9,505
  
483,900
  
 
Ingles Markets, Inc., Class A
12,075
  
402,097
  
 
SpartanNash Co.
13,602
  
353,108
  
       
1,239,105
  
Forest Products & Paper (0.9%)
    
 
Domtar Corp.
12,745
  
489,663
  
 
Schweitzer-Mauduit International, Inc.
13,135
  
489,016
  
       
978,679
  
 
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Hand & Machine Tools (0.5%)
    
 
Regal Beloit Corp.
6,355
$
518,250
  
Healthcare Products (0.4%)
    
 
AngioDynamics, Inc.(a)
29,975
  
485,895
  
Healthcare Services (2.5%)
    
 
Charles River Laboratories International, Inc.(a)
6,235
  
630,670
  
 
Civitas Solutions, Inc.(a)
28,355
  
496,213
  
 
LHC Group, Inc.(a)
7,395
  
502,047
  
 
LifePoint Health, Inc.(a)
8,515
  
571,782
  
 
Select Medical Holdings Corp.(a)
36,295
  
557,128
  
       
2,757,840
  
Home Builders (1.6%)
    
 
Century Communities, Inc.(a)
18,795
  
466,116
  
 
MDC Holdings, Inc.
20,979
  
741,188
  
 
Taylor Morrison Home Corp., Class A(a)
21,265
  
510,573
  
       
1,717,877
  
Home Furnishings (1.0%)
    
 
Hooker Furniture Corp.
11,955
  
491,948
  
 
La-Z-Boy, Inc.
17,895
  
581,588
  
       
1,073,536
  
Household Products (1.4%)
    
 
ACCO Brands Corp.(a)
41,300
  
481,145
  
 
Ennis, Inc.
24,975
  
477,023
  
 
Lifetime Brands, Inc.
30,955
  
561,833
  
       
1,520,001
  
Insurance (5.1%)
    
 
Blue Capital Reinsurance Holdings, Ltd.
26,510
  
485,133
  
 
CNO Financial Group, Inc.
32,045
  
669,100
  
 
Crawford & Co., Class B
44,575
  
414,548
  
 
Employers Holdings, Inc.
12,415
  
525,154
  
 
Essent Group, Ltd.(a)
12,585
  
467,407
  
 
FBL Financial Group, Inc., Class A
7,425
  
456,638
  
 
Fidelity & Guaranty Life
16,845
  
523,037
  
 
Kingstone Cos, Inc.
32,180
  
492,354
  
 
National General Holdings Corp.
21,950
  
463,145
  
 
State National Cos., Inc.
36,130
  
664,069
  
 
Stewart Information Services Corp.
10,680
  
484,658
  
       
5,645,243
  
Internet (1.1%)
    
 
Bankrate, Inc.(a)
49,300
  
633,505
  
 
Perficient, Inc.(a)
29,395
  
547,923
  
       
1,181,428
  
 
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Leisure Services (1.3%)
    
 
Johnson Outdoors, Inc., Class A
14,905
$
718,570
  
 
MCBC Holdings, Inc.(a)
33,480
  
654,534
  
       
1,373,104
  
Lodging (1.1%)
    
 
Century Casinos, Inc.(a)
64,435
  
474,886
  
 
Extended Stay America, Inc.
35,545
  
688,151
  
       
1,163,037
  
Media (1.3%)
    
 
John Wiley & Sons, Inc., Class A
9,360
  
493,740
  
 
Time, Inc.
37,635
  
540,062
  
 
Townsquare Media, Inc., Class A(a)
38,125
  
390,400
  
       
1,424,202
  
Metal Fabricate & Hardware (1.0%)
    
 
Kaiser Aluminum Corp.
5,950
  
526,694
  
 
Worthington Industries, Inc.
11,170
  
560,957
  
       
1,087,651
  
Mining (0.5%)
    
 
Tahoe Resources, Inc.(a)
59,040
  
508,925
  
Miscellaneous Manufacturing (3.8%)
    
 
Barnes Group, Inc.
10,435
  
610,761
  
 
Crane Co.
6,090
  
483,424
  
 
Greif, Inc., Class A
9,145
  
510,108
  
 
Hillenbrand, Inc.
13,325
  
481,032
  
 
Insteel Industries, Inc.
14,245
  
469,658
  
 
ITT, Inc.
12,560
  
504,661
  
 
Owens-Illinois, Inc.(a)
25,425
  
608,166
  
 
Park-Ohio Holdings Corp.
14,125
  
538,162
  
       
4,205,972
  
Office Furnishings (1.2%)
    
 
HNI Corp.
10,455
  
416,841
  
 
Knoll, Inc.
20,595
  
412,930
  
 
Steelcase, Inc., Class A
33,395
  
467,530
  
       
1,297,301
  
Oil & Gas (2.8%)
    
 
Evolution Petroleum Corp.
64,880
  
525,528
  
 
Exterran Corp.(a)
17,870
  
477,129
  
 
Gulfport Energy Corp.(a)
33,425
  
493,019
  
 
Par Pacific Holdings, Inc.(a)
29,215
  
527,038
  
 
Penn Virginia Corp.(a)
14,895
  
547,391
  
 
WildHorse Resource Development Corp.(a)
37,718
  
466,572
  
       
3,036,677
  
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Oil & Gas Services (0.5%)
    
 
McDermott International, Inc.(a)
74,850
$
536,675
  
Pharmaceuticals (2.3%)
    
 
Omega Protein Corp.
19,570
  
350,303
  
 
PharMerica Corp.(a)
19,390
  
508,988
  
 
Phibro Animal Health Corp., Class A
16,900
  
626,145
  
 
Prestige Brands Holdings, Inc.(a)
9,705
  
512,521
  
 
USANA Health Sciences, Inc.(a)
7,510
  
481,391
  
       
2,479,348
  
Real Estate Investment Trusts (8.8%)
    
 
Armada Hoffler Properties, Inc. REIT
39,775
  
515,086
  
 
Care Capital Properties, Inc. REIT
17,120
  
457,104
  
 
CareTrust REIT, Inc.
25,315
  
469,340
  
 
Corporate Office Properties Trust REIT
16,635
  
582,724
  
 
Gladstone Commercial Corp. REIT
27,545
  
600,206
  
 
InfraREIT, Inc. REIT
24,855
  
475,973
  
 
Lexington Realty Trust REIT
49,270
  
488,266
  
 
National Health Investors, Inc. REIT
6,385
  
505,692
  
 
One Liberty Properties, Inc. REIT(a)
20,945
  
490,741
  
 
Outfront Media, Inc. REIT
22,885
  
529,101
  
 
Potlatch Corp. REIT
12,045
  
550,456
  
 
Preferred Apartment Communities, Inc., Class A REIT
30,395
  
478,721
  
 
PS Business Parks, Inc. REIT
3,820
  
505,730
  
 
Ramco-Gershenson Properties Trust REIT
37,860
  
488,394
  
 
RLJ Lodging Trust REIT
24,975
  
496,253
  
 
Ryman Hospitality Properties, Inc. REIT
7,490
  
479,435
  
 
STAG Industrial, Inc. REIT
17,430
  
481,068
  
 
Tier REIT, Inc.
29,370
  
542,758
  
 
Xenia Hotels & Resorts, Inc. REIT
26,575
  
514,758
  
       
9,651,806
  
Retail (4.1%)
    
 
Bloomin' Brands, Inc.
26,155
  
555,271
  
 
Caleres, Inc.
18,435
  
512,124
  
 
Citi Trends, Inc.
26,820
  
569,120
  
 
HSN, Inc.
15,725
  
501,627
  
 
Party City Holdco, Inc.(a)
29,580
  
462,927
  
 
PCM, Inc.(a)
25,240
  
473,250
  
 
Perry Ellis International, Inc.(a)
23,110
  
449,721
  
 
Tilly's, Inc., Class A(a)
48,710
  
494,407
  
 
World Fuel Services Corp.
13,710
  
527,149
  
       
4,545,596
  
Savings & Loans (3.0%)
    
 
Berkshire Hills Bancorp, Inc.
17,725
  
623,034
  
 
First Defiance Financial Corp.
11,910
  
627,419
  
 
Flagstar Bancorp, Inc.(a)
20,460
  
630,577
  
 
Schedule of Investments
 
 
CornerCap Small-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Savings & Loans (3.0%)(continued)
        
 
Flushing Financial Corp.
17,120
$
482,613
  
 
Home Bancorp, Inc.
472
  
20,069
  
 
Territorial Bancorp, Inc.
15,205
  
474,244
  
 
United Community Financial Corp.
57,525
  
478,033
  
       
3,335,989
  
Semiconductors (2.1%)
    
 
Amkor Technology, Inc.(a)
45,520
$
444,730
  
 
Cohu, Inc.
30,830
  
485,264
  
 
Diodes, Inc.(a)
20,380
  
489,732
  
 
IXYS Corp.(a)
29,775
  
489,799
  
 
Nanometrics, Inc.(a)
17,590
  
444,851
  
       
2,354,376
  
Software (1.4%)
    
 
CSG Systems International, Inc.
12,555
  
509,482
  
 
Progress Software Corp.
16,265
  
502,426
  
 
Verint Systems, Inc.(a)
12,330
  
501,831
  
       
1,513,739
  
Telecommunications (2.4%)
    
 
Autobytel, Inc.(a)
39,830
  
502,256
  
 
DHI Group, Inc.(a)
68,555
  
195,382
  
 
Gray Television, Inc.(a)
33,810
  
463,197
  
 
InterDigital, Inc.
5,915
  
457,230
  
 
Telephone & Data Systems, Inc.
17,705
  
491,314
  
 
TiVo Corp.
26,505
  
494,318
  
       
2,603,697
  
Transportation (1.0%)
    
 
Aaron's, Inc.
15,215
  
591,863
  
 
McGrath RentCorp
15,755
  
545,596
  
       
1,137,459
  
Wholesale Distributors (0.5%)
    
 
ScanSource, Inc.(a)
14,495
  
584,148
  
           
 
TOTAL COMMON STOCK (COST $96,161,696)
    
105,859,512
  
 
TOTAL INVESTMENTS (COST $96,161,696)
96.6%
  
105,859,512
    
TOTAL ASSETS IN EXCESS OF OTHER LIABILITIES
  
3.4%
  
3,702,307
    
NET ASSETS
  
100.0%
 $
109,561,819
    
(a)
Non-income producing security.

Common Abbreviations:
REIT
Real Estate Investment Trust
Schedule of Investments
 
 
CornerCap Large/Mid-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
COMMON STOCK (98.8%)
    
Aerospace & Defense (1.1%)
    
 
Rockwell Collins, Inc.
2,655
$
278,987
  
Auto Manufacturers (1.0%)
    
 
General Motors Co.
7,580
  
264,769
  
Banks (12.2%)
    
 
Bank of America Corp.
11,365
  
275,715
  
 
BB&T Corp.
6,050
  
274,731
  
 
Capital One Financial Corp.
2,740
  
226,379
  
 
Citigroup, Inc.
4,235
  
283,237
  
 
Citizens Financial Group, Inc.
7,510
  
267,957
  
 
Huntington Bancshares, Inc.
18,320
  
247,686
  
 
JPMorgan Chase & Co.
2,890
  
264,146
  
 
KeyCorp
14,775
  
276,883
  
 
Regions Financial Corp.
18,470
  
270,401
  
 
The Bank of New York Mellon Corp.
5,365
  
273,722
  
 
U.S. Bancorp
4,660
  
241,947
  
 
Wells Fargo & Co.
4,890
  
270,955
  
       
3,173,759
  
Biotechnology (2.7%)
    
 
Amgen, Inc.
1,440
  
248,011
  
 
Biogen, Inc.(a)
850
  
230,656
  
 
Gilead Sciences, Inc.
3,165
  
224,019
  
       
702,686
  
Building Materials (1.0%)
    
 
DR Horton, Inc.
7,845
  
271,202
  
Chemicals (3.1%)
    
 
Celanese Corp., Class A
2,950
  
280,073
  
 
Eastman Chemical Co.
3,100
  
260,369
  
 
LyondellBasell Industries NV, Class A
3,155
  
266,251
  
       
806,693
  
Commercial Services (1.9%)
    
 
FleetCor Technologies, Inc.(a)
1,750
  
252,367
  
 
Nielsen Holdings PLC
6,075
  
234,860
  
       
487,227
  
Computers (2.5%)
    
 
Accenture PLC, Class A
2,075
  
256,636
  
 
NetApp, Inc.
6,410
  
256,721
  
 
Xerox Corp.
4,813
  
138,277
  
       
651,634
  
 
Schedule of Investments
 
 
CornerCap Large/Mid-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Diversified Financial Services (6.4%)
    
 
Alliance Data Systems Corp.
980
$
251,556
  
 
Discover Financial Services
3,190
  
198,386
  
 
Morgan Stanley
5,460
  
243,298
  
 
Raymond James Financial, Inc.
2,995
  
240,259
  
 
Synchrony Financial
6,865
  
204,714
  
 
The Western Union Co.
13,490
  
256,985
  
 
Vantiv, Inc., Class A(a)
4,230
  
267,928
  
       
1,663,126
  
Electric (1.8%)
    
 
Corning, Inc.
8,410
  
252,720
  
 
FirstEnergy Corp.
7,955
  
231,968
  
       
484,688
  
Electrical Components & Equipment (1.1%)
    
 
TE Connectivity, Ltd.
3,530
  
277,740
  
Food (5.9%)
    
 
Aramark
7,020
  
287,679
  
 
Campbell Soup Co.
4,825
  
251,624
  
 
Ingredion, Inc.
2,085
  
248,553
  
 
Sysco Corp.
4,925
  
247,875
  
 
The J.M. Smucker Co.
2,020
  
239,027
  
 
Tyson Foods, Inc., Class A
4,465
  
279,643
  
       
1,554,401
  
Hand & Machine Tools (1.0%)
    
 
Snap-on, Inc.
1,665
  
263,070
  
Healthcare Services (5.0%)
    
 
Centene Corp.(a)
3,545
  
283,174
  
 
Cigna Corp.
1,600
  
267,824
  
 
HCA Healthcare, Inc.(a)
2,790
  
243,288
  
 
UnitedHealth Group, Inc.
1,505
  
279,057
  
 
Universal Health Services, Inc., Class B
1,995
  
243,550
  
       
1,316,893
  
Insurance (7.9%)
    
 
Aflac, Inc.
3,505
  
272,268
  
 
Chubb, Ltd.
1,740
  
252,961
  
 
CNA Financial Corp.
5,595
  
272,756
  
 
Everest Re Group, Ltd.
1,045
  
266,047
  
 
Lincoln National Corp.
3,240
  
218,959
  
 
Principal Financial Group, Inc.
4,095
  
262,367
  
 
Prudential Financial, Inc.
2,275
  
246,019
  
 
The Allstate Corp.
3,120
  
275,933
  
       
2,067,310
  
 
Schedule of Investments
 
 
CornerCap Large/Mid-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Leisure Time (1.0%)
    
 
Carnival Corp.
3,835
$
251,461
  
Machinery - Construction & Mining (1.1%)
    
 
Caterpillar, Inc.
2,610
  
280,471
  
Media (0.9%)
    
 
Viacom, Inc., Class B
7,065
  
237,172
  
Miscellaneous Manufacturing (2.9%)
    
 
Eaton Corp. PLC
2,920
  
227,263
  
 
Parker-Hannifin Corp.(a)
1,600
  
255,712
  
 
WestRock Co.
4,995
  
283,017
  
       
765,992
  
Oil & Gas (8.3%)
    
 
Cabot Oil & Gas Corp.
10,760
  
269,861
  
 
Chevron Corp.
2,065
  
215,441
  
 
ConocoPhillips
5,575
  
245,077
  
 
Devon Energy Corp.
6,840
  
218,675
  
 
Diamondback Energy, Inc.(a)
2,545
  
226,021
  
 
Exxon Mobil Corp.
3,318
  
267,862
  
 
Marathon Petroleum Corp.
4,685
  
245,166
  
 
Newfield Exploration Co.(a)
8,445
  
240,345
  
 
Valero Energy Corp.
3,630
  
244,880
  
       
2,173,328
  
Pharmaceuticals (5.7%)
    
 
AbbVie, Inc.
3,915
  
283,877
  
 
AmerisourceBergen Corp.
2,575
  
243,415
  
 
Bristol-Myers Squibb Co.
4,715
  
262,720
  
 
McKesson Corp.
1,145
  
188,398
  
 
Merck & Co., Inc.
4,090
  
262,128
  
 
Pfizer, Inc.
7,140
  
239,832
  
       
1,480,370
  
Real Estate Investment Trusts (3.8%)
    
 
American Homes 4 Rent, Class A REIT
6,470
  
146,028
  
 
Corporate Office Properties Trust REIT
4,040
  
141,521
  
 
CubeSmart REIT
5,835
  
140,273
  
 
Highwoods Properties, Inc. REIT
2,750
  
139,453
  
 
National Retail Properties, Inc. REIT
3,775
  
147,603
  
 
Park Hotels & Resorts, Inc. REIT
5,165
  
139,248
  
 
PS Business Parks, Inc. REIT
1,085
  
143,643
  
       
997,769
  
 
Schedule of Investments
 
 
CornerCap Large/Mid-Cap Value Fund
 
June 30, 2017 (Unaudited)
 
   
Shares
  
Fair Value
  
Retail (4.4%)
    
 
CVS Health Corp.
2,830
$
227,702
  
 
The Gap, Inc.
11,685
  
256,953
  
 
The TJX Cos., Inc.
2,975
  
214,706
  
 
Tractor Supply Co.
3,310
  
179,435
  
 
Wal-Mart Stores, Inc.
3,555
  
269,042
  
       
1,147,838
  
Semiconductors (4.6%)
    
 
Applied Materials, Inc.
5,895
  
243,523
  
 
Intel Corp.
7,255
  
244,784
  
 
Lam Research Corp.
1,740
  
246,088
  
 
Microchip Technology, Inc.
3,450
  
266,271
  
 
QUALCOMM, Inc.
3,670
  
202,657
  
       
1,203,323
  
Software (4.0%)
    
 
Citrix Systems, Inc.(a)
3,345
  
266,195
  
 
First Data Corp., Class A(a)
15,805
  
287,651
  
 
Oracle Corp.
5,010
  
251,201
  
 
VMware, Inc., Class A(a)
2,695
  
235,624
  
       
1,040,671
  
Telecommunications (4.4%)
    
 
AT&T, Inc.
6,785
  
255,998
  
 
CenturyLink, Inc.
9,195
  
219,577
  
 
Comcast Corp., Class A
6,450
  
251,034
  
 
Discovery Communications, Inc., Class A(a)
7,745
  
200,053
  
 
Juniper Networks, Inc.
7,970
  
222,204
  
       
1,148,866
  
Transportation (3.1%)
    
 
Cummins, Inc.
1,610
  
261,174
  
 
Union Pacific Corp.
2,395
  
260,840
  
 
United Rentals, Inc.(a)
2,500
  
281,775
  
       
803,789
  
 
TOTAL COMMON STOCK (COST $23,810,775)
    
25,795,235
  
 
SHORT-TERM INVESTMENTS (1.9%)
    
 
Federated Treasury Obligations Money Market Fund, 7 Day Yield, 0.836%
488,138
  
488,138
  
           
 
TOTAL SHORT-TERM INVESTMENTS (COST $488,138)
    
488,138
  
 
TOTAL INVESTMENTS (COST $24,298,913)
100.7%
  
26,283,373
    
TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS
  
(0.7)%
  
(183,357)
    
NET ASSETS
  
100.0%
$
 26,100,016    
(a)
Non-income producing security.

Common Abbreviations:
PLC
Public Limited Company
REIT  Real Estate Investment Trust
Notes to Financial Statements
 
 
 
 
June 30, 2017 (Unaudited)
 
1. ORGANIZATION

The CornerCap Group of Funds (the "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. CornerCap Balanced Fund and CornerCap Large/Mid-Cap Value Fund currently offer Investor Shares and CornerCap Small-Cap Value Fund currently offers Investor Shares and Institutional Shares.
The investment objective of the CornerCap Balanced Fund is long-term capital appreciation and current income. CornerCap Small‐Cap Value Fund's investment objective is long-term capital appreciation with a secondary objective of generating income from dividends or interest on securities, whereas the CornerCap Large/Mid‐Cap Value Fund's investment objective is long-term capital appreciation.
2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
Accounting Estimates – In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure for contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Security Valuation – Portfolio securities including common stocks, corporate bonds, municipal bonds, exchange traded funds (ETFs), closed‐end funds, and U.S. Government and Agency obligations that are listed on national securities exchanges or the NASDAQ National Market System are valued at the last sale price or official close as of 4:00 p.m. Eastern time or, in the absence of recorded sales, at the closing bid price on such exchanges or such system. Based on obtaining active market quotes, common stocks and exchange traded funds are classified as Level 1 of the fair value hierarchy. Corporate bonds, municipal bonds, certificates of deposit and U.S. Government and Agency obligations are classified as Level 2 of the fair value hierarchy, and are priced based upon valuations provided by a recognized independent, third party pricing agent. Third‐party pricing agents value these securities by employing methodologies that utilize actual market transactions, broker‐supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings, and developments relating to specific securities in arriving at valuations. Unlisted securities that are not included on such exchanges or systems are valued at the quoted bid prices on the over‐the counter market. Shares of a registered investment company, including money market funds, that are not traded on an exchange are valued at that investment company's net asset value per share and are classified as Level 1 within the fair value hierarchy. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser under procedures established by and under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments.
Security Transactions, Investment Income and Other – Security transactions are recorded on the trade date. Realized gains and losses on sales of investments are calculated on the identified cost basis. Withholding taxes on foreign dividends have been provided in accordance with the Funds' understanding of the applicable country's tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities, using the effective interest method. In the event of a
Notes to Financial Statements
 
 
 
 
June 30, 2017 (Unaudited)
 
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.
Federal Income Taxes – For Federal income tax purposes, the Funds currently qualify, and intend to remain qualified, as regulated investment companies ("RICs") under the provisions of Subchapter M of the Internal Revenue Code of 1986 ("Code"), as amended, by complying with the requirements applicable to RICs and by distributing their investment company taxable net income including any excess realized gain which has not been offset by capital loss carryforwards, if any, to their shareholders. Accordingly, no provision for federal income or excise taxes has been made. As of and during the period ended June 30, 2017, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Distributions to Shareholders – Distributions from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.
Fair Value Measurements – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.
Various inputs are used in determining the value of each Fund's investments as of the reporting period end. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;
Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 – Significant unobservable prices or inputs (including each Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
The following is a summary of the inputs used to value the Funds' investments as of June 30, 2017:
Notes to Financial Statements
 
 
 
 
June 30, 2017 (Unaudited)
 
CornerCap Balanced Fund:
 
Valuation Inputs
  
Investments in Securities at Value*
Level 1
Level 2
Level 3
Total
Common Stocks
$
19,202,555 
$
                -
$
-
$
19,202,555 
Exchange Traded Funds
  
1,267,473
  
-
  
-
  
1,267,473
Government Bonds
  
-
  
1,098,004
  
-
  
1,098,004
Corporate Bonds
  
-
  
9,023,140
  
-
  
9,023,140
Municipal Bonds
  
-
  
151,900
  
-
  
151,900
U.S. Government & Agency Obligations
  
-
  
428,934
  
-
  
428,934
Short-Term Investments
  
889,348
  
-
  
-
  
889,348
Total
$
21,359,376
$
10,701,978
$
-
$
32,061,354
 
CornerCap Small-Cap Value Fund:
 
Valuation Inputs
  
Investments in Securities at Value*
Level 1
Level 2
Level 3
Total
Common Stocks
$
105,859,512
$
                -
$
-
$
105,859,512
Total
$
105,859,512
$
-
$
-
$
105,859,512
 
CornerCap Large/Mid-Cap Value Fund:
 
Valuation Inputs
  
Investments in Securities at Value*
Level 1
Level 2
Level 3
Total
Common Stocks
$
25,795,235
$
                -
$
-
$
25,795,235
Short-Term Investments
  
488,138
  
-
  
-
  
488,138
Total
$
26,283,373
$
-
$
-
$
26,283,373
 
* See Schedule of Investments for industry classification.

The Funds recognize transfers between levels as of the beginning of the annual period in which the transfer occurred. There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2017.
For the period ended June 30, 2017, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value of any investments. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable. The Funds did not hold any derivative instruments at any time during the period.
The amount of net unrealized appreciation (depreciation) and the cost of investment securities for tax purposes, including short-term securities as of June 30, 2017, were as follows:
 
 
 
CornerCap
Balanced Fund
 
CornerCap Small-Cap Value Fund
CornerCap
Large/Mid-Cap
Value Fund
Gross unrealized appreciation (excess of value over tax cost)
 
$
 
2,327,329
  
 
$
 
12,622,394
  
 
$
 
2,558,320
  
Gross unrealized depreciation (excess of tax cost over value)
  
 
(489,441
 
)
  
 
(2,924,578
 
)
  
 
(573,860
 
)
Net unrealized appreciation
$
1,837,888
  
$
9,697,816
  
$
1,984,460
  
Cost of investments for income tax purposes
 
$
 
30,223,466
  
 
$
 
96,161,696
  
 
$
 
24,298,913
  
Item 2.  Controls and Procedures.
(a) The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date.
 (b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3.  Exhibits
Certifications as required by Rule 30a-2(a) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


CORNERCAP GROUP OF FUNDS
 
By:
  /s/ Thomas E. Quinn  
 
Thomas E. Quinn
President (Principal Executive Officer)
  
     
Date:
  August 15, 2017  
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:
  /s/ Thomas E. Quinn  
 
Thomas E. Quinn
President (Principal Executive Officer) and Treasurer (Principal Financial Officer)
  
     
Date:
  August 15, 2017