CornerCap Fundametrics® Large-Cap ETF

Ticker: FUNL



MARCH 31, 2022




Annual Letter (unaudited)
March 31, 2022

Investment Approach

The Fund is an actively managed exchange traded fund (ETF) that prioritizes tax efficiency. It invests primarily in equity securities listed on a US exchange based on the results of a proprietary, quantitative research system called “Fundametrics.” Fundametrics groups companies with similar characteristics into custom peer groups. Each peer group is evaluated with respect to CornerCap Investment Counsel’s (the “Advisor”) fundamental library of factors across all major styles (value, growth, garp, price momentum, quality, risk) to find the optimized risk adjusted mix. Overall, valuation maintains the highest weight and greatest importance, but each peer group can have an independent style representation.

Management Discussion of Fund Performance

For the twelve months ending March 31, the CornerCap Large Cap Value Fund returned 12.11% in NAV and 12.16% in market price, beating the Russell 1000 Value’s 11.67%. (The Russell 1000 Value Index represents a composite of large and mid-cap companies located in the United States that are considered to be fundamentally undervalued.) The Fund’s return reflects fees and operating expenses, while the index return does not. For tax-sensitive investors seeking an alternative to Big Tech Growth in an improving economy, we believe our Fund is well positioned.

The past year saw major changes in big picture economic forces. The severity of COVID outbreaks receded last September to support economic reopening, to the point that surging pent-up demand uncovered major supply shortages by December and accelerated the need to fight mounting inflation. The specter of rising rates and decades-high inflation upended the investment playbook of the past few years, catching many investors by surprise.

During this period, our strategy navigated these challenges well, identifying opportunities early and effectively positioning our portfolio for an environment of improving economic growth, moderate inflation, and at least a reasonable rise in interest rates.

Importantly, our strategy’s emphasis on diversified but higher quality cyclical stocks gained relative momentum through this period. Notably, the handful of stocks that dominated during the pandemic—namely, Big Tech Growth—began to lag meaningfully in December, bringing relative support to Value-type stocks.


Valuation Becoming More Important

The fundamental models behind our strategy were mixed for much of last summer and the fall, but by year-end began performing as expected. For the past three months, stocks ranked as Buys had a compelling positive spread of over 700 basis points vs. our Holds, and almost 1200 basis points vs. our Sells. (Note: a basis point is a standard unit of measure for interest rates and percentages, where one basis point equals one-one-hundredth of a percent.) This is in contrast to last summer and fall, where our Sells were beating our Buys by about 100 to 150 basis points. In times where the most expensive stocks are rallying, this inversion is not a surprise. Our research shows that this inversion is typically not sustainable.

Valuation—the price an investor pays for a stock’s fundamentals—tends to matter over time, and became an important driver of our performance, even relative to our Value benchmark. Since December, important factors like Price to Free Cash Flow (i.e., the price of a stock in relation to the excess cash flow per share generated by the company) and various Price to Earnings ratios (i.e., the price of a stock relative to various ways of measuring the earnings per share generated by the company) were very effective and represent key components of our strategy. Signs of improving fundamental outlooks also mattered, whether better margin trends or level of analyst revisions to earnings.

During this period of high volatility—and rising concern that aggressive rate hikes by the Fed might induce recession—defensive styles also performed well, including stocks with a lower volatility profile or higher Dividend Yield.

Detailed Look at Stock Selection and Sector Allocation since December

Relative to the benchmark, our stock selection in this period was strongest in Healthcare, Industrials and Energy, partially offset by negative selection in Communication Services, Consumer Discretionary and Financials. Healthcare benefited from our selection in Pharmaceutical companies Abbvie, Bristol Myers, and Amgen. Industrials benefited from Defense companies Lockheed Martin and L3Harris and Energy from our selection of Occidental Petroleum. (Note: For a complete list of holdings, see schedule of investments on p. 7)

Communication services trailed due to positions in Pinterest, Meta Platforms and Roku, which was partially offset by strength from Activision Blizzard. Financials was negatively impacted by not owning Berkshire Hathaway and headwinds from credit card companies, Capitol One, Discover and Synchrony.

Sector allocation for the portfolio was slightly positive during the quarter. Positive contributions came from being overweight Energy and from being underweight Consumer Stapes and Financials. Negative contributions came from overweight allocations to Consumer Discretionary and Technology.


Commodity exposure was a significant driver of returns this quarter. The Russell 1000 Value Energy sector returned 39% and Basic Materials Metals and Mining returned 30%. The portfolio’s commodity overweight in Energy was partially offset by being underweight Metals and Mining.

Bottom Line

We expect markets to remain volatile as big picture policy decisions and economic forces buffet investors. Inflation is likely to remain higher than expected for the year, forcing the Fed to be aggressive in raising rates. Many investors fear these rate hikes could risk recession; those fears have historical merit, and we expect the economy to slow. Offsetting this downdraft in part, we believe consumer spending and corporate earnings trends remain solid, which may help avoid a deep slow-down.

For investors seeking a tax-efficient approach that favors diversified exposure to stocks with attractive fundamental outlooks at a reasonable price, we believe the Fund is well positioned.

Investing involves risk, including possible loss of principal. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Because the Fund is a “fund of funds,” its investment performance largely depends on the investment performance of the Underlying Funds in which it invests, and the Fund is subject to the risks associated with the Underlying Funds. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Derivatives may be more sensitive to changes in market conditions, amplifying risks. The Fund may engage in writing covered call options, which may limit its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. A liquid market may not exist for options held by the Fund. While the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock’s current market price. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high -yield bonds. Diversification may not protect against market risk.

CornerCap Investment Counsel serves as the advisor to the CornerCap Fundametrics ® Large- Cap ETF (FUNL) which is distributed by Quasar Distributors, LLC.

Must be preceded or accompanied by a prospectus.


CornerCap Fundametrics® Large-Cap ETF 

Performance Summary (Unaudited)
March 31, 2022


Comparison of a Hypothetical $10,000 Investment in
the CornerCap Fundametrics® Large-Cap ETF;
and Russell 1000 Value Total Return Index
(At Net Asset Value)



Investment Returns 

For the periods ended March 31, 2022

  One Year   Since Inception*
CornerCap Fundametrics® Large-Cap ETF**        
NAV   12.11%   25.33%
Market   12.16%   25.49%
Russell 1000 Value Total Return Index   11.67%   24.75%

* Average annualized returns.
** Inception date on August 19, 2020.

CornerCap Fundametrics® Large-Cap ETF

Expense Example (Unaudited)
March 31, 2022

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, shareholder servicing fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022 (the “period”).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

Expenses Paid During the Period

Account Value
Account Value
During the
Period (1)
Actual Fund Return   $ 1,000.00     $ 1,069.90     $ 2.58  
Hypothetical 5% Return     1,000.00       1,022.44       2.52  

(1) Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/365. The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

CornerCap Fundametrics® Large-Cap ETF

Allocation of Portfolio Holdings
March 31, 2022

(Calculated as a percentage of Total Investments)


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments
March 31, 2022

Security Description   Shares     Value  
Common Stocks ― 97.1%                
Aerospace/Defense ― 2.6%                
General Dynamics Corp.     2,569     $ 619,591  
L3Harris Technologies, Inc.     3,509       871,881  
Lockheed Martin Corp.     2,774       1,224,444  
Raytheon Technologies Corp.     5,558       550,631  
Total Aerospace/Defense             3,266,547  
Agriculture ― 1.5%                
Altria Group, Inc.     18,194       950,636  
Philip Morris International, Inc.     10,101       948,888  
Total Agriculture             1,899,524  
Apparel ― 0.9%                
NIKE, Inc.     7,937       1,068,003  
Total Apparel             1,068,003  
Auto Manufacturers ― 0.7%                
Cummins, Inc.     4,471       917,047  
Total Auto Manufacturers             917,047  
Banks ― 7.6%                
Bank of America Corp.     23,048       950,039  
Citigroup, Inc.     24,692       1,318,553  
Citizens Financial Group, Inc.     21,324       966,617  
JPMorgan Chase & Co.     13,614       1,855,861  
KeyCorp     45,451       1,017,193  
Truist Financial Corp.     16,052       910,148  
US Bancorp     16,318       867,302  
Wells Fargo & Co.     33,603       1,628,401  
Total Banks             9,514,114  
Beverages ― 1.6%                
Coca-Cola Co/The     17,036       1,056,232  
Constellation Brands, Inc. - Class A     4,040       930,493  
Total Beverages             1,986,725  
Biotechnology ― 2.7%                
Amgen, Inc.     4,347       1,051,191  
Biogen, Inc.*     4,600       968,760  
Gilead Sciences, Inc.     12,708       755,491  
Regeneron Pharmaceuticals, Inc.*     779       544,069  
Total Biotechnology             3,319,511  
Building Materials ― 0.4%                
Johnson Controls International Plc     7,795       511,118  
Total Building Materials             511,118  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Continued)
March 31, 2022

Security Description   Shares     Value  
Chemicals ― 3.6%                
Celanese Corp.     3,016     $ 430,896  
Dow, Inc.     17,803       1,134,407  
Eastman Chemical Co.     8,110       908,807  
FMC Corp.     7,877       1,036,377  
LyondellBasell Industries NV - Class A     9,050       930,521  
Total Chemicals             4,441,008  
Commercial Services ― 3.3%                
Equifax, Inc.     2,232       529,207  
FleetCor Technologies, Inc.*     4,455       1,109,563  
Global Payments, Inc.     7,420       1,015,353  
PayPal Holdings, Inc.*     8,680       1,003,842  
TransUnion     4,445       459,346  
Total Commercial Services             4,117,311  
Computers ― 1.3%                
NetApp, Inc.     10,691       887,353  
Western Digital Corp.*     15,817       785,314  
Total Computers             1,672,667  
Diversified Financial Services ― 5.6%                
BlackRock, Inc.     1,612       1,231,842  
Capital One Financial Corp.     6,757       887,127  
CBOE Global Markets, Inc.     8,643       988,932  
Discover Financial Services     9,028       994,795  
Raymond James Financial, Inc.     5,011       550,759  
Synchrony Financial     26,903       936,493  
T Rowe Price Group, Inc.     3,431       518,733  
Visa, Inc. - Class A     4,270       946,958  
Total Diversified Financial Services             7,055,639  
Electric ― 4.2%                
Ameren Corp.     11,746       1,101,305  
American Electric Power Co., Inc.     10,830       1,080,509  
CenterPoint Energy, Inc.     18,140       555,810  
Duke Energy Corp.     9,127       1,019,121  
PPL Corp.     32,870       938,767  
Sempra Energy     3,163       531,763  
Total Electric             5,227,275  
Electrical Components & Equipment ― 0.8%                
Emerson Electric Co.     10,407       1,020,406  
Total Electrical Components & Equipment             1,020,406  
Electronics ― 0.4%                
Fortive Corp.     7,177       437,295  
Total Electronics             437,295  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Continued)
March 31, 2022

Security Description   Shares     Value  
Food ― 3.1%                
Albertsons Cos, Inc.     26,473     $ 880,227  
Campbell Soup Co.     9,190       409,599  
Conagra Brands, Inc.     30,312       1,017,574  
Hershey Co/The     2,767       599,415  
Tyson Foods, Inc. - Class A     10,935       980,104  
Total Food             3,886,919  
Forest Products & Paper ― 0.8%                
International Paper Co.     22,328       1,030,437  
Total Forest Products & Paper             1,030,437  
Health Care ― 4.9%                
Abbott Laboratories     7,910       936,228  
Align Technology, Inc.*     2,491       1,086,076  
Centene Corp.*     11,862       998,662  
IQVIA Holdings, Inc.*     2,225       514,442  
Molina Healthcare, Inc.*     1,569       523,403  
UnitedHealth Group, Inc.     2,112       1,077,056  
Universal Health Services, Inc. - Class B     6,742       977,253  
Total Health Care             6,113,120  
Home Builders ― 1.7%                
DR Horton, Inc.     11,279       840,398  
Lennar Corp. - Class A     5,028       408,123  
NVR, Inc.*     203       906,856  
Total Home Builders             2,155,377  
Insurance ― 2.9%                
Fidelity National Financial, Inc.     21,815       1,065,445  
Hartford Financial Services Group Inc/The     13,937       1,000,816  
MetLife, Inc.     7,785       547,130  
Travelers Cos, Inc./The     5,876       1,073,721  
Total Insurance             3,687,112  
Internet ― 5.3%                
Alphabet, Inc. - Class A*     746       2,074,887  
Booking Holdings, Inc.*     443       1,040,363  
eBay, Inc.     18,290       1,047,285  
Expedia Group, Inc.*     2,399       469,412  
Meta Platforms, Inc. - Class A*     4,549       1,011,516  
Pinterest, Inc. - Class A*     38,901       957,354  
Total Internet             6,600,817  
Machinery ― 0.8%                
Westinghouse Air Brake Technologies Corp.     10,822       1,040,752  
Total Machinery             1,040,752  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Continued)
March 31, 2022

Security Description   Shares     Value  
Media ― 0.4%                
Comcast Corp.     10,726     $ 502,191  
Total Media             502,191  
Miscellaneous Manufacturing ― 2.1%                
3M Co.     5,017       746,931  
Parker-Hannifin Corp.     3,206       909,735  
Textron, Inc.     13,624       1,013,353  
Total Miscellaneous Manufacturing             2,670,019  
Oil and Gas ― 6.4%                
ConocoPhillips     4,905       490,500  
Diamondback Energy, Inc.     8,660       1,187,113  
Exxon Mobil Corp.     18,296       1,511,067  
Marathon Petroleum Corp.     12,448       1,064,304  
Occidental Petroleum Corp.     25,646       1,455,154  
Schlumberger NV     26,510       1,095,128  
Valero Energy Corp.     12,415       1,260,619  
Total Oil and Gas             8,063,885  
Other Investment Pools and Funds ― 0.8%                
Carlyle Group, Inc./The     19,989       977,662  
Total Other Investment Pools and Funds             977,662  
Pharmaceuticals ― 7.0%                
AbbVie, Inc.     6,229       1,009,783  
Bristol-Myers Squibb Co.     22,846       1,668,443  
CVS Health Corp.     14,140       1,431,109  
Johnson & Johnson     9,151       1,621,832  
Merck & Co., Inc.     19,993       1,640,426  
Pfizer, Inc.     27,619       1,429,836  
Total Pharmaceuticals             8,801,429  
Pipelines ― 0.8%                
Kinder Morgan, Inc.     52,585       994,382  
Total Pipelines             994,382  
Private Equity ― 0.4%                
Blackstone, Inc.     4,381       556,124  
Total Private Equity             556,124  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Continued)
March 31, 2022

Security Description   Shares     Value  
Real Estate Investment Trusts (REITs) ― 4.3%                
Crown Castle International Corp.     2,617     $ 483,098  
Douglas Emmett, Inc.     14,394       481,048  
Essex Property Trust, Inc.     1,341       463,289  
Healthpeak Properties, Inc.     14,189       487,108  
Host Hotels & Resorts, Inc.     30,692       596,346  
Invitation Homes, Inc.     13,301       534,434  
Lamar Advertising Co. - Class A     4,695       545,465  
National Retail Properties, Inc.     10,702       480,948  
SBA Communications Corp. - Class A     1,369       471,073  
STORE Capital Corp.     15,665       457,888  
Sun Communities, Inc.     2,536       444,535  
Total Real Estate Investment Trusts (REITs)             5,445,232  
Retail ― 4.2%                
Lowe’s Cos, Inc.     2,095       423,588  
McDonald’s Corp.     4,224       1,044,511  
O’Reilly Automotive, Inc.*     1,554       1,064,428  
Starbucks Corp.     8,651       786,981  
Ulta Beauty, Inc.*     2,687       1,070,017  
Walgreens Boots Alliance, Inc.     20,134       901,399  
Total Retail             5,290,924  
Semiconductors ― 3.6%                
Broadcom, Inc.     843       530,820  
Micron Technology, Inc.     12,625       983,361  
NXP Semiconductors NV     2,343       433,642  
ON Semiconductor Corp.*     18,238       1,141,881  
Qorvo, Inc.*     7,245       899,105  
QUALCOMM, Inc.     3,219       491,928  
Total Semiconductors             4,480,737  
Software ― 6.5%                
Adobe, Inc.*     2,258       1,028,790  
Autodesk, Inc.*     5,075       1,087,826  
Electronic Arts, Inc.     3,844       486,304  
Fidelity National Information Services, Inc.     10,797       1,084,235  
Microsoft Corp.     3,349       1,032,530  
Oracle Corp.     12,649       1,046,452  
SS&C Technologies Holdings, Inc.     12,598       945,102  
VMware, Inc. - Class A*     7,825       891,033  
Zoom Video Communications, Inc. - Class A*     4,557       534,217  
Total Software             8,136,489  
Telecommunications ― 1.5%                
AT&T, Inc.     40,423       955,195  
Cisco Systems, Inc.     16,263       906,825  
Total Telecommunications             1,862,020  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Continued)
March 31, 2022

Security Description   Shares     Value  
Transportation ― 2.4%                
CSX Corp.     27,741     $ 1,038,901  
FedEx Corp.     4,108       950,550  
Norfolk Southern Corp.     3,627       1,034,493  
Total Transportation             3,023,944  
Total Common Stocks (Cost ― $112,588,505)           $ 121,773,762  
Short-Term Investment ― 3.4%                
First American Government Obligations Fund - Class X - 0.19% (a)     4,232,378       4,232,378  
Total Short-Term Investment (Cost ― $4,232,378)           $ 4,232,378  
Total Investments ― 100.5% (Cost ― $116,820,883)             126,006,140  
Liabilities in Excess of Other Assets ― (0.5)%             (632,699 )
Total Net Assets ― 100.0%           $ 125,373,441  

* Non-income producing security.

(a) The rate reported is the annualized seven-day yield at period end.

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Statement of Assets and Liabilities
March 31, 2022

Investments in securities at value (cost $116,820,883)   $ 126,006,140  
Dividends and interest     136,301  
Total assets     126,142,441  
Investment securities purchased     719,789  
Due to Investment Adviser     49,211  
Total liabilities     769,000  
Net Assets   $ 125,373,441  
Components of Net Assets:        
Paid-in capital   $ 117,217,051  
Total accumulated earnings     8,156,390  
Net Assets   $ 125,373,441  
Net Assets   $ 125,373,441  
Shares Outstanding (unlimited number of shares authorized, no par value)     3,555,000  
Net asset value, offering and redemption price per share   $ 35.27  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Statement of Operations

For the Year Ended March 31, 2022

Investment Income:      
Dividend income (Net of foreign tax of $1,174)   $ 2,330,749  
Interest income     684  
Total investment income     2,331,433  
Advisory fees     535,778  
Total expenses     535,778  
Net investment income     1,795,655  
Realized and Unrealized Gain on Investments and In-Kind Redemptions        
Net realized gain (loss) on:        
Investments     (1,473,058 )
In-Kind Redemptions     14,323,909  
Net realized gain     12,850,851  
Net change in unrealized appreciation/depreciation on investments     (2,643,837 )
Net realized and unrealized gain on investments and in-kind redemptions     10,207,014  
Net Increase in Net Assets Resulting from Operations   $ 12,002,669  

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Statements of Changes in Net Assets

    For the Year
March 31, 2022
    For the Period
March 31, 2021*
Net investment income   $ 1,795,655     $ 603,309  
Net realized gain on investments and in-kind redemptions     12,850,851       3,138,598  
Net change in unrealized appreciation/depreciation on investments     (2,643,837 )     11,829,094  
Net increase in net assets resulting from operations     12,002,669       15,571,001  
Distributions to shareholders:     (1,691,479 )     (259,883 )
Decrease in net assets from distributions to shareholders     (1,691,479 )     (259,883 )
Capital Transactions:                
Proceeds from shares sold     89,216,772       96,397,320  
Cost of shares repurchased     (70,989,689 )     (14,873,270 )
Net increase in net assets from capital transactions     18,227,083       81,524,050  
Total Increase in Net Assets     28,538,273       96,835,168  
Net Assets:                
Beginning of period     96,835,168        
End of period   $ 125,373,441     $ 96,835,168  
Capital Share Transactions:                
Shares sold     2,595,000       3,540,000  
Shares repurchased     (2,070,000 )     (510,000 )
Net increase in shares outstanding     525,000       3,030,000  

* Commencement of operations on August 19, 2020.

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Financial Highlights

For a capital share outstanding throughout each period:

    For the Year
March 31, 2022
    For the Period
March 31, 2021*
Net Asset Value, Beginning of Period   $ 31.96     $ 25.00  
Income from Investment Operations:                
Net investment income (1)     0.57       0.33  
Net realized and unrealized gain on investments     3.28       6.76  
Total Gain from Investment Operations     3.85       7.09  
Less Distributions:                
Net investment income     (0.54 )     (0.13 )
Net realized gain on investments     0.00 ^      
Total Distributions     (0.54 )     (0.13 )
Net Asset Value, End of Period   $ 35.27     $ 31.96  
Total Return     12.11 %     28.41 % (2)
Supplemental Data and Ratios:                
Net assets, end of period (in thousands)   $ 125,373     $ 96,835  
Ratio of expenses to average net assets     0.50 %     0.50 % (3)
Ratio of net investment income to average net assets     1.68 %     1.89 % (3)
Portfolio turnover rate (4)     26 %     6 % (2)

* Commencement of operations on August 19, 2020.
^ Amount is less than $0.01 per share.
(1) Per share amounts have been calculated using average shares method.
(2) Not Annualized.
(3) Annualized.
(4) Portfolio turnover rate excludes securities received or delivered in-kind.

The accompanying notes are an integral part of these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements

March 31, 2022 

Note 1 – Organization

CornerCap Fundametrics® Large-Cap ETF (the “Fund”) is a diversified series of Trust for Advised Portfolios (the “Trust”). The Trust, a Delaware Statutory Trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. CornerCap Investment Counsel, Inc. (the “Adviser”) serves as the investment manager to the Fund. The inception date of the Fund was August 19, 2020. The investment objective of the Fund seeks long-term capital appreciation.

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe” or the “Exchange”). Market prices for the shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 25,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the “Distributor”). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period reported. Actual results may differ from those estimates.

(a) Securities Valuation – Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Fund are valued at the last sale price in the over-the-counter (“OTC”) market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.


CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Continued)

March 31, 2022 

Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Short-term investments classified as money market instruments are valued at net asset value (“NAV”). These investments are categorized as Level 1 of the fair value hierarchy.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:

Level 1 - quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.


Level 2 - observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.


Level 3 - significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Fund’s investments in each category investment type as of March 31, 2022:

Description     Level 1     Level 2     Level 3     Total  
Common Stocks   $ 121,773,762   $   $   $ 121,773,762  
Short-Term Investment     4,232,378             4,232,378  
Total   $ 126,006,140   $   $   $ 126,006,140  

See the Schedule of Investments for further detail of investment classifications.

(b) Securities Transactions, Investment Income and Distributions – The Fund records security transactions based on trade date. Realized gains and losses on sales of securities are reported based on identified cost of securities delivered. Dividend income and expense are recognized on the ex-dividend date, and interest income and expense are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. The Advisor pays any Trust-level expenses allocated to the Fund.


CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Continued)

March 31, 2022 

(c)   Distributions to shareholders – Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(d) Federal Income Taxes – The Fund has elected to be taxed as a Regulated Investment Company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all net taxable income to its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses is recorded by the Fund.

Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the year ended March 31, 2022, the Fund did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(e)   REIT distribution – The character of distributions received from Real Estate Investment Trusts (‘’REITs’’) held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund’s records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

Note 3 – Investment Management Agreement and Other Related Party Transactions

The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Adviser a monthly fee based on the Fund’s average daily net assets at annual rate of 0.50%. Additionally, the Adviser is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Adviser is not responsible for, and the Fund will bear the cost of, (i) interest expense, (ii) taxes, (iii) brokerage expenses and other expenses connected with the execution of portfolio securities transactions, (iv) dividends and expenses associated with securities sold short, (v) non-routine expenses and fees, and (vi) expenses paid by the Trust under any plan adopted pursuant to Rule 12b-1 under the 1940 Act.



CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Continued)

March 31, 2022 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund’s custodian and provides compliance services to the Fund. Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’s distributor and principal underwriter.

Note 4 – Investment Transactions

Purchases and sales of investment securities (excluding short-term securities, in-kind transactions, and U.S. government obligations) for the period ended March 31, 2022, were as follows:

Purchases   $ 91,239,480  
Sales   $ 27,408,143  

Purchases and sales of in-kind transactions associated with creations and redemptions during the period ended March 31, 2022, were as follows:

Purchases In-Kind   $ 21,823,256  
Sales In-Kind   $ 69,217,188  

Note 5 – Commitments and Contingencies

In the normal course of business, the Fund enters into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

Note 6 – Subsequent Events

Management has evaluated events and transactions that occurred subsequent to March 31, 2022 through the date the financial statements have been issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.


CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Continued)

March 31, 2022 

Note 7 – Federal Income Tax Information

At March 31, 2022, the components of accumulated earnings for income tax purposes were as follows:

Tax Cost of Investments   $ 116,850,180  
Unrealized Appreciation     13,614,883  
Unrealized Depreciation     (4,458,923 )
Net Unrealized Appreciation on Investments     9,155,960  
Undistributed Ordinary Income     460,644  
Other Accumulated Gain/(Loss)     (1,460,214 )
Total Accumulated Earnings   $ 8,156,390  

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2022, permanent differences in book and tax accounting have been reclassified to capital, and accumulated earnings as follows:

Accumulated Earnings Paid In Capital
$ (14,338,165) $ 14,338,165

The tax character of distributions paid during the year/period ended March 31, 2022 and March 31, 2021 were as follows:

Distributions Paid From:     Year Ended
March 31, 2022
    Period Ended
March 31, 2021
Ordinary Income   $ 1,686,383   $ 259,883  
Long Term Capital Gain     5,096      
Total Distributions Paid   $ 1,691,479   $ 259,883  

The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve-month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of March 31, 2022, the Fund had no late-year or post-October losses.


CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Continued)

March 31, 2022 

At March 31, 2022, the Fund had capital loss carryforwards, which reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

Not Subject to Expiration
$ 1,460,214





To the Board of Trustees of Trust for Advised Portfolios
and the Shareholders of CornerCap Fundametrics®


Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of CornerCap Fundametrics® Large-Cap ETF, a series of shares of beneficial interest in Trust for Advised Portfolios (the “ Fund ”), including the schedule of investments, as of March 31, 2022 and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period August 19, 2020 (commencement of operations) through March 31, 2021, and the related notes (collectively referred to as the “ financial statements ”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and for the period August 19, 2020 through March 31, 2021, in conformity with accounting principles generally accepted in the United States of America.


Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB ”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.


We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.


Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.




We have served as the auditor of one or more of the Funds in the Trust for Advised Portfolios since 2010.


Philadelphia, Pennsylvania

May 25, 2022


CornerCap Fundametrics® Large-Cap ETF
Additional Information (Unaudited)
March 31, 2022


Quarterly Portfolio Schedule

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund’s Form N-PORT is available without charge by visiting the SEC’s Web site at and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.


Proxy Voting

You may obtain a description of the Fund’s proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at 1-800-617-0004 or on the EDGAR Database on the SEC’s website at The Fund files its proxy voting records annually as of June 30, with the SEC on Form N-PX. The Fund’s Form N-PX is available without charge by visiting the SEC’s website at and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.


Frequency Distribution of Premiums and Discounts

Information regarding how often shares of each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV is available on the Fund’s website at


Tax Information

For the year ended March 31, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100%.


For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended March 31, 2022 was 100%.


The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Fund was 0.47%.


CornerCap Fundametrics® Large-Cap ETF
Trustees and Officer Information (Unaudited)



Name, Address
and Age
Held with
Term of
Office (1)
and Length of
Time Served
Principal Occupation(s)
During Past 5 Years
Number of
in Fund
Complex (2)
by Trustee
Directorships (3)
Held During Past 5
by Trustee
Independent Trustees (4)        
John Chrystal
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1958
Trustee Since 2011 Retired. 1 The Bancorp, Inc. (2013 to present); Insurance Acquisition Corp II (2020 to present); Regatta Loan Management LLC (2015 to present).
Harry E. Resis
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1945
Trustee Since 2012 Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors 1 None
Brian S. Ferrie
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1958
Trustee Since 2020 Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020) 1 None
Wan-Chong Kung
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1960
Trustee Since 2020 Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019) 1 None
Interested Trustee (5)          
Christopher E. Kashmerick
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1974
Trustee, Chairman, President and Principal Executive Officer Trustee since 2018; Chairman Since 2018; President and Principal Executive Officer since 2014 Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present) 1 None

CornerCap Fundametrics® Large-Cap ETF

Trustees and Officer Information (Continued) (Unaudited)


Name, Address and Age Position(s) Held
with Trust
Term of Office (1) and
Length of Time Served
Principal Occupation(s)
During Past 5 Years
Steven J. Jensen
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1957
Vice President, Chief Compliance Officer and AML Officer Since 2014 Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present)
Russell B. Simon
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth:1980
Treasurer and Principal Financial Officer Since 2014 Vice President, U.S. Bancorp Fund Services, LLC
(2011 to present)
Scott A. Resnick
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1983
Secretary Since 2019 Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 - present); Associate, Legal & Compliance, PIMCO (2012-2018)


(1) Each Trustee serves an indefinite term; however, under the terms of the Board’s retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.


(2) The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment advisor with any other series.


(3) “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.


(4) The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).


(5) Mr. Kashmerick is an “interested person” of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Fund’s administrator, fund accountant, and transfer agent.


The Fund’s Statement of Additional Information (“SAI”) includes information about the Fund’s Trustees and is available without charge, upon request, by calling 1-800-617-0004.




The Fund collects non-public information about you from the following sources:


Information we receive about you on applications or other forms;


Information you give us orally; and/or


Information about your transactions with us or others.


We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.


In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.


Investment Adviser

CornerCap Investment Counsel, Inc.

The Peachtree, Suite 1700, 1355 Peachtree Street NE

Atlanta, GA 30309



Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202



U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212


Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202


Independent Registered Public Accounting Firm


1835 Market Street, 3 rd Floor

Philadelphia, PA 19103


Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004


This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.