<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 0000789280
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 CORNERCAP GROUP OF FUNDS
001 B000000 811-4581
001 C000000 4048700700
002 A000000 SUITE 1700 1355 PEACHTREE STREET
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30309
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 CORNERCAP GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
<PAGE> PAGE 2
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
<PAGE> PAGE 3
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A00AA01 CORNERSTONE CAPITAL CORP.
008 B00AA01 A
008 C00AA01 801-36918
008 D01AA01 ATLANTA
008 D02AA01 GA
008 D03AA01 30309
010 A00AA01 ALLNERSTONE CAPITAL CORP
010 C01AA01 ATLANTA
010 C02AA01 GA
010 C03AA01 30309
011 A00AA01 ALLKISON, CARTER & AKERS
011 B00AA01 8-33797
011 C01AA01 ATLANTA
011 C02AA01 GA
011 C03AA01 30305
012 A00AA01 ALLTUNE FUND ADMININSTRATION, INC.
012 B00AA01 84-5672
012 C01AA01 ATLANTA
012 C02AA01 GA
012 C03AA01 30309
012 C04AA01 3035
013 A00AA01 TAIT, WELLER AND BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
013 B04AA01 1707
015 A00AA01 WACHOVIA BANK OF N.C.
015 B00AA01 C
015 C01AA01 WINSTON-SALEM
015 C02AA01 NC
015 C03AA01 27150
015 C04AA01 3099
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 WHEAT FIRST, BUTCHER & SINGER
020 C000001 37
020 A000002 INSTINET
<PAGE> PAGE 4
020 C000002 18
020 A000003 INTERSTATE, JOHNSON, LANE
020 C000003 2
020 A000004 ROBINSON, HUMPHREY
020 C000004 4
020 A000005 PAINE, WEBBER
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 62
022 A000001 WHEAT FIRST BUTCHER SINGER
022 C000001 4379
022 D000001 1766
022 A000002 INSTINET
022 C000002 1201
022 D000002 1921
022 A000003 FSC SECURITIES
022 C000003 0
022 D000003 58
022 A000004 INTERSTATE, JOHNSON, LANE
022 C000004 263
022 D000004 0
022 A000005 ROBINSON, HUMPHREY
022 C000005 312
022 D000005 221
022 A000006 DOMINION CAPITAL
022 C000006 78
022 D000006 0
022 A000007 PIANE WEBBER
022 C000007 175
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 6408
023 D000000 3966
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
<PAGE> PAGE 5
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
042 A00AA00 0
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042 F00AA00 0
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045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
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048 F01AA00 0
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048 H01AA00 0
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048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 6
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
028 A010100 96
028 A020100 0
028 A030100 0
028 A040100 40
028 B010100 551
028 B020100 0
028 B030100 0
028 B040100 109
028 C010100 393
028 C020100 88
028 C030100 0
028 C040100 86
028 D010100 740
028 D020100 0
028 D030100 0
028 D040100 454
028 E010100 245
028 E020100 0
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028 E040100 65
028 F010100 245
028 F020100 0
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028 F040100 47
028 G010100 2270
028 G020100 88
028 G030100 0
028 G040100 801
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
<PAGE> PAGE 7
039 000100 N
040 000100 Y
041 000100 N
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 Y
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 Y
054 L000100 N
054 M000100 Y
054 N000100 Y
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
058 B000100 N
058 C000100 N
058 D000100 N
058 E000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
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062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
<PAGE> PAGE 8
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
<PAGE> PAGE 9
070 R010100 N
070 R020100 N
071 A000100 6408
071 B000100 3966
071 C000100 10977
071 D000100 36
072 A000100 12
072 B000100 23
072 C000100 187
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072 L000100 6
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072 N000100 10
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<PAGE> PAGE 10
074 I000100 0
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074 M000100 5
074 N000100 12887
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074 R040100 30
074 S000100 0
074 T000100 12857
074 U010100 1101
074 U020100 0
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074 W000100 0.0000
074 X000100 455
074 Y000100 0
075 A000100 0
075 B000100 11023
076 000100 0.00
080 A000100 ICI MUTUAL
080 C000100 200
081 A000100 N
081 B000100 0
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 N
085 B000100 N
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
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062 L001000 0.0
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<PAGE> PAGE 11
062 O001000 0.0
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062 R001000 0.0
SIGNATURE THOMAS E. QUINN
TITLE PRINCIPAL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789280
<NAME> CORNERCAP GROUP OF FUNDS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 7,265,699
<INVESTMENTS-AT-VALUE> 12,847,920
<RECEIVABLES> 10,371
<ASSETS-OTHER> 28,290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,886,581
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,284
<TOTAL-LIABILITIES> 30,284
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,739,717
<SHARES-COMMON-STOCK> 1,101,025
<SHARES-COMMON-PRIOR> 853,466
<ACCUMULATED-NII-CURRENT> 22,440
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 762,043
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,332,097
<NET-ASSETS> 12,856,927
<DIVIDEND-INCOME> 187,360
<INTEREST-INCOME> 22,681
<OTHER-INCOME> 0
<EXPENSES-NET> 188,857
<NET-INVESTMENT-INCOME> 21,184
<REALIZED-GAINS-CURRENT> 1,620,467
<APPREC-INCREASE-CURRENT> 233,821
<NET-CHANGE-FROM-OPS> 1,875,472
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,865
<DISTRIBUTIONS-OF-GAINS> 75,349
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 375,974
<NUMBER-OF-SHARES-REDEEMED> 135,896
<SHARES-REINVESTED> 7,481
<NET-CHANGE-IN-ASSETS> 1,072,601
<ACCUMULATED-NII-PRIOR> 15,121
<ACCUMULATED-GAINS-PRIOR> (783,074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,002
<AVERAGE-NET-ASSETS> 12,320,627
<PER-SHARE-NAV-BEGIN> 9.81
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> .024
<PER-SHARE-DISTRIBUTIONS> .062
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.68
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
