CORNERCAP GROUP OF FUNDS /VA/, N-30D, 2000-12-01

CORNERCAP GROUP OF FUNDS /VA/
N-30D, 2000-12-01

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CornerCap Group of Funds
Manager's Report to the Shareholders
For the Semiannual Period Ended September 30, 2000

Dear Shareholder:

Attached are the portfolio valuation and financial reports for the semiannual period ended September 30, 2000. As of that date, the share net asset values (NAVs) and semiannual returns were as follows:

CornerCap Small Cap Value Fund	$ 9.86	11.2%
CornerCap Balanced Fund	$11.07	3.4%
CornerCap Emerging Growth Fund	$13.29	N/A*
(* Mutual fund created on July 31, 2000)

The above semiannual returns do not illustrate the extremes that we have experienced in the market this year. To summarize the market year to date, for the first ten weeks of the year, the more speculative technology and telecommunication sectors continued the torrid pace they had set in 1999. Through March 10, 2000, the NASDAQ was up 24% while most other indices were down. Over this ten-week period, our Small Cap Value Fund and Balanced Fund were down 5.6% and 6.5%, respectively.

Since March 10, 2000, the higher risk stocks have plummeted. As of this writing, the technology-heavy NASDAQ is down 45% from March 10 to November 29. Over this period, our two value-oriented funds have actually appreciated. Since March 10, 2000, the Small Cap Value Fund is up 20.0%, and the Balanced Fund is up 1.0%. For the calendar year to date through November 29, 2000, the Small Cap Value Fund is up 2.7%, and the Balanced Fund is down 2.6%, outpacing essentially all of the major stock indices.

As you would expect, our new Emerging Growth Fund has participated in this decline but to a lesser degree than the comparable benchmarks. The purpose of this fund is to invest in micro-cap and small-cap stocks that offer high growth potential. By design, the fund is more speculative, and it will tend to have an overweighting in areas such as computer technology, medical technology, and communications. For the quarter to date through November 29, 2000, this fund is down 18.7%. Two comparable indices, the Russell 2000 Growth Index and the Wilshire Small Cap Growth Index, are down 22.6% and 27.1%, respectively. The Emerging Growth Fund has declined 18.5% since inception (July 31, 2000).

In addition to the above three CornerCap funds, we also offer several Federated mutual funds through our mutual fund company. These are all no-load funds, and they have reasonable expense ratios. The Federated funds include a money market fund, a bond fund, a high-yield bond fund, an international equity fund, and an equity index fund. Our purpose in offering this array of mutual funds is to enable CornerCap to adequately diversify a client's assets that are not sufficient to build a portfolio of directly held stocks and/or bonds. By properly structuring every client's long-term investments, we know that we will be able to control the investment risks and capture the returns for each asset class.

We are moving from a market that was dominated by greed to a market that is more concerned with fear. Many investors who reacted to greed are now realizing significant losses. The same will be true with fear. Successful investors are not reactive but rather are consistently proactive with a long-term investment plan.

CornerCap Investment Counsel
November 30, 2000

CORNERCAP
SMALL-CAP VALUE FUND

SEMIANNUAL REPORT TO SHAREHOLDERS

A Series of
CornerCap Group of Funds
A "Series" Investment Company

FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2000

The Peachtree, Suite 1700	Advisor:	(800) 728-0670
1355 Peachtree Street, NE	Administrator:	(888) 81-FUNDS
Atlanta, Georgia 30309	Telecopier:	(404) 870-0770

CORNERCAP SMALL-CAP VALUE FUND
PORTFOLIO OF INVESTMENTS

September 30, 2000 (Unaudited)

_______________________________________________________________________________________________

Shares				Value (Note 1-A)
COMMON STOCKS -- 94.7%

	Aeorspace/Defense -- 8.8%
15,300		B.F. Goodrich		403,631
17,750		Moog Inc. Class A	$	534,719
				938,350

	Apparel -- 3.0%
17,800		Kellwood Co.		320,288

	Automotives -- 4.9%
16,800		Arvinmeritor		246,750
57,500		TBC Corp. *		280,313
				527,063
	Bank -- 6.9%
18,800		Pacific Century Financial Corp		321,950

	Beverages -- 4.2%
8,800		Constellation Brands *		444,050

	Capital Goods -- 2.0%
11,000		Manitowoc		211,750

	Construction -- 2.4%
8,600		Fluor Corp.		258,000

	Consumer Durables -- 5.1%
9,600		Salton		310,200
7,500		Maytag		232,969
				543,169
	Diversified -- 2.4%
13,500		National Service Industries		264,094
13,100		Standex International Corp.		252,994
				517,088
	Drug Industry -- 3.3%
18,600		ICN Pharmaceuticals, Inc.		352,450

	Educational Services -- 4.9%
19,400		ITT Educational Services, Inc.		526,225

	Electrical Equipment -- 3.4%
17,300		Ametek, Inc.		366,544

	Food Processing -- 6.0%
11,300		Universal Corp.		331,938
21,900		Ralcorp Holdings *		309,338
				641,276

CORNERCAP SMALL-CAP VALUE FUND
PORTFOLIO OF INVESTMENTS - (Continued)

September 30, 2000 (Unaudited)

_______________________________________________________________________________________________

Shares			Value (Note 1-A)
COMMON STOCKS - 94.7%

	Furniture -- 2.9%
14,300		Haverty Furniture	312,813

	Healthcare Equipment & Services -- 1.9%
7,000		Lincare Holdings	200,813

	Holdings Company -- 2.9%
6,100		Crane Company	313,959

	Industrial Services -- 4.1%
11,300		ABM Industries	307,219
73,000		Health Management Systems *	130,000
			437,219
	Machinery -- 2.9%
19,100		Flowserve Corporation	313,956

	Packaging and Containers -- 2.6%
13,500		Ball Corp.	272,513

	Recreation -- 9.2%
7,600		Anchor Gaming *	604,675
10,600		Polaris Industries	373,650
			978,325
	Restaurant -- 4.0%
48,700		NPC International *	424,508

	Securities Brokerage -- 2.2%
6,500		A.G. Edwards, Inc.	235,406

	Technology Hardware & Equipment -- 2.8%
6,700		Adaptec	176,713

	Technology Software -- 1.5%
40,000		Informix	165,000

	Thrift -- 3.9%
18,300		Washington Federal	416,325

	Total Common Stocks (Cost $10,210,212)		10,215,749

Principal Amount					Value (Note 1-A)
SHORT-TERM INVESTMENTS - 5.1%

$523,559	UMB Bank Short-Term Authorized Demand Notes
	(Cost $523,559)				523,559
	Total Investments (Cost $10,733,771) (a)		99.8%		10,739,308
	Liabilities in Excess of Other Assets - Net		0.2%		24,060
	Net Assets		100.00%	$	10,763,368
			======		=========

	*	Non income producing security
	(a)	Aggregate cost for federal income tax purpose is $10,733,771.

		At September 30, 2000, unrealized appreciation (depreciation) of
		securities for federal income tax purposes is as follows:

		Gross unrealized appreciation		$	1,692,571
		Gross unrealized depreciation			(1,687,033)
		Net unrealized appreciation
				$	5,538
					=========

_______________________________________________________________________________________________
See accompanying notes to financial statements

CORNERCAP SMALL-CAP VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES

Six-Months Ended September 30, 2000

_______________________________________________________________________________________________

ASSETS
	Investments at market value,
	(Identified cost $10,733,771) *(Note 1-A)*		$	10,215,749
	Cash			512,450
	Receivable for investment securities sold			0
	Interest receivable			2,300
	Dividends receivable			18,296
	Receivable for Fund shares sold			21,000
	Insurance and Reserves			11,109
		Total assets		10,780,904


LIABILITIES
	Payable for investment securities purchased			0
	Payable for fund shares redeemed			4,186
	Advisory fee payable			8,870
	Service fees payable			4,480

		Total liabilities		17,536

NET ASSETS
	(Applicable to 1,092,044 shares outstanding, unlimited shares authorized)		$	10,763,368
				=========

NET ASSET VALUE OFFERING AND REPURCHASE
	PRICE PER SHARE
	($10,763,368 -- 1,092,044 shares)		$	9.86
				====

NET ASSETS
	At September 30, 2000, net assets consisted of:
	Paid-in capital		$	10,911,281
	Undistributed net investment income			81,034
	Accumulated net realized loss on investments			(249,506)
	Net unrealized appreciation			5,538
	Extraordinary items			15,021
			$	10,763,368
				=========

_______________________________________________________________________________________________

See accompanying notes to financial statements

CORNERCAP SMALL-CAP VALUE FUND
STATEMENT OF OPERATIONS

Six-Months Ended September 30, 2000 (Unaudited)

_______________________________________________________________________________________________


INVESTMENT INCOME
Income
Dividends	$	113,763
Interest income		14,601
Extraordinary income		15,246
Total income		143,610

Expenses
Management fee *(Note 2)*		56,108
Service fees *(Note 2)*		28,054
Total expenses		84,162
Net investment income		59,447


NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized gain from security transactions		396,144
Unrealized appreciation of investments		727,569
Net gain on investments		1,123,713

$		1,183,160
		=======

_______________________________________________________________________________________________

See accompanying notes to financial statements

CORNERCAP SMALL-CAP VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS

Six-Months Ended September 30, 2000 (Unaudited)

_______________________________________________________________________________________________

			Six-Months Ended				Year Ended
			September 30, 2000				March 31, 2000
INCREASE (DECREASE) IN NET ASSETS FROM
	Operations
		Net investment income		$	59,447	$		69,137
		Net realized gain (loss) on investments			396,144			712,874
		Increase (decrease) in unrealized appreciation
		of investments			727,569			(179,827)
		Net increase (decrease) in net assets
		resulting from operations			1,183,160			602,184

	Distributions to shareholders from
		Net investment income ($0.00 and $0.06 per share, respectively)			--			(76,271)
		Realized gains ($0.00 and $1.15 per share, respectively)			--			(1,432,888)
		Total distributions			--			(1,509,159)

	Capital share transactions (a)
		Increase (Decrease) in net assets resulting from
		capital share transactions			(1,910,243)			308,766
		Total increase (decrease) in net assets			(728,567)			(598,209)

NET ASSETS
	Beginning of period				11,491,934			12,090,143
	End of period
		(including undistributed net investment income of
		$ 11,654 and $33,790, respectively)		$	10,763,367	$		11,491,934
					=========			=========

*(a)*	Summary of capital share activity follows:


			Six-Months Ended		Year Ended
			September 30, 2000		March 31, 2000
			Shares	Value	Shares	Value
	Shares sold		90,003	$ 831,027	171,424	$ 1,809,754
	Shares issued on
		reinvested of distributions	0	0	166,795	1,492,812
			90,003	$ 831,027	338,219	3,302,566
	Shares redeemed		(293,966)	(2,741,270)	(307,128)	(2,993,800)
	Net increase		(203,963)	$ (1,910,243)	31,091	$ 308,766
			========	==========	=======	==========

_______________________________________________________________________________________________

See accompanying notes to financial statements

CORNERCAP SMALL-CAP VALUE FUND
FINANCIAL HIGHLIGHTS

(For a share outstanding throughout the sixth month period)

________________________________________________________________________________________________

Years Ended March 31,

		Six-Months Ended September 30,				Years Ended March 31
				2000		2000		1999		1998		1997

Per Share Operating Performance
Net asset value, beginning of year			$	8.87	$	9.56	$	14.85	$	11.68	$	9.81

Income from investment operations -
	Net investment income			0.050		.06		.04		.21		.02
	Net realized and unrealized gain (loss) on investments			0.937		.46		(3.85)		5.05		1.93
	Total from investment operations			0.987		.52		(3.81)		5.26		1.95

Less distributions from
	Net investment income			--		(.06)		--		(.22)		(.01)
	Realized gains			--		(1.15)		(1.48)		(1.87)		(.07)
	Total distributions			--		(1.21)		(1.48)		(2.09)		(.08)
Net asset value, end of year			$	9.86	$	8.87	$	9.56	$	14.85	$	11.68
				======		=======		======		======		=======
Total Return				11.16%		5.30%		(25.98)%		47.69%		19.94%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period ($000)			$	10,763	$	11,492	$	12,090	$	17,942	$	12,856

Ratios to average net assets
	Expenses			0.75%		1.50%		1.50%		1.56%		1.71%
	Net investment income			0.53%		0.53%		0.23%		0.17%		0.19%

Portfolio turnover rate				41.25%		37.13%		39.16%		48.82%		37.13%

_______________________________________________________________________________________________
See accompanying notes to financial statements

CORNERCAP SMALL-CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS

September 30, 2000

_______________________________________________________________________________________________

(1)	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	CornerCap Small-Cap Value Fund (the "Fund") was organized on January 6, 1986 as a Massachusetts Business Trust and is registered under the Investment Company Act of 1940 as a diversified open-end management investment company. Investment operations commenced on July 17, 1986. The following is a summary of significant accounting policies followed by the Fund in the preparation of the financial statements. The policies are in conformity with generally accepted accounting principles.
	A.	Security Valuation - Portfolio securities that are listed on national securities exchanges or the NASDAQ National Market System are valued at the last sale price as of 4:15 p.m. Eastern Standard time, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchanges or such System. Unlisted securities that are not included in such System are valued at the mean of the quoted bid and asked prices in the ove r-the-counter-market. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor under procedures established by and under the general supervision and responsibility of the Fund's Board of Trustees. Short-term investments are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to maturity exceeded 60 days.
	B.	Security Transactions, Investment Income and Other - Security transactions are recorded on the next business date after trade date. Realized gains and losses on sales of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis.
	C.	Distributions to Shareholders - Distributions from net investment income and realized gains, if any, are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles.
	D.	Accounting Estimates - In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of 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.

CORNERCAP SMALL-CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS - (Continued)

September 30, 2000

(2)	TRANSACTIONS WITH AFFILIATES
	INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS

	The Fund has an investment advisory agreement with CornerCap Investment Counsel, Inc. (the *"Advisor"*), pursuant to which the Advisor receives a fee, computed daily and payable monthly, at an annual rate of 1.0% of the average daily net assets.

	In addition, the Fund has a service agreement with the Advisor, pursuant to which the Advisor receives a fee, computed daily and payable monthly, at an annual rate of .50% of average net assets.

	The Advisor will provide day to day operational services to the Fund including, but not limited to, providing or arranging to provide accounting, administrative, legal (except litigation), dividend disbursing, transfer agent, registrar, custodial, shareholder reporting, sub accounting and recordkeeping services. All fees and expenses associated with these and other functions including, but not limited to, expenses of legal compliance, shareholder communication and meetings of the shareholders and the Board of Trustees will be paid by the Advisor.

(3)	PURCHASES AND SALES OF SECURITIES

	For the six-month period ended September 30, 2000, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $2,889,717 and $3,475,518 respectively.
(4)	FEDERAL INCOME TAXES

	It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income to its share-holders. In addition, the Fund intends to pay distributions as required to avoid imposition of excise tax. Therefore, no federal income tax provision is required.