The funds' share prices are determined based upon net asset value ("NAV"). The funds calculate a NAV at approximately 4:15 p.m., eastern standard time, each day that the New York Stock Exchange is open for trading. The NAV per share of each fund is determined by dividing the total value of the applicable fund's investments and other assets less any liabilities by its number of outstanding shares.
You can purchase shares of the funds in one of two ways. You can purchase shares by mail or by wire. Each fund's minimum initial investment is $2,000 and minimum subsequent investment is $250. The funds are also available on the Charles Schwab and Jack White (Waterhouse) fund networks.
By Mail. You may purchase shares of a fund by mailing a completed account application with a check payable to the CornerCap Group of Funds to us at the following address:
CornerCap Group of Funds
P.O. Box 588
Portland, ME 04112
By Wire. We still need you to mail us a completed account application and then request that your bank transmit your investment by wire directly to the appropriate fund. Please call the Funds Administrator at 1-888-813-8637 to obtain complete wiring instructions. Please note that your bank may charge you a fee for this transaction.
Yes. To exchange between funds simply means that you are exchanging your shares in any CornerCap fund for those in another CornerCap fund. The exchange will be based on the price of the respective NAVs at the time of exchange. Before making any change, however, be sure to review and consider the fund differences. The Balanced Fund, the Small Cap Value Fund and the Contrarian Fund each charge a 1.00% redemption fee that is applicable to all redemptions (sales or exchanges) made within sixty (60) days of your initial purchase of shares in the applicable Fund.
Please note that because an exchange is simply the redemption of shares from one fund followed by the purchase of shares in another, any gain or loss realized on the exchange is recognizable for federal income tax purposes - unless your account is tax deferred. You may make up to four exchanges during a calendar year between identically registered accounts.
You can redeem full and fractional shares of a fund for cash at the next determined NAV after we receive a completed redemption request.
To redeem shares, you should give instructions that specify to the CornerCap Group of Funds the appropriate fund and number of shares to be redeemed.
Your instructions must be signed by all registered owners exactly as the account is registered. If your redemption request is under $25,000, you may call us for instructions to redeem your shares via facsimile. Redemptions of $25,000 or more require a signature guarantee. A signature guarantee is required for any redemption that is to be mailed to an address other than the address of record regardless of the amount.
Payments for shares tendered generally will be made within three days after receipt by the transfer agent. However, payment may be delayed under unusual circumstances or for any shares purchased by check for a reasonable time (not to exceed 15 days) necessary to determine that the purchase check will be honored.
The funds reserve the right to process any redemption request that exceeds $250,000 or 1% of the respective fund's assets (whichever is less) by paying the redemption proceeds in portfolio securities rather than cash (typically referred to as "redemption in kind").
The Balanced Fund, the Small Cap Value Fund and the *Large/Mid Cap Value Fund (*formerly Contrarian Fund) each charge a 1.00% redemption fee that is applicable to all redemptions (sales or exchanges) made within sixty (60) days of your initial purchase of shares in the applicable Fund.
All of the CornerCap funds typically distribute their respective net income or capital gains one time during each calendar year, usually in December. For your convenience, each fund reinvests all income dividends and capital gains distributions in full and fractional shares of the respective fund, unless you have given prior written notice to the transfer agent that the payment should be made in cash.
You will receive information annually on Form 1099 with respect to the amount and nature of income and gains to assist you in reporting the prior calendar year's distributions on your federal income tax return.
By law, we may have to liquidate your account if you fail to furnish us with your taxpayer identification number within 30 days after the date your account was opened.
Because each tax situation is unique, you should consult your tax advisors with respect to applicable foreign, federal, state, and local taxes.