C/Funds Group, Inc.
*C/Fund
*C/Growth Stock Fund
*C/Government Fund
*C/Tax Free Fund
*C/C.A.R. Fund
*Adams Equity Fund
June 30, 1996
Semiannual Report
C/Funds Group, Inc.
P.O. Box 622
Venice, Florida 34284-0622
(941) 488-6772
Portfolios of Investment
C/Fund
June 30, 1996
Unaudited
Shares Value
EQUITIES (90.3%)
Automotive (2.7%)
Ford Motor Company 2,000 $64,750
General Motors 550 28,875
ITT Industries 1,500 38,063
Sector Total 131,688
Building Supplies (1.1%)
Home Depot 1,000 54,000
Chemicals (15.1%)
American Home Prod 2,000 120,500
Bristol Myer Squibb 2,000 179,500
Colgate Palmolive 1,500 127,125
Dow Chemical 1,000 76,625
DuPont 550 43,588
Merck 2,000 130,000
Proctor & Gamble 550 49,775
Union Carbide Corp 550 21,863
Sector Total 748,975
Communications (2.5%)
AT&T 2,000 124,500
Computer/Office Equipment (1.1%)
IBM 550 54,519
Diversified Manufacturing (2.8%)
Minnesota Mining
& Manufacturing 2,000 138,000
Eating & Drinking Places (0.5%)
McDonald's 550 25,644
Electronics (1.0%)
General Electric 550 47,506
Financial (1.4%)
J.P. Morgan 550 46,750
American Express 550 24,544
Sector Total 71,294
Food (12.4%)
Archer Daniels
Midland 9,028 172,661
Coca Cola Co. 1,100 53,900
Lancaster Colony 1,000 37,250
PepsiCo 4,000 142,000
Philip Morris 2,000 209,000
Sector Total 614,811
Food Stores (1.7%)
Albertsons 2,000 82,500
Industrial Machinery (3.1%)
Black & Decker 3,000 115,500
Caterpillar, Inc. 550 37,263
Sector Total 152,763
Instruments (5.2%)
Eastman Kodak 2,000 155,500
Emerson Electric 1,000 90,375
Westinghouse 550 10,381
Sector Total 256,256
Insurance (1.6%)
ITT Hartford Group 1,500 79,875
Leisure/Entertainment (2.7%)
ITT Corp 1,500 99,188
Walt Disney Co. 550 34,513
Sector Total 133,700
Wood (2.9%)
Plum Creek Timber 6,000 144,000
Metal (0.8%)
ALCOA 550 31,625
Bethlehem Steel 550 6,463
Sector Total 38,088
Paper (2.0%)
International Paper 550 20,350
Kimberly-Clark 1,000 77,375
Sector Total 97,725
Petroleum & Coal (6.6%)
Amoco 1,000 72,250
Chevron Corp. 550 32,450
Exxon Corp 2,000 174,000
Texaco Inc. 550 46,475
Sector Total 325,175
Pipelines (5.9%)
Buckeye Partners 4,000 152,000
Santa Fe Pipeline 4,000 139,000
Sector Total 291,000
Railroad (3.8%)
CSX Corp 1,000 48,125
Union Pacific 2,000 139,750
Sector Total 187,875
Real Estate (3.4%)
New Plan Realty
TR SBI 8,000 170,000
Retailing (2.2%)
Sears Roebuck 2,000 97,250
Woolworth Corp 550 12,375
Sector Total 109,625
Rubber & Plastics (0.5%)
Goodyear Tire
& Rubber Co. 550 26,331
Textiles (1.3%)
Shaw Industries 5,000 65,000
Transportation Equipment (2.9%)
Allied Signal 550 31,488
Boeing Co. 550 48,056
United Technologies 550 63,181
Sector Total 142,725
Transportation Services (2.0%)
GATX Corp. 2,000 96,750
Utilities (1.2%)
Central & SW 2,000 57,250
TOTAL EQUITIES 4,467,574
GOVERNMENT (2.1%)
U.S. Treasury Notes
8.00% due 5/15/01 100,000 106,313
CASH & EQUIVALENTS (7.6%) 373,787
TOTAL INVESTMENTS (100.0%) 4,947,673
Portfolios of Investment
C/Growth Stock Fund
June 30, 1996
Unaudited
Shares Value
EQUITIES (88.5%)
Air Transportation (6.5%)
Atlantic Southeast
Airline 5,000 141,250
Automotive (8.9%)
Autozone, Inc. 1,000 34,875
Teleflex Corp 1,000 48,125
PACCAR, Inc. 800 39,200
Safety-Kleen Corp. 700 12,163
Superior Industries 2,250 59,344
Sector Total 193,706
Building Supplies (8.9%)
Home Depot 2,000 108,000
Fastenal 2,000 87,250
Sector Total 195,250
Chemical (4.3%)
Nalco Chemical 1,000 31,125
Mylan Labs 1,800 31,050
Great Lake Chemical 500 31,125
Sector Total 93,300
Communication (3.7%)
Hong Kong Telephone 1,000 18,125
ALLTEL Corp. 2,000 61,750
Sector Total 79,875
Computer/Office Equipment (3.9%)
International
Business Machines 500 49,563
Cisco Systems 200 11,350
Compaq Computer 500 24,500
Sector Total 85,413
Construction (4.4%)
Foster Wheeler 1,000 44,625
Mastec Inc. 2,000 50,500
Sector Total 95,125
Eating & Drinking Places (2.9%)
Buffets, Inc. 2,000 24,500
Cracker Barrel 1,000 24,250
Brinker Intl Corp. 1,000 15,125
Sector Total 63,875
Electronics (2.8%)
American Power
Conversion 6,000 61,875
Financial (1.1%)
Countrywide Credit 1,000 24,875
Food (2.6%)
Lancaster Colony 1,500 55,875
Food Stores (1.8%)
Food Lion 5,000 39,688
Furniture (2.6%)
Hillenbrand Indust 1,500 55,688
Industrial Machinery (3.5%)
Black & Decker 2,000 77,000
Instruments (7.4%)
Respironics 2,000 36,625
Bard (C.R.) 1,000 34,000
Stryker Corp. 4,000 90,500
Sector Total 161,125
Insurance (7.2%)
American
International Group 450 44,381
AFLAC, Inc. 3,750 112,969
Sector Total 157,350
Leisure/Entertainment (1.3%)
Carnival Corp
Class 'A' 1,000 28,875
Wood (1.1%)
Plum Creek Timber LP 1,000 24,000
Metal (2.9%)
Newell Co. 2,000 62,750
Real Estate (1.5%)
First Union REIT 5,000 32,500
Retail (1.3%)
Toys R Us 1,000 28,375
Rubber & Plastic (2.3%)
Cooper Tire & Rubber 1,000 22,125
Rubbermaid, Inc. 1,000 27,250
Sector Total 49,375
Software (4.0%)
Parametric Technology2,000 86,500
Textiles (1.8%)
Shaw Industries 3,000 39,000
TOTAL EQUITIES 1,932,644
CASH & EQUIVALENTS (11.5%) 250,217
TOTAL INVESTMENTS (100%) 2,182,861
Portfolios of Investment
C/Government Fund
June 30, 1996
Unaudited
Par
Value Value
GOVERNMENT (82.8%)
U.S. Treasury Notes 500,000 604,219
11.75% due 2/15/01
U.S. Treasury Notes 500,000 502,813
6.375% due 6/30/97
U S Treasury Notes 500,000 502,031
6.5% due 11/30/96
U.S. Treasury Notes 500,000 503,125
6.5% due 4/30/97
U S Treasury Notes 500,000 492,969
6.5% due 5/15/05
U.S. Treasury Notes 500,000 503,281
6.5% due 5/15/97
U.S. Treasury Notes 500,000 517,969
7.625% due 2/15/07
TOTAL GOVERNMENTS 3,626,406
CASH & EQUIVALENTS (17.2%) 755,441
TOTAL INVESTMENTS (100%) 4,381,848
Portfolios of Investment
C/Tax Free Fund
June 30, 1996
Unaudited
Par
Value Value
MUNICIPAL BONDS (97.7%)
1ST Florida Gov Fin Com25,000 26,641
6.2% due 7/1/03
Alachua Cty FL Shands 100,000 97,625
5.4% due 12/1/09
Broward Cty FL S.O. 100,000 101,563
5.5% due 1/1/05
Broward Cty School Dst100,000 101,125
GO 5.7% due 2/15/08
Cape Coral Spc Ob 25,000 26,031
5.85% due 6/1/01
Duval Cty FL School 100,000 106,125
Dist 6.125% due 8/04-02
Escambia Cty FL 100,000 103,625
5.75% due 4/01/2004
FL Board of Education 25,000 25,406
5.75% due 5/97
FL Div of Bond Finance 50,000 52,094
5.8% due 7/1/01
FL St Muni Pwr Agency 100,000 109,000
6.5% PR 10/1/2002 @102
FL Board of Regents 20,000 22,050
6.7% due 7/1/2006
FL G.O. 100,000 101,500
5.90% due 10/1/2004
FT Lauderdale FL W & S 50,000 52,531
6.1% due 9/1/2000
Greater Orlando Avtn 50,000 51,688
AU 5.6% due 10/01/2002
Hillsborough Cap Imp 35,000 36,575
6% due 7/1/2001
Hillsborough Cnty Cap 100,000 103,000
6% due 7/1/98
Hillsborough, FL SD 25,000 28,438
7.20% due 8/15/05
Jacksonville, FL Health65,000 102,538
11.5% due 10/1/12
Jacksonville FL Elec 50,000 49,938
6% due 10/1/16
Jacksonville FL Elec 75,000 78,844
6.375% due 10/1/1999
Jacksonville FL Port 100,000 104,875
Auth 7.625% due 11/1/1997
Jacksonville FL Port 25,000 28,875
Auth 7.625% due 11/1/03
Key West FL Util Rev 100,000 109,500
6.75% due 10/01/13
Kissimmee FL W & S 100,000 102,875
5.6% due 10/1/04
Lake County FL 60,000 60,975
5.25% due 12/1/99
Manatee Cty FL Pub 100,000 104,875
Util 6.00% due 10/1/06
Manatee Co, FL Pub 25,000 26,469
Util 6.2% due 10/1/01
Marion Cty Hosp Dist 25,000 26,125
6.60% due 10/1/98
Okaloosa Cty FL 75,000 82,406
7.6% PR 7/1/99 @102
Orange Co FL Tourist 100,000 105,250
Tax 6.00% due 10/1/01
Orange Co, FL Tourist 30,000 31,838
Tax 6.20% due 10/01/03
Orange Cty FL Waste 100,000 105,250
Water 6.00% due 4/1/06-04
Orlando & Orange FL 25,000 26,875
6.50% PR 7/1/00 @102
Orlando & Orange Cty 100,000 99,875
FL 5.375% due 7/1/06
Orlando FL Util Com 100,000 115,000
8.00% due 4/1/02
Palm Beach Cty School 100,000 104,750
Dist 5.875% 8/1/04-02
Palm Beach Cty, FL 25,000 26,063
6.7% due 6/1/98
Pasco County FL W & S 100,000 103,125
5.8% due 10/1/07
Pasco Waste PR 95,000 100,819
6.95% due 4/1/98 @ 102.5
Pinellas Cty, FL Sewer100,000 100,500
5.2% due 10/1/04
Puerto Rico Comwlth 100,000 99,750
5.4% due 7/1/2007
St Petersburg Pub Util150,000 162,750
6.55% due 10/1/02
Vero Beach Elec 25,000 26,469
6.2% PR 12/1/99 @102
Volusia Cty, FL G.O. 100,000 103,750
5.7% due 7/1/01
TOTAL MUNICIPAL BONDS 3,335,372
CASH & EQUIVALENTS (2.3%) 79,531
TOTAL INVESTMENTS (100%) 3,414,902
Portfolios of Investment
C/Community Association Reserve Fund
June 30, 1996
Unaudited
Par
Value Value
GOVERNMENTS (84.6%)
U.S. Treasury Notes 50,000 49,906
5.75% due 9/30/97
U.S. Treasury Notes 50,000 49,500
5.875% due 3/31/99
U.S. Treasury Notes 50,000 50,000
5.875% due 7/31/97
U.S. Treasury Notes 50,000 49,703
5.875% due 8/15/98
U.S. Treasury Notes 50,000 49,547
6.00% due 10/15/99
U.S. Treasury Notes 50,000 50,016
6.00% due 12/31/97
U.S. Treasury Notes 25,000 25,000
6.00% due 6/30/96
U.S. Treasury Notes 50,000 50,016
6.125% due 5/15/98
U.S. Treasury Notes 25,000 25,102
6.50% due 11/30/96
U.S. Treasury Notes 25,000 25,453
7.00% due 4/99
U.S. Treasury Note 25,000 25,500
7.125% due 10/15/98
TOTAL GOVERNMENTS 449,742
CASH & EQUIVALENTS (15.4%) 81,747
TOTAL INVESTMENTS (100%) 531,490
Portfolios of Investment
Adams Equity Fund
June 30, 1996
Unaudited
Shares Value
EQUITIES (94.5%)
Business Services (4.5%)
Manpower Inc. 250 9,844
Chemicals (3.4%)
Cobot Corp. 300 7,425
Diversified Manufacturing (13.1%)
Lone Star Industries 250 8,344
Owens Corning 250 10,719
Owens Illinois Inc. 600 9,750
Sector Total 36,238
Metal (3.6%)
Amcast 400 8,050
Financial (15.9%)
Bear Stearns Cos Inc. 315 7,481
Federal National Mort 500 16,750
Green Tree Financial 350 10,894
Sector Total 43,175
Food (3.8%)
Dole Foods 195 8,434
Industrial Machinery (11.7%)
Applied Power 350 9,800
Gleason Corporation 230 8,970
Nortek Inc. 600 7,125
Sector Total 34,329
Instruments (4.1%)
Perceptron Ind 250 9,125
Miscellaneous (0.5%)
Castle Cooke 65 1,032
Nonmetallic Minerals (3.5%)
Vulcan Materials Co. 130 7,686
Paper (6.2%)
Shorwood Packaging Co. 430 6,611
Willamette Industries 120 7,140
Sector Total 21,438
Retail (5.2%)
Eckerd Corp. 500 11,375
Rubber & Plastics (8.4%)
Furon Co. 400 9,950
Wynn's International 300 8,513
Sector Total 29,838
Transportation Equipment (8.2%)
Teledyne, Inc. 500 18,063
Water Transportation (2.5%)
Stolt-Nielsen S.A. 300 5,438
TOTAL EQUITIES 208,517
CASH & EQUIVALENTS (5.5%) 12,096
TOTAL INVESTMENTS (100%) 220,613
<TABLE>
<CAPTION>
C/FUNDS GROUP, INC.
STATEMENTS OF ASSETS & LIABILITIES
June 30, 1996
C/Growth C/Gov't C/Tax C/C.A.R. Adams
C/Fund Stock Fund Fund Free Fund Fund Equity Fund
<S> <C> <C> <C> <C> <C> <C>
Securities at Cost $3,624,277 $1,787,001 $4,404,738 $3,450,522 $531,872 $201,911
ASSETS
Securities Value $4,947,673 $2,182,861 $4,381,848 $3,414,902 $531,490 $220,613
Receivables
Dividends & Interest 12,162 1,611 69,816 60,351 0 31
Investment Securities Sold 0 0 0 0 0 0
Other 6,206 2,778 5,712 5,046 9,218 189
4,966,042 2,187,250 4,457,376 3,480,300 540,708 220,833
LIABILITES
Advisor Fee & Other Payables 1,883 846 831 678 0 970
Investment Securities Purchased 0 0 0 0 0 0
1,883 846 831 678 0 970
NET ASSETS APPLICABLE
TO OUTSTANDING SHARES $4,964,160 $2,186,404 $4,456,545 $3,479,622 $540,708 $219,863
CAPITAL SHARES 274,417 180,864 451,825 360,534 54,069 20,324
NET ASSET VALUE PER SHARE $18.09 $12.09 $9.86 $9.65 $10.00 $10.82
<CAPTION>
C/FUNDS GROUP, INC.
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996
C/Growth C/Gov't C/Tax C/C.A.R. Adams
C/Fund Stock Fund Fund Free Fund Fund Equity Fund
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 65,911 $10,786 $0 $0 $0 $288
Interest 12,306 6,312 117,117 90,271 14,654 1,298
78,217 17,098 117,117 90,271 14,654 1,586
OPERATING EXPENSES
Investment advisory fee 23,159 10,627 9,032 8,190 0 892
Professional fees 5,738 2,684 1,511 1,034 0 97
Registration fees 1,101 472 253 242 0 7
Custodian fees 7,323 3,378 1,985 2,091 0 748
Directors fees 3,207 1,436 767 728 0 36
Miscellaneous 0 0 19 77 0 1
40,528 18,598 13,566 12,363 0 1,781
NET INVESTMENT INCOME 37,689 (1,500) 103,550 77,908 14,654 (195)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Unrealized appreciation (depreciation) in value of
investments for the year 322,296 199,245 (41,406) (86,776) (7,881) 21,613
Net realized gain (loss)
on investments 1,368 (51,113) (9,375) 0 0 (4,117)
NET GAIN (LOSS) ON INVESTMENTS 323,664 148,132 (50,781) (86,776) (7,881) 17,496
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $361,353 $146,633 $52,769 ($8,868) $6,773 $17,301
<CAPTION>
C/FUNDS GROUP, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ending June 30, 1996
Unaudited
C/Tax Adams
C/Growth C/Gov't Free C/C.A.R. Equity
C/Fund Stock Fund Fund Fund Fund Fund(1)
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss) $37,689 ($1,500) $103,550 $77,908 $14,654 ($195)
Net realized gain (loss)
on investments 1,368 (51,113) (9,375) 0 0 (4,117)
Unrealized appreciation
(depreciation) in value of
investments for the year 322,296 199,245 (41,406) (86,776) (7,881) 21,613
Net increase (decrease) in net
assets from operations 361,353 146,632 52,769 (8,868) 6,773 17,301
DISTRIBUTIONS TO SHAREHOLDERS
Investment income - net (27,291) 0 (103,569) (77,986) (14,654) 0
Net realized gain on investments 0 0 0 0 0 0
Return of capital 0 0 0 0 0 0
(27,291) 0 (103,569) (77,986) (14,654) 0
CAPITAL SHARE TRANSACTIONS
Shares sold 573,067 162,240 1,721,872 950,848 224,410 55,895
Reinvested distributions 27,291 0 103,569 77,986 14,654 0
Shares redeemed (322,152) (202,092) (1,289,864) (657,031) (120,094) 0
278,206 (39,852) 535,577 371,803 118,970 55,895
Net increase (decrease)
in net assets $612,268 $106,780 $484,777 $284,949 $111,089 $73,196
NET ASSETS
Beginning of year 4,351,891 2,079,624 3,971,768 3,194,673 429,619 146,667
End of period $4,964,160 $2,186,404 $4,456,545 $3,479,622 $540,708 $219,863
UNDISTRIBUTED INVESTMENT GAIN
(LOSS) 11,766 (52,613) (70,442) (15,771) (373) (4,285)
<CAPTION>
C/FUNDS GROUP, INC.
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
C/Tax Adams
C/Growth C/Gov't Free C/C.A.R. Equity
C/Fund Stock Fund Fund Fund Fund Fund(1)
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss) $53,514 $3,432 $224,441 $134,904 $14,783 $474
Net realized gain (loss)
on investments 126,793 108,311 13,719 (10,167) (373) 0
Unrealized appreciation
(depreciation) in value of
investments for the year 735,703 218,114 205,870 167,845 10,489 (2,911)
Net increase (decrease) in
net assets from operations 916,010 329,857 444,030 292,582 24,899 (2,437)
DISTRIBUTIONS TO SHAREHOLDERS
Investment income - net (53,514) (3,432) (224,441) (134,904) (14,783) (447)
Net realized gain on investments (126,793) (30,322) 0 0 0 0
Return of capital (8,402) (453) 0 0 0 0
(188,709) (34,207) (224,441) (134,904) (14,783) (447)
CAPITAL SHARE TRANSACTIONS
Shares sold 540,380 776,669 2,439,698 1,400,245 418,140 149,104
Reinvested distributions 188,709 34,207 224,441 134,904 14,783 447
Shares redeemed (910,225) (406,140) (4,141,513) (1,586,238) (72,173) 0
(181,136) 404,736 (1,477,374) (51,089) 360,750 149,551
Net increase (decrease)
in net assets $546,165 $700,386 ($1,257,785) $106,589 $370,866 $146,667
NET ASSETS
Beginning of year 3,805,726 1,379,298 5,229,553 3,088,084 58,753 0
End of year $4,351,891 $2,079,624 $3,971,768 $3,194,673 $429,619 $146,667
UNDISTRIBUTED INVESTMENT GAIN
(LOSS) 0 0 (61,048) (15,693) (373) 27
(1) Period from inception of fund on October 15, 1995 to December 31, 1995
</TABLE>
