INVESTMENT ADVISOR
Omnivest Research Corporation
250 Tampa Avenue West
Venice, FL 34285
(941) 485-0654
CUSTODIAN
Caldwell Trust Company
201 Center Road, Suite 2
Venice, FL 34292
(941) 493-3600
AUDITORS
Gregory Sharer & Stuart
Certified Public Accountants
100 Second Avenue South
St. Petersburg, FL 33701-4383
(813) 821-6161
INVESTMENT AND ADVISORY BOARD
Arthur B. Laffer, Ph.D. Economist
Jude Wanniski, Journalist
Alan Reynolds, Economist
Alvin Moscow, Author
Ted C. Van Antwerp, Philanthropist
Willet J. Worthy, Jr., Vintner
Manuel Johnson, Ph.D. Economist
Investment comments are sent to shareholders in our
monthly newsletter and therefore are not included in this
semiannual report. This report has been prepared for the
information of shareholders of the Funds and is not
authorized for distribution to Investors unless preceded
or accompanied by an effective Prospectus which
includes information regarding the Funds' objectives,
policies, management, records, and other information.
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, 1997
Semiannual Report
C/Funds Group, Inc.
P. O. Box 622
Venice, Florida 34284-0622
(941)488-6772
www.ctrust.com
PORTFOLIO OF INVESTMENTS
C/FUND
June 30, 1997
Unaudited
EQUITIES (81.9%) Shares Value
Automotive (1.9%)
Ford Motor Company 2,000 $77,875
General Motors 750 41,813
Sector Total 119,688
Building Supplies (1.1%)
Home Depot 1,000 69,375
Chemicals (17.2%)
American Home Products 2,000 153,125
Bristol Myer Squibb 2,000 162,000
Colgate Palmolive 3,000 195,563
Dow Chemical 1,000 87,563
DuPont 1,500 93,000
Great Lakes Chemical 1,000 52,250
Merck 2,000 204,500
Proctor & Gamble 750 104,719
Union Carbide Corp. 750 35,625
Sector Total 1,088,344
Communications (1.1%)
AT&T 2,000 70,000
Computer/Office Equipment (4.4%)
IBM 3,100 281,519
Diversified Manufacturing (3.2%)
Minnesota Mining & Mfg. 2,000 202,500
Eating & Drinking Places (0.6%)
McDonald's 750 36,234
Shares Value
Electronics (2.9%)
General Electric 1,500 97,688
Hewlett-Packard 750 41,250
Lucent Technologies 648 46,697
Sector Total 185,634
Financial (2.1%)
J. P. Morgan 750 78,375
American Express 750 56,438
Sector Total 134,813
Food (11.3%)
Archer-Daniels-Midland 7,479 175,757
Coca Cola Co. 1,100 76,863
Lancaster Colony Corp. 1,000 48,375
PepsiCo 4,000 151,000
Philip Morris 6,000 265,125
Sector Total 717,119
Food Stores (1.7%)
Albertsons 3,000 108,938
Health Care (0.8%)
Johnson & Johnson 750 47,906
Industrial Machinery (3.0%)
Black & Decker 3,000 111,750
Caterpillar, Inc. 750 80,531
Sector Total 192,281
Shares Value
Instruments (4.2%)
Eastman Kodak 2,000 155,625
Emerson Electric 2,000 110,375
Sector Total 266,000
Insurance (0.7%)
Travelers 750 47,156
Leisure/Entertainment (0.9%)
Walt Disney Co. 750 59,156
Metal (0.9%)
ALCOA 750 57,281
Paper (2.1%)
International Paper Co. 750 36,422
Kimberly-Clark 2,000 99,500
Sector Total 135,922
Petroleum & Coal (6.1%)
Amoco 1,000 87,125
Chevron Corp. 750 55,219
Exxon Corp. 4,000 243,750
Sector Total 386,094
Railroad (3.7%)
CSX Corp. 1,000 54,875
Union Pacific 2,000 138,750
Union Pacific Resources 1,692 41,983
Sector Total 235,608
Shares Value
Retailing (3.8%)
Sears Roebuck 2,000 107,500
Wal-Mart 4,000 134,750
Sector Total 242,250
Rubber & Plastics (0.7%)
Goodyear Tire & Rubber 750 47,391
Textiles (0.8%)
Shaw Industries 5,000 53,750
Transportation Equipment (4.0%)
Allied Signal 750 62,438
Boeing Co. 1,500 79,875
United Technologies 1,300 108,063
Sector Total 250,375
Transportation Services (1.8%)
GATX Corp. 2,000 116,000
Utilities (0.7%)
Central & SW 2,000 42,375
TOTAL EQUITIES 5,193,708
GOVERNMENT (14.1%)
U. S. Treasury Notes
8.00% due 5/15/01 850,000 897,547
CASH & EQUIVALENTS (4.0%) 252,451
TOTAL INVESTMENTS (100%) $6,343,705
PORTFOLIO OF INVESTMENTS
C/GROWTH STOCK FUND
June 30, 1997
Unaudited
EQUITIES (96.8%) Shares Value
Air Transportation (6.3%)
ASA Holdings 5,000 $141,875
Automotive (9.9%)
Autozone, Inc. 1,000 23,563
Teleflex Corp. 2,000 62,500
PACCAR, Inc. 1,600 76,000
Superior Industries Intl. 2,250 60,188
Sector Total 222,250
Building Supplies (6.2%)
Home Depot 2,000 138,750
Chemical (3.5%)
Mylan Labs 1,800 26,775
Great Lake Chemical 1,000 52,250
Sector Total 79,025
Computer/Office Equipment (7.7%)
International Business
Machines 1,000 90,813
Cisco Systems 500 33,500
Compaq Computer 500 49,813
Sector Total 174,125
Construction (8.1%)
Foster Wheeler 1,000 40,438
Mastec Inc. 3,000 141,750
Sector Total 182,188
Eating & Drinking Places (4.2%)
Cracker Barrel 1,000 26,500
Outback Steakhouse 1,000 24,188
Brinker Intl. Corp. 3,000 43,313
Sector Total 94,000
Shares Value
Electronics (2.5%)
American Power Conversion 3,000 57,000
Magnetek, Inc. 3,000 49,875
Sector Total 106,875
Financial (1.4%)
Bank United Financial-A 5,000 49,375
Capital Bancorp 1,200 48,150
Commercial Bankshares 3,000 56,250
Countrywide Credit 1,000 31,250
Sector Total 185,025
Food (3.2%)
Lancaster Colony Corp. 1,500 72,563
Food Stores (1.6%)
Food Lion 5,000 35,781
Furniture (3.2%)
Hillenbrand Industries 1,500 71,438
Industrial Machinery (3.3%)
Black & Decker 2,000 74,500
Instruments (9.8%)
Respironics 2,000 41,500
Bard (C.R.) 1,000 36,500
Coherent, Inc. 1,600 72,000
Stryker Corp. 2,000 70,750
Sector Total 220,750
Insurance (3.0%)
American Intl. Group 450 66,797
Shares Value
Leisure/Entertainment (1.9%)
Carnival Corp. Class `A' 1,000 41,813
Metal (3.5%)
Newell Co. 2,000 80,000
Rubber & Plastic (1.0%)
Cooper Tire & Rubber 1,000 22,125
Shares Value
Software (3.7%)
Computer Associates 1,000 55,563
Parametric Technology 2,000 84,250
Sector Total 139,813
Textiles (1.4%)
Shaw Industries 3,000 32,250
TOTAL EQUITIES 2,181,940
CASH & EQUIVALENTS (3.2%) 71,697
TOTAL INVESTMENTS (100%) $2,253,638
PORTFOLIO OF INVESTMENTS
ADAMS EQUITY FUND
June 30, 1997
Unaudited
EQUITIES (83.6%) Shares Value
Automotive (7.4%)
Chrysler Corp. 1,000 $32,938
Kellstrom Industries 3,400 53,125
Sector Total 86,063
Business Services (5.4%)
Investors Financial Svcs. 1,000 47,500
Optika Imaging Systems 3,000 15,188
Sector Total 62,688
Diversified Manufacturing (8.2%)
Lone Star Industries Inc. 1,000 45,375
Owens Corning 1,150 49,881
Sector Total 95,256
Electronics (7.0%)
AML Communications 4,000 11,375
Applied Magnetics 1,000 22,438
Kollmorgen Corp. 3,000 47,438
Sector Total 81,250
Electric, Gas, Sanitary Services (3.1%)
Tucson Electric Power 2,500 36,094
Environmental (2.0%)
CUNO International 1,400 23,450
Financial (4.6%)
Green Tree Financial 1,500 53,156
Shares Value
Industrial Machinery (25.5%)
Advanced Logic Research 2,900 44,406
Applied Power 1,000 51,625
Gehl Company 4,000 67,000
Nortek Inc. 1,600 38,600
Quad Systems Corp. 4,000 33,000
S3 Incorporated 3,000 33,000
Scotsman Industries 1,000 28,375
Sector Total 296,006
Instruments (4.5%)
ADE Corp. 1,800 52,875
Metal (5.5%)
Amcast 1,500 37,500
RMI Titanium Co. New 1,000 26,938
Sector Total 64,438
Paper (5.9%)
Shorwood Packaging Co. 2,000 45,250
Drypers Corporation 3,000 23,063
Sector Total 68,313
Rubber & Plastics (4.0%)
Wynn's International Inc. 1,600 46,200
Rubber & Plastics (0.5%)
Stolt-Nielsen S.A. 300 5,663
TOTAL EQUITIES 971,450
CASH & EQUIVALENTS (16.4%) 191,210
TOTAL INVESTMENTS (100%) $1,162,660
PORTFOLIO OF INVESTMENTS
C/GOVERNMENT FUND
June 30, 1997
Unaudited
GOVERNMENT (88.8%) Par Value Value
U.S. Treasury Notes
6.75% due 6/30/1999 500,000 $506,250
U.S. Treasury Notes
11.75% due 2/15/2001 500,000 587,031
U.S. Treasury Notes
6.25% due 2/15/2003 500,000 495,781
U.S. Treasury Notes
5.875% due 2/15/2004 500,000 484,219
U.S. Treasury Notes
6.5% due 5/15/2005 500,000 498,906
U.S. Treasury Notes
6.875% due 5/15/2006 500,000 510,156
U.S. Treasury Notes
7.625% due 2/15/2007 500,000 519,532
TOTAL GOVERNMENTS 3,601,875
CASH & EQUIVALENTS (11.2%) 455,567
TOTAL INVESTMENTS (100%) $4,057,442
PORTFOLIO OF INVESTMENTS
C/COMMUNITY ASSOCIATION RESERVE FUND
June 30, 1997
Unaudited
GOVERNMENTS (91.4%) Par Value Value
U.S. Treasury Notes
5.875% due 7/31/1997 50,000 $50,016
U.S. Treasury Notes
5.75% due 9/30/1997 50,000 50,031
U.S. Treasury Notes
6% due 12/31/1997 50,000 50,125
U.S. Treasury Notes
6.125% 5/15/1998 50,000 50,140
U.S. Treasury Note
5.875% due 8/15/1998 50,000 49,984
U.S. Treasury Notes
7.125% due 10/15/1998 25,000 25,375
U.S. Treasury Notes
5.875% due 3/31/1999 50,000 49,875
U.S. Treasury Notes
7% due 4/15/1999 25,000 25,406
U.S. Treasury Notes
6% due 10/15/1999 150,000 149,766
U.S. Treasury Notes
6.875% due 3/31/2000 100,000 101,657
U.S. Treasury Notes
5.875% due 6/30/2000 50,000 49,531
TOTAL GOVERNMENTS 651,906
CASH & EQUIVALENTS (8.6%) 61,350
TOTAL INVESTMENTS (100%) $713,256
PORTFOLIO OF INVESTMENTS
C/TAX-FREE FUND
June 30, 1997
Unaudited
MUNICIPAL BONDS (91.0%) Par Value Value
1st Florida Gov Fin Com
6.2% due 7/1/2003 25,000 $27,215
1st Florida Gov Fin Com
6.25% due 7/1/2004-02 100,000 109,042
Alachua Cty, FL Shands
5.4% due 12/1/2009 100,000 103,298
Broward Cty, FL SO
5.5% due 1/1/2005 100,000 105,422
Broward Cty School Dist GO
5.7% due 2/15/2008 100,000 104,020
Cape Coral, FL SO
5.85% due 6/1/2001 25,000 26,269
Duval Cty, FL School Dist
6.125% due 8/04/2002 100,000 108,575
Escambia Cty, FL
5.75% due 4/01/2004 100,000 101,693
FL Div of Bond Finance
5.8% due 7/1/2001 50,000 52,664
FL St Muni Pwr Agency
6.5% PR 10/1/2002 100,000 111,311
FL Board of Regents
6.7% due 7/1/2006 20,000 21,884
FL St Hillsboro GO
5.90% due 10/1/2004 100,000 101,595
Ft Lauderdale W & S
6.1% due 9/1/2000 50,000 52,812
Greater Orlando Aviation AU
5.6% due 10/01/2002 50,000 52,636
Par Value Value
Hillsborough Cty, FL Cap Imp
6% due 7/1/2001 35,000 37,122
Hillsborough Cty, FL Cap
6% due 7/1/1998 100,000 102,252
Hillsborough Cty, FL SD
7.20% due 8/15/2005 25,000 27,634
Jacksonville, FL Health
11.5% due 10/1/2112 65,000 106,872
Jacksonville, FL Port Auth
7.625% due 11/1/1997 100,000 101,479
Jacksonville, FL Port Auth
7.625% due 11/1/2003 25,000 29,214
Key West, FL Util Rev
6.75% due 10/01/2013 100,000 108,995
Kissimmee, FL W & S
5.6% due 10/1/2004 100,000 105,943
Manatee Cty, FL Pub Util
6.00% due 10/1/2006 100,000 109,774
Manatee Cty, FL Pub Util
6.2% due 10/1/2001 25,000 26,824
Marion Cty, FL Hosp Dist
6.60% due 10/1/1998 25,000 25,682
Okaloosa Cty, FL
7.6% PR 7/1/99 75,000 80,426
Orange Cty, FL Tourist Tax
6.00% due 10/1/2001 100,000 106,279
Orange Cty, FL Tourist Tax
6.20% due 10/01/2003 30,000 32,752
Par Value Value
Orange Cty, FL Waste Water
6.00% due 4/1/2006-04 100,000 106,986
Orlando & Orange Cty, FL
6.50% PR 7/1/2000 25,000 27,062
Orlando & Orange Cty, FL
5.375% due 7/1/2006 100,000 104,274
Orlando, FL Util Com
8.00% due 4/1/2002 100,000 115,181
Palm Beach Cty School Dist
5.875% 8/1/2004-02 100,000 106,651
Palm Beach Cty, FL
6.7% due 6/1/1998 25,000
Pasco Cty, FL W & S
5.8% due 10/1/2007 100,000 106,089
Pasco Cty, FL Waste PR
6.95% due 4/1/1998 95,000 99,706
Par Value Value
Pinellas Cty, FL Sewer
5.2% due 10/1/2004 100,000 103,302
Puerto Rico Comwlth
5.4% due 7/1/2007 100,000 105,553
Sarasota FL
6.15% due 11/1/2005 100,000 110,383
St. Petersburg Pub Util
6.55% due 10/1/2002 150,000 160,503
Volusia Cty, FL GO
5.7% due 7/1/2001 100,000 105,075
TOTAL MUNICIPAL BONDS 3,356,139
CASH & EQUIVALENTS (9.0%) 57,688
TOTAL INVESTMENTS (100%) $3,413,827
C/FUNDS GROUP, INC.
STATEMENTS OF OPERATIONS
For Six Months Ending June 30, 1997
Unaudited
C/Comm
unity
Associ
C/Growth C/Gover C/Tax ation Adams
Stock nment Free Reserv Equity
C/Fund Fund Fund Fund e Fund Fund
INVESTMENT INCOME
Dividends $50,768 $12,750 $0 $0 $0 $2,491
Interest 35,978 2,175 146,051 106,766 18,970 3,586
86,746 14,925 146,051 106,766 18,970 6,077
OPERATING EXPENSES
Investment advisory fee 28,725 10,734 10,699 9,653 0 4,542
Professional fees 10,025 3,720 3,025 1,316 0 1,286
Registration fees 1,179 558 527 247 0 415
Custodian fees 9,060 2,807 6,904 2,958 0 1,218
Directors fees 1,279 875 700 306 0 488
Miscellaneous 0 0 4,893 0 0 0
50,268 18,694 26,748 14,480 0 7,949
NET INVESTMENT INCOME 36,478 (3,769) 119,303 92,286 18,970 (1,872)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Unrealized appreciation
(depreciation) in value
of investments for the
period 789,348 176,351 (17,394) (5,940) (955) 76,228
Net realized gain (loss)
on investments 21,937 128,461 (15,781) (5,474) 0 46,038
NET GAIN (LOSS) ON
INVESTMENTS 811,285 304,812 (33,175) (11,414) (955) 122,266
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS $847,763 $301,043 $86,128 $80,872 $18,015 $120,394
C/FUNDS GROUP, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997
Unaudited
C/Comm
unity
Associ
C/Growth C/Gover C/Tax ation Adams
Stock nment Free Reserv Equity
C/Fund Fund Fund Fund e Fund Fund
Securities at
Cost $4,296,972 $1,666,685 $4,081,945 $3,400,180 $711,542 $1,051,907
ASSETS
Securities
Value $6,343,705 $2,253,638 $4,057,442 $3,413,827 $713,256 $1,162,660
Receivables 0 0 0 0 0 0
Dividends &
Interest 17,699 1,128 68,744 61,034 8,731 1,134
Investment
Securities
Sold 0 140,510 0 0 0 0
Other 2,626 1,541 1,100 5,147 0 0
6,364,030 2,396,817 4,127,286 3,480,008 721,987 1,163,794
LIABILITIES
Advisor Fee &
Other Payables 2,616 959 7,002 727 774 484
Investment
Securities
Purchased 0 48,615 0 0 0 0
2,616 49,574 7,002 727 774 484
NET ASSETS AP-
PLICABLE TO
OUTSTANDING
SHARES $6,361,414 $2,347,243 $4,120,284 $3,479,281 $721,213 $1,163,310
OUTSTANDING
SHARES 312,090 164,999 420,265 355,353 72,123 85,833
NET ASSET VALUE
PER SHARE $20.38 $14.23 $9.80 $9.79 $10.00 $13.55
C/FUNDS GROUP, INC.
STATEMENT OF CHANGES IN NET ASSETS
For Six Months Ending June 30, 1997
Unaudited
C/Comm
unity
Associ
C/Growth C/Gover C/Tax ation Adams
Stock nment Free Reserv Equity
C/Fund Fund Fund Fund e Fund Fund
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment
income (loss) $36,478 ($3,769) $119,303 $92,286 $18,970 ($1,872)
Net realized gain
(loss) on
investments 21,937 128,461 (15,781) (5,474) 0 46,038
Unrealized apprecia-
tion (depreciation)
in value of invest-
ments for year 789,348 176,351 (17,394) (5,940) (955) 76,228
Net increase
(decrease) in net
assets from
operations 847,763 301,043 86,128 80,872 18,015 120,394
DISTRIBUTIONS TO SHAREHOLDERS
Investment income
- net (31,062) 0 (119,303) (92,286) (18,984) 0
Net realized gain
on investments 0 0 0 0 0 0
Return of capital 0 0 0 0 0 0
(31,062) 0 (119,303) (92,286) (18,984) 0
CAPITAL SHARE TRANSACTIONS
Shares sold 526,462 74,162 657,865 851,166 260,652 810,124
Reinvested distri-
butions 29,938 0 119,303 92,286 18,984 0
Shares redeemed (433,593) (239,783)(1,361,145)(1,238,319)(105,614) (21,000)
122,807 (165,621) (583,977) (294,867) 174,022 789,124
Net increase
(decrease)in
net assets $939,508 $135,422 ($617,152) ($306,281) $173,053 $909,518
NET ASSETS
Beginning of
year 5,421,906 2,211,821 4,737,436 3,785,562 548,160 253,792
End of period $6,361,414 $2,347,243 $4,120,284 $3,479,281 $721,213 $1,163,310
UNDISTRIBUTED
INVESTMENT
GAIN (LOSS) $5,416 ($13,420) ($84,407) ($15,693) ($762) ($1,516)
For the Year Ending December 31, 1996
C/Comm
unity
Associ
C/Growth C/Gover C/Tax ation Adams
Stock nment Free Reserv Equity
C/Fund Fund Fund Fund e Fund Fund
INCREASE (DECREASE) IN NET ASSETS
FEnd of period $6,361,414 $2,347,243 $4,120,284 $3,479,281 $721,213 $1,163,310
rom Operations:
Net investment
income (loss) $51,147 ($9,650) $235,309 $155,880 $30,361 $366
Net realized gain
(loss) on
investments 430,289 192,491 (23,359) 0 (375) 11,930
Unrealized appre-
ciation (depre-
ciation) in
value of invest-
ments for year 253,530 213,988 (25,625) (31,570) (4,831) 37,437
Net increase
(decrease) in net
assets from
operations 734,966 396,829 186,325 124,310 25,155 49,733
DISTRIBUTIONS TO SHAREHOLDERS
Investment income
- net (51,147) 0 (235,309) (155,880) (30,361) (37)
Net realized gain
on investments (430,289) (192,491) 0 0 0 (11,930)
Return of capital (28,347) (1,492) (1,434) (198) 0 0
(509,783) (193,983) (236,743) (156,078) (30,361) (11,967)
CAPITAL SHARE TRANSACTIONS
Shares sold 954,662 185,607 2,939,173 1,927,338 364,162 57,392
Reinvested
distributions 509,783 193,983 236,743 156,078 30,361 11,967
Shares redeemed (619,613) (450,239)(2,359,830)(1,460,759) 270,776) 0
844,832 (70,649) 816,086 622,657 123,747 69,359
Net increase
(decrease) in
net assets $1,070,015 $132,197 $765,668 $590,889 $118,541 107,125
NET ASSETS
Beginning of
year 4,351,891 2,079,624 3,971,768 3,194,673 429,619 146,667
End of year $5,421,906 $2,211,821 $4,737,436 $3,785,562 $548,160 $253,792
UNDISTRIBUTED
INVESTMENT GAIN
(LOSS) $0 ($9,650) ($84,407) ($15,693) ($747) $356
