INVESTMENT ADVISOR
Omnivest Research
Corporation
250 Tampa Avenue West C/Funds Group, Inc.
Venice, FL 34285
(941) 493-4295
o C/Fund
o C/Growth Stock Fund
o C/Government Fund
CUSTODIAN o C/C.A.R. Fund
Caldwell Trust Company o Adams Equity Fund
201 Center Road, Suite 2
Venice, FL 34292
(941) 493-3600
June 30, 1999
Semiannual Report
AUDITORS
Gregory Sharer & Stuart
Certified Public Accountants
100 Second Avenue South
St. Petersburg, FL 33701-4383 C/Funds Group, Inc.
(727) 821-6161 P. O. Box 622
Venice, Florida 34284-0622
(941) 488-6772
www.ctrust.com/cfunds.htm
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.
PORTFOLIO OF INVESTMENTS
C/FUND
June 30, 1999
(Unaudited)
EQUITIES (72.1%) Shares Value
Building Materials, Hardware, Garden
Supply, & Mobile Home (2.0%)
Home Depot, Inc. 3,000 $192,938
Business Services (2.7%)
IBM Corp. 2,000 259,000
Chemicals & Allied Products (12.6%)
American Home Products 4,000 230,000
Bristol Myers Squibb Co. 2,000 140,500
Colgate Palmolive Co. 2,000 197,000
Dow Chemical Co. 1,000 126,875
Dupont (E.I.) de Nemours 1,500 102,375
Johnson & Johnson 875 85,750
Merck & Co., Inc. 2,000 147,250
Proctor & Gamble Co. 1,500 133,875
Union Carbide Corp. 875 42,383
Sector Total 1,206,008
Communications (0.9%)
AT&T Corp. 1,500 83,437
Depository Institutions (1.3%)
J. P. Morgan & Co., Inc. 875 122,938
Eating & Drinking Places (0.8%)
McDonald's Restaurants 1,750 71,969
Electric, Gas, & Sanitary Services
(2.9%)
American Electric Power Co. 2,000 75,125
American Water Works, Inc. 3,000 92,250
FPL Group, Inc. 2,000 109,250
Sector Total 276,625
Shares Value
Electrical & Electronic Equipment
(3.9%)
General Electric Co. 1,500 $168,750
Lucent 3,000 202,312
Sector Total 371,062
Fabricated Metal Products (2.3%)
Gillette Co. 2,000 82,000
Parker Hannifin Corp. 3,000 137,250
Sector Total 219,250
Food & Kindred Products (5.6%)
Archer Daniels Midland Co. 8,244 127,267
Coca-Cola Co. 1,225 76,562
Lancaster Colony Corp. 5,000 172,500
Pepsico, Inc. 4,000 154,750
Sector Total 531,079
Food Stores (1.6%)
Albertsons, Inc. 3,000 154,688
General Merchandise Stores (4.0%)
Sears Roebuck & Co. 2,000 89,125
Wal-Mart Stores 6,000 289,500
Sector Total 378,625
Holding &Other Investment
Offices (0.8%)
New Plan Excel Realty Trust 4,000 72,000
Industrial Machinery & Equipment
(3.8%)
Black & Decker Mfg. 3,000 189,375
Caterpillar 1,500 90,000
Hewlett Packard Co. 875 87,719
Sector Total 367,094
Shares Value
Instruments & Related Products
(2.7%)
Eastman Kodak Co. 2,000 $135,500
Emerson Electric Co. 2,000 125,875
Sector Total 261,375
Motion Pictures (0.8%)
Walt Disney Co. 2,625 80,883
Nondepository Credit Institutions
(1.8%)
American Express Co. 875 113,859
Citigroup, Inc. 1,312 62,320
Sector Total 176,179
Paper And Allied Products (3.5%)
International Paper Co. 875 43,969
Kimberly Clark Corp. 2,000 114,000
Minnesota Mining & Mfg. 2,000 173,875
Sector Total 331,844
Petroleum & Coal Products (5.6%)
BP Amoco PLC ADR 1,323 143,545
Chevron Corp. 875 83,180
Exxon Corp. 4,000 308,500
Sector Total 535,225
Primary Metal Industries (1.1%)
Alcoa, Inc. 1,750 108,281
Rubber & Miscellaneous Plastics
Products (0.5%)
Goodyear Tire & Rubber Co. 875 51,461
Tobacco Manufacturers (2.1%)
Philip Morris Cos. 5,000 200,937
Shares Value
Transportation, Communications,
& Utilities (1.7%)
CSX Corp. 1,000 $45,375
Union Pacific Corp. 2,000 116,625
Sector Total 162,000
Transportation Equipment (5.5%)
Allied Signal 1,500 94,500
Boeing Co. 1,500 66,000
Ford Motor Co. 2,000 114,500
General Motors Corp. 2,000 132,000
United Technologies Corp. 1,650 119,212
Sector Total 526,212
Transportation Services (1.6%)
GATX Corp. 4,000 152,250
TOTAL EQUITIES 6,893,360
GOVERNMENTS (21.4%) Par Value Value
U S Treasury Notes
5.375% due 7/31/00 500,000 499,844
U S Treasury Notes
5.875% due 11/30/01 500,000 503,125
U S Treasury Notes
8% due 5/15/01 1,000,000 1,043,125
TOTAL GOVERNMENTS 2,046,094
TOTAL EQUITIES (72.1%) 6,893,360
TOTAL GOVERNMENTS (21.4%) 2,046,094
CASH & EQUIVALENTS (6.5%) 623,673
TOTAL INVESTMENTS (100.0%) $9,563,127
PORTFOLIO OF INVESTMENTS
C/GROWTH STOCK FUND
June 30, 1999
(Unaudited)
EQUITIES (91.6%) Shares Value
Building Materials, Hardware, Garden
Supply, & Mobile Home (4.7%)
Home Depot, Inc. 2,000 $128,625
Business Services (19.3%)
America Online 300 33,094
Check Point Software 1,100 58,987
IBM Corp. 650 84,175
Inktomi 400 52,225
Interpublic Group Cos. 450 38,981
Microsoft Corp. 1,000 90,188
Omnicom Group, Inc. 1,200 96,000
Robert Half Int'l., Inc. 1,000 26,000
Sungard Data Systems, Inc. 1,300 44,850
Sector Total 524,500
Chemicals & Allied Products (4.5%)
Biogen 400 25,725
Clorox 400 42,725
Medco Research 2,000 52,500
Sector Total 120,950
Communications (10.5%)
Alltel Corp. 650 46,475
Bellsouth Corp. 980 45,570
Centurytel, Inc. 600 23,850
AT&T Corp. 910 50,619
U.S. Cellular 350 18,725
Vodafone Airtouch PLC ADR 215 42,812
MCI Worldcom, Inc. 650 55,940
Sector Total 283,991
Shares Value
Depository Institutions (2.6%)
Chase Manhattan Corp. 600 $51,900
First Tennessee Natl. Corp. 500 19,156
Sector Total 71,056
Electrical & Electronic Equipment (8.3%)
General Electric Co. 450 50,625
Lucent 600 40,463
Salton, Inc. 1,000 50,000
Solectron Corp. 1,260 84,026
Sector Total 225,114
Electric, Gas, & Sanitary Services
(1.8%)
Calpine Corp. 900 48,600
Food & Kindred Products (1.1%)
Pepsico, Inc. 750 29,016
General Merchandise Stores (4.1%)
Kohls Corp. 500 38,594
Wal-Mart Stores 1,500 72,375
Sector Total 110,969
Industrial Machinery & Equipment
(13.7%)
Cybex Computer Prod. Corp. 1,500 41,813
3 Com Corp. 600 16,013
Cisco Systems 2,000 129,000
EMC Corp. 1,600 88,000
Gateway, Inc. 500 29,500
Lexmark International 400 26,425
Sun Microsystems 600 41,325
Sector Total 372,075
Shares Value
Instruments & Related Products
(3.2%)
Colorado Medtech, Inc. 3,000 $65,812
Guidant Corp. 400 20,450
Sector Total 86,262
Insurance Carriers (3.0%)
American International Group 700 82,075
Lumber & Wood Products (1.8%)
Masco Corp. 1,650 47,644
Miscellaneous Retail (1.6%)
Office Max 3,700 44,400
Nondepository Credit Institutions
(5.1%)
Citigroup, Inc. 1,200 57,000
Metris Cos. 2,000 81,500
Sector Total 138,500
Shares Value
Paper & Allied Products (1.4%)
Williamette Industries 850 $39,153
Transportation by Air (2.4%)
Southwest Airlines 2,100 65,887
Transportation Equipment (0.7%)
Gentex Corp. 700 19,600
Water Transportation (1.8%)
Carnival Cruise (Class A) 1,000 48,500
TOTAL EQUITIES (91.6%) 2,486,917
CASH & EQUIVALENTS (8.4%) 228,555
TOTAL INVESTMENTS (100.0%) $2,715,472
PORTFOLIO OF INVESTMENTS
ADAMS EQUITY FUND
June 30, 1999
(Unaudited)
EQUITIES (98.9%) Shares Value
Business Services (7.6%)
Cybercash, Inc. 1,000 $12,812
Sterling Commerce 400 14,700
Sector Total 27,512
Chemicals & Allied Products (4.1%)
Merck & Co., Inc. 200 14,725
Communications (3.6%)
CBS Corp. 300 13,031
Depository Institutions (9.6%)
Investors Financial Svcs. 600 24,000
Washington Mutual 300 10,669
Sector Total 34,669
Electrical & Electronic Equipment
(8.6%)
ADC Telecommunications 400 18,225
Porta Systems, Inc. 7,000 12,688
Sector Total 30,913
Fabricated Metal Products (10.7%)
Wyman-Gordon 2,000 38,625
Furniture & Fixtures (7.7%)
Leggett & Platt, Inc. 1,000 27,813
Furniture, Home Furnishings,
& Equipment Stores (4.8%)
Williams Sonoma, Inc. 500 17,406
General Building Contractors (3.6%)
Standard Pacific Corp. 1,000 12,938
Shares Value
General Merchandise Stores (2.5%)
Sears Roebuck & Co. 200 $8,913
Holding & Other Investment Offices
(6.8%)
Diamonds Trust 100 10,938
S & P 500 Depository Receipt 100 13,684
Sector Total 24,622
Industrial Machinery & Equipment (4.4%)
Black & Decker Mfg. 250 15,781
Instruments And Related Products (3.8%)
Eastman Kodak Co. 200 13,550
Lumber & Wood Products (4.3%)
Nortek, Inc. 500 15,656
Nondepository Credit Institutions
(3.9%)
Citigroup, Inc. 300 14,250
Paper & Allied Products (3.9%)
Drypers Corp. 5,000 13,906
Transportation Equipment (9.0%)
R & B, Inc. 2,500 20,625
Tenneco 500 11,937
Sector Total 32,562
TOTAL EQUITIES (98.9%) 356,872
CASH & EQUIVALENTS (1.1%) 3,947
TOTAL INVESTMENTS (100.0%) $360,819
PORTFOLIO OF INVESTMENTS
C/GOVERNMENT FUND
June 30, 1999
(Unaudited)
GOVERNMENTS (91.0%) Par Value Value
U.S. Treasury Notes
5.875% due 2/15/00 500,000 $502,031
U.S. Treasury Notes
5.375% due 7/31/00 2,000,000 1,999,375
U.S. Treasury Bonds
11.75% due 2/15/01 500,000 547,812
U.S. Treasury Notes
5.625% due 5/15/01 1,500,000 1,502,812
U.S. Treasury Notes
8% due 5/15/01 1,000,000 1,043,125
U.S. Treasury Notes
5.875% due 11/30/01 1,500,000 1,509,375
U.S. Treasury Notes
6.25% due 8/31/02 1,000,000 1,016,563
U.S. Treasury Notes
6.25% due 2/15/03 1,000,000 1,017,500
U.S. Treasury Notes
5.875% due 2/15/04 1,000,000 1,005,938
TOTAL GOVERNMENTS (91.0%) 10,144,531
CASH & EQUIVALENTS (9.0%) 1,008,162
TOTAL INVESTMENTS (100.0%) $11,152,693
PORTFOLIO OF INVESTMENTS
C/COMMUNITY ASSOCIATION
RESERVE FUND
June 30, 1999
(Unaudited)
GOVERNMENTS (93.6%) Par Value Value
U.S. Treasury Notes
6% due 10/15/99 150,000 $150,469
U.S. Treasury Notes
5.625% due 10/31/99 100,000 100,187
U.S. Treasury Notes
6.875% due 3/31/00 200,000 202,375
U.S. Treasury Notes
5.625% due 5/15/01 100,000 100,187
U.S. Treasury Notes
8% due 5/15/01 100,000 104,313
U.S. Treasury Notes
5.875% due 11/30/01 100,000 100,625
TOTAL GOVERNMENTS (93.6%) 758,156
CASH & EQUIVALENTS (6.4%) 51,498
TOTAL INVESTMENTS (100.0%) $809,654
C/FUNDS GROUP, INC
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999
(Unaudited)
C/Community
C/Growth Association Adams
Stock C/Government Reserve Equity
C/Fund Fund Fund Fund Fund
Securities at Cost
$6,134,306 $2,076,376 $11,213,964 $811,700 $373,221
ASSETS
Securities Value
$9,563,127 $2,715,472 $11,152,693 $809,654 $360,819
Receivables
Dividends & Interest
34,796 1,105 184,756 9,262 332
Other
1,610 975 0 84 364
9,599,533 2,717,552 11,337,449 819,000 361,515
LIABILITES
Advisor Fee & Other Payables
3,889 1,074 3,703 172 146
Redemptions Payable
0 0 0 0 0
3,889 1,074 3,703 172 146
NET ASSETS APPLICABLE TO OUTSTANDING SHARES
$9,595,644 $2,716,478 $11,333,746 $818,828 $361,369
CAPITAL SHARES
370,480 156,136 1,143,420 82,454 29,380
NET ASSET VALUE PER SHARE
$25.90 $17.40 $9.91 $9.93 $12.30
C/FUNDS GROUP, INC
STATEMENTS OF OPERATIONS
June 30, 1999
(Unaudited)
C/Community
C/Growth Association Adams
Stock C/Government Reserve Equity
C/Fund Fund Fund Fund Fund
INVESTMENT INCOME
Dividends
$58,451 $10,827 $0 $0 $1,118
Interest
55,473 6,221 313,184 23,584 613
113,924 17,048 313,184 23,584 1,731
OPERATING EXPENSES
Investment advisory fee
45,316 14,470 25,654 1,938 2,414
Professional and administrative fees
11,289 3,789 4,262 313 770
Registration fees
2,278 664 1,401 250 137
Custodian fees
14,411 4,683 16,112 1,225 744
Directors fees
4,584 1,478 1,735 140 160
Miscellaneous
1,425 229 2,144 11 1
79,303 25,313 51,308 3,877 4,226
NET INVESTMENT INCOME
34,621 (8,265) 261,876 19,707 (2,495)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Unrealized appreciation (depreciation) in value of investments for the period
182,400 (393,329) (337,206) (5,741) (58,825)
Net realized gain (loss) on investments
606,576 652,073 19,744 (2,249) 5,463
NET GAIN (LOSS) ON INVESTMENTS
788,976 258,744 (317,462) (7,990) (53,362)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$823,597 $250,479 ($55,586) $11,717 ($55,857)
C/FUNDS GROUP, INC
STATEMENT OF CHANGES IN NET ASSETS
For Six Months Ending June 30, 1999
(Unaudited)
C/Community
C/Growth Association Adams
Stock C/Government Reserve Equity
C/Fund Fund Fund Fund Fund
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss)
$34,621 ($8,265) $261,876 $19,707 ($2,495)
Net realized gain (loss) on investments
606,576 652,073 19,744 (2,249) 5,463
Unrealized appreciation (depreciation) in value of investments for the year
182,400 (393,329) (337,206) (5,741) (58,825)
Net increase (decrease) in net assets from operations
823,597 250,479 (55,586) 11,717 (55,857)
DISTRIBUTIONS TO SHAREHOLDERS
Investment income - net
(29,551) 0 (261,877) (19,708) 0
Net realized gain on investments
0 0 0 0 0
Return of capital
0 0 0 0 0
(29,551) 0 (261,877) (19,708) 0
CAPITAL SHARE TRANSACTIONS
Shares sold
821,813 365,562 2,668,835 237,826 10,464
Reinvested distributions
28,177 0 207,005 19,637 0
Shares redeemed
(908,462) (981,293) (1,207,186) (154,876) (482,796)
(58,472) (615,731) 1,668,654 102,587 (472,332)
Net increase (decrease) in net assets
$735,574 ($365,252) $1,351,191 $94,596 ($528,189)
NET ASSETS
Beginning of year
8,860,070 3,081,730 9,982,555 724,232 889,558
End of period
$9,595,644 $2,716,478 $11,333,746 $818,828 $361,369
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)
614,401 643,808 (144,169) (2,070) (13,633)
C/FUNDS GROUP, INC
STATEMENT OF CHANGES IN NET ASSETS
For the Year Ending December 31, 1998
C/Community
C/Growth Association Adams
Stock C/Government Reserve Equity
C/Fund Fund Fund Fund Fund
INCREASE (DECREASE) IN NET ASSETS
From Operations:
Net investment income (loss)
$100,713 ($12,228) $417,201 $43,208 ($9,497)
Net realized gain (loss) on investments
335,753 132,755 0 437 (12,064)
Unrealized appreciation (depreciation) in value of investments for the year
1,108,922 414,834 222,195 (354) (144,540)
Net increase (decrease) in net assets from operations
1,545,388 535,361 639,396 43,291 (166,101)
DISTRIBUTIONS TO SHAREHOLDERS
Investment income - net
(99,926) 0 (417,200) (43,207) 0
Net realized gain on investments
(334,943) (132,387) 0 0 0
(434,869) (132,387) (417,200) (43,207) 0
CAPITAL SHARE TRANSACTIONS
Shares sold
1,814,668 328,020 8,532,493 475,625 164,405
Reinvested distributions
416,606 127,950 363,296 43,207 0
Shares redeemed
(1,619,121) (318,564) (3,678,135) (648,518) (385,388)
612,153 137,406 5,217,654 (129,686) (220,983)
Net increase (decrease) in net assets
$1,722,672 $540,380 $5,439,850 ($129,602) ($387,084)
NET ASSETS
Beginning of year
7,137,398 2,541,350 4,542,705 853,834 1,276,642
End of period
$8,860,070 $3,081,730 $9,982,555 $724,232 $889,558
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)
$2,755 $358 ($163,912) $180 ($16,601)
C/Funds Group, Inc.
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