Investment Objective
Investment Strategy
Who May Want to Invest?
Performance Update
About the Investment Advisor
Portfolio Holdings
Miscellaneous

Investment Objective
The Flex-funds Muirfield Fund seeks growth of capital through investment primarily in the shares of other equity mutual funds that are not affiliated with the Fund.

Investment Strategy
A disciplined strategy of Defensive Investing guides the management of The Muirfield Fund. The Defensive Investing discipline -- developed by Meeder Asset Management in 1974 -- seeks to maximize shareholder return through investment in equity mutual funds when the investment adviser believes risk/reward relationships are favorable. When the investment adviser believes risk/reward relationships are unfavorable, the Fund seeks to preserve gains and avoid losses by shifting its assets to fixed income or money market funds.

The Fund's managers continuously evaluate the risk/reward relationships in the financial markets, using many fundamental and technical measurements to judge the stock market's risk. If the managers believe the potential rewards of the stock market outweigh the inherent risks, the Fund will invest fully in equity mutual funds that have strong historical performance and promise for potential growth. If the managers believe risks of the stock market outweigh the potential rewards, the Fund will reallocate its assets to bonds or cash equivalents until conditions in the equity market are again perceived to be favorable for investment.

Because Defensive Investing seeks to minimize an investor's exposure to risk while offering participation in bull markets when the managers believe risk/reward relationships are positive, The Muirfield Fund is an investment choice for investors who are somewhat conservative or risk-averse but seek an actively managed fund providing the potential for positive investment returns over the long term.

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Who May Want to Invest?
The Muirfield Fund may be appropriate for you if:

• you are seeking long-term growth potential but are concerned about moderating the risks associated with being invested in the stock market at all times.
• you are seeking to diversify your portfolio.
• you are investing with a long-term horizon.

The Muirfield Fund may not be appropriate for you if:

• you are investing to meet short-term financial goals;
• you are seeking to be invested in the stock market at all times
• you are seeking to maximize returns from an aggressive growth strategy that is invested in the stock market at all times.

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Performance Update

Past performance is not a guarantee of future results.
Performance data indicates period total returns as indicated and assumes reinvestment of all dividend and capital gain distributions. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their ori ginal cost. Management fees  were waived and/or expenses were reimbursed in order to reduce the operating expenses of the Fund during each period shown above. To obtain a prospectus containing more complete information about the Fund, including other fees and expenses that may apply to a continued investment in the Fund, you may call The Flex-funds at 800-325-3539, or write P.O. Box 7177, Dublin OH 43017. You may also download a prospectus online or request a prospectus by mail. Please read the prospectus carefully before investing.

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About the Investment Advisor

Meeder Asset Management
Since 1974, Meeder Asset Management has managed investment portfolios for individuals and institutions through mutual funds, retirement plans, and private investment accounts. A team of persons employed by Meeder Asset Management, Inc. is jointly and primarily responsible for the day-to-day management of the Fund.

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Portfolio Holdings as of December 31, 2005

Portfolio Holdings are subject to change.

For the most recent month-end schedules of complete portfolio holdings for all funds, click here.

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Ticker
FLMFX

CUSIP
339370603

Inception Date
August 10, 1988

Distributions

Minimum Initial Investment

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