The Flex-funds: Fund Performance

Period & Average Annual Total Returns as of June 30, 2008
	3 Mos	YTD	1 Yr	3 Yrs	5 Yrs	10 Yrs	Life of Fund	Inception Date	Net Expense Ratio	Gross Expense Ratio
The Quantex Fund™	-4.73%	-13.16%	-26.22%	-0.46%	4.36%	0.52%	6.26%	3/20/85	1.56%	2.09%
The U.S. Government Bond Fund	-2.01%	0.64%	7.38%	3.76%	2.06%	3.49%	5.57%	5/9/85	1.01%	1.72%
The Muirfield Fund®	1.67%	-9.14%	-9.75%	5.08%	7.24%	3.58%	7.93%	8/10/88	1.38%	1.88%
The Socially Responsible Utilities Fund	7.01%	-2.51%	2.27%	12.56%	14.97%	6.54%	9.79%	6/21/95	1.90%	2.10%
The Aggressive Growth Fund	-0.52%	-10.24%	-11.08%	4.85%	7.60%	-	-2.91%	2/29/00	1.70%	1.83%
The Dynamic Growth Fund	3.05%	-8.55%	-9.04%	6.33%	8.43%	-	-0.47%	2/29/00	1.32%	1.86%
The Defensive Growth Fund	-1.37%	-10.33%	-11.70%	-	-	-	-0.13%	1/31/06	1.56%	1.66%
The Focused Growth Fund	-0.42%	-10.02%	-11.39%	-	-	-	0.84%	1/31/06	1.58%	1.68%
The Money Market Fund** Retail Class	0.61%	1.53%	3.98%	4.29%	3.09%	3.54%	4.98%	3/27/85	0.48%	0.84%
The Money Market Fund** Institutional Class	0.65%	1.60%	4.13%	4.44%	-	-	4.15%	12/28/04	0.34%	0.67%
Money Market Fund Current Yields** as of June 30, 2008
	7-Day Compound Yield	7-Day Simple Yield
Retail Class	2.21%	2.19%
Institutional Class	2.36%	2.33%

To obtain a prospectus containing more complete information about The Flex-funds, 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.

Past performance does not guarantee future results.
All performance figures represent period and average annual total returns for the periods ended as mentioned above and assume reinvestment of all dividend and capital gains distributions. The investment return and principal value of of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Investment Adviser waived a portion of its management fees and/or reimbursed expenses in order to reduce the operating expenses of The Socially Responsible Utilities, Dynamic Growth, Aggressive Growth, U.S. Government Bond, and Money Market Funds during each period shown above. All expense waivers for the Funds are voluntary and may be terminated at any time, except for The Quantex Fund™

* The Quantex Fund™ changed its name and investment strategy on April 20, 2005. Average annual total returns for The Quantex Fund™ prior to April 30, 2005 reflect a combination of the Fund's current quantitative investment strategy and the Fund's previous investment strategy. The Fund's management fee waiver is contractual and may be terminated annually by the Adviser on its renewal date.

** An investment in The Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although The Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Yield quotations more closely reflect the current earnings of The Money Market Fund than do total return quotations.

*** The Net and Gross Expense Ratios are percentages of the most current Fund's Prospectus. The Net Expense Ratio includes all waivers, reimbursements, and expenses paid indirectly.