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

Investment Objective
The Flex-funds U.S. Government Bond Fund seeks to maximize current income through investment in securities which are issued or guaranteed as to principal and interest by the U.S. Government or any of its agencies, and through repurchase agreements relating to any of the foregoing U.S. Government securities, and/or repurchase agreements collateralized by commercial paper rated no lower than "A-" by Standards & Poors Corporation pr "Prime-1" by Moody's Investors Services Inc., provided no more than 20% of the fund's net assets will be invested in repurchase agreements colllateralized by the foregoing commercial paper. .

Investment Strategy
The U.S. Government Bond Fund brings The Flex-funds discipline of "Defensive Investing" to the fixed income markets. Defensive Investing in the government bond market seeks to maximize current income through investment in U.S. Treasury notes when the risk/reward relationships are favorable. When the risk/reward relationships are unfavorable, the Fund seeks to preserve investment gains by shifting the Fund's assets to money market funds until conditions in the bond market are once again favorable for investment.

The Fund's investment advisor evaluates the risk/reward relationships in the U.S. Government bond market on a continuing basis, using an objective and quantitative decision model to determine market conditions. This model includes interest rate trends, yield ratio relationships, and real interest rates in comparison to historical averages.

The Fund will invest in U.S. Government secu rities of varying maturities based upon the investment adviser's assessment of the indicators in the decision model. Should one of these indicators turn negative, the Fund will adopt a defensive position by investing its assets in short-term U.S. Treasury bills until all indicators are positive.

Because Defensive Investing seeks to maximize current income in a favorable interest rate environment while it seeks to avoid losses in a negative interest rate environment, The Flex-funds' U.S. Government Bond Fund is an ideal choice for investors looking for an actively-managed fixed income fund that seeks good performance in most market environments.

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Who May Want to Invest?

The U.S. Government Bond Fund may be appropriate for you if:

• you are seeking a regular stream of income;
• you have common stock holdings and want to diversify your portfolio;
• you are seeking higher potential returns than money market instruments provide and are willing to accept moderate risk of volatility; or
• you have retired or are about to retire.

The U.S. Government Bond Fund may not be appropriate for you if:

• you require maximum stability of principal;
• you are investing for maximum return over a long-term horizon.

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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 divide nd 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 original cost. Management fees were waived and/or expenses were reimbursed in order to reduce the operating expenses of The U.S. Government Bond Fund for 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 or request a prospectus by mail. Please read the prospectus carefully before investing.

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Meeder Asset Management, Inc.
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 investment professionals at Meeder Asset Management is responsible for the daily management of the Fund's portfolio.

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Portfolios 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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Cusip
339370405

Inception Date
March 20, 1985

Distributions

Minimum Initial Investment

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