<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000702435
000 D000000 N
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000 I000000 3.0
000 J000000 A
001 A000000 THE FLEX-FUNDS
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002 A000000 6000 MEMORIAL DRIVE
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002 D010000 43017
003 000000 N
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005 000000 N
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007 C010100 1
007 C010200 2
007 C020200 THE HIGHLANDS GROWTH FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C020400 THE US GOVERNMENT BOND FUND
007 C030400 N
007 C010500 5
007 C020500 THE MONEY MARKET FUND
007 C030500 N
007 C010600 6
007 C020600 THE MUIRFIELD FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C020800 THE TOTAL RETURN UTILITIES FUND
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 MUTUAL FUNDS SERVICE CO.
010 B00AA01 84-1441
010 C01AA01 DUBLIN
010 C02AA01 OH
010 C03AA01 43017
012 A00AA01 MUTUAL FUNDS SERVICE CO.
012 B00AA01 84-1441
012 C01AA01 DUBLIN
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<PAGE> PAGE 2
012 C03AA01 43017
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 COLUMBUS
013 B02AA01 OH
013 B03AA01 43215
014 A00AA01 ADVISOR DEALER SERVICES
014 B00AA01 8-47374
015 A00AA01 STAR BANK, N.A., CINCINNATI
015 B00AA01 C
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015 E01AA01 X
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
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077 E000000 N
077 F000000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 J010200 N
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<PAGE> PAGE 8
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008 D010401 DUBLIN
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<PAGE> PAGE 9
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<PAGE> PAGE 10
070 I010400 N
070 I020400 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
008 D020801 OH
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE RICHARD A CLEMENS
TITLE MGR/FINANCIAL REPTG
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 002
<NAME> HIGHLANDS GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<PERIOD-END> JUN-30-1997
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<NAME> THE FLEX-FUNDS
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<NAME> THE FLEX-FUNDS
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<CIK> 0000702435
<NAME> THE FLEX-FUNDS
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<CIK> 0000702435
<NAME> THE FLEX-FUNDS
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<NAME> TOTAL RETURN UTILITIES
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