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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
<PAGE> PAGE 22
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 12
072 B000800 23
072 C000800 349
072 D000800 0
072 E000800 -152
072 F000800 0
072 G000800 6
072 H000800 0
072 I000800 11
072 J000800 0
072 K000800 3
072 L000800 3
072 M000800 0
072 N000800 13
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 2
072 S000800 1
072 T000800 28
072 U000800 5
072 V000800 0
072 W000800 2
072 X000800 74
072 Y000800 22
072 Z000800 168
072AA000800 2605
072BB000800 0
072CC010800 0
072CC020800 863
072DD010800 167
072DD020800 0
072EE000800 1462
073 A010800 0.0300
073 A020800 0.0000
073 B000800 2.1200
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 13804
<PAGE> PAGE 23
074 J000800 0
074 K000800 0
074 L000800 310
074 M000800 21
074 N000800 14135
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 242
074 S000800 0
074 T000800 13893
074 U010800 683
074 U020800 0
074 V010800 20.34
074 V020800 0.00
074 W000800 0.0000
074 X000800 698
074 Y000800 0
075 A000800 0
075 B000800 11351
076 000800 0.00
SIGNATURE BRUCE MCKIBBEN
TITLE MGR/FINANCIAL REPTG
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 006
<NAME> THE MUIRFIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 139411014
<INVESTMENTS-AT-VALUE> 155813166
<RECEIVABLES> 2702313
<ASSETS-OTHER> 23424
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158538903
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2711836
<TOTAL-LIABILITIES> 2711836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134723980
<SHARES-COMMON-STOCK> 24668078
<SHARES-COMMON-PRIOR> 18244445
<ACCUMULATED-NII-CURRENT> 2355173
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2345762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16402152
<NET-ASSETS> 155827067
<DIVIDEND-INCOME> 174648
<INTEREST-INCOME> 3347890
<OTHER-INCOME> 0
<EXPENSES-NET> 1677507
<NET-INVESTMENT-INCOME> 1845031
<REALIZED-GAINS-CURRENT> 24271958
<APPREC-INCREASE-CURRENT> (5000347)
<NET-CHANGE-FROM-OPS> 21116642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1844594
<DISTRIBUTIONS-OF-GAINS> 26315111
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7800886
<NUMBER-OF-SHARES-REDEEMED> 6156981
<SHARES-REINVESTED> 4779728
<NET-CHANGE-IN-ASSETS> 30279774
<ACCUMULATED-NII-PRIOR> 1263
<ACCUMULATED-GAINS-PRIOR> 6742388
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1677507
<AVERAGE-NET-ASSETS> 138514306
<PER-SHARE-NAV-BEGIN> 6.88
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.89
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 1.45
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.32
<EXPENSE-RATIO> 1.21
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 008
<NAME> THE TOTAL RETURN UTILITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12152705
<INVESTMENTS-AT-VALUE> 13804393
<RECEIVABLES> 309222
<ASSETS-OTHER> 21453
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14135068
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 241732
<TOTAL-LIABILITIES> 241732
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11457627
<SHARES-COMMON-STOCK> 683005
<SHARES-COMMON-PRIOR> 549849
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 15
<ACCUMULATED-NET-GAINS> 784036
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1651688
<NET-ASSETS> 13893336
<DIVIDEND-INCOME> 348140
<INTEREST-INCOME> 23391
<OTHER-INCOME> 0
<EXPENSES-NET> 204058
<NET-INVESTMENT-INCOME> 167473
<REALIZED-GAINS-CURRENT> 2604826
<APPREC-INCREASE-CURRENT> (862933)
<NET-CHANGE-FROM-OPS> 1909366
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 167473
<DISTRIBUTIONS-OF-GAINS> 1461849
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 331544
<NUMBER-OF-SHARES-REDEEMED> 275164
<SHARES-REINVESTED> 76776
<NET-CHANGE-IN-ASSETS> 3438686
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 15
<OVERDIST-NET-GAINS-PRIOR> 358941
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226218
<AVERAGE-NET-ASSETS> 11351032
<PER-SHARE-NAV-BEGIN> 19.01
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 3.45
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 2.12
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.34
<EXPENSE-RATIO> 1.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 002
<NAME> THE HIGHLANDS GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 38614094
<INVESTMENTS-AT-VALUE> 52869820
<RECEIVABLES> 316431
<ASSETS-OTHER> 27053
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53213304
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 126384
<TOTAL-LIABILITIES> 126384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39110894
<SHARES-COMMON-STOCK> 2372688
<SHARES-COMMON-PRIOR> 2068262
<ACCUMULATED-NII-CURRENT> 1910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 281610
<ACCUM-APPREC-OR-DEPREC> 14255726
<NET-ASSETS> 53086920
<DIVIDEND-INCOME> 511352
<INTEREST-INCOME> 232263
<OTHER-INCOME> 0
<EXPENSES-NET> 760704
<NET-INVESTMENT-INCOME> (17089)
<REALIZED-GAINS-CURRENT> 5284110
<APPREC-INCREASE-CURRENT> 4100217
<NET-CHANGE-FROM-OPS> 9367238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6597219
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<NUMBER-OF-SHARES-SOLD> 3995692
<NUMBER-OF-SHARES-REDEEMED> 3995764
<SHARES-REINVESTED> 304498
<NET-CHANGE-IN-ASSETS> 9179176
<ACCUMULATED-NII-PRIOR> 131
<ACCUMULATED-GAINS-PRIOR> 1050367
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 760704
<AVERAGE-NET-ASSETS> 48645765
<PER-SHARE-NAV-BEGIN> 21.23
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 4.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 3.22
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.37
<EXPENSE-RATIO> 1.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 004
<NAME> THE U.S. GOVERNMENT BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12434437
<INVESTMENTS-AT-VALUE> 12426703
<RECEIVABLES> 295
<ASSETS-OTHER> 8071
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12435069
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12906
<TOTAL-LIABILITIES> 12906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12754478
<SHARES-COMMON-STOCK> 582325
<SHARES-COMMON-PRIOR> 510117
<ACCUMULATED-NII-CURRENT> 1574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 326155
<ACCUM-APPREC-OR-DEPREC> (7734)
<NET-ASSETS> 12422163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 604256
<OTHER-INCOME> 0
<EXPENSES-NET> 118441
<NET-INVESTMENT-INCOME> 485815
<REALIZED-GAINS-CURRENT> (476420)
<APPREC-INCREASE-CURRENT> 48124
<NET-CHANGE-FROM-OPS> 57519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 485815
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129747
<NUMBER-OF-SHARES-REDEEMED> 78890
<SHARES-REINVESTED> 21351
<NET-CHANGE-IN-ASSETS> 1128156
<ACCUMULATED-NII-PRIOR> 151839
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 118441
<AVERAGE-NET-ASSETS> 11863563
<PER-SHARE-NAV-BEGIN> 22.14
<PER-SHARE-NII> 0.88
<PER-SHARE-GAIN-APPREC> (0.81)
<PER-SHARE-DIVIDEND> 0.88
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.33
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702435
<NAME> THE FLEX-FUNDS
<SERIES>
<NUMBER> 005
<NAME> THE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 231998650
<INVESTMENTS-AT-VALUE> 231998650
<RECEIVABLES> 10717
<ASSETS-OTHER> 82080
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232091447
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68214
<TOTAL-LIABILITIES> 68214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232023233
<SHARES-COMMON-STOCK> 232023233
<SHARES-COMMON-PRIOR> 154255297
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 232023233
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11431569
<OTHER-INCOME> 0
<EXPENSES-NET> 877666
<NET-INVESTMENT-INCOME> 10553903
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10553903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10553903
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 621768406
<NUMBER-OF-SHARES-REDEEMED> 554405825
<SHARES-REINVESTED> 10405355
<NET-CHANGE-IN-ASSETS> 77767936
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917936
<AVERAGE-NET-ASSETS> 216179408
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.049
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>
</FN>
</TABLE>
The Board of Trustees and Shareholders of
The Flex-funds:
In planning and performing our audits of the financial
statements of The Flex-funds (the Funds) for the year
ended December 31, 1999, we considered their
control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, error
or fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its
operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of the
Funds, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
KPMG LLP
Columbus, Ohio
February 11, 2000
