Rule 497(e)
File Nos.: 002-85378
Rule 482 ad
* * * * *
MORNINGSTAR'S OVERALL RATING...
out of 3990 Domestic Equity Funds monitored by Morningstar,
as of 12/31/00.
THE FLEX-FUNDS
TOTAL RETURN UTILITIES FUND
The Flex-funds Total Return Utilities Fund offers the stability of
earnings typically found in utility stocks, with the potential for
long-term growth of capital typically found in the equity market.
MORNINGSTAR RATINGS (Domestic Equity Category) as of 12/31/00
Overall * * * * *
Three Year * * * *
Five Year * * * * *
AVERAGE ANNUAL TOTAL RETURNS as of 12/31/00
One Year 20.03%
Three Years 16.15%
Five Years 17.97%
Life of Fund* 19.09% * Inception Date 6/21/95
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. Performance data for The
Total Return Utilities Fund indicates period and average annual total returns
for the periods 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 original cost.
To obtain a prospectus containing more complete information about The Total
Return Utilities Fund, including other fees and expenses that 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. Please read the prospectus carefully
before investing.
Because The Total Return Utilities Fund concentrates its investments in public
utility companies, the value of the Fund's shares may fluctuate more than if
invested in a greater number of industries. Changes in interest rates may also
affect the value of utility stocks, and rising interest rates can be expected to
reduce the Fund's net asset value.
The Morningstar Risk-Adjusted Rating (the star rating) is based on historical
risk-adjusted performance and is subject to change monthly. The top 10% of funds
in a class receive 5 stars; the next 22.5% receive 4 stars. The Investment
Advisor waived a portion of its management fee and/or reimbursed expenses in
order to reduce the operating expenses of the Fund during each period shown
above. Without such waivers, the Fund's ratings may have been lower.
For more information
CALL TOLL FREE 800-325-3539 or from Central Ohio 760-2159,
Online at WWW.FLEXFUNDS.COM or complete the attached postcard.
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THE FLEX-FUNDS
[X] Please send me more information on
THE FLEX-FUNDS TOTAL RETURN UTILITIES FUND
Your Name:______________________________________________________________
Your Phone Number (with area code):_____________________________________
Mailing Address:________________________________________________________
City, State:__________________________________ Zip Code:________________
Email Address:__________________________________________________________
<PAGE>
THE FLEX-FUNDS
THE TOTAL RETURN
UTILITIES FUND
INVESTMENT STRATEGY
The Total Return Utilities Fund seeks current income and growth of
income by investing primarily in equity securities of domestic and
foreign utility companies. The Fund strives to provide a real rate of
return by investing in fiscally sound companies across the broad
utilities market. Company evaluations are based on fundamental
criteria of financial strength.
SOCIALLY RESPONSIBLE INVESTMENTS
The Fund strives to reduce volatility by avoiding companies with
exposure to the nuclear power industry. The Fund also employs a
socially responsible screening process for every company it considers
for investment.
PORTFOLIO MANAGER
[PHOTO] LOWELL G. MILLER
Founder and Chief Investment Officer of Miller/Howard Investments,
subadvisor to The Total Return Utilities Fund since inception in 1995.
Mr. Miller has demonstrated expertise in the field of utilities
industry investing for over 25 years, and is often quoted in the
financial press on the subject of utilities and the investment scene
in general.
For more information
CALL TOLL FREE 800-325-3539
from Central Ohio 760-2159
Or Visit The Flex-funds online @ WWW.FLEXFUNDS.COM
E-Mail: [email protected]
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NO POSTAGE
NECESSARY
IF MAILED
IN THE
UNITED STATES
-------------------------------------------------------
BUSINESS REPLY MAIL
FIRST CLASS MAIL PERMIT NO. 134 DUBLIN, OHIO
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POSTAGE WILL BE PAID BY ADDRESSEE
THE FLEX-FUNDS
P.O. Box 7177
Dublin, OH 43017-9947
