UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3462

The Flex-funds Trust

6125 Memorial Drive

Dublin, OH 43017

Bruce McKibben

c/o The Flex-funds Trust

6125 Memorial Drive

Dublin, OH 43017

Registrant’s telephone number, including area code: 800-325-3539

Date of fiscal year end: December 31, 2006

Date of reporting period: September 30, 2006

Item 1. Schedule of Investments.

Schedule of Investments

September 30, 2006 (unaudited)

The Muirfield Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Registered Investment Companies - 84.5%
Allegiant Mid Cap Value Fund - A			177,054		2,487,606
Allianz NACM International Fund - I			75,143		1,704,233
Allianz NFJ Divdend Value Fund - D			242,370		3,933,669
American Growth Fund of America - F			190,576		6,098,440
Artisan Mid Cap Value Fund			122,209		2,428,290
Goldman Sachs Structured Large Cap Value Fund - I			887,697		12,614,176
MFS Value Fund - A			286,905		7,373,459
Rydex Large Cap Growth Fund - H			39,170		1,004,309
SSgA International Stock Selection Fund			170,106		2,197,765
Transamerica Premier Equity Fund - I			47,311		1,063,075
Total Registered Investment Companies	(Cost	$	39,062,260	)	40,905,022
U.S. Government Obligations - 1.2%
U.S. Treasury Bill, 4.99%, due 11/09/2006*			100,000		99,476
U.S. Treasury Bill, 4.94%, due 12/07/2006*			500,000		495,477
Total U.S. Government Obligations	(Cost	$	595,062	)	594,953
Repurchase Agreements - 14.4%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $9,777,561 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $7,121,657) purchase date 09/29/2006			6,982,000		6,982,000
Total Repurchase Agreements	(Cost	$	6,982,000	)	6,982,000
Total Investments - 100.1%	(Cost	$	46,639,322	)(a)	48,481,975
Liabilities less Other Assets - (0.1%)					(66,191	)
Total Net Assets - 100.0%					48,415,784
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			86		658
The Flex-funds Defensive Growth Fund			44		436
The Flex-funds Dynamic Growth Fund			2,414		21,629
The Flex-funds Muirfield Fund			5,671		31,020
The Flex-funds Quantex Fund			1,754		31,975
The Flex-funds Total Return Utilities Fund			447		9,034
Total Trustee Deferred Compensation	(Cost	$	75,169	)	94,752
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Standard & Poors 500 expiring December 2006,			23		(14,367	)
notional value $7,736,050
Total Futures Contracts					(14,367	)

(a) Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses recognized in excess of federal income tax reporting of approximately $161,921. Cost for federal income tax purposes of $46,801,243 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,916,649
Unrealized depreciation		(235,917	)
Net unrealized appreciation (depreciation)	$	1,680,732

* Pledged as collateral on futures contracts.

** Assets of affiliates to The Muirfield Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Total Return Utilities Fund

Security Description		Shares or Principal Amount ($)		Value ($)
Common Stocks - 98.8%
Electric Utility 15.6%
Energy East Corp.		33,830		802,448
MDU Resources Group, Inc.		26,167		584,571
Northeast Utilities		22,805		530,672
Pepco Holdings, Inc.		16,140		390,104
Sierra Pacific Resources #		87,280		1,251,595
	(Cost	2,975,309	)	3,559,390
Independent Power Producer 3.7%
Dynegy, Inc. #		72,075		399,296
NRG Energy, Inc. #		10,010		453,453
	(Cost	774,843	)	852,749
Natural Gas Distribution 20.0%
AGL Resources, Inc.		20,665		754,272
ATMOS Energy Corp.		15,145		432,390
NiSource, Inc.		37,065		805,793
ONEOK, Inc.		21,460		810,973
Southern Union Co.		34,605		913,918
Vectren Corp.		21,155		568,012
WGL Holdings, Inc.		8,125		254,638
	(Cost	3,754,686	)	4,539,996
Oil Exploration & Production 9.5%
Anadarko Petroleum Corp.		12,730		557,956
Pioneer Natural Resources Co.		20,435		799,417
Ultra Petroleum Corp. #		16,285		783,472
	(Cost	1,493,415	)	2,140,845
Pipelines 17.1%
Enterprise Products Partners, L.P.		22,396		599,093
Equitable Resources, Inc.		18,265		638,910
Kinder Morgan Energy Partners, L.P.		18,918		830,122
National Fuel Gas Co.		19,315		702,100
Questar Corp.		14,185		1,159,907
	(Cost	2,680,473	)	3,930,132
Telephone & Telecommunications 31.3%
America Movil SA de CV - ADR		12,580		495,275
AT&T, Inc.		23,995		781,277
Brasil Telecom - ADR		11,855		356,361
China Mobile Limited - ADR		21,505		760,202
Cypress Semiconductor Corp. #		16,110		286,275
Deutsche Telekom AG		26,535		421,110
ESCO Technologies, Inc.#		9,115		419,654
Nokia Corp. - ADR		26,455		520,899
Powerwave Technologies, Inc. #		21,430		162,868
PT Telekomunikasi Indonesia - ADR		10,800		390,528
Qualcom, Inc.		12,845		466,916
Sprint Nextel Corp.		55,735		955,855

Schedule of Investments

September 30, 2006 (unaudited)

The Total Return Utilities Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Telefonos de Mexico SA de CV - ADR			10,285		263,090
Verizon Communications, Inc.			17,190		638,265
Vimpel-Communications OAO - ADR #			3,710		224,789
	(Cost		6,387,721	)	7,143,364
Water Utility - 1.6%
United Utilities PLC - ADR			13,940		369,131
	(Cost		248,078	)	369,131
Total Common Stocks	(Cost	$	18,314,525	)	22,535,607
Repurchase Agreements - 0.3%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $88,225 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $64,260) purchase date 09/29/2006			63,000		63,000
Total Repurchase Agreements	(Cost	$	63,000	)	63,000
Total Investments - 99.1%	(Cost	$	18,377,525	)(a)	22,598,607
Other Assets less Liabilities - 0.9%					205,443
Total Net Assets - 100.0%					22,804,050
Trustee Deferred Compensation*
The Flex-funds Aggressive Growth Fund			46		352
The Flex-funds Defensive Growth Fund			24		238
The Flex-funds Dynamic Growth Fund			853		7,643
The Flex-funds Muirfield Fund			2,009		10,989
The Flex-funds Quantex Fund			619		11,284
The Flex-funds Total Return Utilities Fund			143		2,890
Total Trustee Deferred Compensation	(Cost	$	26,424	)	33,396

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,808,116
Unrealized depreciation		(587,034	)
Net unrealized appreciation (depreciation)	$	4,221,082

ADR  American Depositary Receipt

# Represents non-income producing securities.

* Assets of affiliates to The Total Return Utilities Fund held for the benefit of the Fund’s Trustees in connection with the Trustees Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Quantex Fund

Security Description		Shares or Principal Amount ($)		Value ($)
Common Stocks - 95.1%
Basic Materials - 7.6%
Allegheny Technologies, Inc.		4,000		248,760
Ashland, Inc.		2,600		165,828
Eastman Chemical Co.		3,000		162,060
Hercules, Inc. #		13,900		219,203
Int’l Flavors & Fragrances, Inc.		4,700		185,838
Louisiana Pacific Corp.		5,700		106,989
Sigma - Aldrich Corp.		2,400		181,608
	(Cost	1,032,473	)	1,270,286
Communications - 11.3%
ADC Telecommunications, Inc. #		6,814		102,278
Andrew Corp. #		15,000		138,750
Avaya, Inc. #		14,300		163,592
CenturyTel, Inc.		4,700		186,449
Ciena Corp. #		7,314		199,314
Citizens Communications Co.		13,000		182,520
Dow Jones & Co., Inc.		4,000		134,160
EW Scripps Co.		3,100		148,583
Interpublic Group of Cos., Inc. #		15,800		156,420
JDS Uniphase Corp. #		66,100		144,759
Meredith Corp.		3,000		147,990
New York Times Co.		5,700		130,986
The McClatchy Co.		1,228		51,809
	(Cost	1,779,826	)	1,887,611
Consumer Cyclical - 15.7%
Autonation, Inc. #		7,000		146,300
Big Lots, Inc. #		12,600		249,606
Brunswick Corp.		3,800		118,522
Circuit City Stores, Inc.		6,400		160,704
Cooper Tire & Rubber Co.		10,200		102,612
Dana Corp.		22,900		23,816
Dillards, Inc.		6,100		199,653
Family Dollar Stores, Inc.		6,100		178,364
Hasbro, Inc.		7,600		172,900
Jones Apparel Group, Inc.		5,200		168,688

Schedule of Investments

September 30, 2006 (unaudited)

The Quantex Fund

Security Description		Shares or Principal Amount ($)		Value ($)
Liz Claiborne, Inc.		4,400		173,844
Navistar International Corp. #		5,600		144,592
OfficeMax, lnc.		6,400		260,736
RadioShack Corp.		7,200		138,960
Sabre Holdings Corp.		6,700		156,713
The Goodyear Tire & Rubber Co. #		8,600		124,700
Whirlpool Corp.		980		82,428
	(Cost	2,429,369	)	2,603,138
Consumer Noncyclical - 15.4%
Alberto - Culver Co.		3,400		172,006
Bausch & Lomb, Inc.		2,300		115,299
Convergys Corp. #		9,800		202,370
Estee Lauder Cos. Inc./The		4,100		165,353
King Pharmaceuticals, Inc. #		8,800		149,864
Manor Care, Inc.		3,900		203,892
McCormick & Co., Inc.		4,900		186,102
Millipore Corp. #		2,300		140,990
Molson Coors Brewing Co.		2,300		158,470
Mylan Laboratories, Inc.		7,700		155,001
Patterson Cos., Inc. #		4,500		151,245
Pepsi Bottling Group, Inc.		5,300		188,150
Supervalu, Inc.		4,900		145,285
Tenet Healthcare Corp. #		19,900		161,986
Tyson Foods, Inc.		8,900		141,332
Watson Pharmaceuticals, lnc. #		4,600		120,382
	(Cost	2,243,377	)	2,557,727
Energy - 1.8%
Dynegy, Inc. #		31,600		175,064
Rowan Cos., Inc.		3,900		123,357
	(Cost	214,465	)	298,421
Financial - 4.0%
Apartment Investment & Management Co.		3,900		212,199
Federated Investors, Inc.		4,200		142,002
First Horizon National Corp.		3,900		148,239
Janus Capital Group, Inc.		8,200		161,704
Wachovia Corp. Pref. Dividend Equalization #		1,700		0
	(Cost	523,918	)	664,144

Schedule of Investments

September 30, 2006 (unaudited)

The Quantex Fund

Security Description		Shares or Principal Amount ($)		Value ($)
Industrial - 20.8%
Allied Waste Industries, Inc. #		17,500		197,225
American Power Conversion Corp.		7,000		153,720
Ball Corp.		3,800		153,710
Bemis Co.		5,200		170,872
Cummins, Inc.		1,800		214,614
Leggett & Platt, Inc.		6,600		165,198
Molex, Inc.		5,900		229,923
Pactiv Corp. #		7,200		204,624
Pall Corp.		5,800		178,698
PerkinElmer, lnc.		6,800		128,724
Ryder System, Inc.		3,800		196,384
Sanmina - SCI Corp. #		37,400		139,876
Sealed Air Corp.		2,700		146,124
Snap - On, Inc.		4,300		191,565
Solectron Corp. #		41,800		136,268
Stanley Works / The		3,000		149,550
Symbol Technologies, Inc.		12,400		184,264
Tektronix, Inc.		5,000		144,650
Thermo Electron Corp. #		5,000		196,650
Waters Corp. #		4,000		181,120
	(Cost	2,876,067	)	3,463,759
Technology - 12.7%
Applied Micro Circuits Corp. #		59,900		172,512
BMC Software, Inc. #		7,400		201,428
Compuware Corp. #		15,900		123,861
Gateway, Inc. #		58,600		110,754
LSI Logic Corp. #		18,300		150,426
Mercury Interactive Corp. #		5,800		298,874
Novell, Inc. #		17,100		104,310
Novellus Systems, Inc. #		6,400		177,024
Parametric Technology Corp. #		9,840		171,806
PMC - Sierra, Inc. #		20,000		118,800
QLogic Corp. #		9,600		181,440
Teradyne, Inc. #		10,600		139,496
Unisys Corp. #		28,100		159,046
	(Cost	1,865,904	)	2,109,777

Schedule of Investments

September 30, 2006 (unaudited)

The Quantex Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Utilities - 5.8%
Centrepoint Energy, Inc.			11,800		168,976
CMS Energy Corp. #			10,300		148,732
Nicor, Inc.			3,900		166,764
Peoples Energy Corp.			4,400		178,860
Pinnacle West Capital Corp.			3,700		166,685
TECO Energy, Inc.			8,800		137,720
	(Cost		895,262	)	967,737
Total Common Stocks	(Cost	$	13,860,661	)	15,822,600
U.S. Government Obligations - 1.8%
U.S. Treasury Bill, 4.942%, due 12/07/06 *			300,000		297,344
Total U.S. Government Obligations	(Cost	$	297,344	)	297,344
Repurchase Agreements - 3.1%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $731,006 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $532,441) purchase date 09/29/2006			522,000		522,000
Total Repurchase Agreements	(Cost	$	522,000	)	522,000
Total Investments - 100.0%	(Cost	$	14,680,005	)(a)	16,641,944
Liabilities less Other Assets - (0.0%)					(393	)
Total Net Assets - 100.0%					16,641,551
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			38		291
The Flex-funds Defensive Growth Fund			20		198

Schedule of Investments

September 30, 2006 (unaudited)

The Quantex Fund

Security Description		Shares or Principal Amount ($)			Value ($)
The Flex-funds Dynamic Growth Fund			1,246		11,164
The Flex-funds Muirfield Fund			2,845		15,562
The Flex-funds Quantex Fund			818		14,912
The Flex-funds Total Return Utilities Fund			224		4,527
Total Trustee Deferred Compensation	(Cost	$	36,360	)	46,654
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Russell 2000 expiring December 2006, notional value $732,100			2		(5,150	)
Total Futures Contracts					(5,150	)

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,667,060
Unrealized depreciation		(705,121	)
Net unrealized appreciation (depreciation)	$	1,961,939

ADR American Depositary Receipt

# Represents non-income producing securities.

* Pledged as collateral on Futures Contracts.

** Assets of affiliates to The Flex-funds Quantex Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Dynamic Growth Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Registered Investment Companies - 88.8%
Allianz NACM International Fund - I			60,597		1,374,333
Allianz NFJ Dividend Value Fund - D			117,001		1,898,930
American Growth Fund of America - F			67,075		2,146,386
Goldman Sachs Structured Large Cap Value Fund - I			294,818		4,189,365
Goldman Sachs Mid Cap Value Fund			23,216		866,434
MFS Value Fund - A			83,717		2,151,526
Rydex Large Cap Value Fund - H			65,115		1,977,539
Rydex Large Cap Growth Fund - H			16,608		425,827
Rydex Mid Cap Value Fund - H			26,557		847,698
Transamerica Premier Equity Fund - I			19,618		440,807
Total Registered Investment Companies	(Cost	$	15,645,908	)	16,318,845
U.S. Government Obligations - 2.2%
U.S. Treasury Bill, 4.94%, due 12/07/2006 *			400,000		396,381
Total U.S. Government Obligations	(Cost	$	396,476	)	396,381
Repurchase Agreements - 9.2%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $2,355,465 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $1,715,644) purchase date 09/29/2006			1,682,000		1,682,000
Total Repurchase Agreements	(Cost	$	1,682,000	)	1,682,000
Total Investments - 100.2%	(Cost	$	17,724,384	)(a)	18,397,226
Liabilities less Other Assets - (0.2%)					(28,275	)
Total Net Assets - 100.0%					18,368,951
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			40		306
The Flex-funds Defensive Growth Fund			21		208
The Flex-funds Dynamic Growth Fund			585		5,242
The Flex-funds Muirfield Fund			1,444		7,899
The Flex-funds Quantex Fund			477		8,696
The Flex-funds Total Return Utilities Fund			83		1,677
Total Trustee Deferred Compensation	(Cost	$	19,939	)	24,028
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Standard & Poors 500 expiring December 2006, notional value $2,018,100			6		13,300
Total Futures Contracts					13,300

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	693,143
Unrealized depreciation		(20,301	)
Net unrealized appreciation (depreciation)	$	672,842

* Pledged as collateral on futures contracts.

** Assets of affiliates to The Dynamic Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Aggressive Growth Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Registered Investment Companies - 86.4%
Consumer Staples Select SPDR Fund			58,800		1,492,344
iShares Dow Jones U.S. Industrial Sector Index Fund			15,000		919,950
iShares MSCI EMU Index Fund			15,180		1,429,804
iShares Russell Midcap Value Index Fund			7,900		1,075,427
iShares Russell 1000 Value Index Fund			98,250		7,572,128
iShares S&P MidCap 400 Growth Index Fund			11,500		866,985
PowerShares Dynamic Insurance Portfolio			60,000		1,051,200
streetTRACKS KBW Bank ETF			12,010		680,126
Utilities Select Sector SPDR Fund			54,900		1,866,051
Total Registered Investment Companies	(Cost	$	16,327,027	)	16,954,015
U.S. Government Obligations - 1.0%
U.S. Treasury Bill, 4.94%, due 12/07/06*			200,000		198,191
Total U.S. Government Obligations	(Cost	$	198,256	)	198,191
Repurchase Agreements - 12.5%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $3,421,166 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $2,491,866) purchase date 09/29/2006			2,443,000		2,443,000
Total Repurchase Agreements	(Cost	$	2,443,000	)	2,443,000
Total Investments - 99.9%	(Cost	$	18,968,283	)(a)	19,595,206
Other Assets less Liabilities - 0.1%					24,245
Total Net Assets - 100.0%					19,619,451
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			38		291
The Flex-funds Defensive Growth Fund			20		198
The Flex-funds Dynamic Growth Fund			502		4,498
The Flex-funds Muirfield Fund			1,209		6,613
The Flex-funds Quantex Fund			380		6,927
The Flex-funds Total Return Utilities Fund			72		1,455
Total Trustee Deferred Compensation	(Cost	$	16,503	)	19,982
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Standard & Poors 500 expiring December 2006, notional value $2,690,800			8		19,000
Total Futures Contracts					19,000

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	720,563
Unrealized depreciation		(93,640	)
Net unrealized appreciation (depreciation)	$	626,923

* Pledged as collateral on futures contracts.

** Assets of affiliates to The Aggressive Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Defensive Growth Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Registered Investment Companies - 83.1%
Consumer Staples Select Sector SPDR Fund			154,400		3,918,672
iShares Dow Jones U.S. Industrial Sector Index Fund			42,990		2,636,577
iShares MSCI EMU Index Fund			27,700		2,609,063
iShares Russell Midcap Value Index Fund			24,328		3,311,771
iShares Russell 1000 Value Index Fund			123,751		9,537,489
PowerShares Dynamic Insurance Portfolio			71,867		1,259,110
streetTRACKS KBW Bank ETF			31,000		1,755,530
Utilities Select Sector SPDR Fund			85,100		2,892,549
Total Registered Investment Companies	(Cost	$	27,220,346	)	27,920,761
U.S. Government Obligations - 0.9%
U.S. Treasury Bill, 4.82%, due 12/21/2006 *			110,000		108,793
U.S. Treasury Bill, 4.77%, due 12/28/2006 *			190,000		187,739
Total U.S. Government Obligations	(Cost	$	296,725	)	296,532
Repurchase Agreements - 25.1%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $11,803,933 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $8,597,601) purchase date 09/29/2006			8,429,000		8,429,000
Total Repurchase Agreements	(Cost	$	8,429,000	)	8,429,000
Total Investments - 109.1%	(Cost	$	35,946,071	)(a)	36,646,293
Liabilities less Other Assets - (9.1%)					(3,044,349	)
Total Net Assets - 100.0%					33,601,944
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			50		383
The Flex-funds Defensive Growth Fund			26		258
The Flex-funds Dynamic Growth Fund			14		125
The Flex-funds Muirfield Fund			70		383
The Flex-funds Quantex Fund			43		784
The Flex-funds Total Return Utilities Fund			6		121
Total Trustee Deferred Compensation	(Cost	$	2,039	)	2,054
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Standard & Poors 500 expiring December 2006, notional value $5,717,950			17		(7,183	)
Total Futures Contracts					(7,183	)

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	874,990
Unrealized depreciation		(174,768	)
Net unrealized appreciation (depreciation)	$	700,222

* Pledged as collateral on futures contracts.

** Assets of affiliates to The Defensive Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Focused Growth Fund

Security Description		Shares or Principal Amount ($)			Value ($)
Registered Investment Companies - 88.4%
Consumer Staples Select Sector SPDR Fund			104,200		2,644,596
iShares Dow Jones U.S. Industrial Sector Index Fund			42,104		2,582,238
iShares MSCI EMU Index Fund			23,894		2,250,576
iShares Russell Midcap Value Index Fund			21,662		2,948,848
iShares Russell 1000 Value Index Fund			142,345		10,970,529
PowerShares Dynamic Insurance Portfolio			71,890		1,259,513
streetTRACKS KBW Bank ETF			22,450		1,271,344
Utilities Select Sector SPDR Fund			83,800		2,848,362
Total Registered Investment Companies	(Cost	$	25,840,730	)	26,776,006
U.S. Government Obligations - 1.5%
U.S. Treasury Bill, 4.77%, due 12/28/2006 *			475,000		469,348
Total U.S. Government Obligations	(Cost	$	469,572	)	469,348
Repurchase Agreements - 10.0%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $4,244,598 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $3,091,627) purchase date 09/29/2006			3,031,000		3,031,000
Total Repurchase Agreements	(Cost	$	3,031,000	)	3,031,000
Total Investments - 99.9%	(Cost	$	29,341,302	)(a)	30,276,354
Other Assets less Liabilities - 0.1%					17,730
Total Net Assets - 100.0%					30,294,084
Trustee Deferred Compensation**
The Flex-funds Aggressive Growth Fund			47		360
The Flex-funds Defensive Growth Fund			24		238
The Flex-funds Dynamic Growth Fund			13		116
The Flex-funds Muirfield Fund			66		361
The Flex-funds Quantex Fund			40		729
The Flex-funds Total Return Utilities Fund			6		121
Total Trustee Deferred Compensation	(Cost	$	1,910	)	1,925
Futures Contracts
		Long Contracts			Unrealized Appreciation (Depreciation)($)
Standard & Poors 500 expiring December 2006, notional value $3,363,500			10		20,900
Total Futures Contracts					20,900

(a) Cost for financial reporting purposes and federal income tax purposes are the same. Cost for federal income tax purposes differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,076,461
Unrealized depreciation		(141,409	)
Net unrealized appreciation (depreciation)	$	935,052

* Pledged as collateral on futures contracts.

** Assets of affiliates to The Focused Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The U.S. Government Bond Fund

Security Description		Principal Amount ($) or Shares			Value ($)
U.S. Government Obligations - 90.5%
Federal Farm Credit, 2.25%, due 06/28/2007			500,000		489,292
Federal Home Loan Bank, 3.00%, due 12/28/2007			400,000		390,073
Federal Home Loan Bank, 5.375%, due 09/09/2016			600,000		615,828
Federal Home Loan Mortgage Corporation, 4.375%, due 07/17/2015			1,400,000		1,341,480
Federal Home Loan Mortgage Corporation, 5.75%, due 06/27/2016			400,000		416,480
U.S. Treasury Note, 4.00%, due 06/15/2009			200,000		196,844
U.S. Treasury Note, 4.375%, due 08/15/2012			300,000		296,906
U.S. Treasury Note, 4.00%, due 11/15/2012			300,000		290,578
Total U.S. Government Obligations	(Cost	$	3,997,806	)	4,037,481
Repurchase Agreements - 9.0%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $562,959 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $410,041) purchase date 09/29/2006			402,000		402,000
Total Repurchase Agreements	(Cost	$	402,000	)	402,000
Total Investments - 99.5%	(Cost	$	4,399,806	)(a)	4,439,481
Other Assets less Liabilities - 0.5%					20,786
Total Net Assets - 100.0%					4,460,267
Trustee Deferred Compensation*
The Flex-funds Dynamic Growth Fund			644		5,770
The Flex-funds Quantex Fund			467		8,513
The Flex-funds Muirfield Fund			1,510		8,260
The Flex-funds Total Return Utilities Fund			111		2,243
The Flex-funds Aggressive Growth Fund			36		275
The Flex-funds Defensive Growth Fund			18		178
Total Trustee Deferred Compensation	(Cost	$	20,217	)	25,239

(a) Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses recognized in excess of federal income tax reporting of approximately $48,816. Cost for federal income tax purposes of $4,448,622 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	49,195
Unrealized depreciation		(58,336	)
Net unrealized appreciation (depreciation)	$	(9,141	)

* Assets of affiliates to The U.S. Government Bond Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

September 30, 2006 (unaudited)

The Money Market Fund

Security Description	Coupon/Yield		Maturity	Principal Amount ($) or Shares			Value ($)
Certificates of Deposit - 4.1%
Huntington National Bank CD	5.58	%	10/23/06		7,000,000		7,000,000
Total Certificates of Deposit			(Cost	$	7,000,000	)	7,000,000
Commercial Paper - 15.5%
BASF AG**	5.35	%	11/21/06		6,000,000		5,955,417
Citigroup FDG	5.27	%	11/15/06		4,000,000		3,974,236
Hitachi Capital America Corp.	5.31	%	10/10/06		600,000		599,292
HSBC Finance Corp.	5.32	%	11/02/06		4,000,000		3,981,675
HSBC Finance Corp.	5.42	%	10/26/06		4,000,000		3,985,733
Toyota Motor Credit Corp.	5.26	%	11/27/06		4,000,000		3,967,271
Toyota Motor Credit Corp.	5.26	%	11/16/06		4,000,000		3,973,700
Total Commercial Paper			(Cost	$	26,437,324	)	26,437,324
Corporate Obligations - 63.0%
American General Finance	5.75	%	03/15/07		4,000,000		4,004,635
Aquarium Holdings, KY**	5.37	%*	10/05/06		108,000		108,000
Bath Technologies, Inc.**	5.43	%*	10/05/06		1,145,000		1,145,000
Bear Stearns Co. Inc.	5.70	%	01/15/07		6,725,000		6,727,989
Beaver Creek Enterprise**	5.37	%*	10/05/06		1,875,000		1,875,000
Boeing Capital Corp.	4.40	%	11/15/06		2,000,000		1,997,416
Boeing Capital Corp.	5.75	%	02/15/07		4,560,000		4,564,526
Cascade Plaza Project**	5.38	%*	10/05/06		7,717,000		7,717,000
CIT Group Inc.	3.05	%	12/15/06		500,000		497,383
CIT Group Inc.	7.38	%	04/02/07		3,814,000		3,848,338
Clark Grave Vault Co.**	5.37	%*	10/05/06		450,000		450,000
Comerica Bank	2.95	%	11/15/06		7,000,000		6,978,691
Countrywide Home CFC	7.20	%	10/30/06		1,500,000		1,502,045
Don’s Launderers-Cleaners, Inc.**	5.37	%*	10/05/06		900,000		900,000
Espanola/Nambe**	5.48	%*	10/05/06		325,000		325,000
General Electric Cap. Corp.	5.56	%*	10/05/06		2,500,000		2,500,745
Goldman Sachs	5.66	%*	10/27/06		5,000,000		5,000,760
Goldman Sachs	5.63	%*	10/02/06		3,000,000		3,003,712
Gordon Flesch Co. Project**	5.38	%*	10/05/06		700,000		700,000
Isaac Tire, Inc.**	5.37	%*	10/05/06		770,000		770,000
Jim White Co.**	5.43	%*	10/05/06		715,000		715,000
JPMorgan Chase & Co.	5.47	%*	12/14/06		6,000,000		6,005,202
J2T LLC**	5.43	%*	10/05/06		2,060,000		2,060,000
K.L. Morris, Inc.**	5.37	%*	10/05/06		2,015,000		2,015,000
Keiser Street, Inc.**	5.38	%*	10/05/06		1,520,000		1,520,000
Martin Wheel Co, Inc.**	5.62	%*	10/05/06		2,195,000		2,195,000
Mega Star Arbor LLC**	5.43	%*	10/05/06		4,270,000		4,270,000
MetLife Insurance Co.***	5.54	%*	10/02/06		7,500,000		7,500,000
Merrill Lynch	8.00	%	06/01/07		5,000,000		5,084,915
Mubea, Inc.**	5.35	%*	10/05/06		2,800,000		2,800,000
O.K.I. Supply Co.**	5.37	%*	10/05/06		1,005,000		1,005,000
Osco Industries, Inc.**	5.47	%*	10/05/06		600,000		600,000
Pro Tire, Inc.**	5.37	%*	10/05/06		920,000		920,000
Seariver Maritime, Inc.	5.27	%*	10/02/06		3,500,000		3,500,000
Southern Co. Cap.	5.30	%	02/01/07		5,000,000		4,996,716
Springside Corp Exchange Partners LLC**	5.38	%*	10/05/06		2,000,000		2,000,000
Taylor Brothers Properties LLC**	5.37	%*	10/05/06		1,115,000		1,115,000
White Castle Project**	5.38	%*	10/05/06		4,500,000		4,500,000
Total Corporate Obligations			(Cost	$	107,418,073	)	107,418,073
U.S. Government Agency Obligations - 4.3%
Federal Home Loan Bank	3.16	%	11/13/06		1,000,000		997,396
Federal Home Loan Bank	3.75	%	03/16/07		400,000		396,639
Federal Home Loan Bank	5.50	%	08/08/07		6,000,000		6,000,000
Total U.S. Government Agency Obligations			(Cost	$	7,394,035	)	7,394,035

Schedule of Investments

September 30, 2006 (unaudited)

The Money Market Fund

Security Description	Coupon/Yield	Maturity	Principal Amount ($) or Shares			Value ($)
Repurchase Agreements - 19.4%
Morgan Stanley DW, Inc., 5.4350%, 10/02/2006, (Collateralized by $46,353,087 various Commercial Papers, Certificates of Deposit, Agency Strips, FNMAs, at 3.00% - 6.00%, due 10/02/2006 - 08/15/2030, value - $33,762,080) purchase date 09/29/2006				33,100,000		33,100,000
Total Repurchase Agreements		(Cost	$	33,100,000	)	33,100,000
Total Investments - 106.3%		(Cost	$	181,349,432	)(a)	181,349,432
Liabilities less Other Assets - (6.3%)						(10,805,534	)
Total Net Assets - 100.0%						170,543,898
Trustee Deferred Compensation****
The Flex-funds Aggressive Growth Fund				36		275
The Flex-funds Defensive Growth Fund				18		178
The Flex-funds Dynamic Growth Fund				1,075		9,632
The Flex-funds Quantex Fund				730		13,308
The Flex-funds Muirfield Fund				2,478		13,555
The Flex-funds Total Return Utilities Fund				201		4,062
Total Trustee Deferred Compensation		(Cost	$	36,814	)	41,010

(a) Cost for federal income tax and financial reporting purposes are the same.

* Variable rate security. Interest rate is as of September 30, 2006. Maturity date reflects the next rate change date.

** Represents a restricted security purchased under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. Security is restricted as to resale to institutional investors, but has been deemed liquid in accordance with guidelines approved by the Board of Trustees. As of September 30, 2006, securities restricted as to resale to institutional investors represented 29.3% of Total Investments.

*** Illiquid security. The sale or disposition of such security would not be possible in the ordinary course of business within seven days at approximately the value at which the Fund has valued the security. As of September 30, 2006, illiquid securities represented 4.1% of Total Investments.

**** Assets of affiliates to The Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

Item 2. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-Q are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-Q and the officer certifications of such Form N-Q.

(b) There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits.

(a) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR270.30a-2(a)). Filed herewith as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Flex-funds

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer
Date:	November 27, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer
Date:	November 27, 2006

By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President
Date:	November 27, 2006