N-Q 1 fp0002974_nq.htm fp0002974_nq.htm
 
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, 2011

Date of reporting period:  March 31, 2011
 
 
 
 
 
Item 1.  Schedule of Investments.
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Muirfield Fund
  
             
Security Description
  
Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Registered Investment Companies - 90.7%
            
             
Allianz NFJ Dividend Value Fund
     415,833       5,039,900  
BlackRock Energy & Resources Portfolio
     106,208       5,390,060  
Delaware Emerging Markets Fund
     418,698       6,983,879  
Energy Select Sector SPDR Fund
     64,675       5,157,831  
iShares Russell 2000 Index Fund
     86,675       7,295,435  
Lord Abbett Fundamental Equity Fund
     785,922       10,861,436  
Nuveen Tradewinds Value Opportunities Fund
     240,246       8,636,829  
PowerShares QQQ Trust
     145,430       8,352,045  
Putnam Voyager Fund
     409,456       10,473,891  
RidgeWorth Mid Cap Value Equity Fund
     753,160       9,565,133  
RidgeWorth Small Cap Value Equity Fund
     541,141       7,868,192  
T. Rowe Price Mid-Cap Growth Fund
     141,243       8,987,299  
T. Rowe Price Value Fund
     464,059       11,587,564  
Wells Fargo Advantage Growth Fund #
     313,144       11,326,405  
                 
Total Registered Investment Companies
  
(Cost $103,037,774
 )     117,525,899  
                 
Money Market Registered Investment Companies - 7.9%
                
                 
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     10,237,188       10,237,188  
                 
Total Money Market Registered Investment Companies
  
(Cost $10,237,188
 )     10,237,188  
                 
Floating Rate Demand Notes - 0.9%
                
                 
Caterpillar Financial Power Investment Floating Rate Demand Note,
                
0.65%, 4/1/2011**
     1,130,318       1,130,318  
                 
Total Floating Rate Demand Notes
  
(Cost $1,130,318
 )     1,130,318  
                 
U.S. Government Obligations - 0.6%
                
                 
U.S. Treasury Bill, 0.091%, due 6/23/2011***
     800,000       799,839  
                 
Total U.S. Government Obligations
  
(Cost $799,834
 )     799,839  
                 
Total Investments - 100.1%
  
(Cost $115,205,114
 )(b)     129,693,244  
                 
Liabilities less Other Assets - (0.1%)
             (103,581 )
                 
Total Net Assets - 100.0%
             129,589,663  
                 
Trustee Deferred Compensation****
                
                 
The Flex-funds Aggressive Growth Fund
     1,988       16,699  
The Flex-funds Defensive Balanced Fund
     1,015       10,201  
The Flex-funds Dynamic Growth Fund
     626       5,346  
The Flex-funds Muirfield Fund
     3,627       21,290  
The Flex-funds Quantex Fund
     2,488       60,956  
The Flex-funds Total Return Utilities Fund
     223       5,586  
                 
Total Trustee Deferred Compensation
  
(Cost $88,353
 )     120,078  
 
 
 
 
 
Futures Contracts
                
                 
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
                 
Standard & Poors 500 expiring June 2011,
     36       170,330  
notional value $11,889,000
                
                 
Total Futures Contracts
             170,330  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
  
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
       
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments*****
  
 
Level 1 - Quoted Prices
   $ 128,893,405     $ 170,330  
 
Level 2 - Other Significant Observable Inputs
     799,839       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 129,693,244     $ 170,330  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
       
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $312,180.  Cost for federal income tax purposes of $115,517,294 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 14,175,950  
 
Unrealized depreciation
     -  
 
Net unrealized appreciation (depreciation)
   $ 14,175,950  
 
#
Represents non-income producing securities.
    
       
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
       
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
       
***
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.
       
*****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
March 31, 2011 (unaudited)
           
The Dynamic Growth Fund
 
Security Description
  
Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Registered Investment Companies - 95.1%
            
             
Allianz NFJ Dividend Value Fund
     759,506       9,205,215  
BlackRock Energy & Resources Portfolio
     77,771       3,946,874  
Delaware Emerging Markets Fund
     325,065       5,422,081  
Energy Select Sector SPDR Fund
     48,225       3,845,944  
iShares Russell 2000 Index Fund
     67,525       5,683,579  
Lord Abbett Fundamental Equity Fund
     614,951       8,498,617  
Nuveen Tradewinds Value Opportunities Fund
     179,898       6,467,348  
PowerShares QQQ Trust
     110,700       6,357,501  
Putnam Voyager Fund
     313,021       8,007,068  
RidgeWorth Mid Cap Value Equity Fund
     577,838       7,338,541  
RidgeWorth Small Cap Value Equity Fund
     417,874       6,075,891  
T. Rowe Price Mid-Cap Growth Fund
     109,485       6,966,552  
T. Rowe Price Value Fund
     348,497       8,701,974  
Wells Fargo Advantage Growth Fund #
     238,347       8,621,004  
                 
Total Registered Investment Companies
  
(Cost $82,910,600
 )     95,138,189  
 
Money Market Registered Investment Companies - 3.2%
                
                 
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     3,187,208       3,187,208  
                 
Total Money Market Registered Investment Companies
  
(Cost $3,187,208
 )     3,187,208  
                 
Floating Rate Demand Notes - 1.0%
                
                 
Caterpillar Financial Power Investment Floating Rate Demand Note,
          
0.65%, 4/1/2011**
     1,000,659       1,000,659  
                 
Total Floating Rate Demand Notes
  
(Cost $1,000,659
 )     1,000,659  
                 
U.S. Government Obligations - 0.8%
                
                 
U.S. Treasury Bill, 0.091%, due 6/23/2011***
     800,000       799,839  
                 
Total U.S. Government Obligations
  
(Cost $799,818
 )     799,839  
                 
Total Investments - 100.1%
  
(Cost $87,898,285
 )(b)     100,125,895  
                 
Liabilities less Other Assets - (0.1%)
             (94,647 )
                 
Total Net Assets - 100.0%
             100,031,248  
                 
Trustee Deferred Compensation****
                
                 
The Flex-funds Aggressive Growth Fund
     1,413       11,869  
The Flex-funds Defensive Balanced Fund
     713       7,166  
The Flex-funds Dynamic Growth Fund
     446       3,809  
The Flex-funds Muirfield Fund
     1,726       10,132  
The Flex-funds Quantex Fund
     998       24,451  
The Flex-funds Total Return Utilities Fund
     157       3,933  
                 
Total Trustee Deferred Compensation
  
(Cost $46,284
 )     61,360  
 
 
 
 
 
Futures Contracts
                
                 
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
                 
Standard & Poors 500 expiring June 2011, notional value $4,623,500
     14       177,458  
                 
Total Futures Contracts
             177,458  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
      
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments*****
  
 
Level 1 - Quoted Prices
   $ 99,326,056     $ 177,458  
 
Level 2 - Other Significant Observable Inputs
     799,839       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 100,125,895     $ 177,458  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $104,957.  Cost for federal income tax purposes of $88,003,242 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 12,122,653  
 
Unrealized depreciation
     -  
 
Net unrealized appreciation (depreciation)
   $ 12,122,653  
 
#
Represents non-income producing securities.
        
           
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
    
           
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
    
           
***
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.
           
*****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Aggressive Growth Fund
  
             
Security Description
Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Registered Investment Companies - 96.6%
            
             
BlackRock Energy & Resources Portfolio
     89,787       4,556,693  
Delaware Emerging Markets Fund
     314,607       5,247,640  
iShares Russell 2000 Index Fund
     29,500       2,483,015  
Lord Abbett Developing Growth Fund, Inc. #
     98,849       2,462,334  
Nuveen Tradewinds Value Opportunities Fund
     64,078       2,303,598  
PowerShares QQQ Trust
     48,135       2,764,393  
Putnam Voyager Fund
     179,162       4,582,956  
RidgeWorth Mid Cap Value Equity Fund
     320,980       4,076,450  
RidgeWorth Small Cap Value Equity Fund
     204,820       2,978,090  
RS Technology Fund
     125,699       2,731,444  
T. Rowe Price Mid-Cap Growth Fund
     63,793       4,059,132  
T. Rowe Price Value Fund
     152,795       3,815,288  
Wells Fargo Advantage Growth Fund #
     138,737       5,018,117  
                 
Total Registered Investment Companies
   (Cost $41,481,068 )      47,079,150  
 
Money Market Registered Investment Companies - 2.9%
        
         
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
1,393,964
     1,393,964  
           
Total Money Market Registered Investment Companies
 (Cost $1,393,964 )    1,393,964  
 
U.S. Government Obligations - 0.6%
            
             
U.S. Treasury Bill, 0.091%, due 6/23/2011**
     300,000       299,940  
                 
Total U.S. Government Obligations
  
(Cost $299,925
 )     299,940  
                 
Total Investments - 100.1%
  
(Cost $43,174,957
 )(b)     48,773,054  
                 
Liabilities less Other Assets - (0.1%)
             (36,532 )
                 
Total Net Assets - 100.0%
             48,736,522  
 
 
 
 
 
Trustee Deferred Compensation***
            
             
The Flex-funds Aggressive Growth Fund
     797       6,695  
The Flex-funds Defensive Balanced Fund
     415       4,171  
The Flex-funds Dynamic Growth Fund
     249       2,126  
The Flex-funds Muirfield Fund
     1,101       6,463  
The Flex-funds Quantex Fund
     668       16,366  
The Flex-funds Total Return Utilities Fund
     89       2,229  
                 
Total Trustee Deferred Compensation
   (Cost $29,525 )      38,050  
 
Futures Contracts
            
             
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
             
Standard & Poors 500 expiring June 2011, notional value $1,651,250
     5       75,900  
                 
Total Futures Contracts
             75,900  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
    
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
  
       
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
  
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments****
  
 
Level 1 - Quoted Prices
   $ 48,473,114     $ 75,900  
 
Level 2 - Other Significant Observable Inputs
     299,940       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 48,773,054     $ 75,900  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
   
(b)
Represents cost for financial reporting purposes and income tax purposes.  Net unrealized appreciation (depreciation) of securities is as follows:
 
 
Unrealized appreciation
   $ 5,598,097  
 
Unrealized depreciation
     -  
 
Net unrealized appreciation (depreciation)
   $ 5,598,097  
 
#
Represents non-income producing securities.
   
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
   
**
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.
   
****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Defensive Balanced Fund
  
             
Security Description
  
Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Registered Investment Companies - 95.5%
            
             
AllianceBernstein High Income Fund
     191,754       1,764,136  
Allianz NFJ Dividend Value Fund
     323,408       3,919,710  
BlackRock Energy & Resources Portfolio
     33,858       1,718,292  
Delaware Emerging Markets Fund
     139,345       2,324,275  
Eaton Vance Floating-Rate Advantage Fund
     158,780       1,748,165  
Energy Select Sector SPDR Fund
     21,800       1,738,550  
Federated Bond Fund
     385,737       3,548,783  
iShares Russell 2000 Index Fund
     29,475       2,480,911  
Legg Mason Western Asset Government Securities Fund
     336,695       3,508,367  
Lord Abbett Fundamental Equity Fund
     273,792       3,783,809  
Metropolitan West Total Return Bond Fund
     340,219       3,541,677  
Nuveen Tradewinds Value Opportunities Fund
     75,278       2,706,228  
PowerShares QQQ Trust
     43,700       2,509,691  
Putnam Voyager Fund
     131,789       3,371,153  
RidgeWorth Mid Cap Value Equity Fund
     240,377       3,052,785  
RidgeWorth Small Cap Value Equity Fund
     181,153       2,633,968  
T. Rowe Price Mid-Cap Growth Fund
     48,830       3,107,065  
T. Rowe Price Value Fund
     148,567       3,709,724  
TCW Total Return Bond Fund/The
     356,036       3,544,338  
Wells Fargo Advantage Growth Fund #
     103,435       3,741,260  
                 
Total Registered Investment Companies
   (Cost $54,146,552 )      58,452,887  
 
Money Market Registered Investment Companies - 1.3%
            
             
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     824,449       824,449  
                 
Total Money Market Registered Investment Companies
   (Cost $824,449 )     824,449  
 
Floating Rate Demand Notes - 1.2%
            
             
Caterpillar Financial Power Investment Floating Rate Demand Note,
            
0.65%, 4/1/2011**
     757,610       757,610  
                 
Total Floating Rate Demand Notes
   (Cost $757,610 )     757,610  
 
U.S. Government Obligations - 2.1%
            
             
Federal Home Loan Mortgage Corporation, 4.00%, due 12/15/2022
     1,000,000       990,046  
U.S. Treasury Bill, 0.091%, due 6/23/2011***
     300,000       299,940  
                 
Total U.S. Government Obligations
  
(Cost $1,293,386
 )     1,289,986  
                 
Total Investments - 100.1%
  
(Cost $57,021,997
 )(b)     61,324,932  
                 
Liabilities less Other Assets - (0.1%)
             (52,863 )
                 
Total Net Assets - 100.0%
             61,272,069  
 
 
 
 
 
Trustee Deferred Compensation****
                
                 
The Flex-funds Aggressive Growth Fund
     1,237       10,391  
The Flex-funds Defensive Balanced Fund
     650       6,533  
The Flex-funds Dynamic Growth Fund
     384       3,279  
The Flex-funds Muirfield Fund
     1,082       6,351  
The Flex-funds Quantex Fund
     487       11,932  
The Flex-funds Total Return Utilities Fund
     137       3,432  
                 
Total Trustee Deferred Compensation
  
(Cost $34,944
 )     41,918  
 
Futures Contracts
            
             
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
             
Standard & Poors 500 expiring June 2011, notional value $1,981,500
     6       91,080  
                 
Total Futures Contracts
             91,080  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
      
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments*****
  
 
Level 1 - Quoted Prices
   $ 60,034,946     $ 91,080  
 
Level 2 - Other Significant Observable Inputs
     1,289,986       -  
 
Level 3 - Significant Unobservable Inputs
     -        -  
 
Total
   $ 61,324,932     $ 91,080  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $15,532.  Cost for federal income tax purposes of $57,037,529 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 4,499,679  
 
Unrealized depreciation
     (212,276 )
 
Net unrealized appreciation (depreciation)
   $ 4,287,403  
 
#
Represents non-income producing securities.
        
           
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
    
           
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
    
           
***
Pledged as collateral on futures contracts.
        
           
****
Assets of affiliates to The Defensive Balanced Fund held for the benefit of the Fund's Trustees in connection with the Trustee Deferred Compensation Plan.
           
*****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Strategic Growth Fund
  
             
Security Description
   Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Registered Investment Companies - 96.6%
            
             
Allianz NFJ Dividend Value Fund
     176,250       2,136,150  
Delaware Emerging Markets Fund
     289,072       4,821,723  
Invesco Energy Fund
     87,467       4,158,189  
Lord Abbett Developing Growth Fund, Inc. #
     169,166       4,213,914  
Nuveen Real Estate Securities Fund
     448,598       8,682,885  
Oakmark International Fund
     385,375       7,649,704  
Putnam Voyager Fund
     141,270       3,613,697  
RidgeWorth Mid Cap Value Equity Fund
     554,295       7,039,548  
Royce Low-Priced Stock Fund
     241,496       4,738,142  
T. Rowe Price Mid-Cap Growth Fund
     91,140       5,799,228  
T. Rowe Price Value Fund
     241,633       6,033,564  
Van Eck Global Hard Assets Fund
     85,104       4,823,684  
Wells Fargo Advantage Growth Fund #
     144,673       5,232,833  
                 
Total Registered Investment Companies
   (Cost $63,420,613 )      68,943,261  
 
Money Market Registered Investment Companies - 1.7%
            
             
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     1,239,705       1,239,705  
                 
Total Money Market Registered Investment Companies
   (Cost $1,239,705 )      1,239,705  
 
Floating Rate Demand Notes - 1.4%
            
             
Caterpillar Financial Power Investment Floating Rate Demand Note,
            
0.65%, 4/1/2011**
     1,000,659       1,000,659  
                 
Total Floating Rate Demand Notes
   (Cost $1,000,659 )      1,000,659  
 
U.S. Government Obligations - 0.4%
            
             
U.S. Treasury Bill, 0.091%, due 6/23/2011***
     300,000       299,940  
                 
Total U.S. Government Obligations
  
(Cost $299,925
 )     299,940  
                 
Total Investments - 100.1%
  
(Cost $65,960,902
 )(b)     71,483,565  
                 
Liabilities less Other Assets - (0.1%)
             (57,197 )
                 
Total Net Assets - 100.0%
             71,426,368  
 
Trustee Deferred Compensation****
            
             
The Flex-funds Aggressive Growth Fund
     1,020       8,568  
The Flex-funds Defensive Balanced Fund
     540       5,427  
The Flex-funds Dynamic Growth Fund
     316       2,699  
The Flex-funds Muirfield Fund
     896       5,260  
The Flex-funds Quantex Fund
     400       9,800  
The Flex-funds Total Return Utilities Fund
     113       2,831  
                 
Total Trustee Deferred Compensation
   (Cost $29,346 )      34,585  
 
 
 
 
 
Futures Contracts
            
             
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
             
Standard & Poors Mid Cap 400 expiring June 2011, notional value $2,467,500
     5       112,513  
                 
Total Futures Contracts
             112,513  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
      
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments*****
  
 
Level 1 - Quoted Prices
   $ 71,183,625     $ 112,513  
 
Level 2 - Other Significant Observable Inputs
     299,940       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 71,483,565     $ 112,513  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $87,322.  Cost for federal income tax purposes of $66,048,224 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 5,585,637  
 
Unrealized depreciation
     (150,296 )
 
Net unrealized appreciation (depreciation)
   $ 5,435,341  
 
#
Represents non-income producing securities.
        
           
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
    
           
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
    
           
***
Pledged as collateral on futures contracts.
        
           
****
Assets of affiliates to The Strategic Growth Fund held for the benefit of the Fund's Trustees in connection with the Trustee Deferred Compensation Plan.
 
 
        
*****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Quantex Fund
  
             
Security Description
   Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
 Common Stocks - 91.7%
            
             
Business Services - 9.2%
            
Apollo Group, Inc. #
     4,100       171,011  
Cintas Corporation
     5,790       175,307  
DeVry, Inc.
     3,370       185,586  
H&R Block, Inc.
     13,610       227,831  
Interpublic Group of Companies, Inc./The
     15,265       191,881  
Monster Worldwide, Inc. #
     6,860       109,074  
Robert Half International, Inc.
     5,290       161,874  
R.R. Donnelly & Sons Company
     9,280       175,578  
Ryder System, Inc.
     3,080       155,848  
Total System Services, Inc.
     10,530       189,750  
                 
    (Cost $1,529,593 )      1,743,740  
                 
Consumer Goods - 11.7%
                
Avery Dennison Corp.
     3,820       160,287  
Bemis Company, Inc.
     4,960       162,738  
Constellation Brands, Inc. #
     7,320       148,450  
Dean Foods Company #
     18,330       183,300  
Harman International Industries, Inc.
     3,500       163,870  
Hormel Food Corp.
     6,320       175,949  
International Flavors & Fragrances, Inc.
     2,915       181,604  
Masco Corp.
     12,800       178,176  
MeadWestvaco Corp.
     6,200       188,046  
Owens-Illinois, Inc. #
     5,280       159,403  
Pitney Bowes, Inc.
     6,700       172,123  
Sealed Air Corp.
     6,365       169,691  
Tyson Foods, Inc.
     9,410       180,578  
                 
    (Cost $2,020,471 )      2,224,215  
                 
Consumer Services - 11.3%
                
Abercrombie and Fitch Co.
     2,810       164,947  
Airgas, Inc.
     2,590       172,028  
AutoNation, Inc. #
     5,745       203,201  
Big Lots, Inc. #
     5,315       230,830  
D.R. Horton, Inc.
     13,580       158,207  
Expedia, Inc.
     6,460       146,383  
GameStop Corp. #
     7,080       159,442  
Lennar Corp.
     8,640       156,556  
PulteGroup, Inc. #
     21,543       159,418  
RadioShack Corp.
     8,765       131,563  
Sears Holding Corp. #
     2,200       181,830  
SUPERVALU, Inc.
     16,820       150,203  
Urban Outfitters, Inc. #
     4,530       135,130  
                 
    (Cost $2,047,376 )      2,149,738  
 
 
 
 
 
Energy - 6.7%
                
Cabot Oil & Gas Corp.
     4,280       226,712  
Diamond Offshore Drilling, Inc.
     2,420       188,034  
Helmerich & Payne, Inc.
     3,340       229,424  
Rowan Companies, Inc. #
     4,640       204,995  
Sunoco, Inc.
     4,020       183,272  
Tesoro Corp. #
     8,740       234,495  
                 
    (Cost $845,410 )      1,266,932  
                 
Financial Services - 11.3%
                
Apartment Investment & Management Company @
     6,275       159,824  
Assurant, Inc.
     4,210       162,127  
Cincinnati Financial Corporation
     5,110       167,557  
E*TRADE Financial Corp. #
     10,122       158,207  
Equifax, Inc.
     4,550       176,767  
Federated Investors, Inc.
     6,190       165,583  
First Horizon National Corp.
     13,752       154,160  
Janus Capital Group, Inc.
     12,490       155,750  
Marshall & Ilsley Corp.
     23,420       187,126  
NASDAQ OMX Group, Inc./The #
     6,830       176,487  
People's United Financial, Inc.
     11,570       145,551  
Torchmark Corp.
     2,710       180,161  
Wells Fargo & Co. Preferred #
     1       0  
Zions Bancorporation
     6,690       154,271  
                 
    (Cost $1,897,425 )      2,143,571  
                 
Hardware - 11.3%
                
Advanced Micro Devices, Inc. #
     19,810       170,366  
Jabil Circuit, Inc.
     8,060       164,666  
JDS Uniphase Corp. #
     11,192       233,241  
Lexmark International, Inc. #
     4,650       172,236  
LSI Corp. #
     27,050       183,940  
MEMC Electronic Materials, Inc. #
     14,390       186,494  
Molex, Inc.
     7,125       178,980  
National Semiconductor Corp.
     11,770       168,782  
Novellus Systems, Inc. #
     5,010       186,021  
QLogic Corp. #
     9,515       176,503  
Tellabs, Inc.
     23,905       125,262  
Teradyne, Inc. #
     11,540       205,528  
                 
    (Cost $1,714,741 )      2,152,019  
                 
Healthcare - 5.7%
                
Cephalon, Inc. #
     2,630       200,090  
Coventry Health Care, Inc. #
     6,130       195,302  
DENTSPLY International, Inc.
     4,740       175,333  
Patterson Companies, Inc.
     5,285       170,124  
PerkinElmer, Inc.
     6,280       164,976  
Tenet Healthcare Corp. #
     24,225       180,476  
                 
    (Cost $830,094 )      1,086,301  
                 
Industrial Materials - 6.6%
                
AK Steel Holding Corp.
     9,900       156,222  
FLIR Systems, Inc.
     5,450       188,625  
Goodyear Tire & Rubber Company/The #
     13,670       204,777  
Leggett & Platt, Inc.
     7,115       174,317  
SAIC, Inc. #
     10,220       172,922  
Snap-on, Inc.
     2,860       171,772  
Titanium Metals Corp. #
     9,430       175,209  
                 
    (Cost $1,004,651 )      1,243,844  
 
 
 
 
 
Media - 3.4%
                
Gannett Company, Inc.
     10,740       163,570  
Meredith Corp.
     4,675       158,576  
Scripps Networks Interactive
     3,130       156,782  
Washington Post Company/The
     365       159,709  
                 
    (Cost $619,336 )      638,637  
                 
Software - 3.6%
                
Compuware Corp. #
     13,890       160,430  
Dun & Bradstreet Corp./The
     1,970       158,073  
Iron Mountain, Inc.
     6,480       202,370  
Novell, Inc. #
     27,375       162,334  
                 
    (Cost $574,826 )      683,207  
                 
Utilities - 10.9%
                
CMS Energy Corp.
     8,705       170,966  
FirstEnergy Corp.
     4,456       165,257  
Integrys Energy Group, Inc.
     3,340       168,703  
MetroPCS Communications, Inc. #
     12,830       208,359  
Nicor, Inc.
     3,245       174,257  
NiSource, Inc.
     9,190       176,264  
NRG Energy, Inc. #
     8,290       178,567  
Pepco Holdings, Inc.
     8,880       165,612  
Pinnacle West Capital Corp.
     3,900       166,881  
Quanta Services, Inc. #
     8,130       182,356  
SCANA Corp.
     3,990       157,086  
TECO Energy, Inc.
     9,100       170,716  
                 
    (Cost $1,765,656 )      2,085,024  
                 
Total Common Stocks
   (Cost $14,849,579 )      17,417,228  
 
Money Market Registered Investment Companies - 7.1%
            
             
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     1,340,350       1,340,350  
                 
Total Money Market Registered Investment Companies
   (Cost $1,340,350 )      1,340,350  
                 
 
U.S. Government Obligations - 1.1%
            
             
U.S. Treasury Bill, 0.091%, due 6/23/2011**
     200,000       199,950  
                 
Total U.S. Government Obligations
   (Cost  $199,950 )     199,950  
                 
Total Investments - 99.9%
  
(Cost  $ 16,389,879
 )(b)     18,957,528  
                 
Other Assets less Liabilities - 0.1%
             17,431  
                 
Total Net Assets - 100.0%
             18,974,959  
 
 
 
 
 
Trustee Deferred Compensation***
            
             
The Flex-funds Aggressive Growth Fund
     614       5,158  
The Flex-funds Defensive Balanced Fund
     319       3,206  
The Flex-funds Dynamic Growth Fund
     192       1,640  
The Flex-funds Muirfield Fund
     1,441       8,459  
The Flex-funds Quantex Fund
     1,045       25,603  
The Flex-funds Total Return Utilities Fund
     69       1,728  
                 
Total Trustee Deferred Compensation
   (Cost $33,351 )      45,794  
 
Futures Contracts
            
             
   
Long Contracts
    
Unrealized Appreciation (Depreciation)($)
  
             
Standard & Poors Mid Cap 400 expiring June 2011, notional value $1,480,500
     3       72,203  
                 
Total Futures Contracts
             72,203  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
      
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments****
  
 
Level 1 - Quoted Prices
   $ 18,757,578     $ 72,203  
 
Level 2 - Other Significant Observable Inputs
     199,950       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 18,957,528     $ 72,203  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $214,388.  Cost for federal income tax purposes of $16,604,267 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 2,895,954  
 
Unrealized depreciation
     (542,693 )
 
Net unrealized appreciation (depreciation)
   $ 2,353,261  
 
#
Represents non-income producing securities.
   
@
Real estate investment trust.
   
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
   
**
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.
   
****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The Total Return Utilities Fund
  
             
Security Description
  
Shares or
Principal
Amount ($)
    
Fair Value ($)(a)
  
             
Common Stocks - 98.5%
            
             
Electric Utility 12.9%
            
American Superconductor Corp. #
     32,016       796,238  
General Electric Co.
     38,749       776,917  
ITC Holdings Corp.
     9,397       656,850  
MDU Resources Group, Inc.
     28,503       654,714  
Northeast Utilities
     15,645       541,317  
                 
    (Cost $3,324,357 )      3,426,036  
                 
Natural Gas Distribution 14.7%
                
MarkWest Energy Partners, L.P.
     20,000       969,400  
National Grid PLC - ADR
     18,163       872,551  
ONEOK, Inc.
     7,490       500,931  
Southern Union Co.
     27,754       794,319  
Williams Companies, Inc./The
     25,865       806,471  
                 
    (Cost $3,354,184 )     3,943,672  
                 
Oil Exploration & Production 6.6%
                
Ensco PLC - ADR
     12,835       742,376  
EQT Corp.
     13,940       695,606  
Ultra Petroleum Corp. #
     6,539       322,046  
                 
    (Cost $1,475,663 )      1,760,028  
                 
Pipelines 16.7%
                
El Paso Corp.
     45,145       812,610  
Kinder Morgan Energy Partners, L.P.
     12,608       934,127  
National Fuel Gas Co.
     13,357       988,418  
Questar Corp.
     47,855       835,070  
Spectra Energy Corp.
     31,483       855,708  
                 
    (Cost $3,413,401 )     4,425,933  
                 
Telephone & Telecommunications 27.2%
                
American Tower Corp. #
     9,929       514,521  
AT&T, Inc.
     30,999       948,879  
BCE, Inc.
     8,323       302,458  
Cisco Systems, Inc.
     30,611       524,979  
Millicom International Cellular S.A.
     5,074       487,967  
NII Holdings, Inc. #
     24,341       1,014,289  
Nokia Corp. - ADR
     22,136       188,377  
QUALCOMM, Inc.
     17,049       934,797  
Turkcell Iletisim Hizmetleri - ADR
     27,129       407,749  
Verizon Communications, Inc.
     29,546       1,138,703  
Vodafone Group PLC - ADR
     26,446       760,322  
                 
    (Cost $6,926,021 )      7,223,041  
                 
Utility Services - 13.0%
                
ABB Limited - ADR #
     26,422       639,148  
Advanced Energy Industries, Inc. #
     17,485       285,880  
EnerSys #
     16,710       664,222  
Fluor Corp.
     8,476       624,342  
NiSource, Inc.
     50,972       977,643  
Pepco Holdings, Inc.
     14,564       271,619  
                 
    (Cost $3,037,483 )      3,462,854  
                 
Water Utility - 7.4%
                
American Water Works Co., Inc.
     46,187       1,295,545  
Veolia Environnement - ADR
     21,699       676,358  
                 
    (Cost $1,647,476 )      1,971,903  
                 
Total Common Stocks
   (Cost $23,178,585 )      26,213,467  
 
 
 
 
 
Money Market Registered Investment Companies - 1.5%
            
             
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     391,035       391,035  
                 
Total Money Market Registered Investment Companies
  
(Cost $391,035
 )     391,035  
                 
Total Investments - 100.0%
  
(Cost $23,569,620
 )(b)     26,604,502  
                 
Liabilities less Other Assets - (0.0%)
             (5,947 )
                 
Total Net Assets - 100.0%
             26,598,555  
 
Trustee Deferred Compensation**
            
             
The Flex-funds Aggressive Growth Fund
     713       5,989  
The Flex-funds Defensive Balanced Fund
     373       3,749  
The Flex-funds Dynamic Growth Fund
     222       1,896  
The Flex-funds Muirfield Fund
     1,291       7,578  
The Flex-funds Quantex Fund
     875       21,438  
The Flex-funds Total Return Utilities Fund
     80       2,004  
                 
Total Trustee Deferred Compensation
   (Cost $31,725 )      42,654  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
      
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments***
  
 
Level 1 - Quoted Prices
   $ 26,604,502     $ -  
 
Level 2 - Other Significant Observable Inputs
     -       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 26,604,502     $ -  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $56,746.  Cost for federal income tax purposes of $23,626,366 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 3,690,401  
 
Unrealized depreciation
     (712,265 )
 
Net unrealized appreciation (depreciation)
   $ 2,978,136  
 
ADR
American Depositary Receipt
        
           
#
Represents non-income producing securities.
        
           
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
  
           
**
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.
           
***
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
  
March 31, 2011 (unaudited)
  
             
The U.S. Government Bond Fund
  
             
Security Description
  
Principal
Amount ($)
or Shares
    
Fair Value ($)(a)
  
             
U.S. Government Obligations - 80.8%
            
             
Fannie Mae, 1.05%, due 10/22/2013
     1,000,000       994,851  
Fannie Mae, 1.75%, due 8/25/2020
     975,334       961,163  
Federal Farm Credit Bank, 2.875%, due 04/14/2015
     1,000,000       1,034,203  
Federal Home Loan Bank, 1.375%, due 09/12/2014
     1,000,000       989,854  
Federal Home Loan Bank, 2.75%, due 12/12/2014
     1,000,000       1,032,918  
Federal Home Loan Bank, 1.75%, due 09/11/2015
     1,000,000       981,602  
Federal Home Loan Bank, 3.75%, due 09/09/2016
     1,000,000       1,057,710  
Federal Home Loan Bank, 3.125%, due 12/08/2017
     1,000,000       1,004,787  
Federal Home Loan Mortgage Corporation, 4.00%, due 12/15/2022
     1,000,000       990,046  
Government National Mortgage Association, 4.00%, due 02/20/2018
     969,631       1,027,588  
Government National Mortgage Association, 6.50%, due 07/20/2038
     28,971       31,259  
Government National Mortgage Association, 3.00%, due 09/16/2039
     983,647       983,557  
Government National Mortgage Association, 3.146%, due 05/16/2040
     1,000,000       990,991  
Government National Mortgage Association, 3.62406%, due 02/16/2043
     1,000,000       1,002,387  
U.S. Treasury Note, 3.125%, due 09/30/2013
     1,000,000       1,051,875  
U.S. Treasury Note, 2.00%, due 11/30/2013
     1,000,000       1,023,203  
U.S. Treasury Note, 1.00%, due 01/15/2014
     1,000,000       995,078  
U.S. Treasury Note, 2.125%, due 11/30/2014
     1,000,000       1,018,203  
                 
Total U.S. Government Obligations
  
(Cost $17,269,357
 )     17,171,275  
 
Corporate Bonds - 9.9%
                
                 
Abbott Laboratories, 5.875%, due 05/15/2016
     500,000       572,246  
Aspen Insurance Holding, Ltd., 6.00%, due 12/15/2020
     500,000       498,193  
General Electric Capital Corp., 4.375%, due 09/16/2020
     500,000       485,900  
Partnerre Finance, LLC, 6.875%, due 06/01/2018
     500,000       548,089  
                 
Total Corporate Bonds
  
(Cost $2,105,245
 )     2,104,428  
 
Money Market Registered Investment Companies - 8.9%
                
                 
The Flex-funds Money Market Fund - Institutional Class, 0.226%*
     1,893,651       1,893,651  
                 
Total Money Market Registered Investment Companies
  
(Cost $1,893,651
 )     1,893,651  
 
Floating Rate Demand Notes - 0.0%
                
                 
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.65%, 4/1/2011**
     117       117  
                 
Total Floating Rate Demand Notes
  
(Cost $117
 )     117  
                 
Total Investments - 99.6%
  
(Cost $21,268,370
 )(b)     21,169,471  
                 
Other Assets less Liabilities - 0.4%
             75,620  
                 
Total Net Assets - 100.0%
             21,245,091  
 
 
 
 
 
Trustee Deferred Compensation***
                
                 
The Flex-funds Aggressive Growth Fund
     582       4,889  
The Flex-funds Defensive Balanced Fund
     302       3,035  
The Flex-funds Dynamic Growth Fund
     181       1,546  
The Flex-funds Muirfield Fund
     1,003       5,888  
The Flex-funds Quantex Fund
     678       16,611  
The Flex-funds Total Return Utilities Fund
     65       1,628  
                 
Total Trustee Deferred Compensation
  
(Cost $25,023
 )     33,597  
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
        
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
           
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
  
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments****
  
 
Level 1 - Quoted Prices
   $ 1,893,768     $ -  
 
Level 2 - Other Significant Observable Inputs
     19,275,703       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 21,169,471     $ -  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
           
(b)
Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses deferred for federal income tax reporting in the amount of $78,987.  Cost for federal income tax purposes of $21,347,357 differs from value by net unrealized appreciation (depreciation) of securities as follows:
 
 
Unrealized appreciation
   $ 21,888  
 
Unrealized depreciation
     (199,774 )
 
Net unrealized appreciation (depreciation)
   $ (177,886 )
 
*
Investment in affiliate.  The yield shown represents the 7-day yield in effect at March 31, 2011.
      
           
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
      
           
***
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.
        
           
****
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
Schedule of Investments
March 31, 2011 (unaudited)
               
The Money Market Fund
               
Security Description
Coupon/Yield
  
Maturity
  
Principal
Amount ($)
or Shares
  
Fair Value ($)(a)
               
Bank Obligations - 2.4%
            
               
Bank of Internet Demand Deposit Account
0.50%
*
04/01/11
249,000
  
249,000
Brand Banking Company Demand Deposit Account
0.50%
*
04/01/11
249,000
  
249,000
Commerce National Bank Demand Deposit Account
0.40%
*
04/01/11
249,688
  
249,688
EverBank Money Market Account
1.00%
*
04/01/11
249,000
  
249,000
Excel Bank Demand Deposit Account
0.75%
*
04/01/11
249,000
  
249,000
First Citizens Bank & Trust Co. Demand Deposit Account
0.30%
*
04/01/11
249,000
  
249,000
Huntington National Bank Conservative Deposit Account
0.25%
*
04/01/11
250,000
  
250,000
Nationwide Bank Deposit Account
0.75%
*
04/01/11
249,000
  
249,000
Synovus Bank of North Georgia Demand Deposit Account
0.35%
*
04/01/11
249,000
  
249,000
TD Bank Demand Deposit Account
0.40%
*
04/01/11
249,505
  
249,505
The Ohio State Bank Demand Deposit Account
0.55%
*
04/01/11
249,137
  
249,137
The Trust Company Bank Demand Deposit Account
0.50%
*
04/01/11
249,000
  
249,000
United Community Bank Demand Deposit Account
0.65%
*
04/01/11
249,000
  
249,000
               
Total Bank Obligations
      
(Cost $3,239,330
)
3,239,330
               
 
Certificates of Deposit - 4.5%
            
               
Amalgamated Bank
0.75%
  
09/15/11
238,500
  
238,500
Citizens Business Bank
0.75%
  
09/15/11
238,500
  
238,500
Cole Taylor Bank
0.70%
  
04/14/11
244,500
  
244,500
Community Bank
0.75%
  
09/15/11
238,500
  
238,500
Community Bank Corporation
0.70%
  
04/14/11
244,500
  
244,500
Community Mutual Savings Bank
0.70%
  
04/14/11
244,500
  
244,500
East West Bank
0.75%
  
09/15/11
105,814
  
105,814
Farmers' and Traders' State Bank
0.75%
  
09/15/11
238,500
  
238,500
First Bankers Trust Company, NA
0.70%
  
04/14/11
244,500
  
244,500
First Community Bank
0.70%
  
04/14/11
95,000
  
95,000
First Service Bank
0.70%
  
04/14/11
193,500
  
193,500
Flagstar Bank, FSB
0.75%
  
09/15/11
238,500
  
238,500
Heartland Bank and Trust Company
0.70%
  
04/14/11
244,500
  
244,500
MB Financial Bank, NA
0.75%
  
09/15/11
238,500
  
238,500
Morton Community Bank
0.75%
  
09/15/11
238,500
  
238,500
Mutual of Omaha Bank
0.75%
  
09/15/11
238,500
  
238,500
Pinnacle National Bank
0.70%
  
04/14/11
244,500
  
244,500
PrivateBank and Trust Company (The)
0.75%
  
09/15/11
238,500
  
238,500
Regents Bank, National Association
0.70%
  
04/14/11
244,500
  
244,500
Rocky Mountain Bank
0.70%
  
04/14/11
244,500
  
244,500
Southern Community Bank and Trust
0.70%
  
04/14/11
244,500
  
244,500
SpiritBank
  
0.70%
  
04/14/11
244,500
  
244,500
TriState Capital Bank
0.70%
  
04/14/11
244,500
  
244,500
Union Bank & Trust Co.
0.75%
  
09/15/11
32,186
  
32,186
Union Savings Bank
0.70%
  
04/14/11
22,000
  
22,000
United Bank
  
0.75%
  
09/15/11
238,500
  
238,500
Washington Trust Bank
0.75%
  
09/15/11
238,500
  
238,500
WashingtonFirst Bank
0.75%
  
09/15/11
238,500
  
238,500
               
Total Certificates of Deposit
      
(Cost $6,000,000
)
6,000,000
 
 
 
 
 
Commercial Paper - 18.6%
            
               
Abbey National
0.45%
  
05/03/11
1,000,000
  
999,609
Abbey National
0.43%
  
06/02/11
1,000,000
  
999,277
Abbey National
0.44%
  
06/13/11
1,000,000
  
999,128
BNP Paribas
0.29%
  
04/15/11
2,000,000
  
1,999,775
Dexia Delaware
0.45%
  
04/01/11
1,000,000
  
1,000,000
ING Funding
0.33%
  
04/05/11
1,000,000
  
999,964
ING Funding
0.33%
  
06/15/11
1,000,000
  
999,333
ING Funding
0.33%
  
06/29/11
1,000,000
  
999,209
ING Funding
0.31%
  
07/14/11
1,000,000
  
999,133
Intesa Funding
0.39%
  
04/14/11
2,000,000
  
1,999,722
Rabobank USA Finance Corp.
0.29%
  
05/05/11
5,000,000
  
4,998,631
Rabobank USA Finance Corp.
0.31%
  
05/25/11
1,000,000
  
999,550
Societe Generale
0.36%
  
04/01/11
1,000,000
  
1,000,000
Societe Generale
0.38%
  
05/03/11
1,000,000
  
999,671
Societe Generale
0.39%
  
05/05/11
1,000,000
  
999,641
Societe Generale
0.37%
  
05/18/11
1,000,000
  
999,530
Toyota Motor Credit
0.46%
  
04/13/11
1,000,000
  
999,850
Toyota Motor Credit
0.39%
  
06/07/11
1,000,000
  
999,293
Toyota Motor Credit
0.32%
  
08/26/11
1,000,000
  
998,734
               
Total Commercial Paper
      
(Cost $24,990,050
)
24,990,050
 
Corporate Obligations - 29.1%
            
               
Barclays Bank
0.71%
*
05/18/11
1,000,000
  
1,000,000
Bath Technologies***
0.39%
*
04/07/11
835,000
  
835,000
Cascade Plaza Project***
0.31%
*
04/07/11
6,577,000
  
6,577,000
Credit Suisse Yankee CD
0.34%
*
04/22/11
1,600,000
  
1,600,211
Caterpillar Financial Power Investment Floating Rate Demand Note
0.65%
**
04/01/11
9,691,651
  
9,691,651
Dexia Credit Local****
0.66%
**
04/03/11
5,000,000
  
5,000,000
General Electric Interest Plus Variable Rate Demand Note
0.95%
*
04/01/11
9,155,318
  
9,155,318
JP Morgan Chase
5.60%
  
06/01/11
1,000,000
  
1,008,476
Martin Wheel Co, Inc.***
2.99%
*
04/07/11
1,700,000
  
1,700,000
Seariver Maritime
0.45%
*
04/01/11
600,000
  
600,000
Springside Corp. Exchange Partners LLC***
0.31%
*
04/07/11
2,000,000
  
2,000,000
               
Total Corporate Obligations
      
(Cost $39,167,656
)
39,167,656
 
U.S. Government Agency Obligations - 4.5%
            
               
Federal Home Loan Bank
0.34%
  
11/15/11
1,000,000
  
1,000,000
Federal Home Loan Bank
0.46%
  
03/14/12
1,000,000
  
1,000,000
Federal Home Loan Bank
0.35%
  
04/23/12
1,000,000
  
999,750
Federal Home Loan Bank
0.40%
  
04/25/12
1,000,000
  
1,000,000
Federal Home Loan Bank
0.40%
  
04/27/12
2,000,000
  
2,000,000
               
Total U.S. Government Agency Obligations
      
(Cost $5,999,750
)
5,999,750
 
 
 
 
 
Money Market Registered Investment Companies - 43.8%
            
               
Federated Prime Value Obligations Fund, 0.21% #
      
23,588,848
  
23,588,848
Federated Treasury Obligations Fund, 0.01% #
      
1,822
  
1,822
Fidelity Institutional Money Market Portfolio, 0.25% #
      
35,139,502
  
35,139,502
               
Total Money Market Registered Investment Companies
      
(Cost $58,730,172
)
58,730,172
               
Total Investments - 102.9%
      
(Cost $138,126,958
) (b)
138,126,958
               
Liabilities less Other Assets - (-2.9%)
          
(3,941,443)
               
Total Net Assets - 100.0%
          
134,185,515
 
Trustee Deferred Compensation*****
            
               
The Flex-funds Aggressive Growth Fund
      
562
  
4,721
The Flex-funds Defensive Balanced Fund
      
291
  
2,925
The Flex-funds Dynamic Growth Fund
      
175
  
1,495
The Flex-funds Muirfield Fund
      
1,290
  
7,572
The Flex-funds Quantex Fund
      
937
  
22,957
The Flex-funds Total Return Utilities Fund
      
63
  
1,578
               
Total Trustee Deferred Compensation
      
(Cost $32,772
)
41,248
 
(a)
Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
 
• Level 1 - quoted prices in active markets for identical securities
 
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
   
 
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund's assets carried at fair value:
 
 
Valuation Inputs
  
Investments in Securities
    
Other Financial Instruments******
  
 
Level 1 - Quoted Prices
   $ 58,730,172     $ -  
 
Level 2 - Other Significant Observable Inputs
     79,396,786       -  
 
Level 3 - Significant Unobservable Inputs
     -       -  
 
Total
   $ 138,126,958     $ -  
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
 
 
 
 
 
(b)
Cost for federal income tax and financial reporting purposes are the same.
   
#
7-day yield as of March 31, 2011.
   
*
Variable rate security.  Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks.  The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices.  The rate shown represents the rate in effect at March 31, 2011. The maturity date shown reflects the earlier of the next demand date or stated maturity date.
   
**
Floating rate security.  The rate shown represents the rate in effect at March 31, 2011.
   
***
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.  Bath Technologies was acquired on 10/18/1999.  Cascade Plaza Project was acquired on 2/28/2002.  Martin Wheel Co., Inc. was acquired on 1/26/2001.  Springside Corp. Exchange Partners LLC was acquired on 2/5/2004.  As of March 31, 2011, securities restricted as to resale to institutional investors represented 8.0% of Total Investments.  The fair value noted approximates amortized cost.
   
****
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 March 31, 2011, illiquid securities represented 3.6% 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.
   
******
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
 
 
 
 
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: 
May 24, 2011

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: 
May 24, 2011

By: 
/s/ Robert S. Meeder, Jr.
Robert S. Meeder, Jr., President
 
Date: 
May 24, 2011