MARKETVEST FUNDS
NSAR-A, 1997-10-30
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<PAGE>      PAGE  1
000 A000000 08/31/97
000 C000000 0001000808
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MARKETVEST FUNDS
001 B000000 811-07383
001 C000000 4122881484
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 MARKETVEST PA INTERMEDIATE MUNI BOND FUND
007 C030100 N
007 C010200  2
007 C020200 MARKETVEST INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 DAUPHIN DEPOSIT BANK AND TRUST COMPANY
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 HARRISBURG
008 D02AA01 PA
008 D03AA01 17101
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 EDGEWOOD SERVICES, INC.
011 B00AA01 8-46985
011 C01AA01 PITTSBURGH
<PAGE>      PAGE  2
011 C02AA01 PA
011 C03AA01 15230
011 C04AA01 0897
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 DAUPHIN DEPOSIT BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 HARRISBURG
015 C02AA01 PA
015 C03AA01 17101
015 E03AA01 X
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022 A000001 PROVIDENET NATIONAL BANK
022 C000001     77776
022 D000001     75223
022 A000002 A.H. WILLIAMS
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022 D000002     61079
022 A000003 SMITH BARNEY, INC.
022 B000003 13-1912900
022 C000003     12264
022 D000003      1500
022 A000004 JANNEY MONTGOMERY SCOTT, INC.
022 B000004 23-0731260
022 C000004      9985
022 D000004      3242
022 A000005 LEGG MASON WOOD WALKER, INC.
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022 C000005      2822
022 D000005      6979
<PAGE>      PAGE  3
022 A000006 MELLON BANK N.A.
022 B000006 25-0659306
022 C000006      5214
022 D000006         0
022 A000007 STERNE, AGEE & LEACH, INC.
022 C000007         0
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022 A000008 DOLPHIN & BRADBURY, INC.
022 B000008 23-2405746
022 C000008      4960
022 D000008         0
022 A000009 WHEAT FIRST BUTCHER SINGER
022 B000009 54-0796506
022 C000009         0
022 D000009      2258
022 A000010 KIDDER, PEABODY & CO., INC.
022 B000010 13-5650440
022 C000010       992
022 D000010         0
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023 D000000     155878
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054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
<PAGE>      PAGE  4
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
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<PAGE>      PAGE  5
028 F040100      2366
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
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070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
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070 O010100 Y
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070 Q020100 N
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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042 E000200   0
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049  000200 N
050  000200 N
051  000200 N
052  000200 N
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059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200    10000
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<PAGE>      PAGE  11
062 G000200   0.0
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066 A000200 Y
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066 D000200 N
066 E000200 N
066 F000200 N
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067  000200 N
068 A000200 N
068 B000200 Y
069  000200 N
070 A010200 Y
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070 B010200 Y
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070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
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070 H020200 N
070 I010200 N
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<PAGE>      PAGE  12
070 N010200 Y
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070 Q010200 N
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<PAGE>      PAGE  13
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   01                                             
     <NAME>                     Marketvest Funds                               
                                Marketvest PA Intermediate Municipal Bond Fund 
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Aug-31-1997                                    
<PERIOD-END>                    Aug-31-1997                                    
<INVESTMENTS-AT-COST>           208,345,408                                    
<INVESTMENTS-AT-VALUE>          213,066,223                                    
<RECEIVABLES>                   2,921,549                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  215,987,772                                    
<PAYABLE-FOR-SECURITIES>        3,179,095                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       903,761                                        
<TOTAL-LIABILITIES>             4,082,856                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        207,090,736                                    
<SHARES-COMMON-STOCK>           20,943,710                                     
<SHARES-COMMON-PRIOR>           21,947,952                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         93,365                                         
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        4,720,815                                      
<NET-ASSETS>                    211,904,916                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               5,639,037                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  878,230                                        
<NET-INVESTMENT-INCOME>         4,760,807                                      
<REALIZED-GAINS-CURRENT>        458,942                                        
<APPREC-INCREASE-CURRENT>       120,445                                        
<NET-CHANGE-FROM-OPS>           5,340,194                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,760,807                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         17,739,006                                     
<NUMBER-OF-SHARES-REDEEMED>     27,816,355                                     
<SHARES-REINVESTED>             9,764                                          
<NET-CHANGE-IN-ASSETS>          (9,488,198)                                    
<ACCUMULATED-NII-PRIOR>         5,363                                          
<ACCUMULATED-GAINS-PRIOR>       (3,581)                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           812,694                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,089,144                                      
<AVERAGE-NET-ASSETS>            215,898,467                                    
<PER-SHARE-NAV-BEGIN>           10.090                                         
<PER-SHARE-NII>                 0.220                                          
<PER-SHARE-GAIN-APPREC>         0.030                                          
<PER-SHARE-DIVIDEND>            0.220                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.120                                         
<EXPENSE-RATIO>                 0.81                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   02                                             
     <NAME>                     Marketvest Funds                               
                                Marketvest International Equity Fund           
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Feb-28-1998                                    
<PERIOD-END>                    Aug-31-1997                                    
<INVESTMENTS-AT-COST>           40,294,549                                     
<INVESTMENTS-AT-VALUE>          42,336,443                                     
<RECEIVABLES>                   2,625                                          
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  42,339,068                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,023                                          
<TOTAL-LIABILITIES>             2,023                                          
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        39,886,582                                     
<SHARES-COMMON-STOCK>           3,991,613                                      
<SHARES-COMMON-PRIOR>           4,025,778                                      
<ACCUMULATED-NII-CURRENT>       295,829                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         112,740                                        
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        2,041,894                                      
<NET-ASSETS>                    42,337,045                                     
<DIVIDEND-INCOME>               376,775                                        
<INTEREST-INCOME>               52,545                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  133,491                                        
<NET-INVESTMENT-INCOME>         295,829                                        
<REALIZED-GAINS-CURRENT>        112,740                                        
<APPREC-INCREASE-CURRENT>       2,041,894                                      
<NET-CHANGE-FROM-OPS>           2,450,463                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         4,527,225                                      
<NUMBER-OF-SHARES-REDEEMED>     535,612                                        
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          42,337,045                                     
<ACCUMULATED-NII-PRIOR>         255,031                                        
<ACCUMULATED-GAINS-PRIOR>       37,843                                         
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           115,692                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 207,756                                        
<AVERAGE-NET-ASSETS>            41,782,903                                     
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.070                                          
<PER-SHARE-GAIN-APPREC>         0.540                                          
<PER-SHARE-DIVIDEND>            0.000                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.610                                         
<EXPENSE-RATIO>                 0.75                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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