MARKETVEST FUNDS
NSAR-B, 1998-04-29
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<PAGE>      PAGE  1
000 B000000 02/28/98
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
014 A00AA01 HOPPER SOLIDAY
014 B00AA01 8-38435
014 A00AA02 FIRST MARYLAND BROKERAGE CORPORATION
014 B00AA02 8-35232
014 A00AA03 GOODBODY STOCK BROKERS
014 B00AA03 8-00000
014 A00AA04 ALLIED PHILIP CAPITAL MANAGEMENT, LTD.
014 B00AA04 8-00000
015 A00AA01 DAUPHIN DEPOSIT BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 HARRISBURG
015 C02AA01 PA
015 C03AA01 17101
015 E03AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    2
019 C00AA00 MARKETVEST
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022 A000001 PROVIDENET NATIONAL BANK
022 C000001     34955
022 D000001     44900
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002     60596
022 D000002      2067
022 A000003 DEAN WITTER REYNOLDS, INC.
022 B000003 94-1671384
<PAGE>      PAGE  3
022 C000003     45533
022 D000003         0
022 A000004 COMPASS ASSET MANAGEMENT INC.
022 C000004     21230
022 D000004     21086
022 A000005 A.H. WILLIAMS
022 C000005     13764
022 D000005     24230
022 A000006 LEGG MASON WOOD WALKER, INC.
022 B000006 13-2764283
022 C000006     17902
022 D000006     15504
022 A000007 MCGOWAN JP & COMPANYM, INC.
022 C000007      7004
022 D000007      7309
022 A000008 FIRST BOSTON CORP.
022 C000008     11907
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022 A000009 PARKER AGENCY
022 C000009         0
022 D000009      1406
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022 B000010 13-2518466
022 C000010      1336
022 D000010         0
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023 D000000     118799
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
<PAGE>      PAGE  4
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
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055 B00AA00 N
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 TRAVELERS CASUALTY AND SURETY COMPANY OF AMER
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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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
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071 A000100    115814
<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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028 G010200      4396
028 G020200      1439
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028 G040200     12808
028 H000200      4386
<PAGE>      PAGE  10
029  000200 Y
030 A000200      0
030 B000200  1.50
030 C000200  0.50
031 A000200      0
031 B000200      0
032  000200      0
033  000200      0
034  000200 N
035  000200      0
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 N
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
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044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.650
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048 B020200 0.000
048 C010200        0
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048 I020200 0.000
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048 J020200 0.000
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<PAGE>      PAGE  11
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200    10000
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
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066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 Y
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
<PAGE>      PAGE  12
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
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071 A000200     47202
071 B000200     16369
071 C000200     38067
071 D000200   43
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
076  000200     0.00
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>                   12-mos                                         
<FISCAL-YEAR-END>               Feb-28-1998                                    
<PERIOD-END>                    Feb-28-1998                                    
<INVESTMENTS-AT-COST>           186,423,920                                    
<INVESTMENTS-AT-VALUE>          19,348,733                                     
<RECEIVABLES>                   2,578,523                                      
<ASSETS-OTHER>                  31,562                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  196,058,818                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       737,068                                        
<TOTAL-LIABILITIES>             737,068                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        187,190,228                                    
<SHARES-COMMON-STOCK>           18,992,664                                     
<SHARES-COMMON-PRIOR>           20,943,710                                     
<ACCUMULATED-NII-CURRENT>       17,045                                         
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         1,089,664                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        7,024,813                                      
<NET-ASSETS>                    195,321,750                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               10,753,867                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,679,033                                      
<NET-INVESTMENT-INCOME>         9,074,834                                      
<REALIZED-GAINS-CURRENT>        1,985,168                                      
<APPREC-INCREASE-CURRENT>       2,424,443                                      
<NET-CHANGE-FROM-OPS>           13,484,445                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       9,057,789                                      
<DISTRIBUTIONS-OF-GAINS>        529,927                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         2,308,268                                      
<NUMBER-OF-SHARES-REDEEMED>     5,265,233                                      
<SHARES-REINVESTED>             1,677                                          
<NET-CHANGE-IN-ASSETS>          26,071,364                                     
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (230,975)                                      
<OVERDISTRIB-NII-PRIOR>         4,647                                          
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,566,750                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 2,098,950                                      
<AVERAGE-NET-ASSETS>            209,438,799                                    
<PER-SHARE-NAV-BEGIN>           10.090                                         
<PER-SHARE-NII>                 0.400                                          
<PER-SHARE-GAIN-APPREC>         0.190                                          
<PER-SHARE-DIVIDEND>            0.400                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.280                                         
<EXPENSE-RATIO>                 0.80                                           
<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>                   12-mos                                         
<FISCAL-YEAR-END>               Feb-28-1998                                    
<PERIOD-END>                    Feb-28-1998                                    
<INVESTMENTS-AT-COST>           32,903,984                                     
<INVESTMENTS-AT-VALUE>          35,578,537                                     
<RECEIVABLES>                   1,622,594                                      
<ASSETS-OTHER>                  28,363                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  35,857,735                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        32,912,932                                     
<SHARES-COMMON-STOCK>           3,306,033                                      
<SHARES-COMMON-PRIOR>           3,991,613                                      
<ACCUMULATED-NII-CURRENT>       (278,822)                                      
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         549,072                                        
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        2,674,553                                      
<NET-ASSETS>                    35,857,735                                     
<DIVIDEND-INCOME>               809,650                                        
<INTEREST-INCOME>               124,885                                        
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  282,547                                        
<NET-INVESTMENT-INCOME>         651,988                                        
<REALIZED-GAINS-CURRENT>        1,295,640                                      
<APPREC-INCREASE-CURRENT>       2,674,553                                      
<NET-CHANGE-FROM-OPS>           4,622,181                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       930,810                                        
<DISTRIBUTIONS-OF-GAINS>        746,568                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         4,943,427                                      
<NUMBER-OF-SHARES-REDEEMED>     1,777,407                                      
<SHARES-REINVESTED>             140,013                                        
<NET-CHANGE-IN-ASSETS>          35,857,735                                     
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (230,975)                                      
<OVERDISTRIB-NII-PRIOR>         4,647                                          
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           245,375                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 453,025                                        
<AVERAGE-NET-ASSETS>            37,302,035                                     
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.150                                          
<PER-SHARE-GAIN-APPREC>         1.120                                          
<PER-SHARE-DIVIDEND>            0.230                                          
<PER-SHARE-DISTRIBUTIONS>       0.190                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.850                                         
<EXPENSE-RATIO>                 0.75                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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