MARKETVEST FUNDS INC
NSAR-A, 1996-10-30
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<PAGE>      PAGE  1
000 A000000 08/31/96
000 C000000 0001002785
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, INC.
001 B000000 811-07385
001 C000000 4122887403
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 MARKETVEST EQUITY FUND
007 C030100 N
007 C010200  2
007 C020200 MARKETVEST SHORT-TERM BOND FUND
007 C030200 N
007 C010300  3
007 C020300 MARKETVEST INTERMEDIATE US GOV'T BOND FUND
007 C030300 N
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.
<PAGE>      PAGE  2
011 B00AA01 8-46985
011 C01AA01 PITTSBURGH
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
015 A00AA02 NORTHERN TRUST
015 B00AA02 S
015 C01AA02 CHICAGO
015 C02AA02 IL
015 C03AA02 60675
015 E01AA02 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 MCDONALD & CO. SECURITIES, INC.
020 B000001 34-0642435
020 C000001     39
020 A000002 LAURENCE J. BARR & ASSOCIATES
020 C000002     38
020 A000003 DEAN WITTER REYNOLDS, INC.
020 B000003 94-1671384
020 C000003     21
020 A000004 KIDDER, PEABODY & CO., INC.
020 B000004 13-5650440
020 C000004     18
020 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000005 13-2741729
020 C000005     14
020 A000006 BEAR, STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006     10
020 A000007 MELLON BANK N.A.
020 B000007 25-0659306
020 C000007      7
020 A000008 KEMPER FINANCIAL SERVICES, INC.
<PAGE>      PAGE  3
020 B000008 36-2693816
020 C000008      4
020 A000009 HSBC SECURITIES, INC.
020 B000009 13-2650272
020 C000009      2
020 A000010 GOLDMAN, SACHS & CO.
020 B000010 13-5108880
020 C000010      2
021  000000      155
022 A000001 BANK 17-A7
022 C000001    688066
022 D000001      3616
022 A000002 DEAN WITTER REYNOLDS, INC.
022 B000002 94-1671384
022 C000002    593340
022 D000002         0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003    428431
022 D000003         0
022 A000004 BEAR, STEARNS & CO., INC.
022 B000004 13-3299429
022 C000004    304354
022 D000004         0
022 A000005 DONALDSON, LUFKIN JENRETTE/PERSHING CO.
022 B000005 13-2741729
022 C000005    211072
022 D000005         0
022 A000006 MCDONALD & CO. SECURITIES, INC.
022 B000006 34-0642435
022 C000006     86664
022 D000006     71560
022 A000007 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
022 B000007 13-2741729
022 C000007    101747
022 D000007         0
022 A000008 PIPER, JAFFRAY & HOPWOOD, INC.
022 B000008 13-5318885
022 C000008     47243
022 D000008     39986
022 A000009 SPEAR, LEEDS & KELLOGG
022 B000009 13-5515160
022 C000009      9009
022 D000009     26755
022 A000010 SMITH BARNEY, INC.
022 B000010 13-1912900
022 C000010     18017
022 D000010     13746
023 C000000    2569814
023 D000000     172969
024  00AA00 N
<PAGE>      PAGE  4
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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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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  16
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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, Inc.                         
                                Marketvest Equity Fund                         
                                                                               
<PERIOD-TYPE>                   5-mos                                          
<FISCAL-YEAR-END>               Feb-28-1997                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           430,694,041                                    
<INVESTMENTS-AT-VALUE>          456,550,253                                    
<RECEIVABLES>                   1,323,020                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  457,873,273                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       339,490                                        
<TOTAL-LIABILITIES>             339,490                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        429,916,444                                    
<SHARES-COMMON-STOCK>           45,239,160                                     
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       27,179                                         
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         1,733,948                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        25,856,212                                     
<NET-ASSETS>                    457,533,783                                    
<DIVIDEND-INCOME>               3,466,590                                      
<INTEREST-INCOME>               466,807                                        
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,537,365                                      
<NET-INVESTMENT-INCOME>         2,396,032                                      
<REALIZED-GAINS-CURRENT>        1,733,948                                      
<APPREC-INCREASE-CURRENT>       25,856,212                                     
<NET-CHANGE-FROM-OPS>           29,986,192                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,368,853                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         46,535,393                                     
<NUMBER-OF-SHARES-REDEEMED>     1,383,332                                      
<SHARES-REINVESTED>             87,099                                         
<NET-CHANGE-IN-ASSETS>          457,533,783                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,490,546                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,888,805                                      
<AVERAGE-NET-ASSETS>            340,022,573                                    
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.070                                          
<PER-SHARE-GAIN-APPREC>         0.110                                          
<PER-SHARE-DIVIDEND>            0.070                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.110                                         
<EXPENSE-RATIO>                 1.03                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   02                                             
     <NAME>                     Marketvest Funds, Inc.                         
                                Marketvest Short-Term Bond Fund                
                                                                               
<PERIOD-TYPE>                   5-Mos                                          
<FISCAL-YEAR-END>               Feb-28-1997                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           146,670,429                                    
<INVESTMENTS-AT-VALUE>          146,670,429                                    
<RECEIVABLES>                   2,396,634                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  149,067,063                                    
<PAYABLE-FOR-SECURITIES>        1,978,437                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       400,630                                        
<TOTAL-LIABILITIES>             2,379,067                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        147,399,713                                    
<SHARES-COMMON-STOCK>           14,807,953                                     
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (125,798)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (585,919)                                      
<NET-ASSETS>                    146,687,996                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               2,896,619                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  417,598                                        
<NET-INVESTMENT-INCOME>         2,479,021                                      
<REALIZED-GAINS-CURRENT>        (125,798)                                      
<APPREC-INCREASE-CURRENT>       (585,919)                                      
<NET-CHANGE-FROM-OPS>           1,767,304                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,479,021                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         15,648,571                                     
<NUMBER-OF-SHARES-REDEEMED>     949,603                                        
<SHARES-REINVESTED>             108,985                                        
<NET-CHANGE-IN-ASSETS>          146,687,996                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           349,666                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 506,652                                        
<AVERAGE-NET-ASSETS>            104,773,998                                    
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.210                                          
<PER-SHARE-GAIN-APPREC>         (0.090)                                        
<PER-SHARE-DIVIDEND>            0.210                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.910                                          
<EXPENSE-RATIO>                 0.90                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   03                                             
     <NAME>                     Marketvest Funds, Inc.                         
                                Marketvest Intermediate U.S. Government Bond F 
                                                                               
<PERIOD-TYPE>                   5-Mos                                          
<FISCAL-YEAR-END>               Feb-28-1997                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           236,289,759                                    
<INVESTMENTS-AT-VALUE>          236,289,759                                    
<RECEIVABLES>                   4,152,757                                      
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  240,442,516                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,025,928                                      
<TOTAL-LIABILITIES>             1,025,928                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        243,087,400                                    
<SHARES-COMMON-STOCK>           24,436,860                                     
<SHARES-COMMON-PRIOR>           10,000                                         
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (1,273,331)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (2,397,481)                                    
<NET-ASSETS>                    239,416,588                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               5,971,152                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  721,420                                        
<NET-INVESTMENT-INCOME>         5,249,732                                      
<REALIZED-GAINS-CURRENT>        (1,273,331)                                    
<APPREC-INCREASE-CURRENT>       (2,397,481)                                    
<NET-CHANGE-FROM-OPS>           1,578,920                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       5,249,732                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         25,133,986                                     
<NUMBER-OF-SHARES-REDEEMED>     810,996                                        
<SHARES-REINVESTED>             103,870                                        
<NET-CHANGE-IN-ASSETS>          239,316,588                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           638,837                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 880,378                                        
<AVERAGE-NET-ASSETS>            198,916,925                                    
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.250                                          
<PER-SHARE-GAIN-APPREC>         (0.200)                                        
<PER-SHARE-DIVIDEND>            0.250                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.800                                          
<EXPENSE-RATIO>                 0.85                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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