<PAGE> PAGE 1
000 B000000 02/28/97
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 N
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 LAURENCE J BARR & ASSOCIATES
020 C000001 82
020 A000002 MCDONALD & CO. SECURITIES, INC.
020 B000002 34-0642435
020 C000002 79
020 A000003 DLJ CAPITAL MARKETS
020 C000003 40
020 A000004 SMITH BARNEY, INC.
020 B000004 13-1912900
020 C000004 35
020 A000005 KIDDER, PEABODY & CO., INC.
020 B000005 13-5650440
020 C000005 33
020 A000006 BEAR, STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006 33
020 A000007 DEAN WITTER REYNOLDS, INC.
020 B000007 94-1671384
020 C000007 27
020 A000008 GOLDMAN, SACHS & CO.
020 B000008 13-5108880
<PAGE> PAGE 3
020 C000008 9
020 A000009 PRUDENTIAL SECURITIES CORP.
020 B000009 22-2347336
020 C000009 7
020 A000010 HARBOR SECURITIES, INC.
020 C000010 5
021 000000 371
022 A000001 BEAR, STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 1072487
022 D000001 0
022 A000002 DEAN WITTER REYNOLDS, INC.
022 B000002 94-1671384
022 C000002 921369
022 D000002 0
022 A000003 17A7
022 C000003 697045
022 D000003 2230
022 A000004 PIPER, JAFFRAY & HOPWOOD, INC.
022 B000004 13-5318885
022 C000004 319876
022 D000004 313924
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 526613
022 D000005 0
022 A000006 MCDONALD & CO. SECURITIES, INC.
022 B000006 34-0642435
022 C000006 209243
022 D000006 193667
022 A000007 DLJ CAPITAL MARKETS
022 C000007 312819
022 D000007 0
022 A000008 SMITH BARNEY, INC.
022 B000008 13-1912900
022 C000008 32042
022 D000008 59104
022 A000009 SPEAR, LEEDS & KELLOGG
022 B000009 13-5515160
022 C000009 27523
022 D000009 46962
022 A000010 RAYMOND JAMES & ASSOCIATES, INC.
022 B000010 59-1237041
022 C000010 50216
022 D000010 19251
023 C000000 4288759
023 D000000 667014
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
<PAGE> PAGE 4
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
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 5
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 C00AA00 85000
081 A00AA00 Y
081 B00AA00 257
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 5710
028 A020100 291
028 A030100 0
028 A040100 4423
028 B010100 7725
<PAGE> PAGE 6
028 B020100 302
028 B030100 0
028 B040100 9842
028 C010100 2303
028 C020100 294
028 C030100 0
028 C040100 3207
028 D010100 5993
028 D020100 4663
028 D030100 0
028 D040100 4945
028 E010100 3753
028 E020100 273
028 E030100 0
028 E040100 4157
028 F010100 2783
028 F020100 282
028 F030100 0
028 F040100 6322
028 G010100 28267
028 G020100 6105
028 G030100 0
028 G040100 32896
028 H000100 28617
029 000100 Y
030 A000100 54
030 B000100 4.75
030 C000100 3.00
031 A000100 8
031 B000100 0
032 000100 46
033 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
<PAGE> PAGE 7
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
<PAGE> PAGE 8
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 543596
071 B000100 145925
071 C000100 394393
071 D000100 37
072 A000100 11
072 B000100 1522
072 C000100 8615
072 D000100 0
072 E000100 0
072 F000100 4012
072 G000100 602
072 H000100 0
072 I000100 28
072 J000100 44
072 K000100 0
072 L000100 9
072 M000100 4
072 N000100 161
072 O000100 80
072 P000100 0
072 Q000100 90
072 R000100 0
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 13
072 X000100 5046
<PAGE> PAGE 9
072 Y000100 848
072 Z000100 5939
072AA000100 26689
072BB000100 5387
072CC010100 96868
072CC020100 0
072DD010100 5888
072DD020100 0
072EE000100 8725
073 A010100 0.1400
073 A020100 0.0000
073 B000100 0.1900
073 C000100 0.0000
074 A000100 0
074 B000100 31915
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 515841
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1494
074 M000100 0
074 N000100 549250
074 O000100 6365
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1996
074 S000100 0
074 T000100 540889
074 U010100 45434
074 U020100 0
074 V010100 11.91
074 V020100 0.00
074 W000100 0.0000
074 X000100 157
074 Y000100 0
075 A000100 0
075 B000100 427594
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 64187
<PAGE> PAGE 10
028 B020200 0
028 B030200 0
028 B040200 380
028 C010200 1744
028 C020200 0
028 C030200 0
028 C040200 582
028 D010200 86471
028 D020200 333
028 D030200 0
028 D040200 4497
028 E010200 1657
028 E020200 374
028 E030200 0
028 E040200 1558
028 F010200 1690
028 F020200 375
028 F030200 0
028 F040200 2415
028 G010200 155749
028 G020200 1082
028 G030200 0
028 G040200 9432
028 H000200 10689
029 000200 Y
030 A000200 0
030 B000200 3.50
030 C000200 2.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
<PAGE> PAGE 11
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 7.9
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 24.0
062 N000200 42.3
062 O000200 0.0
062 P000200 25.9
062 Q000200 1.4
062 R000200 0.0
063 A000200 0
063 B000200 3.4
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
<PAGE> PAGE 12
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
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
070 R020200 N
071 A000200 269372
071 B000200 132489
071 C000200 0
071 D000200 0
072 A000200 11
072 B000200 7582
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 894
072 G000200 179
072 H000200 0
072 I000200 24
072 J000200 20
072 K000200 0
072 L000200 12
072 M000200 4
072 N000200 58
072 O000200 24
072 P000200 0
072 Q000200 56
072 R000200 0
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 9
072 X000200 1283
072 Y000200 215
072 Z000200 6514
072AA000200 263
072BB000200 267
<PAGE> PAGE 13
072CC010200 0
072CC020200 151
072DD010200 6508
072DD020200 0
072EE000200 0
073 A010200 0.4900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 11606
074 C000200 0
074 D000200 136728
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 2026
074 M000200 0
074 N000200 150360
074 O000200 3000
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1182
074 S000200 0
074 T000200 146178
074 U010200 14698
074 U020200 0
074 V010200 9.95
074 V020200 0.00
074 W000200 0.0000
074 X000200 16
074 Y000200 0
075 A000200 0
075 B000200 125432
076 000200 0.00
028 A010300 4713
028 A020300 409
028 A030300 0
028 A040300 1514
028 B010300 4708
028 B020300 375
028 B030300 0
028 B040300 3389
028 C010300 4605
<PAGE> PAGE 14
028 C020300 403
028 C030300 0
028 C040300 982
028 D010300 5549
028 D020300 401
028 D030300 0
028 D040300 1593
028 E010300 4261
028 E020300 431
028 E030300 0
028 E040300 3186
028 F010300 6110
028 F020300 439
028 F030300 0
028 F040300 2334
028 G010300 29946
028 G020300 2458
028 G030300 0
028 G040300 12998
028 H000300 29738
029 000300 Y
030 A000300 0
030 B000300 3.50
030 C000300 2.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.750
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
<PAGE> PAGE 15
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 4.7
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 78.7
062 N000300 8.2
062 O000300 0.0
062 P000300 7.9
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 7.4
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
<PAGE> PAGE 16
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 806064
071 B000300 556725
071 C000300 218324
071 D000300 255
072 A000300 11
072 B000300 15524
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 1574
072 G000300 315
072 H000300 0
072 I000300 21
072 J000300 32
072 K000300 0
072 L000300 12
072 M000300 4
072 N000300 90
072 O000300 41
072 P000300 0
072 Q000300 65
072 R000300 0
072 S000300 3
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 15
072 X000300 2172
072 Y000300 378
072 Z000300 13730
072AA000300 1395
072BB000300 2343
072CC010300 0
072CC020300 2506
072DD010300 13728
072DD020300 0
<PAGE> PAGE 17
072EE000300 0
073 A010300 0.5900
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 12338
074 C000300 0
074 D000300 245885
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 4912
074 M000300 0
074 N000300 263135
074 O000300 2002
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 2091
074 S000300 0
074 T000300 259042
074 U010300 26392
074 U020300 0
074 V010300 9.82
074 V020300 0.00
074 W000300 0.0000
074 X000300 18
074 Y000300 0
075 A000300 0
075 B000300 226160
076 000300 0.00
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> 11-Mos
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 450,888,401
<INVESTMENTS-AT-VALUE> 547,756,511
<RECEIVABLES> 1,493,863
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 549,250,374
<PAYABLE-FOR-SECURITIES> 6,365,033
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,996,617
<TOTAL-LIABILITIES> 8,361,650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 431,871,237
<SHARES-COMMON-STOCK> 45,433,644
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 51,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,098,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 96,868,110
<NET-ASSETS> 540,888,724
<DIVIDEND-INCOME> 8,614,420
<INTEREST-INCOME> 1,522,243
<OTHER-INCOME> 0
<EXPENSES-NET> 4,197,439
<NET-INVESTMENT-INCOME> 5,939,224
<REALIZED-GAINS-CURRENT> 21,301,868
<APPREC-INCREASE-CURRENT> 96,868,110
<NET-CHANGE-FROM-OPS> 124,109,202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,887,897
<DISTRIBUTIONS-OF-GAINS> 8,725,186
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,148,379
<NUMBER-OF-SHARES-REDEEMED> 4,341,434
<SHARES-REINVESTED> 626,699
<NET-CHANGE-IN-ASSETS> 540,888,724
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,011,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,046,000
<AVERAGE-NET-ASSETS> 438,322,519
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 2.100
<PER-SHARE-DIVIDEND> 0.140
<PER-SHARE-DISTRIBUTIONS> 0.190
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.910
<EXPENSE-RATIO> 1.05
<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 Short-Term Bond Fund
<PERIOD-TYPE> 11-mos
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 148,485,030
<INVESTMENTS-AT-VALUE> 148,333,769
<RECEIVABLES> 2,026,263
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150,360,032
<PAYABLE-FOR-SECURITIES> 3,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,182,215
<TOTAL-LIABILITIES> 4,182,215
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,327,296
<SHARES-COMMON-STOCK> 14,698,134
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,581)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (151,261)
<NET-ASSETS> 146,177,817
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,581,835
<OTHER-INCOME> 0
<EXPENSES-NET> 1,068,364
<NET-INVESTMENT-INCOME> 6,513,471
<REALIZED-GAINS-CURRENT> (3,581)
<APPREC-INCREASE-CURRENT> (151,261)
<NET-CHANGE-FROM-OPS> 6,358,629
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,508,108
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,727,339
<NUMBER-OF-SHARES-REDEEMED> 2,353,650
<SHARES-REINVESTED> 324,445
<NET-CHANGE-IN-ASSETS> 146,177,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 893,616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,283,471
<AVERAGE-NET-ASSETS> 125,432,185
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.490
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.950
<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. Gov't Bond Fund
<PERIOD-TYPE> 11-Mos
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 260,728,393
<INVESTMENTS-AT-VALUE> 258,222,482
<RECEIVABLES> 4,912,163
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 263,134,645
<PAYABLE-FOR-SECURITIES> 2,001,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,091,052
<TOTAL-LIABILITIES> 4,092,822
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,494,547
<SHARES-COMMON-STOCK> 26,392,385
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,587
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (948,400)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,505,911)
<NET-ASSETS> 259,041,823
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,523,954
<OTHER-INCOME> 0
<EXPENSES-NET> 1,794,142
<NET-INVESTMENT-INCOME> 13,729,812
<REALIZED-GAINS-CURRENT> (948,400)
<APPREC-INCREASE-CURRENT> (2,505,911)
<NET-CHANGE-FROM-OPS> 10,275,501
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,728,225
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,154,162
<NUMBER-OF-SHARES-REDEEMED> 2,123,286
<SHARES-REINVESTED> 351,509
<NET-CHANGE-IN-ASSETS> 258,941,823
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,574,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,172,549
<AVERAGE-NET-ASSETS> 229,443,209
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> (0.180)
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
