<PAGE> PAGE 1
000 B000000 12/31/96
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<PAGE> PAGE 2
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020 A000002 INSTINET CORPORATION
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020 A000003 BEAR STEARNS AND COMPANY, INC.
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020 A000004 OPPENHEIMER AND CO. INC.
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<PAGE> PAGE 3
020 A000005 U.S. CLEARING CORPORATION
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020 A000006 MORGAN STANLEY
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<PAGE> PAGE 4
022 A000009 BEAR STEARNS AND COMPANY, INC.
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> ECLIPSE FINANCIAL ASSET TRUST
<SERIES>
<NUMBER> 01
<NAME> ECLIPSE EQUITY FUND
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (3,688,581)
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<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 3.890
<PER-SHARE-DIVIDEND> (0.140)
<PER-SHARE-DISTRIBUTIONS> (3.980)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.470
<EXPENSE-RATIO> 1.150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> ECLIPSE FINANCIAL ASSET TRUST
<SERIES>
<NUMBER> 02
<NAME> ECLIPSE BALANCED FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 74,802,515
<INVESTMENTS-AT-VALUE> 83,166,729
<RECEIVABLES> 790,302
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,957,031
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 131,870
<TOTAL-LIABILITIES> 131,870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,460,669
<SHARES-COMMON-STOCK> 3,991,125
<SHARES-COMMON-PRIOR> 4,173,768
<ACCUMULATED-NII-CURRENT> 278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,362,214
<NET-ASSETS> 83,825,161
<DIVIDEND-INCOME> 1,348,185
<INTEREST-INCOME> 2,315,008
<OTHER-INCOME> 0
<EXPENSES-NET> 672,074
<NET-INVESTMENT-INCOME> 2,991,119
<REALIZED-GAINS-CURRENT> 5,295,291
<APPREC-INCREASE-CURRENT> 1,655,120
<NET-CHANGE-FROM-OPS> 9,941,530
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<DISTRIBUTIONS-OF-INCOME> (2,991,194)
<DISTRIBUTIONS-OF-GAINS> (5,295,439)
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<NUMBER-OF-SHARES-SOLD> 579,937
<NUMBER-OF-SHARES-REDEEMED> (1,153,469)
<SHARES-REINVESTED> 390,889
<NET-CHANGE-IN-ASSETS> (2,097,041)
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 872,951
<AVERAGE-NET-ASSETS> 84,009,188
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<PER-SHARE-NII> 0.780
<PER-SHARE-GAIN-APPREC> 1.850
<PER-SHARE-DIVIDEND> (0.780)
<PER-SHARE-DISTRIBUTIONS> (1.440)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> ECLIPSE FINANCIAL ASSET TRUST
<SERIES>
<NUMBER> 03
<NAME> ECLIPSE ULTRA SHORT TERM INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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<INVESTMENTS-AT-VALUE> 4,393,174
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<OTHER-ITEMS-LIABILITIES> 18,441
<TOTAL-LIABILITIES> 18,441
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<PAID-IN-CAPITAL-COMMON> 4,513,279
<SHARES-COMMON-STOCK> 444,718
<SHARES-COMMON-PRIOR> 2,262,377
<ACCUMULATED-NII-CURRENT> 173
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (36,687)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,014)
<NET-ASSETS> 4,460,521
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 310,550
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 310,550
<REALIZED-GAINS-CURRENT> (36,917)
<APPREC-INCREASE-CURRENT> (25,313)
<NET-CHANGE-FROM-OPS> 248,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (314,948)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 388,853
<NUMBER-OF-SHARES-REDEEMED> (2,255,633)
<SHARES-REINVESTED> 49,121
<NET-CHANGE-IN-ASSETS> (149,963)
<ACCUMULATED-NII-PRIOR> 4,341
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 55,381
<AVERAGE-NET-ASSETS> 4,590,760
<PER-SHARE-NAV-BEGIN> 10.200
<PER-SHARE-NII> 0.710
<PER-SHARE-GAIN-APPREC> (0.160)
<PER-SHARE-DIVIDEND> (0.720)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 0.000
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> ECLIPSE FINANCIAL ASSET TRUST
<SERIES>
<NUMBER> 04
<NAME> ECLIPSE GROWTH AND INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 8,230,517
<INVESTMENTS-AT-VALUE> 9,813,977
<RECEIVABLES> 13,110
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,827,087
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89,997
<TOTAL-LIABILITIES> 89,997
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,153,483
<SHARES-COMMON-STOCK> 721,722
<SHARES-COMMON-PRIOR> 646,426
<ACCUMULATED-NII-CURRENT> 147
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,583,460
<NET-ASSETS> 9,737,090
<DIVIDEND-INCOME> 207,863
<INTEREST-INCOME> 10,920
<OTHER-INCOME> 0
<EXPENSES-NET> 76,816
<NET-INVESTMENT-INCOME> 141,967
<REALIZED-GAINS-CURRENT> 879,420
<APPREC-INCREASE-CURRENT> 742,727
<NET-CHANGE-FROM-OPS> 1,764,114
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (147,163)
<DISTRIBUTIONS-OF-GAINS> (879,138)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52,143
<NUMBER-OF-SHARES-REDEEMED> (47,879)
<SHARES-REINVESTED> 71,032
<NET-CHANGE-IN-ASSETS> 1,776,650
<ACCUMULATED-NII-PRIOR> 5,277
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 216
<GROSS-ADVISORY-FEES> 76,816
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,100
<AVERAGE-NET-ASSETS> 8,534,084
<PER-SHARE-NAV-BEGIN> 12.310
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 2.540
<PER-SHARE-DIVIDEND> (0.230)
<PER-SHARE-DISTRIBUTIONS> (1.350)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.340
<EXPENSE-RATIO> 0.900
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
McGLADREY & PULLEN, LLP
Board of Trustees
Eclipse Financial Asset Trust
In planning and performing our audit of the financial statements of
Eclipse
Financial Asset Trust (including the Ultra Short Term Income Fund,
the Balanced
Fund, the Growth and Income Fund, and the Equity Fund) for
the year ended
December 31, 1996, we considered its internal control
structure, including
procedures for safeguarding securities, in order to determine
our auditing
procedures for the purpose of expressing our opinion on the
financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on
the internal control structure.
The management of Eclipse Financial Asset Trust is
responsible for
establishing and maintaining an internal control structure. In
fulfilling this
responsibility, estimates and judgments by management are required
to assess the
expected benefits and related costs of internal control structure
policies and
procedures. Two of the objectives of an internal control
structure are to
provide management with reasonable, but not absolute, assurance
that assets are
safeguarded against loss from unauthorized use or
disposition and that
transactions are executed in accordance with management's
authorization and
recorded properly to permit preparation of financial statements
in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or
irregularities may occur and not be detected. Also,
projection of any
evaluation of the structure to future periods is subject to the
risk that it may
become inadequate because of changes in conditions or that the
effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily
disclose all matters in the internal control structure that
might be material
weaknesses under standards established by the American Institute
of Certified
Public Accountants. A material weakness is a condition in which
the design or
operation of the specific internal control structure elements does
not reduce to
a relatively low level the risk that errors or irregularities in
amounts that
would be material in relation to the financial statements being
audited may
occur and not be detected within a timely period by employees
in the normal
course of performing their assigned functions. However, we
noted no maters
involving the internal control structure, including procedures for
safeguarding
securities, that we consider to be material weaknesses as
defined above as of
December 31, 1996.
This report is intended solely for the information and use of
management
and the Securities and Exchange Commission.
/s/McGladrey &
Pullen, LLP
New York, New York
January 31, 1997
