<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000802209
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 ECLIPSE FINANCIAL ASSET TRUST
001 B000000 811-4847
001 C000000 2125765773
002 A000000 51 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10010
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 BALANCED FUND
007 C030200 N
007 C010300 3
007 C020300 ULTRA SHORT TERM INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 GROWTH AND INCOME FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
<PAGE> PAGE 2
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
020 A000001 STANDARD AND POOR'S SECURITIES
020 B000001 13-2671951
020 C000001 206
020 A000002 INSTINET CORPORATION
020 B000002 13-3443395
020 C000002 121
020 A000003 JOSEPHTHAL LYON & ROSS, INC.
020 B000003 13-1850914
020 C000003 106
020 A000004 OPPENHEIMER AND CO. INC.
020 B000004 13-2798343
020 C000004 57
<PAGE> PAGE 3
020 A000005 BEAR STEARNS AND COMPANY INC.
020 B000005 13-3299429
020 C000005 16
020 A000006 WILSHIRE ASSOCIATES, INC.
020 B000006 95-2755361
020 C000006 22
020 A000007 PAINEWEBBER, INC.
020 B000007 13-2638166
020 C000007 12
020 A000008 FIDELITY BROKERAGE SERVICES INC.
020 B000008 04-2653569
020 C000008 13
020 A000009 VANDHAM SECURITIES CORPORATION
020 B000009 22-3039058
020 C000009 20
020 A000010 LIPPER ANALYTICAL SECURITIES CORPORATION
020 B000010 13-2792478
020 C000010 14
021 000000 639
022 A000001 STATE STREET BANK AND TRUST CO.
022 B000001 04-1867445
022 C000001 1744791
022 D000001 0
022 A000002 STANDARD AND POORS SECURITIES INC.
022 B000002 13-2671951
022 C000002 47764
022 D000002 43424
022 A000003 INSTINCT CORPORATION
022 B000003 13-3443395
022 C000003 38619
022 D000003 35842
022 A000004 JOSEPHTHAL LYON & ROSS INC.
022 B000004 13-185094
022 C000004 21597
022 D000004 25120
022 A000005 OPPENHEIMER AND CO. INC.
022 B000005 13-2798343
022 C000005 12206
022 D000005 16310
022 A000006 MERRILL LYNCH PIERCE FENNER AND SMITH INC.
022 B000006 13-5674035
022 C000006 7878
022 D000006 6104
022 A000007 TROSTER SINGER
022 B000007 13-5515160
022 C000007 6037
022 D000007 5301
022 A000008 HERZOG HEINE GEDULD INC.
022 B000008 13-1955436
022 C000008 5223
022 D000008 4398
<PAGE> PAGE 4
022 A000009 WILSHIRE ASSOCIATES
022 B000009 95-2755361
022 C000009 6211
022 D000009 3297
022 A000010 BEAR STEARNS AND COMPANY INC.
022 B000010 13-3299429
022 C000010 3235
022 D000010 5959
023 C000000 1932764
023 D000000 190132
024 00AA00 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 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
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
061 00AA00 1000
070 A01AA00 Y
070 A02AA00 N
<PAGE> PAGE 5
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 Y
080 A00AA00 CHUBB INSURANCE COMPANY
080 C00AA00 1250
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 B00AA00 0
084 B00AA00 0
028 A010100 2163
028 A020100 0
028 A030100 0
028 A040100 9147
<PAGE> PAGE 6
028 B010100 1046
028 B020100 0
028 B030100 0
028 B040100 4057
028 C010100 8840
028 C020100 0
028 C030100 0
028 C040100 2546
028 D010100 1911
028 D020100 0
028 D030100 0
028 D040100 3883
028 E010100 959
028 E020100 0
028 E030100 0
028 E040100 3257
028 F010100 3032
028 F020100 38486
028 F030100 0
028 F040100 4790
028 G010100 17951
028 G020100 38486
028 G030100 0
028 G040100 27680
028 H000100 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
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
<PAGE> PAGE 7
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
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
066 A000100 Y
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 96622
071 B000100 125945
071 C000100 174173
071 D000100 55
072 A000100 12
072 B000100 154
072 C000100 1664
072 D000100 0
072 E000100 0
072 F000100 1781
072 G000100 0
072 H000100 0
072 I000100 82
072 J000100 32
072 K000100 0
072 L000100 20
072 M000100 8
072 N000100 49
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 20
<PAGE> PAGE 8
072 S000100 20
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 12
072 X000100 2024
072 Y000100 1
072 Z000100 -205
072AA000100 43582
072BB000100 4368
072CC010100 10588
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 39162
073 A010100 0.0000
073 A020100 0.0000
073 B000100 3.6577
073 C000100 0.0000
074 A000100 194
074 B000100 4151
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 187848
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1637
074 M000100 0
074 N000100 193830
074 O000100 0
074 P000100 160
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 3705
074 S000100 0
074 T000100 189965
074 U010100 13390
074 U020100 0
074 V010100 14.19
074 V020100 0.00
074 W000100 0.0000
074 X000100 850
074 Y000100 0
075 A000100 0
075 B000100 178131
<PAGE> PAGE 9
076 000100 0.00
028 A010200 801
028 A020200 0
028 A030200 0
028 A040200 7864
028 B010200 671
028 B020200 0
028 B030200 0
028 B040200 1545
028 C010200 985
028 C020200 519
028 C030200 0
028 C040200 834
028 D010200 1306
028 D020200 0
028 D030200 0
028 D040200 2252
028 E010200 903
028 E020200 0
028 E030200 0
028 E040200 666
028 F010200 916
028 F020200 11046
028 F030200 0
028 F040200 5611
028 G010200 5582
028 G020200 11565
028 G030200 0
028 G040200 18772
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.800
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
048 H020200 0.000
048 I010200 0
<PAGE> PAGE 10
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
053 A000200 Y
053 B000200 Y
053 C000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
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 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 G000200 Y
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 38791
071 B000200 53265
071 C000200 83134
071 D000200 47
072 A000200 12
072 B000200 2345
072 C000200 803
072 D000200 0
072 E000200 0
072 F000200 682
072 G000200 0
072 H000200 0
072 I000200 92
072 J000200 15
072 K000200 0
<PAGE> PAGE 11
072 L000200 23
072 M000200 4
072 N000200 19
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 13
072 S000200 10
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 871
072 Y000200 154
072 Z000200 2431
072AA000200 11785
072BB000200 1376
072CC010200 5042
072CC020200 0
072DD010200 2432
072DD020200 0
072EE000200 10409
073 A010200 0.6647
073 A020200 0.0000
073 B000200 2.9852
073 C000200 0.0000
074 A000200 0
074 B000200 771
074 C000200 4099
074 D000200 33060
074 E000200 0
074 F000200 50126
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 770
074 M000200 0
074 N000200 88826
074 O000200 0
074 P000200 47
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 4533
074 S000200 0
074 T000200 84246
074 U010200 3803
074 U020200 0
<PAGE> PAGE 12
074 V010200 22.15
074 V020200 0.00
074 W000200 0.0000
074 X000200 930
074 Y000200 0
075 A000200 0
075 B000200 85228
076 000200 0.00
028 A010300 439
028 A020300 0
028 A030300 0
028 A040300 90
028 B010300 36
028 B020300 0
028 B030300 0
028 B040300 13
028 C010300 55
028 C020300 49
028 C030300 0
028 C040300 7
028 D010300 320
028 D020300 0
028 D030300 0
028 D040300 34
028 E010300 201
028 E020300 0
028 E030300 0
028 E040300 126
028 F010300 41
028 F020300 160
028 F030300 0
028 F040300 118
028 G010300 1092
028 G020300 209
028 G030300 0
028 G040300 388
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.400
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
<PAGE> PAGE 13
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
048 J020300 0.000
048 K010300 0
048 K020300 0.000
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 13.0
062 D000300 2.2
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 30.7
062 M000300 0.0
062 N000300 6.7
062 O000300 0.0
062 P000300 46.6
062 Q000300 0.0
062 R000300 0.0
063 A000300 343
063 B000300 0.0
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 3022
071 B000300 1791
071 C000300 3972
071 D000300 45
072 A000300 12
<PAGE> PAGE 14
072 B000300 316
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 19
072 G000300 0
072 H000300 0
072 I000300 9
072 J000300 1
072 K000300 0
072 L000300 7
072 M000300 0
072 N000300 7
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 7
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 8
072 X000300 58
072 Y000300 58
072 Z000300 316
072AA000300 0
072BB000300 31
072CC010300 0
072CC020300 5
072DD010300 316
072DD020300 0
072EE000300 0
073 A010300 0.6433
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 116
074 C000300 541
074 D000300 4692
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 7
074 L000300 77
074 M000300 0
074 N000300 5433
074 O000300 0
<PAGE> PAGE 15
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 40
074 S000300 0
074 T000300 5393
074 U010300 539
074 U020300 0
074 V010300 10.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 85
074 Y000300 0
075 A000300 0
075 B000300 4778
076 000300 0.00
028 A010400 16030
028 A020400 0
028 A030400 0
028 A040400 25
028 B010400 68392
028 B020400 0
028 B030400 0
028 B040400 1677
028 C010400 864
028 C020400 0
028 C030400 0
028 C040400 17
028 D010400 405
028 D020400 0
028 D030400 0
028 D040400 14
028 E010400 363
028 E020400 0
028 E030400 0
028 E040400 1165
028 F010400 422
028 F020400 641
028 F030400 0
028 F040400 3318
028 G010400 86476
028 G020400 641
028 G030400 0
028 G040400 6216
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.900
<PAGE> PAGE 16
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 E000400 Y
067 000400 N
068 A000400 N
<PAGE> PAGE 17
068 B000400 N
069 000400 N
071 A000400 113133
071 B000400 25344
071 C000400 49060
071 D000400 52
072 A000400 12
072 B000400 75
072 C000400 609
072 D000400 0
072 E000400 0
072 F000400 470
072 G000400 0
072 H000400 0
072 I000400 28
072 J000400 12
072 K000400 0
072 L000400 13
072 M000400 2
072 N000400 37
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 7
072 S000400 4
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 576
072 Y000400 82
072 Z000400 190
072AA000400 2957
072BB000400 2501
072CC010400 10537
072CC020400 0
072DD010400 190
072DD020400 0
072EE000400 456
073 A010400 0.0309
073 A020400 0.0000
073 B000400 0.0742
073 C000400 0.0000
074 A000400 0
074 B000400 1405
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 108371
074 G000400 0
074 H000400 0
<PAGE> PAGE 18
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 108
074 M000400 0
074 N000400 109884
074 O000400 0
074 P000400 63
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 369
074 S000400 0
074 T000400 109452
074 U010400 6161
074 U020400 0
074 V010400 17.76
074 V020400 0.00
074 W000400 0.0000
074 X000400 324
074 Y000400 0
075 A000400 0
075 B000400 52256
076 000400 0.00
SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
MCGLADREY&PULLEN, LLP
Certified Public Accountants and Consultants
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Eclipse Funds
In planning and performing our audit of the financial statements of Eclipse
Funds (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, 1997, we
considered its internal control, including controls over 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 internal control.
The management of Eclipse Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. AISO7 projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control component 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 matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1997.
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 30, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> Eclipse Financial Asset Trust
<SERIES>
<NUMBER> 1
<NAME> Eclipse Equity Fund
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 146,432,107
<INVESTMENTS-AT-VALUE> 191,999,068
<RECEIVABLES> 1,636,828
<ASSETS-OTHER> 193,776
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 193,829,672
<PAYABLE-FOR-SECURITIES> 982,279
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,882,442
<TOTAL-LIABILITIES> 3,864,721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,384,771
<SHARES-COMMON-STOCK> 13,390,434
<SHARES-COMMON-PRIOR> 12,671,399
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,219
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,566,961
<NET-ASSETS> 189,964,951
<DIVIDEND-INCOME> 1,664,229
<INTEREST-INCOME> 153,310
<OTHER-INCOME> 0
<EXPENSES-NET> 2,022,959
<NET-INVESTMENT-INCOME> (205,420)
<REALIZED-GAINS-CURRENT> 39,214,295
<APPREC-INCREASE-CURRENT> 10,587,723
<NET-CHANGE-FROM-OPS> 49,596,598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (39,161,849)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,515,115
<NUMBER-OF-SHARES-REDEEMED> (3,598,851)
<SHARES-REINVESTED> 2,802,771
<NET-CHANGE-IN-ASSETS> 19,218,208
<ACCUMULATED-NII-PRIOR> 7,178
<ACCUMULATED-GAINS-PRIOR> 0.00
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,781,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,024,367
<AVERAGE-NET-ASSETS> 178,131,275
<PER-SHARE-NAV-BEGIN> 13.470
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 4.400
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (3.660)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.190
<EXPENSE-RATIO> 1.1400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> Eclipse Financial Asset Trust
<SERIES>
<NUMBER> 2
<NAME> Eclipse Balanced Fund
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 74,649,869
<INVESTMENTS-AT-VALUE> 88,055,719
<RECEIVABLES> 770,180
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,825,899
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,579,833
<TOTAL-LIABILITIES> 4,579,833
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,840,216
<SHARES-COMMON-STOCK> 3,803,313
<SHARES-COMMON-PRIOR> 3,991,125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,405,850
<NET-ASSETS> 84,246,066
<DIVIDEND-INCOME> 802,693
<INTEREST-INCOME> 2,344,687
<OTHER-INCOME> 0
<EXPENSES-NET> 716,061
<NET-INVESTMENT-INCOME> 2,431,319
<REALIZED-GAINS-CURRENT> 10,408,969
<APPREC-INCREASE-CURRENT> 5,041,636
<NET-CHANGE-FROM-OPS> 17,881,924
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,431,857)
<DISTRIBUTIONS-OF-GAINS> (10,409,079)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 449,370
<NUMBER-OF-SHARES-REDEEMED> (1,217,823)
<SHARES-REINVESTED> 580,641
<NET-CHANGE-IN-ASSETS> 420,905
<ACCUMULATED-NII-PRIOR> 278
<ACCUMULATED-GAINS-PRIOR> 0.00
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681,825
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 870,527
<AVERAGE-NET-ASSETS> 85,228,184
<PER-SHARE-NAV-BEGIN> 21.000
<PER-SHARE-NII> 0.660
<PER-SHARE-GAIN-APPREC> 4.140
<PER-SHARE-DIVIDEND> (0.660)
<PER-SHARE-DISTRIBUTIONS> (2.990)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.150
<EXPENSE-RATIO> 0.8400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> Eclipse Financial Asset Trust
<SERIES>
<NUMBER> 3
<NAME> Eclipse Ultra Short Term Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5,360,579
<INVESTMENTS-AT-VALUE> 5,349,441
<RECEIVABLES> 79,373
<ASSETS-OTHER> 4,692
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,433,506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,302
<TOTAL-LIABILITIES> 40,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,472,001
<SHARES-COMMON-STOCK> 539,140
<SHARES-COMMON-PRIOR> 444,718
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (67,659)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (11,138)
<NET-ASSETS> 5,393,204
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 315,984
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 315,984
<REALIZED-GAINS-CURRENT> (30,742)
<APPREC-INCREASE-CURRENT> 4,876
<NET-CHANGE-FROM-OPS> 290,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (316,187)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 207,569
<NUMBER-OF-SHARES-REDEEMED> (142,566)
<SHARES-REINVESTED> 29,419
<NET-CHANGE-IN-ASSETS> 932,683
<ACCUMULATED-NII-PRIOR> 173
<ACCUMULATED-GAINS-PRIOR> (36,917)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,113
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,368
<AVERAGE-NET-ASSETS> 4,778,296
<PER-SHARE-NAV-BEGIN> 10.030
<PER-SHARE-NII> 0.640
<PER-SHARE-GAIN-APPREC> (0.030)
<PER-SHARE-DIVIDEND> (0.640)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 0.0000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> Eclipse Financial Asset Trust
<SERIES>
<NUMBER> 4
<NAME> Eclipse Growth and Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 97,655,142
<INVESTMENTS-AT-VALUE> 109,776,042
<RECEIVABLES> 107,536
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,883,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 431,971
<TOTAL-LIABILITIES> 431,971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,330,697
<SHARES-COMMON-STOCK> 6,161,320
<SHARES-COMMON-PRIOR> 721,722
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,120,900
<NET-ASSETS> 109,451,607
<DIVIDEND-INCOME> 608,518
<INTEREST-INCOME> 75,130
<OTHER-INCOME> 0
<EXPENSES-NET> 493,820
<NET-INVESTMENT-INCOME> 189.828
<REALIZED-GAINS-CURRENT> 456,275
<APPREC-INCREASE-CURRENT> 10,537,440
<NET-CHANGE-FROM-OPS> 11,183,543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (190,015)
<DISTRIBUTIONS-OF-GAINS> (456,282)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,817,969
<NUMBER-OF-SHARES-REDEEMED> (415,771)
<SHARES-REINVESTED> 37,400
<NET-CHANGE-IN-ASSETS> 99,714,517
<ACCUMULATED-NII-PRIOR> 147
<ACCUMULATED-GAINS-PRIOR> 0.00
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470,307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 575,899
<AVERAGE-NET-ASSETS> 52,256,347
<PER-SHARE-NAV-BEGIN> 13.490
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 4.340
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.760
<EXPENSE-RATIO> 0.9400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
