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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number                                                                                     811-04847                                                      

Eclipse Funds

(Exact name of Registrant as specified in charter)

51 Madison Avenue, New York, New York  10010

(Address of principal executive office)                                                                                     (Zip Code)

Marguerite E. H. Morrison, 169 Lackawanna Avenue, Parsippany, NJ  07054

(Name and address of agent for service)

Registrant’s telephone number, including area code:                                                                                                212-576-7000                                           

Date of fiscal year end:                                                      October 31                                           

Date of reporting period:                                                      July 31, 2009                                

Item 1.  Schedule of Investments.

The schedule of investments for the period ended July 31, 2009 is filed herewith.

MainStay Balanced Fund

Portfolio of Investments ††† July 31, 2009 unaudited

		Principal Amount		Value
	Long-Term Bonds 38.2%†
	Convertible Bond 0.0%‡
	Internet 0.0%‡
	At Home Corp. 4.75%, due 12/31/49 (a)(b)(c)(d)	$	177,810	$	18
	Total Convertible Bond (Cost $13,325)				18
	Corporate Bonds 13.5%
	Aerospace & Defense 1.5%
	Boeing Co.
	4.875%, due 2/15/20		1,430,000		1,444,617
	5.875%, due 2/15/40		700,000		718,614
¤	Lockheed Martin Corp. 7.65%, due 5/1/16		3,000,000		3,542,724
	Northrop Grumman Corp. 5.05%, due 8/1/19		480,000		493,260
	United Technologies Corp. 7.125%, due 11/15/10		3,130,000		3,345,826
					9,545,041
	Banks 2.0%
¤	Bank of America Corp.
	5.75%, due 12/1/17		1,000,000		960,095
	7.625%, due 6/1/19		1,300,000		1,410,014
	7.80%, due 2/15/10		1,500,000		1,541,778
	7.80%, due 9/15/16		1,500,000		1,491,525
	Bank of New York Mellon Corp. (The)
	4.30%, due 5/15/14		850,000		881,336
	5.45%, due 5/15/19		1,260,000		1,328,213
	BB&T Corp. 6.85%, due 4/30/19		525,000		561,493
	HSBC Bank USA N.A. 5.875%, due 11/1/34		1,000,000		937,839
	Keycorp 6.50%, due 5/14/13		400,000		397,209
	Mellon Funding Corp. 6.375%, due 2/15/10		1,960,000		1,997,802
	PNC Bank N.A. 6.875%, due 4/1/18		1,230,000		1,327,543
					12,834,847
	Beverages 0.3%
	Anheuser-Busch Cos., Inc. 7.50%, due 3/15/12		1,500,000		1,649,325
	Chemicals 0.2%
	Monsanto Co. 7.375%, due 8/15/12		1,000,000		1,141,844
	Diversified Financial Services 1.7%
	Bear Stearns Cos., Inc. (The) 5.30%, due 10/30/15		2,000,000		2,010,986
	Citigroup, Inc.
	5.85%, due 8/2/16		1,500,000		1,387,773
	6.50%, due 1/18/11		500,000		514,115
	General Electric Capital Corp. 6.875%, due 1/10/39		1,650,000		1,620,275
	Goldman Sachs Group, Inc. (The) 7.35%, due 10/1/09		1,000,000		1,011,343
	HSBC Finance Corp. 6.375%, due 11/27/12		1,000,000		1,020,539
	JPMorgan Chase & Co.
	2.625%, due 12/1/10 (e)		2,000,000		2,045,958
	5.25%, due 5/1/15		1,000,000		1,017,254
					10,628,243
	Electric 1.8%
	CenterPoint Energy Houston Electric LLC 7.00%, due 3/1/14		1,250,000		1,369,200
	Consolidated Edison Co. of New York 7.50%, due 9/1/10		3,000,000		3,173,145
	Duke Energy Ohio, Inc. 5.45%, due 4/1/19		1,000,000		1,065,525
	Interstate Power & Light Co. 6.625%, due 8/1/09		1,311,000		1,311,000
	Kansas City Power & Light Co. 7.15%, due 4/1/19		1,000,000		1,106,352
	Pacificorp 6.00%, due 1/15/39		750,000		819,712
	Peco Energy Co. 5.00%, due 10/1/14		2,450,000		2,602,978
					11,447,912
	Food 0.8%
	Campbell Soup Co. 6.75%, due 2/15/11		1,500,000		1,618,125
	ConAgra Foods, Inc. 7.00%, due 4/15/19		600,000		693,744
	Kellogg Co. Series B 6.60%, due 4/1/11		2,000,000		2,151,158
	Safeway, Inc. 5.00%, due 8/15/19		400,000		396,700
					4,859,727
	Gas 0.2%
	Atmos Energy Corp. 8.50%, due 3/15/19		485,000		582,347
¤	Sempra Energy 6.50%, due 6/1/16		750,000		823,320
					1,405,667
	Health Care - Products 0.4%
	Johnson & Johnson 6.625%, due 9/1/09		2,371,000		2,381,615
	Health Care - Services 0.2%
	Roche Holdings, Inc. 5.00%, due 3/1/14 (f)		1,500,000		1,595,568
	Household Products & Wares 0.5%
	Kimberly-Clark Corp. 5.00%, due 8/15/13		3,000,000		3,172,281
	Insurance 1.0%
	Allstate Corp. (The) 7.20%, due 12/1/09		1,900,000		1,927,491
	MetLife Global Funding I 5.125%, due 6/10/14 (f)		1,500,000		1,506,679
	MetLife, Inc. 6.75%, due 6/1/16		500,000		538,036
	Principal Financial Group, Inc. 8.875%, due 5/15/19		450,000		505,291
	Travelers Cos., Inc. (The) 5.90%, due 6/2/19		1,500,000		1,615,944
					6,093,441
	Machinery - Diversified 0.4%
	Deere & Co. 7.85%, due 5/15/10		2,308,000		2,425,353
	Media 0.4%
	COX Communications, Inc. 8.375%, due 3/1/39 (f)		1,150,000		1,436,981
	Time Warner Cable, Inc.
	6.75%, due 7/1/18		250,000		277,873
	8.25%, due 4/1/19		710,000		862,361
					2,577,215
	Miscellaneous - Manufacturing 0.1%
	ITT Corp. 6.125%, due 5/1/19		400,000		415,558
	Oil & Gas 0.3%
	ConocoPhillips 8.75%, due 5/25/10		1,940,000		2,069,159
	Packaging & Containers 0.0%‡
	Bemis Co., Inc. 6.80%, due 8/1/19		260,000		284,420
	Pipelines 0.1%
	Plains All American Pipeline, L.P. 8.75%, due 5/1/19		800,000		976,927
	Real Estate Investment Trusts 0.1%
	ERP Operating, L.P. 5.25%, due 9/15/14		922,000		887,961
	Software 0.2%
	Oracle Corp. 3.75%, due 7/8/14		950,000		979,741
	Telecommunications 1.2%
	Harris Corp. 6.375%, due 6/15/19		650,000		708,278
	Southwestern Bell Telephone Corp. 7.00%, due 7/1/15		3,000,000		3,434,982
	Verizon Communications, Inc. 7.35%, due 4/1/39		1,000,000		1,207,000
	Verizon Wireless Capital LLC 5.55%, due 2/1/14 (f)		2,000,000		2,175,092
					7,525,352
	Transportation 0.1%
	FedEx Corp. 8.00%, due 1/15/19		750,000		877,595
	Total Corporate Bonds (Cost $81,605,975)				85,774,792
	U.S. Government & Federal Agencies 23.0%
¤	Federal Home Loan Bank 0.8%
	4.50%, due 9/16/13		2,500,000		2,699,285
	5.50%, due 8/13/14		2,000,000		2,242,546
					4,941,831
¤	Federal Home Loan Mortgage Corporation 3.0%
	1.50%, due 1/7/11		2,500,000		2,522,388
	2.875%, due 11/23/10		2,150,000		2,207,431
	3.25%, due 2/25/11		2,000,000		2,067,084
	3.50%, due 5/29/13		2,000,000		2,087,552
	3.875%, due 6/29/11		5,500,000		5,779,372
	4.75%, due 1/18/11		2,000,000		2,111,808
	5.125%, due 4/18/11		2,000,000		2,135,086
					18,910,721
¤	Federal National Mortgage Association 1.3%
	3.625%, due 8/15/11		2,000,000		2,097,154
	4.50%, due 2/15/11		2,000,000		2,112,368
	4.875%, due 5/18/12		2,000,000		2,171,630
	5.50%, due 3/15/11		2,000,000		2,145,624
					8,526,776
	United States Treasury Bonds 0.4%
	3.50%, due 2/15/39		2,180,000		1,883,999
	4.50%, due 5/15/38		585,000		603,099
					2,487,098
¤	United States Treasury Notes 17.5%
	0.875%, due 12/31/10		3,200,000		3,203,875
	0.875%, due 1/31/11		7,015,000		7,018,016
	0.875%, due 2/28/11		7,400,000		7,397,706
	0.875%, due 3/31/11		6,100,000		6,093,327
	0.875%, due 4/30/11		1,050,000		1,048,037
	0.875%, due 5/31/11		10,475,000		10,447,974
	1.125%, due 6/30/11		185,000		185,159
	1.125%, due 12/15/11		4,500,000		4,479,610
	1.25%, due 11/30/10		8,845,000		8,905,854
	1.375%, due 4/15/12		3,000,000		2,992,266
	1.375%, due 5/15/12		14,064,000		14,008,025
	1.875%, due 2/28/14		130,000		127,105
	1.875%, due 4/30/14		4,789,900		4,665,267
	2.00%, due 11/30/13		12,205,000		12,071,502
	2.625%, due 6/30/14		7,170,000		7,208,073
	2.75%, due 10/31/13		7,185,000		7,337,681
	3.125%, due 5/15/19		2,355,000		2,282,136
	3.25%, due 5/31/16		1,375,000		1,387,569
	3.25%, due 6/30/16		7,600,000		7,657,000
	4.125%, due 5/15/15		3,000,000		3,208,125
					111,724,307
	Total U.S. Government & Federal Agencies (Cost $146,452,335)				146,590,733
	Yankee Bonds 1.7% (g)
	Diversified Financial Services 0.2%
	BP Capital Markets PLC 3.625%, due 5/8/14		1,500,000		1,536,902
	Mining 0.5%
	BHP Billiton Finance USA, Ltd. 5.50%, due 4/1/14		1,250,000		1,357,774
	Rio Tinto Finance USA, Ltd. 8.95%, due 5/1/14		1,800,000		2,091,611
					3,449,385
	Oil & Gas 0.2%
	Shell International Finance B.V. 4.00%, due 3/21/14		1,500,000		1,576,315
	Pharmaceuticals 0.2%
	Novartis Securities Investment, Ltd. 5.125%, due 2/10/19		900,000		948,055
	Telecommunications 0.6%
	Deutsche Telekom International Finance B.V. 6.00%, due 7/8/19		1,500,000		1,616,047
	France Telecom S.A. 5.375%, due 7/8/19		500,000		532,591
	Vodafone Group PLC 5.625%, due 2/27/17		1,300,000		1,379,898
					3,528,536
	Total Yankee Bonds (Cost $10,173,796)				11,039,193
	Total Long-Term Bonds (Cost $238,245,431)				243,404,736

		Shares		Value
	Common Stocks 61.2%
	Advertising 0.0%‡
	Clear Channel Outdoor Holdings, Inc. Class A (h)		44,910		257,783
	Aerospace & Defense 1.2%
	General Dynamics Corp.		18,784		1,040,446
	L-3 Communications Holdings, Inc.		7,710		582,105
¤	Lockheed Martin Corp.		40,554		3,031,817
	Northrop Grumman Corp.		71,222		3,175,077
					7,829,445
	Agriculture 2.0%
	Altria Group, Inc.		108,651		1,904,652
	Archer-Daniels-Midland Co.		54,335		1,636,570
	Armstrong World Industries, Inc. (h)		6,344		156,062
	Bunge, Ltd.		44,290		3,098,971
	Lorillard, Inc.		57,994		4,275,318
	Philip Morris International, Inc.		34,008		1,584,773
					12,656,346
	Airlines 0.2%
	Copa Holdings S.A. Class A		26,696		1,082,256
	Apparel 1.3%
	Coach, Inc.		149,084		4,411,396
	Jones Apparel Group, Inc.		114,519		1,575,782
	NIKE, Inc. Class B		5,710		323,414
	Polo Ralph Lauren Corp.		29,686		1,871,702
					8,182,294
	Auto Parts & Equipment 0.2%
	TRW Automotive Holdings Corp. (h)		57,578		969,038
	WABCO Holdings, Inc.		24,203		460,099
					1,429,137
	Banks 0.7%
	BancorpSouth, Inc.		50,653		1,139,692
	Fifth Third Bancorp		34,035		323,332
	Fulton Financial Corp.		33,867		228,941
	Marshall & Ilsley Corp.		192,973		1,165,557
	Popular, Inc.		46,547		59,115
	Regions Financial Corp.		4,623		20,434
	Synovus Financial Corp.		65,620		230,326
	Valley National Bancorp		21,569		274,358
	Webster Financial Corp.		17,958		203,105
	Whitney Holding Corp.		16,373		143,427
	Wilmington Trust Corp.		13,184		151,484
	Zions Bancorp		33,260		451,671
					4,391,442
	Beverages 0.3%
	Central European Distribution Corp. (h)		39,767		1,141,711
	Constellation Brands, Inc. Class A (h)		50,540		690,376
					1,832,087
	Biotechnology 0.9%
	Amgen, Inc. (h)		67,913		4,231,659
	OSI Pharmaceuticals, Inc. (h)		35,288		1,192,382
					5,424,041
	Chemicals 1.5%
	Ashland, Inc.		147,939		4,902,699
	Cabot Corp.		11,617		212,591
	Monsanto Co.		24,481		2,056,404
	Mosaic Co. (The)		21,528		1,122,685
	Sherwin-Williams Co. (The)		22,910		1,323,053
					9,617,432
	Commercial Services 1.9%
	Apollo Group, Inc. Class A (h)		48,227		3,329,592
	Avis Budget Group, Inc. (h)		140,725		1,203,199
	Brinks Home Security Holdings, Inc. (h)		26,096		778,183
	H&R Block, Inc.		52,861		882,250
	Hillenbrand, Inc.		6,362		115,279
	Moody's Corp.		110,394		2,620,753
	Pharmaceutical Product Development, Inc.		20,471		425,183
	SAIC, Inc. (h)		30,547		552,595
	Tree.com, Inc. (h)		3,765		37,575
	United Rentals, Inc. (h)		22,275		166,394
	Wabtec Corp.		19,038		640,629
	Washington Post Co. Class B		2,038		920,157
	Weight Watchers International, Inc.		5,399		150,524
					11,822,313
	Computers 2.1%
	Affiliated Computer Services, Inc. Class A (h)		77,946		3,695,420
	Computer Sciences Corp. (h)		23,822		1,147,506
	Dell, Inc. (h)		15,435		206,520
	Hewlett-Packard Co.		101,728		4,404,822
	International Business Machines Corp.		11,578		1,365,394
	Lexmark International, Inc. Class A (h)		24,187		350,228
	NCR Corp. (h)		31,481		407,364
	Western Digital Corp. (h)		70,529		2,133,502
					13,710,756
	Cosmetics & Personal Care 1.2%
	Bare Escentuals, Inc. (h)		20,373		180,505
	Colgate-Palmolive Co.		51,426		3,725,299
	Procter & Gamble Co. (The)		72,864		4,044,681
					7,950,485
	Distribution & Wholesale 0.3%
	Tech Data Corp. (h)		45,807		1,600,039
	Diversified Financial Services 2.5%
	AmeriCredit Corp. (h)		48,519		761,263
	Ameriprise Financial, Inc.		26,547		738,007
	BlackRock, Inc.		22,769		4,338,405
	Citigroup, Inc.		913,980		2,897,317
	Discover Financial Services		71,263		846,604
	IntercontinentalExchange, Inc. (h)		5,633		529,840
	Investment Technology Group, Inc. (h)		8,974		200,569
	T. Rowe Price Group, Inc.		48,417		2,261,558
	TD Ameritrade Holding Corp. (h)		167,663		3,108,472
					15,682,035
	Electric 3.4%
¤	AES Corp. (The) (h)		389,113		4,976,755
	Alliant Energy Corp.		74,598		1,951,484
	American Electric Power Co., Inc.		122,629		3,796,594
	DPL, Inc.		13,143		314,775
	DTE Energy Corp.		74,088		2,553,073
	FPL Group, Inc.		5,164		292,644
	Hawaiian Electric Industries, Inc.		13,074		233,632
	Mirant Corp. (h)		240,195		4,337,922
	PG&E Corp.		72,720		2,935,706
	Westar Energy, Inc.		30,532		600,564
					21,993,149
	Electrical Components & Equipment 0.4%
	Emerson Electric Co.		66,919		2,434,513
	Electronics 0.2%
	FLIR Systems, Inc. (h)		48,561		1,043,576
	Engineering & Construction 0.6%
	Fluor Corp.		36,033		1,902,542
	Shaw Group, Inc. (The) (h)		62,724		1,846,595
					3,749,137
	Entertainment 0.0%‡
	International Speedway Corp. Class A		5,171		132,222
	Environmental Controls 0.1%
	Waste Connections, Inc. (h)		27,791		783,984
	Food 1.2%
	H.J. Heinz Co.		64,366		2,475,516
	Kroger Co. (The)		58,912		1,259,539
	Safeway, Inc.		136,892		2,591,366
	SUPERVALU, Inc.		85,739		1,271,509
					7,597,930
	Forest Products & Paper 0.3%
	International Paper Co.		99,400		1,869,714
	Gas 1.1%
	Energen Corp.		29,681		1,226,419
	NiSource, Inc.		100,292		1,292,764
¤	Sempra Energy		85,737		4,495,191
					7,014,374
	Health Care - Products 0.8%
	Becton, Dickinson & Co.		2,811		183,137
	Gen-Probe, Inc. (h)		7,538		279,810
	Johnson & Johnson		36,457		2,219,867
	St. Jude Medical, Inc. (h)		68,837		2,595,843
					5,278,657
	Health Care - Services 2.2%
	Brookdale Senior Living, Inc.		21,487		230,126
¤	CIGNA Corp.		176,656		5,017,031
	Health Management Associates, Inc. Class A (h)		105,698		637,359
	Humana, Inc. (h)		34,102		1,120,251
	LifePoint Hospitals, Inc. (h)		50,558		1,398,434
	Lincare Holdings, Inc. (h)		15,072		394,585
	Quest Diagnostics, Inc.		63,223		3,453,240
	WellPoint, Inc. (h)		39,527		2,080,701
					14,331,727
	Home Builders 0.1%
	Thor Industries, Inc.		27,562		659,007
	Toll Brothers, Inc. (h)		2,884		56,411
					715,418
	Housewares 0.0%‡
	Toro Co. (The)		5,942		205,950
	Insurance 5.0%
	Aflac, Inc.		95,538		3,617,069
	Allied World Assurance Holdings, Ltd./Bermuda		33,185		1,442,220
	American Financial Group, Inc.		104,759		2,555,072
	Arch Capital Group, Ltd. (h)		41,905		2,606,072
	Assurant, Inc.		91,771		2,341,996
	Axis Capital Holdings, Ltd.		109,858		3,126,559
	Chubb Corp. (The)		1,616		74,627
	Conseco, Inc. (h)		198,241		616,529
	MetLife, Inc.		107,669		3,655,362
	MGIC Investment Corp.		197,132		1,301,071
	OneBeacon Insurance Group, Ltd.		10,230		115,599
	Principal Financial Group, Inc.		45,065		1,068,040
	Protective Life Corp.		70,096		1,047,935
	Prudential Financial, Inc.		63,540		2,812,916
	Reinsurance Group of America, Inc. Class B		1,506		62,499
	Torchmark Corp.		6,199		242,133
	Transatlantic Holdings, Inc.		11,425		540,517
	Unum Group		234,458		4,400,777
					31,626,993
	Internet 1.1%
	eBay, Inc. (h)		118,230		2,512,388
	Google, Inc. Class A (h)		9,349		4,142,074
	WebMD Health Corp. Class A (h)		3,838		128,228
					6,782,690
	Investment Company 0.0%‡
	Allied Capital Corp.		62,312		248,625
	Iron & Steel 1.8%
	AK Steel Holding Corp.		218,465		4,297,207
	Cliffs Natural Resources, Inc.		147,214		4,032,191
	Reliance Steel & Aluminum Co.		71,009		2,393,713
	Schnitzer Steel Industries, Inc. Class A		12,084		649,757
					11,372,868
	Lodging 0.0%‡
	Orient-Express Hotels, Ltd.		34,055		301,387
	Machinery - Diversified 0.9%
¤	Cummins, Inc.		120,746		5,193,286
	Manitowoc Co., Inc. (The)		43,762		270,449
					5,463,735
	Media 2.3%
	Comcast Corp. Class A		246,303		3,660,063
	Dish Network Corp. Class A (h)		156,006		2,644,302
	Gannett Co., Inc.		91,540		640,780
	Liberty Media Corp. Entertainment Class A (h)		100,428		2,808,971
	Meredith Corp.		34,220		905,803
	Time Warner Cable, Inc.		24,351		805,044
	Walt Disney Co. (The)		140,033		3,517,629
					14,982,592
	Metal Fabricate & Hardware 0.5%
	Precision Castparts Corp.		41,288		3,295,195
	Miscellaneous - Manufacturing 2.0%
	Dover Corp.		15,772		536,406
	General Electric Co.		329,691		4,417,859
	Honeywell International, Inc.		16,802		583,029
	ITT Corp.		84,019		4,150,539
	John Bean Technologies Corp.		43,300		600,138
	Parker Hannifin Corp.		57,645		2,552,521
	Trinity Industries, Inc.		16,302		227,576
					13,068,068
	Oil & Gas 3.9%
	Chevron Corp.		10,039		697,409
	Cimarex Energy Co.		17,801		636,920
	Comstock Resources, Inc. (h)		23,495		904,558
	ConocoPhillips		42,916		1,875,858
	ENSCO International, Inc.		103,151		3,908,391
	ExxonMobil Corp.		56,398		3,969,855
	Forest Oil Corp. (h)		41,551		700,134
	Hercules Offshore, Inc. (h)		36,414		172,602
	Marathon Oil Corp.		25,477		821,633
	Murphy Oil Corp.		67,981		3,956,494
	Occidental Petroleum Corp.		62,381		4,450,261
	Pioneer Natural Resources Co.		28,101		802,284
	Questar Corp.		20,507		678,167
	Rowan Cos., Inc.		47,622		1,015,777
	St. Mary Land & Exploration Co.		10,425		248,845
	Unit Corp. (h)		9,804		310,689
					25,149,877
	Oil & Gas Services 0.5%
	Exterran Holdings, Inc. (h)		26,223		456,018
	Global Industries, Ltd. (h)		12,771		87,226
	Helix Energy Solutions Group, Inc. (h)		137,838		1,445,920
	SEACOR Holdings, Inc. (h)		9,102		723,427
	Tetra Technologies, Inc. (h)		40,863		315,054
					3,027,645
	Packaging & Containers 0.3%
	Crown Holdings, Inc. (h)		69,347		1,740,610
	Sonoco Products Co.		10,229		270,864
					2,011,474
	Pharmaceuticals 3.0%
	Abbott Laboratories		30,242		1,360,587
	AmerisourceBergen Corp.		216,258		4,264,608
	Endo Pharmaceuticals Holdings, Inc. (h)		27,199		571,451
	Forest Laboratories, Inc. (h)		165,320		4,270,216
	Herbalife, Ltd.		29,846		1,027,001
	King Pharmaceuticals, Inc. (h)		123,397		1,119,211
	Mead Johnson Nutrition Co.		5,657		205,971
	Pfizer, Inc.		188,068		2,995,923
	Sepracor, Inc. (h)		80,075		1,389,301
	SunPower Corp. Class A (h)		52,489		1,690,146
	Watson Pharmaceuticals, Inc. (h)		4,608		160,036
					19,054,451
	Real Estate Investment Trusts 1.5%
	Alexandria Real Estate Equities, Inc.		20,510		781,636
	CapitalSource, Inc.		221,779		1,029,054
	CBL & Associates Properties, Inc.		107,283		637,261
	Douglas Emmett, Inc.		23,370		237,439
	iStar Financial, Inc. (h)		63,628		154,616
	ProLogis		222,154		1,952,734
	Public Storage		1,630		118,289
	SL Green Realty Corp.		171,829		4,429,752
	Walter Investment Management Corp. (h)		16,329		219,625
					9,560,406
	Retail 3.6%
	AnnTaylor Stores Corp. (h)		76,992		929,293
	AutoZone, Inc. (h)		13,417		2,060,449
	Barnes & Noble, Inc.		56,498		1,301,149
	Big Lots, Inc. (h)		117,381		2,704,458
	BJ's Wholesale Club, Inc. (h)		23,735		791,562
	Chipotle Mexican Grill, Inc. Class A (h)		13,164		1,235,178
	Gap, Inc. (The)		138,458		2,259,635
	Liz Claiborne, Inc.		50,196		158,619
	Office Depot, Inc. (h)		293,937		1,337,413
	OfficeMax, Inc.		5,755		53,579
	Penske Auto Group, Inc.		33,094		684,384
	Ross Stores, Inc.		74,957		3,304,854
	Saks, Inc. (h)		179,480		918,938
	TJX Cos., Inc.		30,198		1,094,073
	Wal-Mart Stores, Inc.		75,737		3,777,762
	Yum! Brands, Inc.		9,095		322,509
					22,933,855
	Semiconductors 1.7%
	Cypress Semiconductor Corp. (h)		212,604		2,257,854
	Fairchild Semiconductor International, Inc. (h)		97,622		862,002
	Integrated Device Technology, Inc. (h)		71,717		485,524
	Intel Corp.		249,096		4,795,098
	Silicon Laboratories, Inc. (h)		50,502		2,163,001
					10,563,479
	Software 1.8%
	Activision Blizzard, Inc. (h)		324,210		3,712,204
	BMC Software, Inc. (h)		85,760		2,918,413
	Compuware Corp. (h)		56,961		417,524
	IMS Health, Inc.		36,853		442,236
	Oracle Corp.		173,129		3,831,345
					11,321,722
	Telecommunications 3.4%
	American Tower Corp. Class A (h)		935		31,874
	AT&T, Inc.		149,868		3,931,038
	CenturyTel, Inc.		129,555		4,066,731
	Cisco Systems, Inc. (h)		198,029		4,358,618
	Corning, Inc.		50,432		857,344
	Juniper Networks, Inc. (h)		118,953		3,108,242
	Sprint Nextel Corp. (h)		658,563		2,634,252
	Verizon Communications, Inc.		86,870		2,785,921
					21,774,020
	Toys, Games & Hobbies 0.3%
	Hasbro, Inc.		70,841		1,877,287
	Transportation 0.9%
	Expeditors International of Washington, Inc.		74,829		2,538,948
	Frontline, Ltd.		2,728		62,389
	Overseas Shipholding Group, Inc.		16,116		553,585
	Ryder System, Inc.		15,396		540,861
	Tidewater, Inc.		8,089		364,005
	Union Pacific Corp.		24,546		1,411,886
					5,471,674
	Total Common Stocks (Cost $380,881,650)				390,506,285
	Exchange Traded Fund 0.3% (i)
	S&P 500 Index - SPDR Trust Series 1		20,923		2,067,402
	Total Exchange Traded Fund (Cost $1,861,224)				2,067,402

	Principal Amount			Value
Short-Term Investment 0.1%
Repurchase Agreement 0.1%
State Street Bank and Trust Co. 0.02%, dated 7/31/09 due 8/3/09 Proceeds at Maturity $632,845 (Collateralized by a United States Treasury Bill with a rate of 0.089% and a maturity date of 9/10/09, with a Principal Amount of $650,000 and a Market Value of $649,935)	$	632,843			632,843
Total Short-Term Investment (Cost $632,843)					632,843
Total Investments (Cost $621,621,148) (l)		99.8	%		636,611,266
Cash and Other Assets,
Less Liabilities		0.2			1,352,113
Net Assets		100.0	%	$	637,963,379

	Contracts Long		Unrealized Appreciation (j)
Futures Contracts 0.0%‡
United States Treasury Note September 2009 (10 Year) (k)		62	$	80,297
Total Futures Contracts (Settlement Value $7,271,438)			$	80,297

¤	Among the Fund's 10 largest holdings or issuers held, as of July 31, 2009, excluding short-term investment.  May be subject to change daily.
†††	On a daily basis New York Life Investments confirms that the value of the Fund's liquid assets (liquid portfolio securities and cash) is sufficient to cover its potential senior securities (e.g., futures, swaps, options).
†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Illiquid security.  The total market value of this security at July 31, 2009 is $18, which represents less than one-tenth of a percent of the Fund's net assets.
(b)	Issue in default.
(c)	Restricted security.
(d)	Fair valued security. The total market value of this security at July 31, 2009 is $18, which represents less than one-tenth of a percent of the Fund's net assets.
(e)	The debt is guaranteed under the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States.  The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(f)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(g)	Yankee Bond - dollar-denominated bond issued in the United States by a foreign bank or corporation.
(h)	Non-income producing security.
(i)	Exchange Traded Fund - represents a basket of securities that is traded on an exchange.
(j)	Represents the difference between the value of the contracts at the time they were opened and the value at July 31, 2009.
(k)	At July 31, 2009, cash in the amount of $111,600 is segregated as collateral for futures contracts with the broker.
(l)	At July 31, 2009, cost is $623,637,329 for federal income tax purposes and net unrealized appreciation is as follows:

Gross unrealized appreciation	$	56,495,197
Gross unrealized depreciation		(43,521,260	)
Net unrealized appreciation	$	12,973,937

The following is a list of the inputs used as of July 31, 2009 for the valuing the Fund’s assets.
 

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Long-Term Bonds
Convertible Bond	$	—	$	—	$	18	$	18
Corporate Bonds		—		85,774,792		—		85,774,792
U.S. Government & Federal Agencies		—		146,590,733		—		146,590,733
Yankee Bonds		—		11,039,193		—		11,039,193
Total Long-Term Bonds		—		243,404,718		18		243,404,736
Common Stocks
Advertising		257,783		—		—		257,783
Aerospace & Defense		7,829,445		—		—		7,829,445
Agriculture		12,656,346		—		—		12,656,346
Airlines		1,082,256		—		—		1,082,256
Apparel		8,182,294		—		—		8,182,294
Auto Parts & Equipment		1,429,137		—		—		1,429,137
Banks		4,391,442		—		—		4,391,442
Beverages		1,832,087		—		—		1,832,087
Biotechnology		5,424,041		—		—		5,424,041
Chemicals		9,617,432		—		—		9,617,432
Commercial Services		11,822,313		—		—		11,822,313
Computers		13,710,756		—		—		13,710,756
Cosmetics & Personal Care		7,950,485		—		—		7,950,485
Distribution & Wholesale		1,600,039		—		—		1,600,039
Diversified Financial Services		15,682,035		—		—		15,682,035
Electric		21,993,149		—		—		21,993,149
Electrical Components & Equipment		2,434,513		—		—		2,434,513
Electronics		1,043,576		—		—		1,043,576
Engineering & Construction		3,749,137		—		—		3,749,137
Entertainment		132,222		—		—		132,222
Environmental Controls		783,984		—		—		783,984
Food		7,597,930		—		—		7,597,930
Forest Products & Paper		1,869,714		—		—		1,869,714
Gas		7,014,374		—		—		7,014,374
Health Care - Products		5,278,657		—		—		5,278,657
Health Care - Services		14,331,727		—		—		14,331,727
Home Builders		715,418		—		—		715,418
Housewares		205,950		—		—		205,950
Insurance		31,626,993		—		—		31,626,993
Internet		6,782,690		—		—		6,782,690
Investment Company		248,625		—		—		248,625
Iron & Steel		11,372,868		—		—		11,372,868
Lodging		301,387		—		—		301,387
Machinery - Diversified		5,463,735		—		—		5,463,735
Media		14,982,592		—		—		14,982,592
Metal Fabricate & Hardware		3,295,195		—		—		3,295,195
Miscellaneous - Manufacturing		13,068,068		—		—		13,068,068
Oil & Gas		25,149,877		—		—		25,149,877
Oil & Gas Services		3,027,645		—		—		3,027,645
Packaging & Containers		2,011,474		—		—		2,011,474
Pharmaceuticals		19,054,451		—		—		19,054,451
Real Estate Investment Trusts		9,560,406		—		—		9,560,406
Retail		22,933,855		—		—		22,933,855
Semiconductors		10,563,479		—		—		10,563,479
Software		11,321,722		—		—		11,321,722
Telecommunications		21,774,020		—		—		21,774,020
Toys, Games & Hobbies		1,877,287		—		—		1,877,287
Transportation		5,471,674		—		—		5,471,674
Total Common Stocks		390,506,285		—		—		390,506,285
Exchange Traded Fund		2,067,402		—		—		2,067,402
Short-Term Investment
Repurchase Agreement		—		632,843		—		632,843
Total Short-Term Investment		—		632,843		—		632,843
Futures Contracts (a)		80,297		—		—		80,297
Total	$	392,653,984	$	244,037,561	$	18	$	636,691,563

(a) The value listed for these securities is the unrealized as shown on the Portfolio of Investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of October 31, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Purchases		Net Sales		Net Transfers in to Level 3		Net Transfers out of Level 3		Balance as of July 31, 2009		Change in Unrealized Appreciation (Depreciation) from Investments Held at July 31, 2009
Convertible Bonds	$	18	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	18	$	0
Total	$	18	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	18	$	0

As of July 31, 2009, the Fund held the following restricted security:

Security	Date of Acquisition	Principal Amount		Cost		7/31/09 Value		Percentage of Net Assets
At Home Corp.
Convertible Bond 4.75%, due 12/31/49	7/25/01	$	177,810	$	13,325	$	18		0.0	%‡

‡ Less than one-tenth of a percent.

MainStay Mid Cap Core Fund

Portfolio of Investments  July 31, 2009 unaudited

		Shares		Value
	Common Stocks 99.3%†
	Aerospace & Defense 1.9%
	Alliant Techsystems, Inc. (a)		3,037	$	239,073
	Goodrich Corp.		1,886		96,865
	L-3 Communications Holdings, Inc.		7,403		558,926
¤	Precision Castparts Corp.		10,794		861,469
					1,756,333
	Air Freight & Logistics 0.1%
	UTI Worldwide, Inc. (a)		11,483		144,916
	Airlines 0.4%
	Copa Holdings S.A.		10,193		413,224
	Auto Components 0.2%
	Federal Mogul Corp. (a)		1,858		26,254
	TRW Automotive Holdings Corp. (a)		8,498		143,021
					169,275
	Beverages 1.8%
	Coca-Cola Enterprises, Inc.		42,979		807,575
	Hansen Natural Corp. (a)		3,798		117,776
	Pepsi Bottling Group, Inc. (The)		21,423		727,311
					1,652,662
	Building Products 0.1%
	Armstrong World Industries, Inc. (a)		839		20,639
	Masco Corp.		8,494		118,322
					138,961
	Capital Markets 2.6%
	Invesco, Ltd.		12,258		242,095
	Investment Technology Group, Inc. (a)		14,837		331,607
	MF Global, Ltd. (a)		12,263		78,238
	Northern Trust Corp.		8,376		500,969
	Raymond James Financial, Inc.		18,325		376,029
	TD Ameritrade Holding Corp. (a)		40,321		747,551
	Waddell & Reed Financial, Inc. Class A		3,467		98,359
					2,374,848
	Chemicals 2.0%
	Ashland, Inc.		2,690		89,147
	Cabot Corp.		6,007		109,928
	Celanese Corp. Class A		7,603		195,397
	CF Industries Holdings, Inc.		8,795		694,277
	Eastman Chemical Co.		5,853		290,660
	Huntsman Corp.		2,559		15,712
	Nalco Holding Co.		5,024		88,874
	Scotts Miracle-Gro Co. (The) Class A		292		11,403
	Terra Industries, Inc.		13,642		397,801
					1,893,199
	Commercial Banks 1.0%
	Associated Banc-Corp.		4,646		50,363
	Bank of Hawaii Corp.		2,278		87,407
	BOK Financial Corp.		142		5,948
	CapitalSource, Inc.		21,565		100,062
	Comerica, Inc.		3,857		91,951
	Cullen/Frost Bankers, Inc.		5,883		282,560
	First Citizens BancShares, Inc. Class A		457		64,908
	M&T Bank Corp.		1,801		105,034
	TCF Financial Corp.		9,810		138,713
					926,946
	Commercial Services & Supplies 1.0%
	Brink’s Co. (The)		14,473		392,942
	Covanta Holding Corp. (a)		3,845		64,942
	Iron Mountain, Inc. (a)		3,318		96,919
	R.R. Donnelley & Sons Co.		24,443		339,758
					894,561
	Communications Equipment 0.6%
	3Com Corp. (a)		15,683		59,125
	ADC Telecommunications, Inc. (a)		5,500		40,040
	Harris Corp.		602		18,849
	JDS Uniphase Corp. (a)		26,517		155,389
	Tellabs, Inc. (a)		43,799		254,034
					527,437
	Computers & Peripherals 2.5%
¤	NetApp, Inc. (a)		39,364		884,115
	QLogic Corp. (a)		16,698		217,909
	Seagate Technology		2,816		33,905
	Sun Microsystems, Inc. (a)		16,172		148,297
	Teradata Corp. (a)		7,926		194,742
¤	Western Digital Corp. (a)		29,152		881,848
					2,360,816
	Construction & Engineering 1.3%
	Fluor Corp.		4,668		246,470
	Shaw Group, Inc. (The) (a)		22,169		652,655
	URS Corp. (a)		6,976		352,986
					1,252,111
	Consumer Finance 0.9%
¤	Discover Financial Services		72,872		865,719
	Containers & Packaging 0.0%‡
	Crown Holdings, Inc. (a)		1,728		43,373
	Diversified Consumer Services 1.3%
	Apollo Group, Inc. Class A (a)		7,355		507,789
	Brinks Home Security Holdings, Inc. (a)		11,086		330,585
	Career Education Corp. (a)		15,606		357,689
					1,196,063
	Diversified Financial Services 0.1%
	IntercontinentalExchange, Inc. (a)		1,021		96,035
	Diversified Telecommunication Services 0.5%
	CenturyTel, Inc.		3,562		111,811
	Qwest Communications International, Inc.		83,008		320,411
					432,222
	Electric Utilities 0.5%
	Edison International		2,940		95,021
	PPL Corp.		10,961		370,372
					465,393
	Electrical Equipment 1.4%
	Cooper Industries, Ltd. Class A		22,633		745,757
	Hubbel, Inc. Class B		11,249		419,813
	Rockwell Automation, Inc.		2,833		117,315
					1,282,885
	Electronic Equipment & Instruments 3.9%
	Arrow Electronics, Inc. (a)		26,812		690,945
	Avnet, Inc. (a)		30,125		735,050
	Ingram Micro, Inc. Class A (a)		38,699		650,917
	Molex, Inc.		37,300		662,448
	Tech Data Corp. (a)		16,477		575,542
	Vishay Intertechnology, Inc. (a)		37,379		265,765
					3,580,667
	Energy Equipment & Services 3.9%
	BJ Services Co.		9,842		139,560
	Cameron International Corp. (a)		19,413		606,268
	Diamond Offshore Drilling, Inc.		8,973		806,404
	ENSCO International, Inc.		20,235		766,704
	Exterran Holdings, Inc. (a)		2,135		37,128
	Nabors Industries, Ltd. (a)		20,270		344,995
	NATCO Group, Inc. Class A (a)		771		27,802
	Patterson-UTI Energy, Inc.		45,162		623,687
	Pride International, Inc. (a)		10,596		265,642
	Superior Energy Services, Inc. (a)		1,750		29,032
					3,647,222
	Food & Staples Retailing 1.3%
	Safeway, Inc.		31,353		593,512
	Whole Foods Market, Inc. (a)		24,473		592,002
					1,185,514
	Food Products 1.4%
¤	Bunge, Ltd.		13,414		938,577
	Dean Foods Co. (a)		12,621		267,439
	Tyson Foods, Inc. Class A		6,488		74,158
					1,280,174
	Gas Utilities 0.8%
	National Fuel Gas Co.		2,260		91,711
	Questar Corp.		1,457		48,183
	UGI Corp.		21,750		575,070
					714,964
	Health Care Equipment & Supplies 1.1%
	Beckman Coulter, Inc.		4,827		304,053
	Gen-Probe, Inc. (a)		1,747		64,849
	Hill-Rom Holdings, Inc.		1,917		32,857
	Kinetic Concepts, Inc. (a)		19,410		613,744
	ResMed, Inc. (a)		384		15,744
					1,031,247
	Health Care Providers & Services 4.6%
	AmerisourceBergen Corp.		10,941		215,757
	CIGNA Corp.		25,768		731,811
	Community Health Systems, Inc. (a)		17,778		503,473
	Coventry Health Care, Inc. (a)		29,272		673,256
	Henry Schein, Inc. (a)		545		28,002
	Humana, Inc. (a)		14,515		476,818
	Laboratory Corp. of America Holdings (a)		4,771		320,563
	Lincare Holdings, Inc. (a)		17,324		453,542
	Omnicare, Inc.		1,945		46,427
	Quest Diagnostics, Inc.		12,945		707,056
	Universal Health Services, Inc. Class B		1,582		87,975
					4,244,680
	Health Care Technology 0.0%‡
	Cerner Corp. (a)		488		31,759
	Hotels, Restaurants & Leisure 2.1%
	Brinker International, Inc.		2,185		36,358
	Chipotle Mexican Grill, Inc. Class A (a)		3,520		330,282
	Darden Restaurants, Inc.		20,356		659,331
	Panera Bread Co. Class A (a)		1,065		58,532
	Penn National Gaming, Inc. (a)		13,328		422,631
	Starbucks Corp. (a)		15,801		279,678
	WMS Industries, Inc. (a)		3,756		135,817
	Yum! Brands, Inc.		140		4,964
					1,927,593
	Household Durables 3.2%
	Centex Corp. (a)		24,651		268,942
	D.R. Horton, Inc.		63,710		738,399
	Garmin, Ltd.		27,239		753,431
	Harman International Industries, Inc.		2,436		60,121
	KB Home		318		5,307
	Leggett & Platt, Inc.		37,161		644,743
	M.D.C. Holdings, Inc.		5,740		202,278
	Mohawk Industries, Inc. (a)		387		19,961
	Newell Rubbermaid, Inc.		618		7,954
	NVR, Inc. (a)		315		189,362
	Toll Brothers, Inc. (a)		6,212		121,507
					3,012,005
	Independent Power Producers & Energy Traders 2.4%
	AES Corp. (The) (a)		53,196		680,377
	Calpine Corp. (a)		38,088		490,574
	Mirant Corp. (a)		12,301		222,156
	NRG Energy, Inc. (a)		23,900		650,319
	RRI Energy, Inc. (a)		31,741		169,814
					2,213,240
	Industrial Conglomerates 0.6%
	Carlisle Cos., Inc.		16,974		531,795
	Insurance 5.8%
	Allied World Assurance Holdings, Ltd./Bermuda		14,994		651,639
	American Financial Group, Inc.		21,930		534,873
	Aon Corp.		10,203		402,508
	Arch Capital Group, Ltd. (a)		1,314		81,718
	Aspen Insurance Holdings, Ltd.		13,080		325,300
	Assurant, Inc.		5,712		145,770
	Axis Capital Holdings, Ltd.		25,812		734,609
	Cincinnati Financial Corp.		2,265		54,700
	Endurance Specialty Holdings, Ltd.		7,516		250,809
	HCC Insurance Holdings, Inc.		26,247		658,800
	Odyssey Re Holdings Corp.		3,224		148,949
	Principal Financial Group, Inc.		12,012		284,684
	Torchmark Corp.		10,601		414,075
	Unum Group		9,709		182,238
	Validus Holdings, Ltd.		10,506		238,486
	W.R. Berkley Corp.		10,118		235,041
					5,344,199
	Internet & Catalog Retail 0.7%
	Expedia, Inc. (a)		12,497		258,813
	HSN, Inc. (a)		1,616		16,370
	Priceline.com, Inc. (a)		3,157		409,210
					684,393
	Internet Software & Services 0.7%
	Akamai Technologies, Inc. (a)		5,823		95,730
	IAC/InterActiveCorp (a)		22,324		410,985
	Sohu.com, Inc. (a)		195		11,928
	VeriSign, Inc. (a)		5,960		121,823
					640,466
	IT Services 5.3%
	Alliance Data Systems Corp. (a)		3,449		175,899
	Amdocs, Ltd. (a)		23,620		564,990
	Broadridge Financial Solutions LLC		36,211		625,364
¤	Computer Sciences Corp. (a)		18,340		883,438
	DST Systems, Inc. (a)		3,486		154,534
	Fiserv, Inc. (a)		2,360		111,888
	Global Payments, Inc.		17,445		737,924
	Hewitt Associates, Inc. Class A (a)		10,506		314,445
	NeuStar, Inc. Class A (a)		13,408		304,093
	Paychex, Inc.		23,894		633,191
	SAIC, Inc. (a)		14,619		264,458
	Total System Services, Inc.		7,415		108,852
					4,879,076
	Leisure Equipment & Products 0.2%
	Hasbro, Inc.		5,730		151,845
	Life Sciences Tools & Services 0.5%
	Charles River Laboratories International, Inc. (a)		2,678		88,562
	Millipore Corp. (a)		149		10,370
	Pharmaceutical Product Development, Inc.		10,116		210,109
	Waters Corp. (a)		3,753		188,588
					497,629
	Machinery 4.0%
	Cummins, Inc.		2,867		123,310
	Dover Corp.		20,679		703,293
	Eaton Corp.		701		36,396
	Gardner Denver, Inc. (a)		2,439		71,194
	Harsco Corp.		4,331		119,146
	John Bean Technologies Corp.		1,108		15,357
	Joy Global, Inc.		3,409		126,747
	Navistar International Corp. (a)		9,518		376,342
	Oshkosh Corp.		25,290		694,210
	Parker Hannifin Corp.		13,104		580,245
	SPX Corp.		10,136		535,383
	Timken Co. (The)		8,387		170,927
	Toro Co. (The)		5,643		195,586
					3,748,136
	Media 3.1%
	Ascent Media Corp. Class A (a)		1,770		49,064
	CTC Media, Inc. (a)		11,080		136,949
	Discovery Communications, Inc. Class C (a)		19,124		428,378
	Dish Network Corp. Class A (a)		11,313		191,755
	Interpublic Group of Cos., Inc. (The) (a)		105,502		549,665
	Marvel Entertainment, Inc. (a)		10,266		406,123
	McGraw-Hill Cos., Inc. (The)		16,699		523,514
	Scripps Networks Interactive Class A		11,449		369,574
	Warner Music Group Corp. (a)		12,901		72,504
	Washington Post Co. Class B		281		126,871
					2,854,397
	Metals & Mining 2.0%
	Allegheny Technologies, Inc.		6,634		179,649
	Cliffs Natural Resources, Inc.		12,967		355,166
	Commercial Metals Co.		14,708		243,270
	Reliance Steel & Aluminum Co.		16,333		550,586
	Schnitzer Steel Industries, Inc. Class A		7,312		393,166
	Steel Dynamics, Inc.		783		12,810
	Walter Industries, Inc.		3,020		149,067
					1,883,714
	Multi-Utilities 1.2%
	DTE Energy Corp.		2,948		101,588
	MDU Resources Group, Inc.		4,220		84,949
	NSTAR		2,504		80,378
	PG&E Corp.		9,481		382,748
	Xcel Energy, Inc.		21,927		437,224
					1,086,887
	Multiline Retail 1.7%
	Dollar Tree, Inc. (a)		6,577		303,331
	Family Dollar Stores, Inc.		5,154		161,939
	J.C. Penney Co., Inc.		11,520		347,328
	Kohl’s Corp. (a)		6,378		309,652
	Macy’s, Inc.		4,540		63,151
	Sears Holdings Corp. (a)		6,206		411,706
					1,597,107
	Oil, Gas & Consumable Fuels 4.1%
	Alpha Natural Resources, Inc. (a)		2,862		95,333
	Arch Coal, Inc.		2,135		37,170
	Cimarex Energy Co.		8,758		313,361
	Comstock Resources, Inc. (a)		1,787		68,799
	Encore Acquisition Co. (a)		13,255		471,878
	Foundation Coal Holdings, Inc.		9,932		356,857
	Frontier Oil Corp.		29,311		407,423
	Frontline, Ltd.		1,696		38,788
	Mariner Energy, Inc. (a)		2,720		32,613
¤	Murphy Oil Corp.		16,523		961,639
	Newfield Exploration Co. (a)		8,047		316,488
	Noble Energy, Inc.		547		33,433
	Overseas Shipholding Group, Inc.		1,194		41,014
	Plains Exploration & Production Co. (a)		1,327		38,019
	Teekay Corp.		3,862		68,744
	Tesoro Corp.		37,350		488,911
					3,770,470
	Paper & Forest Products 1.1%
	International Paper Co.		39,003		733,646
	MeadWestvaco Corp.		16,553		322,618
					1,056,264
	Personal Products 0.6%
	Herbalife, Ltd.		15,947		548,736
	Pharmaceuticals 3.1%
	Endo Pharmaceuticals Holdings, Inc. (a)		15,974		335,614
¤	Forest Laboratories, Inc. (a)		33,336		861,069
	King Pharmaceuticals, Inc. (a)		60,793		551,392
	Mylan, Inc. (a)		12,041		158,821
	Sepracor, Inc. (a)		25,902		449,400
	Warner Chilcott, Ltd. Class A (a)		2,942		44,424
	Watson Pharmaceuticals, Inc. (a)		14,357		498,619
					2,899,339
	Professional Services 1.4%
	Manpower, Inc.		15,327		734,930
	Robert Half International, Inc.		22,469		557,006
					1,291,936
	Real Estate Investment Trusts 2.7%
	Annaly Capital Management, Inc.		5,684		95,775
	AvalonBay Communities, Inc.		632		36,782
	Boston Properties, Inc.		741		39,199
	Equity Residential		1,592		38,208
	HCP, Inc.		1,672		43,071
	Health Care, Inc.		1,038		41,582
	Hospitality Properties Trust		23,324		368,286
	Host Hotels & Resorts, Inc.		25,322		229,924
	HRPT Properties Trust		17,217		82,986
	iStar Financial, Inc. (a)		8,690		21,117
	Nationwide Health Properties, Inc.		7,357		213,500
	Plum Creek Timber Co., Inc.		6,255		195,656
¤	Public Storage		13,166		955,457
	Taubman Centers, Inc.		1,314		34,966
	Ventas, Inc.		1,185		41,830
	Vornado Realty Trust		786		40,102
					2,478,441
	Road & Rail 0.2%
	Hertz Global Holdings, Inc. (a)		18,181		171,629
	Semiconductors & Semiconductor Equipment 2.8%
	Broadcom Corp. Class A (a)		19,746		557,430
	Cypress Semiconductor Corp. (a)		47,721		506,797
	Integrated Device Technology, Inc. (a)		28,496		192,918
	Intersil Corp. Class A		1,152		16,554
	Marvell Technology Group, Ltd. (a)		62,095		828,347
	MEMC Electronic Materials, Inc. (a)		2,323		40,931
	Micron Technology, Inc. (a)		1,017		6,499
	Novellus Systems, Inc. (a)		19,554		382,672
	Silicon Laboratories, Inc. (a)		1,842		78,893
					2,611,041
	Software 3.7%
	Autodesk, Inc. (a)		12,943		282,287
	BMC Software, Inc. (a)		16,960		577,149
¤	CA, Inc.		41,018		867,121
	Compuware Corp. (a)		46,708		342,370
	Intuit, Inc. (a)		1,436		42,649
	Novell, Inc. (a)		32,956		150,938
	Red Hat, Inc. (a)		13,945		318,364
	Sybase, Inc. (a)		8,029		287,438
	Synopsys, Inc. (a)		26,963		538,721
					3,407,037
	Specialty Retail 6.4%
	Abercrombie & Fitch Co. Class A		3,973		113,588
	Advance Auto Parts, Inc.		12,697		586,982
	Aeropostale, Inc. (a)		7,262		264,337
	AutoNation, Inc. (a)		22,223		459,572
	AutoZone, Inc. (a)		958		147,120
	Barnes & Noble, Inc.		9,040		208,191
	Foot Locker, Inc.		18,162		201,235
	Gap, Inc. (The)		14,156		231,026
	Guess?, Inc.		5,088		147,908
	Limited Brands, Inc.		45,141		584,125
	Office Depot, Inc. (a)		3,810		17,336
	Penske Auto Group, Inc.		11,859		245,244
	PetSmart, Inc.		13,077		292,532
	RadioShack Corp.		33,935		526,332
	Ross Stores, Inc.		17,569		774,617
	Sherwin-Williams Co. (The)		10,078		582,005
	Signet Jewelers, Ltd.		14,475		319,608
	Williams-Sonoma, Inc.		19,356		272,145
					5,973,903
	Textiles, Apparel & Luxury Goods 1.2%
	Coach, Inc.		12,554		371,473
	Polo Ralph Lauren Corp.		12,114		763,788
					1,135,261
	Trading Companies & Distributors 0.4%
	MSC Industrial Direct Co.		871		34,178
	W.W. Grainger, Inc.		1,109		99,710
	WESCO International, Inc. (a)		9,399		232,062
					365,950
	Wireless Telecommunication Services 0.9%
	NII Holdings, Inc. (a)		8,812		202,852
	Telephone and Data Systems, Inc.		20,336		523,449
	United States Cellular Corp. (a)		2,069		74,112
					800,413
	Total Common Stocks (Cost $81,181,372)				92,166,108
	Exchange Traded Fund 0.7% (b)
	S&P MidCap 400 Index – MidCap SPDR Trust Series 1		5,373		612,737
	Total Exchange Traded Fund (Cost $534,879)				612,737

	Principal Amount			Value
Short-Term Investment 0.5%
Repurchase Agreement 0.5%
State Street Bank and Trust Co. 0.02%, dated 7/31/09 due 8/3/09 Proceeds at Maturity $452,116 (Collateralized by a United States Treasury Bill with a rate of 0.089% and a maturity date of 9/10/09, with a Principal Amount of $465,000 and a Market Value of $464,954)	$	452,115			452,115
Total Short-Term Investment (Cost $452,115)					452,115
Total Investments (Cost $82,168,366) (c)		100.5	%		93,230,960
Liabilities in Excess of
Cash and Other Assets		(0.5	)		(440,066	)
Net Assets		100.0	%	$	92,790,894

¤	Among the Fund's 10 largest holdings, as of July 31, 2009, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	Exchange Traded Fund - represents a basket of securities that is traded on an exchange.
(c)	At July 31, 2009, cost is $83,470,636 for federal income tax purposes and net unrealized appreciation is as follows:

Gross unrealized appreciation	$	11,955,152
Gross unrealized depreciation		(2,194,828	)
Net unrealized appreciation	$	9,760,324

The following is a list of the inputs used as of July 31, 2009 for valuing the Fund’s assets.

Asset Valuation Input

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	1,756,333	$	—	$	—	$	1,756,333
Air Freight & Logistics		144,916		—		—		144,916
Airlines		413,224		—		—		413,224
Auto Components		169,275		—		—		169,275
Beverages		1,652,662		—		—		1,652,662
Building Products		138,961		—		—		138,961
Capital Markets		2,374,848		—		—		2,374,848
Chemicals		1,893,199		—		—		1,893,199
Commercial Banks		926,946		—		—		926,946
Commercial Services & Supplies		894,561		—		—		894,561
Communications Equipment		527,437		—		—		527,437
Computers & Peripherals		2,360,816		—		—		2,360,816
Construction & Engineering		1,252,111		—		—		1,252,111
Consumer Finance		865,719		—		—		865,719
Containers & Packaging		43,373		—		—		43,373
Diversified Consumer Services		1,196,063		—		—		1,196,063
Diversified Financial Services		96,035		—		—		96,035
Diversified Telecommunication Services		432,222		—		—		432,222
Electric Utilities		465,393		—		—		465,393
Electrical Equipment		1,282,885		—		—		1,282,885
Electronic Equipment & Instruments		3,580,667		—		—		3,580,667
Energy Equipment & Services		3,647,222		—		—		3,647,222
Food & Staples Retailing		1,185,514		—		—		1,185,514
Food Products		1,280,174		—		—		1,280,174
Gas Utilities		714,964		—		—		714,964
Health Care Equipment & Supplies		1,031,247		—		—		1,031,247
Health Care Providers & Services		4,244,680		—		—		4,244,680
Health Care Technology		31,759		—		—		31,759
Hotels, Restaurants & Leisure		1,927,593		—		—		1,927,593
Household Durables		3,012,005		—		—		3,012,005
Independent Power Producers & Energy Traders		2,213,240		—		—		2,213,240
Industrial Conglomerates		531,795		—		—		531,795
Insurance		5,344,199		—		—		5,344,199
Internet & Catalog Retail		684,393		—		—		684,393
Internet Software & Services		640,466		—		—		640,466
IT Services		4,879,076		—		—		4,879,076
Leisure Equipment & Products		151,845		—		—		151,845
Life Sciences Tools & Services		497,629		—		—		497,629
Machinery		3,748,136		—		—		3,748,136
Media		2,854,397		—		—		2,854,397
Metals & Mining		1,883,714		—		—		1,883,714
Multi-Utilities		1,086,887		—		—		1,086,887
Multiline Retail		1,597,107		—		—		1,597,107
Oil, Gas & Consumable Fuels		3,770,470		—		—		3,770,470
Paper & Forest Products		1,056,264		—		—		1,056,264
Personal Products		548,736		—		—		548,736
Pharmaceuticals		2,899,339		—		—		2,899,339
Professional Services		1,291,936		—		—		1,291,936
Real Estate Investment Trusts		2,478,441		—		—		2,478,441
Road & Rail		171,629		—		—		171,629
Semiconductors & Semiconductor Equipment		2,611,041		—		—		2,611,041
Software		3,407,037		—		—		3,407,037
Specialty Retail		5,973,903		—		—		5,973,903
Textiles, Apparel & Luxury Goods		1,135,261		—		—		1,135,261
Trading Companies & Distributors		365,950		—		—		365,950
Wireless Telecommunication Services		800,413		—		—		800,413
Total Common Stocks		92,166,108		—		—		92,166,108
Exchange Traded Fund		612,737		—		—		612,737
Short-Term Investment
Repurchase Agreement		—		452,115		—		452,115
Total Short-Term Investment		—		452,115		—		452,115
Total	$	92,778,845	$	452,115	$	—	$	93,230,960

At July 31, 2009, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Small Company Value Fund

Portfolio of Investments  July 31, 2009 unaudited

		Shares		Value
	Common Stocks 95.6%†
	Aerospace & Defense 1.2%
	AerCap Holdings N.V. (a)		374,600	$	2,861,944
	Airlines 0.7%
	Airtran Holdings, Inc. (a)		241,100		1,745,564
	Biotechnology 0.3%
	InterMune, Inc. (a)		48,000		733,440
	Building Products 1.9%
¤	Armstrong World Industries, Inc. (a)		190,600		4,688,760
	Capital Markets 2.8%
	Cowen Group, Inc. (a)		142,700		1,050,272
	Jefferies Group, Inc. (a)		69,200		1,581,912
	Piper Jaffray Cos. (a)		34,753		1,593,773
	Virtus Investment Partners, Inc. (a)		12,852		203,704
	Waddell & Reed Financial, Inc. Class A		85,850		2,435,564
					6,865,225
	Chemicals 2.5%
¤	Cabot Corp.		206,700		3,782,610
	OM Group, Inc. (a)		68,990		2,322,203
					6,104,813
	Commercial Banks 3.3%
	First Horizon National Corp. (a)		155,289		1,990,805
	Investors Bancorp, Inc. (a)		297,000		2,937,330
	SVB Financial Group (a)		90,100		3,176,025
					8,104,160
	Commercial Services & Supplies 2.5%
	American Reprographics Co. (a)		268,800		2,325,120
¤	Steelcase, Inc. Class A		499,000		3,652,680
					5,977,800
	Communications Equipment 4.4%
	3Com Corp. (a)		809,501		3,051,819
	ADC Telecommunications, Inc. (a)		307,800		2,240,784
	Avocent Corp. (a)		123,981		1,922,945
	Extreme Networks, Inc. (a)		617,900		1,402,633
	Sonus Networks, Inc. (a)		1,119,600		2,127,240
					10,745,421
	Computers & Peripherals 3.9%
	Electronics for Imaging, Inc. (a)		235,732		2,687,345
¤	NCR Corp. (a)		281,500		3,642,610
	STEC, Inc. (a)		89,750		3,059,577
					9,389,532
	Construction & Engineering 2.9%
	EMCOR Group, Inc. (a)		89,086		2,148,754
	Foster Wheeler A.G. (a)		99,300		2,293,830
	Pike Electric Corp. (a)		245,900		2,589,327
					7,031,911
	Containers & Packaging 1.0%
	Silgan Holdings, Inc.		46,200		2,322,012
	Diversified Consumer Services 1.0%
	Brinks Home Security Holdings, Inc. (a)		81,500		2,430,330
	Electric Utilities 2.2%
	Cleco Corp.		82,982		1,965,844
	DPL, Inc.		29,250		700,538
	Idacorp, Inc.		97,459		2,701,563
					5,367,945
	Electrical Equipment 2.2%
	Acuity Brands, Inc.		55,559		1,639,546
	C&D Technologies, Inc. (a)		606,000		1,212,000
	LSI Industries, Inc.		367,900		2,387,671
					5,239,217
	Electronic Equipment & Instruments 4.0%
	Methode Electronics, Inc.		176,667		1,339,136
	Tech Data Corp. (a)		52,600		1,837,318
	TTM Technologies, Inc. (a)		335,200		3,308,424
	Vishay Intertechnology, Inc. (a)		452,700		3,218,697
					9,703,575
	Energy Equipment & Services 1.6%
¤	Key Energy Services, Inc. (a)		558,500		3,875,990
	Health Care Equipment & Supplies 2.5%
	Cynosure, Inc. (a)		224,500		2,168,670
	Haemonetics Corp. (a)		59,250		3,496,342
	Home Diagnostics, Inc. (a)		49,000		332,710
					5,997,722
	Health Care Providers & Services 1.2%
	Magellan Health Services, Inc. (a)		90,436		2,926,509
	Hotels, Restaurants & Leisure 2.1%
	AFC Enterprises, Inc. (a)		356,500		2,648,795
	Jack in the Box, Inc. (a)		117,264		2,474,270
					5,123,065
	Household Durables 1.0%
	KB Home		144,500		2,411,705
	Household Products 0.9%
	Church & Dwight Co., Inc.		37,650		2,220,597
	Independent Power Producers & Energy Traders 0.9%
	RRI Energy, Inc. (a)		389,350		2,083,023
	Industrial Conglomerates 1.0%
	McDermott International, Inc. (a)		124,000		2,422,960
	Insurance 7.7%
	Arthur J. Gallagher & Co.		106,550		2,439,995
	Aspen Insurance Holdings, Ltd.		118,271		2,941,400
	Fidelity National Financial, Inc.		169,600		2,433,760
	Hanover Insurance Group, Inc. (The)		55,500		2,181,705
	IPC Holdings, Ltd.		74,515		2,156,464
	Platinum Underwriters Holdings, Ltd.		52,348		1,766,745
	Protective Life Corp.		166,800		2,493,660
	Validus Holdings, Ltd.		102,750		2,332,425
					18,746,154
	Internet Software & Services 1.2%
	Openwave Systems, Inc. (a)		1,113,500		2,917,370
	IT Services 1.1%
	Acxiom Corp.		279,187		2,694,155
	Machinery 1.2%
	Commercial Vehicle Group, Inc. (a)		304,300		611,643
	Kennametal, Inc.		109,200		2,328,144
					2,939,787
	Metals & Mining 2.2%
	Brush Engineered Materials, Inc. (a)		137,400		2,930,742
	Cliffs Natural Resources, Inc.		88,500		2,424,015
					5,354,757
	Multi-Utilities 2.6%
¤	NSTAR		128,000		4,108,800
	Vectren Corp.		93,950		2,307,412
					6,416,212
	Oil, Gas & Consumable Fuels 3.7%
	International Coal Group, Inc. (a)		554,300		1,718,330
	McMoRan Exploration Co. (a)		399,700		2,542,092
	Stone Energy Corp. (a)		165,499		1,797,319
	W&T Offshore, Inc.		268,800		2,873,472
					8,931,213
	Paper & Forest Products 1.3%
	Buckeye Technologies, Inc. (a)		494,028		3,137,078
	Pharmaceuticals 4.8%
	Flamel Technologies S.A. ADR (b)		71,300		566,835
¤	Impax Laboratories, Inc. (a)		600,400		4,503,000
	Medicines Co. (The) (a)		91,000		738,010
	Par Pharmaceutical Cos., Inc. (a)		168,600		2,733,006
	Sepracor, Inc. (a)		171,200		2,970,320
					11,511,171
	Professional Services 1.3%
	CDI Corp.		252,881		3,211,589
	Real Estate Investment Trusts 1.1%
	MFA Financial, Inc.		347,500		2,571,500
	Semiconductors & Semiconductor Equipment 6.2%
	Advanced Analogic Technologies, Inc. (a)		200,700		967,374
¤	FormFactor, Inc. (a)		155,000		3,572,750
	Lattice Semiconductor Corp. (a)		1,334,900		2,950,129
	MKS Instruments, Inc. (a)		118,000		2,285,660
¤	Teradyne, Inc. (a)		650,900		5,129,092
					14,905,005
	Specialty Retail 8.2%
	AnnTaylor Stores Corp. (a)		269,000		3,246,830
	Chico’s FAS, Inc. (a)		280,000		3,211,600
	Childrens Place Retail Stores, Inc. (The) (a)		54,000		1,769,580
	Christopher & Banks Corp.		433,000		3,429,360
	Collective Brands, Inc. (a)		172,700		2,749,384
	Foot Locker, Inc.		208,400		2,309,072
	GameStop Corp. Class A (a)		107,900		2,361,931
	Pacific Sunwear of California, Inc. (a)		245,300		814,396
					19,892,153
	Textiles, Apparel & Luxury Goods 1.6%
¤	Skechers U.S.A., Inc. Class A (a)		272,800		3,772,824
	Thrifts & Mortgage Finance 2.4%
	Bank Mutual Corp.		272,493		2,681,331
	Brookline Bancorp, Inc.		266,000		3,098,900
					5,780,231
	Trading Companies & Distributors 1.0%
	United Rentals, Inc. (a)		312,550		2,334,749
	Total Common Stocks (Cost $186,142,142)				231,489,168

	Principal Amount			Value
Short-Term Investment 2.8%
Repurchase Agreement 2.8%
State Street Bank and Trust Co. 0.02%, dated 7/31/09 due 8/3/09 Proceeds at Maturity $6,951,164 (Collateralized by a United States Treasury Bill with a rate of 0.089% and a maturity date of 9/10/09, with a Principal Amount of $7,095,000 and a Market Value of $7,094,290)	$	6,951,152			6,951,152
Total Short-Term Investment (Cost $6,951,152)					6,951,152
Total Investments (Cost $193,093,294) (c)		98.4	%		238,440,320
Cash and Other Assets,
Less Liabilities		1.6			3,778,698
Net Assets		100.0	%	$	242,219,018

¤	Among the Fund's 10 largest holdings, as of July 31, 2009, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
(a)	Non-income producing security.
(b)	ADR - American Depositary Receipt.
(c)	At July 31, 2009, cost is $197,561,499 for federal income tax purposes and net unrealized appreciation is as follows:

Gross unrealized appreciation	$	52,410,965
Gross unrealized depreciation		(11,532,144	)
Net unrealized appreciation	$	40,878,821

The following is a list of the inputs used as of July 31, 2009 for valuing the Fund’s assets.

Asset Valuation Inputs

Description		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	2,861,944	$	—	$	—	$	2,861,944
Airlines		1,745,564		—		—		1,745,564
Biotechnology		733,440		—		—		733,440
Building Products		4,688,760		—		—		4,688,760
Capital Markets		6,865,225		—		—		6,865,225
Chemicals		6,104,813		—		—		6,104,813
Commercial Banks		8,104,160		—		—		8,104,160
Commercial Services & Supplies		5,977,800		—		—		5,977,800
Communications Equipment		10,745,421		—		—		10,745,421
Computers & Peripherals		9,389,532		—		—		9,389,532
Construction & Engineering		7,031,911		—		—		7,031,911
Containers & Packaging		2,322,012		—		—		2,322,012
Diversified Consumer Services		2,430,330		—		—		2,430,330
Electric Utilities		5,367,945		—		—		5,367,945
Electrical Equipment		5,239,217		—		—		5,239,217
Electronic Equipment & Instruments		9,703,575		—		—		9,703,575
Energy Equipment & Services		3,875,990		—		—		3,875,990
Health Care Equipment & Supplies		5,997,722		—		—		5,997,722
Health Care Providers & Services		2,926,509		—		—		2,926,509
Hotels, Restaurants & Leisure		5,123,065		—		—		5,123,065
Household Durables		2,411,705		—		—		2,411,705
Household Products		2,220,597		—		—		2,220,597
Independent Power Producers & Energy Traders		2,083,023		—		—		2,083,023
Industrial Conglomerates		2,422,960		—		—		2,422,960
Insurance		18,746,154		—		—		18,746,154
Internet Software & Services		2,917,370		—		—		2,917,370
IT Services		2,694,155		—		—		2,694,155
Machinery		2,939,787		—		—		2,939,787
Metals & Mining		5,354,757		—		—		5,354,757
Multi-Utilities		6,416,212		—		—		6,416,212
Oil, Gas & Consumable Fuels		8,931,213		—		—		8,931,213
Paper & Forest Products		3,137,078		—		—		3,137,078
Pharmaceuticals		11,511,171		—		—		11,511,171
Professional Services		3,211,589		—		—		3,211,589
Real Estate Investment Trusts		2,571,500		—		—		2,571,500
Semiconductors & Semiconductor Equipment		14,905,005		—		—		14,905,005
Specialty Retail		19,892,153		—		—		19,892,153
Textiles, Apparel & Luxury Goods		3,772,824		—		—		3,772,824
Thrifts & Mortgage Finance		5,780,231		—		—		5,780,231
Trading Companies & Distributors		2,334,749		—		—		2,334,749
Total Common Stocks		231,489,168		—		—		231,489,168
Short-Term Investment
Repurchase Agreement		—		6,951,152		—		6,951,152
Total Short-Term Investment		—		6,951,152		—		6,951,152
Total	$	231,489,168	$	6,951,152	$	—	$	238,440,320

At July 31, 2009, the Fund did not hold any investments with significant unobservable inputs (Level 3).

Eclipse Funds

NOTES TO PORTFOLIOS OF INVESTMENTS July 31, 2009 unaudited

SECURITIES VALUATION.

Debt securities are valued at prices supplied by a pricing agent or broker selected by the Fund’s Manager, in consultation with the Fund's Subadvisor, if any, whose prices reflect broker/dealer supplied valuations and electronic data processing techniques, if such prices are deemed by the Fund’s Manager, in consultation with the Fund’s Subadvisor, if any, to be representative of market values, at the regular close of trading of the New York Stock Exchange (generally 4:00 p.m. Eastern time) on each day the Fund is open for business (“valuation date”). Investments in other mutual funds are valued at their net asset values ("NAVs") at the close of the New York Stock Exchange on each valuation date.

Equity securities are valued at the latest quoted sales prices as of the close of trading on the New York Stock Exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.  Prices normally are taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in other mutual funds are valued at their NAV as of the close of the New York Stock Exchange on the date of valuation.

Temporary cash investments acquired over 60 days prior to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.  Other temporary cash investments which mature 60 days or less are valued at amortized cost. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost.

Securities for which market quotations are not readily available are valued by methods deemed in good faith by the Fund’s Board of Trustees to represent fair value. Equity and non-equity securities which may be valued in this manner include, but are not limited to: (i) a security the trading for which has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been de-listed from a national exchange; (v) a security the market price of which is not available from an independent pricing source or, if so provided, does not, in the opinion of the Fund’s Manager or Subadvisor (if applicable), reflect the security’s market value; and (vi) a security where the trading on that security’s principal market is temporarily closed at a time when, under normal conditions, it would be open.At July 31, 2009, the MainStay Balanced Fund held a security with a value of $18, that was valued in such a manner.

The Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157"), effective for the fiscal year beginning November 1, 2008. In accordance with SFAS 157, "fair value" is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as, the risk inherent in a particular valuation technique used to measure fair value, including such a pricing model, and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodology used for valuing securities may not be an indication of the risks associated with investing in those securities. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

· Level 1 – quoted prices in active markets for identical investments

· Level 2 – other significant observable inputs (including quoted prices for similar investments in active markets, interest rates and yield curves, prepayment speeds, credit risks, etc.)

· Level 3 – significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in determining the fair value of investments)

The aggregate value by input level, as of July 31, 2009, for each Fund's investments is included at the end of each Fund's Portfolio of Investments.

The valuation techniques used by the Funds to measure fair value during the period ended July 31, 2009, maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing models, option adjusted spread pricing and estimating the price that would have prevailed in a liquid market for an international equity security given information available at the time of evaluation, when there are significant events after the close of local foreign markets.

In April 2009, FASB issued FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“SFSP 157-4”). SFSP 157-4 provides additional guidance for estimating fair value in accordance with FASB SFAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. SFSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009.

Item 2.  Controls and Procedures.

(a) Based on an evaluation of the Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-Q (the “Report”), the Registrant’s principal executive and principal financial officers have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s Internal Control over Financial Reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s Internal Control over Financial Reporting.

Item 3.  Exhibits.

(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

ECLIPSE FUNDS

By:	/s/ Stephen P. Fisher
	Stephen P. Fisher
	President and Principal Executive Officer
Date:	September 28, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Stephen P. Fisher
	Stephen P. Fisher
	President and Principal Executive Officer
Date:	September 28, 2009

By:	/s/ Jack R. Benintende
	Jack R. Benintende
	Treasurer and Principal Financial and Accounting Officer
Date:	September 28, 2009

EX-99.CERT

Exhibit (a)

CERTIFICATION

I, Stephen P. Fisher, President and Principal Executive Officer of Eclipse Funds, certify that:

1. I have reviewed this report on Form N-Q of Eclipse Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and Internal Control over Financial Reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such Disclosure Controls and Procedures, or caused such Disclosure Controls and Procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such Internal Control over Financial Reporting, or caused such Internal Control over Financial Reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s Disclosure Controls and Procedures and presented in this report our conclusions about the effectiveness of the Disclosure Controls and Procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s Internal Control over Financial Reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s Internal Control over Financial Reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of Internal Control over Financial Reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s Internal Control over Financial Reporting.

By:	/s/ Stephen P. Fisher
	Stephen P. Fisher
	President and Principal Executive Officer
Date:	September 28, 2009

Exhibit (a)

CERTIFICATION

I, Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of Eclipse Funds,

certify that:

1. I have reviewed this report on Form N-Q of Eclipse Funds,

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and Internal Control over Financial Reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a. Designed such Disclosure Controls and Procedures, or caused such Disclosure Controls and Procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such Internal Control over Financial Reporting, or caused such Internal Control over Financial Reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s Disclosure Controls and Procedures and presented in this report our conclusions about the effectiveness of the Disclosure Controls and Procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the Registrant’s Internal Control over Financial Reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s Internal Control over Financial Reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of Internal Control over Financial Reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b.   Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s Internal Control over Financial Reporting.

By:	/s/ Jack R. Benintende
	Jack R. Benintende
	Treasurer and Principal Financial and Accounting Officer
Date:	September 28, 2009