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<PAGE> PAGE 2
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JOY AUSILI
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001038698
<NAME> BUILDERS PROLOAN FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> BUILDERS PROLOAN FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> OCT-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 129432933
<INVESTMENTS-AT-VALUE> 129884299
<RECEIVABLES> 1064683
<ASSETS-OTHER> 125779
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131074691
<PAYABLE-FOR-SECURITIES> 9736680
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 689295
<TOTAL-LIABILITIES> 10425975
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
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</TABLE>
To the Board of Directors of
Builders ProLoan Fund, Inc.:
In planning and performing our audit of the financial statements of Builders
ProLoan Fund, Inc. (the "Fund") for the period from October 31, 1997
(commencement of operations) to December 31, 1997 (on which we have issued
our report dated February 13, 1998), we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the Fund's internal control.
The management of the Fund 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. These controls include the 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. Also, 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 effectiveness of the
design and operation may deteriorate.
Our consideration of the Fund's 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 the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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 matter involving
the Fund's internal control and its operations, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors, and the Securities and Exchange Commission.
\s\DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
St. Louis, Missouri
February 13, 1998
