<PAGE> PAGE 1
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001 A000000 BUILDERS PROLOAN FUND, INC.
001 B000000 811-08273
001 C000000 3148221644
002 A000000 2190 SOUTH MASON ROAD, STE. 208
002 B000000 ST. LOUIS
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002 D010000 63131
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022 A000001 NORTHERN TRUST COMPANY
022 B000001 36-3010241
<PAGE> PAGE 2
022 C000001 395615
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022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 62089
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022 A000003 SALOMAN BROTHERS, INC.
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022 C000003 11670
022 D000003 23233
022 A000004 GOLDMAN, SACHS, & CO.
022 B000004 13-5108880
022 C000004 7726
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022 A000005 MERCANTILE BANK NA
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<PAGE> PAGE 5
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<PAGE> PAGE 8
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008 A000101 CAPITAL MORTGAGE MANAGEMENT, INC.
008 B000101 A
008 C000101 801-054791
008 D010101 ST. LOUIS
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012 C020101 IN
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<PAGE> PAGE 9
015 B000101 C
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025 A000101 MERRILL LYNCH
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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
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 177255
<INVESTMENTS-AT-VALUE> 177184
<RECEIVABLES> 2433
<ASSETS-OTHER> 118
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179735
<PAYABLE-FOR-SECURITIES> 46808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79
<TOTAL-LIABILITIES> 46887
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<SHARES-COMMON-STOCK> 8772
<SHARES-COMMON-PRIOR> 7991
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<OVERDIST-NET-GAINS-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 year ended December 31,
1998 (on which we have issued our report dated January 15, 1999), 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. Those 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 the
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 above as of December 31, 1998.
This report is intended solely for the information and use of management,
the Board of Directors, Builders ProLoan Fund, Inc. and the Securities and
Exchange Commission.
DELOITTE & TOUCHE LLP
St. Louis, Missouri
January 15, 1999
