<PAGE> PAGE 1
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001 A000000 THE EMPIRE BUILDER TAX FREE BOND FUND
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE FRANK M. DEUTCHKI
TITLE OFFICER
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The Empire Builder Tax Free Bond Fund
Supplement Dated September 23, 1997
to the Prospectus Dated July 1, 1997
On page 8 of the Prospectus under the subtopic, "Futures
and Options", the following information is added after
the second full paragraph:
The Fund may also purchase and sell, subject to the
limitations set forth in the Prospectus, futures and options
on U.S. Treasury securities ("Treasury Futures") in order
to hedge against interest rate changes or other general
changes in market values which would be expected to
affect the value of the New York Tax Exempt Bonds
which the Fund owns or expects to purchase. Changes in
value in Treasury Futures resulting from interest rate
changes or other general market conditions may not be as
closely correlated with the value of New York Tax
Exempt Bonds as changes in value of the Index.
However, Treasury Futures generally offer greater
liquidity than futures contracts on the Index, which
reduces the risk that the Fund will not be able to liquidate
a position in a futures contract, and may also make
Treasury Futures a more effective hedging tool than
futures on the Index in some market conditions.
Investors should retain this supplement with their
prospectus for future reference.