EMPIRE BUILDER TAX FREE BOND FUND
NSAR-B, 1997-04-28
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<PAGE>      PAGE  1
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001 A000000 THE EMPIRE BUILDER TAX FREE BOND FUND
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002 A000000 3435 STELZER ROAD
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<PAGE>      PAGE  2
012 C030001 43219
013 A000001 COOPERS & LYBRAND LLP
013 B010001 NEW YORK
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013 B030001 10019
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<PAGE>      PAGE  3
022 A000007 DAIN BOSWORTH, INC.
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SIGNATURE   MICHAEL SAKALA                               
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 011
   <NAME> EMPIRE BUILDER TAX FREE BOND FUND BUILDER CLASS
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          FEB-28-1997
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                           110061
<INVESTMENTS-AT-VALUE>                          114522
<RECEIVABLES>                                     1436
<ASSETS-OTHER>                                    6296
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  122254
<PAYABLE-FOR-SECURITIES>                          3441
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          324
<TOTAL-LIABILITIES>                               3765
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        114041
<SHARES-COMMON-STOCK>                             3335
<SHARES-COMMON-PRIOR>                             6563
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          (12)
<ACCUM-APPREC-OR-DEPREC>                          4460
<NET-ASSETS>                                    118489
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 6869
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1162
<NET-INVESTMENT-INCOME>                           5707
<REALIZED-GAINS-CURRENT>                          (12)
<APPREC-INCREASE-CURRENT>                        (657)
<NET-CHANGE-FROM-OPS>                             5038
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         3318
<DISTRIBUTIONS-OF-GAINS>                           535
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4061
<NUMBER-OF-SHARES-REDEEMED>                       4269
<SHARES-REINVESTED>                                328
<NET-CHANGE-IN-ASSETS>                             629
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          840
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1214
<AVERAGE-NET-ASSETS>                            117975
<PER-SHARE-NAV-BEGIN>                            17.96
<PER-SHARE-NII>                                    .84
<PER-SHARE-GAIN-APPREC>                          (.10)
<PER-SHARE-DIVIDEND>                               .84
<PER-SHARE-DISTRIBUTIONS>                          .13
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.73
<EXPENSE-RATIO>                                   1.07
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 012
   <NAME> EMPIRE BUILDER TAX FREE BOND FUND PREMIER CLASS
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          FEB-28-1997
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                           110061
<INVESTMENTS-AT-VALUE>                          114522
<RECEIVABLES>                                     1436
<ASSETS-OTHER>                                    6296
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  122254
<PAYABLE-FOR-SECURITIES>                          3441
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          324
<TOTAL-LIABILITIES>                               3765
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        114041
<SHARES-COMMON-STOCK>                             3348
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          (12)
<ACCUM-APPREC-OR-DEPREC>                          4460
<NET-ASSETS>                                    118489
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 6869
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1162
<NET-INVESTMENT-INCOME>                           5707
<REALIZED-GAINS-CURRENT>                          (12)
<APPREC-INCREASE-CURRENT>                        (657)
<NET-CHANGE-FROM-OPS>                             5038
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         2388
<DISTRIBUTIONS-OF-GAINS>                           305
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           4061
<NUMBER-OF-SHARES-REDEEMED>                       4269
<SHARES-REINVESTED>                                328
<NET-CHANGE-IN-ASSETS>                             629
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<ACCUMULATED-GAINS-PRIOR>                          840
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<GROSS-ADVISORY-FEES>                              458
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1214
<AVERAGE-NET-ASSETS>                            117975
<PER-SHARE-NAV-BEGIN>                            17.57
<PER-SHARE-NII>                                    .75
<PER-SHARE-GAIN-APPREC>                            .29
<PER-SHARE-DIVIDEND>                               .75
<PER-SHARE-DISTRIBUTIONS>                          .13
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.73
<EXPENSE-RATIO>                                    .97
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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