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001 A000000 THE EMPIRE BUILDER TAX FREE BOND FUND
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<PAGE> PAGE 2
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SIGNATURE DARLA BALL
TITLE SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000730004
<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
<SERIES>
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<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
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<SHARES-REINVESTED> 193953<F1>
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<PER-SHARE-NAV-BEGIN> 18.22<F1>
<PER-SHARE-NII> .75<F1>
<PER-SHARE-GAIN-APPREC> .11<F1>
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<PER-SHARE-DISTRIBUTIONS> .45<F1>
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<FN>
<F1>Builder Class
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000730004
<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
<SERIES>
<NUMBER> 012
<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
<S> <C>
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<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
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<INVESTMENTS-AT-VALUE> 118386029
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Report of Independent Accountants
To the Trustees
The Empire Builder Tax Free Bond Fund
In planning and performing our audit of the financial
statements of The Empire Builder Tax Free Bond Fund
(the "Fund") for the year ended February 28, 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 financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance
on 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 and financial highlights 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 fraud 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 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 one
or more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts
that would be material in relation to the financial
statements and financial highlights 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
matters involving internal control and its operation,
including controls over safeguarding securities,
that we consider to be material weaknesses as defined
above as of February 28, 1999.
This report is intended solely for the information
and use of management and the Trustees of the
Fund and the Securities and Exchange Commission.
April 5, 1999
