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SIGNATURE GARY TENKMAN
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000730004
<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
<SERIES>
<NUMBER> 011
<NAME> THE EMPIRE BUILDER TAX FREE BOND FUND
<S> <C>
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<PERIOD-START> MAR-01-1999
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<SHARES-COMMON-PRIOR> 3172048
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> (1842518)
<ACCUM-APPREC-OR-DEPREC> (3337876)
<NET-ASSETS> 105983203
<DIVIDEND-INCOME> 65319
<INTEREST-INCOME> 6244051
<OTHER-INCOME> 0
<EXPENSES-NET> 1057904
<NET-INVESTMENT-INCOME> 52514666
<REALIZED-GAINS-CURRENT> (1835956)
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<NUMBER-OF-SHARES-SOLD> 167065
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<NET-CHANGE-IN-ASSETS> (15283872)
<ACCUMULATED-NII-PRIOR> 26226
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<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> (1.55)
<PER-SHARE-DIVIDEND> .76
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.32
<EXPENSE-RATIO> 1.08
</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-01-1999
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<INVESTMENTS-AT-VALUE> 104666363
<RECEIVABLES> 1583386
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<OTHER-ITEMS-LIABILITIES> 282018
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 3560955
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<OVERDISTRIBUTION-NII> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 106750
<NUMBER-OF-SHARES-REDEEMED> 409232
<SHARES-REINVESTED> 151284
<NET-CHANGE-IN-ASSETS> (15283872)
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</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees
of The Empire Builder Tax Free Bond Fund
In our opinion, the accompanying statement of
assets and liabilities, including the schedule of investments,
and the related statements of operations and of changes in
net assets and the financial highlights present fairly, in all
material respects, the financial position of The Empire
Builder Tax Free Bond Fund (the "Fund") at February
29, 2000, the results of its operations for the year then
ended, the changes in its net assets for each of the two
years in the period then ended and the financial highlights
for each of the five years in the period then ended, in
conformity with accounting principles generally accepted
in the United States. These financial statements and
financial highlights (hereafter referred to as
"financial statements") are the responsibility of the
Fund's management; our responsibility is to express
an opinion on these financial statements based on our
audits. We conducted our audits of these financial
statements in accordance with auditing standards
generally accepted in the United States, which
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used
and significant estimates made by management, and
evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation
of securities at February 29, 2000 by correspondence
with the custodian, provide a reasonable basis for the
opinion expressed above.
PricewaterhouseCoopers LLP
Columbus, Ohio
April 18, 2000
