UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03907
---------

The Empire Builder Tax Free Bond Fund
--------------------------------------------------
(Exact name of registrant as specified in charter)

3435 Stelzer Road, Columbus, OH 43219
---------------------------------------------------
(Address of principal executive offices) (Zip code)

BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219
----------------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 847-5886
--------------

Date of fiscal year end: February 28, 2007
-----------------

Date of reporting period: August 31, 2006
---------------

Item 1. Reports to Stockholders.

---------------------------- ----------------------------
[LOGO] EMPIREBUILDER
--------------------
3435 Stelzer Road
Columbus, Ohio 43219
1-800-847-5886

Dear Shareholder,

We are pleased to present The Empire Builder Tax Free Bond Fund
Semi-Annual Report for the six months ended August 31, 2006.

We believe that the portfolio continues to have a good year. For the
period January 1 through August 31, 2006 the total return of Builder class
shares was 2.13%, while the Premier class shares was 2.27%. Last year we
shortened the duration of the Fund, in order to protect it against maturity and
interest rate risk. We believed that the Federal Reserve Board would raise the
Discount Rate going forward. As of August 31, 2005 the discount rate was 3.75%;
the Federal Reserve Board has since raised the rate six times, and it now stands
at 5.25% as of August 31, 2006.

Due to the increases, we have started to extend the maturities within the
Fund to enhance our returns. When the right opportunities present themselves, we
will continue to extend the maturity of the portfolio cautiously, as
preservation of capital is our number one concern.

In our opinion, The Empire Builder Tax Free Bond Fund is well positioned
for the next year. The no-load structure continues to offer value to the
shareholder because there is no charge to purchase units. We also recommend our
automatic investment program (also known as dollar cost averaging*) that allows
you to follow a disciplined investment plan. Please call the customer service
desk at 1-800-847-5886 for information on how to participate. We look forward to
helping you meet your investment needs.

Sincerely,

/s/ Seth M. Glickenhaus
- -----------------------
Seth M. Glickenhaus
President

- -------------------------------------------------
Average Annual Total Return
---------------------------
As of June 30, 2006
1 Year 5 Year 10 Year
Builder Class 0.12% 3.44% 4.38%
Premier Class 0.37% 3.68% 4.64%
- -------------------------------------------------

*Dollar cost averaging does not insure a profit and does not protect against
loss in declining markets. An investor should consider his or her financial
ability to continue making additional investments through periods of low share
price levels.

The Fund's income may be subject to certain state and local taxes and, depending
on your tax status, the federal alternative minimum tax (AMT). Past performance
is no guarantee of future results. The performance data quoted represents past
performance and current returns may be lower or higher. Total return figures
include change in share price, reinvestment of dividends and capital gains and
do not reflect taxes that a shareholder would pay on fund distributions or on
the redemption of fund shares. The investment return and net asset value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than the original cost. To obtain performance information for the most recent
month end, please call 1-800-847-5886.

For more complete information on The Empire Builder Tax Free Bond Fund, you may
request additional prospectuses by calling 1-800-847-5886. You should consider
the fund's investment objectives, risk, charges and expenses carefully before
you invest. Information about these and other important information is in the
fund's prospectus which you should read carefully before investing.

Not FDIC insured. May lose value. No bank guarantee.

Expense Examples (Unaudited):

As a shareholder of The Empire Builder Tax Free Bond Fund, you incur two types
of costs: (1) transaction costs, such as exchange fees, and (2) ongoing costs,
including management fees; and other Fund expenses.

These examples are intended to help you understand your ongoing costs (in
dollars) of investing in The Empire Builder Tax Free Bond Fund and to compare
these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of
the period and held for the entire period from March 1, 2006 through August 31,
2006.

Actual Example

The table below provides information about actual account values and actual
expenses. You may use the information below, together with the amount you
invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by
$1,000 = 8.6), then multiply the result by the number in the table under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.

Beginning Ending Expenses Paid Expense Ratio
Account Value Account Value During Period* During Period
3/1/06 8/31/06 3/1/06 - 8/31/06 3/1/06 - 8/31/06
------------- ------------- ---------------- ----------------

The Empire Builder Tax Free Bond Fund Builder Class $1,000.00 $1,014.70 $6.45 1.27%
Premier Class 1,000.00 1,015.80 5.33 1.05%

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and
hypothetical expenses based on The Empire Builder Tax Free Bond Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as exchange
fees. Therefore, the table is useful in comparing ongoing costs only, and will
not help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.

The Empire Builder Tax Free Bond Fund Builder Class $1,000.00 $1,018.80 $6.46 1.27%
Premier Class 1,000.00 1,019.91 5.35 1.05%

- ----------
* Expenses are equal to the average account value times the Fund's
annualized expense ratio multiplied by the number of days in the most
recent fiscal half-year divided by the number of days in the fiscal year.

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2006
(Unaudited)

Principal Fair Value
Credit Ratings** Municipal Securities (102.6%) Amount (Note 2)
- ---------------- ----------------------------- --------- ----------

New York City (37.4%)
Aaa/AAA New York City, General Obligation, Series B, 5.25%, 8/1/2017,
Callable 8/1/2007 @ 101, (AMBAC) ............................... $ 750,000 $ 768,330
A1/AAA New York City, General Obligation, Series B, 5.125%, 8/1/2019,
Callable 8/1/2010 @ 101, (FGIC) ................................ 2,000,000 2,112,480
Aaa/AAA New York City, General Obligation, Series B, 5.375%, 8/1/2022,
Callable 8/1/2007 @ 101, (MBIA) ................................ 1,235,000 1,265,430
Aaa/AAA New York City, General Obligation, Series B, Subseries B5,
Variable Rate, 3.40%, 8/15/2022, Non-Callable, (MBIA) .......... 4,750,000 4,750,000
Aaa/AAA New York City, General Obligation, Series B2, Subseries B5,
Variable Rate, 3.40%, 8/15/2009, Non Callable, (MBIA) .......... 3,870,000 3,870,000
Aaa/AAA New York City, General Obligation, Series B2, Subseries B5,
Variable Rate, 3.40%, 8/15/2011, Non Callable, (MBIA)
(SPA - Bank of Nova Scotia) .................................... 5,000,000 5,000,000
Aaa/AAA New York City, Health & Hospitals Corporation, Health System
Revenue, Series A, 5.50%, 2/15/2018, Callable 2/15/2012
@ 100, (FSA) ................................................... 1,000,000 1,085,910
Aaa/AAA New York City, IDA Civic Facilities, Ethical Cultural School,
4.50%, 6/1/2035, Callable 6/1/2015 @ 100, (XLCA) ............... 4,825,000 4,828,136
Aaa/AAA New York City, Municipal Water Finance Authority, Water & Sewer
System Revenue, Series B, 5.80%, 6/15/2029,
Callable 6/15/2007 @ 101, (MBIA) ............................... 5,000,000 5,137,850
Aaa/AAA New York City, Municipal Water Finance Authority, Water & Sewer
System Revenue, Series C, 4.50%, 6/15/2033,
Callable 6/15/2016 @ 100, (CIFG) ............................... 7,500,000 7,511,326
-----------
Total New York City ............................................... 36,329,462
===========
New York State Agencies (42.7%)
New York State Dormitory Authority (30.2%)
Aaa/AAA Augustana Lutheran Home for the Aged, Series A, 5.50%,
8/1/2020, Callable 8/1/2010 @ 101, (FHA) (MBIA) ................ 875,000 931,411
Aaa/AAA Augustana Lutheran Home for the Aged, Series A, 5.50%,
8/1/2030, Callable 8/1/2010 @ 101, (FHA) (MBIA) ................ 750,000 795,555
Aaa/AAA Columbia University, Series B, 5.375%, 7/1/2018,
Prerefunded 7/1/2012 @ 100 ..................................... 500,000 545,645
Aaa/AAA Columbia University, Series B, 5.375%, 7/1/2019,
Prerefunded 7/1/2012 @ 100 ..................................... 1,000,000 1,091,290
Aaa/AAA Columbia University, Series B, 5.375%, 7/1/2020,
Prerefunded 7/1/2012 @ 100 ..................................... 1,000,000 1,091,290
Aaa/AAA Mental Health Services Facilities Improvement,
Series A, 5.00%, 2/15/2019, Callable 2/15/2015
@ 100, (AMBAC) ................................................. 2,500,000 2,670,175
Aaa/AAA New York Medical College, 5.25%, 7/1/2013, Callable 7/1/2008
@ 101, (MBIA) .................................................. 1,015,000 1,059,741

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2006 -- continued
(Unaudited)

Principal Fair Value
Credit Ratings** Municipal Securities (102.6%) Amount (Note 2)
- ---------------- ----------------------------- --------- ----------

New York State Agencies--(continued)
New York State Dormitory Authority--(continued)
Aaa/AAA New York University, Series 2, 5.50%, 7/1/2018,
Callable 7/1/2011 @ 100, (AMBAC) ............................... $ 500,000 $ 536,855
NR/AAA Park Ridge Housing, Inc., 6.375%, 8/1/2020, Callable 8/1/2010
@ 101, (FNMA) (AMBAC) .......................................... 1,000,000 1,098,500
NR/AAA Park Ridge Housing, Inc., 6.50%, 8/1/2025, Callable 8/1/2010
@ 101, (FNMA) (AMBAC) .......................................... 1,470,000 1,621,395
Aaa/NR Rochester Institute of Technology, Series A, 5.25%, 7/1/2016,
Callable 7/1/2012 @ 100, (AMBAC) ............................... 2,045,000 2,198,395
Aaa/NR Rochester Institute of Technology, Series A, 5.25%, 7/1/2017,
Callable 7/1/2012 @ 100, (AMBAC) ............................... 2,155,000 2,315,483
Aaa/AAA School Districts Financing, Series C, 5.25%, 4/1/2021,
Callable 10/1/2012 @ 100, (MBIA) ............................... 1,300,000 1,393,275
Aaa/AAA Special Acts School Districts Program, 6.00%, 7/1/2019,
Callable 7/1/2007 @ 100, (MBIA) ................................ 3,540,000 3,577,914
Aaa/AAA Upstate Community Colleges, Series A, 6.00%, 7/1/2019,
Prerefunded 7/1/2010 @ 101, (FSA) .............................. 1,000,000 1,095,850
Aaa/AAA Upstate Community Colleges, Series A, 6.00%, 7/1/2020,
Prerefunded 7/1/2010 @ 101, (FSA) .............................. 845,000 925,993
Aaa/AAA Upstate Community Colleges, Series B, 5.25%, 7/1/2015,
Callable 7/1/2014 @ 100, (FGIC) ................................ 3,140,000 3,449,793
NR/AAA Westchester County, Court Facilities, 5.25%, 8/1/2018,
Prerefunded 2/1/2009 @ 101, (MBIA) ............................. 2,800,000 2,936,332
-----------
Total New York State Dormitory .................................... 29,334,892
===========
New York State Environmental Facilities Corp. (5.9%)
Aaa/AAA State Clean Water & Drinking Water, New York City Municipal
Water Finance, 5.00%, 6/15/2034, Callable 06/15/2014 @ 100 ..... 4,800,000 5,023,008

Aaa/AAA State Water Pollution Control Revenue, Revolving Fund,
Pooled Loan, 5.90%, 1/15/2018, Callable 1/15/2007 @ 101,
(POL CTL-SRF) .................................................. 725,000 737,847
-----------
Total New York State Environmental Facilities Corp. ............... 5,760,855
-----------
New York State Thruway Authority (5.6%)

Aaa/AAA New York State Thruway Authority, Highway & Bridge Trust Fund,
Series B, 5.00%, 4/1/2017, Callable 10/1/2015 @ 100, (FGIC) .... 5,000,000 5,420,600
-----------
New York State Urban Development Corp. (1.0%)
A1/AA- Empire State Development Corp., University Facilities Grants,
6.00%, 1/1/2009, Non Callable .................................. 905,000 951,417
-----------
Total New York State Agencies ..................................... 41,467,764
===========

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2006 -- continued
(Unaudited)

Principal Fair Value
Credit Ratings** Municipal Securities (102.6%) Amount (Note 2)
- ---------------- ----------------------------- --------- ----------

Other New York State Bonds (22.5%)
A3/NR Albany Housing Authority, Limited Obligation, 6.25%,
10/1/2012, Callable 10/1/2006 @ 101 ............................ $ 1,000,000 $ 1,011,710
Aaa/NR Corning, City School District, General Obligation, 5.00%,
6/15/2012, Non Callable, (FSA) ................................. 1,000,000 1,072,900
Aaa/NR Corning, City School District, General Obligation, 5.00%,
6/15/2013, Callable 6/15/2012 @ 100, (FSA) ..................... 970,000 1,034,457
Aaa/NR Corning, City School District, General Obligation, 5.00%,
6/15/2014, Callable 6/15/2012 @ 100, (FSA) ..................... 600,000 638,268
Aaa/AAA Evans, General Obligation, 6.80%, 4/15/2012, Non Callable,
(AMBAC) ........................................................ 225,000 260,764
Aaa/AAA Evans, General Obligation, 6.80%, 4/15/2013, Non Callable,
(AMBAC) ........................................................ 225,000 265,550
Aaa/NR Fayetteville Manlius, Central School District, General Obligation,
5.00%, 6/15/2016, Callable 6/15/2012 @ 101, (FGIC) ............. 375,000 400,931
Aaa/AAA Freeport, Union Free School District, General Obligation,
4.25%, 12/1/2028, Callable 12/1/2016 @ 100, (MBIA) ............. 740,000 730,521
Aaa/AAA Freeport, Union Free School District, General Obligation,
4.375%, 12/1/2030, Callable 12/1/2016 @ 100, (MBIA) ............ 810,000 809,352
Aaa/NR Ilion, Central School District, General Obligation, Series B,
5.50%, 6/15/2015, Callable 6/15/2012 @ 101, (FGIC) ............. 550,000 605,171
Aaa/NR Ilion, Central School District, General Obligation, Series B,
5.50%, 6/15/2016, Callable 6/15/2012 @ 101, (FGIC) ............. 500,000 550,155
NR/AAA Metropolitan Transportation Authority, Series F, 5.00%,
11/15/2030, Callable 11/15/15 @ 100, (CIFG) .................... 2,000,000 2,108,359
Aaa/AAA Metropolitan Transportation Authority, Service Contracts,
Series A, 5.00%, 7/1/2030, Callable 7/01/12 @ 100, (AMBAC) ..... 2,000,000 2,078,580
Aaa/AAA Mount Sinai, Union Free School District, General Obligation,
6.20%, 2/15/2012, Non Callable, (AMBAC) ........................ 1,065,000 1,201,831
Aaa/AAA New York Convention Center Development, Hotel Unit Fee, Corp.
Revenue, 5.00%, 11/15/2044, Callable 11/15/2015
@ 100, (AMBAC) ................................................. 2,000,000 2,083,639
Aaa/AAA North Hempstead, General Obligation, Series B, 6.375%,
4/1/2009, Non Callable, (FGIC) ................................. 570,000 608,612
Aaa/AAA North Hempstead, General Obligation, Series B, 6.40%,
4/1/2010, Non Callable, (FGIC) ................................. 560,000 611,671
NR/AAA Oneida County, Industrial Development Agency, Mohawk Valley
Network, St. Luke's Memorial Hospital, 5.00%, 1/1/2013,
Callable 1/1/2008 @ 101, (FSA) ................................. 2,000,000 2,056,060
Aaa/NR Oyster Bay, General Obligation, 5.00%, 3/15/2011,
Non Callable, (FSA) ............................................ 430,000 455,112
Aaa/AAA Rensselaer City School District, Certificate of Participation,
5.00%, 6/1/2017, Callable 6/1/16 @ 100, (XLCA) ................. 500,000 540,385

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2006 -- continued
(Unaudited)

Principal Fair Value
Credit Ratings** Municipal Securities (102.6%) Amount (Note 2)
- ---------------- ----------------------------- --------- ----------

Other New York State Bonds--(continued)
Aaa/NR Southern Cayuga, Central School District, General Obligation,
5.00%, 5/15/2014, Callable 5/15/2012 @ 100, (FSA) .............. $ 400,000 $ 426,236
Aaa/AAA Suffolk County, General Obligation, Series D, 5.00%,
11/1/2015, Callable 11/1/2008 @ 101, (FGIC) .................... 1,125,000 1,169,854
Aaa/AAA Suffolk County, General Obligation, Series D, 5.00%,
11/1/2016, Callable 11/1/2008 @ 101, (FGIC) .................... 1,110,000 1,154,256
------------
Total Other New York State Bonds .................................. 21,874,374
------------
Total Municipal Securities (Cost $96,800,139) ..................... 99,671,600
------------
Short Term Investments (0.8%)
Dreyfus New York Municipal Cash Management Fund ................... 810,000 810,000
------------
Total Short Term Investments (Cost $810,000) ...................... 810,000
------------
Total Investments (Cost $97,610,139) (a) -- 103.4% ................ $100,481,600
Liabilities in excess of other assets -- (3.4)% ................... (3,263,235)
------------
NET ASSETS -- 100.0% .............................................. $ 97,218,365
============

Percentages noted above are based on net assets as of August 31, 2006.

- ----------
** Credit Ratings given by Moody's Investors Service, Inc. and Standard &
Poor's Corp. (Unaudited)

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2006 -- continued
(Unaudited)

Moody's Standard & Poor's

Aaa AAA Instrument judged to be of the highest quality
and carrying the smallest amount of investment
risk.

Aa AA Instrument judged to be of high quality by all
standards.

A A Instrument judged to be of adequate quality by
all standards.

NR NR Not Rated. In the opinion of the Investment
Advisor, instrument judged to be of comparable
investment quality to rated securities which
may be purchased by the fund.

For items possessing the strongest investment attributes of their category,
Moody's gives that letter rating followed by a number.

The Standard & Poor's ratings may be modified by the addition of a plus or minus
sign to show relative standing within the major rating categories.

Abbreviations used in this statement:

AMBAC Insured as to principal and interest by the American Municipal
Bond Assurance Corp.

CIFG Insured as to principal and interest by Capitalized Interest
Financial Guaranty.

FGIC Insured as to principal and interest by the Financial Guaranty
Insurance Corp.

FHA Insured as to principal and interest by the Federal Housing
Administration.

FNMA Insured as to principal and interest by the Federal National
Mortgage Association.

FSA Insured as to principal and interest by Financial Security
Assurance.

MBIA Insured as to principal and interest by the Municipal Bond
Insurance Association.

POL CTL-SRF Insured as to principal and interest by the Pollution Control
State Revenue Fund.

XLCA Insured as to principal and interest by XL Capital Assurance.

Summary of Portfolio Holdings, (Unaudited):

Percent of
The Empire Builder Tax Free Bond Fund Net Assets
- ------------------------------------- ----------
New York City ..................................................... 37.4%
New York State Agencies ........................................... 42.7
Other New York State Bonds ........................................ 22.5
Short Term Investments ............................................ 0.8
-----
.................................................................. 103.4%
=====

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Statement of Assets and Liabilities
August 31, 2006
(Unaudited)

Assets:
Investments in securities, at fair value (cost $97,610,139) (Note 2) ......................... $100,481,600
Interest and dividends receivable ............................................................ 979,559
Receivable for capital shares issued ......................................................... 1,187
Receivable for investments sold .............................................................. 6,131,380
Prepaid expenses and other assets ............................................................ 35,795
------------
Total Assets ............................................................................... 107,629,521
Liabilities:
Cash overdraft ................................................................... $ 4,847,966
Dividends payable ................................................................ 27,356
Payable for investments purchased ................................................ 5,443,094
Payable for capital shares redeemed .............................................. 1,000
Advisory fees payable (Note 4) ................................................... 33,015
Administration fees payable (Note 4) ............................................. 2,761
Transfer agency fees payable (Note 4) ............................................ 41,153
Other accrued expenses ........................................................... 14,811
-----------
Total Liabilities .......................................................................... 10,411,156
------------
Net Assets ...................................................................................... $ 97,218,365
============
Net Assets:
Capital ...................................................................................... $ 94,004,598
Undistributed net investment income .......................................................... 43,635
Net realized gains (losses) from investments ................................................. 298,671
Net unrealized appreciation/depreciation of investments ...................................... 2,871,461
------------
Net Assets ................................................................................. $ 97,218,365
============
Builder Class:
Net Assets ....................................................................... $46,083,396
Shares of Beneficial Interest Outstanding ........................................ 2,612,796
-----------
Builder Class -- Net Asset Value
(offering and redemption price per share) ...................................... $ 17.64
===========
Premier Class:
Net Assets ....................................................................... $51,134,969
Shares of Beneficial Interest Outstanding ........................................ 2,898,846
-----------
Premier Class -- Net Asset Value
(offering and redemption price per share) ...................................... $ 17.64
===========

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Statement of Operations
For the Period March 1, 2006 through August 31, 2006
(Unaudited)

Investment Income:
Interest ..................................................................................... $ 2,220,845
Dividend ..................................................................................... 10,333
-----------
Total Investment Income ...................................................................... 2,231,178
Expenses:
Advisory fees (Note 4) ............................................................ $ 197,564
Administration fees (Note 4) ...................................................... 103,604
Transfer agency fees (Builder Class) (Note 4) ..................................... 64,130
Transfer agency fees (Premier Class) (Note 4) ..................................... 14,348
Compliance services fees (Note 4) ................................................. 30,360
Custody fees ...................................................................... 15,612
Fund accounting fees (Note 4) ..................................................... 31,126
Trustees' fees (Note 4) ........................................................... 19,688
Other fees ........................................................................ 98,209
---------
Total Expenses .................................................................. 574,641
Less: Custody fee credit ........................................................ (3,707)
---------
Total Net Expenses ......................................................................... 570,934
-----------
Net Investment Income ........................................................................... 1,660,244
-----------
Realized/Unrealized Gains (Losses) on Investments
(Notes 2 and 3)
Net realized gains (losses) from investment transactions .......................... 299,973
Change in unrealized appreciation/depreciation
from investment transactions .................................................... (444,224)
---------
Net realized/unrealized gains (losses) from investment transactions ........................ (144,251)
-----------
Change in net assets resulting from operations .................................................. $ 1,515,993
===========

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Statements of Changes in Net Assets

For the Period
March 1, 2006
through
August 31, 2006 Year Ended
(Unaudited) February 28, 2006
--------------- -----------------

From Investment Activities:
Operations:
Net investment income ..................................................... $ 1,660,244 $ 2,911,121
Net realized gains (losses) from investment transactions .................. 299,973 (118,027)
Change in unrealized appreciation/depreciation from
investment transactions ................................................ (444,224) (555,577)
------------- -------------
Change in net assets resulting from operations ......................... 1,515,993 2,237,517
------------- -------------
Distributions to shareholders from:
Net investment income -- Builder Class .................................... (758,191) (1,312,241)
Net investment income -- Premier Class .................................... (893,821) (1,540,648)
Net realized gains from investment transactions -- Builder Class .......... -- (24,867)
Net realized gains from investment transactions -- Premier Class .......... -- (27,553)
------------- -------------
Total distributions .................................................... (1,652,012) (2,905,309)
------------- -------------
Capital Transactions:
Proceeds from shares issued -- Builder Class .............................. 351,442 1,090,241
Proceeds from shares issued -- Premier Class .............................. 215,417 827,135
Dividends reinvested -- Builder Class ..................................... 707,317 1,193,736
Dividends reinvested -- Premier Class ..................................... 762,447 1,301,277
Value of shares redeemed -- Builder Class ................................. (3,232,812) (5,861,452)
Value of shares redeemed -- Premier Class ................................. (3,312,464) (4,554,616)
------------- -------------
Change in net assets from capital share transactions ................... (4,508,653) (6,003,679)
------------- -------------
Change in net assets ................................................... (4,644,672) (6,671,471)
Net Assets:
Beginning of period ....................................................... 101,863,037 108,534,508
------------- -------------
End of period ............................................................. $ 97,218,365 $ 101,863,037
============= =============
Share Transactions:
Issued -- Builder Class ................................................... 20,118 61,598
Issued -- Premier Class ................................................... 12,336 46,728
Reinvested -- Builder Class ............................................... 40,508 67,498
Reinvested -- Premier Class ............................................... 43,647 73,571
Redeemed -- Builder Class ................................................. (184,865) (331,422)
Redeemed -- Premier Class ................................................. (189,017) (257,400)
------------- -------------
Change in shares .......................................................... (257,273) (339,427)
------------- -------------
Undistributed net investment income ....................................... $ 43,635 $ 35,403
============= =============

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Financial Highlights
For a share of beneficial interest outstanding throughout each period

For the
Period
March 1, 2006 Year Ended Year Ended Year Ended
Through ----------------- ----------------- -----------------
August 31, 2006
(Unaudited) February 28, 2006 February 28, 2005 February 29, 2004
----------------- ----------------- ----------------- -----------------
Builder Premier Builder Premier Builder Premier Builder Premier
Class Class Class Class Class Class Class Class

Net Asset Value,
Beginning of period ............ $17.66 $17.66 $17.77 $17.77 $18.12 $18.13 $18.08 $18.08
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities:
Net investment income .......... 0.28 0.30 0.46 0.50 0.41 0.45 0.51 0.55
Net realized/unrealized
gains (losses) on
investments .................. (0.02) (0.02) (0.10) (0.10) (0.22) (0.23) 0.22 0.23
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Operations ..................... 0.26 0.28 0.36 0.40 0.19 0.22 0.73 0.78
------ ------ ------ ------ ------ ------ ------ ------
Distributions:
Net investment income .......... (0.28) (0.30) (0.46) (0.50) (0.41) (0.45) (0.51) (0.55)
Net realized capital gains ..... -- -- (0.01) (0.01) (0.13) (0.13) (0.18) (0.18)
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions ............ (0.28) (0.30) (0.47) (0.51) (0.54) (0.58) (0.69) (0.73)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value,
End of period .................. $17.64 $17.64 $17.66 $17.66 $17.77 $17.77 $18.12 $18.13
====== ====== ====== ====== ====== ====== ====== ======
Total Return (a) ................. 1.47% 1.58% 2.07% 2.26% 1.11% 1.29% 4.16% 4.40%
Ratios/Supplementary Data:
Net Assets, End of period
(in thousands) ............... $46,083 $51,135 $48,323 $53,540 $52,222 $56,313 $55,504 $61,048
Ratios of Net Investment
Income to Average
Net Assets (b) ............... 3.25% 3.47% 2.67% 2.86% 2.32% 2.55% 2.85% 3.03%
Ratios of Expenses to
Average Net Assets (b) ....... 1.27% 1.05% 1.20% 1.01% 1.18% 0.95% 1.04% 0.86%
Ratios of Expenses to

Average Net Assets* (b) ...... 1.28% 1.06% 1.21% 1.02% 1.22% 0.99% 1.05% 0.87%
Portfolio Turnover

Rate (a)(c) .................. 60.92% 60.92% 52.14% 52.14% 100.38% 100.38% 202.77% 202.77%

Year Ended Year Ended
----------------- -----------------

February 28, 2003 February 28, 2002
----------------- -----------------
Builder Premier Builder Premier
Class Class Class Class

Net Asset Value,
Beginning of period ............ $17.80 $17.80 $17.69 $17.69
------ ------ ------ ------
Investment Activities:
Net investment income .......... 0.61 0.66 0.72 0.77
Net realized/unrealized
gains (losses) on
investments .................. 0.54 0.54 0.27 0.27
------ ------ ------ ------
Total from Investment
Operations ..................... 1.15 1.20 0.99 1.04
------ ------ ------ ------
Distributions:
Net investment income .......... (0.61) (0.66) (0.71) (0.76)
Net realized capital gains ..... (0.26) (0.26) (0.17) (0.17)
------ ------ ------ ------
Total Distributions ............ (0.87) (0.92) (0.88) (0.93)
------ ------ ------ ------
Net Asset Value,
End of period .................. $18.08 $18.08 $17.80 $17.80
====== ====== ====== ======
Total Return (a) ................. 6.62% 6.90% 5.74% 6.01%
Ratios/Supplementary Data:
Net Assets, End of period
(in thousands) ............... $56,677 $61,025 $54,253 $59,910
Ratios of Net Investment
Income to Average
Net Assets (b) ............... 3.44% 3.71% 4.04% 4.30%
Ratios of Expenses to
Average Net Assets (b) ....... 1.16% 0.89% 1.14% 0.88%
Ratios of Expenses to

Average Net Assets* (b) ...... 1.16% 0.89% 1.14% 0.88%
Portfolio Turnover

Rate (a)(c) .................. 213.97% 213.97% 98.29% 98.29%

- ----------
* The ratio does not include a reduction of expenses for custodian fee
credits of cash balances maintained with the custodian or amounts
reimbursed by the administrator.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.

The accompanying notes are an integral part of the financial statements.

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements
(Unaudited)

1. Organization:

The Empire Builder Tax Free Bond Fund (the "Fund") was established as a
Massachusetts business trust by an Agreement and Declaration of Trust dated
September 30, 1983. The Fund is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end, non-diversified investment
company. The Fund has an unlimited number of shares authorized with no par
value.

The Fund offers two classes of shares; the Builder Class and the Premier
Class. Each class of shares outstanding bears the same dividend, liquidation and
other rights and conditions, except that the Builder Class shares and the
Premier Class shares bear separate transfer agency expenses. Each class of
shares has exclusive voting rights with respect to matters affecting only that
class.

Under the Fund's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund. In addition, in the normal course of business, the Fund may
enter into contracts with its vendors and others that provide for general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies adhered to
by the Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP").

Use of Estimates

Estimates and assumptions are required to be made regarding assets,
liabilities and changes in net assets resulting from operations when financial
statements are prepared. Changes in the economic environment, financial markets
and any other parameters used in determining these estimates could cause actual
results to differ from these amounts.

Security Valuation

Tax-exempt securities are valued at their fair value as determined by an
independent pricing service approved by the Fund's Board of Trustees. The
pricing service uses information with respect to transactions in bonds,
quotations from bond dealers, market transactions in comparable securities and
various relationships between securities in determining fair value. The methods
used by the pricing service and the quality of valuations so established are
reviewed by Glickenhaus & Co. (the "Adviser"), under the general supervision of
the Trustees of the Fund.

Securities for which quotations are not readily available are stated at
fair value using procedures approved by the Trustees of the Fund. Short-term
debt securities having remaining maturities of sixty (60) days or less are
stated at amortized cost, which approximates market value. Investments in
investment companies are reported at their respective net asset values as
reported by those companies.

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
(Unaudited)

Security Transactions and Investment Income

During the period, security transactions are accounted for no later than
one business day following the trade date. For financial reporting purposes;
however, security transactions are accounted for on trade date on the last
business day of the reporting period. Interest income, which includes
amortization of premium and accretion of discounts, is accrued as earned.
Realized gains and losses from security transactions and unrealized appreciation
and depreciation of investments are determined on the basis of identified cost.

Taxes

The Fund qualifies and intends to continue to qualify as a "regulated
investment company" under Subchapter M of the Internal Revenue Code, and to
distribute substantially all of its tax-exempt and taxable income. Therefore, no
federal income tax provision is required.

In addition, by distributing during each calendar year substantially all
of its net investment income, capital gains and certain other amounts, if any,
the Fund will not be subject to a federal excise tax.

On July 13, 2006, the Financial Accounting Standards Board (FASB) released
FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in the
course of preparing the Fund's tax return to determine whether the tax positions
are "more-likely-than-not" of being sustained by the applicable tax authority.
Tax positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. Management has not completed
their analysis on whether the adoption of FIN 48 will have an impact to the
financial statements.

Distributions and Dividends

Distributions to shareholders from net investment income are declared
daily and paid monthly. The Fund also distributes at least annually
substantially all net capital gains, if any, realized from portfolio
transactions.

The amounts of distributions from net investment income and net realized
gains are determined in accordance with federal income tax regulations, which
may differ from GAAP. These "book/tax" differences are either considered
temporary or permanent in nature. To the extent these differences are permanent
in nature (e.g. reclassification of market discounts, gain/loss, paydowns and
distributions), such amounts are reclassified within the composition of net
assets based on their federal tax-basis treatment; temporary differences do not
require reclassification.

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
(Unaudited)

Determination of Net Asset Value and Allocation of Expenses

In calculating net asset value per share of each class, investment income
and expenses, other than class-specific expenses, are allocated daily to each
class of shares based on shares outstanding. Realized and unrealized gains and
losses are allocated based on relative net assets.

Other

The Fund maintains a cash balance with its custodian and receives a
reduction of its custody fees and expenses for the amounts of interest earned on
such uninvested cash balance. There was no effect on net investment income for
the period ended August 31, 2006. The Fund could have invested such cash amounts
in an income-producing asset if it had not agreed to a reduction of fees or
expenses under the expense offset arrangement with the Fund's custodian.

3. Purchases and Sales of Investment Securities:

Purchases and sales of investment securities, excluding short-term
investments, during the period ended August 31, 2006, amounted to $60,415,278
and $57,493,891, respectively. During the year, there were no purchases or sales
of long-term U.S. government securities.

4. Advisory Fees and Other Related Party Transactions:

The Fund retains the Adviser to act as investment adviser pursuant to an
Investment Advisory Agreement. As compensation for its advisory services, the
Adviser receives a fee accrued daily and paid monthly, at the annual rates of
0.40% of the first $100,000,000 of average daily net assets and 0.3333% of any
excess over $100,000,000.

The Adviser has agreed to a reduction of advisory fees to the extent that
the Fund's expenses, including the advisory fees, exceed 1.50% of the Fund's
average annual net assets. For the period ended August 31, 2006, there was no
reduction of advisory fees pursuant to this agreement.

BISYS Fund Services Ohio, Inc. ("BISYS Ohio" or the "Administrator") and
BISYS Fund Services, Inc. ("BISYS"), subsidiaries of The BISYS Group, Inc.,
serve as the Fund's administrator, transfer agent and fund accountant. BISYS
Ohio and BISYS receive compensation for administration and fund accounting
services at a rate of 0.15% and 0.03%, respectively, of average daily net assets
of the Fund (subject to certain minimum amounts), including reimbursement for
certain expenses incurred. Fees received for transfer agency services are class
specific and are based on the number of accounts per class. All fees are accrued
daily and paid monthly.

Under a Compliance Services Agreement between the Fund and BISYS Ohio (the
"CCO Agreement"), BISYS Ohio makes an employee available to serve as the Fund's
Chief Compliance Officer (the "CCO"). Under the CCO Agreement, BISYS Ohio also
provides infrastructure and support in implementing the written policies and
procedures comprising the Fund's compliance program, including

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
(Unaudited)

support services to the CCO. Expenses incurred for the Fund are reflected on the
Statement of Operations as "Compliance services fees". BISYS Ohio pays the
salary and other compensation earned by any such individuals as employees of
BISYS Ohio.

Certain Officers and Trustees of the Fund are affiliated with the Adviser
or the Administrator. Such Officers and Trustees receive no compensation from
the Fund for serving in their respective roles. Each of the four non-interested
Trustees who serve on both the Board and the Audit Committee are compensated
$1,750 in retainer per quarter and a $750 fee for each regularly scheduled
meeting, plus reimbursement for certain expenses. During the period ended August
31, 2006, actual Trustee compensation was $20,000 in total from the Fund.

5. Concentration of Credit Risk:

The Fund invests primarily in debt instruments of municipal issuers in the
New York State. The issuers' abilities to meet their obligations may be affected
by economic developments in New York State or its region.

6. Federal Income Tax Information:

As of February 28, 2006, for federal tax purposes, the Fund has the
following capital loss carry forward available to off-set future capital gains,
if any, to the extent provided by the treasury regulations:

Amount Expires
------ -------
$99,283 2014

Capital losses after October 31 ("post-October losses") within the taxable
year are deemed to arise on the first business day of the Fund's next taxable
year. After October 31, 2005, for Federal income tax purposes, the Fund incurred
and elected to defer net capital losses in the amount of $18,625.

The tax character of current year distributions paid and the tax basis of
the current components of the accumulated earnings (deficit) will be determined
at the end of the current tax year, February 28, 2007.

As of August 31, 2006, the cost, gross unrealized appreciation and gross
unrealized depreciation on securities for federal income tax purposes, were as
follows:

Tax Net Unrealized
Tax Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- -------------- ------------ --------------

The Empire Builder
Tax Free Bond Fund $97,485,357 $3,015,312 $(19,069) $2,996,243

Investment Advisory Contract Approval (Unaudited)

The Fund's Advisory Agreement is subject to annual approval by (i) the
vote of the Board or of a majority of the outstanding voting securities (as
defined in the 1940 Act) of the Fund, and (ii) the vote of a majority of the
Trustees who are not interested persons of the Fund ("Independent Trustees").
The Advisory

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
(Unaudited)

Agreement is terminable with respect to the Fund by the Adviser, the Fund, or a
vote of a majority of the outstanding voting securities of the Fund, without
penalty, on 60 days' prior written notice and will terminate automatically in
the event of its assignment (as defined for purposes of the 1940 Act).

The Trustees meet over the course of the year with investment advisory
personnel from the Adviser and regularly review detailed information regarding
the investment program and performance of the Fund. The Trustees met in June
2006 to consider the continuation of the Fund's Advisory Agreement. In
connection with this meeting, the Trustees received materials to assist them
with their review. These materials included, among other things, (i) information
on the Fund's investment performance and the performance of a group of similar
mutual funds prepared by a third party; (ii) information on the Fund's advisory
fees and other expenses, including information comparing the Fund's expenses to
a group of similar funds prepared by a third party and information about any
applicable fee waiver and expense reimbursement and fee "breakpoints"; and (iii)
information about the profitability of the Advisory Agreement to the Adviser. In
considering whether to approve the continuation of the Advisory Agreement, the
Board did not identify any single factor as determinative. Matters considered by
the Board included the factors described below. In their evaluation of these
factors, the Independent Trustees were advised by counsel independent of the
Fund and the Adviser and had the opportunity to ask questions of or request
information from the Investment Adviser.

The Board considered the fees charged by the Adviser to the Fund under the
Advisory Agreement. The Adviser furnished information to the Board compiled by a
third party showing a comparison of the Adviser's fee rate for the Fund compared
to a group of similar mutual funds selected by the third party. The data showed
that the Fund's advisory fee rate is below the median and the average of the
comparative fund group. The data also indicated that the Fund's total expense
ratio was higher than the median and average of the comparative fund group. The
Board considered that the Fund, because it was smaller than most of the funds to
which it was being compared, could not take advantage of economies of scale
(which can reduce fund expenses) to the same extent as those larger funds. The
Adviser also provided information about the costs to it of providing services to
the Fund and information about its profitability with respect to its management
of the Fund. In reviewing the fees payable under the Agreement, the Board also
took into account so-called "fallout benefits" to the Adviser, such as the
convenience to investors in the Adviser's New York tax exempt unit investment
trusts of the availability of the Fund for automatic investment of amounts
distributed from the unit investment trusts. The Board also considered the
demands and complexity of the investment management of the Fund, and the fact
that profitability could be affected by the salaries paid to persons with an
ownership interest in the Adviser. After considering these and other relevant
factors, the Trustees concluded that the fees and expenses of the Fund, the
costs of the services to be provided and the profits to be realized by the
Adviser and its affiliates from their relationship with the Fund were not
excessive or unreasonable and supported the renewal of the Agreement.

The Board considered to what extent economies of scale would likely be
realized as the Fund grows. The Board noted that the advisory fee is currently
subject to a breakpoint, and that the advisory fee is subject to further
reduction if the Fund's total expenses exceed an expense cap. As noted above,

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
(Unaudited)

the Board also considered that the Fund's small size did not permit it to take
advantage of economies of scale to the same extent as larger funds. After
considering these and other relevant factors, the Board concluded that these
factors supported the renewal of the Advisory Agreement.

The Board reviewed performance information for the Fund for various
periods. That review included an examination of a comparison of the Fund's
performance to a group of other New York municipal debt mutual funds selected by
a third party. The Board noted that the performance of the Fund was below the
median and average performance of the Funds in the comparative group. They
further noted that the Adviser had provided reasons for the performance
disparity, including the Adviser's belief that it was prudent to reduce the risk
of the Fund by causing the Fund to take a relatively defensive investment
approach, which reduced Fund returns. Further, the Board noted that at least
part of the underperformance could be attributed to the Fund's higher expenses,
which themselves stem from the Fund's small size. After considering these and
other relevant factors, the Board concluded that these factors supported the
renewal of the Advisory Agreement.

The Board considered the nature, extent and quality of the services
provided by the Adviser. In this regard, the Board took into account the
experience of the Fund's portfolio management team and of the Adviser's senior
management, and the time and attention devoted to the Fund. After considering
these and other relevant factors, the Board concluded that these factors
supported the renewal of the Advisory Agreement.

After considering all of the information described above, the Board at the
meeting unanimously voted to approve the continuation of the Advisory Agreement,
including the advisory fees proposed in connection with that continuation.

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to
determine how to vote proxies relating to portfolio securities is available (i)
without charge, upon request, by calling 1-800-847-5886; and (ii) on the
Securities and Exchange Commission's (the "Commission") website at
http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30th is available
(i) without charge, upon request, by calling 1-800-847-5886; and (ii) on the
Commission's website at http://www.sec.gov.

The Fund files a complete Schedule of Portfolio Holdings with the
Commission for the first and third quarters of each fiscal year on Form N-Q. The
Fund's Forms N-Q are available without charge on the Commission's website at
http://www.sec.gov, or may be reviewed and copied at the Commission's Public
Reference Room in Washington, D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.

[LOGO] EMPIREBUILDER

TAX FREE BOND FUND
Semi-Annual Report
August 31, 2006

Investment Adviser and Distributor
Glickenhaus & Co.
546 Fifth Avenue
7th Floor
New York, New York 10036

Fund Accountant
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, Ohio 43219

Transfer Agent and Administrator
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, Ohio 43219

Custodian
State Street Bank & Trust Co.
800 Pennsylvania Avenue
5th Floor
Kansas City, Missouri 64105-1307

Legal Counsel
Ropes & Gray LLP
One International Place
Boston, Massachusetts 02110

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
100 E. Broad Street
Columbus, Ohio 43215

Customer Service
3435 Stelzer Road
Columbus, Ohio 43219
1-800-847-5886

This report is submitted for the information of the shareholders of The Empire
Builder Tax Free Bond Fund. It is not authorized for distribution to prospective
investors in the Fund unless preceded or accompanied by an effective prospectus,
obtainable from an investment dealer, which includes information regarding the
Fund's objectives and policies, record, management, sales commission and other
data.

534821

[LOGO] EMPIREBUILDER

3435 Stelzer Road
Columbus, Ohio 43219
1-800-847-5886

Item 2. Code of Ethics.

Not applicable - only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable - only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable - only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer
have concluded, based on their evaluation of the registrant's disclosure
controls and procedures as conducted within 90 days of the filing date of this
report, that these disclosure controls and procedures are adequately designed
and are operating effectively to ensure that information required to be
disclosed by the registrant on Form N-CSR is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the second fiscal quarter of the period covered by this report
that have materially affected or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable - Only effective for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Empire Builder Tax Free Bond Fund
-------------------------------------

By (Signature and Title)* /s/ Aaron Masek
----------------------
Aaron Masek, Treasurer

Date October 31, 2006
----------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Seth M. Glickenhaus
------------------------------
Seth M. Glickenhaus, President

Date October 31, 2006
----------------

By (Signature and Title)* /s/ Aaron Masek
----------------------
Aaron Masek, Treasurer

Date October 31, 2006
----------------

* Print the name and title of each signing officer under his or her signature.