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)

Citi 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 29, 2008
-------------------------------------------------------

Date of reporting period: August 31, 2007
------------------------------------------------------

Item 1. Reports to Stockholders.

- ------------------------------ ------------------------------
[LOGO]
EMPIRE BUILDER
--------------------
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 period ended August 31, 2007.

From January 1 through August 31, 2007, the Builder class was up 0.17%,
and the Premier class was up 0.29%. Troubles in the housing market and subprime
mortgage industry continue to pressure all fixed income markets, including
municipals. The Federal Reserve Board responded by cutting the Federal Fund Rate
by 50 basis points at their September meeting, which is currently 4.75%. This
move should open up some opportunities for the Fund.

We will continue to focus on maintaining the high credit quality of the
bonds in the Fund. 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.

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

Expense Examples (Unaudited):

As a shareholder of The Empire Builder Tax Free Bond Fund, you incur two types
of costs: (1) transaction costs, 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, 2007 through August 31,
2007.

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
3/1/07 8/31/07 3/1/07 - 8/31/07 3/1/07 - 8/31/07
------------- ------------- ---------------- ----------------

The Empire Builder Tax Free Bond Fund Builder Class $1,000.00 $995.50 $6.62 1.32%
Premier Class 1,000.00 995.90 5.67 1.13%

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 $1,018.50 $6.70 1.32%
Premier Class 1,000.00 1,019.46 5.74 1.13%

- ----------
* 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
(to reflect the on-half year period).

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2007
(Unaudited)

Principal Fair Value
Credit Ratings** Municipal Securities (86.6%) Amount (Note 2)
- ---------------- ---------------------------- --------- -----------

New York City (19.1%)
New York City, General Obligation
Series A
AAA/AAA 5.250%, 11/1/2015, (MBIA) .................................... $5,000,000 $ 5,308,850
Series B
AAA/AAA 5.250%, 8/1/2017, Callable 8/1/2007 @ 101, (AMBAC) ........... 730,000 738,052
AAA/AAA 5.125%, 8/1/2019, Callable 8/1/2010 @ 101, (FGIC) ............ 2,000,000 2,076,660
AAA/AAA 5.375%, 8/1/2022, Callable 8/1/2007 @ 101, (MBIA) ............ 1,215,000 1,228,535
AAA/AAA New York City, Health & Hospitals Corporation,
Health System Revenue, Series A, 5.500%,
2/15/2018, Callable 2/15/2012 @ 100, (FSA) ................... 1,000,000 1,060,080
New York City, Transitional Finance Authority, Series B
AA2/AAA 5.000%, 11/1/2014, Non Callable .............................. 3,590,000 3,841,264
AA2/AAA 5.000%, 11/1/2016, Non Callable .............................. 1,500,000 1,611,585
AA2/AAA 5.000%, 11/1/2017, Callable 5/1/2017 @ 100 ................... 1,305,000 1,397,799
-----------
Total New York City.............................................. 17,262,825
-----------
New York State Agencies (39.1%)
New York State Dormitory Authority (39.1%)
Augustana Lutheran Home for the Aged, Series A
AAA/AAA 5.500%, 8/1/2020, Callable 8/1/2010 @ 101,
(FHA/MBIA) ................................................... 850,000 893,860
AAA/AAA 5.500%, 8/1/2030, Callable 8/1/2010 @ 101,
(FHA/MBIA) ................................................... 750,000 785,122
AAA/AAA Good Samaritan Medical Center, Series A, 5.625%,
7/1/2012, Callable 7/1/2009 @ 101, (MBIA) .................... 1,365,000 1,421,866
AA2/AA Memorial Sloan-Kettering Cancer Center, Series 1,
5.000%, 7/1/2034, Callable 7/1/2013 @ 100 .................... 3,000,000 3,008,790
AAA/AAA Mental Health Services Facilities Improvement,
Series A, 5.000%, 2/15/2019, Callable 2/15/2015
@ 100, (AMBAC) ............................................... 2,500,000 2,613,650
AAA/AAA New York Medical College, 5.250%, 7/1/2013, Callable
7/1/2008 @ 101, (MBIA) ....................................... 1,015,000 1,037,168
AAA/AAA New York University, Series 2, 5.500%, 7/1/2018,
Callable 7/1/2011 @ 100, (AMBAC) ............................. 500,000 528,305
North Shore L I Jewish Obligated Group, Series A
A3/NR 5.000%, 5/1/2032, Callable 05/01/2017 @ 100 .................. 1,000,000 972,320
A3/NR 5.000%, 5/1/2037, Callable 05/01/2017 @ 100 .................. 3,000,000 2,887,650
Park Ridge Housing, Inc.
AAA/AAA 6.375%, 8/1/2020, Callable 8/1/2010 @ 101,
(AMBAC/FNMA) ................................................. 1,000,000 1,075,970
AAA/AAA 6.500%, 8/1/2025, Callable 8/1/2010 @ 101,
(AMBAC/FNMA) ................................................. 1,470,000 1,586,689
Rochester Institute of Technology, Series A
AAA/NR 5.250%, 7/1/2016, Callable 7/1/2012 @ 100, (AMBAC) ........... 2,045,000 2,161,504
AAA/NR 5.250%, 7/1/2017, Callable 7/1/2012 @ 100, (AMBAC) ........... 2,155,000 2,276,800

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

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2007 -- continued
(Unaudited)

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

New York State Agencies--(continued)
AAA/AAA School Districts Financing, Series C, 5.250%,
4/1/2021, Callable 10/1/2012 @ 100, (MBIA) ................... $ 1,300,000 $ 1,361,737
AAA/AAA Special Acts School Districts Program, 6.000%,
7/1/2019, Callable 7/1/2007 @ 100, (MBIA) .................... 3,540,000 3,545,310
St. Lawrence - Lewis BOCES
AAA/AAA 4.000%, 8/15/2018, Callable 8/15/2017 @ 100,
(FSA State Aid Withholding) .................................. 100,000 98,344
AAA/AAA 4.125%, 8/15/2020, Callable 8/15/2017 @ 100,
(FSA State Aid Withholding) .................................. 110,000 107,037
AAA/AAA 4.250%, 8/15/2021, Callable 8/15/2017 @ 100, (FSA) ........... 100,000 97,429
NR/AA- State Supported Debt, Department of Education,
Series A, 5.000%, 7/1/2018, Callable 7/1/2016 @ 100 .......... 1,000,000 1,054,640
A1/A+ University of Rochester, Series A1, 5.000%, 7/1/2019,
Callable 1/1/2017@100 ........................................ 2,305,000 2,400,727
Upstate Community Colleges
Series B
AAA/AAA 5.250%, 7/1/2015, Callable 7/1/2014 @ 100, (FGIC-TCRS) ....... 3,140,000 3,389,661
Series A
AAA/AAA 6.000%, 7/1/2019, Prerefunded 7/1/2010 @ 101, (FSA) .......... 1,000,000 1,073,120
AAA/AAA 6.000%, 7/1/2020, Prerefunded 7/1/2010 @ 101, (FSA) .......... 845,000 906,786
-----------
Total New York State Agencies.................................... 35,284,485
-----------
Other New York State Agencies (13.7%)
AAA/AAA Metropolitan Transportation Authority, Revenue, Series B,
5.250%, 11/15/2017, Callable 11/15/2013 @ 100, (FGIC) ........ 6,820,000 7,318,065
AAA/AAA Metropolitan Transportation Authority, Service Contracts,
Series A, 5.000%, 7/1/2030, Callable 7/1/12 @ 100, (AMBAC) ... 2,000,000 2,035,840
AAA/AAA New York Convention Center Development Corp., Hotel
Unit Fee, Revenue, 5.000%, 11/15/2044, Callable
11/15/2015 @ 100, (AMBAC) .................................... 1,325,000 1,334,646
AAA/AAA New York State Environmental Facilities Corp., State
Water Pollution Control Revenue, Revolving Fund,
Pooled Loan, 5.900%, 1/15/2018, Callable 1/15/2007
@ 101, (POL CTL-SRF) ......................................... 725,000 730,604
A1/AA- New York State Urban Development Corp., Empire State
Development, University Facilities Grants, 6.000%,
1/1/2009, Non Callable ....................................... 905,000 931,209
-----------
Total Other New York State Agencies.............................. 12,350,364
-----------

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

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2007 -- continued
(Unaudited)

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

Other New York State Bonds (14.7%)
A3/NR Albany Housing Authority, Limited Obligation, 6.250%,
10/1/2012, Callable 10/1/2007 @ 100 .......................... $ 1,000,000 $ 1,001,770
Corning, City School District, General Obligation
AAA/NR 5.000%, 6/15/2012, Non Callable, (FSA) ....................... 1,000,000 1,056,400
AAA/NR 5.000%, 6/15/2013, Callable 6/15/2012 @ 100, (FSA) ........... 970,000 1,021,662
AAA/NR 5.000%, 6/15/2014, Callable 6/15/2012 @ 100, (FSA) ........... 600,000 630,084
Evans, General Obligation
AAA/AAA 6.800%, 4/15/2012, Non Callable, (AMBAC) ..................... 225,000 254,817
AAA/AAA 6.800%, 4/15/2013, Non Callable, (AMBAC) ..................... 225,000 259,178
AAA/NR Fayetteville Manlius, Central School District, General
Obligation, 5.000%, 6/15/2016, Callable 6/15/2012
@ 101, (FGIC) ................................................ 375,000 395,246
Ilion, Central School District, General Obligation, Series B
AAA/NR 5.500%, 6/15/2015, Callable 6/15/2012 @ 101, (FGIC) .......... 550,000 594,561
AAA/NR 5.500%, 6/15/2016, Callable 6/15/2012 @ 101, (FGIC) .......... 500,000 540,055
AAA/AAA Mount Sinai, Union Free School District, General Obligation,
6.200%, 2/15/2012, Non Callable, (AMBAC) ..................... 1,065,000 1,173,630
North Hempstead, General Obligation, Series B
AAA/AAA 6.375%, 4/1/2009, Non Callable, (FGIC) ....................... 570,000 594,214
AAA/AAA 6.400%, 4/1/2010, Non Callable, (FGIC) ....................... 560,000 597,604
AAA/AAA Oneida County, IDA Civic Facilities, Mohawk Valley Network,
St. Luke's Memorial Hospital, 5.000%, 1/1/2013, Callable
1/1/2008 @ 101, (FSA) ........................................ 2,000,000 2,027,960
AAA/NR Oyster Bay, General Obligation, 5.000%, 3/15/2011,
Non Callable, (FSA) .......................................... 430,000 449,191
AAA/NR Southern Cayuga, Central School District, General Obligation,
5.000%, 5/15/2014, Callable 5/15/2012 @ 100, (FSA) ........... 400,000 420,616
Suffolk County, General Obligation, Series D
AAA/AAA 5.000%, 11/1/2015, Callable 11/1/2008 @ 101, (FGIC) .......... 1,125,000 1,150,447
AAA/AAA 5.000%, 11/1/2016, Callable 11/1/2008 @ 101, (FGIC) .......... 1,110,000 1,134,353
-----------
Total Other New York State Bonds................................. 13,301,788
-----------
Total Municipal Securities (Cost $77,381,206).................... 78,199,462
-----------
Short Term Investment (3.4%)(a)
Dreyfus New York Municipal Cash Management Fund.................. 3,110,000 3,110,000
-----------
Total Investments (Cost $80,491,206) -- 90.0%..................... 81,309,462
Net Other Assets (Liabilities) -- 10.0%........................... 9,011,160
-----------
NET ASSETS -- 100.0%.............................................. $90,320,622
===========

- ----------
(a) Variable or Floating Rate Security. Rate disclosed is as of August 31,
2007.

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

THE EMPIRE BUILDER TAX FREE BOND FUND

Portfolio of Investments -- August 31, 2007 -- continued
(Unaudited)

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

BOCES Board of Cooperative Educational Services.

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

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 Federal Security Assurance.

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

Summary of Portfolio Holdings (Unaudited):

Percent of
The Empire Tax Free Bond Fund Net Assets
- ----------------------------- ----------
New York City.............................................. 19.1%
New York State Agencies.................................... 39.1%
Other New York State Bonds................................. 28.4%
Short Term Investments..................................... 3.4%
----
90.0%
====

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, 2007
(Unaudited)

Assets:
Investments in securities, at fair value (cost
$80,491,206) (Note 2) ..................................... $81,309,462
Cash ........................................................ 8,203,219
Interest and dividends receivable ........................... 906,951
Receivable for capital shares issued ........................ 15,150
Prepaid expenses and other assets ........................... 8,609
-----------
Total Assets ................................................ 90,443,391
-----------
Liabilities:
Dividends payable ........................................... 15,350
Advisory fees payable (Note 4) .............................. 30,758
Administration fees payable (Note 4) ........................ 3,133
Transfer agency fees payable (Note 4) ....................... 17,811
Custodian fees payable ...................................... 6,340
Compliance services fees payable (Note 4) ................... 1,321
Other accrued expenses ...................................... 48,056
-----------
Total Liabilities ........................................... 122,769
-----------
Net Assets ..................................................... $90,320,622
===========
Net Assets:
Capital ..................................................... $88,965,996
Accumulated undistributed net investment income ............. 137,210
Accumulated undistributed net realized gains from investments 399,160
Net unrealized appreciation of investments .................. 818,256
-----------
Net Assets ..................................................... $90,320,622
===========
Builder Class:
Net Assets .................................................. $42,708,742
Shares of Beneficial Interest Outstanding ................... 2,470,629
-----------
Net Asset Value, Offering and Redemption Price per share .... $ 17.29
===========
Premier Class:
Net Assets .................................................. $47,611,880
Shares of Beneficial Interest Outstanding ................... 2,753,755
-----------
Net Asset Value, Offering and Redemption Price per share .... $ 17.29
===========

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

THE EMPIRE BUILDER TAX FREE BOND FUND

Statement of Operations
For the Six Months Ended August 31, 2007
(Unaudited)

Investment Income:
Interest ................................................... $ 2,040,639
Dividend ................................................... 32,609
-----------
Total Investment Income .................................... 2,073,248
Expenses:
Advisory fees (Note 4) ..................................... 185,802
Administration fees (Note 4) ............................... 103,926
Fund accounting fees (Note 4) .............................. 33,304
Transfer agency fees - Builder Class (Note 4) .............. 58,066
Transfer agency fees - Premier Class (Note 4) .............. 18,538
Custody fees ............................................... 15,810
Trustees' fees (Note 4) .................................... 33,897
Compliance services fee (Note 4) ........................... 37,387
Legal fees ................................................. 34,633
Other fees ................................................. 52,625
-----------
Total Expenses ........................................... 573,988
Less: Custody fee credit ................................. (8,066)
-----------
Total Net Expenses ......................................... 565,922
-----------
Net Investment Income ......................................... 1,507,326
-----------
Realized/Unrealized Gains on Investments (Notes 2 and 3)
Net realized losses from investment transactions ........... (75,963)
Change in unrealized appreciation/depreciation from
investment transactions .................................. (1,853,949)
-----------
Net realized/unrealized losses from investments ........... (1,929,912)
-----------
Change in net assets resulting from operations ................ $ (422,586)
===========

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

THE EMPIRE BUILDER TAX FREE BOND FUND

Statements of Changes in Net Assets

Six Months Ended Year Ended
August 31, 2007 February 28, 2007
---------------- -----------------
(Unaudited)

From Investment Activities:
Operations:
Net investment income ............................. $ 1,507,326 $ 3,201,587
Net realized gains (losses) from
investment transactions ......................... (75,963) 851,324
Change in unrealized appreciation/depreciation from
investment transactions ......................... (1,853,949) (643,480)
------------- -------------
Change in net assets resulting from operations .... (422,586) 3,409,431
------------- -------------
Distributions to Shareholders from:
Net investment income:
Builder Class ..................................... (677,996) (1,465,943)
Premier Class ..................................... (800,387) (1,721,433)
Net realized gains from investment transactions:
Builder Class ..................................... -- (150,345)
Premier Class ..................................... -- (165,902)
Total distributions ............................... (1,478,383) (3,503,623)
------------- -------------
Change in net assets from capital share transactions . (2,640,965) (6,906,289)
------------- -------------
Change in net assets .............................. (4,541,934) (7,000,481)
Net Assets:
Beginning of period ............................... 94,862,556 101,863,037
------------- -------------
End of period ..................................... $ 90,320,622 $ 94,862,556
============= =============
Accumulated net investment income ................. $ 137,210 $ 108,267
============= =============
Capital Transactions:
Builder Class
Proceeds from shares issued ....................... $ 418,702 $ 731,923
Dividends reinvested .............................. 616,866 1,509,355
Value of shares redeemed .......................... (2,435,197) (5,504,685)
------------- -------------
Total Builder Class ............................. (1,399,629) (3,263,407)
------------- -------------
Premier Class
Proceeds from shares issued ....................... 389,930 469,568
Dividends reinvested .............................. 655,196 1,623,363
Value of shares redeemed .......................... (2,286,462) (5,735,813)
------------- -------------
Total Premier Class ............................. (1,241,336) (3,642,882)
------------- -------------
Change in net assets from capital share transactions . $ (2,640,965) $ (6,906,289)
============= =============
Share Transactions:
Builder Class
Issued ............................................ 24,128 41,662
Reinvested ........................................ 35,463 85,919
Redeemed .......................................... (139,801) (313,777)
------------- -------------
Total Builder Class Shares ...................... (80,210) (186,196)
------------- -------------
Premier Class
Issued ............................................ 22,506 26,740
Reinvested ........................................ 37,670 92,388
Redeemed .......................................... (131,168) (326,261)
------------- -------------
Total Premier Class Shares ...................... (70,992) (207,133)
------------- -------------

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

Six Months Ended
August 31, 2007 Year Ended Year Ended
(Unaudited) February 28, 2007 February 28, 2006
------------------- -------------------- --------------------
Builder Premier Builder Premier Builder Premier
Class Class Class Class Class Class
------- ------- ------- ------- ------- -------

Net Asset Value,
Beginning of Period ......... $17.64 $17.65 $17.66 $17.66 $17.77 $17.77
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income ....... 0.28 0.29 0.56 0.59 0.46 0.50
Net realized/ unrealized
gains/(losses) on
investments ............... (0.36) (0.36) 0.04 0.05 (0.10) (0.10)
------- ------- ------- ------- ------- -------
Total from Investment
Operations .................. (0.08) (0.07) 0.60 0.64 0.36 0.40
------- ------- ------- ------- ------- -------
Distributions:
Net investment income ....... (0.27) (0.29) (0.56) (0.59) (0.46) (0.50)
Net realized capital gains .. -- -- (0.06) (0.06) (0.01) (0.01)
------- ------- ------- ------- ------- -------
Total distributions ......... (0.27) (0.29) (0.62) (0.65) (0.47) (0.51)
======= ======= ======= ======= ======= =======
Net Asset Value,
End of Period ............... $17.29 $17.29 $17.64 $17.65 $17.66 $17.66

Total Return (a) .............. (0.45)% (0.41)% 3.44% 3.70% 2.07% 2.26%
Ratios/Supplementary Data:
Net Assets, End of Period
(in thousands) ............ $42,709 $47,612 $45,010 $49,853 $48,323 $53,540
Ratios of Net Investment
Income to Average
Net Assets (b) ............ 3.15% 3.33% 3.19% 3.39% 2.67% 2.86%
Ratios of Net Expenses
to Average Net
Assets (b) (c) ............ 1.32% 1.13% 1.28% 1.08% 1.20% 1.01%
Ratios of Expenses to
Average Net Assets* (b) 1.32% 1.13% 1.30% 1.10% 1.21% 1.02%
Portfolio Turnover
Rate(a) (d) ............... 27.72% 27.72% 134.56% 134.56% 52.14% 52.14%

Year Ended Year Ended Year Ended
February 28, 2005 February 29, 2004 February 28, 2003
------------------- -------------------- ------------------
Builder Premier Builder Premier Builder Premier
Class Class Class Class Class Class
------- ------- ------- ------- -------- -------

Net Asset Value,
Beginning of Period ......... $18.12 $18.13 $18.08 $18.08 $17.80 $17.80
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income ....... 0.41 0.45 0.51 0.55 0.61 0.66
Net realized/ unrealized
gains/(losses) on
investments ............... (0.22) (0.23) 0.22 0.23 0.54 0.54
------- ------- ------- ------- ------- -------
Total from Investment
Operations .................. 0.19 0.22 0.73 0.78 1.15 1.20
------- ------- ------- ------- ------- -------
Distributions:
Net investment income ....... (0.41) (0.45) (0.51) (0.55) (0.61) (0.66)
Net realized capital gains .. (0.13) (0.13) (0.18) (0.18) (0.26) (0.26)
------- ------- ------- ------- ------- -------
Total distributions ......... (0.54) (0.58) (0.69) (0.73) (0.87) (0.92)
======= ======= ======= ======= ======= =======
Net Asset Value,
End of Period ............... $17.77 $17.77 $18.12 $18.13 $18.08 $18.08

Total Return (a) .............. 1.11% 1.29% 4.16% 4.40% 6.62% 6.90%
Ratios/Supplementary Data:
Net Assets, End of Period
(in thousands) ............ $52,222 $56,313 $55,504 $61,048 $56,677 $61,025
Ratios of Net Investment
Income to Average
Net Assets (b) ............ 2.32% 2.55% 2.85% 3.03% 3.44% 3.71%
Ratios of Net Expenses
to Average Net
Assets (b) (c) ............ 1.18% 0.95% 1.04% 0.86% 1.16% 0.89%
Ratios of Expenses to
Average Net Assets* (b) 1.22% 0.99% 1.05% 0.87% 1.16% 0.89%
Portfolio Turnover
Rate(a) (d) ............... 100.38% 100.38% 202.77% 202.77% 213.97% 213.97%

- ----------
* 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) Ratio as disclosed reflects the impact of custody fee credits from the
custodian. Had the custody credits not been included the impact would have
been to increase the ratios by 0.00%, 0.02%, 0.01%, 0.01%, 0.01% and
0.00%, for the six months ended August 31, 2007 and the years 2007, 2006,
2005, 2004 and 2003, respectively.

(d) 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
August 31, 2007

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 amounts of
income and expenses, assets and liabilities and disclosure of contingent assets
and liabilities at the dates of the financial statement. 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
August 31, 2007

New Accounting Pronouncements

As required, effective June 29, 2007 (or applicable effective date), the
Fund adopted Financial Accounting Standards Board 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. The adoption of FIN 48 did not impact the
Fund's net assets or results of operations.

In September 2006, the FASB issued Statement of Financial Accounting
Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This standard
establishes a single authoritative definition of fair value, sets out a
framework for measuring fair value and requires additional disclosures about
fair value measurements. SFAS 157 applies to fair value measurements already
required or permitted by existing standards. SFAS 157 is effective for financial
statements issued for fiscal years beginning after November 15, 2007 and interim
periods within those fiscal years. The changes to current accounting principles
generally accepted in the United States of America from the application of this
Statement relate to the definition of fair value, the methods used to measure
fair value and the expanded disclosures about fair value measurements. At this
time, the Fund does not believe the adoption of SFAS 157 will impact the
financial statement amounts; however, additional disclosures may be required
about the inputs used to develop the measurements and the effect of certain of
the measurements on changes in net assets for the period.

Security Transactions and Investment Income

Security transactions are accounted for no later than one business day
after trade date. However, for financial reporting purposes, security
transactions are accounted for on trade date. 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. 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. Therefore, no federal income tax provision is
required.

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 EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
August 31, 2007

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. reclass 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.

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, 2007. 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, 2007, amounted to $23,809,191
and $43,140,334, respectively. During the period, 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, 2007, there was no
reduction of advisory fees pursuant to this agreement.

Citi Fund Services Ohio, Inc. ("Citi Ohio" or the "Administrator") and
Citi Fund Services, Inc. ("Citi"), subsidiaries of Citi Investor Services, Inc.,
serves as the Fund's administrator, transfer agent and fund accountant. Citi
Ohio and Citi 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

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
August 31, 2007

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 Citi Ohio (the
"CCO Agreement"), Citi Ohio makes an employee available to serve as the Fund's
Chief Compliance Officer (the "CCO"). Under the CCO Agreement, Citi Ohio also
provides infrastructure and support in implementing the written policies and
procedures comprising the Fund's compliance program, including support services
to the CCO. Expenses incurred for the Fund are reflected on the Statement of
Operations as "Compliance service fees". Citi Ohio pays the salary and other
compensation earned by any such individuals as employees of Citi 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
$2,100 in retainer per quarter and a $900 fee for each regularly scheduled
meeting, plus reimbursement for certain expenses. During the period ended August
31, 2007, actual Trustee compensation was $61,000 in total from the Fund.

5. Concentration of Credit Risk:

The Fund invests primarily in debt instruments of municipal issuers in 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, 2007, the Fund had no net capital loss carryforwards to
offset future net capital gains, if any, to the extent provided by the Treasury
regulations. To the extent that these carryforwards could be used to offset
future capital gains, it is probable that the gains that are offset will not be
distributed to shareholders.

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, 2006, for Federal income tax purposes, the Fund did not
incur any net capital losses.

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 29, 2008.

THE EMPIRE BUILDER TAX FREE BOND FUND

Notes to Financial Statements -- continued
August 31, 2007

As of August 31, 2007, 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
Fund Tax Cost Appreciation (Depreciation) (Depreciation)
- ---- ---------- ---------------- -------------- ----------------

Empire Builder Tax-Free Bond Fund 80,547,451 1,348,006 (585,995) 762,011

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]
EMPIRE BUILDER

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

[LOGO]
EMPIRE BUILDER
TAX FREE BOND FUND
Semi-Annual Report
August 31, 2007

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

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

Transfer Agent and Administrator
Citi 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.

540592

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, 2007

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, 2007

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

Date October 31, 2007

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