<PAGE> PAGE 1
000 A000000 09/30/97
000 C000000 0000030125
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 1838 BOND-DEBENTURE TRADING FUND
001 B000000 811-2201
001 C000000 6102934300
002 A000000 5 RADNOR CORP.CTR., #320, 100 MATSONFORD
002 B000000 RADNOR
002 C000000 PA
002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 1838 INVESTMENT ADVISORS, L.P.
008 B000001 A
008 C000001 801-33025
008 D010001 RADNOR
008 D020001 PA
008 D030001 19087
010 A000001 RODNEY SQUARE MANAGEMENT CORPORATION
010 B000001 801-22071
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19890
010 C040001 0001
012 A000001 FIRST CHICAGO TRUST COMPANY OF NEW YORK
012 B000001 85-xxxx
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07303
012 C040001 2500
013 A000001 COOPERS & LYBRAND LLP
<PAGE> PAGE 2
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 REPUBLIC BANK OF NY
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10005
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 NONE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MORGAN STANLEY, DEAN WITTER, DICSCOVER CO.
022 B000001 13-2655998
022 C000001 3133
022 D000001 2884
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000002 13-5674085
022 C000002 3339
022 D000002 1302
022 A000003 GOLDMAN, SACHS & CO., INC.
022 B000003 13-5108880
022 C000003 1110
022 D000003 3235
022 A000004 SALOMON BROTHERS, INC.
022 B000004 13-3082694
022 C000004 1745
022 D000004 504
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 1000
022 D000005 1019
022 A000006 FORD MOTOR CREDIT CORP.
022 C000006 1800
022 D000006 0
022 A000007 UBS SECURITIES INC.
022 B000007 13-2932996
022 C000007 484
022 D000007 1001
<PAGE> PAGE 3
022 A000008 PAINEWEBBER, INC.
022 B000008 13-2638166
022 C000008 965
022 D000008 0
022 A000009 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
022 B000009 13-2741729
022 C000009 0
022 D000009 733
022 A000010 SPEAR, LEEDS & KELLOGG
022 B000010 13-5515160
022 C000010 0
022 D000010 712
023 C000000 13576
023 D000000 12942
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
<PAGE> PAGE 4
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 40000
048 A020000 0.625
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
<PAGE> PAGE 5
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 40000
048 K020000 0.500
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
058 B000000 N
058 C000000 N
058 D000000 N
058 E000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 2.2
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
<PAGE> PAGE 6
062 M000000 8.3
062 N000000 0.6
062 O000000 0.0
062 P000000 79.6
062 Q000000 6.0
062 R000000 0.3
063 A000000 0
063 B000000 20.6
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
<PAGE> PAGE 7
071 A000000 11776
071 B000000 13132
071 C000000 72911
071 D000000 16
072 A000000 6
072 B000000 2854
072 C000000 256
072 D000000 0
072 E000000 0
072 F000000 221
072 G000000 0
072 H000000 0
072 I000000 27
072 J000000 3
072 K000000 0
072 L000000 11
072 M000000 14
072 N000000 0
072 O000000 11
072 P000000 0
072 Q000000 0
072 R000000 12
072 S000000 13
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 22
072 X000000 334
072 Y000000 0
072 Z000000 2776
072AA000000 212
072BB000000 0
072CC010000 5296
072CC020000 0
072DD010000 4224
072DD020000 0
072EE000000 0
073 A010000 1.1500
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 102
074 B000000 0
074 C000000 2034
074 D000000 75368
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2047
<PAGE> PAGE 8
074 K000000 0
074 L000000 1695
074 M000000 4
074 N000000 81250
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1470
074 S000000 0
074 T000000 79780
074 U010000 3673
074 U020000 0
074 V010000 21.72
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 77988
076 000000 19.88
077 A000000 Y
077 Q010000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 282520105
087 A030000 BDF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
<PAGE> PAGE 9
SIGNATURE ANNA M. BENCROWSKY
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
1838 BOND-DEBENTURE TRADING FUND
</LEGEND>
<CIK> 0000030125
<NAME> 1838 BOND-DEBENTURE TRADING FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 72,342
<INVESTMENTS-AT-VALUE> 77,402
<RECEIVABLES> 3,742
<ASSETS-OTHER> 106
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,470
<TOTAL-LIABILITIES> 1,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,078
<SHARES-COMMON-STOCK> 3,673
<SHARES-COMMON-PRIOR> 3,673
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,509)
<ACCUMULATED-NET-GAINS> 151
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,060
<NET-ASSETS> 79,780
<DIVIDEND-INCOME> 2,854
<INTEREST-INCOME> 256
<OTHER-INCOME> 0
<EXPENSES-NET> 334
<NET-INVESTMENT-INCOME> 2,776
<REALIZED-GAINS-CURRENT> 212
<APPREC-INCREASE-CURRENT> 5,296
<NET-CHANGE-FROM-OPS> 8,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,224)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (60)
<OVERDISTRIB-NII-PRIOR> (61)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 221
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 334
<AVERAGE-NET-ASSETS> 77,988
<PER-SHARE-NAV-BEGIN> 20.61
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> 1.50
<PER-SHARE-DIVIDEND> (1.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.72
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
