<PAGE> PAGE 1
000 B000000 03/31/98
000 C000000 0000030125
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 1838 BOND-DEBENTURE TRADING FUND
001 B000000 811-02201
001 C000000 6102934300
002 A000000 5 RADNOR CORP.CTR., #320, 100 MATONSFORD
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 DECLARATION SERVICE COMPANY
010 C010001 CONSHOHOCKEN
010 C020001 PA
010 C030001 19428
012 A000001 DECLARATION SERVICE COMPANY
012 B000001 84-1737
012 C010001 CONSHOCKEN
012 C020001 PA
012 C030001 19428
013 A000001 COOPERS & LYBRAND
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19119
<PAGE> PAGE 2
015 A000001 REPUBLIC NATIONAL BANK OF NY
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10018
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
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 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
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
<PAGE> PAGE 3
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
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 40000
048 A020000 0.620
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
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
<PAGE> PAGE 4
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 3.2
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 10.5
062 N000000 5.6
062 O000000 0.0
062 P000000 79.1
062 Q000000 1.9
062 R000000 0.7
063 A000000 0
063 B000000 0.0
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
<PAGE> PAGE 5
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
071 A000000 14718
071 B000000 19531
071 C000000 79953
071 D000000 19
072 A000000 12
072 B000000 6108
072 C000000 100
072 D000000 0
072 E000000 0
072 F000000 447
072 G000000 0
072 H000000 0
072 I000000 51
072 J000000 7
072 K000000 0
072 L000000 26
072 M000000 30
072 N000000 0
072 O000000 22
072 P000000 0
072 Q000000 0
<PAGE> PAGE 6
072 R000000 25
072 S000000 27
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 45
072 X000000 680
072 Y000000 0
072 Z000000 5528
072AA000000 164
072BB000000 0
072CC010000 7587
072CC020000 0
072DD010000 5620
072DD020000 0
072EE000000 0
073 A010000 1.5300
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 83
074 B000000 0
074 C000000 2600
074 D000000 79121
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1716
074 M000000 0
074 N000000 83521
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 141
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 83380
074 U010000 3673
074 U020000 0
074 V010000 22.70
074 V020000 0.00
074 W000000 0.0000
074 X000000 1
074 Y000000 0
075 A000000 0
<PAGE> PAGE 7
075 B000000 953
076 000000 20.81
077 A000000 Y
077 B000000 Y
080 A000000 RELIANCE INSURANCE COMPANY
080 C000000 150
081 A000000 Y
081 B000000 3
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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
SIGNATURE CHRIS D'AMBROSIO
TITLE TREASURER
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUTNANTS
Board of Trustees of the
1838 Bond-Debenture Trading Fund:
In planning and performing our audit of the financial statements of the 1838
Bond-Debenture Trading Fund for the year ended March 31, 1998, we considered its
internal control, including controls over safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of 1838 Bond-Debenture Trading Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of a specific
internal control component does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of march 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
Philadelphia, Pennsylvania
April 30, 1998
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
