<PAGE> PAGE 1
000 B000000 03/31/1999
000 C000000 0000030125
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 1838 BOND DEBENTURE TRADING FUND
001 B000000 811-02201
001 C000000 6102924300
002 A000000 100 MATSONFORD ROAD
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
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 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 4554
022 D000001 1027
022 A000002 SALOMON BROTHERS
022 B000002 13-3082694
022 C000002 2330
<PAGE> PAGE 2
022 D000002 0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 1889
022 D000003 2690
022 A000004 REPUBLIC NATIONAL
022 C000004 1426
022 D000004 524
022 A000005 WARBURG DILLON READ
022 B000005 13-1939216
022 C000005 1370
022 D000005 734
022 A000006 UBS SECURITIES
022 B000006 13-3873456
022 C000006 1051
022 D000006 0
022 A000007 FIRST BOSTON
022 C000007 750
022 D000007 501
022 A000008 ABN AMRO SECURITIES
022 B000008 13-3227945
022 C000008 729
022 D000008 0
022 A000009 DONALDSON LUFKIN
022 B000009 13-2741729
022 C000009 548
022 D000009 2462
022 A000010 CHASE MANHATTAN
022 B000010 13-3112953
022 C000010 493
022 D000010 505
023 C000000 16142
023 D000000 14428
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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
<PAGE> PAGE 3
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
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
048 000000 0.000
048 A010000 0
048 A020000 0.000
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
<PAGE> PAGE 4
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 0
048 K020000 0.000
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 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 2.0
062 M000000 11.0
062 N000000 4.0
062 O000000 0.0
062 P000000 81.0
062 Q000000 2.0
062 R000000 0.0
063 A000000 0
063 B000000 23.1
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 16142
071 B000000 14428
071 C000000 80648
071 D000000 18
072 A000000 12
072 B000000 6149
072 C000000 48
072 D000000 0
072 E000000 0
072 F000000 465
072 G000000 0
072 H000000 0
<PAGE> PAGE 5
072 I000000 36
072 J000000 7
072 K000000 0
072 L000000 15
072 M000000 24
072 N000000 0
072 O000000 17
072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 9
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 39
072 X000000 637
072 Y000000 0
072 Z000000 5560
072AA000000 340
072BB000000 0
072CC010000 0
072CC020000 1826
072DD010000 5473
072DD020000 0
072EE000000 423
073 A010000 1.4800
073 A020000 0.0000
073 B000000 0.1300
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 79996
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 0
074 M000000 1658
074 N000000 81654
074 O000000 0
074 P000000 26
074 Q000000 0
074 R010000 68
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
<PAGE> PAGE 6
074 T000000 81560
074 U010000 3673
074 U020000 0
074 V010000 22.20
074 V020000 0.00
074 W000000 0.0000
074 X000000 1
074 Y000000 0
075 A000000 0
075 B000000 0
076 000000 20.69
077 A000000 Y
077 B000000 Y
080 A000000 CHUBB COMPANY
080 C000000 600
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
SIGNATURE ANNA BENCROWSKY
TITLE SECRETARY
To the Board of Directors of
1838 Bond-Debenture Trading Fund
In planning and performing our audit of the financial statements and financial
highlights of 1838 Bond-Debenture Trading Fund (the "Fund") for the year ended
March 31, 1999, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the 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 and financial highlights
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, error or fraud may occur
and 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights 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 and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of the Fund, and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
April 23, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 74,470,431
<INVESTMENTS-AT-VALUE> 79,995,620
<RECEIVABLES> 1,657,865
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,653,485
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,987
<TOTAL-LIABILITIES> 93,987
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,405,142
<SHARES-COMMON-STOCK> 3,673,258
<SHARES-COMMON-PRIOR> 3,673,258
<ACCUMULATED-NII-CURRENT> 8,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (52,187)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,525,189
<NET-ASSETS> 81,559,498
<DIVIDEND-INCOME> 47,989
<INTEREST-INCOME> 6,149,546
<OTHER-INCOME> 0
<EXPENSES-NET> 636,846
<NET-INVESTMENT-INCOME> 5,560,689
<REALIZED-GAINS-CURRENT> 340,192
<APPREC-INCREASE-CURRENT> (1,825,507)
<NET-CHANGE-FROM-OPS> 4,075,374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,472,586
<DISTRIBUTIONS-OF-GAINS> 422,993
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,820,205
<ACCUMULATED-NII-PRIOR> 5,528,166
<ACCUMULATED-GAINS-PRIOR> 164,027
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 465,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 636,846
<AVERAGE-NET-ASSETS> 82,526,901
<PER-SHARE-NAV-BEGIN> 22.70
<PER-SHARE-NII> 1.52
<PER-SHARE-GAIN-APPREC> (.41)
<PER-SHARE-DIVIDEND> 1.48
<PER-SHARE-DISTRIBUTIONS> .13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.20
<EXPENSE-RATIO> .77
</TABLE>
