8-K

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

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) June 10, 2005
                                                 -------------

                        1838 BOND-DEBENTURE TRADING FUND
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         DELAWARE                   811-02201                  231745238
- ----------------------------       -----------            -------------------
(State or other jurisdiction       (Commission               (IRS Employer
    of incorporation)              File Number)           Identification No.)

2701 Renaissance Boulevard, 4th Floor, King of Prussia, PA       19406
- -----------------------------------------------------------   ----------
      (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code 1-800-232-1838
                                                   --------------

- --------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))






SECTION 8-OTHER EVENTS

ITEM 8.01 OTHER EVENTS.

Please see attached Press Release for information regarding the announcement of
the Board of Directors of 1838 Bond-Debenture Trading Fund (the "Fund") that the
Board has appointed MBIA Capital Management Corp. as investment adviser to the
Fund and approved an interim investment advisory agreement with MBIA Capital
Management Corp. in connection with the resignation of 1838 Investment Advisors,
LP as the Fund's investment adviser. In addition, the Fund has postponed its
annual meeting of shareholders scheduled for June 13, 2005 in order to present a
new investment advisory contract between the Fund and MBIA Capital Management
Corp. to shareholders of the Fund for their approval. A copy of the press
release issued by the Fund on June 10, 2005 is attached hereto as Exhibit 99.1.

SECTION 9-FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(c)   Exhibit 99.1   Press release dated June 10, 2005.






                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.


                                              1838 BOND-DEBENTURE TRADING FUND

Date: June 10, 2005
                                              /s/ Daniel N. Mullen
                                              --------------------------------
                                              Daniel N. Mullen, Secretary




                                  Exhibit Index

Exhibit
Number
- -------

 99.1             Press release dated June 10, 2005 announcing the appointment
                  of MBIA Capital Management Corp. as investment adviser to the
                  Fund and the postponement of its annual meeting of
                  shareholders in connection with the resignation of 1838
                  Investment Advisors, LP as investment adviser to the Fund.

EX-99

                                                                    EXHIBIT 99.1

          1838 BOND-DEBENTURE TRADING FUND ANNOUNCES THE APPOINTMENT OF
             MBIA CAPITAL MANAGEMENT CORP. AS INVESTMENT ADVISER AND
                   POSTPONEMENT OF ANNUAL SHAREHOLDER MEETING

FOR IMMEDIATE RELEASE
KING OF PRUSSIA, PA (BUSINESS WIRE) - June 10, 2005

                  The Board of Directors of 1838 Bond-Debenture Trading Fund
(NYSE: BDF) (the "Fund") announced that MBIA Capital Management Corp. ("MBIA
Capital Management") has been appointed to serve as investment adviser to the
Fund pursuant to an interim investment advisory agreement between the Fund and
MBIA Capital Management (the "Interim Agreement") as a result of the resignation
of 1838 Investment Advisors, LP as investment adviser to the Fund. The Board has
also postponed the Fund's Annual Meeting of Shareholders previously scheduled to
be held on June 13, 2005 until August 24, 2005 in order to provide shareholders
with updated proxy materials. At the Annual Meeting, the Board will ask
shareholders of the Fund to consider the approval of a new investment advisory
agreement between the Fund and MBIA Capital Management (the "Proposed
Agreement") in addition to the annual election of directors.

                  The Board of Directors also announced a reduction in
investment advisory fees to be paid under the Interim Agreement and the Proposed
Agreement, if approved by shareholders, as follows (as an annual rate):


                    Old Advisory Fee                                             New Advisory Fee
- -------------------------------------------------------       --------------------------------------------------
                                                           
0.625% on the first $40 million of the Fund's month end       0.50% on the first $100 million of the Fund's month
net assets; and 0.50% on the excess                           end net assets; and 0.40% on the excess


                  MBIA Capital Management previously served as sub-adviser to
the Fund under a prior interim investment sub-advisory agreement with 1838
Investment Advisors, LP pursuant to which MBIA Capital Management was
responsible for the day-to-day management of the Fund's investments. Under the
Interim Agreement and Proposed Agreement, MBIA Capital Management will continue
to manage the Fund's investments on a day-to-day basis, however, as investment
adviser to the Fund, MBIA Capital Management will also be responsible for the
overall management of the Fund. MBIA Capital Management will employ the same
investment strategies in managing the Fund's assets, as a result, the Fund's
portfolio of investments is not expected to change dramatically, nor is the Fund
expected to experience an increase in portfolio turnover.

                  MBIA Capital Management's team of investment professionals is
headed by Clifford D. Corso, President of MBIA Capital Management. MBIA Capital
Management, founded in 1993, provides fixed income management to a variety of
institutional clients including corporations, governmental entities, employee
benefit plans and registered investment companies. MBIA Capital Management
currently has approximately $42 billion of assets under management.

                  At a special meeting of the Board of Directors held on June 2,
2005, the Board of Directors of the Fund, including a majority of the Directors
who are not "interested persons" as defined in the Investment Company Act of
1940, as amended (the "Act"), approved the selection of MBIA Capital Management
as investment adviser to the Fund. The Board of Directors concluded that, in
light of the resignation of 1838 Investment Advisors, LP and in consideration of
several competing proposals, the approval of the Interim Agreement and the
Proposed Agreement was in the best interests of the Fund's shareholders. The
Interim Agreement will remain in effect until the earlier of the approval by
Fund shareholders of the Proposed Agreement or October 31, 2005. Shareholders of
the Fund will be asked to vote on the Proposed Agreement at the Annual Meeting
of Shareholders which has been rescheduled to August 24, 2005.



                  The Fund is a closed-end, diversified management investment
company whose primary investment objective is to seek a high rate of return,
primarily from interest income and trading activity gains, from investments
principally consisting of debt securities. MBIA Capital Management is an
indirect, wholly-owned subsidiary of MBIA, Inc. Shares of MBIA, Inc. are listed
on the New York Stock Exchange, and trade under the symbol "MBI."

                  CONTACT: DANIEL N. MULLEN, (484) 322-4300