1838 Bond-Debenture Trading Fund Shareholders Approve Proposals at Annual Meeting; Fund to Be Renamed Rivus Bond Fund.

ARMONK, N.Y. -- The 1838 Bond-Debenture Trading Fund (NYSE: BDF) (the "Fund") announced that at the Fund's Annual Meeting of Shareholders on June 13, 2006, the Shareholders of the Fund approved proposals regarding (i) reorganization of the Fund into a Delaware Statutory Trust named "Rivus Bond Fund" and (ii) removal of the fundamental policy requiring a minimum and maximum percentage investment in the electrical utility industry. In addition, the four incumbent directors of the Fund were elected for an additional term and the Firm of Tait, Weller & Baker was ratified as independent auditors for the Fund.

The Fund is managed by MBIA Capital Management Corp. MBIA Capital Management Corp., founded in 1993, provides fixed income management to a variety of institutional clients including corporations, governmental entities, employee benefit plans and registered investment companies.

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."