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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant / /
Filed by a Party other than the Registrant /x/
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Definitive Proxy Statement
/ / Definitive Additional Materials
/x/ Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
/ / Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
BULL & BEAR U.S. GOVERNMENT SECURITIES FUND, INC.
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(Name of Registrant as Specified in Its Charter)
KARPUS MANAGEMENT, INC. d/b/a/ KARPUS INVESTMENT MANAGEMENT
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(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/X/ No fee required.
/ / Fee computed on table below per Exchange Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
Not applicable.
(2) Aggregate number of securities to which transaction applies:
Not applicable.
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11
(Set forth the amount on which the filing fee is calculated and state
how it was determined): Not applicable.
(4) Proposed maximum aggregate value of transaction: Not applicable.
(5) Total fee paid: Not applicable.
/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid: Not applicable.
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(3) Filing Party: Not applicable.
(4) Date Filed: Not applicable.
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Karpus Investment Management
November 13, 1997
Dear Fellow Stockholders:
Karpus Investment Management is the largest stockholder (18.66% ownership) of
Bull & Bear U.S. Government Securities Fund, Inc.
WE NEED TO OUST THE BOARD OF DIRECTORS that have allowed the following:
1. POOREST STOCKHOLDER PERFORMANCE of any fund in its category, according to
Lipper Analytical Services, Inc.
2. LOWEST CURRENT YIELD of any fund in its category, according to Lipper
Analytical Services, Inc.
3. WIDEST DISCOUNT TO NET ASSET VALUE of any fund in its category according
to the Wall Street Journal.
4. THIRD WIDEST DISCOUNT OF ANY TAXABLE BOND FUND (Morningstar).
Our slate of proposed Board members are independent, experienced business people
who want to convert the Fund back to an open end fund. THIS WOULD MEAN THAT YOU
AS A FELLOW STOCKHOLDER SHOULD BE ABLE TO REALIZE AN INCREASE IN THE VALUE OF
YOUR SHARES, AFTER THE COSTS OF CONVERSION, OF MORE THAN 15%.
Management's increase in the Fund's dividend through June 30, 1997 was only
1 cent per share per quarter. THESE PENNIES ARE NOT SIGNIFICANT COMPARED TO THE
DOLLARS WE ARE SEEKING.
THE MOST IMPORTANT THING WE CAN DO IS TO ALLOW YOU, AS A FELLOW STOCKHOLDER, THE
OPPORTUNITY TO SELL YOUR SHARES AT THE NET ASSET VALUE PER SHARE ($15.17 ON
NOVEMBER 7, 1997) INSTEAD OF THE CURRENT MARKET PRICE PER SHARE ($12.875 ON SUCH
DATE).
Your vote for us on the Blue proxy card will help us to increase the value of
your shares by 15% and to elect an independent Board of Directors that is
committed to represent the stockholders' best interests.
PLEASE VOTE ON THE BLUE PROXY CARD FOR THE KARPUS INVESTMENT MANAGEMENT SLATE OF
INDEPENDENT DIRECTORS.
Sincerely,
George W. Karpus
President
P.S. WE NEED YOUR VOTE BY WEDNESDAY, NOVEMBER 19, 1997.
5 Tobey Village Office Park * Pittsford, New York 14534 * (716) 586-4680 *
FAX (716) 586-4315