BULL & BEAR U.S. GOVERNMENT SECURITIES FUND, INC.
Dear Shareholder,
By now, you should have received the Notice for the Fund's Annual
Meeting of Shareholders to be held on November 20, 1997 at the offices of
Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York.
PLEASE TAKE A MOMENT TO VOTE NOW BY DATING AND SIGNING THE ENCLOSED
WHITE PROXY CARD AND MAILING IT IN THE ENCLOSED POSTAGE PAID FEDERAL EXPRESS
ENVELOPE, EVEN IF YOU HAVE ALREADY VOTED. Your vote will not be double counted;
in a proxy contest, only your last dated proxy card is voted.
PLEASE DO NOT SIGN OR RETURN BLUE PROXY MATERIALS of "Karpus Management
, Inc. D/B/A Karpus Investment Management."
THANK YOU FOR YOUR ATTENTION AND ASSISTANCE IN THIS MATTER. WE NEED
YOUR VOTE. PLEASE SIGN, DATE, AND MAIL BY FEDERAL EXPRESS THE ENCLOSED WHITE
PROXY CARD.
Sincerely,
The Board of Directors
SENDING YOUR WHITE PROXY CARD BY FEDERAL EXPRESS IS FREE AND EASY!
JUST CALL FEDEX TOLL-FREE AT 1-800-463-3339 AND PRESS THE * SIGN TO SPEAK TO A
CUSTOMER SERVICE REPRESENTATIVE. FEDERAL EXPRESS WILL COME TO YOUR HOME OR
OFFICE WHENEVER YOU REQUEST AND PICK UP YOUR ENVELOPE FOR YOU.
IT'S THAT SIMPLE SO PLEASE CALL NOW.
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[reverse of letter]
Shareholder Communications Corporation ("SCC") has been retained by the Fund to
assist in the solicitation of proxies primarily by contacting shareholders by
telephone and telegram. Authorizations to execute proxies may be obtained by
telephonic instructions in accordance with procedures designed to authenticate
the shareholder's identity. In all cases where a telephonic proxy is solicited,
the shareholder will be asked to provide his or her address, social security
number (in the case of an individual) or taxpayer identification number (in the
case of an entity) and the number of shares owned and to confirm that the
shareholder has received the Fund's Proxy Statement and proxy card in the mail.
Within 48 hours of receiving a shareholder's telephonic voting instructions, a
confirmation will be sent to the shareholder to ensure that the vote has been
taken in accordance with the shareholder's instructions and to provide a
telephone number to call immediately if the shareholder's instruction are not
correctly reflected in the confirmation. Shareholders requiring further
information with respect to telephonic voting instructions or the proxy
generally should contact SCC toll-free at 1-800-733-8481, extension 414. Any
shareholder giving a proxy may revoke it at any time before it is exercised by
submitting to the Fund a written notice of revocation or a subsequently executed
proxy or by attending the meeting and voting in person.
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[outside envelope]
DATED MATERIAL -- URGENT -- OPEN IMMEDIATELY
IMPORTANT NEWS ABOUT YOUR INVESTMENT
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