SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )
Filed by the Registrant [x]
Filed by a Party other than the Registrant [ ]
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[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[x] Definitive Additional Materials
[ ] Soliciting Material Pursuant to (ss.) 240.14a-11(c) or (ss.)
240.14a-12
Bull & Bear U.S. Government Securities Fund, Inc.
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(Name of Registrant as Specified In Its Charter)
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Notes:
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BULL & BEAR U.S. GOVERNMENT SECURITIES FUND, INC.
Dear Fellow Shareholders,
We strongly urge you to REJECT KARPUS and vote on the enclosed WHITE
card.
Here's why:
o KARPUS IS WASTING THE FUND'S MONEY. The Board of Directors believes
that Karpus must bear the blame for part of the Fund's expenses,
specifically legal expenses incurred by the Fund in responding to
Karpus' 1997 proxy fight and Karpus' continued feuding with the Fund.
For example, Karpus brought a lawsuit against the Fund in a Maryland
Court that was dismissed with prejudice, although the significant
expense of the legal defense was borne by the Fund.
o KARPUS IS NOW SEEKING THE FUND'S MONEY. In total, Karpus is seeking
"reimbursement" from the Fund of apparently at least $140,000. The Fund
believes that Karpus' proxy solicitation may be part of Karpus'
continuing efforts to exploit the Fund.
o KARPUS IS AGAINST THE FUND'S HIGH DIVIDEND DISTRIBUTION
POLICY. The Board of Directors of the Fund believes the managed 8%
dividend distribution policy, which may include a return of capital,
is important to shareholders.
o THE FUND'S RETURNS TO SHAREHOLDERS HAVE BEEN
EXCELLENT AND AMONG THE BEST of all 25 closed end government bond
funds tracked by Morningstar, Inc. (an independent financial analysis
firm). The Fund's 12 month yield includes return of capital
distributions estimated at approximately 28.6% of total
distributions as of October 31, 1998. According to Morningstar:
15.76% is the Fund's market total return for the 12 months ending
October 31, 1998 (ranking 4th best of 25 funds) (NAV return
6.84%).
8.85% is the Fund's 12 month yield as of October 31, 1998 (ranking
2nd best of 25 funds).
If you have not voted, or if you voted using the blue card, it is
important that you vote now using the enclosed WHITE proxy card. Remember, the
last completed proxy card you send in will be the proxy that counts for your
vote -- so please don't forget to make sure you sign and date the enclosed WHITE
card. Thank you for your support.
Very truly yours,
The Board of Directors
