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 [ ]
Check the appropriate box:
[ ] 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.
--------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
---------------------------------------------------------------------
(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 Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(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):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] 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:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
Notes:
<PAGE>
BULL & BEAR U.S. GOVERNMENT SECURITIES FUND, INC.
Fund Ranks #1 in Market Total Return!
. . . and Karpus is selling.
December 11, 1998
Dear Fellow Shareholders,
o THE FUND'S MARKET TOTAL 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). According to Morningstar:
17.94% is the Fund's market total return for the 12 months ending
November 30, 1998 (ranking #1 of 25 funds) (NAV return 6.90%).
o KARPUS IS SELLING! As disclosed in Karpus' thirteenth amendment to its
Schedule 13D filing with the SEC on December 10, 1998, Karpus has sold
3,100 Fund shares since November 30, 1998. Shouldn't Karpus have told
you this while asking for your support and your proxy? The Fund's
Directors and officers have not sold any of their shares.
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 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. As long as Karpus is not in
control, the Fund will refuse to reimburse Karpus for any amount.
TIME IS SHORT!
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, only
your latest dated proxy card will be counted -- so please don't forget to make
sure you sign and date the enclosed WHITE proxy card. Thank you for your
support!
Very truly yours,
The Board of Directors
<PAGE>
If your shares are registered in the name of a broker or bank, only your broker
or bank can execute a proxy and vote your shares and only after receiving your
specific instructions. Please contact the person responsible for your account
today and direct him or her to execute a proxy on your behalf. Then mail the
enclosed WHITE proxy card at once in the envelope provided. If you have any
questions or need further assistance in voting, please call our proxy solicitor
at 1-800-549-6746.
