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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under (Rule 13d-101) of the Securities Exchange Act of 1934
(Amendment No. 5)
BULL & BEAR U. S. GOVERNMENT SECURITIES FUND, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
12017N105
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
14 Tobey Village Office Park
Pittsford, New York 14534
(716) 586-4680
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 18, 1998
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of the Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g),
check the following box. [ ]
(page 1 of 5 Pages)
(continued on following pages)
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SCHEDULE 13D
CUSIP NO. 12017N105 Page 2 of 5 Pages
1 NAME OF REPORTING PERSON
S.S OR I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
KARPUS MANAGEMENT, INC. d/b/a KARPUS INVESTMENT MANAGEMENT
IDENTIFICATION NO.: 16-1290558
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
7 SOLE VOTING POWER
114,550 Shares
NUMBER OF SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 114,550 Shares
10 SHARED DISPOSITIVE POWER
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
114,550 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.48%
14 TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
Common Stock
Bull & Bear U.S. Government Securities Fund, Inc. ("BBG")
11 Hanover Square
New York, New York 10005
ITEM 2 Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment Management
("KIM")
George W. Karpus, President, Director, & controlling stockholder
JoAnn VanDegriff, Vice President and Director
Sophie Karpus, Director
b) 14 Tobey Village Office Park
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension and profit sharing plans, corporations,
endowments, trusts and others, specializing in conservative asset
management (i.e., fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff or Sophie Karpus ( the
"Principals") or KIM has been convicted in the past
5 years of any criminal proceeding (excluding traffic violations).
e) During the last five years none of the principals or KIM has been
a party to a civil proceeding as a result of which any of them is
subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
f) Each of the Principals is a United States citizen. KIM is a New
York State corporation.
ITEM 3 Source and Amount of Funds or Other Considerations.
KIM, an independent investment advisor, has accumulated shares of BBG
on behalf of accounts that are managed by KIM (the "Accounts") under
limited powers of attorney. All funds that have been utilized in
making such purchases are from such Accounts.
ITEM 4 Purpose of Transaction
The management of BBG has continuously stalled and evaded attempts by
KIM to obtain a current list of shareholders. As a shareholder of
over 5% of the outstanding shares and having held theses shares in
excess of a six month period, KIM is entitled to inspect and copy
BBG's stock ledger under Maryland General Corporation Law
Section2-1513 a) (1). On February 19, 1998 KIM filed an action in the
Circuit Court of Baltimore City to compel production of such list.
Also on February 19, 1998, BBG filed an action against KIM in the
United States District Court, Southern District, alleging certain
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violations of the Securities Exchange Act of 1934, as amended, and
requesting a declaratory judgment that KIM is not entitled to the
shareholder list. KIM has made a motion to dismiss this action and
continues to assert its rights under Maryland law.
KIM intends to explore all available alternatives to assert its
rights as a shareholder of BBG and to cause management of BBG to act
in the interests of BBG's shareholders.
KIM has also requested an accounting of the costs of mailing of proxy
materials from BBG in anticipation that BBG had overcharged KIM in
this process. Once again, despite repeated attempts , BBG has not
furnished or allowed access to records to which KIM is legally
entitled.
KIM reserves the right to further acquire or dispose of Shares for
its Accounts. KIM will from time to time purchase or sell shares
depending on the needs of the Accounts. Liquidity needs, additions to
Accounts, or realignment of risk level are all factors to be
considered in transactions of Shares.
None of the Principals presently intends to acquire Shares directly.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 114,550 Shares which
represents 15.48% of the outstanding Shares. None of the
Principals owns any other Shares.
b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c) Open market purchases and sales since November 25, 1997 for the
Accounts.
Price Per Price Per
Date Shares Share Date Shares Share
- ---- ------ ----- ---- ------ -----
11/25/97 -850 12.875 12/18/97 -3,400 12.8125
11/25/97 -12,500 13 12/19/97 -2,900 12.875
11/26/97 -3250 12.75 12/22/97 -4,000 13
12/3/97 500 12.875 12/31/97 500 12.75
12/4/97 200 12.875 12/31/97 -200 13
12/8/97 -1,000 13 1/5/98 1,600 12.9375
12/9/97 2,500 12.8125 1/7/98 -3,000 13.25
12/9/97 2,800 12.75 2/4/98 1,500 13.625
12/12/97 -1,000 13 2/5/98 1,900 13.5
12/16/97 -500 13.125 2/6/98 300 13.625
12/17/97 2,000 13.1875 2/9/98 200 13.625
12/17/97 -4,550 13.1875 2/10/98 500 13.625
1.) There have been no dispositions and no acquisitions, other than
by such open market purchases, during such period.
2.) The Accounts have the right to receive all dividends from,
and any
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proceeds from the sale of the Shares. None of the Accounts has an
interest in Shares constituting more than 5% of the Shares
outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with
Respect to Securities of the Issuer.
Except as described above, there are no contracts, arrangements
understandings or relationships of any kind among the Principals and
KIM and between any of them and any other person with respect to any
of BBG securities.
ITEM 7 Materials to be Filed as Exhibits
None.
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Karpus Management, Inc.
March 18, 1998 By: /s/ George W. Karpus, President
- -------------- --------------------------------
Date Signature
George W. Karpus, President
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Name / Title
