Special Notice: Due to a printing error on the proxy card originally mailed to
you, we are now providing you with a new proxy card. Even if you have already
voted, please take a moment now to cast your vote. For your convenience, you may
vote by either of the following methods: 1) Call 1-800-733-8481, extension 400.
Representatives can take your vote over the telephone. 2) Fax your proxy to
1-800-733-1885. Your vote is important! Thank you for your cooperation.
BULL & BEAR U.S. GOVERNMENT SECURITIES FUND
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby appoints Robert D. Anderson and Thomas B.
Winmill, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned all shares of Bull & Bear U.S. Government
Securities Fund (the "Fund") which the undersigned is entitled to vote at the
Special Meeting of Shareholders (the "Meeting") of the Fund to be held at the
offices of Skadden, Arps, Slate, Meagher & Flom, 919 Third Avenue, 33rd Floor,
New York, New York 10022 on September 19, 1996, at 10:30 a.m., and at any
adjournments thereof. The undersigned hereby acknowledges receipt of the Notice
of Special Meeting of Shareholders and Proxy Statement and hereby instructs said
attorneys and proxies to vote said shares as indicated herein. In their
discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting.
A majority of the proxies present and acting at the Meeting in person
or by substitute (or, if only one shall be so present, then that one) shall have
and may exercise all of the power and authority of said proxies hereunder. The
undersigned hereby revokes any proxy previously given.
This proxy, if properly executed, will be voted in the manner directed
by the undersigned shareholder. If no direction is made, this proxy will be
voted FOR the proposal. Please refer to the Proxy Statement for a discussion of
the proposal.
Please indicate your vote by an "X" in the appropriate box below.
THE CONVERSION OF THE FUND FROM A DIVERSIFIED SERIES OF A REGISTERED
OPEN-END, MANAGEMENT INVESTMENT COMPANY TO A REGISTERED CLOSED-END,
DIVERSIFIED MANAGEMENT INVESTMENT COMPANY.
|_| FOR |_| AGAINST |_| ABSTAIN
Please sign exactly as your
name appears hereon. If
shares are registered in
more than one name, all
should sign but if one
signs, it binds the others.
When signing as attorney,
executor, administrator,
agent, trustee, or
guardian, please give full
title as such. If a
corporation, please sign in
full corporate name by an
authorized officer. If a
partnership, please sign in
partnership name by an
authorized person.
___________________________(L.S.)
Signature
___________________________(L.S.)
Signature
Dated______________________, 1996
To avoid expenses of
adjourning the meeting,
please return this proxy
promptly.
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