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.






[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.






[outside envelope]

DATED MATERIAL -- URGENT -- OPEN IMMEDIATELY

IMPORTANT NEWS ABOUT YOUR INVESTMENT