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.
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                (Name of Registrant as Specified In Its Charter)


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     (Name of Person(s) Filing Proxy Statement if other than the Registrant)

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Notes:






                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