Berthel Fisher & Company Financial Services, Inc.

Investor Information - Revenue Sharing

Berthel Fisher & Company Financial Services, Inc., and its Registered Representatives ("Berthel Fisher") is providing you this information regarding Berthel Fisher's revenue-sharing arrangements with some of its product sponsors, in order to comply with the rules of the Securities and Exchange Commission ("SEC") FINRA and other state and national regulatory authorities.

Through the services of Berthel Fisher's network of Registered Representatives, Berthel Fisher is able to offer a broad selection of mutual funds, variable insurance products and other investment products (the "Investment Companies"). Some of the Investment Companies which we represent and sell for participate with us in programs which we believe are a benefit to our clients and to our Registered Representatives. Some of the benefits include making our Registered Representatives more knowledgeable about the Investment Companies and their products, marketing activities and educational programs, including but not limited to, attendance by fund representatives at Berthel Fisher conferences, one-on-one marketing meetings and due diligence presentations to our Registered Representatives. By doing so, the Investment Companies believe they can potentially increase the sales of their products through Berthel Fisher.

In return for our assistance in working with the Investment Companies and allowing them access to our Registered Representatives and facilitating the activities listed above, some of the Investment Companies pay Berthel Fisher additional compensation called revenue sharing. These revenue sharing payments are in addition to commissions, annual service fees (12b-1fees) and/or other fees and expenses disclosed in the Investment Companies' prospectus. The funds used to pay the revenue sharing payments are paid out of the Investment Companies advisors or other affiliates assets and not from the Investment Company assets.

The Investment Companies that provide revenue sharing with Berthel Fisher are Wells Real Estate, Inland Real Estate, Behringer Harvard Funds, Icon, Western Reserve Life and Nationwide Financial.

Even though we receive revenue sharing from the Investment Companies, it is important to understand that the Registered Representatives do no receive a greater or lesser commission for sales of the Investment Company products. Because the Registered Representatives do not receive any additional compensation for selling the Investment Company products, Berthel Fisher does not believe the Registered Representatives have a conflict of interest.

If you have any questions you may contact your Berthel Fisher Registered Representative, email the Berthel Fisher home office at compliance@berthel.com or call 319.447.5700 ext 580.