EXHIBIT 99.1

                                                                   Z
                                                                ZURICH

                       November 1,2005


                       Berthel Growth & Income Fund

                       101 Taina St.

                       Marion, IA 52302





                        Re:    Bond/Policy No. flE 000556901 Dear Insured:

                        Acting upon your application, we offer you the enclosed
                        bond/policy. The coverages, limits and deductibles
                        provided by the bond/policy may vary from those
                        requested in your application. If there are differences
                        in coverages, limits, or deductibles, these differences
                        are a result of the negotiations we had in developing
                        your bonding and/or insurance program, and they
                         supersede what was requested in your application.

Zurich North America   


   9225 Indian Creek     By retaining the bond/policy and paying the premium
  Parkway. Suite 700     billed, you have accepted this offer of coverage as
   Overland Park. KS     established by the enclosed bond/policy.
               66210





                        Yours sincerely,
Phone800-777-9005
http//www.zurich.com
                        /s/   Patricia M. Tobin
                        -------------------------
                             Patricia M. Tobin
Direct Phone                  Zurich