United States Securities and Exchange Commission
                             Washington, D.C. 20549

                                    FORM 10-Q


[x]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the Period Ended June 30, 2003
                                      -------------

                                       or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 for the Transition Period From            to
                                                        ------------  ----------


                         Commission File Number 33-89506
                                                --------

                         BERTHEL GROWTH & INCOME TRUST I
              ----------------------------------------------------
             (Exact name of Registrant as specified in its charter)


          DELAWARE                                              52-1915821
 ------------------------------                               -----------------
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          701 Tama Street, Marion, Iowa             52302
                     --------------------------------------        --------
                    (Address of principal executive offices)      (Zip Code)

                                 (319) 447-5700
               --------------------------------------------------
               Registrant's telephone number, including area code



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes  X  No
                                      -----  -----

                      Applicable Only to Corporate Issuers

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date.

Shares of Beneficial Interest -      10,541 shares as of July 23, 2003

<PAGE>


                         BERTHEL GROWTH & INCOME TRUST I
                                      INDEX

Part I.  FINANCIAL INFORMATION                                             PAGE
------------------------------                                             ----

Item 1.       Financial Statements (unaudited)

              Consolidated Statements of Assets and Liabilities -
              June 30, 2003 and December 31, 2002                            3

              Consolidated Statements of Operations -
              three months ended June 30, 2003 and June 30, 2002             4

              Consolidated Statements of Operations -
              six months ended June 30, 2003 and June 30, 2002               5

              Consolidated Statements of Changes in Net Liabilities -
              six months ended June 30, 2003 and June 30, 2002               6

              Consolidated Statements of Cash Flows -
              six months ended June 30, 2003 and June 30, 2002               7

              Notes to Consolidated Financial Statements                     8

Item 2.       Management's Discussion and Analysis of Financial
              Condition and Results of Operations                           11

Item 3.       Quantitative and Qualitative Disclosures About Market Risk    13

Item 4.       Controls and Procedures                                       14


Part II.   OTHER INFORMATION
----------------------------

Item 6.           Exhibits                                                  14

Signatures                                                                  15

                                        2

<PAGE>
<TABLE>
<CAPTION>


                          BERTHEL GROWTH & INCOME TRUST I
           CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)



                                                       June 30,      December 31,
                                                         2003            2002
                                                     ------------    ------------
ASSETS
<S>                                                  <C>             <C>
Loans and investments (Note B)                       $  7,290,501    $  8,159,033
Cash and cash equivalents                               1,885,110       1,125,133
Interest and dividends receivable                          65,920          75,591
Deferred financing costs                                      -0-         194,987
Other assets                                               16,024           3,349
                                                     ------------    ------------
TOTAL ASSETS                                            9,257,555       9,558,093
                                                     ------------    ------------


LIABILITIES
Accrued interest payable                                  267,328         267,328
Accounts payable and other accrued expenses                24,313          47,317
Due to affiliate                                              381           3,000
Deferred income                                             9,370          13,426
Distributions payable to shareholders                   4,399,994       3,981,819
Debentures (Note C)                                     9,500,000       9,500,000
                                                     ------------    ------------
TOTAL LIABILITIES                                      14,201,386      13,812,890
                                                     ------------    ------------


COMMITMENTS AND CONTINGENCIES

NET LIABILITIES (equivalent to ($469.01) per share
     at June 30, 2003 and ($403.64) per share
     at December 31, 2002)                           $ (4,943,831)   $ (4,254,797)
                                                     ============    ============

Net liabilities consist of:
Shares of beneficial interest (25,000 shares
     authorized; 10,541 shares issued
     and outstanding)                                $  1,165,166    $  2,038,016
Accumulated net realized losses                        (5,358,472)     (5,394,395)
Accumulated net unrealized losses                        (750,525)       (898,418)
                                                     ------------    ------------
                                                     $ (4,943,831)   $ (4,254,797)
                                                     ============    ============


See notes to consolidated financial statements.

                                        3
</TABLE>

<PAGE>


                         BERTHEL GROWTH & INCOME TRUST I
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



                                                           Three Months Ended
                                                         June 30,      June 30,
                                                           2003          2002
                                                        ---------     ---------
REVENUES:
     Interest income                                    $ 103,144     $ 136,005
     Dividend income                                       31,331         4,166
     Application, closing, and other fees                   2,028         3,293
                                                        ---------     ---------
Total revenues                                            136,503       143,464
                                                        ---------     ---------

EXPENSES:
     Management fees                                       56,042        67,037
     Administrative services                                1,549         9,600
     Trustee fees                                           6,000         8,000
     Professional fees                                     21,473        13,851
     Interest expense                                     199,401       199,400
     Other general and administrative expenses             13,491        21,983
                                                        ---------     ---------
Total expenses                                            297,956       319,871
                                                        ---------     ---------

Net investment loss                                      (161,453)     (176,407)
Unrealized gain on investments                            136,523       486,167
Realized gain (loss) on investments                        35,924      (393,911)
                                                        ---------     ---------

Net increase (decrease) in net assets                   $  10,994     $ (84,151)
                                                        =========     =========

Per beneficial share amounts:
Net increase (decrease) in net assets                   $    1.04     $   (7.98)
                                                        =========     =========

Weighted average shares                                    10,541        10,541
                                                        =========     =========


See notes to consolidated financial statements.

                                       4

<PAGE>


                         BERTHEL GROWTH & INCOME TRUST I
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



                                                            Six Months Ended
                                                         June 30,      June 30,
                                                          2003          2002
                                                        ---------     ---------
REVENUES:
     Interest income                                    $ 223,862     $ 273,024
     Dividend income                                       94,197       107,356
     Application, closing, and other fees                   4,056         5,321
                                                        ---------     ---------
Total revenues                                            322,115       385,701
                                                        ---------     ---------

EXPENSES:
     Management fees                                      114,076       136,453
     Administrative services                                7,949        19,200
     Trustee fees                                          12,000        16,000
     Professional fees                                     27,216        39,273
     Interest expense                                     396,610       396,610
     Other general and administrative expenses            218,939        39,286
                                                        ---------     ---------
Total expenses                                            776,790       646,822
                                                        ---------     ---------

Net investment loss                                      (454,675)     (261,121)
Unrealized gain on investments                            147,892       411,503
Realized gain (loss) on investments                        35,924      (393,911)
                                                        ---------     ---------

Net decrease in net assets                              $(270,859)    $(243,529)
                                                        =========     =========

Per beneficial share amounts:
Net decrease in net assets                              $  (25.70)    $  (23.10)
                                                        =========     =========

Weighted average shares                                    10,541        10,541
                                                        =========     =========


See notes to consolidated financial statements.

                                       5

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<TABLE>
<CAPTION>


                                 BERTHEL GROWTH & INCOME TRUST I
                      CONSOLIDATED STATEMENTS OF CHANGES IN NET LIABILITIES
                                           (UNAUDITED)



                                               Six Months Ended             Six Months Ended
                                                 June 30, 2003                June 30, 2002
                                                 -------------                -------------

                                          Shares of                    Shares of
                                          Beneficial                   Beneficial
                                           Interest       Amount        Interest       Amount
                                         -----------   -----------    -----------   -----------
<S>                                          <C>       <C>                <C>       <C>
Net investment loss                             --     $  (454,675)          --     $  (261,121)

Unrealized gain on investments                  --         147,892           --         411,503

Realized gain (loss) on investments             --          35,924           --        (393,911)

Distributions payable to shareholders           --        (418,175)          --        (418,175)

Net liabilities at beginning of period        10,541    (4,254,797)        10,541    (1,504,270)
                                         -----------   -----------    -----------   -----------

Net liabilities at end of period              10,541   $(4,943,831)        10,541   $(2,165,974)
                                         ===========   ===========    ===========   ===========


See notes to consolidated financial statements.

                                                6
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<PAGE>
<TABLE>
<CAPTION>


                         BERTHEL GROWTH & INCOME TRUST I
                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



                                                           Six Months Ended
                                                        June 30,      June 30,
                                                         2003           2002
                                                      -----------    -----------
OPERATING ACTIVITIES:
<S>                                                   <C>            <C>
Net decrease in net assets                            $  (270,859)   $  (243,529)
Adjustments to reconcile net increase in net assets
     to net cash flows from operating activities:
Amortization                                              194,987         22,220
Accretion of discount on debt securities                  (19,084)       (20,796)
Unrealized gain on investments                           (147,892)      (411,503)
Realized loss (gain) on investments                       (35,924)       393,911
Changes in operating assets and liabilities
     Loans and investments                              1,071,432        (27,653)
     Interest and dividends receivable                      9,671         52,133
     Other receivables                                        -0-            759
     Other assets                                         (12,675)       (13,396)
     Accounts payable and other accrued expenses          (23,004)       (26,836)
     Due to affiliate                                      (2,619)           -0-
     Deferred income                                       (4,056)        (4,055)
                                                      -----------    -----------
Net cash flows from operating activities                  759,977       (278,745)
                                                      -----------    -----------

NET INCREASE (DECREASE) IN CASH                           759,977       (278,745)

CASH AT BEGINNING OF PERIOD                             1,125,133      1,631,387
                                                      -----------    -----------

CASH AT END OF PERIOD                                 $ 1,885,110    $ 1,352,642
                                                      ===========    ===========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest                                $   396,610    $   396,610
Noncash financing activities:
Distributions payable to shareholders                     418,175        418,175


See notes to consolidated financial statements

                                       7
</TABLE>

<PAGE>


BERTHEL GROWTH & INCOME TRUST I
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all information
and footnotes required by generally accepted accounting principles for complete
financial statements and should be read in conjunction with the Trust's Form
10-K filed with the Securities and Exchange Commission for the year ended
December 31, 2002. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair representation have
been included. Operating results for the six months ended June 30, 2003 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 2003. Certain amounts from 2002 have been reclassified to conform
with the 2003 presentation.

The preparation of the Trust's financial statements in conformity with
accounting principles generally accepted in the United States of America
necessarily requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.

The Trust continues to have a deficiency in net assets, as well as net losses
and negative cash flow from operations. In addition, Berthel SBIC, LLC (the
"SBIC"), a wholly owned subsidiary of the Trust, was in violation of the maximum
capital impairment percentage permitted by the SBA. The SBIC received notice of
default from the Small Business Administration advising that the SBIC must cure
its default on the outstanding debentures prior to March 22, 2002. Since that
time, the capital impairment violation has not been cured.

On August 22, 2002, the SBA notified the SBIC that all debentures, accrued
interest and fees were immediately due and payable. The SBIC was transferred
into the Liquidation Office of the SBA effective August 22, 2002. The SBIC
submitted a plan of debt and interest repayment to the SBA on January 31, 2003
and received a response dated February 21, 2003. Management intends to continue
negotiations with the SBA regarding the interest rate and 1% SBA loan fees on
the debentures that have been called.

The assets and liabilities of the SBIC are $9,240,817 and $9,789,509,
respectively as of June 30, 2003. These factors raise substantial doubt about
the ability of the Trust to continue as a going concern. No assurance can be
given that the SBIC will be successful in negotiating the terms of the
debentures with the SBA. If the terms are successfully negotiated, no assurance
can be given that the Trust will have sufficient cash flow to repay the debt or
that the Trust will be financially viable.

                                       8

<PAGE>
<TABLE>
<CAPTION>


NOTE B -LOANS AND INVESTMENTS

                                                                                        June 30, 2003           December 31, 2002
                                                                                   -----------------------   -----------------------
                                                                                      Cost      Valuation       Cost      Valuation
                                                                                   ----------   ----------   ----------   ----------
Communications and Software:
EDmin.com, Inc.
---------------
   <S>                                                                             <C>          <C>          <C>          <C>
   218,615 and 209,101 shares of 9%, Series A cumulative convertible preferred
     stock as of June 30, 2003 and December 31, 2002, respectively, and
     warrants to purchase 20,000 shares of common stock at $4.00 per share         $  802,460   $1,411,344   $  764,404   $1,351,881

Chequemate International, Inc.
------------------------------
   1,648,734 shares of common stock                                                      --           --           --           --

Media Sciences International, Inc. (formerly Cadapult Graphic Systems, Inc.)
----------------------------------------------------------------------------
   100,000 shares of 11.5%, Series A convertible preferred stock, 25,000 options
     and 323,000 warrants to purchase shares of common stock at various prices        930,000      930,000      930,000      930,000
   112,797 and 52,273 shares of common stock as of June 30, 2003 and
     December 31, 2002, respectively                                                   82,777       40,607       52,273       21,049
                                                                                                ----------                ----------

Total Communications and Software (32.7% and 28.2% of total loans and
   investments as of June 30, 2003 and December 31, 2002, respectively)                          2,381,951                 2,302,930
                                                                                                ----------                ----------

Healthcare Products and Services:
Physicians Total Care, Inc.
---------------------------
   10% promissory note due September, 2004 and warrants to purchase
     350,000 shares of common stock for at various prices                             807,795         --        807,795         --
   700 shares of common stock                                                           4,000         --          4,000         --

Inter-Med, Inc.
---------------
   2,491.3031 and 1,743.248 shares of common stock as of
     June 30, 2003 and December 31, 2002, respectively                                672,279      672,279      650,000      650,000
   12% promissory note due July, 2005-June, 2006                                      190,104      190,104      187,875      187,875
   Warrants to purchase 748.0551 shares of common stock at
     $.01 per share as of December 31, 2002                                              --           --         22,271       22,271

Futuremed Interventional, Inc.
------------------------------
   13.5% promissory note due February, 2005                                              --           --        955,523      955,523
   Warrants to purchase 6% of the company at $.01 per share                           102,640      765,306      102,640      765,306
   400,000 shares of common stock of IMED Devices, Inc.
     (an affiliate of Futuremed Interventional, Inc.)                                    --        100,000         --        100,000
                                                                                                ----------                ----------

Total Healthcare Products and Services (23.7% and 32.9% of total loans and
   investments as of June 30, 2003 and December 31, 2002, respectively)                          1,727,689                 2,680,975
                                                                                                ----------                ----------


                                                                  9
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<PAGE>
<TABLE>
<CAPTION>


                                                                                      June 30, 2003           December 31, 2002
                                                                                 -----------------------   -----------------------
                                                                                    Cost      Valuation       Cost      Valuation
                                                                                 ----------   ----------   ----------   ----------
Manufacturing:
Childs & Albert
---------------
   <S>                                                                           <C>            <C>          <C>          <C>
   12.5% promissory note due October, 2005                                          767,573      767,573      760,367      760,367
   Warrants to purchase 833.334 shares of common stock at $10 per share              72,065       72,065       72,065       72,065

Feed Management Systems, Inc. (formerly Easy Systems, Inc.)
-----------------------------------------------------------
   435,590 shares of common stock                                                 1,077,422      304,913    1,077,422      304,913

Hicklin Engineering, L.C
------------------------
   10% subordinated note due December, 2003                                         400,000      400,000      400,000      400,000
   68,570 units of membership interests                                                  69      137,500           69           69

The Schebler Company
--------------------
   13% promissory note due March, 2005                                              162,831      162,831      161,735      161,735
   Warrants to purchase 1.66% of common stock at $.01 per share                      11,504       11,504       11,504       11,504
   166,666 shares of 10% convertible cumulative preferred stock                     166,667      166,667      166,667      166,667
   166,666 shares of common stock                                                   166,667      166,667      166,667      166,667
                                                                                              ----------                ----------

Total Manufacturing (30.0% and 25.0% of total loans and investments
   as of June 30, 2003 and December 31, 2002, respectively)                                    2,189,720                 2,043,987
                                                                                              ----------                ----------

Other Service Industries:
International Pacific Seafoods, Inc.
------------------------------------
   12% subordinated note due June 2003 through June 2005                            740,000      740,000      880,000      880,000
   1,501 shares of common stock                                                       1,141        1,141        1,141        1,141

Kinseth Hospitality Company, Inc.
---------------------------------
   14% note due May, 2003                                                           250,000      250,000      250,000      250,000

Pickerman's Development Company
-------------------------------
   12% promissory notes due April, 2005 through March, 2006                         547,663         --        547,663         --
   12% promissory note due on demand                                                 12,520         --         12,520         --
   Warrants to purchase 2,406,250 shares of common stock at $0.01 per share          72,849         --         72,849         --
                                                                                              ----------                ----------

Total Other Service Industries (13.6% and 13.9% of total loans and investments
   as of June 30, 2003 and December 31, 2002, respectively)                                      991,141                 1,131,141
                                                                                              ----------                ----------

TOTAL LOANS AND INVESTMENTS                                                                   $7,290,501                $8,159,033
                                                                                              ==========                ==========

                                                                 10
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<PAGE>
<TABLE>
<CAPTION>


NOTE C - DEBENTURES
The SBIC has issued debentures payable to the SBA totalling $9,500,000 since
inception. The original debenture terms required semiannual payments of interest
at annual interest rates ranging from 6.353% to 7.64%. In addition to interest
payments, the SBIC is required to pay an annual 1% SBA loan fee on the
outstanding debentures balance.

On August 22, 2002, the SBA notified the SBIC that all debentures, accrued
interest and fees were immediately due and payable. The SBIC submitted a plan of
debt and interest repayment to the SBA on January 31, 2003 and received a
response dated February 21, 2003. The SBA agreed to consolidate the debentures
into one $9,500,000 secured note that will be payable at a rate of 7.49% for a
term of 48 months with interest due quarterly. Management intends to continue
negotiations with the SBA regarding the interest rate and 1% SBA loan fees on
the debentures that have been called.



Item 2. Management's Discussion and Analysis of Financial Condition and Results
        -----------------------------------------------------------------------
        of Operations
        -------------

Results of Operations

Net investment income (loss) reflects the Trust's revenues and expenses
excluding realized and unrealized gains and losses on portfolio investments.
Interest income consists of the following:

                                Three Months Ending June 30                 Six Months Ending June 30
                                    2003             2002                     2003             2002
                                    ----             ----                     ----             ----
     <S>                       <C>               <C>                     <C>               <C>
     Portfolio investments     $    97,677       $   129,498             $   213,805       $   258,883
     Money market                    5,467             6,507                  10,057            14,141
                               -----------       -----------             -----------       -----------
     Interest income           $   103,144       $   136,005             $   223,862       $   273,024
                               ===========       ===========             ===========       ===========

     Dividend income           $    31,331       $     4,166             $    94,197       $   107,356
                               ===========       ===========             ===========       ===========

Changes in interest earned on portfolio investments reflect the level of
investment in interest earning debt securities and loans. Money market interest
reflects cash resources that are invested in highly liquid money market savings
funds. Money market interest reflects the level of money market funds and varies
depending on uses of cash to purchase new investments and finance operations and
sources of cash from loan payoffs. Dividend income reflects dividends earned on
preferred stock investments.

Management fees, calculated as 2.5% of the combined temporary investment in
money market securities and loans and investments balances, were $114,076 for
the first six months of 2003 and $136,453 the same period a year ago. The
decrease in management fees is due to a decreased portfolio of loans and
investments.

Professional fees include legal and accounting expenses, with the decrease from
2002 to 2003 due to legal fees incurred in 2002 relating to the possibility of
restructuring the Trust resulting from the SBIC being in violation of the
maximum capital impairment percentage permitted by the SBA and a one time credit
received on fees relating to a prior period.

Interest expense is on debentures payable to the SBA through its wholly owned
subsidiary, Berthel SBIC, LLC. The Trust has issued debentures totalling
$9,500,000 for which the SBA has demanded repayment as described below.

                                       11
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<PAGE>
<TABLE>
<CAPTION>


Other general and administrative expenses increased from $39,286 for the first
six months of 2002 to $218,939 for the first six months of 2003. This increase
is primarily the result of amortization expense of $194,987 in 2003 to write off
the remaining deferred financing costs.

The Trust continues to have a deficiency in net assets, as well as net losses
and negative cash flow from operations. In addition, the SBIC is in violation of
the maximum capital impairment percentage permitted by the SBA. On August 26,
2002, the SBIC received notice from the SBA, dated August 22, 2002, that the
SBIC was in default pursuant to the terms of subordinated debentures issued by
the SBIC. Pursuant to the notice the SBA made demand for repayment of $9,500,000
(plus accrued interest) outstanding pursuant to the subordinated debentures.
Management will be negotiating terms of the repayment with the SBA and
anticipates the disposal of assets in the SBIC in order to repay the debentures.
The actions taken by the SBA impact the SBIC's ability to continue as a going
concern. The assets and liabilities of the SBIC as of June 30, 2003 are
$9,240,817 and $9,789,509, respectively.

The above factors raise substantial doubt about the ability of the Trust to
continue as a going concern. No assurance can be given that the SBIC will be
successful in negotiating the terms of the debentures with the SBA. Even if
terms are successfully negotiated, no assurance can be given that the Trust will
have sufficient cash flow to repay the debt or that the Trust will be
financially viable.

The change in unrealized and realized gains and losses recognized is summarized
in the following table:

                                      Three Months Ending June 30             Six Months Ending June 30
                                        2003              2002                 2003              2002
                                        ----              ----                 ----              ----
     <S>                                     <C>        <C>                         <C>          <C>
     VoiceFlash Networks, Inc.                -0-         (88,762)                   -0-           53,278
     Chequemate International                 -0-        (126,839)                   -0-        (340,058)
     EDmin.com                             10,823              -0-                21,407              -0-
     Feed Management Systems                  -0-          204,913                   -0-          204,913
     IMED Devices, Inc.                       -0-          100,000                   -0-          100,000
     Object Space, Inc.                       -0-          404,800                   -0-          404,800
     Hicklin Engineering, L.C.            137,431              -0-               137,431              -0-
     Media Sciences International        (11,731)          (7,945)              (10,946)         (11,430)
                                    -------------    -------------         -------------    -------------
     Unrealized gain (loss)         $     136,523    $     486,167         $     147,892    $     411,503
                                    =============    =============         =============    =============

                                      Three Months Ending June 30             Six Months Ending June 30
                                        2003              2002                 2003              2002
                                        ----              ----                 ----              ----
     Chequemate International                 -0-           10,889                   -0-           10,889
     Object Space, Inc.                       -0-        (404,800)                   -0-        (404,800)
     Futuremed Interventional              35,924              -0-                35,924              -0-
                                    -------------    -------------         -------------    -------------
     Realized gain (loss)           $      35,924    $   (393,911)         $      35,924    $   (393,911)
                                    =============    =============         =============    =============

The change in the unrealized gains and losses are the result of carrying the
Trust's portfolio of loans and investments at fair value. The fair value of the
loans and investments are approved by the Independent Trustees, and in the case
of the SBIC, are in accordance with SBA regulations. The Trust recognizes
realized gains and losses when investments have been either sold or written off
as deemed to be worthless. Securities that are traded publicly are valued at the
market price less any appropriate discount for reasons of liquidity or
restrictions. The unrealized gain on Hicklin Engineering is to reflect the fair
value of this security, which was sold in July, 2003 for $137,500.

                                       12
</TABLE>

<PAGE>


Berthel Fisher & Company, Inc., the parent of the Trust Advisor, has $2.2
million of unsecured debt that was due December 31, 2002. Berthel Fisher &
Company, Inc. has not paid this debt as of the filing of this report and is in
default. Since Berthel Fisher & Company, Inc. is in default, its creditors could
take legal action to enforce their right to repayment. Ultimately, this could
result in the bankruptcy of Berthel Fisher & Company, Inc. Since the Trust
Advisor is a subsidiary and asset of Berthel Fisher & Company, Inc., the
bankruptcy of Berthel Fisher & Company, Inc. could cause the Trust Advisor to be
unable to continue as a going concern. If this were to happen, the Trust would
need to appoint a new trust advisor. The new trust advisor could require
additional fees and charges that would have a significant negative impact on the
Trust.

Liquidity and Capital Resources
Cash and cash equivalents amounted to $1,885,110 at June 30, 2003 and $1,125,133
at December 31, 2002. Net cash from operating activities was a net source of
cash of $759,977 for the six months ending June 30, 2003, and a net use of cash
of $278,745 for the same period in 2002, with the difference attributable to a
$1,000,000 payoff of the Futuremed note in 2003. Also, International Pacific
Seafoods paid $140,000 on their note during the first two quarters of 2003.

The Trust continues to have a deficiency in net assets, as well as net losses
and negative cash flow from operations. In addition, the SBIC is in violation of
the maximum capital impairment percentage permitted by the SBA. On August 26,
2002, the SBIC received notice from the SBA, dated August 22, 2002, that the
SBIC was in default pursuant to the terms of subordinated debentures issued by
the SBIC. Pursuant to the notice the SBA made demand for repayment of $9,500,000
(plus accrued interest) outstanding pursuant to the subordinated debentures.
Management will be negotiating terms of the repayment with the SBA and
anticipates the disposal of assets in the SBIC in order to repay the debentures.
The actions taken by the SBA impact the SBIC's ability to continue as a going
concern. The assets and liabilities of the SBIC as of June 30, 2003 are
$9,240,817 and $9,789,509, respectively.

The above factors raise substantial doubt about the ability of the Trust to
continue as a going concern. No assurance can be given that the SBIC will be
successful in negotiating the terms of the debentures with the SBA. Even if
terms are successfully negotiated, no assurance can be given that the Trust will
have sufficient cash flow to repay the debt or that the Trust will be
financially viable.

The effect of interest rate fluctuations and inflation on the current Trust
investments is negligible.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
        ----------------------------------------------------------
The Trust's investment objective is to achieve capital appreciation in the value
of its net assets and to achieve current income principally by making
investments through private placements in securities of small and medium sized
privately and publicly owned companies. Securities consist of subordinated debt,
preferred stock, or common stock combined with equity participation in common
stock or rights to acquire common stock. Investments are not held for trading
purposes.

The primary risk of the portfolio is derived from the underlying ability of
investee companies to satisfy debt obligations and their ability to maintain or
improve common equity values. Levels of interest rates are not expected to
impact the Trust's valuations, but could impact the capability of investee
companies to repay debt or create and maintain shareholder value.

                                       13

<PAGE>
<TABLE>
<CAPTION>


As of June 30, 2003, the portfolio is valued at fair value, as determined by the
Independent Trustees ("Trustees"). In determining fair value, investments are
initially stated at cost until significant subsequent events and operating
trends require a change in valuation. Among the factors considered by the
Trustees in determining fair value of investments are the cost of the
investment, terms and liquidity of warrants, developments since the acquisition
of the investment, the sales price of recently issued securities, the financial
condition and operating results of the issuer, earnings trends and consistency
of operating cash flows, the long-term business potential of the issuer, the
quoted market price of securities with similar quality and yield that are
publicly traded, and other factors generally pertinent to the valuation of
investments. The Trustees relied on financial data of the portfolio companies
provided by the management of the portfolio companies. The Trust Advisor
maintains ongoing contact with management of the portfolio companies including
participation on their Boards of Directors and review of financial information.

There is no assurance that any investment made by the Trust will be repaid or
re-marketed. Accordingly, there is a risk of total loss of any investment made
by the Trust. At June 30, 2003, the amount at risk was $7,290,501 and consisted
of the following:

                                                          Cost            Valuation
                                                     -------------      -------------
    <S>                                              <C>                <C>
     Debt securities and loans                       $   3,878,486      $   2,510,508
     Preferred stocks                                    1,899,127          2,508,011
     Common stocks                                       2,004,355          1,423,107
     Warrants and options to purchase common stock         259,058            848,875
                                                     -------------      -------------
     Total loans and investments                     $   8,041,026      $   7,290,501
                                                     =============      =============



Item 4. Controls and Procedures
        -----------------------
An evaluation was performed under the supervision and with the participation of
the Trust's management, including the Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the design and operation of the
Trust's disclosure controls and procedures within 90 days before the filing date
of this report. Based on that evaluation, the Trust's management, including the
Chief Executive Officer and Chief Financial Officer, concluded that the Trust's
disclosure controls and procedures were effective in timely alerting them to
material information relating to the Trust required to be included in the
Trust's periodic SEC filings. There have been no significant changes in the
Trust's internal controls or in other factors that could significantly affect
internal controls subsequent to their evaluation.


                                     PART II
                                OTHER INFORMATION

Item 6. Exhibits
        --------
Exhibit 99.1      Certification of Chief Executive Officer
Exhibit 99.2      Certification of Chief Financial Officer
Exhibit 99.3      Certification of Chief Executive Officer Pursuant to 18 U.S.C.
                  Section 1350
Exhibit 99.4      Certification of Chief Financial Officer Pursuant to 18 U.S.C.
                  Section 1350

                                       14
</TABLE>

<PAGE>


                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                         BERTHEL GROWTH & INCOME TRUST I
                         -------------------------------
                                  (Registrant)



Date:    August 11, 2003                    /s/  Ronald O. Brendengen
         ---------------                    -----------------------------------
                                                 Ronald O. Brendengen,
                                                 Chief Financial Officer,
                                                 Treasurer


Date:    August 11, 2003                    /s/  Daniel P. Wegmann
         ---------------                    -----------------------------------
                                                 Daniel P. Wegmann, Controller


Date:    August 11, 2003                    /s/  Henry Royer
         ---------------                    -----------------------------------
                                                 Henry Royer,
                                                 Executive Vice President