<PAGE>   1


                                 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 September 30, 1997
                                       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.)


              100 Second Street SE, Cedar Rapids, Iowa      52401
             ------------------------------------------------------
             (Address of principal executive offices)    (Zip Code)


                                 (319) 365-2506
             ------------------------------------------------------
               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 October 31, 1997

<PAGE>   2
                                                                          Page 2

                        BERTHEL GROWTH & INCOME TRUST I
                                     INDEX


PART I.  FINANCIAL INFORMATION
------------------------------

Item 1.  Financial statements (unaudited):

         Statements of assets and liabilities - September 30, 1997 and
         December 31, 1996

         Statements of operations - three months ended September 30,
         1997 and September 30, 1996

         Statements of operations - nine months ended September 30,
         1997 and September 30, 1996

         Statements of changes in net assets - nine months ended
         September 30, 1997 and September 30, 1996

         Statements of cash flows - nine months ended September 30,
         1997 and September 30, 1996

         Notes to the financial statements

Item 2.  Management's discussion and analysis of financial condition
         and results of operations.


PART II.   OTHER INFORMATION
----------------------------

Item 1.  Legal proceedings - none
Item 2.  Changes in securities - none
Item 3.  Defaults upon senior securities - none
Item 4.  Submission of matters to a vote of shareholders - none
Item 5.  Other information - none
Item 6.  Exhibits and reports on Form 8-K
         a.      Exhibits - none
         b.      No report on Form 8-K was filed for the quarter ended
                 September 30, 1997


SIGNATURES

<PAGE>   3
                                                                          Page 3


                        BERTHEL GROWTH & INCOME TRUST I

                STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

<TABLE>
<CAPTION>
                                                  September 30, 1997                December 31, 1996
                                                  ------------------                -----------------
<S>                                                   <C>                               <C>
ASSETS                                            
                                                  
Investments in securities (Note B)                    $2,000,000                        $1,405,000
Cash                                                      22,188                            97,025
Temporary investment in money                     
    market securities                                  5,478,495                         4,993,174
Interest receivable                                            3                            40,186
Other assets                                              72,411                             7,690
                                                      ----------                        ----------
    Total Assets                                       7,573,097                         6,543,075
                                                      ----------                        ----------
                                                  
LIABILITIES                                       
                                                  
Accounts payable and other accrued expenses               13,877                            23,594
Distributions payable to shareholders                    759,748                           584,480
Due to affiliate                                          47,598                            47,022
                                                      ----------                        ----------
    Total Liabilities                                    821,223                           655,096
                                                      ----------                        ----------
                                                  
COMMITMENTS AND CONTINGENCIES                     
                                                  
NET ASSETS (equivalent to $640.53 per share       
   in 1997 and $662.24 per share in 1996)             $6,751,874                        $5,887,979
                                                      ==========                        ==========
                                                  
Net assets consist of:                            
Shares of beneficial interest (25,000 shares      
   authorized;  10,541 and 8,891 shares issued    
   and outstanding in 1997 and 1996, respectively     $7,530,118                        $6,782,316
    Undistributed net investment loss                   (778,244)                         (894,337)
                                                      ----------                        ----------
                                                      $6,751,874                        $5,887,979
                                                      ==========                        ==========
</TABLE>

See notes to financial statements.
<PAGE>   4
                                                                          Page 4

                        BERTHEL GROWTH & INCOME TRUST I

                      STATEMENTS OF OPERATIONS (UNAUDITED)



<TABLE>
<CAPTION>
                                                                   Three Months Ended
                                                   September 30, 1997           September 30, 1996
                                                   ------------------           ------------------
<S>                                                     <C>                          <C>
REVENUES:

        Interest income                                 $    153,512                 $    126,373
        Other income                                             100                          -0-
                                                        ------------                 ------------
                                                             153,612                      126,373
                                                        ------------                 ------------
EXPENSES:

        Management fees                                       47,598                       42,681
        Administrative services                               10,755                        9,912
        Trustee fees                                           8,000                        6,000
        Data processing                                        1,800                        1,800
        Auditing and accounting fees                           7,825                        3,375
        Legal expense                                         28,522                       18,891
        Other general and administrative                            
                 expenses                                      5,442                        2,439
                                                        ------------                 ------------
        Total expenses                                       109,942                       85,098
                                                        ------------                 ------------

Net investment income                                        43,670                        41,275
Unrealized loss on investments                                  -0-                   (1,000,000)
                                                        ------------                 ------------

Net increase (decrease) in net assets
        resulting from operations                       $     43,670                  $ (958,725)
                                                        ============                 ============

Net investment income
        per beneficial share                            $       4.14                 $       5.13
                                                                                                 
Unrealized loss on investments per share                         -0-                     (124.18)
                                                        ------------                 ------------
                                                        $       4.14                 $   (119.05)
                                                        ============                 ============

Weighted average shares                                       10,541                        8,053
</TABLE>

See notes to financial statements.
<PAGE>   5
                                                                          Page 5

                       BERTHEL GROWTH & INCOME TRUST I

                     STATEMENTS OF OPERATIONS (UNAUDITED)



<TABLE>
<CAPTION>
                                                                  Nine Months Ended
                                                    September 30, 1997         September 30, 1996
                                                    ---------------------------------------------
<S>                                                     <C>                          <C>
REVENUES:

        Interest income                                 $   389,224                   $   288,877
        Commitment fee                                          -0-                        63,600
        Closing fees                                         20,000                           -0-
        Other income                                            600                           -0-
                                                        -----------                  ------------
                                                            409,824                       352,477
                                                        -----------                  ------------
EXPENSES:

        Management fees                                     135,625                       108,825
        Administrative services                              30,262                        29,736
        Trustee fees                                         20,000                        30,000
        Data processing                                       5,400                         6,000
        Auditing and accounting fees                         24,055                        23,625
        Legal expense                                        65,635                        18,891
        Other general and administrative
                 expenses                                    12,754                         4,644
                                                        -----------                  ------------
        Total expenses                                      293,731                      221,721
                                                        -----------                  ------------

Net investment income                                       116,093                       130,756
Unrealized loss on investments                                  -0-                   (1,000,000)
                                                        -----------                  ------------
Net increase (decrease) in net assets
        resulting from operations                       $   116,093                  $  (869,244)
                                                        ===========                  ============

Net investment income
        per beneficial share                            $     11.80                  $      19.41
                                                                                                 
Unrealized loss on investments per share                        -0-                      (148.41)
                                                        -----------                  ------------
                                                        $     11.80                  $   (129.00)
                                                        ===========                  ============

Weighted average shares                                       9,835                         6,738
</TABLE>

See notes to financial statements.
<PAGE>   6
                                                                          Page 6

                        BERTHEL GROWTH & INCOME TRUST I

                STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)



<TABLE>
<CAPTION>
                                                        NINE MONTHS ENDED                     NINE MONTHS ENDED            
                                                        SEPTEMBER 30, 1997                    SEPTEMBER 30, 1996           
                                                    ---------------------------          ----------------------------      
                                                     Shares  of                           Shares of                        
                                                     Beneficial                           Beneficial                       
                                                     Interest            Amount            Interest            Amount      
                                                    -----------     -----------          -----------      -----------      
<S>                                                 <C>             <C>                  <C>              <C>              
Net investment income                                    ---        $   116,093               ---         $   130,756      
                                                                                                                           
Unrealized loss on investments                           ---                -0-               ---         (1,000,000)      
                                                                    -----------                           -----------      
                                                                                                                           
Net increase (decrease) in assets                                                                                          
     resulting from operations                           ---            116,093               ---           (869,244)      
                                                                                                                           
Proceeds from sales of Shares of                                                                                           
     beneficial interest                                  1,655       1,655,000                3,272        3,272,000      
                                                                                                                           
Syndication costs incurred                               ---          (233,033)               ---           (461,748)      
                                                                                                                           
Shares of beneficial interest redeemed                         (5)      (5,000)               ---                 -0-      
                                                                                                                           
Shares subscribed for but not issued                     ---                -0-               ---                 -0-      
                                                                                                                           
Distributions                                            ---          (493,897)               ---           (250,000)      
                                                                                                                           
Distributions payable to shareholders                    ---          (175,268)               ---           (239,586)      
                                                                                                                           
Net assets at beginning of period                         8,891       5,887,979                5,128        4,242,814      
                                                    -----------     -----------          -----------      -----------      
                                                                                                                           
                                                                                                                           
Net assets at end of period                              10,541     $ 6,751,874                8,400      $ 5,694,236      
                                                    ===========     ===========          ===========      ===========      
</TABLE>




                                            See notes to financial statements.
<PAGE>   7
                                                                          Page 7

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

<TABLE>
<CAPTION>
                                                             Nine Months Ended          Nine Months Ended
                                                            September 30, 1997         September 30, 1996 
                                                           -------------------        -------------------
<S>                                                               <C>                        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net investment income (loss)                                   $    116,093               $  (869,244)
   Adjustments to reconcile net investment income (loss)
      to net cash flows from operating activities:
      Unrealized loss on investments                                       -0-                  1,000,000
      Amortization of organizational costs                                 750                        750
      Gain on redemption of unit                                         (500)                        -0-
      Changes in operating assets and liabilities:
         Temporary investment in money market securities             (485,321)                    406,827
         Other assets                                                 (65,471)                    (9,758)
         Interest receivable                                            40,183                    (7,603)
         Due to affiliate                                                  576                     15,467
         Accounts payable and accrued expenses                         (9,717)                     14,545
                                                                  ------------                -----------

         Net cash flows from operating activities                    (403,407)                    550,984
                                                                  ------------                -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Repayment of note receivable                                      1,405,000                        -0-
   Investment in:
      Kinseth Hospitality                                          (2,000,000)                        -0-
      VisionComm, Inc.    -0-                                              -0-                (2,180,000)
      Soil Recovery Systems, Inc.                                          -0-                (1,000,000)
                                                                  ------------                -----------
            Net cash flows from investing activities              (   595,000)                (3,180,000)
                                                                  ------------                -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to shareholders                                     (493,897)                  (250,000)
   Proceeds from sales of shares of beneficial interest              1,655,000                  3,272,000
   Redemption of shares of beneficial interest                         (4,500)                        -0-
   Syndication costs incurred                                        (233,033)                  (461,748)
                                                                   -----------                -----------
            Net cash flows from financing activities                   923,570                  2,560,252
                                                                   -----------                -----------

NET DECREASE IN CASH                                                  (74,837)                   (68,764)

CASH AT BEGINNING OF PERIOD                                             97,025                    102,269
                                                                  ------------                -----------

CASH AT END OF PERIOD                                             $     22,188                $    33,505
                                                                  ============                ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
   Noncash financing activities:
      Distributions payable to shareholders                        $   175,268                $    22,431
</TABLE>
See notes to financial statements.
<PAGE>   8
                                                                          Page 8

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

NOTE A -- BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles 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 Company's Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 1996.  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 nine months ended September 30, 1997 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1997.

The preparation of the Company's financial statements in conformity with
generally accepted accounting principles 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.

NOTE B --  INVESTMENTS

<TABLE>
<CAPTION>
   VISIONCOMM, INC.                                Original Cost            Cost              Valuation
                                                   -----------------------------------------------------
                                                                                      September 30, 1997  
                                                                                  -----------------------
   <S>                                             <C>                  <C>                 <C>    
      14% five year secured
         note receivable                           $2,180,000           $         -0-       $         -0-
      Warrants for 125,000 shares
         at $5 per share                                  -0-                     -0-                 -0-
                                                   ----------           -------------       -------------
   Total                                           $2,180,000           $         -0-       $         -0-
                                                   ==========           =============       =============
</TABLE>

The original investment in VisionComm was $2,180,000 at 14% in April 1996.  The
Trust received principal repayments of $775,000 in December 1996 and $275,304
in January 1997, and the remaining $1,129,696 in August 1997.  The Trust
continues to hold warrants to purchase approximately 21.5% of the company.

<TABLE>
<CAPTION>
   KINSETH HOSPITALITY COMPANY, INC.                          Cost                      Valuation        
                                                  --------------------------    -------------------------
                                                      Trust           SBIC        Trust            SBIC  
                                                  --------------------------    -------------------------
     <S>                                          <C>             <C>           <C>            <C>
      14% six year note receivable                $1,000,000      $1,000,000    $1,000,000     $1,000,000
      Warrants for 12.5% of the
         outstanding common stock
         of Kinseth at $.01 per share                    -0-             -0-           -0-            -0-
                                                  --------------------------    -------------------------
      Total                                       $1,000,000      $1,000,000    $1,000,000     $1,000,000
                                                  ==========================    =========================
</TABLE>
<PAGE>   9
                                                                          Page 9

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

On April 16, 1997 the Trust - together with its subsidiary, Berthel SBIC, LLC -
invested $2,000,000 in Kinseth Hospitality Company, Inc. ("Kinseth").   Kinseth
is an owner and operator of hotels and restaurants.  In exchange for this
investment, Kinseth has issued to each  the Trust and the SBIC a Promissory
Note in the amount of $1,000,000 bearing interest at a rate of 14% per annum,
paying current interest and no principal during the term, and to be repaid in
full in six years;  and a Warrant to purchase, for nominal consideration,
approximately 12.5% of the outstanding common stock of Kinseth.  Repayment of
each Promissory Note is guaranteed by Kinseth Hotel Corporation, an affiliate
of Kinseth.  The Trust has also obtained from Kinseth the right to "put" the
shares obtained by exercise of the Warrant to Kinseth after 6 years, and
certain registration rights.

The Trust Advisor is pursuing several other investment opportunities.  The
Trust Advisor's present intent is to locate several potential investments for
the Trust and/or the SBIC during the remainder of 1997.  There is no assurance
that the Trust Advisor will be successful in finding suitable investment
candidates.




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS:

RESULTS OF OPERATIONS:
<TABLE>
<CAPTION>
                                     Three Months Ended                Nine Months Ended
                                        September 30                     September 30
DESCRIPTION:                        1997             1996            1997              1996 
---------------------------------------------------------------------------------------------
<S>                               <C>               <C>             <C>              <C>
Interest income                   $153,512          $126,373        $389,224         $288,877
Commitment fee income                  -0-               -0-             -0-           63,600
Management fees                     47,598            42,681         135,625          108,825
Trustee fees                         8,000             6,000          20,000           30,000
Legal                               28,522            18,891          65,635           18,891
Closing fees                           100               -0-          20,000              -0-
</TABLE>

The Trust underwriting period was completed on June 21, 1997.  A total of
$10,541,000 was raised.  All undistributed cash revenues of the Trust during
the underwriting period was paid to Shareholders on July 30, 1997.  As of
September 30, 1997 10,541 shares were issued and outstanding.
<PAGE>   10
                                                                         Page 10


ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED):

INTEREST INCOME:  On April 30, 1996, $2,180,000 of short term money market
investments were liquidated to acquire a 14% senior secured note with
VisionComm, Inc. ("VCI").   On May 31, 1996, $1,000,000 of money market funds
were liquidated to acquire a 15% convertible subordinated debenture issued by
Soil Recovery Systems, Inc. ("SRS").  As discussed in prior 10-Q and 10-K
Reports, the Trust believes SRS is insolvent and will be unable to make
payments pursuant to the debenture.  On April 16, 1997, the Trust, together
with it's newly formed subsidiary, Berthel SBIC, LLC (the "SBIC"), liquidated
$2,000,000 of money market funds to invest in Kinseth.  The formation of the
SBIC is discussed in greater detail below.  In exchange for its investment, the
Trust and the SBIC were each issued by Kinseth, a Promissory Note in the amount
of $1,000,000 bearing interest at the rate of 14% per annum and paying current
interest and no principal during the term.  See Investments for a further
discussion of this investment.

<TABLE>
<CAPTION>
                                      Three Months Ended                Nine Months Ended
                                  09/30/97          09/30/96        09/30/97         09/30/96
                                  --------------------------        -------------------------
      <S>                         <C>               <C>             <C>              <C>
      Money Market                $ 60,664          $ 37,975        $186,712         $135,863
      VisionComm                    22,845            76,299         103,655          128,014
      Soil Recovery Systems            -0-            12,099             -0-           25,000
      Kinseth                       70,003               -0-          98,857              -0-
                                  --------          --------        --------         --------

      Total Interest Income       $153,512          $126,373        $389,224         $288,877
                                  ========          ========        ========         ========

</TABLE>

COMMITMENT FEE INCOME:  The Trust received a 2% commitment fee from VCI and SRS
in 1996.  This amounted to $43,600 from VCI and $20,000 from SRS.

MANAGEMENT FEES:  The Trust accrues an annual management fee equal to 2.5% of
the total assets of the Trust paid quarterly.  The increases over 1996 are
attributed to the increase in the assets of the Trust and the SBIC.

TRUSTEE FEES:  As compensation for services rendered to the Trust, each
independent Trustee is paid $1,000 per month plus $1,000 per Board Meeting
attended up to a maximum of $24,000 in meeting fees per year.

LEGAL:  The legal expenses incurred are associated with the structuring and
monitoring of Trust activities and Trust investments.  Additional legal charges
were incurred in connection with the SRS bankruptcy and the formation of the
SBIC.

CLOSING FEES:  The Trust and the SBIC each received $10,000 of fees relating to
the Kinseth investment.
<PAGE>   11
                                                                         Page 11

ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED):

FORMATION OF AN SBIC:

The SBIC, a newly formed entity wholly-owned by the Trust within the meaning of
Section 2(a)(43) of the Investment Company Act of 1940, has applied to the
Small Business Administration (the "SBA") for a license to operate as a Small
Business Investment Company.  The Trust has funded the SBIC with a capital
contribution of $5,000,000, the minimum amount eligible to be contributed in
order to receive leverage under the SBA Small Business Investment Company
program.  The Trust Advisor and Independent Trustees will have the same
responsibilities in the management of the SBIC as they currently do for the
Trust.  Since the application was filed, the Kinseth investment has been
completed.  Other investments by the SBIC may be completed while the
application is pending.  If an investment has been completed prior to SBIC
approval and is subsequently not approved by the SBIC, the Trust will be
required to provide additional funds to the SBIC to maintain $5,000,000 of
"contributed capital" in order to remain eligible to receive SBA leverage.
The SBIC will attempt to obtain SBA pre-approval for all future investments in
order for the capital to qualify for leverage.  The Kinseth investment has not
been pre-approved and there is a likelihood that additional investments may not
be pre-approved by the SBA.

There is no assurance that the Trust will have the additional funds needed if
the SBA does not approve the Kinseth investment or other investments.


LIQUIDITY AND CAPITAL RESOURCES
<TABLE>
<CAPTION>
                                                            Nine Months Ended      Nine Months Ended
                                                           September 30, 1997      September 30, 1996
------------------------------------------------------------------------------------------------------
<S>                                                             <C>                    <C>
Major Cash Sources:
   Proceeds from issuance of beneficial shares                  $1,655,000             $3,272,000
   Repayment of note receivable                                  1,405,000                    -0-
   Liquidation of money market securities                              -0-                406,827

Major Cash Uses:
   Distributions                                                $  493,897             $  250,000
   Payments for syndication costs                                  233,033                461,748
   Investments                                                   2,000,000              3,180,000
   Purchase of money market securities                             485,321                    -0-
                                                                                                      
------------------------------------------------------------------------------------------------------
</TABLE>


Pending investment in portfolio companies, the Trust has invested $5,478,495 in
a bank money market fund at September 30, 1997.
<PAGE>   12
                                                                         Page 12


ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED):

Distributions payable of $759,748 have been accrued as of September 30, 1997.
The Trust accrued distributions based on 10% simple annual interest computed on
a daily basis from the initial closing (August 30, 1995) until June 21, 1997,
the Final Closing.  Shareholders were paid $493,897 in July 1997 leaving
$526,402 remaining to be paid on the 10% underwriting return.  Since Final
Closing, $233,346 representing a priority return of 8% simple annual interest
computed on a daily basis has been accrued.

The Trust Advisor is not aware of any regulatory issues that may have a
material impact on the portfolio companies.

The effect of interest rate fluctuations and inflation on the current Trust
investments is negligible.
<PAGE>   13
                                                                         Page 13




                                   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  November 11, 1997           Ronald O. Brendengen/s/
     ------------------           ---------------------------------------------
                                  Ronald O. Brendengen, Chief Financial Officer,
                                  Treasurer


Date  November 11, 1997           Daniel P. Wegmann/s/
     ------------------           ---------------------------------------------
                                  Daniel P. Wegmann, Controller