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 quarterly period ended June 30, 2008

                                                         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 033-89506

                         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 Identification No.)
 incorporation or organization)

                          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
                                      -----   -----
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):
         Large accelerated filer [ ]        Accelerated filer [ ]
         Non-accelerated filer [X]          Smaller reporting company [ ]

Indicate by check mark whether registrant is a shell company (as defined in Rule
12b-2 of the Securities Exchange Act of 1934). Yes      No  X
                                                  -----   -----

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 August 7, 2008

                                       1

<PAGE>


                         BERTHEL GROWTH & INCOME TRUST I
                                      INDEX

Part I.  FINANCIAL INFORMATION                                              PAGE
------------------------------                                              ----
Item 1.       Financial Statements

              Consolidated Statements of Assets and Liabilities -
              June 30, 2008 (unaudited) and December 31, 2007 (audited)       3

              Consolidated Statements of Operations -
              three months ended June 30, 2008 and 2007 (unaudited)           4

              Consolidated Statements of Operations -
              six months ended June 30, 2008 and 2007 (unaudited)             5

              Consolidated Statements of Changes in Net Liabilities -
              six months ended June 30, 2008 and 2007 (unaudited)             6

              Consolidated Statements of Cash Flows -
              six months ended June 30, 2008 and 2007 (unaudited)             7

              Notes to Consolidated Financial Statements (unaudited)          8

Item 2.       Management's Discussion and Analysis of Financial
              Condition and Results of Operations                            13

Item 3.       Quantitative and Qualitative Disclosures About Market Risk     16

Item 4.       Controls and Procedures                                        16


Part II.   OTHER INFORMATION
----------------------------
Item 1A.      Risk Factors                                                   17
Item 6.       Exhibits                                                       17

Signatures                                                                   17

                                       2

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<TABLE>
<CAPTION>



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



                                                             June 30,      December 31,
                                                               2008            2007
                                                           ------------    ------------
                                                            (Unaudited)
<S>                                                        <C>             <C>
ASSETS
Loans and investments (Notes B and C)                      $  5,956,359    $  5,316,595
Cash and cash equivalents                                        27,787         102,048
Interest and dividends receivable                                19,416          19,416
Other assets                                                     17,221            --
                                                           ------------    ------------
TOTAL ASSETS                                               $  6,020,783    $  5,438,059
                                                           ============    ============


LIABILITIES AND NET ASSETS (LIABILITIES)
Accounts payable and other accrued expenses                $    126,019    $    114,019
Accrued interest payable                                           --             2,853
Due to affiliate                                                293,995         257,443
Distributions payable to shareholders (Note D)                8,620,904       8,200,419
Notes payable (Note E)                                        2,777,782       2,781,106
                                                           ------------    ------------
TOTAL LIABILITIES                                            11,818,700      11,355,840
                                                           ============    ============

COMMITMENTS AND CONTINGENCIES (Note E)

NET  ASSETS (LIABILITIES), equivalent to ($550.03)
     per share at June 30, 2008
     and ($561.41) per share at December 31, 2007:
Shares of beneficial interest (25,000 shares authorized;
     10,541 shares issued and outstanding)                   (4,856,353)     (4,336,453)
Accumulated net realized losses                              (3,249,471)     (3,249,471)
Accumulated net unrealized gains                              2,307,907       1,668,143
                                                           ------------    ------------
TOTAL NET ASSETS (LIABILITIES)                               (5,797,917)     (5,917,781)
                                                           ------------    ------------

TOTAL LIABILITIES AND NET ASSETS (LIABILITIES)             $  6,020,783    $  5,438,059
                                                           ============    ============


See notes to consolidated financial statements.

                                             3
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                         BERTHEL GROWTH & INCOME TRUST I
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



                                                        Three Months Ended
                                                    June 30,           June 30,
                                                     2008               2007
                                                   ---------          ---------
REVENUES:
     Interest income                               $  19,586          $  21,392
     Dividend income                                  40,375              4,166
     Application, closing, and other fees               --                   30
                                                   ---------          ---------
Total revenues                                        59,961             25,588
                                                   ---------          ---------

EXPENSES:
     Management fees                                    --             (479,171)
     Administrative services                             935                939
     Trustee fees                                      6,000              6,000
     Professional fees                                 1,538             29,912
     Interest expense                                 51,898             52,032
     Other general and administrative expenses        10,849             12,215
                                                   ---------          ---------
Total expenses                                        71,220           (378,073)
                                                   ---------          ---------

Net investment income (loss)                         (11,259)           403,661
Unrealized gain on investments                        21,096               --
                                                   ---------          ---------

Net increase in net assets                         $   9,837          $ 403,661
                                                   =========          =========

Per beneficial share amounts:
Net increase in net assets                         $     .93          $   38.29
                                                   =========          =========

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,
                                                      2008             2007
                                                    ---------        ---------
REVENUES:
     Interest income                                $  39,479        $  41,967
     Dividend income                                   44,542            8,333
     Application, closing, and other fees                --                530
                                                    ---------        ---------
Total revenues                                         84,021           50,830
                                                    ---------        ---------

EXPENSES:
     Management fees                                     --           (617,239)
     Administrative services                            2,111            2,474
     Trustee fees                                      12,000           12,000
     Professional fees                                 44,237           46,360
     Interest expense                                 103,823          103,524
     Other general and administrative expenses         21,265           23,472
                                                    ---------        ---------
Total expenses                                        183,436         (429,409)
                                                    ---------        ---------

Net investment income (loss)                          (99,415)         480,239
Unrealized gain on investments                        639,764             --
                                                    ---------        ---------

Net increase in net assets                          $ 540,349        $ 480,239
                                                    =========        =========

Per beneficial share amounts:
Net increase in net assets                          $   51.26        $   45.56
                                                    =========        =========

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, 2008                          June 30, 2007
                                                     -------------                          -------------
                                             Shares of                              Shares of
                                             Beneficial                             Beneficial
                                              Interest            Amount             Interest             Amount
                                             -----------        -----------         -----------        -----------
<S>                                              <C>            <C>                      <C>           <C>
Net investment income (loss)                        --          $   (99,415)               --          $   480,239

Unrealized gain on investments                      --              639,764                --                 --

Distributions payable to shareholders               --             (420,485)               --             (418,174)

Net liabilities at beginning of period            10,541         (5,917,781)             10,541         (5,211,977)
                                             -----------        -----------         -----------        -----------

Net liabilities at end of period                  10,541        $(5,797,917)             10,541        $(5,149,912)
                                             ===========        ===========         ===========        ===========


See notes to consolidated financial statements.

                                                         6
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<PAGE>



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



                                                      Six Months Ended June 30
                                                         2008           2007
                                                         ----           ----
OPERATING ACTIVITIES:
Net increase in net assets                            $ 540,349      $ 480,239
Adjustments to reconcile change in net assets
     to net cash flows from operating activities:
Unrealized gain on investments                         (639,764)          --
Changes in operating assets and liabilities
     Loans and investments                                 --           31,533
     Interest and dividends receivable                     --          (14,000)
     Other assets                                       (17,221)       (17,228)
     Accounts payable and other accrued expenses         12,000         12,000
     Accrued interest payable                            (2,853)          --
     Due to affiliate                                    36,552       (578,224)
                                                      ---------      ---------
Net cash flows from operating activities                (70,937)       (85,680)
                                                      ---------      ---------

FINANCING ACTIVITIES:
Payment of debentures                                    (3,324)        (3,475)
                                                      ---------      ---------
Net cash flows from financing activities                 (3,324)        (3,475)
                                                      ---------      ---------

NET DECREASE IN CASH                                    (74,261)       (89,155)

CASH AT BEGINNING OF PERIOD                             102,048        257,035
                                                      ---------      ---------

CASH AT END OF PERIOD                                 $  27,787      $ 167,880
                                                      =========      =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest                                $ 106,676      $ 103,524
Noncash financing activities:
Distributions payable to shareholders                   420,485        418,174


See notes to consolidated financial statements.

                                       7

<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, 2007. 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, 2008 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 2008.

The preparation of the Trust's financial statements in conformity with
accounting principles generally accepted in the United States of America require
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 materially
from those estimates.

The Trust continues to have a deficiency in net assets. Berthel SBIC, LLC
("SBIC"), a wholly owned subsidiary of the Trust, has agreed to liquidate its
portfolio assets in order to pay its indebtedness to the United States Small
Business Administration ("SBA").

In August 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 at that time. On September 1, 2003, management
signed a loan agreement with the SBA for $8,100,000 (after paying $1,400,000 on
the $9,500,000 debentures) with a term of 48 months at an interest rate of
7.49%. In August, 2007, the SBIC and the SBA agreed to a one-year extension to
the loan agreement. The agreement requires principal payments on the debt to the
extent the SBIC receives cash proceeds exceeding $250,000 for the sale or
liquidation of investments. As of June 30, 2008, $2,777,782 is outstanding under
the loan agreement, which is secured by substantially all assets of the SBIC.
The loan agreement contains various covenants, including limits on the amounts
of expenses, other than interest expense, that can be incurred and paid. The
loan agreement also contains various events of default, including a decrease in
the aggregate value of the SBIC's assets of 10% or greater.

As of June 30, 2008, total assets and liabilities of the Trust are $6,020,783
and $11,818,700, respectively. These factors raise substantial doubt about the
ability of the Trust to continue as a going concern. 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 accompanying financial statements do not
include any adjustments that may result if the Trust is unable to continue as a
going concern.

NOTE B - FAIR VALUE DISCLOSURES
Fair Value Measurements
Effective January 1, 2008, the Trust adopted FASB Statement No. 157, Fair Value
Measurements ("FAS No. 157"), which provides a framework for measuring fair
value under generally accepted accounting principles. FAS No. 157 applies to all
financial instruments that are being measured and reported on a fair value
basis.

As defined in FAS No. 157, fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. In determining fair value, the
Trust uses various methods including market, income and cost approaches. Based
on these approaches, the Trust often utilizes certain assumptions that market

                                       8

<PAGE>


participants would use in pricing the asset or liability, including assumptions
about risk and or the risks inherent in the inputs to the valuation technique.
These inputs can be readily observable, market corroborated, or generally
unobservable inputs. The Trust utilizes valuation techniques that maximize the
use of observable inputs and minimize the use of unobservable inputs. Based on
the observability of the inputs used in the valuation techniques the Trust is
required to provide the following information according to the fair value
hierarchy. The fair value hierarchy ranks the quality and reliability of the
information used to determine fair values. Financial assets and liabilities
carried at fair value will be classified and disclosed in one of the following
three categories:

Level 1 -- Valuations for assets and liabilities traded in active exchange
markets, such as the New York Stock Exchange. Level 1 also includes U.S.
Treasury and federal agency securities and federal agency mortgage-backed
securities, which are traded by dealers or brokers in active markets. Valuations
are obtained from readily available pricing sources for market transactions
involving identical assets or liabilities.

Level 2 -- Valuations for assets and liabilities traded in less active dealer or
broker markets. Valuations are obtained from third party pricing services for
identical or similar assets or liabilities.

Level 3 -- Valuations for assets and liabilities that are derived from other
valuation methodologies, including option pricing models, discounted cash flow
models and similar techniques, and not based on market exchange, dealer, or
broker traded transactions. Level 3 valuations incorporate certain assumptions
and projections in determining the fair value assigned to such assets or
liabilities.

For the period from January 1, 2008 to June 30, 2008, the application of
valuation techniques applied to similar assets and liabilities has been
consistent. The following is a description of the valuation methodologies used
for instruments measured at fair value:

Investment Securities
The fair value of investment securities is the market value based on quoted
market prices, when available, or market prices provided by recognized broker
dealers. If listed prices or quotes are not available, fair value is based upon
internally developed models that use unobservable inputs due to the limited
market activity of the instrument. Substantially all of the Trust's investments
are illiquid and therefore are valued using internally developed models that use
unobservable inputs.

Derivative Instruments
Certain derivatives with limited market activity are valued using internally
developed models that consider unobservable market parameters.

Loans
Where quoted market prices are not available, the fair value of loans is
generally based upon observable market prices of similar instruments, including
bonds, credit derivatives and loans with similar characteristics. If observable
market prices are not available, fair value is based upon estimated cash flows
adjusted for credit risk which are discounted using an interest rate appropriate
for the maturity of the applicable loans or the unfunded commitments.
The Trust's loans are carried at fair value and included in Loans on the balance
sheet are generally classified within level 3 of the valuation hierarchy due to
the lack of observable pricing data. The fair value of these level 3 loans is
calculated with a discounted cash flows model using market-based credit spreads
of comparable debt instruments or credit derivatives of the specific borrower or
comparable borrowers. Results of discounted cash flow calculations may be
adjusted, as appropriate, to reflect other market conditions or the perceived
credit risk of the borrower.

                                       9

<PAGE>
<TABLE>
<CAPTION>


In determining the appropriate levels, the Company performs a detailed analysis
of the assets and liabilities that are subject to FAS No. 157. At each reporting
period, all assets and liabilities for which the fair value measurement is based
on significant unobservable inputs are classified as Level 3.

Fair Value on a Recurring Basis
The table below presents the balances of assets and liabilities measured at fair
value on a recurring basis as of June 30, 2008.

                             Total          Level 1        Level 2        Level 3
                           ----------     ----------     ----------     ----------
<S>                        <C>            <C>            <C>            <C>
Investment securities      $5,085,033     $     --       $     --       $5,085,033
Derivative instruments         87,779           --             --           87,779
Loans                         783,547           --             --          783,547
                           ----------     ----------     ----------     ----------
Total assets               $5,956,359     $     --       $     --       $5,956,359
                           ==========     ==========     ==========     ==========


The changes in Level 3 assets and liabilities measured at fair value on a
recurring basis are summarized as follows:

                                                                         Investment     Derivative
                                                           Loans         Securities     Instruments
                                                         ----------      ----------     ----------
Balance, December 31, 2007                               $  866,666      $4,438,425     $   11,504
Total net gains (losses) included in:
Net increase (decrease) in net assets                       (83,119)        646,608         76,275
Purchases, sales, issuances and settlements, net               --              --             --
Transfers into/out of Level 3                                  --              --             --
                                                         ----------      ----------     ----------
Balance, June 30, 2008                                   $  783,547      $5,085,033     $   87,779
                                                         ==========      ==========     ==========

Net unrealized gains (losses) included in net income
for the six months ending June 30, 2008                  $  (83,119)     $  646,608     $   76,275

                                                 10
</TABLE>

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<TABLE>
<CAPTION>


NOTE C -LOANS AND INVESTMENTS

                                                                    June 30, 2008                  December 31, 2007
                                                              ---------------------------     ---------------------------
                                                                 Cost          Valuation         Cost          Valuation
                                                                 ----          ---------         ----          ---------
<S>                                                           <C>             <C>             <C>             <C>
Communications & Software:
EDmin.com, Inc.
---------------
   261,203 shares of 9%, Series A cumulative convertible
   preferred stock                                            $   972,812     $   972,812     $   972,812     $   972,812
                                                                              -----------                     -----------
Total Communications & Software (16% and 18% of total
   loans and investments as of June 30, 2008 and
   December 31, 2007, respectively)                                               972,812                         972,812
                                                                              -----------                     -----------

Healthcare Products & Services:
Physicians Total Care, Inc.
---------------------------
   8% uncollateralized promissory note due December, 2009         307,795         616,881         307,795         700,000
   100,000 shares of common stock                                   4,000         100,000           4,000            --

Inter-Med, Inc.
---------------
   2,491.3031 shares of common stock                              672,279       1,200,000         672,279         672,279

FutureMatrix Interventional, Inc.
---------------------------------
   905,203 shares of common stock                                 102,640       1,100,000         102,640       2,460,000
   1,899,783 shares of common stock of CeloNova
     Biosciences, Inc. (f/k/a IMED)
     (an affiliate of FutureMatrix Interventional, Inc.)             --              --              --              --
                                                                              -----------                     -----------
Total Healthcare Products & Services (51% and 72% of
   total loans and investments as of June 30, 2008 and
   December 31, 2007, respectively)                                             3,016,881                       3,832,279

Manufacturing:
Feed Management Systems, Inc.
-----------------------------
   435,590 shares of common stock                               1,077,422            --         1,077,422            --

The Schebler Company
--------------------
   13% promissory note due February, 2008                         166,666         166,666         166,666         166,666
   Warrants to purchase 1.66% of common stock at $.01
     per share                                                     11,504          87,779          11,504          11,504
   166,666 shares of 10% convertible cumulative
    preferred stock                                               166,667         506,433         166,667         166,667
   166,666 shares of common stock                                 166,667       1,205,788         166,667         166,667
                                                                              -----------                     -----------
Total Manufacturing (33% and 10% of total loans and
   investments as of June 30, 2008 and December 31, 2007,
     respectively)                                                              1,966,666                         511,504
                                                                              -----------                     -----------

TOTAL LOANS AND INVESTMENTS                                                   $ 5,956,359                     $ 5,316,595
                                                                              ===========                     ===========

                                                            11
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NOTE D - DISTRIBUTIONS PAYABLE TO SHAREHOLDERS
Distributions payable represents a 10% accrued underwriting return
("Underwriting Return") and an 8% accrued priority return ("Priority Return").
The Underwriting Return is based on actual interest earned by the Trust on the
investors funds held in escrow through the initial closing, plus 10% simple
annual interest, computed on a daily basis from the initial closing (August 31,
1995) until the final closing (June 21, 1997). The Priority Return is based on
8% simple annual interest computed from final closing on each stockholder's
investment balance in the Trust.

NOTE E - NOTES PAYABLE
The SBIC 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 was required to pay an annual 1% SBA loan fee on the
outstanding debentures balance.

In August 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 at that time. On September 1, 2003, management
signed a loan agreement with the SBA for $8,100,000 (after paying $1,400,000 on
the $9,500,000 debentures) with a term of 48 months at an interest rate of
7.49%. In August, 2007, the SBIC and the SBA agreed to a one-year extension to
the loan agreement. The agreement requires principal payments on the debt to the
extent the SBIC receives cash proceeds exceeding $250,000 for the sale or
liquidation of investments. As of June 30, 2008, $2,777,782 is outstanding under
the loan agreement, which is secured by substantially all assets of the SBIC.
The loan agreement contains various covenants, including limits on the amounts
of expenses, other than interest expense, that can be incurred and paid. The
loan agreement also contains various events of default, including a decrease in
the aggregate value of the SBIC's assets of 10% or greater.

                                       12

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<TABLE>
<CAPTION>


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

Critical Accounting Policy
The Trust's consolidated financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America. The
financial information contained within these statements is, to a significant
extent, financial information that is based on approximate measures of the
financial effects of transactions and events that have already occurred. Based
on its consideration of accounting policies that involve the most complex and
subjective decisions and assessments, management has identified it most critical
accounting policy to be that related to the valuation of loans and investments.
The Trust's valuation of loans and investments incorporates a variety of risk
considerations, both quantitative and qualitative in establishing a valuation of
loans and investments that management believes is appropriate at each reporting
date. Quantitative factors for the valuation of loans and investments include
the Trust's cost of the investment, terms and liquidity of the 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 prices of securities with
similar quality and yield that are publicly traded and other factors generally
pertinent to the valuation of the investments. Quantitative factors also
incorporate known information about individual loans and investments.
Qualitative factors include the general economic environment in the
Partnership's markets, including economic conditions throughout the Midwest and
in particular the state of certain industries. Although management believes the
valuation of loans and investments as of both June 30, 2008 and December 31,
2007 were adequate, a decline in local economic conditions, or other factors,
could result in increasing losses that cannot be reasonably predicted at this
time.

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
                                   2008              2007                        2008              2007
                                   ----              ----                        ----              ----
     <S>                       <C>               <C>                         <C>               <C>
     Portfolio investments     $    19,416       $    20,612                 $    38,833       $    40,029
     Money market                      170               780                         646             1,938
                               -----------       -----------                 -----------       -----------
     Interest income           $    19,586       $    21,392                 $    39,479       $    41,967
                               ============      ===========                 ===========       ===========

     Dividend income           $    40,375       $     4,166                 $    44,542       $     8,333
                               ===========       ===========                 ===========       ===========


Changes in interest earned on portfolio investments reflect the level of
investment in interest earning debt securities and loans. Money market interest
is earned on investments in highly liquid money market savings funds. Dividend
income reflects dividends earned on preferred stock investments.

Management fees were a credit of $617,239 for the first six months of 2007 and
zero for 2008. The credit for 2007 is the result of the forgiveness of debt by
the Trust Advisor, as described below.

On February 7, 2007, management of the Trust Advisor decided to waive the
management fees for 2006. The Trust accrued management fees payable to the Trust
Advisor for 2006 totaling $174,979 and this forgiveness of debt was reflected in
the financial statements during the first quarter of 2007. On April 26, 2007,
management of the Trust Advisor decided to waive the management fees for 2005
and prior years. The Trust accrued management fees payable to the Trust Advisor
for 2005 and prior years totaling $515,731 and this forgiveness of debt is
reflected in the financial statements during the second quarter of 2007. On July

                                       13
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<PAGE>

25, 2007, management of the Trust Advisor decided to waive the management fees
for 2007. This forgiveness of debt, in the amount of $73,471, is reflected in
the financial statements during the third quarter of 2007. Management fees have
been waived for 2008.

Professional fees were $44,237 for the first six months of 2008 compared to
$46,360 for 2007 and include legal and accounting fees. Other general and
administrative expenses were $21,265 for the first six months of 2008 compared
to $23,472 for 2007. Interest expense was $103,823 for the first six months of
2008 and $103,524 for the same period of 2007 and is interest on the note
payable to the SBA.

The Trust continues to have a deficiency in net assets, as well as net
investment losses. In addition, the SBIC is in violation of the maximum capital
impairment percentage permitted by the SBA. In August 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 at that
time. On September 1, 2003, management signed a loan agreement with the SBA for
$8,100,000 (after paying $1,400,000 on the $9,500,000 debentures) with a term of
48 months at an interest rate of 7.49%. In August, 2007, the SBIC and the SBA
agreed to a one-year extension to the loan agreement. The agreement requires
principal payments on the debt to the extent the SBIC receives cash proceeds
exceeding $250,000 for the sale or liquidation of investments. As of June 30,
2008, $2,777,782 is outstanding under the loan agreement, which is secured by
substantially all assets of the SBIC. The loan agreement contains various
covenants, including limits on the amounts of expenses, other than interest
expense, that can be incurred and paid. The loan agreement also contains various
events of default, including a decrease in the aggregate value of the SBIC's
assets of 10% or greater.

As of June 30, 2008, total assets and liabilities of the Trust are $6,020,783
and $11,818,700, respectively. These factors raise substantial doubt about the
ability of the Trust to continue as a going concern. 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 Trust carries its portfolio of loans and investments at fair value and
investment valuations are approved by the Independent Trustees. 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 market values attributed to the companies in the
portfolio are reflective of EBITDA or revenue multiples management has
determined to be reasonably obtainable if the portfolio investments were to be
sold in an orderly manner to interested parties. Due to the lack of public
company comparables and the inability to access financial information for
comparable private companies, the EBITDA and revenue multiples used in
determining the fair market value of the Trust's investments are very subjective
and may be materially under or overstated.

                                       14

<PAGE>
<TABLE>
<CAPTION>


The following table reflects the changes in unrealized gains and losses by
portfolio company:

                                     Three Months Ending June 30               Six Months Ending June 30
                                        2008             2007                     2008             2007
                                        ----             ----                     ----             ----
     <S>                            <C>              <C>                      <C>              <C>
     FutureMatrix Interventional    $        --      $        --              $ (1,360,000)    $        --
     Inter-Med                               --               --                    527,721             --
     Physicians Total Care                 21,096             --                     16,881             --
     Schebler                                --               --                  1,455,162             --
                                    -------------    -------------            -------------    -------------
     Unrealized gain                $      21,096    $        --              $     639,764    $        --
                                    =============    =============            =============    =============

The following table represents changes in the values of portfolio companies from
December 31, 2007 to June 30, 2008, reflecting the adoption of FAS 157:

                                                     Portfolio Value
                                                     ---------------
     Balance at December 31, 2007                    $   5,316,595
     Unrealized gain on investments                        639,764
                                                     -------------
     Balance at June 30, 2008                        $   5,956,359
                                                     =============

Liquidity and Capital Resources
In accordance with the prospectus, the Trust was scheduled to terminate upon the
liquidation of all of its investments, but no later than June 21, 2007. However,
the Independent Trustees may extend the term of the Trust for up to two
additional one-year periods if they determine that such extensions are in the
best interest of the Trust and in the best interest of the shareholders, after
which the Trust will liquidate any remaining investments as soon as practicable
but in any event within three years. The Independent Trustees have extended the
term of the Trust to June 21, 2009.

The Trust continues to have a deficiency in net assets, as well as net
investment losses. In addition, the SBIC is in violation of the maximum capital
impairment percentage permitted by the SBA. In August 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 at that
time. On September 1, 2003, management signed a loan agreement with the SBA for
$8,100,000 (after paying $1,400,000 on the $9,500,000 debentures) with a term of
48 months at an interest rate of 7.49%. In August, 2007, the SBIC and the SBA
agreed to a one-year extension to the loan agreement. The agreement requires
principal payments on the debt to the extent the SBIC receives cash proceeds
exceeding $250,000 for the sale or liquidation of investments. As of June 30,
2008, $2,777,782 is outstanding under the loan agreement, which is secured by
substantially all assets of the SBIC. The loan agreement contains various
covenants, including limits on the amounts of expenses, other than interest
expense, that can be incurred and paid. The loan agreement also contains various
events of default, including a decrease in the aggregate value of the SBIC's
assets of 10% or greater.

The loan agreement with the SBA is due as follows:

                     Maturity Date                Amount
                     -------------                ------
                   September 1, 2008            $2,777,782

As of June 30, 2008, total assets and liabilities of the Trust are $6,020,783
and $11,818,700, respectively. These factors raise substantial doubt about the
ability of the Trust to continue as a going concern. 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.

                                       15
</TABLE>

<PAGE>


If the debt owed to the SBA by the SBIC is not paid by September 1, 2008, and a
loan extention is not approved by the SBA the SBA may declare the note in
default and exercise its right to take possession of the Trust's assets as
provided in the loan documents.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Trust's investment objective is capital appreciation and current income 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.

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, 2008, the amount at risk was $5,956,359 and consisted
of the following:

                                                    Cost           Valuation
                                                    ----           ---------
         Debt securities and loans             $     474,461     $     783,547
         Preferred stocks                          1,139,479         1,479,245
         Common stocks                             2,023,008         3,605,788
         Warrants to purchase common stock            11,504            87,779
                                               -------------     -------------
         Total loans and investments           $   3,648,452     $   5,956,359
                                               =============     =============

On September 1, 2003, the SBIC signed a loan agreement with the SBA. This debt
is carried on the balance sheet at its principal amount of $2,777,782 as of June
30, 2008.

Item 4. Controls and Procedures
        -----------------------
Evaluation of Disclosure Controls and Procedures
An evaluation was performed under the supervision and with the participation of
the Trust's management, including the Chief Executive Officer (CEO) and Chief
Financial Officer (CFO), of the effectiveness of our disclosure controls and
procedures. Based on that evaluation, the CEO and CFO concluded that as of the
end of the period covered by this report, our disclosure controls and procedures
are effective to provide reasonable assurance that information required to be
disclosed by us in reports that we file or submit under the Securities Exchange
of 1934 is recorded, processed, summarized, and timely reported as provided in
the SEC's rules and forms.

Changes in Internal Controls
No changes occurred since the quarter ended March 31, 2008 in our internal
controls over financial reporting that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.

                                       16

<PAGE>


                                     PART II
                                OTHER INFORMATION


Item 1A. Risk Factors
         ------------

Management of the Trust does not believe there have been any material changes in
the risk factors which were disclosed in the Form 10-K filed with the Securities
and Exchange Commission on March 25, 2008.


Item 6. Exhibits
        --------

Exhibit 31.1      Certification of Chief Executive Officer

Exhibit 31.2      Certification of Chief Financial Officer

Exhibit 32.1      Certification of Chief Executive Officer Pursuant to
                  18 U.S.C. Section 1350

Exhibit 32.2      Certification of Chief Financial Officer Pursuant to
                  18 U.S.C. Section 1350



                                   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 12, 2008                    /s/  Ronald O. Brendengen
                                            -----------------------------------
                                                 Ronald O. Brendengen,
                                                 Chief Financial Officer &
                                                 Treasurer


Date:    August 12, 2008                    /s/  Daniel P. Wegmann
                                            -----------------------------------
                                                 Daniel P. Wegmann, Controller

                                       17