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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of Report (Date of earliest event reported): December 19, 2011</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B><U>Berthel
Growth &amp; Income Trust I</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Iowa</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>33-89506</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>52-1915821</B></FONT></TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission File
    Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(IRS No.)</FONT></TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>701
Tama Street, Marion, Iowa 52302</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
of principal executive offices) (Zip Code)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant's
telephone number, including area code: (319) 447-5700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt"><B>Item
2.01 Completion of Acquisition or Disposition of Assets.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">Berthel
SBIC, LLC (Commission File number 811-08451) (&ldquo;<U>Berthel SBIC</U>&rdquo;) is a wholly-owned subsidiary of the registrant.
The registrant previously reported that on January 7, 2009, the United States District Court for the Northern District of Iowa
(the &ldquo;<U>Court</U>&rdquo;) entered a Consent Order and Judgment (the &ldquo;<U>Receivership Order</U>&rdquo;) by which the
court appointed the United States Small Business Administration (the &ldquo;<U>SBA</U>&rdquo;) as the receiver (the &ldquo;<U>Receiver</U>&rdquo;)
for Berthel SBIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3in 0 0; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">&nbsp;Berthel
SBIC owned 2,557.167 shares of common stock (the &ldquo;<U>Securities</U>&rdquo;) of Inter-Med, Inc., a Wisconsin corporation
(&ldquo;<U>Inter-Med</U>&rdquo;). The Securities represented all of the investment of Berthel SBIC in Inter-Med. There are no
other material relationships between Inter-Med and Berthel SBIC, the registrant or any of Berthel SBIC&rsquo;s or the registrant&rsquo;s
affiliates, directors, officers or any associate of any such director or officer. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">On
or about December 19, 2011, the Receiver transferred to the SBA all of Berthel SBIC&rsquo;s right, title and interest in the Securities.
The transfer was made in accordance with the Court&rsquo;s orders dated December 21, 2009 and September 19, 2011, which orders
instructed the Receiver to transfer all of Berthel SBIC&rsquo;s remaining assets to the SBA in the course of winding up and terminating
the receivership. The Receiver has valued the Securities at $585,722 for purposes of the Securities&rsquo; transfer to the SBA.
No consideration was received by Berthel SBIC in exchange for the transfer of the Securities except for reduction in the obligation
owed to the SBA by Berthel SBIC. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt"><B>Item
8.01&#9;Other Events.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt">On
or about December 19, 2011, the registrant received a written notice in the form of a letter dated December 14, 2011 from the
Receiver (the &ldquo;<U>Receiver&rsquo;s Notice</U>&rdquo;). A copy of the Receiver&rsquo;s Notice is hereby furnished as Exhibit
99.1 hereto. The Receiver&rsquo;s Notice states that the Receiver has completed the tasks assigned to the Receiver under the Receivership
Order and intends to file with the Court its final report and request from the court a final order terminating the receivership,
discharging the Receiver and transferring control of Berthel SBIC to the registrant. The Receiver&rsquo;s Notice further states
that, pursuant to the Court&rsquo;s order dated September 19, 2011, the Receiver intends to transfer to the registrant possession
of certain books, records and files, and the Receiver intends to revoke Berthel SBIC&rsquo;s Small Business Investment Company
license. Upon revocation of Berthel SBIC&rsquo;s license, it will no longer be authorized to operate as a Small Business Investment
Company. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.3in 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.15pt"><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.2pt">(d)
Exhibits. The following exhibits are furnished herewith:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
99.1&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: -0.1pt">Receiver&rsquo;s Letter to the Registrant dated December 14, 2011</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="letter-spacing: -0.1pt"></FONT></FONT></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 hereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Berthel
Growth &amp; Income Trust I</U></B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>December
23, 2011</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Date)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/ Ronald
O. Brendengen</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ronald O.
Brendengen, Chief Financial Officer of Berthel</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fisher &amp;
Company Planning, Inc., Trust Advisor</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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{"company-data": {"conformed-name": "BERTHEL GROWTH & INCOME TRUST I", "cik": "0000937969", "irs-number": "521915821", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-00166", "film-number": "111279911"}, "business-address": {"street1": "701 TAMA STREET", "city": "MARION", "state": "IA", "zip": "52302", "phone": "319-447-5700"}, "mail-address": {"street1": "701 TAMA STREET", "city": "MARION", "state": "IA", "zip": "52302"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 19, 2011
Berthel
Growth & Income Trust I
(Exact
name of registrant as specified in its charter)
Iowa
33-89506
52-1915821
(State of Incorporation)
(Commission File
    Number)
(IRS No.)
701
Tama Street, Marion, Iowa 52302
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (319) 447-5700
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
_ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
_ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
_ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
_ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.01 Completion of Acquisition or Disposition of Assets.
Berthel
SBIC, LLC (Commission File number 811-08451) ("
Berthel SBIC
") is a wholly-owned subsidiary of the registrant.
The registrant previously reported that on January 7, 2009, the United States District Court for the Northern District of Iowa
(the "
Court
") entered a Consent Order and Judgment (the "
Receivership Order
") by which the
court appointed the United States Small Business Administration (the "
SBA
") as the receiver (the "
Receiver
")
for Berthel SBIC.
Berthel
SBIC owned 2,557.167 shares of common stock (the "
Securities
") of Inter-Med, Inc., a Wisconsin corporation
("
Inter-Med
"). The Securities represented all of the investment of Berthel SBIC in Inter-Med. There are no
other material relationships between Inter-Med and Berthel SBIC, the registrant or any of Berthel SBIC's or the registrant's
affiliates, directors, officers or any associate of any such director or officer.
On
or about December 19, 2011, the Receiver transferred to the SBA all of Berthel SBIC's right, title and interest in the Securities.
The transfer was made in accordance with the Court's orders dated December 21, 2009 and September 19, 2011, which orders
instructed the Receiver to transfer all of Berthel SBIC's remaining assets to the SBA in the course of winding up and terminating
the receivership. The Receiver has valued the Securities at $585,722 for purposes of the Securities' transfer to the SBA.
No consideration was received by Berthel SBIC in exchange for the transfer of the Securities except for reduction in the obligation
owed to the SBA by Berthel SBIC.
Item
8.01	Other Events.
On
or about December 19, 2011, the registrant received a written notice in the form of a letter dated December 14, 2011 from the
Receiver (the "
Receiver's Notice
"). A copy of the Receiver's Notice is hereby furnished as Exhibit
99.1 hereto. The Receiver's Notice states that the Receiver has completed the tasks assigned to the Receiver under the Receivership
Order and intends to file with the Court its final report and request from the court a final order terminating the receivership,
discharging the Receiver and transferring control of Berthel SBIC to the registrant. The Receiver's Notice further states
that, pursuant to the Court's order dated September 19, 2011, the Receiver intends to transfer to the registrant possession
of certain books, records and files, and the Receiver intends to revoke Berthel SBIC's Small Business Investment Company
license. Upon revocation of Berthel SBIC's license, it will no longer be authorized to operate as a Small Business Investment
Company.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits. The following exhibits are furnished herewith:
Exhibit
99.1
Receiver's Letter to the Registrant dated December 14, 2011
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 hereunto duly authorized.
Berthel
Growth & Income Trust I
(Registrant)
December
23, 2011
(Date)
/s/ Ronald
O. Brendengen
Ronald O.
Brendengen, Chief Financial Officer of Berthel
Fisher &
Company Planning, Inc., Trust Advisor