<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 936709
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SOUTHEAST INTERACTIVE TECHNOLOGY FUND I, LLC
001 B000000 811-9052
001 C000000 9195588324
002 A000000 2525 MERIDIAN PARKWAY, SUITE 300A
002 B000000 DURHAM
002 C000000 NC
002 D010000 27713
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SOVERIGN ADVISERS
022 B000001 86-1377945
022 C000001 857
022 D000001 1192
022 A000002 ALEX BROWN
022 B000002 52-1319768
022 C000002 1053
<PAGE> PAGE 2
022 D000002 699
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1910
023 D000000 1891
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
<PAGE> PAGE 3
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
<PAGE> PAGE 4
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 Y
071 A000000 35
071 B000000 962
071 C000000 5236
071 D000000 0
072 A000000 12
072 B000000 127
072 C000000 0
072 D000000 0
072 E000000 29
072 F000000 144
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 2
072 K000000 3
072 L000000 9
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 23
<PAGE> PAGE 5
072 S000000 7
072 T000000 0
072 U000000 16
072 V000000 0
072 W000000 33
072 X000000 237
072 Y000000 0
072 Z000000 -81
072AA000000 0
072BB000000 125
072CC010000 0
072CC020000 1087
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 105
074 B000000 0
074 C000000 1430
074 D000000 0
074 E000000 2962
074 F000000 44
074 G000000 0
074 H000000 0
074 I000000 37
074 J000000 0
074 K000000 26
074 L000000 66
074 M000000 70
074 N000000 4740
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 26
074 S000000 0
074 T000000 4714
074 U010000 244
074 U020000 0
074 V010000 19316.95
074 V020000 0.00
074 W000000 0.0000
074 X000000 162
074 Y000000 0
075 A000000 0
075 B000000 5236
<PAGE> PAGE 6
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 AETNA
080 C000000 3000
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 1
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE DAVID BLIVIN
TITLE DIRECTOR
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1,000
<INVESTMENTS-AT-COST> 5,157
<INVESTMENTS-AT-VALUE> 4,473
<RECEIVABLES> 66
<ASSETS-OTHER> 70
<OTHER-ITEMS-ASSETS> 105
<TOTAL-ASSETS> 4,740
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 26
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,569
<SHARES-COMMON-STOCK> 244
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 403
<NET-ASSETS> 4,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 127
<OTHER-INCOME> 0
<EXPENSES-NET> 237
<NET-INVESTMENT-INCOME> (81)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (962)
<NET-CHANGE-FROM-OPS> (1,043)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 244
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,053)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237
<AVERAGE-NET-ASSETS> 5,236
<PER-SHARE-NAV-BEGIN> 23,593
<PER-SHARE-NII> (332)
<PER-SHARE-GAIN-APPREC> (3,944)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19,317
<EXPENSE-RATIO> 3.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
Report on Internal Control
To the Shareholders and Board of Directors of
Southeast Interactive Technology Fund I, LLC
In planning and performing our audit of the financial statements of the
Southeast Interactive Technology Fund I, LLC (the "Fund") for the year ended
December 31, 1997, we considered its internal control structure, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisitions, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control structure components does not reduce to a relatively
low level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including control activities for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of the Fund and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Raleigh, North Carolina
March 13, 1998
