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000 A000000 06/30/96
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001 A000000 FIRST CAROLINA INVESTORS, INC.
001 B000000 811-8942
001 C000000 7048461066
002 A000000 5224 PROVIDENCE COUNTRY CLUB
002 B000000 CHARLOTTE
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002 D010000 28277
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012 A000001 CONTINENTAL STOCK TRANSFER & TRUST COMPANY
012 B000001 84-00034
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10004
013 A000001 KPMG PEAT MARWICK, LLP
013 B010001 CHARLOTTE
013 B020001 NC
013 B030001 28282
014 A000001 TRUBEE COLLINS & CO., INC.,
014 B000001 8-2142
015 A000001 FIRST UNION NATIONAL BANK OF N.C.
015 B000001 C
015 C010001 CHARLOTTE
015 C020001 NC
015 C030001 28288
015 C040001 0145
015 E010001 X
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<PAGE> PAGE 2
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020 A000001 TRUBEE COLLINS & CO., INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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071 C000000 62033
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<PAGE> PAGE 7
074 L000000 143
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074 N000000 76482
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074 R020000 0
074 R030000 0
074 R040000 22865
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SIGNATURE JAMES E. TRAYNOR
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE
30, 1996 CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN THE REPORT TO
STOCKHOLDERS AND FORM N-SAR AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH REPORTS AND THE DECEMBER 31, 1995 ANNUAL REPORT TO STOCKHOLDERS AND THE
DECEMBER 31, 1995 FORM N-SAR.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 14,620,939
<INVESTMENTS-AT-VALUE> 64,486,250
<RECEIVABLES> 359,167
<ASSETS-OTHER> 9,099,000
<OTHER-ITEMS-ASSETS> 2,537,688
<TOTAL-ASSETS> 76,482,105
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,264,971
<TOTAL-LIABILITIES> 24,264,971
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,095,919
<SHARES-COMMON-PRIOR> 1,099,646
<ACCUMULATED-NII-CURRENT> 252,755
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 194,550
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,255,997
<NET-ASSETS> 52,217,134
<DIVIDEND-INCOME> 377,250
<INTEREST-INCOME> 10,016
<OTHER-INCOME> 876,346
<EXPENSES-NET> 796,953
<NET-INVESTMENT-INCOME> 466,659
<REALIZED-GAINS-CURRENT> 1,640
<APPREC-INCREASE-CURRENT> 3,865,787
<NET-CHANGE-FROM-OPS> 4,334,086
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 213,904
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 5,600
<SHARES-REINVESTED> 1,873<F1>
<NET-CHANGE-IN-ASSETS> 3,911,589
<ACCUMULATED-NII-PRIOR> 624,468
<ACCUMULATED-GAINS-PRIOR> 192,910
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 2,289
<GROSS-EXPENSE> 690,659
<AVERAGE-NET-ASSETS> 50,983,258
<PER-SHARE-NAV-BEGIN> 43.93
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> 3.52
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .02<F2>
<PER-SHARE-NAV-END> 47.65
<EXPENSE-RATIO> 1.569
<AVG-DEBT-OUTSTANDING> 82,000
<AVG-DEBT-PER-SHARE> .07
<FN>
<F1> THE 1,873 SHARES REINVESTED REPRESENT THE NET CHANGE IN ADDITIONAL
SHARES ATTRIBUTABLE TO STOCK OPTIONS.
<F2> THE .02 PER SHARE RETURN OF CAPITAL INDICATED ABOVE REPRESENTS SHARE
TRANSACTIONS AND NOT A RETURN OF CAPITAL OR OTHER DISTRIBUTION.
</FN>
</TABLE>
