<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000811040
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 FIRST CAROLINA INVESTORS, INC.
001 B000000 811-8942
001 C000000 7043730501
002 A000000 1130 E. THIRD STREET, SUITE 410
002 B000000 CHARLOTTE
002 C000000 NC
002 D010000 28204
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
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
018 000000 N
<PAGE> PAGE 2
019 A000000 N
019 B000000 0
020 A000001 TRUBEE COLLINS & CO., INC.
020 B000001 16-1406627
020 C000001 9
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022 C000008 0
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026 A000000 N
026 B000000 Y
026 C000000 N
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<PAGE> PAGE 3
026 F000000 Y
026 G010000 N
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028 A010000 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
063 A000000 0
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066 A000000 Y
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067 000000 N
068 A000000 N
068 B000000 N
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070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
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070 I020000 N
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070 J020000 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
074 M000000 2673
074 N000000 140749
074 O000000 0
074 P000000 1724
074 Q000000 0
074 R010000 0
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074 R030000 0
074 R040000 46695
074 S000000 0
074 T000000 92330
074 U010000 1073
074 U020000 0
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074 V020000 0.00
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074 X000000 550
074 Y000000 0
075 A000000 0
075 B000000 81509269
076 000000 70.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 RELIANCE INSURANCE COMPANY
080 C000000 600
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
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086 C020000 0
086 D010000 0
086 D020000 0
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087 A020000 319420-105
087 A030000 FCI
<PAGE> PAGE 8
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE CYNTHIA RABY
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 6/30/98
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
12/31/97 ANNUAL REPORT TO STOCKHOLDERS AND THE 12/31/97 FORM N-SAR.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 15,861,656
<INVESTMENTS-AT-VALUE> 125,931,488
<RECEIVABLES> 5,571,759
<ASSETS-OTHER> 4,689,000
<OTHER-ITEMS-ASSETS> 4,556,986
<TOTAL-ASSETS> 140,749,233
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,299,270
<TOTAL-LIABILITIES> 48,299,270
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,073,366
<SHARES-COMMON-PRIOR> 1,075,700
<ACCUMULATED-NII-CURRENT> 97,616
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,728,556
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,041,109
<NET-ASSETS> 92,330,463
<DIVIDEND-INCOME> 483,100
<INTEREST-INCOME> 202,857
<OTHER-INCOME> 448,096
<EXPENSES-NET> 517,706
<NET-INVESTMENT-INCOME> 616,347
<REALIZED-GAINS-CURRENT> 3,235,506
<APPREC-INCREASE-CURRENT> 8,490,680
<NET-CHANGE-FROM-OPS> 12,342,533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 518,731
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 3,700
<SHARES-REINVESTED> 1,366<F1>
<NET-CHANGE-IN-ASSETS> 11,580,374
<ACCUMULATED-NII-PRIOR> 2,877,338
<ACCUMULATED-GAINS-PRIOR> 1,493,050
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 517,706
<AVERAGE-NET-ASSETS> 81,509,269
<PER-SHARE-NAV-BEGIN> 75.07
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> 10.79
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .06<F2>
<PER-SHARE-NAV-END> 86.02
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE 1,366 SHARES REINVESTED REPRESENTS THE NET CHANGE IN ADDITIONAL SHARES
ATTRIBUTABLE TO STOCK OPTIONS.
<F2>THE $0.06 PER SHARE RETURN OF CAPITAL INDICATED ABOVE REPRESENTS SHARE
TRANSACTIONS AND NOT A RETURN OF CAPITAL OR OTHER DISTRIBUTION.
</FN>
</TABLE>
