<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION ------------------------
Washington, D.C. 20549 OMB APPROVAL
------------------------
FORM N-17f-2 OMB Number: 3235-0360
Expires: June 30, 1997
Certificate of Accounting of Securities and Similar Estimated average burden
Investments in the Custody of hours per response--0.05
Management Investment Companies ------------------------
Pursuant to Rule 17f-2[17 CFR 270.17f-2]
- --------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-08942 December 31, 1998
- --------------------------------------------------------------------------------
2. State Identification Number:
--------------------------------------------------------------------------
AL AK AZ AR CA CO
--------------------------------------------------------------------------
CT DE DC FL GA HI
--------------------------------------------------------------------------
ID IL IN IA KS KY
--------------------------------------------------------------------------
LA ME MD MA MI MN
--------------------------------------------------------------------------
MS MO MT NE NV NH
--------------------------------------------------------------------------
NJ NM NY NC ND OH
--------------------------------------------------------------------------
OK OR PA RI SC SD
--------------------------------------------------------------------------
TN TX UT VT VA WA
--------------------------------------------------------------------------
WV WI WY PUERTO RICO
--------------------------------------------------------------------------
OTHER (specify):
--------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
First Carolina Investors, Inc.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip
code):
1130 East Third Street, Suite 410, Charlotte, North Carolina 28204
- --------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines securities
and similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state of administrator(s),
if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE> 2
[KPMG Logo]
Suite 2800
Two First Union Center
Charlotte, NC 28282-8290
To the Board of Directors of
First Carolina Investors, Inc.:
We have examined the investment accounts shown by the books and records of
First Carolina Investors, Inc. as of December 31, 1998. Our examination was
made without prior notice to the Company. It is understood that this report is
solely for the use of management and the Securities and Exchange Commission and
should not be used for any other purpose.
Securities owned as of the close of business on December 31, 1998, shown by the
books and records audited by us were agreed to reports obtained from third
parties that maintain records of said securities, except for securities
purchased but not yet received on that date, as to which we obtained
confirmation from the brokers.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we examined the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
First Carolina Investors, Inc., taken as a whole.
/s/ KPMG LLP
December 31, 1998
Charlotte, North Carolina
<PAGE> 3
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION ------------------------
Washington, D.C. 20549 OMB APPROVAL
------------------------
FORM N-17f-2 OMB Number: 3235-0360
Expires: June 30, 1997
Certificate of Accounting of Securities and Similar Estimated average burden
Investments in the Custody of hours per response--0.05
Management Investment Companies ------------------------
Pursuant to Rule 17f-2[17 CFR 270.17f-2]
- --------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-08942 November 30, 1998
- --------------------------------------------------------------------------------
2. State Identification Number:
--------------------------------------------------------------------------
AL AK AZ AR CA CO
--------------------------------------------------------------------------
CT DE DC FL GA HI
--------------------------------------------------------------------------
ID IL IN IA KS KY
--------------------------------------------------------------------------
LA ME MD MA MI MN
--------------------------------------------------------------------------
MS MO MT NE NV NH
--------------------------------------------------------------------------
NJ NM NY NC ND OH
--------------------------------------------------------------------------
OK OR PA RI SC SD
--------------------------------------------------------------------------
TN TX UT VT VA WA
--------------------------------------------------------------------------
WV WI WY PUERTO RICO
--------------------------------------------------------------------------
OTHER (specify):
--------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
First Carolina Investors, Inc.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip
code):
1130 East Third Street, Suite 410, Charlotte, North Carolina 28204
- --------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines securities
and similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state of administrator(s),
if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE> 4
[KPMG Logo]
Suite 2800
Two First Union Center
Charlotte, NC 28282-8290
To the Board of Directors of
First Carolina Investors, Inc.:
We have examined the investment accounts shown by the books and records of
First Carolina Investors, Inc. as of November 30, 1998. Our examination was
made without prior notice to the Company. It is understood that this report is
solely for the use of management and the Securities and Exchange Commission and
should not be used for any other purpose.
Securities owned as of the close of business on November 30, 1998, shown by the
books and records audited by us were agreed to reports obtained from third
parties that maintain records of said securities, except for securities
purchased but not yet received on that date, as to which we obtained
confirmation from the brokers.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we examined the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
First Carolina Investors, Inc., taken as a whole.
/s/ KPMG LLP
November 30, 1998
Charlotte, North Carolina
<PAGE> 5
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION ------------------------
Washington, D.C. 20549 OMB APPROVAL
------------------------
FORM N-17f-2 OMB Number: 3235-0360
Expires: June 30, 1997
Certificate of Accounting of Securities and Similar Estimated average burden
Investments in the Custody of hours per response--0.05
Management Investment Companies ------------------------
Pursuant to Rule 17f-2[17 CFR 270.17f-2]
- --------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-08942 October 31, 1998
- --------------------------------------------------------------------------------
2. State Identification Number:
--------------------------------------------------------------------------
AL AK AZ AR CA CO
--------------------------------------------------------------------------
CT DE DC FL GA HI
--------------------------------------------------------------------------
ID IL IN IA KS KY
--------------------------------------------------------------------------
LA ME MD MA MI MN
--------------------------------------------------------------------------
MS MO MT NE NV NH
--------------------------------------------------------------------------
NJ NM NY NC ND OH
--------------------------------------------------------------------------
OK OR PA RI SC SD
--------------------------------------------------------------------------
TN TX UT VT VA WA
--------------------------------------------------------------------------
WV WI WY PUERTO RICO
--------------------------------------------------------------------------
OTHER (specify):
--------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
First Carolina Investors, Inc.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip
code):
1130 East Third Street, Suite 410, Charlotte, North Carolina 28204
- --------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines securities
and similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state of administrator(s),
if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE> 6
[KPMG Logo]
Suite 2800
Two First Union Center
Charlotte, NC 28282-8290
To the Board of Directors of
First Carolina Investors, Inc.:
We have examined the investment accounts shown by the books and records of
First Carolina Investors, Inc. as of October 31, 1998. Our examination was
made without prior notice to the Company. It is understood that this report is
solely for the use of management and the Securities and Exchange Commission and
should not be used for any other purpose.
Securities owned as of the close of business on October 31, 1998, shown by the
books and records audited by us were agreed to reports obtained from third
parties that maintain records of said securities, except for securities
purchased but not yet received on that date, as to which we obtained
confirmation from the brokers.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we examined the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
First Carolina Investors, Inc., taken as a whole.
/s/ KPMG LLP
October 31, 1998
Charlotte, North Carolina
