FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Registrant Name FRESHSTART VENTURE CAPITAL CORP.
File Number 811-5169
Registrant CIK Number: 0000818897
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Header Screen
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Report as of the end of semiannual period: 11/30/97 (a)
or fiscal year: / / (b)
Is this a transition report? (Y or N): N
Is this form being completed by the registrant? (Y or N): Y
Is this an amendment to a previous filing? (Y or N): N
Is this a change to a previous filing? (Y or N): N
1.A) Registrant Name: FRESHSTART VENTURE CAPITAL CORP.
B) File Number: 811-5169
C) Telephone Number: 2122652249
2.A) Street: 313 WEST 53RD STREET
B) City: NEW YORK CITY C) State: NY D) Zip Code: 10019 Zip Ext.:
E) Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by the Registrant?(Y or N) ----- N
4. Is this the last filing on this form by the Registrant?(Y or N) ------ N
5. Is Registrant a small business investment company (SBIC)?(Y or N) ---- N
6. Is Registrant a unit investment trust (UIT)?(Y or N) ----------------- Y
7.A) Is Registrant a series or multiple portfolio company?(Y or N) ----- N
B) How many separate series or portfolios did Registrant have
at the end of the period? ----------------------------------------- 0
SCREEN NUMBER: 1
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7.C) List the name of each series or portfolio and give a consecutive number
to each series or portfolio starting with the number 1. USE THIS SAME
NUMERICAL DESIGNATION FOR EACH SERIES OR PORTFOLIO IN THE SERIES IN-
FORMATION BLOCK IN THE TOP RIGHT CORNER OF THE SCREENS SUBMITTED IN
THIS FILING AND IN ALL SUBSEQUENT FILINGS ON THIS FORM. THIS INFOR-
MATION IS REQUIRED EACH TIME THE FORM IS FILED. Is this the
Series last filing
Number Series Name for this series?
(Y or N)
1
2
3
4
5
6
7
8
9
10
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SCREEN NUMBER: 2
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This page is being
CUSTODIAN/SUB-CUSTODIAN filed for series 0.
15.A) Custodian/Sub-custodian:
B) Is this a Custodian or Sub-custodian? (C/S): C
C) City: State: Zip Code: Zip Ext.:
D) Foreign Country: Foreign Postal Code:
E) Mark ONE of the following with an 'X':
TYPE OF CUSTODY
Member Nat'l Foreign Insurance Co.
Bank Sec. Exchg. Self Custodian Sponsor
Sec.17(f)(1) Rule 17f-1 Rule 17f-2 Rule 17f-5 Rule 26a-2 Other
------------ ------------ ---------- ---------- ------------- -----
X
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SCREEN NUMBER: 9
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This page being
filed for series 0.
18. Does Registrant's/Series' custodian(s) maintain some
or all of Registrant's/Series' securities in a central
depository or book-entry system pursuant to Rule 17f-4? (Y or N) Y
19. Family of investment companies information:
A) Is Registrant part of a family of investment companies? (Y or N) N
B) If 'Y' (Yes), state the number of registered management
investment companies in the family: 0
(NOTE: Count as a separate company each series of a series company
and each portfolio of a multiple portfolio company; exclude
all series of unit investment trusts from this number.)
C) Identify the family using 10 letters:
(NOTE: In filing this form, use this identification consistently for
all investment companies in the family including any unit
investment trusts. This designation is for purposes of
this form only.)
SCREEN NUMBER: 10
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This page being
filed for series 0.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
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26. Considerations which affected the participation of brokers or dealers
or other entities in commissions or other compensation paid on
portfolio transactions of Registrant:
[ FOR SERIES COMPANIES THIS ITEM IS TO BE ANSWERED IN TOTAL FOR ALL SERIES ]
Answer each of the following with 'Y' or 'N'.
A) Sales of Registrant's/Series' shares --------------------------------
B) Receipt of investment research and statistical information ----------
C) Receipt of quotations for portfolio valuations ----------------------
D) Ability to execute portfolio transactions
to obtain best price and execution ---------------------------------
E) Receipt of telephone line and wire services -------------------------
F) Broker or dealer which is an affiliated person ----------------------
G) Arrangement to return or credit part or all of
commissions or profits thereon:
(i) To investment adviser, principal underwriter,
or an affiliated person of either ----------------------------
(ii) To Registrant ------------------------------------------------
H) Other ---------------------------------------------------------------
SCREEN NUMBER: 15
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Contracts This page being
filed for series 0.
45. Did Registrant/Series have an advisory contract during the period?
(If 'N' (No), jump to screen 26 for your next screen.) --------------- N
46. Did Registrant/Series pay more than one investment adviser directly
for investment advice during the period? (If 'Y' (Yes), answer items
47-52 in the aggregate for all such investment advisers.) ------------
47. Was Registrant's/Series' advisory fee based solely on a percentage of
its assets? (Y or N) -------------------------------------------------
48. If answer to 47 is 'Y' (Yes), fill in the table or the single fee rate
applied to Registrant's/Series' assets based on the advisory contract.
SINGLE FEE RATE ------- 0.000%
STEP: ASSET VALUE ($000's omitted) ANNUAL FEE RATE
A) first - $ 0 0.000%
B) of next - $ 0 0.000%
C) of next - $ 0 0.000%
D) of next - $ 0 0.000%
E) of next - $ 0 0.000%
F) of next - $ 0 0.000%
G) of next - $ 0 0.000%
H) of next - $ 0 0.000%
I) of next - $ 0 0.000%
J) of next - $ 0 0.000%
K) over - $ 0 0.000%
SCREEN NUMBER: 23
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62.A) Does the Registrant/Series invest primarily in This page being
debt securities, including convertible debt filed for series 0.
securities, options & futures on debt
securities or indices of debt securities? (Y or N) ----------- Y
NOTE: If answer is 'N' (No), jump to Screen Number 30.
If answer is 'Y' (Yes), state the percentage of net assets
in each type at the end of the current period:
SHORT-TERM MATURITIES
B) U.S. Treasury 0.0% C) U.S. Government Agency 0.0%
D) Repurchase agreements 0.0% F) Bank Certificates of
E) State and Municipal tax-free 0.0% deposit-Domestic 0.0%
G) Bank Certificates of deposit-Foreign 0.0% H) Bankers acceptances 0.0%
I) Commercial paper taxable 0.0% J) Time deposits 0.0%
K) Options 0.0% L) All other 0.0%
INTERMEDIATE & LONG-TERM MATURITIES
M) U.S. Treasury 0.0% N) U.S. Government Agency 0.0%
O) State and Municipal tax-free 0.0% P) Corporate 0.0%
Q) All other 100.0%
R) Investments other than debt securities 0.0%
SCREEN NUMBER: 28
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This page being
71. Portfolio turnover rate for the current filed for series 0.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 0
B) Sales [including all maturities] ($000's omitted) ----------- $ 0
C) Monthly average value of portfolio ($000's omitted) --------- $ 0
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 0%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 6 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 1030
C) Net dividend income ----------------------------------------- $ 0
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 0
G) Administrator(s) fees --------------------------------------- $ 0
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 76
SCREEN NUMBER: 32
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This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 0.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 0
J) Custodian fees ------------------------------------- $ 0
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 0
O) Taxes ---------------------------------------------- $ 0
P) Interest ------------------------------------------- $ 370
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 0
R) Auditing fees -------------------------------------- $ 14
S) Legal fees ----------------------------------------- $ 22
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 0
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 102
X) Total expenses ------------------------------------- $ 584
SCREEN NUMBER: 33
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This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 0.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 0
Z) Net investment income ------------------------------ $ 446
AA) Realized capital gains ----------------------------- $ 0
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 0
2. Net unrealized depreciation during the period --- $ 0
DD) 1. Total income dividends for which record date
passed during the period ------------------------ $ 394
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.2200
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0000
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
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This page being
filed for series 0.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 15
B) Repurchase agreements ------------------------------ $ 0
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 2913
D) Long-term debt securities including
convertible debt------------------------------------ $ 17711
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 0
F) Common stock --------------------------------------- $ 0
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 0
J) Receivables from portfolio instruments sold -------- $ 0
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 213
M) All other assets ----------------------------------- $ 367
N) Total assets --------------------------------------- $ 21219
SCREEN NUMBER: 35
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This page being
(Continued from Screen 35) filed for series 0.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 12360
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 0
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 291
S) Senior equity ------------------------------------------------ $ 1410
T) Net assets of common shareholders ---------------------------- $ 7158
U) 1. Number of shares outstanding ------------------------------ 2173
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 3.29
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 801
Y) Total value of assets in segregated accounts ----------------- $ 0
SCREEN NUMBER: 36
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This page being
filed for series 0.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 7188
76. Market price per share at end of period (closed-end funds only) $ 6.75
SCREEN NUMBER: 37
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77.A) Is the Registrant filing any of the following attachments
with the current filing of Form N-SAR? (ANSWER FOR ALL
SERIES AS A GROUP) (Y or N) ------------------------------- N
NOTE: If answer is 'Y' (Yes), mark those items
below being filed as an attachment to this Filed as
form or incorporated by reference. Attachment
B) Accountant's report on internal control -------------------
C) Matters submitted to a vote of security holders -----------
D) Policies with respect to security investment --------------
E) Legal proceedings -----------------------------------------
F) Changes in security for debt ------------------------------
G) Defaults and arrears on senior securities -----------------
H) Changes in control of Registrant --------------------------
I) Terms of new or amended securities ------------------------
J) Revaluation of assets or restatement of
capital share account -------------------------------------
K) Changes in Registrant's certifying account ----------------
L) Changes in accounting principles and practices ------------
M) Mergers ---------------------------------------------------
N) Actions required to be reported pursuant to Rule 2a-7 -----
O) Transactions effected pursuant to Rule 10f-3 --------------
P) Information required to be filed pursuant
to exemptive orders ---------------------------------------
(Item 77 continued on next screen)
SCREEN NUMBER: 38
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Closed-End Investment Companies Only
86. Sales, repurchases, and redemptions of
Registrant's securities:
Number of Shares Net
or Principal Consideration
Amount of Debt Received or Paid
($000's omitted) ($000's omitted)
Common Stock:
A) Sales 0 $ 0
B) Repurchases 0 $ 0
Preferred Stock:
C) Sales 0 $ 0
D) Repurchases and Redemptions 0 $ 0
Debt Securities
E) Sales $ 4060 $ 4060
F) Repurchases and Redemptions $ 150 $ 150
SCREEN NUMBER: 43
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SIGNATURE ZINDEL ZELMANOVITCH
TITLE PRESIDENT
