MICHAEL C. FINKELSTEIN
Certified Public Accountant
198 Route 9, Suite 205 253 Fifth Avenue, 5th Floor
Manalapan, New Jersey 07726 New York, New York 10016
Tel. (732) 577-7055 Tel. (212) 689-4633
Fax. (732) 577-1844
To the Board of Directors
Freshstart Venture Capital Corp.
We have examined the investment accounts shown by the books and records of
Freshstart Venture Capital Corp. for the period from the date of our last
similar examination on November 30, 1997 to July 1, 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 July 1, 1998, shown by the books
and records examined by us, which we counted and inspected, were located in the
vault of Amalgamated Bank, New York, New York, or out for transfer on that date,
as to which we reviewed original securities located at the Company.
Because the above procedures do not constitute an examination 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
Freshstart Venture Capital Corp., taken as a whole.
Independent Auditor
/S/ MICHAEL C. FINKELSTEIN
New York, New York
July 24, 1998
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[Form N-17f-2]
[Adopted in Release No. 1C-17085 (ss.84,434), effective September 2, 1989, 54 F.
R. 32048.]
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar Investments in the Custody
of Management Investment Companies
Pursuant to Rule 17f-2 [17CFR 270.17f-2]
1. Investment Company Act File Number: Date examination completed:
811- 5169 July 1, 1998
2. State Identification Number: New York 13-3134761
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY [X] NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
3. Exact number of investment company as specified in registration statement:
4. Address of principal executive office: (number, street, city, state, zip
code) 313 West 53rd Street New York, New York 10019
INSTRUCTIONS
This Form must be completed by the 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 documented, and
one copy with the appropriate state administrator(s), if applicable.
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