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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ____________)
Southward Ventures Depositary Trust
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[Name of Issuer]
Trust Certificate, No Par Value
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[Title of Class of Securities]
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[CUSIP Number]
James A. & Margaret M. Ruffalo
14 Coppola Court
Clifton, NJ 07013-1543
Tel. No. (201) 684-0351
July 3, 1997
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box __.
Check the following box if a fee is being paid with the statement __. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. __________ Page 2 of 4 Pages
1. [NAME OF REPORTING PERSON]
James A. Ruffalo: S.S.# ###-##-#### & Margaret M. Ruffalo: S.S. #
###-##-####
2. Check the appropriate Box if a member of a group (a)__
(b)__
3. SEC Use Only
4. [SOURCE OF FUNDS]
PF
5. [CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) __
6. [CITIZENSHIP OR PLACE OF ORGANIZATION]
United States
NUMBER OF 7. [SOLE VOTING POWER]
SHARES 8. [SHARED VOTING POWER]
BENEFICIALLY
OWNED BY 9. [SOLE DISPOSITIVE POWER]
EACH
REPORTING 10.[SHARED DISPOSITIVE POWER]
PERSON WITH
11. [AGGREGRATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON]
306,700
12. [CHECK BOX IF THE AGGREGRATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES __
13. [PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11]
9.65%
14. [TYPE OF REPORTING PERSON]
IN
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Item 1. Security and Issuer
The title of the class of equity securities are Trust Certificates with No
Par Value. The principal executive office of Southward Ventures Depositary
Trust is located at 2900 High Ridge Road Boynton Beach, Florida 33426.
Item 2. Identity and Background
(a) James A. & Margaret M. Ruffalo (b) 14 Coppola Court
Clifton, NJ 07013-1543
(c) The occupation of the undersigned is a Private Investor.
(d) During the last five years, the undersigned was not a party to a
civil proceeding and as a result is or was not subject to a judgment,
decree or final order.
(f) United States
Item 3. Source and Amount of Funds or Other Consideration
The source of funds used in making the purchases is from the personal
funds of the undersigned.
Item 4. Purpose of Transaction
Investment
Item 5. Interest in Securities of the Issuer
The aggregate number of shares outstanding as of March 31, 1997 is
3,177,019 shares of Trust Certificates with no par value.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
None
Item 7. Material to Be Filed as Exhibits
None
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
July 11, 1997 /s/ James A. Ruffalo
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Date James A. Ruffalo
/s/ Margaret M. Ruffalo
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Margaret M. Ruffalo
