SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5)
REFAC
- -----------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
- -----------------------------------------------------------------
(Title of Class of Securities)
758653109
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(CUSIP Number)
Check the following space if a fee is being paid with this
statement / /. (A fee is not required only if the filing 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).
* 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 the disclosures provided
in a prior cover page.
The information required in 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).
<PAGE>
Item 1: Name of reporting person; S.S. or I.R.S. identification
no. of above person:
ZPR INVESTMENT MANAGEMENT INC.
Item 2: Check the appropriate box if a member of a group:
(a)
(b)
Item 3: SEC use only:
Item 4: Citizenship or place of organization:
1642 N. Volusia Avenue
Orange City, FL 32763
Number of shares beneficially owned by each reporting person
with:
Item 5: Sole voting power: Not Applicable
Item 6: Shared voting power: Not Applicable
Item 7: Sole dispositive power: 101,800
Item 8: Shared dispositive power: Not Applicable
Item 9: Aggregate amount beneficially owned by each reporting
person: 101,800
Item 10: Check box if the aggregate amount in row (9) excludes
certain shares: / /
Item 11: Percent of class represented by amount in row 9:
2.68%
Item 12: Type of reporting person:
IA
Item 1(a) Name of Issuer:
REFAC
Item 1(b) Address of Issuer's Principal Executive Offices:
THE HUDSON RIVER PIER
115 RIVER ROAD
EDGEWATER, NEW JERSEY 07020
Item 2(a) Name of Person Filing:
ZPR Investment Management Inc.
Item 2(b) Address of Principal Business Office, or, if none,
Residence:
1642 N. Volusia Avenue
Orange City, FL 32763
Item 2(c) Citizenship:
Not Applicable
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
758653109
Item 3 If this statement is filed pursuant to Rules
13d-1(b) or 13d-2(b), check whether the person
filing is a:
(e) /X/ Investment Adviser registered under
section 8 of the Investment Advisers Act
of 1940.
Item 4 Ownership.
The following information is as of JULY 31,
2000:
(a) Amount Beneficially Owned:
(b) Percent of Class:
(c) Number of shares as to which such person has:
For information on voting and dispositive
power with respect to the above listed
shares, see Items 5-8 of Cover Page.
Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the
fact that as of the date hereof the reporting
person has ceased to be the beneficial owner
of more than five percent of the class of
securities, check the following /X/.
Item 6 Ownership of More Than Five Percent on Behalf of
Another Person:
Not applicable
Item 7 Identification and Classification of the
Subsidiary which Acquired the Security Being
Reported on by the Parent Holding Company:
Not applicable
Item 8 Identification and Classification of Members of
the Group:
Not applicable
Item 9 Notice of Dissolution of Group:
Not applicable
Item 10 Certification:
Not applicable
<PAGE>
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 31, 2000
(Date)
/s/ MAX ZAVANELLI
_____________________________
(Signature)
Max Zavanelli / President
ZPR Investment Management Inc.
(Name/Title)
ATTENTION: Intentional misstatements or omissions of fact
constitute federal criminal violations (See 18 USC
1001)
