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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 CX/8HPJdxQqrHX7m6Bu6Q3vFbUNDjU81qO1N3hUZaPqdq6nNDx4ReYx1NfECbeeV
 Bs3MhGB7ELLbB5XfPvanfg==

<SEC-DOCUMENT>0001225341-05-000003.txt : 20050511
<SEC-HEADER>0001225341-05-000003.hdr.sgml : 20050511
<ACCEPTANCE-DATETIME>20050511170832
ACCESSION NUMBER:		0001225341-05-000003
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050509
FILED AS OF DATE:		20050511
DATE AS OF CHANGE:		20050511

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REFAC
		CENTRAL INDEX KEY:			0000082788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				131681234
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE BRIDGE PLAZA
		STREET 2:		SUITE 550
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024-7102
		BUSINESS PHONE:		2015850600

	MAIL ADDRESS:	
		STREET 1:		ONE BRIDGE PLAZA
		STREET 2:		SUITE 550
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024-7102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC TECHNOLOGY DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCES & FACILITIES CORP
		DATE OF NAME CHANGE:	19740509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC INC
		DATE OF NAME CHANGE:	19720628

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			VERU DENNISON T
		CENTRAL INDEX KEY:			0001225341

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12776
		FILM NUMBER:		05821519

	BUSINESS ADDRESS:	
		STREET 1:		C/O PALISADE CAPITAL
		STREET 2:		ONE BRIDGE PLAZA NORTH #695
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		2015857733

	MAIL ADDRESS:	
		STREET 1:		C/O PALIDADE CAPITAL
		STREET 2:		ONE BRIDGE PLAZA NORTH #695
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-05-09</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000082788</issuerCik>
        <issuerName>REFAC</issuerName>
        <issuerTradingSymbol>REF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001225341</rptOwnerCik>
            <rptOwnerName>VERU DENNISON T</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PALISADE CAPITAL</rptOwnerStreet1>
            <rptOwnerStreet2>ONE BRIDGE PLAZA SUITE 695</rptOwnerStreet2>
            <rptOwnerCity>FORT LEE</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07024</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6306387</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Palisade Concentrated Equity Partnership, L.P. and Palisade Capital Management, LLC.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Based upon the Schedule 13D filed with the Securities and Exchange Commission by Palisade Concentrated Equity Parnership, L.P. (&quot;Palisade&quot;) and Palisade Capital Management, LLC (&quot;PCM&quot;), on February 12, 2004, such entities beneficially owned in the aggregate 6,306,387 shares of Common Stock or 90.18% of Refac's outstanding shares. PCM and Palisade are both located at One Bridge Plaza, Suite 695, Fort Lee, New Jersey 07024. Palisade is a private equity partnership managed by PCM, an investment advisory firm. Palisade Concentrated Holdings, LLC (&quot;PCH&quot;) is the general partner of Palisade. Mr. Veru is a member of PCH. As a member of PCH, Mr. Veru shares in the carried interest on the portfolio companies which depends upon the profits realized therefrom. Includes 6,306,387 shares beneficially owned by Palisade and PCM. Mr. Veru disclaims ownership of such shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Dennison T. Veru</signatureName>
        <signatureDate>2005-05-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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