Financial & Investment Management Group Ltd – ‘SC 13G’ on 3/25/10 re: Corewafer Industries, Inc.

On:  Thursday, 3/25/10, at 9:52am ET   ·   Accession #:  1051042-10-6   ·   File #:  5-39952

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Statement of Beneficial Ownership   —   Sch. 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G      Statement of Beneficial Ownership                      4     18K 

Document Table of Contents

SC 13G
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UNITED STATES                   
SECURITIES AND EXCHANGE COMMISSION                  
WASHINGTON, D.C. 20549                    

SCHEDULE 13G                    

UNDER THE SECURITIES EXCHANGE ACT OF 1934                 

ACTION PRODUCTS INTL INC                      
--------------------------------------------------                  
(NAME OF ISSUER)                    

COMMON STOCK                    
--------------------------------------------------                  
(TITLE OF CLASS OF SECURITIES)                    

004920104                     
--------------------------------------------------                  
(CUSIP NUMBER)                      

February 28, 2010                     
--------------------------------------------------                  
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)                 

CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS    
SCHEDULE IS FILED:                                                        

{X} RULE 13D-1(B)                                                         

{ } RULE 13D-1(C)                                                         

{ } RULE 13D-1(D)                                                         

*The remainder of this cover page shall be filled out for a               
reporting persons 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.)                                                           
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SC 13G
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CUSIP NO. 004920104      SCHEDULE 13G    PAGE 2 OF 4                      

(1)  NAME AND IRS NUMBER OF REPORTING PERSONS                             

FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD.  (#38-2562340)    

(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                     
A.............{ }                                   
B.............{ }                                   

(3)  SEC USE ONLY                                                         

(4)  CITIZENSHIP OR PLACE OF ORGANIZATION                                 

MICHIGAN                                                        

NUMBER OF SHARES OF:                                                      

(5)  SOLE VOTING POWER                                                    

NONE                                                            

(6)  SHARED VOTING POWER                                                  

88,100                                                          

(7)  SOLE DISPOSITIVE POWER                                               

NONE                                                            

(8)  SHARED DISPOSITIVE POWER                                             

88,100                                                          

(9)  AGGREGATE AMOUNT BENEFICIALLY OWNED                                  

88,100   *SEE NOTE 1*                                           

(10) CHECK IF AGGREGATE AMOUNT EXCEEDS CERTAIN SHARES                     

{ }                                   

(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                      

1.55%                                                           

(12) TYPE OF REPORTING PERSON                                             

IA                                                

SC 13G
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CUSIP  004920104    SCHEDULE 13G        PAGE 3 OF 4                       

ITEM 1 (A)    NAME OF ISSUER                                              

ACTION PRODUCTS INTL INC                      

ITEM 1 (B)    ADDRESS OF ISSUER                                           

1101 NORTH KELLER RD                          
ORLANDO, FL 32810                             

ITEM 2 (A)    NAME OF PERSON FILING                                       

FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD  

ITEM 2 (B)    ADDRESS OF PERSON FILING                                    

111 CASS ST.                                  
TRAVERSE CITY, MI. 49684                      

ITEM 2 (C)    CITIZENSHIP                                                 

MICHIGAN                                      

ITEM 2 (D)    TITLE OF CLASS OF SECURITIES                                

COMMON STOCK                                  

ITEM 2 (E)    CUSIP NO.                                                   

004920104                                     

ITEM 3        THIS STATEMENT IS BEING FILED BY AN INVESTMENT ADVISOR IN   
ACCORDANCE WITH RULE 13D-1(B)(1)(ii)(E).      

SC 13G
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CUSIP 004920104     SCHEDULE 13G           PAGE 4 OF 4                    

OWNERSHIP                                                                 
ITEM 4 (A)    AMOUNT BENEFICIALLY OWNED                                   

88,100   * SEE NOTE 1 *                       

ITEM 4 (B)    PERCENT OF CLASS                                            

1.55%                                         

ITEM 4 (C)    NUMBER OF SHARES:                                           

(i)    SOLE POWER TO VOTE                                   

NONE                                          

(ii)   SHARED POWER TO VOTE                                 

88,100                                        

(iii)  SOLE POWER TO DISPOSE                                

NONE                                          

(iv)   SHARED POWER TO DISPOSE                              

88,100                                        

** NOTE 1 **                                  
   FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD IS A
    REGISTERED INVESTMENT ADVISOR, MANAGING INDIVIDUAL
  CLIENT ACCOUNTS.  ALL SHARES REPRESENTED IN THIS
  REPORT ARE HELD IN ACCOUNTS OWNED BY THE CLIENTS
  OF FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD.
    BECAUSE OF THIS, FINANCIAL & INVESTMENT MANAGEMENT
GROUP, LTD DISCLAIMS BENEFICIAL OWNERSHIP.    

ITEM (5)     OWNERSHIP OF LESS THAN FIVE PERCENT                          

          CHECK THE FOLLOWING BOX IF THE STATEMENT IS BEING FILED TO
       NOTIFY THAT THE OWNERSHIP IS NOW LESS THAN FIVE PERCENT

{X}                                             

  ITEM (6)     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

           ALL SHARES REPRESENTED IN THIS REPORT ARE OWNED BY ADVISORY
       CLIENTS OF FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD
          NONE OF WHICH, TO OUR KNOWLEDGE, OWNS FIVE PERCENT OR MORE
OF THE CLASS.                                   

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                                                
             By signing below, I certify that, to the best of my knowledge
             and belief, the securities referred to above were acquired in
             the ordinary course of business and were not acquired for the
               purpose of and do not have the effect of changing or influecing
         the control of the issuer of such securities and were not
          acquired in the connection with or as a participant in any
transaction having such purposes or effect.     

            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."       

March 23, 2010                                  

Matthew Bohrer                                  
CCO                                             

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13G’ Filing		Date		First		Last			Other Filings
Filed on:		3/25/10							SC 13G
		3/23/10		4
		2/28/10		1
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