<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEETS AS OF APRIL 30, 1996 AND JANUARY 31, 1996 AND STATEMENTS OF OPERATIONS 
FOR THE THREE MONTHS ENDED APRIL 30, 1996 AND 1995 AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000082473
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JAN-31-1997
<PERIOD-START>                             FEB-01-1996
<PERIOD-END>                               APR-30-1996
<CASH>                                          85,132
<SECURITIES>                                         0
<RECEIVABLES>                               20,726,089
<ALLOWANCES>                                 5,000,000
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       6,674,502
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              23,309,919
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                     17,356,498
<COMMON>                                     4,547,535
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                23,309,919
<SALES>                                              0
<TOTAL-REVENUES>                             1,082,334
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               648,643
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             331,916
<INCOME-PRETAX>                                101,775
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            101,775
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   101,775
<EPS-PRIMARY>                                      .10
<EPS-DILUTED>                                      .10
<FN>
<F1>THE REGISTRANT UTILIZES AN UNCLASSIFIED BALANCE SHEET.  THEREFORE, THE CAPTIONS
"TOTAL CURRENT ASSETS" AND "TOTAL CURRENT LIABILITIES" ARE NOT APPLICABLE.
</FN>