<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET AS OF JULY 31, AND JANUARY 31, 1997 STATEMENTS OF INCOME FOR THE SIX
MONTHS ENDED JULY 31, 1997 AND 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000082473
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JAN-31-1998
<PERIOD-START>                             FEB-01-1997
<PERIOD-END>                               JUL-31-1997
<CASH>                                         456,711
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       5,599,122
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               6,345,313
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                      2,300,000
<COMMON>                                     2,958,271
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                 6,345,313
<SALES>                                              0
<TOTAL-REVENUES>                             1,104,859
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,147,275
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              97,446
<INCOME-PRETAX>                              (139,862)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (139,862)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (139,862)
<EPS-PRIMARY>                                    (.14)
<EPS-DILUTED>                                    (.14)
<FN>
<F1>THE REGISTRANT UTILIZES AN UNCLASSIFIED BALANCE SHEET THEREFORE THE CAPTIONS
"TOTAL CURRENT ASSETS" AND "TOTAL CURRENT LIABILITES" ARE NOT APPLICABLE.
</FN>