<ARTICLE> 5
<CIK>  0000082473 
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JAN-31-1999
<PERIOD-START>                             MAY-01-1998
<PERIOD-END>                               JUL-31-1998
<CASH>                                         717,570
<SECURITIES>                                         0
<RECEIVABLES>                                  634,010
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                      59,527,080
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              60,878,660
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                     55,371,388
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                   5,507,272
<TOTAL-LIABILITY-AND-EQUITY>                60,878,660
<SALES>                                              0
<TOTAL-REVENUES>                             4,751,272
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,410,186
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,266,004
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    75,082
<EPS-PRIMARY>                                      .04
<EPS-DILUTED>                                      .04
<FN>
<F1>The registrant utilizes an unclassified balance sheet therefore the
    captions "total current assets" and "total current liabilities" are not 
    applicable.
</FN>