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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
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Under the Securities Exchange Act of 1934
REALTY REFUND TRUST
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(Name of issuer)
SHARES OF BENEFICIAL INTEREST
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(Title of class of securities)
756125 10 0
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(CUSIP number)
GAIL J. WIRTH, 1615 E. NORTHERN AVENUE, SUITE 105, PHOENIX, ARIZONA 85020
(602) 944-1500
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(Name, address and telephone number of person
authorized to receive notices and communications)
FEBRUARY 2, 1998
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1 (b)(3) or (4), check the following
box |_|.
Note. Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1 (a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 5 Pages)
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<S> <C> <C> <C>
CUSIP No. 756125 10 0 13D Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GAIL J. WIRTH
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
NOT APPLICABLE
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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7 SOLE VOTING POWER
NUMBER OF NONE
SHARES ----------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 761,644
EACH ----------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH NONE
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10 SHARED DISPOSITIVE POWER
761,644
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,644
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
45.8%
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14 TYPE OF REPORTING PERSON
IN
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SCHEDULE 13D
Item 1. Security and Issuer.
(a) Shares of Beneficial Interest (hereafter "Shares")
(b) Realty ReFund Trust (hereafter "RRF")
925 Euclid Avenue
Suite 1750
Cleveland, Ohio 44115
Item 2. Identity and Background.
(a) Gail J. Wirth
(b) 1615 E. Northern Avenue, Suite 105, Phoenix, Arizona 85020
(c) Officer and/or director of several privately-held companies
controlled by her and her husband, James F. Wirth
(d) No
(e) No
(f) United States of America
Item 3. Source and Amount of Funds or Other Consideration.
Mr. and Mrs. Wirth received 121,812 Shares on February 2, 1998 as a
distribution in respect of certain partnership interests owned by them.
Mr. and Mrs. Wirth received 639,832 shares on February 2, 1998 in
exchange for all of the issued and outstanding capital stock of
Buenaventura Properties, Inc., a privately held company wholly-owned by
Mr. and Mrs. Wirth.
Item 4. Purpose of the transaction.
Mrs. Wirth acquired the Shares for investment purposes.
Item 5. Interest in Securities of the Issuer.
(a) Mrs. Wirth beneficially owns 761,644 Shares, representing
approximately 45.8% of the outstanding Shares, jointly with her
husband, James F. Wirth.
(b) Mrs. Wirth has shared voting and dispositive power with respect to
761,644 Shares. Mrs. Wirth shares voting and dispositive power with
her husband, James F. Wirth. Mr. Wirth is Chairman, President and
Chief Executive Officer of RRF. Mr. Wirth's business address is 1615
E. Northern Avenue, Suite 105, Phoenix, Arizona 85020. Mr. Wirth has
not, in the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction subjecting him to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding
any violation
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with respect to such laws. Mr. Wirth is a citizen of the United
States of America.
(c) Mr. and Mrs. Wirth received 121,812 Shares on February 2, 1998 as a
distribution in respect of certain partnership interests owned by
them. Mr. and Mrs. Wirth received 639,832 shares on February 2,
1998 in exchange for all of the issued and outstanding capital
stock of Buenaventura Properties, Inc., a privately held company
wholly-owned by Mr. and Mrs. Wirth.
(d) Not Applicable.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Not Applicable.
Item 7. Material to Be Filed as Exhibits.
None.
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SIGNATURE
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.
February 12, 1998
/s/ Gail J. Wirth
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Gail J. Wirth
