<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 120,469 <SECURITIES> 0 <RECEIVABLES> 5,035 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 165,341 <PP&E> 6,813,502 <DEPRECIATION> (1,001,663) <TOTAL-ASSETS> 5,977,180 <CURRENT-LIABILITIES> 69,829 <BONDS> 1,225,950 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,466,026 <TOTAL-LIABILITY-AND-EQUITY> 5,977,180 <SALES> 173,964 <TOTAL-REVENUES> 174,948 <CGS> 90,696 <TOTAL-COSTS> 90,696 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 37,002 <INCOME-PRETAX> 47,250 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 47,250 <EPS-PRIMARY> 5.29 <EPS-DILUTED> 5.29