<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 115,396 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 19,761 <CURRENT-ASSETS> 139,593 <PP&E> 6,813,501 <DEPRECIATION> (1,065,346) <TOTAL-ASSETS> 5,892,191 <CURRENT-LIABILITIES> 53,406 <BONDS> 1,218,792 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,403,458 <TOTAL-LIABILITY-AND-EQUITY> 5,892,191 <SALES> 536,092 <TOTAL-REVENUES> 542,822 <CGS> 344,185 <TOTAL-COSTS> 344,185 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 78,139 <INCOME-PRETAX> 120,498 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 120,498 <EPS-PRIMARY> 13.32 <EPS-DILUTED> 13.32