<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 206,413 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 234,847 <PP&E> 7,009,242 <DEPRECIATION> (1,100,126) <TOTAL-ASSETS> 6,146,615 <CURRENT-LIABILITIES> 43,307 <BONDS> 1,497,782 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,392,108 <TOTAL-LIABILITY-AND-EQUITY> 6,146,615 <SALES> 713,377 <TOTAL-REVENUES> 722,358 <CGS> 460,868 <TOTAL-COSTS> 460,868 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 100,420 <INCOME-PRETAX> 177,055 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 177,055 <EPS-PRIMARY> 19.69 <EPS-DILUTED> 19.69