<ARTICLE> 5 <CIK> 0000808420 <NAME> ASSOCIATED PLANNERS REALTY INCOME FUND <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 96,441 <SECURITIES> 0 <RECEIVABLES> 5,933 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 146,796 <PP&E> 4,887,188 <DEPRECIATION> (777,773) <TOTAL-ASSETS> 4,256,211 <CURRENT-LIABILITIES> 40,572 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,215,639 <TOTAL-LIABILITY-AND-EQUITY> 4,256,211 <SALES> 208,071 <TOTAL-REVENUES> 209,135 <CGS> 119,488 <TOTAL-COSTS> 119,488 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 89,647 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 89,647 <EPS-PRIMARY> 14.93 <EPS-DILUTED> 14.93