<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 186,913 <SECURITIES> 0 <RECEIVABLES> 15,860 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 249,946 <PP&E> 7,030,222 <DEPRECIATION> (1,182,628) <TOTAL-ASSETS> 6,097,540 <CURRENT-LIABILITIES> 26,729 <BONDS> 1,484,116 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,305,937 <TOTAL-LIABILITY-AND-EQUITY> 6,097,540 <SALES> 398,192 <TOTAL-REVENUES> 402,801 <CGS> 222,480 <TOTAL-COSTS> 222,480 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 67,892 <INCOME-PRETAX> 112,429 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 112,429 <EPS-PRIMARY> 12.5 <EPS-DILUTED> 12.5