<ARTICLE> 5 <CIK> 0000808420 <NAME> ASSOCIATED PLANNERS REALTY INCOME FUND <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 230,503 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 244,989 <PP&E> 4,887,188 <DEPRECIATION> (828,999) <TOTAL-ASSETS> 4,303,178 <CURRENT-LIABILITIES> 42,430 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,260,748 <TOTAL-LIABILITY-AND-EQUITY> 4,303,178 <SALES> 416,896 <TOTAL-REVENUES> 421,630 <CGS> 0 <TOTAL-COSTS> 227,420 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 194,210 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 194,210 <EPS-PRIMARY> 32.49 <EPS-DILUTED> 32.49