<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 287,641 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 327,453 <PP&E> 7,030,222 <DEPRECIATION> (1,265,127) <TOTAL-ASSETS> 6,092,548 <CURRENT-LIABILITIES> 61,781 <BONDS> 1,674,558 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,356,209 <TOTAL-LIABILITY-AND-EQUITY> 6,092,548 <SALES> 792,222 <TOTAL-REVENUES> 802,528 <CGS> 0 <TOTAL-COSTS> 457,942 <OTHER-EXPENSES> 7,032 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 135,151 <INCOME-PRETAX> 202,403 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 202,403 <EPS-PRIMARY> 22.31 <EPS-DILUTED> 22.31