<ARTICLE> 5 <CIK> 0000808420 <NAME> ASSOCIATED PLANNERS REALTY INCOME FUND <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 170,739 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 189,394 <PP&E> 4,887,188 <DEPRECIATION> (854,617) <TOTAL-ASSETS> 4,213,937 <CURRENT-LIABILITIES> 38,127 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,175,810 <TOTAL-LIABILITY-AND-EQUITY> 4,213,937 <SALES> 85,006 <TOTAL-REVENUES> 87,601 <CGS> 53,632 <TOTAL-COSTS> 53,632 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 33,969 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 33,969 <EPS-PRIMARY> 5.55 <EPS-DILUTED> 5.55