FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
      (Mark One)
             [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended   MARCH 31, 1998

                                       OR
             [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

           For the transition period from                          to
                        Commission file number 33-11013

                     ASSOCIATED PLANNERS REALTY INCOME FUND

             (Exact name of registrant as specified in its charter)

           CALIFORNIA                         95-4120092
       (State or other Jurisdiction of       (I.R.S. Employer
       incorporation or organization)       Identification No.)

                       5933 W. CENTURY BLVD.,  SUITE 900
                         LOS ANGELES, CALIFORNIA  90045
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (310) 670-0800
              (Registrant's telephone number, including area code)

   (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to  
such filing requirements for the past 90 days.     Yes    x   No

<PAGE>

ITEM 1.   FINANCIAL STATEMENTS

In the opinion of the General Partner of Associated Planners Realty Income 
Fund (the "Partnership"), all adjustments necessary for a fair presentation 
of the Partnership's results for the three months ended March 31, 1998 and 
1997,  have been made in the following financial statements which are normal 
recurring entries in nature.   However, such financial statements are  
unaudited and are subject to any year-end adjustments that may be necessary.
<TABLE>
                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                                BALANCE SHEETS
               MARCH 31, 1998 (UNAUDITED) AND DECEMBER 31, 1997

<CAPTION>
                                             MARCH 31, 1998     December 31,
                                                                    1997
<S>                                                  <C>               <C>
ASSETS
Rental real estate, less accumulated
   depreciation (Note 2)                          $4,032,571        $4,058,189
Cash and cash equivalents                            170,739           230,503
Other assets                                          10,627            14,486

TOTAL ASSETS                                      $4,213,937        $4,303,178

LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
   Accounts payable:
      Trade                                        $   1,542         $   4,609
      Related party (Note 3)                           7,185             8,421
   Security deposits                                  29,400            29,400

TOTAL LIABILITIES                                     38,127            42,430

PARTNERS' EQUITY (NOTE 6)
  Limited partners:
$1,000 stated value per unit - authorized
12,000 units; issued and outstanding 5,096         4,134,130         4,212,880
General partners                                      41,680            47,868

TOTAL PARTNERS' EQUITY                             4,175,810         4,260,748
TOTAL LIABILITIES AND PARTNERS' EQUITY            $4,213,937        $4,303,178

</TABLE>
[FN]
               See accompanying notes to financial statements.

<PAGE>
<TABLE>
                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                        STATEMENTS OF PARTNERS' EQUITY

                      THREE MONTHS ENDED MARCH 31, 1998
                                 (UNAUDITED)

<CAPTION>
                                                          LIMITED    PARTNERS   GENERAL
                                                  TOTAL      UNITS    AMOUNT    PARTNER
<S>                                                  <C>       <C>       <C>       <C>
BALANCE AT DECEMBER 31, 1997                     $4,260,748   5,096  $4,212,880   $47,868

Net income                                           33,969      --      28,266     5,703

Distributions to limited partners                 (107,016)      --   (107,016)        --

Distributions to general partner (Note 3 (a))      (11,891)      --          --  (11,891)

BALANCE AT MARCH 31, 1998                        $4,175,810   5,096  $4,134,130   $41,680

</TABLE>
<TABLE>
                      THREE MONTHS ENDED MARCH 31, 1997
                                 (UNAUDITED)

<CAPTION>
                                                            LIMITED PARTNERS      GENERAL
                                                 TOTAL      UNITS    AMOUNT       PARTNER
<S>                                                <C>        <C>       <C>         <C>
BALANCE AT DECEMBER 31, 1996                   $4,242,067    5,096  $4,205,288   $36,779

Net income                                         43,586       --      36,922     6,664

Distributions to limited partners                (50,960)       --    (50,960)        --

Distributions to general partner (Note 3 (a))     (5,662)       --          --   (5,662)

BALANCE AT MARCH 31, 1997                      $4,229,031    5,096  $4,191,250   $37,781

</TABLE>
[FN]
               See accompanying notes to financial statements.

<PAGE>
<TABLE>
                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                             STATEMENTS OF INCOME
                  THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                                 (UNAUDITED)

<CAPTION>
                                            Three      Three
                                           Months      Months
                                            Ended      Ended
                                          March 31,  March 31,
                                            1998        1997
<S>                                          <C>         <C>
REVENUES
   Rental                                   $85,006    $101,757
   Interest                                   2,595         260

                                             87,601     102,017

COSTS AND EXPENSES
   Operating                                  8,495      13,778
   Property taxes                               ---       5,045
   Property management fees (Note 3 (c)       4,185       4,356
   General and administrative                15,334       9,639
   Depreciation and amortization             25,618      25,613

                                             53,632      58,431

NET INCOME                                 $ 33,969    $ 43,586

NET INCOME PER LIMITED PARTNERSHIP
UNIT (Note 4)                                 $5.55       $7.25

</TABLE>
[FN]
               See accompanying notes to financial statements.

<PAGE>
<TABLE>

                   ASSOCIATED PLANNERS REALITY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                           STATEMENTS OF CASH FLOWS
            THREE MONTHS ENDED MARCH 31, 1998 AND 1997 (UNAUDITED)

<CAPTION>

                                              THREE MONTHS THREE MONTHS
                                                 ENDED         ENDED
                                               MARCH 31,     MARCH 31,
                                                  1998         1997
<S>                                                <C>           <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                         $33,969      $43,586
Adjustments to reconcile net income to net
cash provided by operating activities:
     Depreciation and amortization                  25,618       25,613
Increase (decrease) from changes in:
     Other assets                                    3,859      (9,414)
     Accounts payable                              (4,303)      (2,937)

NET CASH PROVIDED BY OPERATING ACTIVITIES           59,143       56,848

CASH FLOWS FROM FINANCING ACTIVITIES
 Distributions to limited partners               (107,016)     (50,960)
 Distributions to general partners                (11,891)      (5,662)

NET CASH (USED IN) FINANCING ACTIVITIES          (118,907)     (56,622)

NET INCREASE (DECREASE) IN CASH AND CASH          (59,764)          226
EQUIVALENTS

CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD                                             230,503       72,207


CASH AND CASH EQUIVALENTS,  END OF PERIOD         $170,739      $72,433

</TABLE>
[FN]

               See accompanying notes to financial statements.

<PAGE>

                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)
                        SUMMARY OF ACCOUNTING POLICIES

BUSINESS
Associated Planners Realty Income Fund (the "Partnership), a California 
limited partnership,  was  formed  on  December  23,  1986 under the Revised 
Limited Partnership Act of  the State of California for the purpose of 
developing or acquiring, managing and operating unleveraged income producing 
real estate.  The Partnership met its minimum funding of $1,200,000 on  
February 26, 1988 and terminated its offering on September 5, 1989.  The  
Partnership was formed to acquire income-producing real property throughout  
the United States with emphasis on properties located in California and 
southwestern states.   The Partnership purchases such properties on an all 
cash basis and intended on owning and operating such properties for 
investment over an anticipated holding period of approximately five to ten 
years.

BASIS OF PRESENTATION
The financial statements do not give effect to any assets that the partners 
may have outside of their interest in the partnership, nor to any personal
obligations, including income taxes, of the partners.

RENTAL REAL ESTATE AND ESTATE AND DEPRECIATION
Assets are stated at cost.   Depreciation is computed using the straight-line
method over estimated useful lives ranging from 31.5 to 40 years for financial
reporting and income tax reporting purposes.

In the event that facts and circumstances indicate that the cost of an asset 
may be impaired,  an evaluation of recoverability would be performed.    If an
evaluation is required, the estimated future undiscounted cash flows 
associated with the asset would be compared to the carrying amount to 
determine if a write-down to market value is required.

LEASE COMMISSIONS
Lease commissions which are paid to real estate brokers for locating tenants 
are capitalized and amortized over the life of the lease.

RENTAL REVENUE
Rental revenue is recognized when the amount is due and payable under the  
terms of a lease agreement.

INVESTMENTS
The difference  between  historical  cost  and  market  value  are  reported  
as unrealized gains or losses in the statement of income.


<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         SUMMARY OF ACCOUNTING POLICIES
                                  (CONTINUED)

STATEMENTS OF CASH FLOWS
For purposes of the statements of cash flows, the Partnership considers cash  
in the bank and all highly-liquid investments purchased with original 
maturities of three months or less to be cash and cash equivalents.

USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions 
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

EARNINGS (LOSS) PER SHARE
On March 3, 1997, the FASB issued Statement of Financial Accounting Standards
No. 128,  "Earnings Per Share"  (SFAS 128).   This pronouncement provides a
different method of calculating earnings per share than is currently used in
accordance with APB 15, "Earnings Per Share".   SFAS 128 provides for the
calculation of Basic and Diluted earnings per share.  Basic earnings per share
includes no dilution and is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding for 
the period.    Diluted earnings per share reflects the potential dilution of
securities that could share in the earnings of the entity, similar to fully
diluted earnings per share.  Except  where the provisions of the Securities 
and Exchange Commission's Staff Accounting Bulletin No. 98 are applicable,  
common share equivalents have been excluded in all years presented in the 
Statements of Operations when the effect of their inclusion would be 
anti-dillutive. SFAS  128 is effective for fiscal years and interim periods 
after December 15, 1997.   The Company has adopted this pronouncement during 
the fiscal year ended December 31, 1997.  The adoption of SFAS 128 does not 
effect  earnings per share for  fiscal year ended December 31, 1997 and prior
years.

NEW ACCOUNTING PRONOUNCEMENTS
Statement of Financial Accounting Standards No. 130 (SFAS No. 130) "Reporting
Comprehensive Income," issued by the Financial Accounting Standards Board is
effective for financial statements with fiscal years beginning after December
15, 1997.  Earlier application is permitted.  SFAS No. 130 establishes 
standards for reporting and display of comprehensive income and its 
components in a full set of general-purpose financial statements.  The Company 
has not determined the effect on its financial position or results of  
operations, is  any, from  the adoption of this statement.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         SUMMARY OF ACCOUNTING POLICIES
                                  (CONTINUED)

NEW ACCOUNTING PRONOUNCEMENTS (CONT.)
Statement of Financial Accounting Standards No. 131 (SFAS No. 131), 
"Disclosure about Segments of an Enterprise and Related Information," issued
by the Financial Accounting Standards Board is effective for financial 
statements with fiscal years beginning after December 15, 1997.  The new 
standard requires that public business enterprises report certain information
about operating segments in complete sets of financial statements of the 
enterprises and in condensed financial statements of interim periods issued  
to shareholders.  It also requires that public business enterprises report 
certain information about their products and services, the geographic areas 
in  which they operate and their major customers.   The Company has not 
determined the effect on its financial position or results of operations, if 
any, from the adoption of this statement. 

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS
            THREE MONTHS ENDED MARCH 31, 1998 AND 1997 (UNAUDITED)
                       AND YEAR ENDED DECEMBER 31, 1997

NOTE 1 - NATURE OF PARTNERSHIP BUSINESS

Associated Planners Realty Income Fund, a California limited partnership (the
"Fund"), was formed on December 23, 1986 under the Revised Limited Partnership
Act of the State of California for the purpose of acquiring, managing, and
operating income-producing real estate.

The Partnership began accepting subscriptions in October 1987 and closed the
offering on September 5, 1989.  The Partnership began operations in 
March 1988.

Under the terms of the partnership agreement, the General Partners (West Coast
Realty  Advisors, Inc. and W. Thomas Maudlin  Jr.) are entitled to cash
distributions from 10% to 15%.   The General Partners are also entitled to net
income (loss) allocations varying from 1% to 15% and 1% of depreciation  and
amortization in accordance with the partnership agreement.  Further, the  
General Partners receive acquisition fees for locating  and negotiating the 
purchase of rental real estate, management fees for operating the Partnership
and a commission on the sale of the partnership properties.

NOTE 2 - RENTAL REAL ESTATE

The Partnership owns the following two rental real estate properties:
                                                            Acquisition
Location (Property Name)              Date Purchased            Cost

Chino, California
(Yorba Center)                      October  25, 1988             $1,881,147
San Marcos, California (90%)         January 9, 1990               2,816,904
San Marcos, California (10%)         November 1, 1996                188,001

The major categories of rental real estate:

                                         March 31, 1998    December 31, 1997

Land                                         $1,332,861           $1,332,861
Building and improvements                     3,554,327            3,554,327

                                              4,887,188            4,887,188
Less accumulated depreciation                   854,617              828,999

Net rental real estate                        4,032,571            4,058,189

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                        NOTES TO FINANCIAL STATEMENTS
            THREE MONTHS ENDED MARCH 31, 1998 AND 1997(UNAUDITED)
                       AND YEAR ENDED DECEMBER 31, 1997
                                 (CONTINUED)


NOTE 2 - RENTAL REAL ESTATE (CONTINUED)

A significant portion of the Partnership's rental revenue  was  earned  from
tenants whose individual rents represented more than 10%  of total  rental
revenue.

Specifically:
            One tenant accounted for 58% in 1998
            One tenant accounted for 58% in 1997
            One tenant accounted for 48% in 1996

On November 1, 1996, Associated Planners Realty Income Fund ("Income  Fund")
purchased the remaining real estate asset from Associated Planners Realty 
Growth Fund ("Growth Fund").   This asset consisted of the 10% interest that
Income Fund had not already owned in an office building located in San Marcos,
California.

Income Fund paid $185,968 on November 2, 1996 for the 10% interest in the San
Marcos property.   This amount consisted of $188,000 for the property itself,
less $2,032 for the share of a cash security deposit from the current tenant
that Growth Fund retained.  There is no debt in connection with the property.

NOTE 3 - RELATED PARTY TRANSACTIONS

      (a)   For Partnership management services rendered to the Partnership, 
the General Partner is entitled to receive 10% of all distributions of Cash
from Operations.  These amounts totaled $11,891 for the three months ended 
March 31, 1998 and $5,662 for the three months ended March 31, 1997.  
See Note 6.

      (b) For administrative services rendered to the Partnership, the General
Partner, in accordance with the partnership agreement, was reimbursed $3,000 
for the three months ended March 31, 1998 and 1997.

      (c)  Property management fees incurred in accordance with the 
Partnership Agreement to West Coast Realty Management, Inc., an affiliate of 
the corporate General Partner, totaled $4,185 for the three months 
March 31, 1998, and  $4,356 for the three months ended March 31, 1997.


<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                        NOTES TO FINANCIAL STATEMENTS
            THREE MONTHS ENDED MARCH 31, 1998 AND 1997 (UNAUDITED)
                       AND YEAR ENDED DECEMBER 31, 1997
                                 (CONTINUED)

NOTE 4 - NET INCOME AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP UNIT

The Net Income per Limited Partnership Unit was computed in accordance with  
the partnership agreement on the basis of the weighted average number of 
outstanding Limited Partnership Units of 5,096 for 1998 and 1997.

The Limited Partner cash distributions, computed in accordance with the
Partnership Agreement, were as follows:

Record Date             Outstanding        Amount            Total
                           Units          Per Unit        Distribution

December 30, 1997          5,096          $ 21.000         $  107,016
June 30, 1997              5,096            10.500             53,508
March 31, 1997             5,096            10.500             53,508
December 31, 1996          5,096            10.000             50,960

Total                                                      $  264,992


September 30, 1996         5,096          $ 10.000          $  50,960
June 30, 1996              5,096            10.000             50,904
March 31, 1996             5,096            13.000             66,248
December 31, 1995          5,096            12.500             63,700

Total                                                       $ 231,812


The Partnership began paying distributions on a semi-annual basis with the 
first record date and payment date being December 31, 1997 and February 6,  
1998, respectively.  This change will permit the Partnership to operate more
efficiently with lower Partnership operating expenses.    These semi-annual
distributions will include cash distributions for the previous six months of
operations.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

                        NOTES TO FINANCIAL STATEMENTS
            THREE MONTHS ENDED MARCH 31, 1998 AND 1997 (UNAUDITED)
                 AND YEAR ENDED DECEMBER 31, 1997 (CONTINUED)

NOTE 5 - NEW ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards No. 130 (SFAS No. 130) "Reporting
Comprehensive Income," issued by the Financial Accounting Standards Board is
effective for financial statements with fiscal years beginning after December
15, 1997.  Earlier application is permitted.  SFAS No. 130 establishes 
standards for reporting and display of comprehensive income and its 
components in a full set of general-purpose financial statements.  The 
Company has not determined the effect on its financial position or results of
operations, is any, from the adoption of this statement.

Statement of Financial Accounting Standards No. 131 (SFAS No. 131), 
"Disclosure about Segments of an Enterprise and Related Information," issued
by the Financial Accounting Standards Board is effective for financial 
statements with fiscal years beginning after December 15, 1997.  The new 
standard requires that public business enterprises report certain information
about operating segments in complete sets of financial statements of the 
enterprises and in condensed financial statements of interim periods issued  
to shareholders.  It also requires that public business enterprises report 
certain information about their products and services, the geographic areas 
in which they operate and their major customers.   The Company has not 
determined the effect on its financial position or results of operations, if 
any, from the adoption of this statement.

NOTE 6 - REALLOCATION OF PARTNER BALANCES

Per the provisions of Section 11.1 (V)(ii) of the Partnership Agreement,  the
General Partner determined that action was necessary to "cure the ambiguities"
within the Agreement.  The ambiguity involved the treatment of the partnership
management fee, being paid to the General Partner,  as an expense of the
Partnership, as opposed to a general partner withdrawal of capital.  It was
determined that the partnership management fee shall be treated as a 
withdrawal of capital in 1996 and beyond with a retroactive reallocation of 
capital for partnership management fees paid prior to 1996.   In order to 
properly reflect this reallocation, a transfer of $170,030 was made from the 
General Partner's capital account to the Limited Partners capital account 
during the quarter ended March 31, 1996.


<PAGE>


                    ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements in the Management Discussion and Analysis constitute
"forward-looking statements"  within  the  meaning of the Private Securities
Litigation Reform  Act of 1995  (the "Reform  Act").  Such forward-looking
statements involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or 
achievements, expressed of implied by such forward-looking statements.

INTRODUCTION


The Partnership began offering for sale limited partnership units in October
1987.  On February 26, 1988, the Partnership reached its minimum offer level 
of $1,200,000.  The Partnership sold units throughout the remainder of the  
year, and had raised $3,891,000 in gross proceeds or $3,483,788 net of  
syndication costs and sales commissions as of December 31, 1988. During 1989,
the Partnership continued to raise funds through the sale of Units and had  
raised $5,106,000 in gross proceeds or $4,594,101 net of syndication costs 
and sales commissions as of September 5, 1989, the day the Partnership 
terminated its offering of limited partnership units.

The Partnership was organized for the purpose of investing in, holding, and
managing improved, leveraged income-producing property, such as residential
property, office buildings, commercial buildings, industrial properties, and
shopping centers.    The Partnership intended on owning and operating such
properties for investment over an anticipated holding period of approximately
five to ten years.

The Partnership's principal investment objectives are  to invest in rental  
real estate properties which will:

      (1)   Preserve and protect the Partnership's invested capital;

      (2)   Provide for cash distributions from operations;

      (3)   Provide gains through potential appreciation; and

      (4) Generate Federal income tax deductions so that during the early 
          years of property operations, a portion of cash distributions may be
          treated as a return of capital for tax purposes and, therefore, may
          not represent taxable income to the limited partners.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS
            (CONTINUED)

The ownership and operation of any income-producing real estate is subject to
those risks  inherent in  all real  estate investments, including national and
local economic conditions, the supply and demand for similar types of
properties, competitive marketing conditions, zoning changes, possible 
casualty losses, increases in real estate taxes, assessments, and operating 
expenses, as well as others.

The Partnership is operated by West Coast Realty Advisors, Inc. ("WCRA") (the
corporate General Partner) and Mr. W. Thomas Maudlin Jr. (an individual 
General Partner), collectively the "General Partner," subject to the terms of  
the Amended and Restated Agreement of Limited Partnership.  The Partnership 
has no employees, and all administrative services are provided by WCRA, the
corporate General Partner.

LIQUIDITY AND CAPITAL RESOURCES
The Partnership began offering for sale limited partnership units in October
1987.  On February 26, 1988, the Partnership reached its minimum offering 
level of $1,200,000.  The Partnership sold units throughout the remainder of 
the year, and had raised $3,891,000 in gross proceeds, or $3,483,788 net of  
syndication costs and sales commissions, as of December 31, 1988.   During  
1989, the Partnership continued to raise funds through the sale of Units and 
had raised $5,106,000 in gross proceeds, or $4,594,101 net of syndication 
costs and sales commissions, as of September 5, 1989 - the day the 
Partnership terminated its offering of limited partnership units.

The Partnership began paying distributions on a semi-annual basis with the 
first record date and payment date being December 31, 1997 and February 6,  
1998, respectively.  This change will permit the Partnership to operate more
efficiently with lower Partnership operating expenses.  These semi-annual
distributions will include cash distributions for the previous six months of
operations.

During the quarter ended March 31, 1998, the Partnership made distributions to
the general and limited partners totaling $118,907, which represented a income
distribution for the period from July 1, 1997 thru December 31, 1997.
Distributions are determined by management based on cash flow and the 
liquidity position of the Partnership and anticipated occupancy of the 
properties.  It is the intention of management to make semi-annual 
distributions of cash, subject to maintenance of reasonable reserves.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS
            (CONTINUED)

Management uses cash as its primary measure of a partnership's liquidity.  The
amount of cash that represents adequate liquidity for a real estate limited
partnership depends on several factors.  Among them are:

     1.   Relative risk of the partnership;
     2.   Condition of the partnership's properties;
     3.   Stage in the partnership's life cycle (e.g., money-raising,
          acquisition, operating or disposition phase); and
     4.   Distributions to partners.

The Partnership has adequate liquidity based upon the above four points.  The
first point refers to the approximately 1% property reserve requirement of
capital funds raised that the Partnership currently has; this relatively low
reserve level is appropriate since all Partnership properties are acquired
without the use of debt financing.  This is a minimum guideline that is
disclosed in the Partnership's prospectus; the Partnership had more than 
enough funds to meet this requirement as of March 31, 1998.  Related to the  
property reserve requirement is the second point, the condition of the  
Partnership's properties.  Since the properties are in good condition, no 
unusual maintenance and repair expenditures are anticipated.  The third point
is relevant to the Partnership because after the January 1990  purchase of the 
San Marcos property, the Partnership had effectively completed its acquisition 
phase, and entered the operating phase.  The subsequent purchase of the 
remaining 10% interest in San Marcos property was achieved utilizing a 
combination of reserves and, undistributed operating profits that were held  
back for the purpose of facilitating the acquisition.   The fourth point 
relates to partner distributions.   The Partnership makes distributions from  
operations semi-annually.  Such distributions are subject to payment of 
Partnership expenses and reasonable reserves for expenses, maintenance, and 
replacements.

During the quarter ended March 31, 1998 the Partnership paid the General 
Partner a partnership management fee of $11,891.  Partnership management fees  
were calculated and paid in accordance with the Partnership Agreement.

The Tax Reform Acts of 1986 and 1987 and the Revenue Reconciliation Acts of 
1990 and 1993 did not have a material impact on the Partnership's operations.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)


ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS
            (CONTINUED)

The effects of the slowdown in the economy, inflation and changing prices have
not had a material impact on the Partnership's revenues and income from
operations.  During the years of the Partnership's existence, inflationary
pressures in the U.S. economy have been minimal, and this has been consistent
with the experience of the Partnership in operating rental real estate in
California.  The Partnership has several clauses in the leases with its
properties' tenants that would help alleviate much of the negative impact of
inflation.


CASH FLOWS - MARCH 31, 1998 VS. MARCH 31, 1997

Cash resources decreased $59,764 during the three months ended March 31, 1998
compared to a $226 increase in cash resources for the three months ended March
31, 1997.  Cash provided by operating activities increased by $59,143 with the
largest contributor being $59,587 in cash basis net income (net income plus
depreciation expense) for the three months ended March 31, 1998.  In contrast,
the three months ended March 31, 1997 provided $56,848 in cash from operating
activities due primarily to $69,199 in cash basis net income.   During 1998,
$118,907 was distributed to the limited and general partners as noted in a 
large use of cash under financing activities.  This continues the 
Partnership's  trend of paying virtually all the cash basis income out to 
partners in the form of semi-annual distributions.  In contrast, 1997's cash
used for financing activities was $56,622 due to distributions to the limited 
and general partners.  There were no investing activities during the three 
months ended March 31, 1998 or 1997.

RESULTS OF OPERATIONS

Operations for the quarter  ended March 31, 1998  represented a full quarter  
of rental operations for the Partnership's two properties.

The net income for the quarter ended March 31, 1998 ($33,969) was lower than 
the quarter ended March 31, 1997 ($43,586) due to lower rents collected from 
the San Marcos property.  The Partnership did not have any adverse events that
significantly impacted net income during the quarter ended March 31, 1998, and
all properties that have been purchased by the Partnership have operated at
levels equal to current expectations.  All tenants are current on their lease
obligations.

<PAGE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT.)

RESULTS OF OPERATIONS (CONT.)

Rental revenue decreased $16,751 (16%) for the three months ended March 31, 
1998 as compared to the three months ended March 31, 1997, due to lower rents
collected from the San Marcos property.  Interest income increased $2,335 for
the three months ended March 31, 1998 as compared to the three months ended
March 31, 1997.  This increase was due to the Partnership converting from a
quarterly distribution cycle to a semi-annual distribution cycle with the 
first record date and payment date being December 31, 1997 and February 6, 
1998, respectively.  Hence, net income for the third quarter 1997 was held in
a interest bearing account and paid on February 6, 1998.   In contrast, the 
net income for the third quarter in 1996 was paid in November 1996.

Operating expenses decreased $5,283 (38%) as a result of lower property taxes
and leasing commission expenses during the quarter ended March 31, 1998 
compared to the quarter ended March 31, 1997.  General and administrative  
expenses increased $5,695 (59%) due to higher legal and accounting fees.   
Depreciation expense remained constant for the quarters ending March 31, 1998 
and March 31, 1997.

During the quarter ended March 31, 1998, the Partnership distributed $107,016 
to the limited partners and $11,891 to the general partners, as compared to  
the quarter ended March 31, 1997 when the Partnership distributed $50,960 to
the limited partners and $5,662 to the general partners.  This increase was 
due to the Partnership converting from a quarterly distribution cycle to a  
semi-annual distribution cycle with the first record date and payment date 
being December 31, 1997 and February 6, 1998, respectively.  Cash basis 
income for the quarter ended March 31, 1998 was $59,587.  This was derived by
adding depreciation and amortization expense to net income.  In contrast, 
cash basis income for the quarter ended March 31, 1997 was $69,199.

Overall, the Partnership generated $59,587 in income from operations before
depreciation expense of $25,618 for the quarter ended March 31, 1998.  This
compares unfavorably to the quarter ending March 31, 1997 when income from
operations totaled $69,199 before depreciation of $25,613.  Net income per
limited partnership unit decreased from $7.38 in 1997 to $5.55 in 1998.   The
number of limited partnership units outstanding in each quarter was 5,096.

In summary then, despite lower rents at the San Marcos property all properties
and the Partnership itself, were operating profitably.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT.)

SALE OF PROPERTIES

   The Yorba Center located in Chino, California was listed for sale with a
commercial real estate broker in October 1997.  The acquisition cost of this
property was $1,882,283.   There is no debt associated with the property.  At
this time, there is no clear indication as to the amount of net proceeds to be
realized from the sale of the property.  However, the General Partner expects 
to be able to consummate a sale of the property during 1998.  The proceeds 
from the sale of the property will be distributed to the limited partners and
the General Partner in accordance with the terms of the Partnership Agreement.

  Although the Partnership intends to aggressively market the Yorba Center
property, there is no guarantee that a sale will actually take place, within 
the time frame mentioned above, and at a sales price acceptable to the 
Partnership.

NEW ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards No. 130 (SFAS No. 130) "Reporting
Comprehensive Income," issued by the Financial Accounting Standards Board is
effective for financial statements with fiscal years beginning after December
15, 1997.  Earlier application is permitted.  SFAS No. 130 establishes 
standards for reporting and display of comprehensive income and its 
components in a full set of general-purpose financial statements.  The 
Company has not determined the effect on its financial position or results of
operations, is any, from the adoption of this statement.

Statement of Financial Accounting Standards No. 131 (SFAS No. 131), 
"Disclosure about Segments of an Enterprise and Related Information," issued  
by the Financial Accounting Standards Board is effective for financial 
statements with fiscal years beginning after December 15, 1997.  The new 
standard requires that public business enterprises report certain information 
about operating segments in complete sets of financial statements of the 
enterprises and in condensed financial statements of interim periods issued  
to shareholders.  It also requires that public business enterprises report 
certain information about their products and services, the geographic areas 
in which they operate and their major customers.   The Company has not 
determined the effect on its financial position or results of operations, if 
any, from the adoption of this statement.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)


                                   PART  II

                      O T H E R    I N F O R M A T I O N


ITEM 1.     LEGAL PROCEEDINGS

            None


ITEM 2.     CHANGES IN SECURITIES

            None


ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

            None


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            None


ITEM 5.     OTHER INFORMATION

            None


ITEM 6.     EXHIBIT AND REPORTS ON FORM 8-K
            (a)Information required under this section has been included in  the
              financial statements.

            (b)Reports on Form 8-K
              None

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                      (A CALIFORNIA LIMITED PARTNERSHIP)



                             S I G N A T U R E S



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                         ASSOCIATED PLANNERS REALTY INCOME FUND
                            A California Limited Partnership
                                    (Registrant)


 May 5, 1998            By:  WEST COAST REALTY ADVISORS, INC.
                               A California Corporation,
                                  A General Partner




                                    Neal E. Nakagiri
                        Director and Executive Vice President/Secretary





May 5, 1998
                                      Michael G. Clark
                                  Vice President/Treasurer