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                JUNE 30, 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)          dentification 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>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 1.   FINANCIAL STATEMENTS

     In the opinion of the co-General Partner (West Coast Realty Advisors, 
Inc.) of Associated Planners Realty Income Fund (the "Partnership"), all  
adjustments necessary for a fair presentation of the Partnership's results 
for the three and six months ended June 30, 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>
                                 BALANCE SHEETS
                JUNE 30, 1998 (UNAUDITED) AND DECEMBER 31, 1997
<CAPTION>

                                              JUNE 30, 1998  December 31, 1997
<S>                                                <C>               <C>
ASSETS

Rental real estate, less accumulated
   depreciation (Note 2)                       $4,006,953          $4,058,189
Cash and cash equivalents                         274,098             230,503
Other assets                                       14,371              14,486

TOTAL ASSETS                                   $4,295,422          $4,303,178

LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
Accounts payable:
    Trade                                       $   3,173           $   4,609
    Related party (Note 3)                          8,675               8,421
Security deposits                                  31,941              29,400

TOTAL LIABILITIES                                  43,789              42,430

PARTNERS' EQUITY (NOTE 6)
Limited partners:
$1,000 stated value per unit - authorized 12,000
units; issued and outstanding 5,096 units       4,200,066           4,212,880
General partners                                   51,567              47,868

TOTAL PARTNERS' EQUITY                          4,251,633           4,260,748

TOTAL LIABILITIES AND PARTNERS' EQUITY         $4,295,422          $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
                         SIX MONTHS ENDED JUNE 30, 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                                     109,792     --     94,202   15,590

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

Distributions to generalpartner(Note 3 (a))   (11,891)     --         -- (11,891)

BALANCE AT  JUNE 30, 1998                   $4,251,633  5,096 $4,200,066  $51,567

</TABLE>
<TABLE>
                         SIX MONTHS ENDED JUNE 30, 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                                      89,647     --     76,072   13,575

Distributions to limited partners            (104,468)     --  (104,468)      --

Distributions to general partner (Note 3 (a)) (11,607)     --         --  (11,607)

BALANCE AT  JUNE 30, 1997                   $4,215,639  5,096 $4,176,892  $38,747

</TABLE>
[FN]
                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

<PAGE>
<TABLE>
                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                              STATEMENTS OF INCOME
               THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                  (UNAUDITED)

<CAPTION>
                             THREE MONTHS    THREE MONTHS   SIX MONTHS    SIX MONTHS
                                 ENDED          ENDED          ENDED         ENDED
                                JUNE 30,       JUNE 30,       JUNE 30,      JUNE 30,
                                 1998            1997           1998          1997
<S>                                <C>           <C>            <C>            <C>
REVENUES:
Rental                           $121,713      $106,313       $206,718      $208,071
Interest                            2,795           805          5,390         1,064
                                  124,508       107,118        212,108       209,135
COSTS AND EXPENSES:
Operating                           8,697        15,915         17,210        29,692
Property taxes                      1,506         5,045          1,488        10,091
Property management fees            5,674         5,631          9,859         9,987
General and administrative          7,189         8,852         22,523        18,491
Depreciation and amortization      25,618        25,613         51,236        51,227
                                   48,684        61,056        102,316       119,488

NET INCOME                        $75,824       $46,062       $109,792       $89,647

INCOME PER
LIMITED PARTNERSHIP UNIT           $12.94         $7.68         $18.49        $14.93

</TABLE>
[FN]
                SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

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

                            STATEMENTS OF CASH FLOWS
                    SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>
                                                    SIX           Six
                                                   MONTHS        Months
                                                    ENDED         Ended
                                                JUNE 30, 1998  June 30, 1997
<S>                                                  <C>            <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Cash flows from operating activities
     Net income                                    $109,792       $89,647
Adjustments to reconcile net income to net
cash provided by operating activities:
     Depreciation and amortization                   51,236        51,227
Increase (decrease) from changes in:
     Other assets                                       115       (7,983)
     Accounts payable                               (1,182)         4,053
     Security deposits and prepaid rents              2,541         3,365

NET CASH PROVIDED BY OPERATING ACTIVITIES           162,502       140,309

CASH FLOWS FROM FINANCING ACTIVITIES
 Distributions to limited partners                (107,016)     (104,468)
 Distributions to general partners                 (11,891)      (11,607)
NET CASH (USED IN) FINANCING ACTIVITIES           (118,907)     (116,075)

NET INCREASE IN CASH AND CASH EQUIVALENTS            43,595        24,234

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

CASH AND CASH EQUIVALENTS,  END OF PERIOD          $274,098       $96,441

</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 purchased such properties on an all cash basis and originally
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 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 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.

<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 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 UNIT
On March 3, 1997, the FASB issued Statement of Financial Accounting Standards
No. 128,  "Earnings Per Unit" (SFAS 128).   This  pronouncement provides a
different method of calculating earnings per unit than is currently used  in
accordance with APB 15, "Earnings Per Unit".  SFAS 128  provides for  the
calculation of Basic and Diluted earnings per unit.  Basic earnings per unit
includes no dilution and is computed by dividing income available to common
unitholders by the weighted average number of common units outstanding for the
period.  Diluted earnings per unit reflects the potential dilution of 
securities that could unit in the earnings of the entity, similar to fully 
diluted earnings per unit.  Except where the provisions of the Securities and
Exchange Commission's Staff Accounting Bulletin No. 98 are applicable, common
unit 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 Partnership has adopted this pronouncement during the fiscal year 
ended December 31, 1997.  The adoption of SFAS 128 did not effect earnings 
per unit 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 
Partnership 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 Partnership 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 AND SIX MONTHS ENDED JUNE 30, 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, 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's 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       $ 1,882,283
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:
                                          June 30, 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                   880,235              828,999
Net rental real estate                        4,006,953            4,058,189


<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 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% of total rental revenue in 1998
            One tenant accounted for 58% of total rental revenue in 1997
            One tenant accounted for 48% of total rental revenue 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 -0- for the quarter ended June 30, 
1998 and $5,945 for the quarter ended June 30, 1997, and $11,891 for the six 
months ended June 30, 1998 and $11,607 for the six months ended June 30, 1997.

      (b) For administrative services provided to the Partnership, the General
Partner, in accordance with the partnership  agreement,  is entitled to
reimbursement for the cost of certain personnel and relevant expenses.  These
amounts totaled $6,000 for the six months ended June 30, 1998 and June 30, 
1997 and $3,000 for the quarters ending June 30, 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 $5,674 for the quarter ended June 30, 
1998, and $5,631 for the quarter ended June 30, 1997, and $9,859 for the six 
months ended June 30, 1998 and $9,987 for the six months ended June 30, 1997.

<PAGE>

                     ASSOCIATED PLANNERS REALTY INCOME FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 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 31, 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 AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997 (UNAUDITED)
                        AND YEAR ENDED DECEMBER 31, 1997
                                  (CONTINUED)

NOTE 5 - REALLOCATION OF PARTNER BALANCES

In accordance with 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.

NOTE 6 - SUBSEQUENT EVENTS

The Partnership distributed $152,880 ($30.00 per unit) on August 10, 1998 to
Limited Partners as of June 30, 1998.

<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
Partnership 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 on 
October 20, 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 to own and operate 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)

INTRODUCTION (CONT.)

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 Partners," 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.

RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 1998 VS. SIX MONTHS ENDED 
JUNE 30, 1997

Operations for the six months  ended June 30, 1998  reflect an entire period  
of operations for the two properties owned by the Partnership.

Rental revenue decreased $1,353 (.7%) during the six months ended June 30,  
1998 compared to the six months ended June  30, 1998 due primarily to lower  
deferred rent recognized from the San Marcos property.  Interest income 
increased  $4,326 (407%) for the  six months ended June 30, 1998 as compared 
to the six  months ended June 30, 1997.  This increase is primarily due to a 
large amount of funds held from approximately January 1, 1998 to June 30,  
1998 as a result of the Partnership electing to pay distributions 
semiannually instead of quarterly.

<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)

RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 1998 VS. SIX MONTHS ENDED 
JUNE 30, 1997 (CONT.)

The Partnership's overall costs and expenses decreased for the six months 
ended June 30, 1998 compared to the  six months ended June  30, 1997.  Total  
expenses decreased from $119,488 as of June 30, 1997 to $102,316 as of 
June 30, 1998, a $17,172 (14.4%) decrease.  This decrease was the result of 
decreases in three major expense categories, offset by increases in general  
and administrative costs and depreciation expense.  Operating expenses 
decreased $12,482 (42%) as a result lower leasing commissions, common area 
maintenance,  utilities and property insurance during the six months ended 
June 30, 1998 compared to the six months ended June 30, 1997.   Property 
taxes decreased $8,603 (85%) primarily as a result of the elimination of a 
one-time prior  year property tax  assessment imposed by the County of San 
Bernardino for the Yorba Center property.  Property management fees  
decreased $128 (1.3%) as a result of lower rental revenue collected during 
the six months ended June 30, 1998 compared to the six months ended June  30, 
1997.   General and administrative expenses increased $4,032 (21.8%) 
primarily due to higher legal and accounting fees paid during the six months 
ended June 30, 1998 compared to the six months ended June 30, 1997.
Depreciation expense increased $9 as a result of timing differences from the 
six months ended June 30, 1997.

Net income for the six months ended June 30, 1998 was $109,792 or $20,145
(22.5%) higher than the six months ended June 30, 1997.  This increase in net
income can be attributed to lower overall costs and expenses and a significant
increase in interest income.

RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 1998 VS. THREE MONTHS 
ENDED JUNE 30, 1997

Operations for the quarter ended June 30, 1998 reflect an entire period of
operations for the two properties owned by the Partnership.

Rental revenue increased $15,400 (14.5%) during the quarter ended June 30, 
1998 compared to the quarter ended June 30, 1998 due primarily to higher  
deferred rent recognized from the San Marcos property.  Interest income 
increased $1,990 (247%) for the quarter June 30, 1998 as compared to the 
quarter ended June 30, 1997.  This increase is primarily due to a large  
amount of funds held from approximately January 1, 1998 to June 30, 1998 as  
a result of the  Partnership electing to pay distributions semiannually 
instead of quarterly.

<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)

RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 1998 VS. THREE MONTHS 
ENDED JUNE 30, 1997 (CONT.)

The Partnership's overall costs and expenses decreased for the quarter ended
June 30, 1998  compared to the quarter ended June 30, 1997.  Total expenses
decreased from $61,056 as of June 30, 1997 to $48,684 as of June 30, 1998, a
$12,372 (20.3%) decrease.   This decrease was the result of decreases in three
major expense categories, offset  by increases in property management fees and
depreciation expense.   Operating expenses decreased 7,218 (45%) as a result
lower leasing  commissions,  common  area maintenance, utilities and property
insurance during the quarter June 30, 1998 compared to the quarter June  30,
1997.  Property taxes decreased $3,539 (70%) primarily as a result of the
elimination of a one-time prior year property tax assessment imposed by the
County of San Bernardino for the Yorba Center property.   General and
administrative expenses decreased $1,663 (18.8%) due primarily to lower legal
and accounting and general business insurance.  Property management fees
increased $43 (1.3%) as a result of higher rental revenue collected during the
quarter June 30, 1998 compared to the quarter ended June 30, 1997.  
Depreciation expense increased $5 as a result of timing differences from the 
quarter ended June 30, 1997.

Net income for the quarter ended June 30, 1998 was $75,824, or $29,762 ($64.6%)
higher than the quarter ended June 30, 1997.  This increase in net income can 
be attributed to lower overall  costs and expenses and  a increase in total  
rental revenue and interest income.

LIQUIDITY AND CAPITAL RESOURCES

During the six months ended June 30, 1998, the Partnership made distributions 
to the general and limited partners totaling $118,907 (for the record date of
December 31,  1997), of which approximately $14,300 constituted a return of
capital.  Distributions of $118,907 compared favorably to the $155,789 in cash
generated from property operations (net income plus depreciation expense) for
the six months ended December 31, 1997 on which such distributions were based.
On February 6, 1997, the Partnership made distributions to the limited 
partners totaling $107,016.   Additionally, the partnership distributed  
$11,891 to the general partner during the six months ended June 30, 1998.  The
record date for these distributions was 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)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

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.    Distribution to partners

The Partnership has adequate liquidity based upon the above four factors.  The
first factor 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.  The 1% property reserve requirement is the
minimum guideline that is disclosed in the Partnership's prospectus;  the
Partnership had more than enough funds to meet this requirement as of June 30,
1998.   The second factor relates to the condition of the Partnership's
properties.  Since the properties are in good condition, no unusual 
maintenance and repair expenditures are anticipated.  The third factor 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 factor   
relates to partner distributions.  The Partnership makes semi-annual 
distributions from the results of operations.  Such distributions are subject
to payments of Partnership expenses and reasonable reserves for expenses, 
maintenance, and replacements.

During the six months ended June 30, 1998, the Partnership paid the General
Partner a partnership management fee of $11,891.  The partnership management 
fee distribution to the general partner was 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)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

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 - SIX MONTHS ENDED JUNE 30, 1998 VS. SIX MONTHS ENDED JUNE 30, 1997

Cash and cash equivalents increased $43,595 for the six months ended June 30,
1998 compared to a $24,234 increase for the six months ended June 30, 1997.  
The continued increase in cash resources is primarily due to the Partnership
electing to begin paying distribution semiannually instead of quarterly
beginning with the first record date and payment date being December 31, 1997
and February 6, 1998.   Cash provided from operating activities amounted to
$162,502 for the six months ended June 30, 1998, with the largest contributor
being $161,028 in cash basis net income.  In contrast, during the six months
ended June 30, 1997, cash provided from operating activities amounted  to
$140,309 with the largest contributor being $140,874 in cash basis net income.
There were no investing activities during the six months ended June 30, 1998 
and June 30, 1997.  Cash used for financing activities amounted to $118,907  
during the six months ended June 30, 1998 due to distributions to the limited
and general partners.  In contrast, cash used for financing activities for 
the six months ended June 30, 1997 amounted to $116,075 due to distributions 
to the limited and general partners.

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 
Partnership 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)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (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 Partnership has not 
determined the effect on its financial position or results of operations, if 
any, from the adoption of this statement.

IMPACT OF YEAR 2000

Many existing computer systems and applications, and other control devices, 
use only two digits to identify a year in the date field, without considering 
the impact of the upcoming change in the century.  As a result, such systems
and applications could fail or create erroneous results unless corrected so  
that they can process data related to the Year 2000.  The Partnership relies 
on its systems, applications and devices in operating and monitoring all 
major aspects of its business, including financial systems (such as general 
ledger, accounts receivable, accounts payable and shareholder servicing), and 
embedded computer chips, networks and telecommunications equipment and end  
products.   The Partnership also relies, directly and indirectly, on external
systems of business enterprises such as its advisor, lessees, suppliers,  
creditors, financial organizations, and of governmental entities for accurate
exchange of data.  The Partnership's current estimate is that the costs 
associated with the Year 2000 issue will not have a material adverse effect  
on the results of operations or financial position of the Partnership.  
However, despite the Partnership's efforts to address the Year 2000 impact on
its internal systems, the Partnership may not have fully identified such  
impact or whether it can resolve it without disruption of its business and 
without incurring significant expense.   In addition, even if the internal 
systems of the Partnership are not materially affected by the Year 2000 
issue, the Partnership could be affected through disruption in the operations
of the enterprises with which the Partnership interacts.

<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)





August 13, 1998          By:  WEST COAST REALTY ADVISORS, INC.   
                                 A California Corporation,
                                    A General Partner




                                    W. Thomas Maudlin, Jr.
                                          President





August 13, 1998  
                                      John R. Lindsey
                                 Vice President/Treasurer





















<PAGE>