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        0-16805

                        ASSOCIATED PLANNERS REALTY FUND
             (Exact name of registrant as specified in its charter)
                CALIFORNIA                                   95-4036980
          (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>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 1.   FINANCIAL STATEMENTS
     In the opinion of the General Partner of Associated Planners Realty 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 and
recurring 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)                          $5,690,330          $5,765,095
Cash and cash equivalents                            201,572             287,641
Other assets                                          56,610              39,812

TOTAL ASSETS                                      $5,948,512          $6,092,548


LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
Accounts payable:
      Trade                                          $15,409             $16,152
      Related party (Note 3)                          12,076              13,375
Notes payable (Note 4)                             1,454,854           1,469,817
Security deposits and prepaid rent                    37,980              32,254

TOTAL LIABILITIES                                  1,520,319           1,531,598

Minority interest                                    199,837             204,741

PARTNERS' EQUITY (NOTE 6)
Limited partners:
$1,000 stated value per unit _ authorized 7,500
units; issued and outstanding 7,499 units          4,180,496           4,303,000
General partner                                       47,860              53,209

TOTAL PARTNERS' EQUITY                             4,228,356           4,356,209

TOTAL LIABILITIES AND PARTNERS' EQUITY            $5,948,512          $6,092,548

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

<PAGE>
<TABLE>
                        ASSOCIATED PLANNERS REALTY 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        $4,356,209  7,499      $4,303,000    $53,209

Net income                              42,041   --            30,401     11,640

Distributions to limited partners    (152,905)   --         (152,905)         --

Distributions to general partner      (16,989)   --                --   (16,989)

BALANCE AT  JUNE 30, 1998           $4,228,356  7,499      $4,180,496    $47,860

</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       $4,392,108 7,499        $4,350,158    $41,950

Net income                            112,429    --            93,761     18,668

Distributions to limited partners   (137,982)    --         (137,982)         --

Distributions to general partner     (15,331)    --                --   (15,331)

BALANCE AT  JUNE 30, 1997         $4,351,224 7,499        $4,305,937    $45,287

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

<PAGE>
<TABLE>
                        ASSOCIATED PLANNERS REALTY 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                   $180,599        $209,236       $346,753      $398,192
Interest                    2,149           2,221          4,956         4,609
                          182,748         211,457        351,709       402,801
COSTS AND EXPENSES: 
Operating                  30,660          36,540         68,338        69,626
Property taxes             10,090           9,410         25,327        19,056
Property management fees    9,076          10,502         16,221        19,805
General and administrative 28,972          18,797         43,387        35,601
Depreciation               41,308          41,250         82,615        82,502
Interest expense           33,213          33,869         72,535        67,892
                          153,319         150,368        308,423       294,482

LESS: MINORITY INTEREST IN NET
LOSS OF JOINT VENTURE     (4,461)         (2,752)          1,245       (4,110)

NET INCOME                $33,890         $63,841        $42,041      $112,429

NET INCOME PER LIMITED
PARTNERSHIP UNIT           $ 3.57          $ 7.17          $4.05        $12.50

</TABLE>
[FN]
                See accompanying notes to financial statements.
<PAGE>
<TABLE>
                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                    SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>
                                                    SIX MONTHS      SIX MONTHS
                                                       ENDED           ENDED
                                                  JUNE 30, 1998   JUNE 30, 1997
<S>                                                     <C>              <C>
Cash Flow from operating activities:
    Net income                                         $42,041        $112,429
Adjustments to reconcile net income to
net cash provided by operating activities:
    Depreciation                                        82,615          82,502
    Minority interest in net income (loss)             (1,245)           4,110
Increase (decrease) from changes in:
    Other assets                                      (16,798)        (31,947)
    Accounts payable                                   (2,042)          14,846
    Security deposits and prepaid rents                  5,726         (6,870)
Net cash provided by operating activities              110,297       (175,070)

Cash flows used in investing activities:
    Tenant improvement additions                       (7,850)        (20,980)
Net cash (used in) investing activities                (7,850)        (20,980)

Cash flows used in financing activities:
    Repayment of notes payable                        (14,963)        (13,666)
    Distributions to minority interest                 (3,659)         (6,611)
    Distributions to general partners                 (16,989)        (15,331)
    Distributions to limited partners                (152,905)       (137,982)
Net cash (used in) financing activities              (188,516)       (173,590)

Net (decrease) increase in cash and cash equivalents  (86,069)        (19,500)

Cash and cash equivalents at beginning of period       287,641         206,413

CASH AND CASH EQUIVALENTS AT END OF PERIOD            $201,572        $186,913

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

<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)
                         SUMMARY OF ACCOUNTING POLICIES
BUSINESS
Associated Planners Realty Fund  (the "Partnership"),  a  California  limited
partnership,  was  formed  on  November 19, 1985 under  the  Revised  Limited
Partnership Act of the State of California.   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, or operated them on
a moderately  leveraged  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 consolidated 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.

The consolidated financial statements include the accounts of Associated
Planners Realty Fund and all joint ventures in which it has a majority 
interest.

RENTAL REAL ESTATE AND DEPRECIATION
Assets are stated at cost.   Depreciation is computed using the straight-line
method over estimated useful lives ranging from five to 35 years.

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.

RENTAL INCOME
Rental revenue is recognized on a straight-line basis to the extent  rental
revenue is deemed collectible.

<PAGE>

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

STATEMENTS OF CASH FLOWS
For the purpose 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 reported amounts of assets and  liabilities and disclosure of  
contingent assets and liabilities at the date of the financial statements 
and  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; early adoption is not permitted.  The Partnership 
had adopted this pronouncement during the fiscal year ended 
December 31, 1997.  The adoption of SFAS 128 does not effect earnings per 
unit for the fiscal year ended December 31, 1997 and prior years.

<PAGE>

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

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, if 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 unitholders.  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 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

The Partnership began accepting subscriptions in March 1986 and completed its
funding in December 1987.

Under the terms of the partnership agreement, the General Partner, West Coast
Realty Advisors, is entitled to cash distributions ranging from 10% to 15%.  
The General Partner is also entitled to  net income (loss) allocations 
varying from 1% to 15% and 1% depreciation and amortization  allocations in 
accordance with the partnership agreement.

NOTE 2- RENTAL REAL ESTATE

The Partnership currently has interests in the following four rental real 
estate properties. Two are wholly-owned  and two are jointly  owned by the  
Partnership (81.2%) and Prado Land Company, an affiliate (18.8%):

Location (Property Name)            Date Purchased              Cost

Encinitas, California
   (179 Calle Magdalena)          December 31, 1986         $    705,918
Encinitas, California
   (187 Calle Magdalena)          December 31, 1986              861,410
Clovis, California                 January 23, 1987            2,854,221
Simi Valley, California           November 12, 1987            2,616,523


The major categories of property are:
                                         June 30, 1998      December 31, 1997

Land                                        $2,361,894             $2,361,894
Building and Improvements                    4,629,518              4,621,668
Furniture and Fixtures                          46,660                 46,660

                                             7,038,072              7,030,222
Less accumulated depreciation                1,347,742              1,265,127

Net rental real estate                      $5,690,330             $5,765,095


<PAGE>

                        ASSOCIATED PLANNERS REALTY 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  a
tenant whose individual rent represented more than 10% of total rental 
revenue.
Specifically:

Four tenants accounted for 41%, 22%, 18% and 13% of total rental revenue 
in 1998;
Four tenants accounted for 41%, 22%, 18% and 13% of total rental revenue 
in 1997;
Two tenants accounted for 34% and 18% of total rental revenue in 1996;

NOTE 3 - RELATED PARTY TRANSACTIONS

(a)   For Partnership management services provided 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 $7,666 for the quarter ended June 30, 1997, and $16,989 for the six 
months ended June 30, 1998 and $15,331 for the six months ended June 30, 1997.

(b)   For administrative services provided to the Partnership,  the General
Partner is entitled to reimbursement for the cost of certain personnel and
relevant expenses.  These amounts totaled $3,000 for the three months ended 
June 30, 1998 and June 30, 1997, and $6,000 for the six  months ended 
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 $9,076 for the quarter ended June 30, 1998, 
and $10,502 for the quarter ended June 30, 1997, and  $16,221 for the six 
months ended June 30, 1998 and $19,805 for the six months ended June 30, 1997.

<PAGE>
                        ASSOCIATED PLANNERS REALTY 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- NOTES PAYABLE

In January 1995, the Partnership closed escrow on a parcel of land adjacent to
the Shaw Villa Shopping Center.   The purchase price of the land was $206,749,
including a  $13,102 acquisition fee paid to the Advisor.  The purchase was
financed using $23,602  in cash, and the remainder by a one year construction
loan from Valliwide Bank of Fresno.  The total construction loan commitment
was for $1,365,000 that matured on October 5, 1996.  Borrowings on the  
construction loan totaled $1,225,950 as of December 31, 1995.  The 
construction was completed during 1995 and total construction costs of 
$1,372,900  was allocated to land, building and improvements.    Included in
construction costs is $87,838 in construction loan interest that was 
capitalized.

In October 1996, the Partnership obtained permanent financing from a major
insurance Partnership to replace the construction loan with a twenty year 
loan.  The terms of the loan are as follows:  Principal - $1,500,000;  
Interest Rate of 9.1% fixed for five years, then may be adjusted to the 
weekly average of the five - year Treasury  Note yield for  the seventh week  
prior to the Adjustment Date (5th anniversary date) plus 250 basis points, 
but in no event less than the existing rate, nor to exceed the maximum rate 
allowed by law; Amortized over twenty years; due November 1, 2006; and 
current monthly payments of principal and interest of $14,919.  The note 
payable balance  was $1,454,854 at June 30, 1998.

The carrying amount is a reasonable estimate of fair value of the permanent 
loan payable because the  interest rates  approximate the  borrowing rates  
currently available for mortgage loans with similar terms and average 
maturities.

The aggregate annual future maturities at June 30, 1998 are as follows:

      1998 ..................................$16,656
      1999 .................................. 33,524
      2000 .................................. 36,706
      2001 .................................. 40,189
      2002 .................................. 44,002
      Thereafter ..........................1,284,777

      Total                               $1,454,854

<PAGE>

                        ASSOCIATED PLANNERS REALTY 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- NET INCOME AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP LIST

The Net Income per Limited Partnership Unit was computed in accordance with  
the partnership agreement using the weighted  average number of outstanding  
limited partnership units of 7,499 for 1998 and 1997.

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

                         Outstanding         Amount           Total
Record Date                 Units           Per Unit       Distribution

December 31, 1997           7,499           $  20.39         $152,905
June 30, 1997               7,499              10.20           76,490
March 31, 1997              7,499               9.20           68,991
December 31, 1996           7,499               9.20           68,991

Total                                                        $367,377

September 30, 1996          7,499           $  8.15          $ 61,117
June 30, 1996               7,499              8.15            61,117
March 31, 1996              7,499              8.15            61,117
December 31, 1995           7,499              7.14            53,543

Total                                                       $ 236,894


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.  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 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 6 - 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" caused by the Agreement itself.   The ambiguity involved the
treatment of the partnership management fee, being paid to the General Partner,
as an expense of the Partnership, when in fact, it should have been treated as 
a general partner withdrawal of capital.  In order to properly reflect this
inception to date correction, a transfer of $305,548 was made from the General
Partner's capital account to the Limited Partners capital account during the
quarter ended March 31, 1996.


NOTE 7 - SUBSEQUENT EVENTS
The Partnership distributed  $104,986 ($14.00 per  unit) on August  10, 1998 
to Limited Partners of record as of June 30, 1998.


<PAGE>

                        ASSOCIATED PLANNERS REALTY 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

Associated Planners Realty Fund (the "Partnership") was organized in November
1985, under the California Revised Limited Partnership Act.   The Partnership
began offering units for sale on March 28, 1986.   As of December 27, 1987, 
the Partnership had raised $7,499,000 in gross capital contributions.  The
Partnership  netted  approximately  $6,720,000 after sales commissions and
syndication costs.

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 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 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 West Coast Realty
Advisors, Inc., the 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 four properties owned by the Partnership.  During 1998, the
187 Calle Magdalena building located in the Santa Fe Business Park was 
converted from executive suites to a single occupying tenant.  While 
initially this change has had the effect of decreasing rental revenue,  the 
partnership anticipates that operating costs reductions in subsequent  
quarters will more than offset such reduced revenue.

Rental revenue decreased $51,439 (13%) due primarily to the successful phase 
out of the small tenants at the Santa Fe Business Park properties.  Interest 
income increased $347 (7.5%) during the six months  ended June 30, 1998 as 
compared to the six months ended June 30, 1997 due primarily 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 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 increased for the six months  
ended June 30, 1998 compared to the six months ended June 30, 1997.  Total  
expenses increased from $294,482 as of June 30, 1997 to $308,423 as of 
June 30, 1998,  a $13,941 (4.7%) increase.   This increase was the result of 
increases in three major expense categories,  offset by a decrease in 
operating expenses and property management fees.  General and administrative 
expenses increased $7,786 (21.9%) primarily due to an increase in legal and 
accounting expenses.  Property taxes increased $6,271 (32.9%) primarily due 
to an increase in property taxes in connection with the  Shaw Villa Shopping 
Center.   Interest expense increased $4,643 (6.8%) as a result of interest  
charges incurred after the completion of construction at the Shaw Villa 
Shopping Center.  Depreciation expense increased $113 (.1%) as a result of  
$7,850 in fixed asset additions during the six months ended June  30, 1998.  
Property management fees decreased $3,584 (18.1%) 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.  Operating expenses decreased $1,288 (1.8%) 
due to lower consulting fees and utilities paid during the six months ended  
June 30, 1998  compared to the six months ended June 30, 1997.

Net income for the six months ended June 30, 1998 was $70,388 (62.6%) lower 
than the six months ended June 30, 1998.  This decrease can be attributed to 
the successful phase out of the small tenants at the Santa Fe Business Park
properties as well as a reduction to Countrywide's monthly rent payment.

<PAGE>

                        ASSOCIATED PLANNERS REALTY 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

Operations for the quarter ended June 30, 1998 reflect an entire period of 
operations for the four properties owned by the Partnership. During 1998, the
187 Calle Magdalena building located in the Santa Fe Business Park was 
converted from executive suites to a single occupying tenant.  While 
initially this change has had the effect of decreasing rental revenue,  the 
partnership anticipates that operating costs reductions in subsequent  
quarters will more than offset such reduced revenue.

Rental revenue decreased $28,637 (13.7%) due primarily to the successful phase
out of the small tenants at the Santa Fe Business Park properties.   Interest
income decreased $347 (3.2%) during the quarter ended June 30, 1998 as 
compared to the quarter ended June 30, 1997 due to lower cash balances 
maintained in money market accounts.

The Partnership's overall costs and expenses increased for the quarter ended
June 30, 1998 compared to the quarter ended June 30, 1997.  Total expenses
increased from $150,368 as of June 30, 1997 to $153,319 as of June 30, 1998, a
$2,951 (2%).  This increase was the result of increases in two major expense
categories, offset by a decrease in interest expense, operating expenses and
property management fees.  General and administrative expenses increased 
$10,175 (54.1%) primarily due to an increase in legal and accounting expenses.
Property taxes increased $680 (7.2%) primarily due to an increase in property
taxes in connection with the Shaw Villa Shopping Center.  Depreciation expense
increased $58 (.1%) as a result of $7,850 in fixed asset additions during the
quarter ended June 30, 1998.  Operating expenses decreased $5,880 (16.1%) due 
to lower consulting fees and utilities paid during the quarter ended 
June 30, 1998 compared to the quarter ended June 30, 1997.  Property 
management fees decreased $1,426 (13.6%) as a result of lower rental revenue 
collected during the quarter ended June 30, 1998 compared to the quarter 
ended June 30, 1997.  Interest expense decreased $656 (2%) as a result of 
larger amounts being allocated to principal as the loan on the Shaw Villa 
Shopping Center approaches maturity.

<PAGE>

                        ASSOCIATED PLANNERS REALTY 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.)

Net income for the quarter ended June 30, 1998 was $29,951 (46.9%) lower than
the quarter ended June 30, 1997.   This decrease can be attributed to the
successful phase out of the small tenants at the Santa  Fe  Business  Park
properties as well as a reduction to Countrywide's monthly rent payment.

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 $78,000 constituted a return of
capital.  Distributions of $169,894 compared favorably to the $172,473 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, 1998 the Partnership made a distribution to limited partners
totaling $152,905.   Additionally, the partnership distributed $16,989 to the
general partner and $3,659 to the minority interest in certain joint ventures
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.

The Partnership began paying distributions on a semi-annual basis and made
related payments on February 6, 1998.  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.

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, in the short-term and long-term, depends on several 
factors.  Among them are:

<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 7.  MANAGEMENT DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS(CONTINUED)


LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)

      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 believes that it has the ability to generate sufficient cash 
to meet both short-term and  long-term liquidity needs, based  upon the above
four factors.

The first factor refers to the risk of Partnership's investments.   The
Partnership's investments in properties were paid for in cash or on a 
moderately leveraged basis.

The second factor relates to the condition of the Partnership's properties.  
All Partnership properties are in good condition.  There is no foreseeable 
need to increase reserves to fund deferred or unusual maintenance and repair
expenditures.

The third factor relates to life cycle.  The Partnership completed its funding
and acquisition of properties in previous years.  Thus, the Partnership is in
the property  operating stage.   As part of these operating activities,  the
partnership was involved in purchasing and developing the aforementioned 
parcel in Clovis, California in 1994 and 1995.  This activity is expected to
enhance rental revenues and increase the value of the Shaw Villa Shopping 
Center.   The Partnership believes that cash flows provided by operating  
activities will continue.

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


ITEM 7.  MANAGEMENT DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS(CONTINUED)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

The fourth factor relates to Partnership distributions.   The Partnership is
currently making semi-annual distributions from operations.  Such  
distributions are subject to payments of Partnership expenses and reasonable 
reserves for expenses, maintenance, and replacements.  In addition, at least 
six months of cash profits are left in the Partnership's balance sheet at 
each quarter end, since the Partnership makes distributions to the limited  
partners one month after each record date of June 30, and December 31.   The
General Partner believes that the Partnership will have the ability to meet
its cash requirements in both the short-term and long-term.

The Partnership began making distributions on a semi-annual basis and related
payments were made on February 6, 1998.  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.

The Partnership is attempting to sell the two office buildings located in
Encinitas, California (179 and 187 Calle Magdalena), and the Shaw Villa 
Shopping Center located in Clovis, California.  The net proceeds from such 
sales will be distributed to the limited partners and General Partner in 
accordance with the terms of the Partnership Agreement.  The cost basis of 
these properties are:

          179 Calle Magdalena        $ 705,918
          187 Calle Magdalena          861,410
          Shaw Villa Shopping Center 2,854,221


During the six months ended June 30, 1998,  the General Partner earned
partnership management fees  of $16,989.  Subsequent to  June 30, 1998, the
General Partner received a partnership management fee of $11,655.  Partnership
management fees were paid and calculated in accordance with the partnership
agreement.

<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 7.  MANAGEMENT DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS(CONTINUED)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

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.

Slowdowns in the economy, inflation and changing prices have had a nominal
effect on the Partnership's revenues and income from continuing operations.
During the twelve 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  lease  clauses with its tenants that will help
alleviate much of the negative impact of inflation.  Among these are:

           Triple net leases at the Shaw  Villa Shopping Center and  Pacific
           Bell Building which give  the Partnership an  ability to pass  on
           higher operating costs to its tenants.

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


ITEM 7.  MANAGEMENT DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

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

Cash and cash equivalents decreased $86,069 for the six months ended June 30,
1998 compared to a $19,500 decrease for the six months ended June 30, 1997. 
The continued decrease in cash resources is primarily due to distributions 
in excess of current earnings and fixed asset additions in the Santa Fe 
Business Park property.  Cash provided from operating activities increased by 
$110,297 for the six months ended June 30, 1998, with the largest contributor
being $124,656 in cash basis net income.  In contrast, during the six months 
ended June 30, 1997, cash provided from operating activities amounted to 
$175,070 with the largest contributor being $194,931 in cash basis net 
income.  Investing activities resulted in a $7,850 decrease in cash resources 
during the six months ended June 30, 1998 due to tenant improvements relating
to the Santa Fe Business Park property.  In contrast, the six months ended 
June 30, 1997 resulted in a $20,980 decrease in investing activities due to  
tenant improvements relating to the Santa Fe Business Park property.  Cash  
from financing activities decreased $188,516 during the six months ended  
June 30, 1998 due to $173,553 being distributed to the limited, general and 
minority interest and $14,963 used as payments on notes payable.  In 
contrast, cash used in financing activities for the six months ended June 30,
1997 decreased $173,590 due to $159,924 being distributed to the limited, 
general and minority interest partners and $13,666 used as payments on notes 
payable.

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 FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

ITEM 7.  MANAGEMENT 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 unitholders.  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 unitholder 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 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
     The Partnership was named as a defendant in CARMEN MARGALA  V. DAVID  L.
MURDOCK, WILBUR  HORWITZ, ASSOCIATED PLANNERS REALTY  FUND AND DOES 1-100,
INCLUSIVE.  The lawsuit was filed on July 31, 1997 and served on the 
Partnership on November 14, 1997.
     The plaintiff alleged breach of contract, fraud and deceit, intentional
misrepresentation, conversion, interference with third party economic benefit
and sexual harassment.  All defendants denied the allegations in their 
entirety.
     After a lengthy and contentious discovery process, the trial court
dismissed the entire case on May 8, 1998.  Plaintiff's motion for a re-hearing
on the merits was denied on July 30, 1998.  It is unknown whether plaintiff 
will pursue a further appeal.

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 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 FUND
                        A California Limited Partnership
                                  (Registrant)


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



                             W. Thomas Maudlin Jr.
                                   President





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





<PAGE>