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 SEPTEMBER 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>
<TABLE>
                        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 nine months ended September 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.


                                 BALANCE SHEETS
              SEPTEMBER 30, 1998 (UNAUDITED) AND DECEMBER 31, 1997

<CAPTION>
                                         SEPTEMBER 30, 1998  December 31, 1997
<S>                                               <C>                <C>
ASSETS
Rental real estate, less accumulated
   Depreciation (Note 2)                       $5,648,496          $5,765,095
Cash and cash equivalents                         175,745             287,641
Other assets                                       54,009              39,812

TOTAL ASSETS                                   $5,878,250          $6,092,548

LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
   Accounts payable:
      Trade                                       $20,246             $16,152
      Related party (Note 3)                       12,026              13,375
   Notes payable (Note 4)                       1,447,115           1,469,817
   Security deposits and prepaid rent              37,232              32,254

TOTAL LIABILITIES                               1,516,619           1,531,598

Minority interest                                 199,667             204,741

PARTNERS' EQUITY (NOTES 6 AND 7)
  Limited partners:
   $1,000 stated value per unit - authorized
   7,500 units; issued and outstanding 7,499    4,116,979           4,303,000
  General partner                                  44,985              53,209

TOTAL PARTNERS' EQUITY                          4,161,964           4,356,209

TOTAL LIABILITIES AND PARTNERS' EQUITY         $5,878,250          $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
                      NINE MONTHS ENDED SEPTEMBER 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                           92,300      --      71,870     20,430

Distributions to limited partners (257,891)      --   (257,891)         --

Distributions to general partner   (28,654)      --          --   (28,654)

BALANCE AT  SEPTEMBER 30, 1998   $4,161,964   7,499  $4,116,979    $44,985

</TABLE>
<TABLE>
                      NINE MONTHS ENDED SEPTEMBER 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                          154,231      --     127,670     26,561

Distributions to limited partners (214,472)      --   (214,472)         --

Distributions to general partner   (23,830)      --          --   (23,830)

BALANCE AT  SEPTEMBER 30, 1997   $4,308,037   7,499  $4,263,356    $44,681

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

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

                              STATEMENTS OF INCOME
            THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>
                                      THREE     THREE     NINE      NINE
                                      MONTHS   MONTHS    MONTHS    MONTHS
                                      ENDED     ENDED     ENDED     ENDED
                                    SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
                                     30, 1998 30, 1997  30, 1998  30, 1997
<S>                                     <C>      <C>      <C>        <C>
REVENUES:
Rental                                $179,606 $187,440 $526,359   $585,633
Interest                                 2,247    2,491    7,203      7,100

                                       181,853  189,931  533,562    592,733

COST AND EXPENSES:
Operating                               29,019   39,462   97,359    109,088
Property taxes                          10,357    9,410   35,683     28,466
Property management fees-Note3(c)        9,026    9,413   25,246     29,218
General and administrative               5,012   13,287   50,889     40,668
Depreciation                            41,834   41,250  124,449    123,752
Interest expense                        33,040   33,710  105,575    101,603

                                       128,288  146,532  439,201    432,795
LESS: MINORITY INTEREST IN NET
(INCOME) OF JOINT VENTURE              (3,306)  (1,597)  (2,061)    (5,707)

NET INCOME                             $50,259  $41,802  $92,300   $154,231

NET INCOME PER
 LIMITED PARTNERSHIP UNIT                $5.53    $4.52    $9.58     $17.03

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

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

                            STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
<CAPTION>
                                                 NINE MONTHS     NINE MONTHS
                                                    ENDED           ENDED
                                                SEPTEMBER 30,   SEPTEMBER 30,
                                                    1998            1997
<S>                                                 <C>              <C>
Cash Flow from operating activities:
  Net income                                        $92,300        $154,231
Adjustments to reconcile net income to
net cash provided by operating activities:
            Depreciation                            124,449         123,752
            Minority interest in net income           2,061           5,707
Increase (decrease) from changes in:
     Other assets                                  (14,197)        (18,126)
     Accounts payable                                 2,745          12,998
     Security deposits and prepaid rents              4,978         (3,282)
Net cash provided by operating activities           212,336         275,280

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                    (22,702)        (20,734)
     Distributions to minority interest             (7,135)        (11,848)
     Distributions to general partners             (28,654)        (23,830)
     Distributions to limited partners            (257,891)       (214,472)
Net cash (used in) financing activities           (316,382)       (270,884)

Net (decrease) in cash and cash equivalents       (111,896)        (16,584)
Cash and cash equivalents at beginning of period    287,641         206,413

CASH AND CASH EQUIVALENTS AT END OF PERIOD         $175,745        $189,829

</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.  The Partnership purchased such
properties on an all cash basis or operated them on a moderately leveraged
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 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 that 
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 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; 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 NINE MONTHS ENDED SEPTEMBER 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 or 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:
                                    September 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                1,389,576              1,265,127

Net rental real estate                      $5,648,496             $5,765,095


<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED)
                        AND YEAR ENDED DECEMBER 31, 1997

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 rendered to the Partnership, the 
General Partner is entitled to receive 10% of all distributions of cash from 
operations.  These amounts totaled $11,665 for the quarter ended September 
30, 1998 and $8,499 for the quarter ended September 30, 1997, and $28,654 for 
the nine months ended September 30, 1998 and $23,830 for the nine months ended 
September 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 quarter ended 
September 30, 1998 and September 30, 1997, and $9,000 for the nine months 
ended September 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 $9,026 for the quarter ended September 30, 
1998, and $9,413 for the quarter ended September 30, 1997, and $25,246 for 
the nine months ended September 30, 1998 and $29,218 for the nine months 
ended September 30, 1997.

<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 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. 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 company 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 is $1,447,115 at 
September 30, 1998.

The carrying amount is a reasonable estimate of fair value of the construction
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 September 30, 1998 are as follows:

      1998 ..................................$ 7,917
      1999 .................................. 33,524
      2000 .................................. 36,706
      2001 .................................. 40,189
      2002 .................................. 44,002
      Thereafter ..........................1,284,777
      Total                               $1,447,115


<PAGE>

                        ASSOCIATED PLANNERS REALTY FUND
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         NOTES TO FINANCIAL STATEMENTS
      THREE AND NINE MONTHS ENDED SEPTEMBER 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

June 30, 1998               7,499           $  14.00         $104,986
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                                                        $472,363


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)

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 originally 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 - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS
ENDED SEPTEMBER 30, 1997

Operations for the nine months ended September 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 periods 
will more than offset such reduced revenue.

Rental revenue decreased $59,274 (10%) due primarily to the successful phase 
out of the small tenants at the Santa Fe Business Park properties.  Interest 
income increased $103 (1.5%) as a result of the Partnership investing more 
excess funds in money market accounts during the nine months ended September 
30, 1998 as compared to the nine months ended September 30, 1997.

<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 - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS
ENDED SEPTEMBER 30, 1997 (CONT.)

The Partnership's overall costs and expenses decreased for the nine months 
ended September 30, 1998 compared to the nine months ended September 30, 
1997.  Total expenses decreased from $432,795 as of September 30, 1997 to 
$439,201 as of September 30, 1998, a $6,406 (1.5%) increase.  This increase 
was the result increases in property taxes, interest expense, depreciation 
and general & administrative expenses offset by decreases in operating costs 
and property management fees.

Property management fees decreased $3,972 (13.6%) as a result of lower rental
revenue collected during the nine months ended September 30, 1998 compared to
the nine months ended September 30, 1997.  Operating expenses decreased 
$11,729 (10.8%) due to lower payroll, utilities and consulting expenses paid 
during the nine months ended September 30, 1998 compared to the nine months 
ended September 30, 1997.  Property taxes increased $7,217 (25.4%) primarily 
due to an increase in property taxes in connection with the Shaw Villa 
Shopping Center.   Interest expense increased $3,972 (3.9%) as a result of 
interest charges incurred after the completion of construction at the Shaw 
Villa Shopping Center.  Depreciation expense increased $697 (.6%) as a result
of $7,850 in fixed asset additions during the nine months ended September 30,
1998.   General and administrative expenses increased $10,221 (25.1%) 
primarily due to an increase in legal and accounting expenses.

Net income for the nine months ended September 30, 1998 was $61,931 (40.2%)
lower than the nine months ended September 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 SEPTEMBER 30, 1998 VS. THREE MONTHS
ENDED SEPTEMBER 30, 1997

Operations for the quarter ended September 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 $7,834 (4.2%) due primarily to the successful phase 
out of the small tenants at the Santa Fe Business Park properties.  Interest 
income decreased $244 (9.8%) during the quarter ended September 30, 1998 as 
compared to the quarter ended September 30, 1997 due to lower cash balances 
maintained in money market accounts.

The Partnership's overall costs and expenses decreased for the quarter ended
September 30, 1998 compared to the quarter ended September 30, 1997.  Total
expenses decreased from $146,532 as of September 30, 1997 to $128,288 as of
September 30, 1998, a $18,244 (12.5%) decrease.  This decrease was the result 
of decreases in four major expense categories, offset by increases in 
depreciation expense and property taxes.

Operating expenses decreased $10,443 (26.5%) due to lower payroll, property
legal and common area maintenance expenses paid during the quarter ended
September 30, 1998 compared to the quarter ended September 30, 1997.  General
and administration expenses decreased $8,275 (62.3%) due to lower partnership
legal and accounting and partnership insurance expenses during the quarter 
ended September 30, 1998 compared to the quarter September 30, 1997.  Property
management fees decreased $387 (4.1%) as a result of lower rental revenue
collected during the quarter ended September 30, 1998 compared to the quarter
September 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.  Property taxes increased $947 (10.1%) 
primarily due to an increase in property taxes in connection with the Shaw 
Villa Shopping Center.  Depreciation expense increased $584 (1.4%) as a 
result of $7,850 in fixed asset additions during the nine months ended 
September 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 (CONTINUED)

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

Net income for the quarter ended September 30, 1998 was $8,457 (20.2%) higher
than the quarter ended September 30, 1997.  This increase can be attributed 
to the successful phase out of the small tenants at the Santa Fe Business 
Park properties, offset by a reduction to Countrywide's monthly rent payment.

LIQUIDITY AND CAPITAL RESOURCES

During the nine months ended September 30, 1998 the Partnership made
distributions to the general and limited partners totaling $169,894 and 
$116,651 (for the record dates of December 31, 1997 and June 30, 1998, 
respectively), of which approximately $152,600 constituted a return of 
capital.  Distributions of $169,894 and $116,651 compared favorably to the 
$172,473 and $124,656 in cash generated from property operations (net income 
plus depreciation expense), for the six months ended December 31, 1997 and 
June 30, 1998 on which such distributions were based.  On February 6, 1998 
and on August 10, 1998 the Partnership made distributions to limited partners
totaling $152,905 and $104,986, respectively.  Additionally, the partnership 
distributed $16,989 and $11,665 to the general partner and $3,659 and $3,476 
to the minority interest in certain joint ventures during the nine months 
ended September 30, 1998 for the record dates of December 31, 1997 and June 
30, 1998, respectively.  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 2. MANAGEMENT'S 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.

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.

<PAGE>

                        ASSOCIATED PLANNERS REALTY 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 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 nine months ended September 30, 1998, the General Partner earned
partnership management fees of $28,654.  Partnership management fees were 
paid and calculated 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.

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

CASH FLOWS - NINE MONTHS ENDED SEPTEMBER 30, 1998 VS. NINE MONTHS ENDED
SEPTEMBER 30, 1997

Cash and cash equivalents decreased $111,896 for the nine months ended 
September 30, 1998 compared to a $16,584 decrease for the nine months ended 
September 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 $212,336 for the nine months ended September 30, 
1998, with the largest contributor being $216,749 in cash basis net income.  
In contrast, during the nine months ended September 30, 1997, cash provided 
from operating activities amounted to $275,280 with the largest contributor 
being $277,983 in cash basis net income.  Investing activities resulted in a 
$7,850 decrease in cash resources during the nine months ended September 30, 
1998 due to tenant improvements relating to the Santa Fe Business Park 
property.  In contrast, the nine months ended September 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 $316,382 during the nine months ended September 30, 1998
due to $293,680 being distributed to the limited, general and minority 
interest and $22,702 used as payments on notes payable.  In contrast, cash 
used in financing activities for the nine months ended September 30, 1997 
decreased $270,884 due to $250,150 being distributed to the limited, general 
and minority interest partners and $20,734 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 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 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)





November 10, 1998   By: WEST COAST REALTY ADVISORS, INC.                       
                            A California Corporation,
                                  General Partner







                             W. Thomas Maudlin Jr.
                                   President





November 10, 1998
                                John R. Lindsey
                            Vice President/Treasurer