ASSOCIATED PLANNERS REALTY FUND

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

For the quarterly period ended June 30, 2001

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)

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 [ ]

PART I — FINANCIAL INFORMATION


			PAGE NO.

Item 1. Financial Statements




		Balance Sheets — June 30, 2001 and December 31, 2000		3

		Statements of Partner’s Equity — Six Months Ended June 30, 2001 and 2000		4

		Statements of Income - Three Months and Six Months Ended June 30, 2001 and 2000		5

		Statements of Cash Flow - Six Months Ended June 30, 2001 and 2000		6

		Summary of Accounting Policies		7

		Notes to Financial Statements		10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			13

PART II- OTHER INFORMATION

Item 1.	Exhibits and reports on Form 8-K			18

ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)

BALANCE SHEETS

ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)

STATEMENTS OF PARTNERS’ EQUITY

SIX MONTHS ENDED JUNE 30, 2001
(UNAUDITED)


						Limited Partners			General
	Total			Units		Amount			Partner

BALANCE AT DECEMBER 31, 2000	$	2,755,861			7,499	$	2,618,867		$	136,994




Net income		60,145			—		50,998			9,147




Distributions to limited partners		(37,495	)		—		(37,495	)		—

BALANCE AT JUNE 30, 2001	$	2,778,511			7,499	$	2,632,370		$	146,141

SIX MONTHS ENDED JUNE 30, 2000

(UNAUDITED)


						Limited Partners			General
	Total			Units		Amount			Partner

BALANCE AT DECEMBER 31, 1999	$	2,961,179			7,499	$	2,875,885		$	85,294




Net income		277,911			—		232,014			45,897




Distributions to limited partners		(479,936	)		—		(479,936	)		—

BALANCE AT JUNE 30, 2000	$	2,759,154			7,499	$	2,627,963		$	131,191

ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)

STATEMENTS OF INCOME

Three Months

Three Months

Six Months

Six Months

Ended

Ended

Ended

Ended

June 30, 2001

June 30, 2000

June 30, 2001

June 30, 2000

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

REVENUES

Rental (Note 2)

89,899

76,692

180,452

151,680

Gain on sale of property

—

291,151

Interest

26,114

24,997

52,439

37,791

116,013

101,689

232,891

480,622

Operating

6,255

7,683

17,260

25,049

Property taxes

5,817

5,617

11,593

13,070

Property management fees (Note 5(c))

4,444

4,281

8,754

7,848

General and administrative

16,709

31,268

38,557

53,657

Depreciation and amortization

17,406

34,812

39,424

Interest expense (Note 4)

30,773

42,388

61,770

63,663

81,404

108,643

172,746

202,711

NET INCOME (LOSS)

34,609

(6,954

)

60,145

277,911

NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT (Note 6)

3.94

($1.04

)

6.80

30.94

ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)

STATEMENTS OF CASH FLOWS


		Six Months			Six Months
		Ended			Ended
		June 30, 2001			June 30, 2000

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(Unaudited)			(Unaudited)

CASH FLOW FROM OPERATING ACTIVITIES:




Net income		$	60,145		$	277,911




Adjustments to reconcile net income to net cash provided by operating activities:




	Depreciation		34,812			39,424




	Gain on sale of property		—			(291,151	)




Increase (decrease) from changes in:




	Other assets		(8,590	)		(3,118	)




	Accounts payable		(12,720	)		(9,151	)




	Security deposits and prepaid rent		2,261			(3,097	)




	Other liabilities		(58	)		10,660

NET CASH PROVIDED BY OPERATING ACTIVITIES			75,850			21,478

CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:




	Proceeds from sale of rental real estate		—			481,250




	Principal payments from note receivable		45,699			12,021

NET CASH PROVIDED BY INVESTING ACTIVITIES			45,699			493,271

CASH FLOWS USED IN FINANCING ACTIVITIES:




	Repayment of notes payable		(19,639	)		(17,937	)




	Distributions to limited partners		(37,495	)		(479,936	)

	NET CASH USED IN FINANCING ACTIVITIES		(57,134	)		(497,873	)

NET INCREASE IN CASH AND CASH EQUIVALENTS			64,415			16,876




CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			113,192			5,223

CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	177,607		$	22,099

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:




	Cash paid during the period for interest	$	61,919		$	63,663




SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITY:




	Note Receivable issued in sale of real estate		—		$	1,750,000

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

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 an emphasis on properties located in California and the southwestern states. The Partnership purchased these properties on an all cash basis or 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.

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

Assets are stated at cost. Depreciation is computed using the straight-line method over estimated useful lives ranging from 5 to 40 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 revenue is recognized on a straight-line basis to the extent that rental revenue is deemed collectible and collection is probable.

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

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.

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

Statement of Financial Accounting Standards No. 130, “Reporting Comprehensive Income,” (“SFAS 130”) establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Comprehensive income is comprised of net income and all changes to stockholders’ equity except those due to investments by owners and distribution to owners. The Company does not have any components of comprehensive income (loss) for the three or six months ended June 30, 2001 or 2000.

Net income (loss) per limited partnership unit is calculated by dividing the limited partners’ share of net income (loss) by the weighted average number of limited partnership units outstanding for the period.

Effective January 1, 2001, the Partnership adopted the requirements of Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (SFAS) No. 133, “Accounting for Derivative Instruments and Hedging Activities”, as amended by SFAS No. 137, “Accounting for Derivative Instruments and Hedging Activities — Deferral of the Effective Date of FASB Statement No. 133”, and SFAS No. 138, “Accounting for Derivative Instruments and Certain Hedging Activities — an amendment of FASB Statement 133”, and supplemented by implementation guidance issued by FASB’s Derivative Implementation Group. SFAS No. 133 requires, among other things, that all derivatives be recognized as either assets or liabilities and measured at estimated fair value. The corresponding derivative gains and losses should be reported based upon the hedge relationship, if such a relationship exists. Changes in the estimated fair value of derivatives that are not designated as hedges or that do not meet the hedge accounting criteria in SFAS No. 133 are required to be reported in income. Implementation of SFAS No. 133, as amended, did not have a material impact on the Partnership’s financial statements.

In June 2001, the Financial Accounting Standards Board finalized FASB Statements No. 141, Business Combinations (SFAS 141), and No. 142, Goodwill and Other Intangible Assets (SFAS 142). SFAS 141 requires the use of the purchase method of accounting and prohibits the use of the pooling-of-interests method of accounting for business combinations initiated after June 30, 2001. SFAS 141 also requires that the Partnership recognize acquired intangible assets apart from goodwill if the acquired intangible assets meet certain criteria. SFAS 141 applies to all business combinations initiated after June 30, 2001 and for purchase business combinations completed on or after July 1, 2001. It also requires, upon adoption of SFAS 142, that the Partnership reclassify the carrying amounts of intangible assets and goodwill based on the criteria in SFAS 141. SFAS 142 requires, among other things, that companies no longer amortize goodwill, but instead test goodwill for impairment at least annually. In addition, SFAS 142 requires that the Partnership identify reporting units for the purposes of assessing potential future impairments of goodwill,

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

reassess the useful lives of other existing recognized intangible assets, and cease amortization of intangible assets with an indefinite useful life. An intangible asset with an indefinite useful life should be tested for impairment in accordance with the guidance in SFAS 142. SFAS 142 is required to be applied in fiscal years beginning after December 15, 2001 to all goodwill and other intangible assets recognized at that date, regardless of when those assets were initially recognized. SFAS 142 requires the Partnership to complete a transitional goodwill impairment test six months from the date of adoption. The Partnership is also required to reassess the useful lives of other intangible assets within the first interim quarter after adoption of SFAS 142. The Partnership had no previous transactions that resulted in the recognition of goodwill. The adoption of SFAS 141 and SFAS 142 had no material affect on the Partnership’s financial results.

NOTES TO FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000

In the opinion of the General Partner of Associated Planners Realty Fund (the “Partnership”), the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position as of June 30, 2001, and the results of operations and cash flows for the three and six months ended June 30, 2001 and 2000. Interim results are not necessarily indicative of results for a full year.

The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Partnership's audited financial statements and notes for the fiscal year ended December 31, 2000.

As of June 30, 2001, the Partnership owns the following rental real estate property.


Location (Property Name)	Date Purchased	Cost

Clovis, California	January 23, 1987	$2,854,220

The major categories of property are:	June 30, 2001	December 31, 2000

Land	$878,646	$878,646




Building and Improvements	1,959,465	1,959,465




Furniture and Fixtures	16,109	16,109

	2,854,220	2,854,220




Less accumulated depreciation	517,884	483,072

Net rental real estate held for sale	$2,336,336	$2,371,148

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

Three tenants accounted for 50%, 13%, and 11%, respectively, for the six months ended June 30, 2001;

Two tenants accounted for 49% and 14%, respectively, for the six months ended June 30, 2000.

ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000 (CONTINUED)

On February 4, 2000, the Partnership sold its property located in the Simi Valley of California to an unaffiliated buyer for $2,350,000 and received cash and a note receivable for $1,750,000. The note, which is secured by the property sold, provides for interest at 6% and monthly payments of principal and interest of $10,492. The note matures on February 4, 2004 and all remaining amounts of principal and interest are due on that date. The receivable balance was $1,649,935 as of June 30, 2001.

In October 1996, the Partnership obtained permanent financing secured by a first deed of trust from a major insurance company to replace the construction loan on Shaw Villa Shopping Center, which is located in Clovis, California. 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; balance due November 1, 2006; and current monthly payments of principal and interest of $13,593. The note payable balance was $1,349,329 and $1,368,968 as of June 30, 2001 and December 31, 2000.

The aggregate annual future principal maturities at June 30, 2001 are as follows:

(a) For management services rendered to the Partnership, the General Partner is entitled to receive 10% of all distributions of cash from operations. These amounts totaled $0 for the quarters ended June 30, 2001 and June 30, 2000 and $0 for the six months ended June 30, 2001 and June 30, 2000.

ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000 (CONTINUED)

(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 quarters ended June 30, 2001 and June 30, 2000 and $6,000 for the six months ended June 30, 2001 and June 30, 2000.

(c) Property management fees incurred, in accordance with the Partnership Agreement, to West Coast Realty Management, Inc., an affiliate of the corporate General Partner, totaled $4,444 for the quarter ended June 30, 2001 and $4,281 for the quarter ended June 30, 2000, and $8,754 for the six months ended June 30, 2001 and $7,848 for the six months ended June 30, 2000.


NOTE 6 -	NET INCOME (LOSS) AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP LIST

The Net Income (Loss) 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 2001 and 2000.

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

At June 30, 2001, the Partnership’s remaining property is held for sale. The General Partner plans to liquidate the Partnership after the final property is sold. There is no assurance that the remaining property will be sold and the Partnership will be liquidated during 2001. The financial statements do not contain any adjustments that might result from the liquidation of the Partnership.

On August 3, 2001 the Partnership distributed $37,495 or $5.00 per Limited Partnership unit, payable to holders of units as of June 30, 2001.

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 or implied by such forward-looking statements.

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 to own and operate such properties for investment over an anticipated holding period of approximately five to ten years.

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


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

	(2) Provide for cash distributions from operations;

	(3) Provide gains through potential appreciation; and

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

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.

ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

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, 2001 vs. six months ended June 30, 2000

Operations for the six months ended June 30, 2001, reflect the operations of the Partnership’s remaining property Shaw Villa Shopping Center. In contrast the six months ending June 30, 2000 also includes the operations of the Simi Valley property prior to its sale on February 4, 2000.

Net income for the six months ended June 30, 2001 of $60,145 was lower than the net income for the six months ended June 30, 2000 of $277,911 primarily as a result of the $291,151 gain on sale of the Simi Valley property in February 2000.

Rental revenue of $180,452 for the six months ended June 30, 2001 increased $28,772 (19%) from the six months ended June 30, 2000 due to higher base rents on the leases contracts for the Shaw Villa Shopping Center. Due to the vacancy of the Simi Valley property and its subsequent sale in February 2000, the Shaw Villa Shopping Center was the only income producing property for both six month periods. Interest income increased $14,648 (39%) for the six months ended June 30, 2001 as compared to the six months ended June 30, 2000 primarily due to interest income on the note receivable received in connection with the sale of the Simi Valley property.

Operating expenses, property taxes, and property management fees decreased $8,360 (18.2%) for the six months ended June 30, 2001, compared to the six months ended June 30, 2000, primarily due to the sale of the Simi Valley property in February 2000. General and administrative expenses decreased $15,100 (28.1%) primarily due to disposition fees and expenses recorded as of June 30, 2000 associated with the sale of the Simi Valley property. Depreciation and amortization expense decreased $4,612 (11.7%) because fewer properties were owned during the six months ended June 30, 2001.

The Partnership generated $94,957 in income from operations before depreciation expense of $34,812 for the six months ended June 30, 2001. In contrast cash basis income for the six months ended June 30, 2000 was $26,184 before depreciation expense of $39,424 and $291,151 gain from the sale of the Simi Valley property. Net income per limited partnership unit decreased from $30.94 in 2000 to $6.80 in 2001. The number of limited partnership units outstanding in each quarter was 7,499.

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, 2001 vs. three months ended June 30, 2000

Operations for the both the quarter ended June 30, 2001 and June 30, 2000 reflect the operations of the Partnership’s remaining property Shaw Villa Shopping Center.

The net income for the quarter ended June 30, 2001 of $34,609 compares with a net loss of ($6,954) for the quarter ended June 30, 2000.

Rental revenue increased $13,207 (17.2%) for the three months ended June 30, 2001, compared to the three months ended June 30, 2000 due to higher base rents on the lease contracts for the Shaw Villa Shopping Center.

General and administrative expenses decreased $14,559 (46.6%) during the quarter ended June 30, 2001 compared to the quarter ended June 30, 2000 primarily due to adjustments to the accruals for legal and accounting expenses. Interest expense decreased $11,615 (27.4%) due to the timing of the accrual for interest payable from March 31, 2000 corrected in the quarter ended June 30, 2000.

Overall the Partnership generated $52,015 in income from operations before depreciation expense of $17,406 for the quarter ended June 30, 2001. This compares favorably to the quarter ended June 30, 2000 when cash basis income totaled $10,452 before depreciation expense of $17,406. Net income (loss) per limited partnership unit increased from ($1.04) in 2000 to $3.94 in 2001. The number of limited partnership units outstanding in each quarter was 7,499.

During the six months ended June 30, 2001, the Partnership made distributions to the limited partners totaling $37,495 of which $16,079 constituted a return of capital. During the six months ended June 30, 2000, the Partnership distributed $479,936 to the limited partners of which $247,922 constituted a return of capital. Management uses cash as its primary measure of the 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:

1.		Relative risk of the partnership;

2.		Condition of the partnership’s properties;

3.		Stage in the partnership’s life cycle (e.g., money-raising, acquisition, operating or disposition phase); and

4.		Distributions to partners.

ASSOCIATED PLANNERS REALTY FUND
(A California limited Partnership)


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

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 property. The Partnership’s property is 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, acquisition and operating stages of properties in previous years. The Partnership is in the disposition stage. As part of the disposition stage, the Partnership has listed its remaining property for sale.

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.

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 thirteen 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 General Partner is attempting to sell the remaining property owned by the Partnership. Once the Shaw Villa Shopping Center is sold and the note receivable taken in connection with the sale of the Simi Valley property is liquidated, the net proceeds will be distributed to the limited and general partners in accordance with the partnership agreement, and the partnership will then be terminated and dissolved. There is no assurance that the remaining property will be sold and the partnership will be liquidated during 2001. The financial statements do not contain any adjustments that might result from the liquidation of the partnership.

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 — Six months ended June 30, 2001 vs. six months ended June 30, 2000

Cash resources increased $64,415 during the six months ended June 30, 2001 compared to a $16,876 increase in cash resources for the six months ended June 30, 2000. The six months ended June 30, 2001 provided $75,850 in cash from operating activities with the largest contributors being $60,145 in net income and $34,812 in depreciation. In contrast, the six months ended June 30, 2000 provided $21,478 in cash from operating activities due primarily to $277,911 in net income and $39,424 in depreciation, offset by $291,151 resulting from the gain on the sale of the Simi Valley property. Investing activities resulted in a $45,699 increase in cash resources during the six months ended June 30, 2001, due to principal repayments on the note receivable. Investing activities resulted in a $493,271 increase in cash resources during the six months ended June 30, 2000, primarily due to cash proceeds from the sale of the Simi Valley property. For the six months ended June 30, 2001 financing activities used $57,134 because of distributions to limited partners totaling $37,495 and repayments on notes payable of $19,639. Cash from financing activities used $497,873 during the six months ended June 30, 2000 because of distributions to limited partners of $479,936 and principal repayments on notes payable of $17,937.

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

	(a)		Information required under this section has been included in the financial statements.

	(b)		Reports on Form 8-K None

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)

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

August 14, 2001		/s/ JOHN R. LINDSEY

		John R. Lindsey (Vice President/Treasurer, Principal Financial Officer, Principal Accounting Officer, and Duly Authorized Officer)


CALIFORNIA		95-4036980




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


	Amount

2002	$	42,052




2003		46,043




2004		50,412




2005		55,196




2006		60,433




Thereafter		1,095,193

Total	$	1,349,329


	Outstanding		Amount		Total
Record Date	Units		Per Unit		Distribution

March 15, 2000		7,499	$	64.00		479,936




July 31, 2000		7,499		4.00		29,996




December 31, 2000		7,499		5.00		37,495

Total					$	547,427

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents


		BALANCE SHEETS
		STATEMENTS OF PARTNERS’ EQUITY
		STATEMENTS OF INCOME
		STATEMENTS OF CASH FLOWS
		SUMMARY OF ACCOUNTING POLICIES
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
PART II OTHER INFORMATION
	ITEM 1. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES