FORM 10-K

                SECURITIES AND EXCHANGE COMMISSION
                      Washington D. C.  20549

                           ANNUAL REPORT

    Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
            For the Fiscal year ended December 31, 1999
                  Commission file number 0-11578

[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934
     Exchange Act of 1934                          (No Fee Required)

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
            Exchange Act of 1934          (No Fee Required)

                  AMERICAN REPUBLIC REALTY FUND I
      (Exact name of registrant as specified in its charter)

       Wisconsin                                      39-1421936
(State or Other Jurisdiction of                    (I.R.S. Employer
Incorporation or Organization)                  Identification Number)

  6210 Campbell Road, Suite 140, Dallas, Texas                     75248
  (Address of Principal Executive Offices)                     (Zip Code)
Registrant's Telephone Number, Including area code     (972) 380-8000

    Securities registered pursuant to Section 12(b) of the Act:

                                             Name of Each Exchange
 Title of Each Class                          on which Registered
         None                                        None

   Securities registered pursuant to Section 12 (g) of the Act:

                   Limited Partnership Interests
                         (Title of Class)

 Indicated 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 ___.

    Indicate by check mark if disclosure of delinquent filers pursuant to
Item  405 of Regulation S-K is not contained, to the best of Registrant's
knowledge  in  definitive proxy on information to statements incorporated
by  reference in Part III of the Form 10-K or any amendment to this  Form
10-K.

                Documents Incorporated by Reference

The Definitive Prospectus of American Republic Realty Fund I dated May 2,
1983 filed  pursuant  to Rule 424(b) is incorporated by reference  as  is
the Supplement  to that Prospectus filed pursuant to Rule 424(b) on  May 25,
1984.
                              PART I

Item 1.  Business

      The   Registrant,  American  Republic  Realty  Fund  I,  (the
"Partnership"),  is  a  limited  partnership  organized  under  the
Wisconsin Uniform Limited Partnership Act pursuant to a Certificate
of  Limited Partnership dated December 22, 1982. As of December 31,
1999,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  926  limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.   The  distribution  of  limited  partnership   interests
commenced  May  2,  1983 and ended April 17, 1984,  pursuant  to  a
Registration  Statement on Form S-11 under the  Securities  Act  of
1933 (Registration #0-11578) as amended.

 The Partnership was organized to acquire a diversified portfolio of
income-producing real properties, primarily apartments, as well  as
office   buildings,   industrial  buildings,  and   other   similar
properties.

    During 1983 and 1984, the Partnership acquired four properties:
Kenwood  Gardens Apartments, a 104 unit apartment community located
in Fort Myers, Florida (acquired on September 1, 1983, subsequently
disposed of by sale during 1988), Jupiter Plaza Office/Showroom,  a
131,440  rentable  square  foot  commercial  building  located   in
Garland,  Texas  (acquired  on  September  29,  1983,  subsequently
disposed  of in foreclosure during 1988), Four Winds Apartments,  a
154 unit apartment community located in Orange Park, Florida (Phase
I  acquired September 12, 1983 and Phase II acquired May  1,  1984)
and Forestwood Apartments (formerly Oak Creek) a 263 unit apartment
community  located in Bedford, Texas (acquired December 20,  1983).
No  additional properties were purchased by the Partnership and the
Partnership  will not acquire additional properties in the  future.
The properties remaining are described more fully in this report at
"Item 2. Properties".

     Univesco, Inc.("Univesco"), a Texas corporation, eighty  three
percent  owned by Robert J. Werra ("Univesco") manages the  affairs
of  the  Partnership.  Univesco acts as  the  managing  agent  with
respect  to the Partnership's properties. Univesco may also  engage
other on-site property managers and other agents to the extent  the
management considers appropriate. The General Partner has  ultimate
authority regarding property management decisions.

     The  Partnership competes in the residential  rental  markets.
Univesco  prepared  marketing analyses for all property  areas  and
determined that these areas contain other like properties which are
considered  competitive  on the basis of  location,  amenities  and
rental  rates. It is realistic to assume that additional properties
similar  to the foregoing will be constructed within their  various
market areas.

 No material expenditure has been made or is anticipated for either
Partnership-sponsored   or   consumer  research   and   development
activities relating to the development or improvement of facilities
or  services provided by the Partnership. There neither  has  been,
nor  are any anticipated, material expenditures required to  comply
with  any  federal, state, or local environmental provisions  which
would materially affect the earnings or competitive position of the
Partnership.

   The Partnership is engaged solely in the business of real estate
investments.  Its  business  is  believed  by  management  to  fall
entirely  within  a  single industry segment. Management  does  not
anticipate  that there will be any material seasonal  effects  upon
the operation of the Partnership.

Competition and Other Factors


     The majority of the Properties' leases are six to twelve month
terms.  Accordingly,  operating income  is  highly  susceptible  to
changing  market conditions. Occupancy and local market  rents  are
driven by general market conditions which include job creation, new
construction  of single and multi-family projects,  and  demolition
and other reduction in net supply of apartment units.

    Rents have generally been increasing in recent years due to the
generally  positive relationship between apartment unit supply  and
demand  in  the Partnership's markets. However, the properties  are
subject  to  substantial competition from similar and  often  newer
properties in the vicinity in which they are located. In  addition,
operating  expenses and capitalized expenditures have increased  as
units  are  updated and made more competitive in the market  place.
(See  Item  7  "Management's Discussion and Analysis  of  Financial
Condition and Results of Operations".)


Item 2.  Properties

     At December 31, 1999 the Partnership owned two properties with
approximately 416,623 net rentable square feet. Both properties are
apartment communities.

  Name and Location    General Description of the Property
Forestwood             A  fee simple interest in a 263  unit
Apartments             apartment   community   located    in
                       Bedford,  Texas,  purchased  in  1983
                       containing   244,407   net   rentable
                       square   feet  on  approximately   14
                       acres of land.

Four Winds Apartments  A  fee simple interest in an 100 unit
Phase I                community,  located in  Orange  Park,
                       Florida,    purchased    in     1983,
                       containing approximately 110,716  net
                       rentable  square feet on 10 acres  of
                       land.

Four Winds Apartments  A  fee  simple interest in a 54  unit
Phase II               apartment   community   located    in
                       Orange  Park,  Florida,  adjacent  to
                       four  Winds  Apartments I,  purchased
                       in  1984 and containing approximately
                       61,500  net rentable square  feet  on
                       3.73 acres of land.


                          Occupancy Rates

                             Per Cent



                    1995   1996   1997   1998   1999
Four Winds I & II   93.6%  93.3%  92.0%  95.0%  94.0%

Forestwood          97.8%  96.6%  97.0%  96.5%  96.9%




The  Properties  are encumbered by non-recourse mortgages  payable.
For  information regarding the encumbrances to which the properties
are  subject  and  the  status of the related mortgage  loans,  see
"Management's  Discussion and Analysis of Financial  Condition  and
Results  of Operating - Liquidity and Capital Resources"  contained
in  Item 7 hereof and Note B to the  Financial Statements contained
in Item 8.



Item 3.  Legal Proceedings

         None.


Item 4.  Submission of Matters to a Vote of Security Holders



     No matters were submitted to a vote of the unit holders of the
Partnership during the fourth quarter of 1999.

     By  virtue  of its organization as a limited partnership,  the
Partnership  has  outstanding no securities possessing  traditional
voting  rights.  However, as provided and qualified in the  Limited
Partnership  Agreement, limited partners have  voting  rights  for,
among  other  things,  the  removal  of  the  General  Partner  and
dissolution of the Partnership.

                              PART II

Item 5.   Market for the Partnership's Securities and Related Unit
          Holder Matters


The Partnership's outstanding securities are in the form of Limited
Partnership  Interests ("Interests"). The distribution  period  for
the  sale  of the Interests began May 2, 1983,and closed April  17,
1984.  As of December 31, 1999 there were approximately 981 limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.  A public market for trading Interests has not  developed
and  none  is  expected  to develop. In addition,  transfer  of  an
Interest   is   restricted  pursuant  to  the  Limited  Partnership
Agreement.

Although  a  public market for trading Interests has not developed,
MP  Value Fund 5, LLC acquired 1,444.5 units, approximately  13.1%,
of  the  outstanding Interests of the partnership in during,  1999.
MP  Value Fund 5 has also tendered offers to other owners, although
no additional Interests have been sold.  The registrant knows of no
other activity involving the sale or acquisition of Interest.

The  General Partner continues to review the Partnership's  ability
to  make  distributions on a quarter by quarter basis, however,  no
such  distributions have been made and none are anticipated in  the
immediate  future  due  to  the debt service  requirements  of  the
Partnership.

An  analysis  of  taxable  income or  (loss)  allocated,  and  cash
distributed to Investors per $1,000 unit is as follows:

YEARS  INCOME    GAIN   LOSS       CASH
                               DISTRIBUTED
 1984    $0       $0    $342       $0
 1985     0        0    $291        0
 1986     0        0    $271        0
 1987     0        0    $279        0
 1988     0      $43    $63         0
 1989     0      $38    $127        0
 1990     0        0    $126        0
 1991     0        0    $122        0
 1992  $121        0      0         0
 1993    $2   $1,071      0         0
 1994   $17        0      0         0
 1995     0   (a)  0      0         0


 1996   $45        0      0         0
 1997    $0        0    $70         0
 1998    $0        0    $48         0
 1999    $0        0    $39         0


 (a) For Federal Income Tax purposes income only was reallocated in
accordance with the regulations promulgated thereunder of the
Internal Revenue code of 1986 as amended.


Item 6:   Selected Financial Data

The following table sets forth selected financial data regarding the
Partnership's  results of operations and financial position  as  of
the dates indicated. This information should be read in conjunction
with  "Management's Discussion and Analysis of Financial  Condition
and Results of Operations" contained in Item 7 hereof and Financial
Statements and notes thereto contained in Item 8.


     Year Ended December 31.
(in thousands except unit and per
          unit amounts)

                                     1999   1998   1997   1996   1995

Limited Partner Units Outstanding  11,000 11,000 11,000 11,000 11,000

Statement of Operations
  Total Revenues                   $2,752 $2,675 $2,534 $2,458 $2,409
Income (Loss) before                (137)  (194)  (112)    258    248
extraordinary items
  Extraordinary Item-gain on            0      0    252      0      0
extinguishment of debt
  Net Income (Loss)                 (137)  (194)    140    258    248
  Limited Partner Net Income      (12.31)(17.53)  12.60  23.22  22.31
(Loss) per Unit - Basic
  Cash Distributions to Limited        0      0      0      0      0
Partners per Unit  - Basic


Balance Sheet:
  Real Estate, net                 $7,096 $7,639 $8,134 $8,420 $8,954
  Total Assets                      7,941  8,426  9,092  8,645  9,099
  Mortgages Payable                10,572 10,675 10,770  7,240  7,998
  Notes Payable to Affiliate          165    399    760  2,935  3,108
  Partner's Deficit               (3,166)(3,030)(2,835)(2,975)(3,233)

Item 7.   Management's Discussion and Analysis of Financial Conditions
and Results of Operations

This  discussion  should  be  read in conjunction  with  Item  6  -
"Selected  Financial Data" and Item 8 - "Financial  Statements  and
Supplemental Information" .

Results of Operations: 1999 VERSUS 1998 -

Revenue  from  Property Operations increased $77,626  or  2.90%  as
compared  to  1998.   This increase is primarily  attributed  to  a
$66,693 increase in rental revenues which was principally due to an
increase  in  rents.  Interest income increased $4,388  due  to  an
increase  in  available  funds  for investment  during  1999.   The
increase  in  other operating revenues of $6,545  were  principally
caused by a increase in fees from tenants and vending revenues. The
following table illustrates the increases:

                  Increase/
                 (Decrease)

Rental income    $66,693
Interest           4,388
Other              6,545
                 --------
Net Increase     $77,626
                =========

Property  operating expenses for 1999 increased  $19,679  or  0.7%.
Interest expense on mortgage payable decreased $8,832 due primarily
to  normal  amortization. Depreciation and  amortization  increased
primarilly due to additional costs associated with the new mortgage
loans. Interest expense on Note payable to affiliates decreased due
to  the  repayment of a substantial portion of the amount  owed  to
affiliates with cash flow from operations.  Maintenance and repairs
decreased  $15,809  or  5.22% due primarily to  the  completion  of
deferred  maintenance items required by the new  mortgage  lenders.
Property  management  fees  are paid to an  affiliated  entity  and
represent  approximately 5% of gross revenues (see Note  C  to  the
Financial Statements and Schedule Index contained in Item  8).  The
following table illustrates the increases or (decreases):

                  Increase
                 (Decrease)

Interest Expense on N/P Affiliate    $(13,552)
Interest Expense on Mortgages Pay      (8,832)
General administartive                 22,229
Maintenance & repairs                 (15,809)
Utilities                              (1,090)
Real estate taxes                      18,681
Advertising and Marketing                (209)
Depreciation and amortization          14,545
Property management fees                3,716
Administrative Service Fee                  0
                                     ---------
Net Increase                          $19,679
                                     =========

Results of Operations: 1998 VERSUS 1997 -

Revenue  from Property Operations increased $141,574  or  5.59%  as
compared  to  1997.   This increase is primarily  attributed  to  a
$134,934 increase in rental revenues which was principally  due  to
an  increase  in  rents  and by an increase in  average  occupancy.
Interest  income decreased $8,385 due to an decrease  in  available
funds  for investment during 1998.  The increase in other operating
revenues of $15,025 were principally caused by a increase  in  fees
from  tenants and vending revenues. The following table illustrates
the increases:

                  Increase/
                 (Decrease)

Rental income     $134,934
Interest            (8,385)
Other               15,025
                 ----------
Net Increase      $141,574
                ============

Property  operating expenses for 1998 increased $224,472 or  8.48%.
Interest  expense  on  mortgage  payable  increased  $363,003   due
primarily  to  refinancing  completed  in  1997.  Depreciation  and
amortization   increased  primarilly  due   to   additional   costs
associated  with the new mortgage loans. Interest expense  on  Note
payable  to  affiliates  decreased  due  to  the  repayment  of   a
substantial  portion of the amount owed to affiliates  with  excess
proceeds   from   the   refinancing  of  the   mortgages   payable.
Maintenance and repairs decreased $25,556 or 7.79% due primarily to
the  completion of deferred maintenance items required by  the  new
mortgage  lenders.   Property  management  fees  are  paid  to   an
affiliated entity and represent approximately 5% of gross  revenues
(see  Note  C  to  the  Financial  Statements  and  Schedule  Index
contained in Item 8). The following table illustrates the increases
or (decreases):

                  Increase
                 (Decrease)

Interest Expense on N/P Affiliate  $(140,851)
Interest Expense on Mortgages Pay    363,003
General administrative                    (9)
Maintenance & repairs                (25,556)
Utilities                             (3,545)
Real estate taxes                    (11,869)
Advertising and Marketing               (553)
Depreciation and amortization         37,023
Property management fees               6,829
Administrative Service Fee                 0
                                  ------------
Net Increase                        $224,472
                                 ==============

Liquidity and  Capital Resources

While it is the General Partner's primary intention to operate  and
manage  the  existing real estate investments, the General  Partner
also  continually  evaluates this investment in  light  of  current
economic conditions and trends to determine if these assets  should
be  considered  for disposal. At this time, there  is  no  plan  to
dispose of either Property.

As  of  December 31, 1999, the Partnership had $116,649 in cash and
cash  equivalents as compared to $146,358 as of December 31,  1998.
See  Note  C  to the Financial Statements contained in Item  8  for
information regarding related party transactions.

The properties are encumbered by two non-recourse mortgage notes as
of  December  31,  1999.  These mortgages payable have  a  carrying
value of $10,572,372 at December 31, 1999.  The mortgage notes were
entered into during 1997 to refinance certain mortgage notes.  (See
earlier  discussion entitled "Extraordinary Item -  Gain  on  Early
Extiguishment  of Debt").  The refinancing of these mortgage  notes
resulted in a gain from early extinguishment of debt.

Additionally,  the  general partner has  provided  funding  to  the
Partnership in the form of notes payable with balances at  December
31,1999 totaling $165,346 which accrue interest at 8.25% and is due
on  February  16,  2001.  The general partner is not  obligated  to
provide additional funding to the Partnership.

For  the  foreseeable  future,  the  Partnership  anticipates  that
mortgage   principal  payments  (excluding  any  balloon   mortgage
payments), improvements and capital expenditures will be funded  by
net  cash  from operations. The primary source of capital  to  fund
balloon  mortgage  payments   will  be  proceeds  from  the   sale,
financing or refinancing of the Properties.

The  Partnership's required principal payments due under the stated
terms  of  the  Partnership's  mortgage  notes  payable  and  notes
payable to affiliates are $111,063, $285,478, $129,941 $140,551 and
$152,028 for each of the next five years.
Item 7a - Quantitative and Qualitative Disclosure about Market Risk
Market Risk

The Partnership is exposed to interest rate changes primarily as  a
result  of  its  real estate mortgages.  The Partnerships  interest
rate  risk management objective is to limit the impact of  interest
rate  changes on earnings and cash flows and to lower  its  overall
borrowing  costs.   To  achieve  its  objectives,  the  partnership
borrows  primarily at fixed rates.  The partnership does not  enter
into derivative or interest rate transactions for any purpose.

The  Partnerships' activities do not contain material risk  due  to
changes in general market conditions.  The partnership invests only
in  fully  insured bank certificates of deposits, and mutual  funds
investing in United States treasury obligations.

      Risk  Associated with Forward-Looking Statements Included  in
this  Form  10-K  This  Form 10-K contains certain  forward-looking
statements within the meaning of Section 27A of the Securities  Act
of  1933  and Section 21E of the Securities Exchange Act  of  1934,
which  are  intended  to  be covered by the  safe  harbors  created
thereby.   These  statements include the plans  and  objectives  of
management  for  future operations, including plans and  objectives
relating  to capital expenditures and rehabilitation costs  on  the
Properties.   The  forward-looking statements included  herein  are
based  on  current  expectations that involve  numerous  risks  and
uncertainties.   Assumptions  relating  to  the  foregoing  involve
judgments  with  respect to, among other things,  future  economic,
competitive  and  market conditions and future business  decisions,
all  of which are difficult or impossible to predict accurately and
many of which are beyond the control of the Company.  Although  the
Company  believes  that  the assumptions  underlying  the  forward-
looking statements are reasonable, any of the assumptions could  be
inaccurate  and,  therefore, there can be  no  assurance  that  the
forward-looking statements included in this Form 10-K will prove to
be accurate.  In light of the significant uncertainties inherent in
the  forward-looking statements included herein, the  inclusion  of
such information should not be regarded as a representation by  the
Company  or any other person that the objectives and plans  of  the
Company will be achieved.
















                 AMERICAN REPUBLIC REALTY FUND I
                  COMBINED FINANCIAL STATEMENTS
                AND INDEPENDENT AUDITORS' REPORTS

                   December 31, 1999 and 1998

                 INDEX TO FINANCIAL STATEMENTS




Page

 Independent Auditors' Reports                                         1

 Combined Financial Statements

  Balance Sheets as of December 31, 1999 and 1998                      3

  Statements of Operations for the years ended
   December 31, 1999, 1998 and 1997                                    4

  Statements of Partners' Equity (Deficit) for the years ended
   December 31, 1999, 1998, and 1997                                   5

  Statements of Cash Flows for the years ended
   December 31, 1999, 1998 and 1997                                    6

  Notes to Financial Statements                                        7

  Schedule III - Real Estate and Accumulated Depreciation             14


  All other schedules have been omitted because they are not
 applicable, not required or the information has been supplied
 in the financial statements or notes thereto.




                  INDEPENDENT AUDITORS' REPORT


To the General Partner and Limited Partners of
    American Republic Realty Fund I

We  have  audited  the accompanying combined  balance  sheets  of
American  Republic  Realty  Fund I and  subsidiary,  a  Wisconsin
limited  partnership (the "Partnership") as of December 31,  1999
and  1998,  and  the related combined statements  of  operations,
partners'  equity (deficit), and cash flows for  the  years  then
ended.  These financial statements are the responsibility of  the
Partnership's  management.  Our responsibility is to  express  an
opinion on these financial statements based on our audits.

We  conducted  our  audits in accordance with generally  accepted
auditing  standards.  Those standards require that  we  plan  and
perform  the  audit to obtain reasonable assurance about  whether
the  financial statements are free of material misstatement.   An
audit  includes  examining, on a test basis, evidence  supporting
the  amounts  and  disclosures in the financial  statements.   An
audit also includes assessing the accounting principles used  and
significant  estimates made by management, as well as  evaluating
the overall presentation of the financial statements.  We believe
that our audits provide a reasonable basis for our opinion.

In our opinion the financial statements referred to above present
fairly,  in  all  material respects, the  financial  position  of
American Republic Realty Fund I as of December 31, 1999 and 1998,
and  the  results of its operations and its cash  flows  for  the
years then ended in conformity with generally accepted accounting
principles.

Our audits were made for the purpose of forming an opinion on the
basic  financial statements taken as a whole.  Schedule  III  for
the  year ended December 31, 1999 and 1998 is presented  for  the
purpose   of   complying   with  the  Securities   and   Exchange
Commission's  rules  and  is not a required  part  of  the  basic
financial  statements.  This schedule has been subjected  to  the
auditing  procedures applied in the audits of the basic financial
statements  and, in our opinion, fairly states, in  all  material
respects, the financial data required to be set forth therein  in
relation to the basic financial statements taken as a whole.


January 21, 2000
Dallas, Texas



INDEPENDENT AUDITORS' REPORT


To the General Partner
 and Limited Partners of
 American Republic Realty Fund I
Dallas, Texas

We have audited the accompanying combined statements of
operations, partners' equity (deficit) and cash flows of American
Republic Realty Fund I and subsidiary (a Wisconsin limited
partnership) (the "Partnership") for the year ended December 31,
1997.  The combined financial statements are the responsibility
of the Partnership's management.  Our responsibility is to
express an opinion on the combined financial statements based on
our audit.

We conducted our audit in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the combined financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the combined
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall combined financial
statement presentation.  We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, such combined financial statements present
fairly, in all material respects, the results of operations and
cash flows of the Partnership for the year ended
December 31, 1997, in conformity with generally accepted
accounting principles.

DELOITTE & TOUCHE LLP

Dallas, Texas
February 23, 1998


                AMERICAN REPUBLIC REALTY FUND I
                    COMBINED BALANCE SHEETS
                   December 31, 1999 and 1998


                             ASSETS
                                                      1999             1998

Investments in real estate at cost
 Land                                           $1,822,718       $1,822,718
 Buildings, improvements and furniture and
 fixtures                                       15,656,616       15,519,676
                                           ----------------------------------
                                                17,479,334       17,342,394
 Accumulated   depreciation                    (10,382,557)      (9,702,703)

                                                 7,096,777        7,639,691

Cash and cash equivalents                          116,649          146,358
Escrow deposits                                    542,074          430,820
Deferred financing costs, net of accumulated
amortization of $57,358 and $34,414, respectively  172,072          195,016
Prepaid expenses                                    14,067           14,421
                                          -----------------------------------
TOTAL ASSET                                      7,941,639        8,426,306


               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                               10,572,372       10,675,051
Notes payable to affiliates                        165,346          399,392
Amounts due affiliates                               4,490           46,853
Accounts payable and accrued expenses              297,610          278,099
Security deposits                                   68,610           56,924
                                         ------------------------------------
TOTAL LIABILITIES                               11,108,428       11,456,319

PARTNERS' DEFICIT                               (3,166,789)      (3,030,013)
                                         ------------------------------------
TOTAL LIABILITIES AND PARTNERS' DEFICIT         $7,941,639       $8,426,306



                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF OPERATIONS
      For the Years Ended December 31, 1999, 1998 and 1997

                                         1999         1998         1997
                                     ----------------------------------------
INCOME
 Rentals                              $2,681,389    $2,614,696     $2,479,762
 Other                                    63,262        56,717         41,692
 Interest                                  8,346         3,958         12,343
                                     ----------------------------------------
 Total income                          2,752,997     2,675,371      2,533,797

OPERATING EXPENSES
 Interest expense on mortgages payable   836,393       845,225        482,222
 Depreciation and amortization           702,798       688,253        651,230
 General and administrative              410,987       388,758        388,767
 Maintenance and repairs                 286,787       302,596        328,152
 Real estate taxes                       263,714       245,033        256,902
 Utilities                               176,806       177,896        181,441
 Property  management  fee to affiliate  137,375       133,659        126,830
 Advertising and marketing                40,284        40,493         41,046
 Interest expense on notes payable to affiliates
                                          24,621        38,173        179,024
 Administrative service fee to general partner
                                          10,008        10,008         10,008
                                    -----------------------------------------
 Total operating expenses              2,889,773     2,870,094      2,645,622
                                    -----------------------------------------
NET LOSS BEFORE
 EXTRAORDINARY GAIN                     (136,776)     (194,723)      (111,825)

 Extraordinary gain - gain on early
    extinguishment of debt                   ---          ---         251,785
                                    -----------------------------------------
 NET  INCOME (LOSS)                    $(136,776)    $(194,723)      $139,960
                                    =========================================
NET INCOME PER LIMITED PARTNERSHIP
 UNIT - BASIC

 Net loss before extraordinary gain      $(12.31)      $(17.53)       $(10.06)
 Extraordinary gain - gain on early extinguishment
    of debt                                  ---           ---          22.66
                                    -----------------------------------------
 Net income (loss) per unit - basic      $(12.31)      $(17.53)        $12.60
                                    =========================================
LIMITED PARTNERSHIP UNITS
 OUTSTANDING - BASIC                      11,000        11,000         11,000
                                    =========================================



                 AMERICAN REPUBLIC REALTY FUND I
        COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
      For the Years Ended December 31, 1999, 1998 and 1997


                                      General        Limited
                                      Partner        Partners          Total
                                    -----------------------------------------
 Balance, January 1, 1997             $55,942     $(3,031,192)  $(2,975,250)

 Net income                             1,400         138,560       139,960
                                    -----------------------------------------
 Balance, December 31, 1997            57,342      (2,892,632)   (2,835,290)

 Net loss                              (1,947)       (192,776)     (194,723)
                                    -----------------------------------------
 Balance, December 31, 1998            55,395      (3,085,408)   (3,030,013)

 Net loss                              (1,368)       (135,408)     (136,776)
                                    -----------------------------------------
 Balance, December 31, 1999           $54,027     $(3,220,816)  $(3,166,789)
                                    =========================================










                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF CASH FLOWS
      For the Years Ended December 31, 1999, 1998 and 1997

                                            1999        1998        1997
                                   ------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income (loss)                     $(136,776)  $(194,723)   $139,960
 Adjustments to reconcile net income (loss) to
   net cash provided by operations:
 Extraordinary gain on early extinguishment
   of debt                                   ---         ---    (251,785)
 Depreciation and amortization           702,798     688,252     651,230
 Change in assets and liabilities:
   Prepaid expenses                          354       6,265      (1,072)
   Escrow deposits                       (46,796)    295,249     (91,894)
 Accounts  payable and accrued expenses   19,511     (27,931)    188,828
 Security deposits                        11,686      10,333         845
                                  -------------------------------------------
 Net cash provided by operating activities
                                         550,777     777,445     636,112

CASH FLOWS FROM INVESTING ACTIVITIES
 Investments in real estate             (136,940)   (171,169)   (353,998)
 Net payments to reserve for replacement (64,458)    (23,114)   (428,095)
                                  -------------------------------------------
 Net cash used for investing activities (201,398)   (194,283)   (782,093)

CASH FLOWS FROM FINANCING ACTIVITIES
 Additions to mortgages payable              ---         ---  10,800,000
 Deferred financing costs                    ---         ---    (229,430)
 Payments on mortgages payable          (102,679)    (94,926) (7,017,917)
 Payments on notes payable to affiliates
                                        (234,046)   (360,396) (2,175,522)
 Proceeds (payments) on amounts due affiliates
                                         (42,363)      1,618  (1,237,461)
                                  -------------------------------------------
 Net cash provided by (used for) financing
  activities                            (379,088)   (453,704)    139,670
                                  -------------------------------------------
 Net increase (decrease) in cash and cash
   equivalents                           (29,709)    129,458      (6,311)

 Cash and cash equivalents at beginning of period
                                         146,358      16,900      23,211
                                  -------------------------------------------
 Cash and cash equivalents at end of period
                                        $116,649    $146,358   $  16,900
                                  ===========================================
 Supplemental disclosure of cash flow information:
 Cash paid during the year for interest
                                        $837,067    $856,672  $1,775,590
                                  ===========================================
 Extraordinary gain on early
     extinguishment of debt             $    ---    $    ---   $(251,785)
                                  ===========================================



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Nature of Operations

     American  Republic  Realty  Fund I  (the  "Partnership"),  a
     Wisconsin  limited partnership, was formed on  December  22,
     1982,  under  the  laws of the state of Wisconsin,  for  the
     purpose  of  acquiring, maintaining, developing,  operating,
     and  selling  buildings and improvements.   The  Partnership
     operates  rental  apartments  in  Texas  and  Florida.   The
     Partnership  will  be  terminated  by  December  31,   2012,
     although this date can be extended if certain events  occur.
     The general partner is Mr. Robert J. Werra.

     An  aggregate of 20,000 units is authorized, of which 11,000
     were  outstanding for each of the three years ended December
     31,  1999.   Under the terms of the offering, no  additional
     units will be offered.





     Allocation of Net Income (Loss) and Cash





     Net  income and net operating cash flow, as defined  in  the
     limited  partnership agreement, are allocated first  to  the
     limited   partners  in  an  amount  equal  to   a   variable
     distribution  preference on capital contributions  from  the
     first  day of the month following their capital contribution
     and,  thereafter, 10% to the general partner and 90% to  the
     limited  partners.  Net loss is allocated 1% to the  general
     partner and 99% to the limited partners.

     Net income from the sale of property is allocated first,  to
     the  extent  there  are cumulative net  losses,  1%  to  the
     general partner and 99% to the limited partners; second,  to
     the   limited   partners  in  an  amount  equal   to   their
     distribution preference; and, thereafter, 15% to the general
     partner and 85% to the limited partners.

     Cash  proceeds from the sale of property or refinancing  are
     allocated  first to the limited partners to  the  extent  of
     their   capital   contributions   and   their   distribution
     preference  and, thereafter, 15% to the general partner  and
     85% to the limited partners.



     Basis of Accounting

     The  Partnership  maintains  its  books  on  the  basis   of
     accounting  used for federal income tax reporting  purposes.
     Memorandum   entries   have  been  made   to   present   the
     accompanying   financial  statements  in   accordance   with
     generally accepted accounting principles.



     Investments in Real Estate and Depreciation

     Buildings,  improvements,  and furniture  and  fixtures  are
     recorded  at  cost  and depreciated using the  straight-line
     method over the estimated useful lives of the assets ranging
     from 5 to 27.5 years.





                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED


     Income Taxes

     No  provision  for  income taxes has  been  made  since  the
     partners  report their respective share of  the  results  of
     operations on their individual income tax return.

     Revenue Recognition



     The Partnership has leased substantially all of its rental
     apartments under cancelable leases for periods generally
     less than one year.  Rental revenue is recognized on a
     monthly basis as earned.



     Deferred Financing Costs

     Costs  incurred  to  obtain  mortgage  financing  are  being
     amortized  over the life of the mortgage using the straight-
     line method.

     Combination

     The   financial  statements  include  the  accounts  of  the
     Partnership  and  a wholly owned entity.   All  intercompany
     amounts have been eliminated.

     Cash and Cash Equivalents

     The Partnership considers all highly liquid instruments with
     a maturity of three months or less to be cash equivalents.


     Long-Lived Assets



     In accordance with Statement of Financial Accounting
     Standards ("SFAS") No. 121, "Accounting For the Impairment
     of Long-Lived Assets and For Long-Lived Assets to be
     Disposed Of", the Partnership records impairment losses on
     long-lived assets used in operations when indicators of
     impairment are present and the undiscounted cash flows
     estimated to be generated by those assets are less than the
     assets' carrying amount.  SFAS No. 121 also addresses the
     accounting for long-lived assets that are expected to be
     disposed of.  Based on current estimates, management does
     not believe impairment of operating properties is present.






                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED



     Computation of Earnings Per Unit

     The   Partnership   has  adopted  Statement   of   Financial
     Accounting Standards ("SFAS") No.128, "Earnings per  Share".
     Basic  earnings per unit is computed by dividing net  income
     (loss)  attributable to the limited partners'  interests  by
     the  weighted average number of units outstanding.  Earnings
     per unit assuming dilution would be computed by dividing net
     income   (loss)   attributable  to  the  limited   partners'
     interests  by  the  weighted average  number  of  units  and
     equivalent  units  outstanding.   The  Partnership  has   no
     equivalent units outstanding for any period presented.

	Concentration of Credit Risk

     Financial   instruments   which  potentially   subject   the
     Partnership   to  concentrations  of  credit  risk   consist
     primarily  of  cash. The Partnership places  its  cash  with
     various  financial institutions.  The Partnership's exposure
     to  loss  should  any of these financial  institutions  fail
     would  be  limited  to any amount in excess  of  the  amount
     insured   by  the  Federal  Deposit  Insurance  Corporation.
     Management  does not believe significant credit risk  exists
     at December 31, 1999.


     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 that reporting period.  Actual  results
     could differ from those estimates.

     Environmental Remediation Costs

     The   Partnership   accrues  for  losses   associated   with
     environmental remediation obligations when such  losses  are
     probable  and  reasonably estimable. Accruals for  estimated
     losses  from environmental remediation obligations generally
     are  recognized  no later than completion  of  the  remedial
     feasibility  study.  Such accruals are adjusted  as  further
     information  develops  or  circumstances  change.  Costs  of
     future    expenditures    for   environmental    remediation
     obligations  are  not  discounted to  their  present  value.
     Recoveries  of  environmental remediation costs  from  other
     parties are recorded as assets when their receipt is  deemed
     probable.   Project  management  is   not   aware   of   any
     environmental remediation obligations that would  materially
     affect  the operations, financial position or cash flows  of
     the Project.

     Comprehensive Income

     Statement  of  Financial  Accounting  Standards   No.   130,
     Reporting  Comprehensive Income, (SFAS 130),  requires  that
     total  comprehensive  income be reported  in  the  financial
     statements.  For the years ended December 31, 1999, December
     31,   1998,   and   December  31,  1997,  the  Partnership's
     comprehensive  income (loss) was equal  to  its  net  income
     (loss) and the Partnership does not have income meeting  the
     definition of other comprehensive income.






                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED


Segment Information

     The  Partnership is in one business segment, the real estate
     investments  business, and follows the requirements  of  FAS
     131,  "Disclosures  about  Segments  of  an  Enterprise  and
     Related Information."

NOTE B - MORTGAGES PAYABLE

     Mortgages  payable at December 31, 1999 and 1998,  consisted
     of the following:

                                                     1999          1998
                                            ---------------------------------
Mortgage  note, original face  value  of
$6,800,000,    payable    in     monthly
installments  of principal and  interest
of  $49,517, bears interest at a rate of
7.92%  and  matures August 1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $5,945,187 is  due.   This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $4,518,218                       $6,657,897     $6,722,016

Mortgage  note, original face  value  of
$4,000,000,    payable    in     monthly
installments  of principal and  interest
of  $28,795 bears interest at a rate  of
7.8%  and  matures August  1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $3,488,279 is  due.   This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $2,578,559                        3,914,475      3,953,035
                                            ---------------------------------
                                              $10,572,372    $10,675,051
                                            =================================

At  December 31, 1999, required principal payments due under
the stated terms of the Partnership's mortgage notes payable
and notes payable to affiliates are as follows

              2000                      $  111,063
              2001                         285,478
              2002                         129,941
              2003                         140,551
              2004                         152,028
              Thereafter                 9,918,657
                                        ----------
                                       $10,737,718
                                        ==========



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE C - RELATED PARTY TRANSACTIONS

     The  Partnership  agreement specifies that certain  fees  be
     paid  to  the general partner or his designee.  An affiliate
     of  the  general partner receives a property management  fee
     that   is   5%   of   the  Partnership's   gross   receipts.
     Additionally,  the Partnership reimburses the affiliate  for
     administrative   expenditures.   The  following   fees   and
     reimbursements earned by an affiliate of the general partner
     in 1999, 1998 and 1997:

                                             1999       1998       1997
                                    -----------------------------------------
     Property management fee             $137,375   $133,659   $126,830
     Administrative service fee            10,008     10,008     10,008

     The general partner held a $1,300,000 promissory note of the
     Partnership, bearing interest at a rate of 10%, scheduled to
     mature  on  June 30, 2001.  This note was paid off  in  July
     1997  with  excess  funds from the refinancing  of  mortgage
     notes  payable.  Interest expense incurred on this note  was
     $65,000 for the year ended December 31, 1997.

     During  1996,  the  Partnership received advances  from  the
     general  partner under a note agreement bearing interest  at
     prime  plus  2%.   These  advances  of  $208,866,  including
     accrued interest of $30,768, were paid off with excess funds
     from refinancing of mortgage notes payable in July 1997.

     Notes  payable to affiliates at December 31, 1999 and  1998,
     consisted of the following:

                                                    1999        1998
                                              -----------------------------
Note  payable  to  an  affiliate  of  the
general  partner,  bearing  interest   at
8.25%, principal and accrued interest due
and  payable  on or before  February  16,
2001.    Interest  expense  of   $21,690,
$24,788 and $31,904 was incurred  on  the
note for each of the years ended December
31,  1999,  1998 and 1997,  respectively.
Accrued interest of $1,705 and $43,567 at
December 31, 1999 and 1998, respectively,
is included in amounts due affiliates.          $165,346    $300,461

Note  payable  to  the  general  partner,
bearing   interest  of  prime  plus   2%,
principal  and accrued interest  due  and
payable  on June 30, 2001 or upon demand.
Interest  expense of $1,226, $29,604  and
$66,996 was incurred on the note for each
of  the  years ended December  31,  1999,
1998 and 1997, respectively.  There is no
accrued interest payable at December  31,
1999 and 1998. The note was paid in 1999.           ---       98,931
                                              ------------------------------
                                                 165,346     399,392
                                              ==============================


                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998



NOTE D - COMMITMENTS

     The  Partnership  will pay a real estate commission  to  the
     general partner or his affiliates in an amount not exceeding
     the  lessor  of  50% of the amounts customarily  charged  by
     others  rendering similar services or 3% of the gross  sales
     price  of a property sold by the Partnership, provided  that
     the  limited  partners have received their original  capital
     plus preferential interest, as defined.

NOTE E - RECONCILIATION OF BOOK TO TAX LOSS (UNAUDITED)

     If the accompanying financial statements had been prepared
     in accordance with the accrual income tax basis of
     accounting rather than generally accepted accounting
     principals ("GAAP"), the excess of revenues over expenses
     for 1999 would have been as follows:



     Net loss per accompanying financial statements    $(136,776)

     Add - book basis depreciation using                 679,854
     straight-line method

     Add - difference in expense recognized by GAAP       36,384


     Deduct - income tax basis depreciation expense using

              ACRS method                               (146,970)

                                                    ------------------

     Excess of revenues over expenses,
     accrual income tax basis                           $432,492
                                                    ==================


NOTE F - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

     The   following  estimated  fair  value  amounts  have  been
     determined  using  available  market  information  or  other
     appropriate    valuation    methodologies    that    require
     considerable  judgement  in  interpreting  market  data  and
     developing estimates.  Accordingly, the estimates  presented
     herein  are  not necessarily indicative of the amounts  that
     the  Partnership could realize in a current market exchange.
     The  use  of  different market assumptions and/or estimation
     methodologies  may have a material effect on  the  estimated
     fair value amounts.

     The  fair value of financial instruments that are short-term
     or  reprice  frequently  and have a  history  of  negligible
     credit  losses  is considered to approximate their  carrying
     value.   These  include cash and cash equivalents,  accounts
     payable and other liabilities.





                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1999 and 1998

NOTE F - ESTIMATED    FAIR   VALUE   OF   FINANCIAL   INSTRUMENTS
          (CONTINUED)

     Management has reviewed the carrying values of its mortgages
     payable  and notes payable to related parties in  connection
     with  interest rates currently available to the  Partnership
     for  borrowings with similar characteristics and  maturities
     and  has  determined that their estimated fair  value  would
     approximate their carrying value as of December 31, 1999 and
     1998.

     The  fair  value information presented herein  is  based  on
     pertinent  information  available to  management.   Although
     management   is  not  aware  of  any  factors   that   would
     significantly affect the estimated fair value amounts,  such
     amounts  have not been comprehensively revalued for purposes
     of   these   financial  statements  since  that  date,   and
     therefore,  current  estimates  of  fair  value  may  differ
     significantly from the amounts presented herein.




AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation
December 31, 1999


                                Initial Cost
                                to Partnership
Description        Encumb       Land     Building       Total Subseq
                   rances                and Improv     quent to
                                         ments          Acquisition

26 two-story
apartment
buildings  of
concrete block
construction
with stucco
and cedar
exterior and
gabled roofs
located in
in Jacksonville,
Florida            (b)      $583,000     $5,686,771         $310,767

37  two-story
apartment
buildings  of
concrete block
construction
with brick
veneer, stucco
and wood
siding exterior,
and composition,
shingled roofs
located in Bedford,
Texas              (b)     1,239,718      8,679,421          979,657
                        -----------------------------------------------
                          $1,822,718    $14,366,192       $1,290,424





                            Gross Amounts at Which
                            Carried at Close of Year
                     ---------------------------------------

   Land    Buildings and    Total   Accumulated   Date of   Date      Life on
           Improvements    (c)(d)   Depreciation  Construc  Acquired  Which
                                        (c)       tion                Depre
                                                                      ciation
                                                                      is
                                                                      Computed
  $583,000    $5,997,538  $6,580,538  $4,001,980  Phase I
                                                  complete
                                                  at date
                                                  acquired; 9/12/83      (a)
                                                  Phase II
                                                  complete
                                                  at date
                                                  acquired  5/01/84      (a)

 1,239,718     9,659,078  10,898,796   6,380,577  Complete
                                                  at date
                                                  acquired  12/20/83     (a)
------------------------------------------------------------------------
$1,822,718   $15,656,616 $17,479,334 $10,382,557
========================================================================


See notes to Schedule III.





AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 1999


NOTES TO SCHEDULE III:

(a)  See Note A to financial statements outlining depreciation methods
     and lives.

(b)  See description of mortgages and notes payable in Note B to  the
     financial statements.

(c)  The reconciliation of investments in real estate and accumulated
     depreciation for the years ended December 31, 1999, 1998 and 1997
     is as follows:

                                        Investments           Accumulated
                                        in Real Estate        Depreciation
                                  ------------------------------------------

    Balance, January 1, 1997               $16,817,227          $8,397,635

        Acquisitions                           353,998                 ---
        Depreciation expense                       ---             639,758
                                  ------------------------------------------
    Balance, December 31, 1997              17,171,225           9,037,393

        Acquisitions                           171,169                 ---
        Depreciation expense                       ---             665,310
                                  ------------------------------------------
    Balance, December 31, 1998              17,342,394           9,702,703

        Acquisitions                           136,940                 ---
        Depreciation expense                       ---             679,854
                                  ------------------------------------------
    Balance, December 31, 1999             $17,479,334         $10,382,557
                                  ===========================================

(d) Aggregate cost for federal income tax purposes is $17,361,634.


Item 9. Changes in and Disagreements on Accounting and Financial Disclosure

     On  November 6, 1998, an 8-K was filed to disclose the change  in
     auditors.   No  financial statements were issued  in  conjunction
     with  this filing.  The Registrant has not been involved  in  any
     disagreements on accounting and financial disclosure.


                               PART III

    Item 10.  Directors and Executive Officer of the Partnership

          The Partnership itself has no officers or directors.  Robert J.
Werra is the General Partner of the Partnership.

    Robert J. Werra, 60, the General Partner, Mr. Werra joined Loewi &
Co.,  Incorporated  ("Loewi") in 1967 as a Registered  Representative.
In  1971,  he  formed  the  Loewi  real  estate  department,  and  was
responsible  for  its  first  sales of privately  placed  real  estate
programs.   Loewi Realty was incorporated in 1974, as a  wholly  owned
subsidiary of Loewi & Co., with Mr. Werra as President.  In 1980,  Mr.
Werra,  along  with three other individuals, formed Amrecorp  Inc.  to
purchase  the stock of Loewi Real Estate Inc., and Loewi  Realty.   In
1991  Univesco, Inc. became the management agent for the  Partnership.
Limited  Partners  have no right to participate in management  of  the
Partnership.

    Item 11.  Management Remuneration and Transactions

      As  stated  above, the Partnership has no officers or directors.
Pursuant  to  the  terms  of  the Limited Partnership  Agreement,  the
General Partner receives 1% of Partnership income and loss and  up  to
15%  of  Net      Proceeds  received  from  sale  or  refinancing   of
Partnership  properties  (after  return  of  Limited  Partner  capital
contributions  and  payment  of a 6% Current  Distribution  Preference
thereon).

      Univesco, Inc., an affiliate of the General Partner, is entitled
to  receive  a  management  fee with respect  to  properties  actually
managed  of  5%  of the actual gross receipts from a  property  or  an
amount competitive in price or terms for comparable services available
from  non-affiliated persons.  The Partnership is  also  permitted  to
engage  in  various transactions involving affiliates of  the  General
Partner  as  described under the caption "Compensation  and  Fees"  at
pages  6-8, "Management" at page 17 and "Allocation of Net Income  and
Losses and Cash     Distributions" at pages 34-36 of the Prospectus as
supplemented,  incorporated  in the Form S-11  Registration  Statement
which  was filed with the Securities and Exchange Commission and  made
effective on May 2, 1983.

       For the years ended December 31, 1999, 1998, 1997 and, property
management  fees  earned  totaled  $137,375,  $133,659,  and  126,830,
respectively.  An additional administration service fee  was  paid  to
the  General  Partner of $10,008, $10,008 and $10,008  for  the  years
ended December 31, 1999 1998, and 1997 respectively.



Item 12.  Security Ownership of Certain Beneficial Owners and Management

           (a)  No  one  except as listed in item (b) below,  owns  of
record, and the General Partner knows of no one who owns beneficially,
more  than five percent of the Interests in the Partnership, the  only
class of securities outstanding.

                             Amount and Nature

     Title           Name of                  of Beneficial      Percent
   of Class      Beneficial Owner               Ownership      of Interest

   Limited       M.P. Valu Fund IV L.L.C.        1,444.5          13.10%
   Partnership
   Interests


           (b) By virtue of its organization as a limited partnership,
the  Partnership  has  no officers or directors.   Persons  performing
functions  similar  to  those  of  officers  and  directors   of   the
Partnership, beneficially own, the following Units of the  Partnership
as of March 1, 1999.

                                  Amount and Nature

    Title           Name of                   of Beneficial      Percent
  of Class      Beneficial Owner                Ownership      of Interest

  Limited       Robert J. Werra                    566            5.14%
  Partnership
  Interests

    No Selling Commissions were paid in connection with the purchase of
these Units.

           (c)   There  is  no arrangement, known to the  Partnership,
which may, at a subsequent date, result in a change in control of  the
Partnership.


    Item 13.  Certain Relationships and Related Transactions

    None other than discussed in Item 11 and Note C to the financial
statements at Item 8 elsewhere in this 10-K.


                             PART IV

Item 14.  Exhibits, Financial Statements, Schedules and Reports on Form 8-K

     (A)  1.  See accompanying Financial Statements Index

          2.  Additional financial information required
              to be furnished:

     Schedule III - Real Estate and Accumulate Depreciation.
          3.  Exhibits

               None.

     (B)  Reports on Form 8-K for the quarter ended December 31, 1999.

          November 6, 1998, an 8-K was filed to disclose the change
     in auditors.  No financial statements were issued in conjunction
     with this filing.

     (C)  Exhibits

          3.   Certificate of Limited Partnership, incorporated by
reference to Registration Statement No. 0-11578 effective May 2, 1983.

          4.   Limited Partnership Agreement, incorporated by
reference to Registration Statement No. 0-11578 effective May 2, 1983.

          9.   Not Applicable

          1O.  Not Applicable

          11.  Not Applicable

          12.  Not Applicable

          13.  Reports to security holders, incorporated by reference
from Registrant's Quarterly Reports on Form 1O-Q, dated September 30,
1998.

          18.  Not Applicable

          19.  Not Applicable

          22.  Not Applicable

          23.  Not Applicable

          24.  Not Applicable

          25.  Power of Attorney, incorporated by reference to
Registration Statement No. 0-11578 effective May 2, 1983.

          28.  None


    Pursuant to the requirements of Section 13 or 15(d) 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.

                   AMERICAN REPUBLIC REALTY FUND I

                   ROBERT J. WERRA, GENERAL PARTNER



         /s/  Robert J. Werra




    March 29, 2000