FORM 10-K

                SECURITIES AND EXCHANGE COMMISSION
                      Washington D. C.  20549


[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
                       Exchange Act of 1934

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
                       Exchange Act of 1934

            For the Fiscal year ended December 31, 2003
                  Commission file number 0-11578

                  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)

 2800 N Dallas Pkwy #100, Plano, Texas                  75093-5994
(Address of Principal Executive Offices)                (Zip Code)

Registrant's Telephone Number, Including area code     (972) 836-8000

    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.

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                             Yes___  No X.

                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,
2003,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  698  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, 2003 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 a 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
                           December 31,
                              Percent



                         1999   2000   2001   2002   2003
Four Winds I & II        94.0%  95.0%  95.2%  89.6%  94.2%
Forestwood               96.9%  94.8%  95.9%  93.2%  84.4%




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 2003.

     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, 2003 there were approximately 698 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  during,  1999.
During 2003 MP Value Fund 5, LLC transferred these units to Branzan
Alternative Investment Fund LLLC who now own 1,630 units  or  14.8%
of  the  outstanding Interests of the partnership.  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
 2000   $46                         0
 2001   $47                        $50
 2002   $29                        $25
 2003   $15                         $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.



                                     2003    2002    2001    2000    1999

Limited Partner Units Outstanding  11,000  11,000  11,000  11,000  11,000
Statement of Operations
  Total Revenues                   $2,710  $2,760  $2,896  $2,797  $2,752
  Net Income (Loss)                  (337)   (217)    (42)    (65)   (137)
  Limited Partner Net Income       (30.30) (19.54)  (3.45)  (5.33) (12.31)
(Loss) per Unit - Basic
  Cash Distributions to Limited         0      25      50       0       0
Partners per Unit  - Basic


Balance Sheet:
  Real Estate, net                 $4,825  $5,382  $5,943  $6,499  $7,096
  Total Assets                      5,812   6,305   6,941   7,613   7,941
  Mortgages Payable                10,070  10,211  10,341  10,461  10,572
  Notes Payable to Affiliate            0       0       0       0     165
  Partner's Deficit                (4,653) (4,316) (3,824) (3,236) (3,166)



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: 2003 VERSUS 2002 -

Revenue  from  Property Operations decreased  $50,372  or  1.8%  as
compared  to  2002.   This decrease is primarily  attributed  to  a
$51,258 decrease in rental revenue, which was principally due to an
decrease in occupancy.  Interest income decreased $2,722 due  to  a
decrease  in  available  funds  for investment  during  2003.   The
increase in other revenues of $3,608 were principally caused  by  a
increase in fees from tenants. The following table illustrates  the
increases:

                   Increase/
                  (Decrease)

Rental income     $(51,258)
Interest            (2,722)
Fees & Other         3,608
Net Increase      $(50,372)


Property  operating expenses for 2003 increased $69,184  or  2.32%.
Maintenance  and repairs increased $62,427 or 22.93% due  primarily
to  the increased deferred maintenance projects performed.  General
and  administrative expenses increased $50,389 or 10.15%  primarily
due  to  increased  insurance costs. Interest expense  on  mortgage
payable  decreased  $10,681 or 1.21% due  to  normal  amortization.
Utilities  increased $12,218 or 6.03% primarily due to  higher  gas
rates.  Administrative service fees are paid to an affiliate of the
general  partner  and represent reimbursements for  accounting  and
bookkeeping  costs.   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)
General and administrative                50,389
Real estate taxes                        (11,872)
Maintenance and repairs                   62,427
Depreciation and amortization            (29,125)
Property management fee to affiliate      (2,406)
Advertising and marketing                 (1,766)
Interest expense on mortgages payable    (10,6810
Utilities                                  12,218
   Total operating expenses                69,184

Results of Operations: 2002 VERSUS 2001 -

Revenue  from  Property Operations decreased $136,588  or  4.7%  as
compared  to  2001.   This decrease is primarily  attributed  to  a
$120,366 decrease in rental revenue, which was principally  due  to
an decrease in occupancy.  Interest income decreased $22,187 due to
a  decrease  in  interest rates and available funds for  investment
during  2002.   The  increase  in other  revenues  of  $5,965  were
principally  caused by a increase in fees from tenants and  vending
revenues. The following table illustrates the increases:

                   Increase/
                  (Decrease)

Rental income     $(120,366)
Interest            (22,187)
Fees & Other          5,965
Net Increase      $(136,588)

Property  operating expenses for 2002 increased $38,431  or  1.31%.
General  and  administrative expenses increased $70,152  or  16.45%
primarily  due  to  increased incurance costs.  Real  estate  taxes
increased  $9,498 or 3.18% due to increased assessed  valuation  of
the   underlying  real  estate  assets   Maintenance  and   repairs
increased  $7,419 or 2.80% due primarily to the increased  deferred
maintenance  projects  performed.   Interest  expense  on  mortgage
payable  decreased  $9,873  or 1.21% due  to  normal  amortization.
Utilities  decreased  $22,784  or 10,10%  primarily  due  to  lower
utility  rates.   Administrative  service  fees  are  paid  to   an
affiliate  of the general partner and represent reimbursements  for
accounting  and  bookkeeping costs.  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)
General and administrative                 70,152
Real estate taxes                           9,498
Maintenance and repairs                     7,419
Depreciation and amortization              (4,137)
Property management fee to affiliate       (5,769)
Advertising and marketing                  (6,075)
Interest expense on mortgages payable      (9,873)
Utilities                                 (22,784)
   Total operating expenses                38,431


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, 2003, the Partnership had $435,304 in cash and
cash equivalents as compared to $214,237 as of December 31, 2002.
The increase $221,067 of cash on hand reflects the cash flow from
operations.  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, 2003.  These mortgages payable have a carrying
value  of  $10,070,686 at December 31, 2003.  The mortgage  notes
were  entered  into  during  1997 to refinance  certain  mortgage
notes.

The  general  partner had provided funding to the Partnership  in
the form of notes payable that were paid off during 2000.  During
February  2000, the Partnership repaid the $165,346 remaining  to
the  general  partner.  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 $152,028 $164,442,$177,870,  and
9,576,346 for each of the next three 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 it's 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-KThis   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, 2003 and 2002

                 INDEX TO FINANCIAL STATEMENTS




                                                                      Page

  Independent Auditors' Reports                                          2

  Combined Financial Statements

   Balance Sheets as of December 31, 2003 and 2002                       3

   Statements of Operations for the years ended
    December 31, 2003, 2002 and 2001                                     4

   Statements of Partners' Equity (Deficit) for the years ended
    December 31, 2003, 2002 and 2001                                     5

   Statements of Cash Flows for the years ended
    December 31, 2003, 2002 and 2001                                     6

   Notes to Financial Statements                                         7

    Schedule III - Real Estate and Accumulated Depreciation14


   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,  2003
and  2002,  and  the related combined statements  of  operations,
partners'  equity (deficit), and cash flows for the  years  ended
December 31, 2003, 2002 and 2001.  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  U.S.  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, 2003 and 2002,
and  the  results of its operations and its cash  flows  for  the
years  ended December 31, 2003, 2002 and 2001 in conformity  with
U.S. 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, 2003 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 14, 2004
Plano, Texas
                AMERICAN REPUBLIC REALTY FUND I
                    COMBINED BALANCE SHEETS
                   December 31, 2003 and 2002


                             ASSETS
                                                         2003          2002

Investments in real estate at cost Land            $1,822,718    $1,822,718
      Buildings, improvements and furniture
       and fixtures                                16,099,903    16,006,007

                                                   17,922,621    17,828,725
    Accumulated  depreciation                     (13,097,432)  (12,446,239)

                                                    4,825,189     5,382,486

Cash and cash equivalents                             435,304       214,237
Escrow deposits                                       427,384       572,601
Deferred financing costs, net of
 accumulated amortization of $149,132
 and $126,188, respectively                            80,300       103,242
Prepaid expenses                                       43,377        32,194

TOTAL ASSETS                                        5,811,554     6,304,760


               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                                  10,070,686    10,211,238
Amounts due affiliates                                  2,452         1,725
Accounts payable and accrued expenses                 319,414       333,000
Security deposits                                      71,944        75,028

TOTAL LIABILITIES                                  10,464,496    10,620,991

PARTNERS' DEFICIT                                  (4,652,942)   (4,316,231)

TOTAL LIABILITIES AND PARTNERS' DEFICIT            $5,811,554    $6,304,760




                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF OPERATIONS
      For the Years Ended December 31, 2003, 2002 and 2001

                                     2003             2002             2001
INCOME
 Rentals                       $2,635,651       $2,686,909       $2,807,275
 Fees and other                    72,668           69,060           63,095
 Interest                           1,534            4,256           26,443

 Total income                   2,709,853        2,760,225        2,896,813

OPERATING EXPENSES
 Interest expense on
  mortgages payable               798,271          808,952          818,825
 Depreciation and amortization    674,136          703,261          707,398
 General and administrative       546,893          496,504          426,352
 Real estate taxes                295,976          307,848          298,350
 Maintenance and repairs          334,709          272,282          264,863
 Utilities                        215,021          202,803          225,587
 Property management fee to
  affiliate                       135,477          137,883          143,652
 Advertising and marketing         33,673           35,439           41,514
 Administrative service fee
  to general partner               12,408           12,408           12,408

   Total operating expenses     3,046,564        2,977,380        2,938,949

 NET  LOSS                      $(336,711)       $(217,155)        $(42,136)

NET LOSS PER LIMITED
 PARTNERSHIP UNIT - BASIC

 Net loss per unit - basic        $(30.30)         $(19.54)          $(3.45)

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, 2003, 2002 and 2001


                                     General         Limited
                                     Partner         Partners          Total

 Balance, January 1, 2001             47,512       (3,279,452)    (3,231,940)

 Distributions                          ---          (550,000)      (550,000)

 Net loss                             (4,214)         (37,922)       (42,136)

 Balance, December 31, 2001           43,298       (3,867,374)    (3,824,076)

 Distributions                          ---          (275,000)      (275,000)

 Net loss                             (2,172)        (214,983)      (217,155)

 Balance, December 31, 2002           41,126       (4,357,357)    (4,316,231)

 Net Loss                             (3,367)        (333,344)      (336,711)

 Balance, December 31, 2003         $ 37,759      $(4,690,701)   $(4,652,942)










                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF CASH FLOWS
      For the Years Ended December 31, 2003, 2002 and 2001

                                           2003          2002           2001

CASH FLOWS FROM OPERATING
 ACTIVITIES
 Net loss                             $(336,711)    $(217,155)      $(42,136)
 Adjustments to reconcile
  net loss to net cash provided
  by operations:
 Depreciation and amortization          674,136       703,261        707,398
 Change in assets and liabilities:
   Prepaid expenses                     (11,183)       (8,155)        (7,204)
  Escrow deposits                       (63,512)       (2,095)        (6,238)
 Accounts payable and accrued
  expenses                              (13,587)       (9,519)        32,248
   Security deposits                     (3,084)       (4,473)         6,056

 Net cash provided by operating
  activities                            246,059       461,864        690,124

CASH FLOWS FROM INVESTING ACTIVITIES
 Investments in real estate             (93,896)     (119,424)      (128,652)
 Net proceeds from (payments to)
  reserve for replacement               208,729       (17,514)       (41,553)

 Net cash provided by (used for)
  investing activities                  114,833      (136,938)      (170,205)

CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on mortgages payable         (140,552)     (129,940)      (120,132)
 Distributions                            ---        (275,000)      (550,000)
 Proceeds from (payments on)
  amounts due affiliates                    727          (186)         1,911

 Net  cash used for financing
  activities                           (139,825)     (405,126)      (668,221)

 Net increase (decrease) in cash
  and cash equivalents                  221,067       (80,200)      (148,302)

 Cash and cash equivalents at
  beginning of period                   214,237       294,437        442,739

 Cash and cash equivalents at end
  of period                            $435,304      $214,237       $294,437

 Supplemental disclosure of cash
  flow information:
 Cash paid during the year for
  interest                             $799,193      $809,805       $819,613



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2003 and 2002

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,  2003.   Under the terms of the offering, no  additional
     units will be offered.

     Allocation of Net Income (Loss) and Cash

     Net  operating income and loss are allocated 1%  to  general
     partners  and  99% to limited partners. Net  operating  cash
     flow,  as  defined  in the partnership agreement,  shall  be
     distributed to the limited and general partners first to the
     limited   partners  in  an  amount  equal  to   a   variable
     distribution  preference on capital  contributions  for  the
     current  year and then to the extent the preference has  not
     been satisfied for all preceding years, and, thereafter, 10%
     to the general partner and 90% 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  U.S.
     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, 2003 and 2002

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, which approximates the interest 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, 2003 and 2002

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  or
     Securities    Investor   Protection    Corporation,    where
     applicable.  Management does not believe significant  credit
     risk exists at December 31, 2003.

     Use of Estimates

     The  preparation of financial statements in conformity  with
     U.S.   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.





                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2003 and 2002

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

     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, 2003, December
     31,   2002,   and   December  31,  2001,  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.


     Segment Information

     The  Partnership is in one business segment, the real estate
     investment  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, 2003 and 2002,  consisted
     of the following:

                                                       2003             2002
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 $5,965,548 is  due.   This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $1,632,958                         $6,344,252       $6,432,178


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 $3,500,406  is  due.  This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $1,024,933.                         3,726,434        3,779,060

                                                $10,070,686      $10,211,238




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2003 and 2002

NOTE B - MORTGAGES PAYABLE - CONTINUED

     At  December 31, 2003, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     and notes payable to affiliates are as follows:

              2004                         152,028
              2005                         164,443
              2006                         177,870
              2007                       9,576,345
              Thereafter                       ---

                                        $10,070,686

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 2003, 2002 and 2001:

                                         2003           2002           2001

     Property management fee         $135,477       $137,883       $143,652
     Administrative service fee        12,408         12,408         12,408

NOTE D - ACCUMULATED AMORTIZATION

     At  December  31,  2003, amortization expense  for  deferred
     financing costs over the next five years is as follows:

              2004                          22,943
              2005                          22,943
              2006                          22,943
              2007                          11,471
              Thereafter                       ---

                                           $80,300


NOTE E - 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.




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2003 and 2002

NOTE F - 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 2003 would have been as follows:



        Net loss per accompanying financial
     statements                                      $(336,711)

        Add - book basis depreciation using
     straight-line method                              651,193

        Deduct - income tax basis depreciation
     expense using

              ACRS method
                                                      (147,182)



        Excess of revenues over expenses,
     accrual income tax basis                         $167,300


NOTE G - 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.

     Management has reviewed the carrying values of its mortgages
     payable   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, 2003 and 2002.

     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, 2003


                                  Initial  Cost
                                  to Partnership
Description        Encumbrances       Land        Building        Total Cost
                                                    and           Subsequent
26 two-story                                    Improvements    to Aquisition
Apartment
concrete block
construction
with stucco
and cedar
exterior and
gabled roofs
located in
Jacksonville,
Florida                (b)          $583,000     $5,686,771       $498,590

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     $1,235,121


                           Gross Amounts at Which
                           Carried at Close of Year
                                Buildings
                                  And                            Accumulated
 Description       Land       Improvements       Total           Depreciation
                                                 (c)(d)              (c)
26 two-story
apartment
concrete block
construction
with stucco
and cedar
exterior and
gabled roofs
located in
Jacksonville,
Florida          $583,000      $6,185,361       $6,768,361       $5,043,056

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          $1,239,718     $9,914,542       $11,154,260       $8,054,376

                                                               Life on Which
                           Date of              Date           Depreciation
 Description             Construction         Acquired         Is Computed

26 two-story
apartment
concrete block
construction
with stucco
and cedar
exterior and
gabled roofs           Phase I complete at
located in             date acquired;           9/18/83             (a)
Jacksonville,          Phase II complete at
Florida                date acquired            5/01/84             (a)

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                  Complete at             12/20/83             (a)
                       Date Acquired






See notes to Schedule III.

AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 2003


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, 2003, 2002 and 2001 is
   as follows:

                                        Investments in         Accumulated
                                         Real Estate           Depreciation


    Balance, January 1, 2001              17,580,649            11,081,467
        Acquisitions                         128,652                   ---
        Depreciation expense                     ---               684,455

    Balance, December 31, 2001           $17,709,301           $11,765,922
        Acquisitions                         119,424                   ---
        Depreciation expense                     ---               680,317

    Balance, December 31, 2002           $17,828,725           $12,446,239
        Acquisitions                          93,896                   ---
        Depreciation expense                     ---               651,193

    Balance, December 31, 2003           $17,922,621           $13,097,432


(d)  Aggregate cost for federal income tax purposes is $17,434,774.


    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.

    Item 9a.  Controls and Procedures

     Based on their most recent evaluation, which was completed within
90  days  of  the  filing of this Form 10-K, our  Principal  Financial
Officer  and  Principal  Executive  Officer,  believe  our  disclosure
controls  and procedures (as defined in Exchange Act Rules 13a-14  and
15d-14)  are  effective.  There were not any  significant  changes  in
internal controls or in other factors that could significantly  affect
these  controls subsequent to the date of their evaluation, and  there
has  not  been  any  corrective  action  with  regard  to  significant
deficiencies and material weaknesses.

                               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, 65, 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, 2003, 2002,  and  2001,
property  management  fees  earned  totaled  $135,477,  $137,883,  and
$143,642, respectively.  An additional administration service fee  was
paid  to  the General Partner of $12,408, $12,408 and $12,408 for  the
years ended December 31, 2003, 2002, and 2001, 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 Beneficiary        Percent
      of Class     Beneficial Owner              Ownership        of Interest

    Limited        Branzan Alternative            1,630             14.80%
    Partnership    Investment Fund, LLLC
    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 December 31, 2003.

                                        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.















Item 14.  Principal Accounting Fees and Services

The  following  table sets forth the aggregate fees  for  professional
services  rendered to the Partnserhip for the years 2003 and  2002  by
the  Partnership's principal accounting firm, Farmer, Fuqua,  &  Huff,
P.C.

     Type of Fees             2003           2002

     Audit Fees             $,8500         $8,500
     Audit related fees        ---            ---
     Tax fees                  ---            ---
     All other fees            ---            ---














                             PART IV

Item 15.  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, 2003.

          None

     (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

          10.  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,
            2003.

          14.  Code of Ethcis for Senior Financial Officers

          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

          31.  Certification

          32.  Officers' Section 1350 Certifcation

(d)  Financial Statement Schedules excluded from the annual report
          None


EXHIBIT 14

          Code of Ethics for Senior Financial Officers


     The  principal executive officer, president, principal  financial
officer,  chief  financial officer, principal accounting  officer  and
controller  (all, the partnership's "Senior Financial Officers")  hold
an  important and elevated role in corporate governance,  vested  with
both  the  responsibility  and  authority  to  protect,  balance,  and
preserve   the  interests  of  all  of  the  enterprise  stakeholders,
including shareholders, customers, employees, suppliers, and  citizens
of  the  communities in which business is conducted.  Senior Financial
Officers fulfill this responsibility by prescribing and enforcing  the
policies  and procedures employed in the operation of the enterprise's
financial  organization  and  by acting  in  good  faith  and  in  the
company's best interests in accordance with the partnerhip's  Code  of
Business Conduct and Ethics.

1    Honest and Ethical Conduct

          Senior  Financial  Officers will  exhibit  and  promote
     honest  and  ethical conduct through the  establishment  and
     operation of policies and procedures that:

          Encourage  and  reward professional  integrity  in  all
          aspects  of  the financial organization, by eliminating
          inhibitions and barriers to responsible behavior,  such
          as  coercion, fear of reprisal, or alienation from  the
          financial organization or the enterprise itself.

          Promote  the  ethical handling of  actual  or  apparent
          conflicts of interest between personal and professional
          relationships.

          Provide   a  mechanism  for  members  of  the   finance
          organization to inform senior Management of  deviations
          in  the practice from policies and procedures governing
          honest and ethical behavior.

          Respect the confidentiality of information acquired  in
          the course of work, except when authorized or otherwise
          legally  obligated  to disclose such  information,  and
          restrict  the use of confidential information  acquired
          in the course of work for personal advantage.

          Demonstrate  their personal support for  such  policies
          and    procedures   through   periodic    communication
          reinforcing  these  ethical  standards  throughout  the
          finance organization.

2    Financial Records and Periodic Reports

          Senior Financial Officers will establish and manage the
     enterprise  transaction and reporting systems and procedures
     to provide that:

          Business  transactions  are  properly  authorized   and
          accurately  and timely recorded on the company's  books
          and  records  in  accordance  with  Generally  Accepted
          Accounting Principles ("GAAP") and established  company
          financial policy.

          No  false or artificial statements or entries  for  any
          purpose  are  made  in  the  partnership's  books   and
          records,     financial    statements    and     related
          communications.

          The  retention  or proper disposal of  company  records
          shall   be  in  accordance  with  established   records
          retention  policies and applicable legal and regulatory
          requirements.

          Periodic  financial  communications  and  reports  will
          include full, fair, accurate, timely and understandable
          disclosure.

3    Compliance with Applicable Laws, Rules and Regulations.

          Senior  Financial Officers will establish and  maintain
          mechanisms to:

          Educate  members of the finance organization about  any
          federal,   state  or  local  statute,   regulation   or
          administrative procedure that affects the operation  of
          the finance organization and the enterprise generally.

          Monitor the compliance of the finance organization with
          any   applicable  federal,  state  or  local   statute,
          regulation or administrative rule.

          Identify,  report  and correct in a swift  and  certain
          manner,   any   detected  deviations  from   applicable
          federal, state or local statute or regulation.

4    Reporting of Non-Compliance

     Senior Financial Officers will promptly bring to the attention of
     the Audit Committee:

          Material information that affects the disclosures  made
          by the company in its public filings.
          Information concerning significant deficiencies in  the
          design  or  operation of internal controls  that  could
          adversely  affect  the  company's  ability  to  record,
          process, summarize and report financial data.

     Senior Financial Officers will promptly bring to the attention of
     the General Counsel and to the Audit Committee:

          Fraud,   whether   or  not  material,   that   involves
          management  or  other employees who have a  significant
          role   in   the   partnerhip's   financial   reporting,
          disclosures or internal controls.

          Information concerning a violation of this Code or  the
          company's   Code   of  Business  and  Ethics   Conduct,
          including any actual or apparent conflicts of  interest
          between   personal   and  professional   relationships,
          involving  management  or other employees  who  have  a
          significant   role   in   the  partnership's   financal
          reporting, disclosures or internal controls.

          Evidence of a material violation by the company or  its
          employees  or  agents  of  applicable  laws,  rules  or
          regulations.

5    Disciplinary Action

          In  the event of violation by Senior Financial Officers
     of  this Code or the company's Code of Business Conduct  and
     Ethics, the Audit Committee of the Board of Directors  shall
     recommend appropriate disciplinary and remedial actions.












                                                       Exhibit 31

                         CERTIFICATION


I, Robert J. Werra, certify that:

     1  .  I have reviewed this annual report on Form 10-K of American
Republic Realty Fund;

     2  .   Based on my knowledge, this annual report does not contain
any  untrue  statement of a material fact or omit to state a  material
fact  necessary  to  make  the  statements  made,  in  light  of   the
circumstances  under which such statements were made,  not  misleading
with respect to the period covered by this annual report;

     3  .   Based on my knowledge, the financial statements, and other
financial  information included in this annual report, fairly  present
in   all  material  respects  the  financial  condition,  results   of
operations  and  cash  flows of the registrant as  of,  and  for,  the
periods presented in this annual report;

     4  .   The  registrant's  other certifying  officers  and  I  are
responsible  for establishing and maintaining disclosure controls  and
procedures (as defined in Exchange Act Rules 13-15(e) and 15d-15e) and
have internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

          (a)(a)      designed  such  disclosure   controls   and
     procedures  to ensure that material information relating  to
     the registrant, including its consolidated subsidiaries,  is
     made   known   to  us  by  others  within  those   entities,
     particularly  during the period in which this annual  report
     is being prepared;

          (b)   designed  such  internal control  over  financial
     reporting,  or  caused such internal control over  financial
     reporting  to be designed under our supervision, to  provide
     reasonable assurance regarding the reliability of  financial
     reporting  and  the preparation of financial statements  for
     external  purposes  in  accordance with  generally  accepted
     accounting principals; and

          (c)   evaluated  the effectiveness of the  registrant's
     disclosure  controls and procedures and  presented  in  this
     report  our  conclusions  about  the  effectiveness  of  the
     controls and procedures as of the end of the period  covered
     by this report based on such evaluation; and
          (d)   disclosed  in  this  report  any  change  in  the
     registrant's internal control over financial reporting  that
     occurred during the registrant's most recent fiscal  quarter
     that  has  materially affected, or is reasonably  likely  to
     materially  affect, the registrant's internal  control  over
     financial reporting; and

          e)    presented  in this annual report our  conclusions
     about  the  effectiveness  of the  disclosure  controls  and
     procedures  based  on our evaluation as  of  the  Evaluation
     Date;

     (b)5.      The registrant's other certifying officers and I  have
disclosed,  based  on our most recent evaluation of  internal  control
over  financial reporting, to the registrant's auditors and the  audit
committee  of  registrant's board of directors (or persons  performing
the equivalent functions):

          (a)    all   significant  deficiencies   and   material
     weaknesses  in  the design or operation of internal  control
     over  financial  reporting which are  reasonably  likely  to
     adversely   affect  the  registrant's  ability  to   record,
     process, summarize and report financial information; and

          (b)   any fraud, whether or not material, that involves
     management or other employees who have a significant role in
     the registrant's internal controls.

     Dated: March 30, 2004.
                              /s/ Robert J. Werra
                              ____________________________________


                                                       Exhibit 32

             Officers' Section 1350 Certifications

     The  undersigned  officer  of American Republic  Realty  Fund,  a
Wisconsin  limited partnership (the "Partnership"),  hereby  certifies
that  (i)  the Partnership's Annual Report on Form 10-K for  the  year
ended  December  31,  2003  fully complies with  the  requirements  of
Section  13(a) of the Securities Exchange Act of 1934,  and  (ii)  the
information contained in the Partnership's Annual Report on Form  10-K
for  the year ended December 31, 2003 fairly presents, in all material
respects,  the  financial condition and results of operations  of  the
Partnership, at and for the periods indicated.

     Dated: March 30, 2004.

                              /s/ Robert J. Werra
                              ______________________________________