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, 2002

                  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,
2002,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  672  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, 2002 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



                        1998     1999     2000     2001     2002
Four Winds I & II       95.0%    94.0%    95.0%    95.2%    89.6%
Forestwood              96.5%    96.9%    94.8%    95.9%    93.2%




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 2002.

     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, 2002 there were approximately 672 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.   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
 2000          $46                                            0
 2001          $47                                          $50
 2001          $29                                          $25


 (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.



                                       2002    2001    2000    1999    1998

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

Statement of Operations
  Total Revenues                     $2,760  $2,896  $2,797  $2,752  $2,675


  Net Income (Loss)                    (217)    (42)    (65)   (137)   (194)
  Limited Partner Net Income         (19.54)  (3.45)  (5.33) (12.31) (17.53)
(Loss) per Unit - Basic
  Cash Distributions to Limited          25      50                       0
Partners per Unit  - Basic


Balance Sheet:
  Real Estate, net                   $5,382  $5,943  $6,499  $7,096  $7,639
  Total Assets                        6,305   6,941   7,613   7,941   8,426
  Mortgages Payable                  10,211  10,341  10,461  10,572  10,675
  Notes Payable to Affiliate              0       0       0     165     399
  Partner's Deficit                  (4,316) (3,824) (3,231) (3,166) (3,030)


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: 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


Results of Operations: 2001 VERSUS 2000 -

Revenue  from  Property Operations increased  $99,614  or  3.6%  as
compared  to  2000.   This increase is primarily  attributed  to  a
$87,680 increase in rental revenue, which was principally due to an
increase  in  rents.  Interest income increased $10,990  due  to  a
increase  in  available  funds  for investment  during  2001.   The
increase  in  other revenues of $944 were principally caused  by  a
increase  in fees from tenants and vending revenues. The  following
table illustrates the increases:

                                       Increase/
                                      (Decrease)

Rental income                           $87,680
Interest                                 10,990
Other                                       944
Net Increase                            $99,614

Property  operating expenses for 2001 increased $76,599  or  2.68%.
Utilities  increased  $33,998 or 17.75%  primarily  due  to  higher
utility  rates.   Interest  expense on note  payable  to  affiliate
decreased  $2,175  due to the payoff of the  note  early  in  2000.
Real  estate  taxes  increased $21,413 or 7.73%  due  to  increased
assessed  valuation of the underlying real estate assets.   General
and  administrative expenses increased $28,237 or  7.09%  primarily
due  to increased operational administrative costs. Maintenance and
repairs  increased $9,646 or 3.78% due primarily to  the  increased
deferred  maintenance  projects  performed.   Interest  expense  on
mortgage   payable  decreased  $9,129  or  1.1%   due   to   normal
amortization.  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)

Interest expense on mortgages payable                      -9,129
Depreciation and amortization                             -14,455
General and administrative                                 28,237
Real estate taxes                                          21,413
Maintenance and repairs                                     9,646
Utilities                                                  33,998
Property management fee to affiliate                        4,398
Advertising and marketing                                   2,266
Administrative service fee to general partner               2,400
Interest expense on notes payable to affiliates            -2,175
   Total operating expenses                                76,599


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, 2002, the Partnership had $214,237 in cash and
cash equivalents as compared to $294,437 as of December 31, 2001.
The  reduction of cash on hand reflects the distribution  of  $25
per limited partnership unit paid in December 2002. 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, 2002.  These mortgages payable have a carrying
value  of  $10,211,238 at December 31, 2002.  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   $140,551,    $152,028
$164,442,$177,870, and 9,576,346 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 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, 2002 and 2001

                 INDEX TO FINANCIAL STATEMENTS




                                                                     Page

  Independent Auditors' Reports                                         2

  Combined Financial Statements

    Balance Sheets as of December 31, 2002 and 2001                     3

    Statements of Operations for the years ended
      December 31, 2002, 2001 and 2000                                  4

    Statements of Partners' Equity (Deficit) for the years ended
      December 31, 2002, 2001 and 2000                                  5

    Statements of Cash Flows for the years ended
      December 31, 2002, 2001 and 2000                                  6

    Notes to Financial Statements                                       7

    Schedule III - Real Estate and Accumulated Depreciation13


   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,  2002
and  2001,  and  the related combined statements  of  operations,
partners'  equity (deficit), and cash flows for the  years  ended
December 31, 2002, 2001 and 2000.  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, 2002 and 2001,
and  the  results of its operations and its cash  flows  for  the
years  ended December 31, 2002, 2001 and 2000 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, 2002 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 24, 2003
Plano, Texas



                AMERICAN REPUBLIC REALTY FUND I
                    COMBINED BALANCE SHEETS
                   December 31, 2002 and 2001


                             ASSETS
                                                     2002             2001

Investments in real estate at cost
     Land                                      $1,822,718       $1,822,718
     Buildings, improvements and furniture
     and fixtures                             $16,006,007       15,886,583

                                               17,828,725       17,709,301
    Accumulated  depreciation                 (12,446,239)     (11,765,922)

                                                5,382,486        5,943,379

    Cash and cash equivalents                     214,237          294,437
    Escrow deposits                               572,601          552,994
    Deferred financing costs, net of
     accumulated amortization of $126,188
     and $103,244, respectively                   103,242          126,186
    Prepaid expenses                               32,194           24,039

TOTAL ASSETS                                    6,304,760        6,941,035



               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                              10,211,238       10,341,178
Amounts due affiliates                              1,725            1,911
Accounts payable and accrued expenses             333,000          342,521
Security deposits                                  75,028           79,501

TOTAL LIABILITIES                              10,620,991       10,765,111

PARTNERS' DEFICIT                              (4,316,231)      (3,824,076)

TOTAL LIABILITIES AND PARTNERS' DEFICIT        $6,304,760       $6,941,035




                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF OPERATIONS
      For the Years Ended December 31, 2002, 2001 and 2000

                                             2002          2001         2000
INCOME
 Rentals                               $2,686,909    $2,807,275   $2,719,595
 Fees and other                            69,060        63,095       62,151
 Interest                                   4,256        26,443       15,453

 Total income                           2,760,225     2,896,813    2,797,199

OPERATING EXPENSES
 Interest expense on mortgages payable    808,952       818,825      827,954
 Depreciation and amortization            703,261       707,398      721,853
 General and administrative               496,504       426,352      398,115
 Real estate taxes                        307,848       298,350      276,937
 Maintenance and repairs                  272,282       264,863      255,217
 Utilities                                202,803       225,587      191,589
 Property management fee to affiliate     137,883       143,652      139,254
 Advertising and marketing                 35,439        41,514       39,248
 Administrative service fee to general
  partner                                  12,408        12,408       10,008
 Interest expense on notes payable to
  affiliates                                 ---           ---         2,175

   Total operating expenses             2,977,380     2,938,949    2,862,350

 NET LOSS                               $(217,155)     $(42,136)    $(65,151)

NET LOSS PER LIMITED PARTNERSHIP
 UNIT - BASIC

 Net loss per unit - basic                $(19.54)       $(3.45)      $(5.33)

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, 2002, 2001 and 2000


                                   General           Limited
                                   Partner           Partners          Total

 Balance, January 1,2000           $54,027         (3,220,816)    (3,166,789)

 Net loss                           (6,515)           (58,636)       (65,151)

 Balance, December 31,2000          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)











                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF CASH FLOWS
      For the Years Ended December 31, 2002, 2001 and 2000

                                               2002         2001        2000

CASH FLOWS FROM OPERATING ACTIVITIES
 Net  loss                                $(217,155)    $(42,136)   $(65,151)
 Adjustments to reconcile net loss to
   net cash provided by operations:
 Depreciation and amortization              703,261      707,398     721,853
 Change in assets and liabilities:
   Prepaid expenses                          (8,155)      (7,204)     (2,768)
   Escrow deposits                           (2,095)      (6,238)    (18,500)
 Accounts payable and accrued expenses       (9,519)      32,248      12,661
   Security deposits                         (4,473)       6,056       4,836

 Net cash provided by operating activities  461,864      690,124     652,931

CASH FLOWS FROM INVESTING ACTIVITIES
 Investments in real estate                (119,424)    (128,652)   (101,315)
 Net proceeds from (payments to)
   reserve for replacement                  (17,514)     (41,553)     55,372

 Net cash used for investing activities    (136,938)    (170,205)    (45,943)

CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on mortgages payable             (129,940)    (120,132)   (111,062)
 Payments on notes payable to affiliates       ---          ---     (165,346)
 Distributions                             (275,000)    (550,000)       ---
 Proceeds from (payments on)
  amounts due affiliates                       (186)       1,911      (4,490)

 Net cash used for financing activities    (405,126)    (668,221)   (280,898)

 Net increase (decrease) in cash and cash
   equivalents                              (80,200)    (148,302)    326,090

 Cash and cash equivalents at beginning
   of period                                294,437      442,739     116,649

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

 Supplemental disclosure of cash flow information:

 Cash  paid  during the year for interest  $809,805    $819,613    $ 828,683




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2002 and 2001

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,  2002.   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, 2002 and 2001

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, 2002 and 2001

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, 2002.


     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, 2002 and 2000

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, 2002, December
     31,   2001,   and   December  31,  2000,  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, 2002 and 2001,  consisted
     of the following:

                                                  2002              2001
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 $3,443,603.                   $6,432,178        $6,513,428

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 $1,938,883.                    3,779,060         3,827,750

                                           $10,211,238       $10,341,178




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2002 and 2001



NOTE B - MORTGAGES PAYABLE - CONTINUED

     At  December 31, 2002, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     and notes payable to affiliates are as follows:

              2003                         140,551
              2004                         152,028
              2005                         164,443
              2006                         177,870
              2007                       9,576,346
              Thereafter                       ---

                                       $10,211,238


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 2002, 2001 and 2000:

                                           2002          2001          2000

     Property management fee           $137,883      $143,652      $139,254
     Administrative service fee          12,408        12,408        10,008



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.




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2002 and 2001



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 2002 would have been as follows:



 Net loss per accompanying financial statements                   $(217,155)

 Add - book basis depreciation using straight-line method           680,317

 Deduct - income tax basis depreciation expense using

    ACRS method                                                     145,426



 Excess of revenues over expenses, accrual income tax basis        $317,736


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.

     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, 2002 and 2001.

     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, 2002
                                    Initial Cost
                                    to Partnership

 Description      Encumbrances     Land     Building            Total Cost
                                            And Improvements    Subsequent to
                                                                Acquisitions

26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs
located    in
Jacksonville,
Florida               (b)      $583,000       $5,686,771        $454,416

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       1,185,399

                             $1,822,718      $14,366,192      $1,639,815


                              Gross Amounts at Which
                              Carried at Close of Year




                                 Buildings and                 Accumulated
Description       Land           Improvements       Total      Depreciation
                                                    (c)(d)         (c)


26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs
located    in
Jacksonville,
Florida             583,000        6,141,187        6,724,187      4,785,304


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        9,864,820       11,104,538      7,660,935

                  1,822,718       16,006,007       17,828,725     12,446,239


                                                                Life on Which
                      Date of                  Date             Depreciation
                      Construction             Acquired         is Computed
26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs         Phase I complete at
located    in         date acquired;           9/12/83          (a)
Jacksonville,         Phase II complete at
Florida               date acquired;           5/1/84           (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,         Complete at
Texas                 date acquired;           12/20/83         (a)


See notes to Schedule III.




AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 2002


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, 2002, 2001 and 2000 is
       as follows:

                                        Investments        Accumulated in
                                        Real Estate        Depreciation


    Balance, January 1, 2000            17,479,334         10,382,557

        Acquisitions                       101,315               ---
        Depreciation expense                  ---             698,910

    Balance, December 31, 2000          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


(d)    Aggregate cost for federal income tax purposes is $17,375,988.





 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, 64, 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, 2002, 2001, 2000, and, property
management  fees  earned  totaled $137,883,  $143,642,  and  $139,254,
respectively.  An additional administration service fee  was  paid  to
the  General  Partner of $12,408, $10,008 and $10,008  for  the  years
ended December 31, 2002, 2001, and 2000, 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.      1,439           13.08%
    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, 2002.

                                           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.  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 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, 2002.

          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, 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

(d)  Financial Statement Schedules excluded from the annual report
          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 21, 2003


                             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 13a-14 and 15d-14) for the
registrant and have:
  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) evaluated the effectiveness of the registrant's disclosure
  controls and procedures as of a date within 90 days prior to the
  filing date of this annual report (the "Evaluation Date"); and
  c) 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;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, 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 in the design or operation of
  internal controls which could adversely affect the registrant's
  ability to record, process, summarize and report financial data
  and have identified for the registrant's auditors any material
  weaknesses in internal controls; 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; and
6. The registrant's other certifying officers and I have indicated in
this annual report whether there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.


Date:     March 21, 2003
/s/ Robert J. Werra
General Partner

                       CERTIFICATION PURSUANT TO
                        18 U.S.C. SECTION 1350,
                        AS ADOPTED PURSUANT TO
             SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection  with the Annual Report of American  Republic  Realty
  Fund  ("the Company") on Form 10-K for the year ending December  31,
  2002  as  filed with the Securities and Exchange Commission  on  the
  date  hereof  ("the Report"), I, Robert J. Werra,  Acting  Principal
  Executive  Officer  and  Chief Financial  Officer  of  the  Company,
  certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to  906  of
  the Sarbanes-Oxley Act of 2002, that:

          (1)  The report fully complies with the requirements of section 13(a)
            or 15(d) of the Securities Exchange Act of 1934, as amended; and

          (2)  The information contained in the Report fairly presents, in all
            material respects, the financial condition and results of operations
            of the Company.



/s/ Robert J. Werra

Acting Principal Executive Officer and Chief Financial Officer
March 21, 2003