FORM 10-K

                SECURITIES AND EXCHANGE COMMISSION
                      Washington D. C.  20549

                           ANNUAL REPORT

    Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
            For the Fiscal year ended December 31, 2000
                  Commission file number 0-11578

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

  Exchange Act of 1934                          (No Fee Required)

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

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

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

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

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


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

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

                   Limited Partnership Interests
                         (Title of Class)

    Indicated by check mark whether the Registrant (1) has filed all reports
required  to  be filed by Section 13 or 15(d) of the Securities  Exchange
Act  of  1934 during the preceding 12 months (or for such shorter  period
that  the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                       Yes   X .    No ___.

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

                Documents Incorporated by Reference

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

Item 1.  Business

      The   Registrant,  American  Republic  Realty  Fund  I,  (the
"Partnership"),  is  a  limited  partnership  organized  under  the
Wisconsin Uniform Limited Partnership Act pursuant to a Certificate
of  Limited Partnership dated December 22, 1982. As of December 31,
2000,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  792  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, 2000 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 Apartments           A  fee simple interest in a 263  unit
                                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 Phase I   A  fee simple interest in a 100  unit
                                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 Phase II  A  fee  simple interest in a 54  unit
                                apartment   community   located    in
                                Orange  Park,  Florida,  adjacent  to
                                four  Winds  Apartments I,  purchased
                                in  1984 and containing approximately
                                61,500  net rentable square  feet  on
                                3.73 acres of land.


                          Occupancy Rates

                             Per Cent



                      1996     1997     1998     1999     2000
Four Winds I & II    93.3%    92.0%    95.0%    94.0%    95.0%
Forestwood           96.6%    97.0%    96.5%    96.9%    94.8%




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 2000.

     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, 2000 there were approximately 792 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             0              0


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




Item 6:   Selected Financial Data

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


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

                                        2000   1999   1998   1997   1996

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


Statement of Operations
  Total Revenues                       $2797 $2,752 $2,675 $2,534 $2,458
  Net Income (Loss) before               (65)  (137)  (195)  (112)   258
    extraordinary items
  Extraordinary Item-gain on               0      0      0    252      0
    extinguishment of debt
  Net Income (Loss)                      (65)  (137)  (194)   140    258
  Limited Partner Net Income           (5.33)(12.31)(17.53) 12.60  23.22
   (Loss) per Unit - Basic
  Cash Distributions to Limited            0      0      0      0      0
    Partners per Unit  - Basic


Balance Sheet:
  Real Estate, net                    $6,499 $7,099 $7,639 $8,134 $8,420
  Total Assets                         7,613  7,941  8,426  9,092  8,645
  Mortgages Payable                   10,461 10,572 10,675 10,770  7,240
  Notes Payable to Affiliate               0    165    399    760  2,935
  Partner's Deficit                   (3,231)(3,166)(3,030)(2,835)(2,975)


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: 2000 VERSUS 1999 -

Revenue  from  Property Operations increased  $44,202  or  1.6%  as
compared  to  1999.   This increase is primarily  attributed  to  a
$38,206 increase in rental revenue which was principally due to  an
increase  in  rents.  Interest income increased  $7,107  due  to  a
increase  in  available  funds  for investment  during  2000.   The
decrease  in  other operating revenues of $1,111  were  principally
caused by a decrease in fees from tenants and vending revenues. The
following table illustrates the increases:

                  Increase/
                  (Decrease)

Rental income      $38,206
Interest              7107
Other               (1,111)
Net Increase       $44,202

Property  operating expenses for 2000 decreased $27,423  or  0.95%.
Interest expense on note payable to affiliate decreased $22,446 due
to  the  payoff  of  the  note early in  2000.Interest  expense  on
mortgage  payable  decreased  $8,439 due  to  normal  amortization.
Depreciation   and   amortization  increased  primarilly   due   to
improvements  done  to  the properties.   Maintenance  and  repairs
decreased $31,570 or 11.01% due primarily to the decreased deferred
maintenance projects needed.  Property management fees are paid  to
an  affiliated  entity  and  represent approximately  5%  of  gross
revenues (see Note C to the Financial Statements and Schedule Index
contained in Item 8). The following table illustrates the increases
or (decreases):

                                       Increase
                                      (Decrease)

Interest Expense on N/P Affiliate     $(22,446)
Interest Expense on Mortgages Pay       (8,439)
General administrative                 (12,872)
Maintenance & repairs                  (31,570)
Utilities                               14,783
Real estate taxes                       13,223
Advertising and Marketing               (1,036)
Depreciation and amortization           19,055
Property management fees                 1,879
Administrative Service Fee                   0

Net Decrease                          $(27,423)


Results of Operations: 1999 VERSUS 1998 -

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

                      Increase/
                     (Decrease)

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

Property  operating expenses for 1999 increased  $19,679  or  0.7%.
Interest expense on mortgage payable decreased $8,832 due primarily
to  normal  amortization. Depreciation and  amortization  increased
primarilly due to additional costs associated with the new mortgage
loans. Interest expense on Note payable to affiliates decreased due
to  the  repayment of a substantial portion of the amount  owed  to
affiliates with cash flow from operations.  Maintenance and repairs
decreased $15,809 or 5.22% due primarily to the completion, in 1998
of deferred maintenance items required by the new mortgage lenders.
Property  management  fees  are paid to an  affiliated  entity  and
represent  approximately 5% of gross revenues (see Note  C  to  the
Financial Statements and Schedule Index contained in Item  8).  The
following table illustrates the increases or (decreases):

                                        Increase
                                       (Decrease)

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

Net Increase                            $19,679

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, 2000, the Partnership had $442,739 in  cash
and  cash equivalents as compared to $116,649 as of December  31,
1999.  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, 2000.  These mortgages payable have a carrying
value  of  $10,461,310 at December 31, 2000.  The mortgage  notes
were  entered  into  during  1997 to refinance  certain  mortgage
notes.   (See earlier discussion entitled "Extraordinary  Item  -
Gain  on Early Extiguishment of Debt").  The refinancing of these
mortgage  notes  resulted in a gain from early extinguishment  of
debt.

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 $120,132,  $129,941,  $140,551
$152,028 and $164,442 for each of the next five years.


Item  7a  - Quantitative and Qualitative Disclosure about  Market
Risk

Market Risk

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

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

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







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

                   December 31, 2000 and 1999






                 INDEX TO FINANCIAL STATEMENTS




Page

  Independent Auditors' Reports                                      1

  Combined Financial Statements

    Balance Sheets as of December 31, 2000 and 1999                  3

    Statements of Operations for the years ended
      December 31, 2000, 1999 and 1998                               4

    Statements of Partners' Equity (Deficit) for the years ended
      December 31, 2000, 1999, and 1998                              5

    Statements of Cash Flows for the years ended
      December 31, 2000, 1999 and 1998                               6

    Notes to Financial Statements                                    7

    Schedule III - Real Estate and Accumulated Depreciation         14


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






                  INDEPENDENT AUDITORS' REPORT


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

We  have  audited  the accompanying combined  balance  sheets  of
American  Republic  Realty  Fund I and  subsidiary,  a  Wisconsin
limited  partnership (the "Partnership") as of December 31,  2000
and  1999,  and  the related combined statements  of  operations,
partners'  equity (deficit), and cash flows for the  years  ended
December 31, 2000, 1999 and 1998.  These financial statements are
the   responsibility  of  the  Partnership's   management.    Our
responsibility  is  to  express an  opinion  on  these  financial
statements based on our audits.

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

In our opinion the financial statements referred to above present
fairly,  in  all  material respects, the  financial  position  of
American Republic Realty Fund I as of December 31, 2000 and 1999,
and  the  results of its operations and its cash  flows  for  the
years  ended December 31, 2000, 1999 and 1998 in conformity  with
generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole.  Schedule III for
the year ended December 31, 2000 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 29, 2001
Dallas, Texas




                AMERICAN REPUBLIC REALTY FUND I
                    COMBINED BALANCE SHEETS
                   December 31, 2000 and 1999


                             ASSETS
                                                      2000         1999

Investments in real estate at cost
 Land                                              $1,822,718    $1,822,718
 Buildings, improvements and furniture             15,757,931    15,656,616
   and fixtures
                                                   17,580,649    17,479,334
 Accumulated  depreciation                        (11,081,467)  (10,382,557)

                                                    6,499,182     7,096,777

 Cash and cash equivalents                            442,739       116,649
 Escrow deposits                                      505,202       542,074
 Deferred financing costs, net of accumulated
   amortization of $80,301 and $57,358,
   respectively                                       149,129       172,072
 Prepaid expenses                                      16,835        14,067

 TOTAL ASSETS                                       7,613,087     7,941,639


                   LIABILITIES AND PARTNERS' DEFICIT


Mortgages payable                                  10,461,310    10,572,372
Notes payable to affiliates                               ---       165,346
Amounts due affiliates                                    ---         4,490
Accounts payable and accrued expenses                 310,272       297,610
Security deposits                                      73,445        68,610

TOTAL LIABILITIES                                  10,845,027    11,108,428

PARTNERS' DEFICIT                                  (3,231,940)   (3,166,789)

TOTAL LIABILITIES AND PARTNERS' DEFICIT            $7,613,087    $7,941,639






                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF OPERATIONS
      For the Years Ended December 31, 2000, 1999 and 1998

                                           2000         1999          1998
INCOME
 Rentals                             $2,719,595  $ 2,681,389    $2,614,696
 Other                                   62,151       63,262        56,717
 Interest                                15,453        8,346         3,958

 Total income                         2,797,199    2,752,997     2,675,371

OPERATING EXPENSES
 Interest expense on mortgages payable  827,954      836,393       845,225
 Depreciation and amortization          721,853      702,798       688,253
 General and administrative             398,115      410,987       388,758
 Maintenance and repairs                255,217      286,787       302,596
 Real estate taxes                      276,937      263,714       245,033
 Utilities                              191,589      176,806       177,896
 Property management fee to affiliate   139,254      137,375       133,659
 Advertising and marketing               39,248       40,284        40,493
 Interest expense on notes payable to
   affiliates                             2,175       24,621        38,173
 Administrative service fee to general
   partner                               10,008       10,008        10,008

 Total operating expenses             2,862,350    2,889,773     2,870,094

 NET  LOSS                             $(65,151)   $(136,776)    $(194,723)

NET LOSS PER LIMITED PARTNERSHIP
 UNIT - BASIC

 Net loss per unit - basic               $(5.33)     $(12.31)      $(17.53)

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, 2000, 1999 and 1998


                                      General      Limited
                                      Partner      Partners         Total

 Balance, January 1, 1998             $57,342    $(2,892,632)   $(2,835,290)

 Net income                            (1,947)      (192,776)      (194,723)

 Balance, December 31, 1998            55,395     (3,085,408)    (3,030,013)

 Net loss                              (1,368)      (135,408)      (136,776)

 Balance, December 31, 1999            54,027     (3,220,816)    (3,166,789)

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

 Balance, December 31, 2000           $47,512    $(3,279,452)   $(3,231,940)











                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF CASH FLOWS
      For the Years Ended December 31, 2000, 1999 and 1998

                                              2000       1999        1998

CASH FLOWS FROM OPERATING ACTIVITIES
 Net income (loss)                         $(65,151)  $(136,776)  $(194,723)
 Adjustments to reconcile net income (loss)
  to net cash provided by operations:
 Depreciation and amortization              721,853     702,798     688,253
 Change in assets and liabilities:
   Prepaid expenses                          (2,768)        354       6,264
   Escrow deposits                          (18,500)    (46,796)    295,249
   Accounts payable and accrued expenses     12,661      19,511     (27,931)
   Security deposits                          4,836      11,686      10,333

 Net cash provided by operating activities  652,931     550,777     777,445

CASH FLOWS FROM INVESTING ACTIVITIES
 Investments in real estate                (101,315)   (136,940)   (171,169)
 Net proceeds (payments) to reserve
   for replacement                           55,372     (64,458)    (23,114)

 Net cash used for investing activities     (45,943)   (201,398)   (194,283)

CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on mortgages payable             (111,062)   (102,679)    (94,926)
 Payments on notes payable to affiliates   (165,346)   (234,046)   (360,396)
 Proceeds (payments) on amounts due
  affiliates                                 (4,490)    (42,363)      1,618

 Net cash used for financing activities    (280,898)   (379,088)   (453,704)

 Net increase (decrease) in cash and cash
  equivalents                               326,090     (29,709)    129,458
 Cash and cash equivalents at beginning of
  period                                    116,649     146,358      16,900

 Cash and cash equivalents at end of
  period                                   $442,739    $116,649    $146,358

 Supplemental disclosure of cash flow information:

 Cash paid during the year for interest    $828,683    $837,067   $ 856,672



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999

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,  2000.   Under the terms of the offering, no  additional
     units will be offered.


     Allocation of Net Income (Loss) and Cash

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

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

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


     Basis of Accounting

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


     Investments in Real Estate and Depreciation

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





                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999

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, 2000 and 1999

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED



     Computation of Earnings Per Unit

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

     Concentration of Credit Risk

     Financial   instruments   which  potentially   subject   the
     Partnership   to  concentrations  of  credit  risk   consist
     primarily  of  cash. The Partnership places  its  cash  with
     various  financial institutions.  The Partnership's exposure
     to  loss  should  any of these financial  institutions  fail
     would  be  limited  to any amount in excess  of  the  amount
     insured   by  the  Federal  Deposit  Insurance  Corporation.
     Management  does not believe significant credit risk  exists
     at December 31, 2000.

     Use of Estimates

     The  preparation of financial statements in conformity  with
     generally accepted accounting principles requires management
     to  make  estimates and assumptions that affect the reported
     amounts   of  assets  and  liabilities  and  disclosure   of
     contingent  assets  and  liabilities  at  the  date  of  the
     financial  statements and the reported amounts  of  revenues
     and  expenses during that reporting period.  Actual  results
     could differ from those estimates.

     Environmental Remediation Costs

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




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999

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, 2000, December
     31,   1999,   and   December  31,  1998,  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
     investments  business, and follows the requirements  of  FAS
     131,  "Disclosures  about  Segments  of  an  Enterprise  and
     Related Information."

NOTE B - MORTGAGES PAYABLE

     Mortgages  payable at December 31, 2000 and 1999,  consisted
     of the following:

                                                    2000         1999
Mortgage  note, original face  value  of
$6,800,000,    payable    in     monthly
installments  of principal and  interest
of  $49,517, bears interest at a rate of
7.92%  and  matures August 1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $5,945,187 is  due.   This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $4,120,546                        $6,588,513     $6,657,897

Mortgage  note, original face  value  of
$4,000,000,    payable    in     monthly
installments  of principal and  interest
of  $28,795 bears interest at a rate  of
7.8%  and  matures August  1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $3,488,279 is  due.   This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $2,378,636                        $3,872,797     $3,914,475

                                               $10,461,310    $10,572,372




                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999



NOTE B - MORTGAGES PAYABLE - CONTINUED

     At  December 31, 2000, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     and notes payable to affiliates are as follows

              2001                      $  120,132
              2002                         129,941
              2003                         140,551
              2004                         152,028
              2005                         164,442
              Thereafter                 9,754,216

                                        $10,461,310

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 2000, 1999 and 1998:

                                         2000        1999        1998
     Property management fee          $139,254    $137,375    $133,659
     Administrative service fee         10,008      10,008      10,008

     Notes  payable to affiliates at December 31, 2000 and 1999,
     consisted of the following:

                                                    2000        1999
Note  payable  to  an  affiliate  of  the
general  partner,  bearing  interest   at
8.25%, principal and accrued interest due
and  payable  on or before  February  16,
2001.    Interest  expense   of   $2,175,
$21,690, and $24,788 was incurred on  the
note for each of the years ended December
31,   2000,   1999,  1998,  respectively.
Accrued  interest of $1,705  at  December
31,  1999  is  included  in  amounts  due
affiliates.  The note was paid in 2000.
                                                     ---     $165,346
                                                     ---     $165,346



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999



NOTE D - COMMITMENTS

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

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

     If the accompanying financial statements had been prepared
     in accordance with the accrual income tax basis of
     accounting rather than generally accepted accounting
     principals ("GAAP"), the excess of revenues over expenses
     for 2000 would have been as follows:



     Net loss per accompanying financial statements        $(65,151)

     Add - book basis depreciation using
     straight-line method                                   698,910

     Add - difference in expense recognized                   2,175
     by GAAP

     Deduct - income tax basis depreciation
     expense using

              ACRS method                                  (125,228)



     Excess of revenues over expenses,
     accrual income tax basis                              $510,706





                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 2000 and 1999


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  and notes payable to related parties in  connection
     with  interest rates currently available to the  Partnership
     for  borrowings with similar characteristics and  maturities
     and  has  determined that their estimated fair  value  would
     approximate their carrying value as of December 31, 2000 and
     1999.

     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, 2000


                                 Initial Cost
                                to Partnership                   Total Cost
                                                   Building &    Subsequent to
Description             Encumbrances    Land      Improvements   Aquisition
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     $369,037

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    1,022,702

                                     1,822,718     14,366,192    1,391,739
                                 Gross Amounts at Which
                                   Carried at Close

Description                            Buildings
                                          And                   Accumulated
                           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     $6,055,808   $6,638,808    $4,260,172

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      9,702,123   10,941,841     6,821,295

                        1,822,718     15,757,931   17,580,649    11,081,467

                                                              Life on Which
                               Date of             Date       Depreciation
                            Construction         Acquired     Is Computed


26 two-story apartment
buildings of concrete
block construction
with stucco and cedar     Phase I completed at
exterior and gabled       date acquired;         09/12/83         (a)
roofs located in          Phase II completed at
Jacksonville, Florida     date acquired          05/01/84         (a)

37 two-story apartment
buildings of concrete
block construction
with brick veneer,
stucco and wood siding
exterior, and composition,
shingled roofs located    Complete at
in Bedford, 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, 2000


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, 2000, 1999 and 1998 is
      as follows:

                                        Investments in    Accumulated
                                          Real Estate     Depreciation


Balance, January 1, 1998                  $17,171,225      $9,037,393

        Acquisitions                          171,169             ---
        Depreciation expense                      ---         665,310

Balance, December 31, 1998                 17,342,394       9,702,703

        Acquisitions                          136,940             ---
        Depreciation expense                      ---         679,854

Balance, December 31, 1999                 17,479,334      10,382,557

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

Balance, December 31, 2000                $17,580,649     $11,081,467



(d) Aggregate cost for federal income tax purposes is $17,462,950.



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

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


                               PART III

    Item 10.  Directors and Executive Officer of the Partnership

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

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

    Item 11.  Management Remuneration and Transactions

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

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

          For the years ended December 31, 2000, 1999, 1998, and, property
management  fees  earned  totaled $139,254,  $137,375,  and  $133,659,
respectively.  An additional administration service fee  was  paid  to
the  General  Partner of $10,008, $10,008 and $10,008  for  the  years
ended December 31, 2000 1999, and 1998 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. Value Fund IV L.L.C.      1,444.5         13.10%
    Partnership
    Interests


           (b) By virtue of its organization as a limited partnership,
the  Partnership  has  no officers or directors.   Persons  performing
functions  similar  to  those  of  officers  and  directors   of   the
Partnership, beneficially own, the following Units of the  Partnership
as of December 31, 2000.

                                       Amount and Nature
        Title        Name of            of Beneficial            Percent
       of Class   Beneficial Owner        Ownership            of Interest

    Limited       Robert J. Werra            566                  5.14%
    Partnership
    Interests

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

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

    Item 13.  Certain Relationships and Related Transactions

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


                             PART IV

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

     (A)  1.  See accompanying Financial Statements Index

          2.  Additional financial information required
          to be furnished:

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

               None.

     (B)  Reports on Form 8-K for the quarter ended December 31, 2000.

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

     (C)  Exhibits

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

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

          9.   Not Applicable

          1O.  Not Applicable

          11.  Not Applicable

          12.  Not Applicable

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

          18.  Not Applicable

          19.  Not Applicable

          22.  Not Applicable

          23.  Not Applicable

          24.  Not Applicable

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

          28.  None


    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange  Act of 1934, the Registrant has     duly caused this  report
to  be  signed  on  its  behalf  by the  undersigned,  thereunto  duly
authorized.

                   AMERICAN REPUBLIC REALTY FUND I

                   ROBERT J. WERRA, GENERAL PARTNER


       /s/  Robert J. Werra

       March 29, 2001