SECURITIES AND EXCHANGE COMMISSION

                     Washington, DC  20549

                           FORM 10-Q

          Quarterly Report Under Section 13 or 15(d)
            Of the Securities Exchange Act of 1934

For Quarter Ended September 30, 2001    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      (IRS Employer
       Incorporation or organization       Identification
                                              Number)

                 2800 N. Dallas Pkwy Suite 100
                        Plano, Texas 75093

           (Address of principal executive offices)


Registrant's telephone number, including area code:  (972)836-8000.


     Indicate by check mark whether the registrant (1) has
     filed all reports required to be filed by Section 13 or
     15(d) of the Securities Exchange Act of 1934 during the
     preceding 12 months (or for such shorter period that the
     registrant was required to file such reports), and (2) has
     been subject to such filing requirements for the past 90
     days.

                    Yes:  Y        No:


              REGISTRANT IS A LIMITED PARTNERSHIP




                       TABLE OF CONTENTS




Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of September 30, 2001 and
    December 31, 2000                                              Page 3

    Consolidated Statements of Operations for the Three and Six
    Months Ended September 30, 2001 and 2000                       Page 4

    Consolidated Statements of Cash Flows for the Nine months ended
    September 30, 2001 and 2000                                    Page 5



Item 2.  Results of Operations and Management's Discussion and Analysis of

    Financial Condition                                            Page 6

    Liquidity and Capital Resources                                Page 7

    Other Information                                              Page 8

    Signatures                                                     Page 10



The statements, insofar as they relate to the period subsequent to
December 31, 2000, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets


                                    September 30        December 31,
                                        2001                2000
                                    (Unaudited)

     ASSETS

          Real Estate assets,
          at cost Land               $1,822,718         $1,822,718

          Buildings and              15,757,931         15,757,931
          improvements
                                     17,580,649         17,580,649

          Less: Accumulated         (11,621,467)       (11,081,467)
                depreciation

          Real Estate, net            5,959,182          6,499,182


          Cash including cash           786,805            442,739
          investments

          Escrow deposits               547,627            505,202

          Prepaid Expenses               44,646             16,835

          Deferred Financing Fees       131,922            149,129


                TOTAL ASSETS         $7,470,182         $7,613,087



     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES
          Mortgage and notes        $10,361,861        $10,461,310
          payable

          Real estate taxes             213,750                  0
          payable

          Security deposits              82,797             73,445

          Accounts payable &            182,039            310,272
          accrued expenses

          Total liabilities          10,840,447         10,845,027

     PARTNERS CAPITAL
     (DEFICIT)
          Limited Partners           (3,416,394)        (3,279,452)

          General Partner                46,129             47,512

     Total Partners Capital          (3,370,265)        (3,231,940)
     (Deficit)


     TOTAL LIABILITIES AND           $7,470,182         $7,613,087
     PARTNER DEFICIT




                AMERICAN REPUBLIC REALTY FUND I
        Condensed Consolidated Statement of Operations
                          (Unaudited)

                             Three Months Ended         Nine Months Ended
                                  June 30,                September 30,
     REVENUES                2001          2000         2001         2000

     Rental income          707,029       684,484    2,101,502    2,037,604

     Other property          22,183        19,121       65,757       51,288

     Total revenues         729,212       703,605    2,167,259    2,088,892


     EXPENSES

     Salaries & wages        86,152        78,734      235,947      209,424

     Maintenance & repairs   60,063        66,576      199,582      168,387

     Utilities               55,739        49,529      170,227      140,152

     Real estate taxes       71,250        69,582      213,750      207,078

     General administrative  26,986        41,372       83,415       95,018

     Contract services       26,408        26,634       81,835       81,452

     Insurance               15,091        12,389       41,176       34,115

     Interest               204,417       206,720      615,015      623,968

     Depreciation and       185,736       175,735      557,208      527,207
     amortization

     Property management     36,243        34,949      107,429      104,180
     fees (a)

     Total expenses         768,085       762,220    2,305,584    2,190,981






     Net Income            ($38,873)     ($58,615)   ($138,325)   ($102,089)


     NET INCOME PER UNIT     $(3.53)       $(5.33)     $(12.58)      $(9.28)


            See Notes to Condensed Consolidated Financial Statements



                AMERICAN REPUBLIC REALTY FUND I

        Condensed Consolidated Statement of Cash Flows
   See Notes to Condensed Consolidated Financial Statements
                           Unaudited
                                                     Nine Months Ended
                                                       September 30,
                                                   2001             2000

  CASH FLOWS FROM OPERATING ACTIVITY
  Net income (loss)                          ($138,325)       ($102,089)

  Adjustments to reconcile net income (loss)
  to net cash provided by operating activities:

  Depreciation and amortization                540,000          510,000

  Net Effect of changes in operating accounts

                   Escrow deposits             (42,425)           6,255
                   Prepaid expenses            (27,811)         (23,440)
                   Accrued real estate taxes   213,750          207,078
                   Security deposits             9,352           11,021
                   Accounts payable           (128,233)        (127,018)
                   Other assets                 17,207           17,207
  Net cash provided by (used for) operating    443,515          499,014
  activities

  CASH FLOWS FROM INVESTING ACTIVITIES
      Repayment of mortgage notes payable      (99,449)         (91,941)
      Proceeds from amounts due affiliates           0         (165,346)
      Repayment of amounts due affiliates            0           (4,490)
      Net cash used for investing activities   (99,449)        (261,777)

  NET INCREASE (DECREASE) IN CASH AND CASH     344,066          237,237
  EQUIVALENTS

  CASH AND CASH EQUIVALENTS, BEGINNING OF      442,739          116,649
  PERIOD

  CASH AND CASH EQUIVALENTS, END OF PERIOD    $786,805         $353,886


Basis of Presentation:

      Certain  information  and footnote  disclosures  normally
included  in  financial statements prepared in accordance  with
generally accepted accounting principles have been condensed or
omitted  pursuant to such rules and regulations,  although  the
Partnership believes that the disclosures are adequate to  make
the information presented not misleading.  It is suggested that
these  condensed  financial statements be read  in  conjunction
with the financial statements and notes thereto included in the
Partnership's latest annual report on Form 10-K.


Item 2. RESULTS OF OPERATIONS AND MANAGEMENTS DISCUSSION AND
        ANALYSIS OF FINANCIAL CONDITION

THIRD QUARTER 2001 COMPARED TO THIRD QUARTER 2000

At September 30, 2001 the Partnership owned two properties with
approximately   416,623  net  rentable   square   feet.    Both
properties  are  apartment communities.  The portfolio  had  an
average  occupancy of 96.5% for the third quarter of  2001,  as
compared to 96.4% for the third quarter of 2000.

Revenue  from property operations increased $25,607, or  3.64%,
for  the  third quarter of 2001, as compared to the  2000-third
quarter.  The increase in rental income of $22,545 or 3.29%  is
primarily due to an increase in rental rates.  The increase  in
other  income  of  $3,062  or 16.01% is  primarily  due  to  an
increase in Late and other fee collections from the properties.
The following table illustrates the components:

                           Increase           Percent
                          (Decrease)          Change


     Rental income          22,545             3.29%
     Other property          3,062            16.01%
     Net Increase           25,607             3.64%
     (Decrease)

Property operating expenses increased $5,865, or 0.77%, for the
third  quarter of 2001, as compared to the same period in 2000,
primarily  due  to  increases in utilities expense.   Insurance
increased $2,702 or 21.81% in connection with the annual policy
renewal.    The  increase  in  utilities  expense  is  due   to
significantly  higher  gas  bills.   General  &  Administrative
decreased  $14,386  or  34.77% due  to  decreased  legal  fees.
Maintenance and repairs decreased $6,513 or 9.78% primarily due
to  exterior building maintenance.  Salaries & Wages  increased
$7,418  or  9.42%due to higher salaries.  The  following  table
illustrates the components by category:

                                               Increase         Percent
                                              (Decrease)        Change


     Salaries & wages                           7,418            9.42%
     Maintenance & repairs                     (6,513)           9.78%
     Utilities                                  6,210           12.54%
     Real estate taxes                          1,668            2.40%
     General administrative                   (14,386)          34.77%
     Contract services                           (226)           0.85%
     Insurance                                  2,702           21.81%
     Interest                                  (2,303)           1.11%
     Depreciation and amortization             10,001            5.69%
     Property management fees (a)               1,294            3.70%
     Net Increase (Decrease)                    5,865            0.77%

THIRD QUARTER 2000 COMPARED TO THIRD QUARTER 1999

At September 30, 2000 the Partnership owned two properties with
approximately   416,623  net  rentable   square   feet.    Both
properties  are  apartment communities.  The portfolio  had  an
average  occupancy of 96.4% for the third quarter of  2000,  as
compared to 96.2% for the third quarter of 1999.

Revenue  from property operations increased $20,294, or  2.97%,
for  the  third quarter of 2000, as compared to the 1999  third
quarter.  The increase in rental income of $15,537 or 2.32%  is
primarily due to an increase in  rental rates.  The increase in
other  income  of  $4,757  or 33.12% is  primarily  due  to  an
increase in Late and other fee collections from the properties.
The following table illustrates the components:

                               Increase        Percent
                              (Decrease)       Change

Rental income                   15,537          2.32%
Other property                   4,757         33.12%
Net Increase                    20,294          2.97%
(Decrease)



Property  operating expenses increased $27,169, or  3.70%,  for
the  third  quarter of 2000, as compared to the same period  in
1999,  primarily due to increases in general and administrative
expense.  The increase in general and administrative expense is
due to legal expenses incurred with regard to a tender offer on
the  fund.   Salaries  and  wages increased  $7,537  or  10.59%
primarily due to increased staffing. Utilities increased $6,471
or  15.03%  primarily due to increased consumption.   Insurance
increased $2,037 or 19.68% in connection with the annual policy
renewal.   The  following table illustrates the  components  by
category:

                                  Increase       Percent
                                 (Decrease)      Change

Salaries & wages                   7,537          10.59%
Maintenance & repairs              5,131           8.35%
Utilities                          6,471          15.03%
Real estate taxes                  1,666           2.45%
General administrative            11,410          38.08%
Contract services                 (1,666)          5.89%
Insurance                          2,037          19.68%
Interest                          (2,130)          1.02%
Depreciation and amortization     (4,136)          2.30%
Property management fees             849           2.49%
Net Increase                      27,169           3.70%
(Decrease)

LIQUIDITY AND CAPITAL RESOURCES

      While  it  is  the General Partners 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
this  asset  should be considered for disposal. At  this  time,
there is no plan to dispose of either property.

     As  of September 30, 2001, the Partnership had $786,805 in
cash  and  cash  equivalents  as compared  to  $442,739  as  of
December  31,  2000. The net increase in cash  of  $344,066  is
principally due to cash flow from operations.

     During the first quarter of 2000 ending September 30,  the
partnership paid off the remaining balance owned to the general
partner of $165,346.  The payment was made with operating  cash
flow from the partnership.

     Each  asset  of the fund refinanced its debt  during  July
1997.   The  fund retired debt with a face value of  $6,500,000
and  replaced  with debt of $10,800,000.  The new mortgages  in
the amounts of $4,000,000, $6,800,000 carries interest rates of
7.8%  and 7.92% respectively.  The notes come due August  2007.
The  Partnerships  required principal payments  due  under  the
stated  terms  of the Partnerships mortgage notes  payable  and
notes payable to affiliates are $120,132 $129,941, and $140,551
for each of the next three years.

     Net  proceeds from the refinancing were used to reduce the
notes  payable  to  affiliates.  During July 1997  payments  of
$3,500,000 were made to reduce the debt to affiliates.

     A   gain  on  retirement  of  debt  arose  with  the  note
refinancing  being  triggered by the early  retirement  of  the
debt.   The  recognized  gain of $348,836  was  the  difference
between  the carrying value of the debt and the funds necessary
to retire the debt.

     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 future Partnership acquisitions  and  balloon
mortgage payments will be proceeds from the sale, financing  or
refinancing of the Properties.


          Other Information


Item 1.             Legal Proceedings

Item 2.             Changes in Securities
                       None

Item 3.             Defaults Upon Senior Securities
                       None

Item 4.             Submission of Matters to a Vote of Security Holders
                       None

Item 5.             Other Information
                       None

Item 6.             Exhibit and Reports on Form 8-K
               (A)The following documents are filed herewith or
               incorporated herein by reference as indicated as
               exhibits:


Exhibit Designation                     Document Description

     2                             Certificate of Limited partnership, as
                                   Amended, incorporated by reference to
                                   Registration Statement No.2-81074
                                   Effective May 2, 1983.

                                   Limited Partnership Agreement,
                                   Incorporated by reference to Registration
                                   Statement No.2-81074 effective May 2,1983.

     11                            Not Applicable
     15                            Not Applicable
     18                            Not Applicable
     19                            Not Applicable
     20                            Not Applicable
     23                            Not Applicable
     24                            Not Applicable

     25                            Power of Attorney, incorporated by
                                   Reference to Registration Statement
                                   No. 2-81074 effective May 2, 1983.

     28                            None

     (B)  Reports on Form 8-K for the quarter ended September 30, 2001.

     1                             None









                         SIGNATURES


     Pursuant to the requirements of the Securities Exchange
     Act of 1934, the registrant has duly caused this report to
     be signed on its behalf by the undersigned thereunto duly
     authorized.


                         AMERICAN REPUBLIC REALTY FUND I
                         A Wisconsin limited partnership



                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner






     Date:     November 1, 2001