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, 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              (IRS Employer
       incorporation or organization            Identification Number)

                         2800 N. Dallas Pkwy Suite 100
                            Plano, Texas  75093-4707

                    (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, 2002 and
    December 31, 2001                                            Page 3

    Consolidated Statements of Operations for the Six
    Months Ended September 30, 2002 and 2001                     Page 4

    Consolidated Statements of Cash Flows for the Six months
    Ended September 30, 2002 and 2001                            Page 5


Item 2.  Results of Operations and Managements Discussion and
         Analysis of Financial Condition                         Page 6

    Liquidity and Capital Resources                              Page 7

    Other Information                                            Page 8

    Signatures                                                   Page 9



The statements, insofar as they relate to the period subsequent
to December 31, 2001, are Unaudited.



PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets

                                           September 30,      December 31,
                                               2002               2001
                                            (Unaudited)

ASSETS
             Real Estate assets, at cost

             Land                           $1,822,718         $1,822,718
             Buildings and improvements     15,886,583         15,886,583

                                            17,709,301         17,709,301
                     Less: Accumulated     (12,290,922)       (11,765,922)
                           depreciation

Real Estate, net                             5,418,379          5,943,379

             Cash including cash               187,696            294,437
             investments
             Escrow deposits                   559,833            552,994
             Prepaid Expenses                   64,425             24,039
             Deferred Financing Fees           108,978            126,186

                     TOTAL ASSETS           $6,339,311         $6,941,035


LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES
             Mortgage and notes            $10,233,609        $10,341,178
             payable
             Amounts due affiliates              2,802              1,911
             Real estate taxes payable         228,411                  0
             Security deposits                  80,028             79,501
             Accounts payable &                163,974            342,521
             accrued expenses

   Total iabilities                         10,708,824         10,765,111
PARTNERS CAPITAL (DEFICIT)
             Limited Partners               (4,410,107)        (3,867,374)
             General Partner                    40,594             43,298

Total Partners Capital (Deficit)            (4,369,513)        (3,824,076)


TOTAL LIABILITIES AND PARTNER DEFICIT       $6,339,311         $6,941,035




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

                                Three Months Ended       Nine Months Ended
                                   September 30,           September 30,
REVENUES                        2002          2001     2002             2001

Rental income                   673,311    707,029     2,004,444   2,101,502
Other property                   17,253     22,183        50,615      65,757
Total revenues                  690,564    729,212     2,055,059   2,167,259

EXPENSES
Salaries & wages                 96,086     86,152       260,506     235,947
Maintenance & repairs            91,062     60,063       206,108     199,582
Utilities                        52,170     55,739       153,721     170,227
Real estate taxes                75,915     71,250       228,411     213,750
General administrative           25,238     26,986       82,267      83,415
Contract services                25,978     26,408        79,590      81,835
Insurance                        23,691     15,091        62,377      41,176
Interest                        201,923    204,417       607,682     615,015
Depreciation and amortization   180,735    185,736       542,207     557,208
Property management fees (a)     34,522     36,243       102,627     107,429
Total expenses                  807,320    768,085     2,325,496   2,305,584

Net Income                    ($116,756) ($38,8737)    ($270,425)  ($138,325)

NET INCOME PER UNIT             $(10.61)    $(3.53)      $(24.59)    $(12.58)

   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,
                                                    2002           2001

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                              ($270,437)      ($138,325)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
    Depreciation and amortization                525,000         540,000

    Net Effect of changes in operating accounts
                      Escrow deposits             (6,839)        (42,425)
                      Prepaid expenses           (40,386)        (27,811)
                      Accrued real estate taxes  228,411         213,750
                      Security deposits              527           9,352
                      Accounts payable          (178,547)       (128,233)
                      Other assets                17,208          17,207
Net cash provided by (used for)                  274,937         443,515

CASH FLOWS FROM INVESTING  ACTIVITIES
      Repayment of mortgage notes payable       (107,569)        (99,449)
      Proceeds from amounts due affiliates           891               0
      Distributions to limited partners         -275,000               0
Net cash used for investing activities          (381,678)        (99,449)

NET INCREASE (DECREASE) IN CASH                 (106,741)        344,066
AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS,                       294,437         442,739
BEGINNING OF PERIOD

CASH AND CASH EQUIVALENTS, END OF PERIOD        $187,696        $786,805


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 2002 COMPARED TO THIRD QUARTER 2001

At September 30, 2002 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 88.3% for the third quarter of  2002,  as
compared to 96.5% for the third quarter of 2001.

Revenue  from property operations decreased $38,648, or  5.30%,
for  the  third quarter of 2002, as compared to the 2001  third
quarter.  The decrease in rental income of $33,718 or 4.77%  is
primarily due to an increase in vacancy.  The decrease in other
income  of $4,930 or 22.22% is primarily due to an decrease  in
Late  and  other  fee  collections from  the  properties.   The
following table illustrates the components:

                                      Increase         Percent
                                     (Decrease)        Change

Rental income                         (33,718)          4.77%
Other property                         (4,930)         22.22%
Net Increase (Decrease)               (38,648)          5.30%

Property operating expenses increased $39,235 or 5.11%, for the
third  quarter of 2002, as compared to the same period in 2001,
primarily  due  to increases in maintenance &  repair  expense.
The  increase  in maintenance & repairs expense of  $30,999  or
51.61%  is associated with turnover and other make ready costs.
Insurance  increased  $8,600 or 56.99% in connection  with  the
annual  policy  renewal.  Salaries increased $9,934  or  11.53%
primarily  due to increased on site maintenance.  The following
table illustrates the components by category:

                                                  Increase       Percent
                                                 (Decrease)      Change

Salaries & wages                                    9,934        11.53%
Maintenance & repairs                              30,999        51.61%
Utilities                                          (3,569)        6.40%
Real estate taxes                                   4,665         6.55%
General administrative                             (1,748)        6.48%
Contract services                                    (430)        1.63%
Insurance                                           8,600        56.99%
Interest                                           (2,494)        1.22%
Depreciation and amortization                      (5,001)        2.69%
Property management fees (a)                       (1,721)        4.75%

Net Increase (Decrease)                            39,235         5.11%

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 (Decrease)                  25,607            3.64%

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%

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, 2002, the Partnership had $187,696 in
cash  and  cash  equivalents  as compared  to  $294,437  as  of
December  31,  2001. The net decrease in cash  of  $106,741  is
principally due to a distribution made September 30, 2002.

     On  September 30, 2002 the partnership distributed  $25.00
per  limited partnership unit to units of record September  30,
2002.  This distribution was made from excess cash on hand from
cash flow from operations.

     During  the  first quarter of 2000 ending  March  31,  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 carry 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, 2002.

     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, 2002



                   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 Quarterly Report of American Republic
  Realty  Fund  (the  Company) on Form 10-Q  for  the  period
  ending  September 30, 2002 as filed with the  Securities  and
  Exchange  Commission on the date hereof  (the  Report),  I,
  Robert  J  Werra,  Principal Executive Officer  and  Paul  M.
  Ivanoff  Treasurer 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                           /s/ Paul M. Ivanoff
      Robert J. Werra                               Paul M. Ivanoff
      CEO Univesco, Inc.                            Treasurer Univesco, Inc.
      Management Agent                              Management Agent


  November 1, 2002