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, 2000 Commission file number 0-11578

                     AMERICAN REPUBLIC REALTY FUND I

          (Exact name of registrant as specified in it's charter)

                  WISCONSIN                            39-1421936
       (State or other jurisdiction of               (IRS Employer
        incorporation or organization             Identification Number)

                        6210 Campbell Road Suite 140
                            Dallas, Texas 75248

                 (Address of principal executive offices)


Registrant's telephone number, including area code: (972)380-8000.


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, 2000 and
    December 31, 1999.                                               Page 3

    Consolidated Statements of Operations for the Three and
    Nine Months Ended September 30, 2000 and 1999.                   Page 4

    Consolidated Statements of Cash Flows for the Nine months
    Ended September 30, 2000 and 1999.                               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 9



The statements, insofar as they relate to the period subsequent to
December 31, 1999, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                          AMERICAN REPUBLIC REALTY FUND I
                      Condensed Consolidated Balance Sheets



                                        September 30,2000   December 31,1999
                                           (Unaudited)


ASSETS
        Real Estate assets, at cost
            Land                            $1,822,718         $1,822,718
            Buildings and improvements      15,656,616         15,656,616

                                            17,479,334         17,479,334

            Less: Accumulated depreciation (10,892,557)       (10,382,557)

            Real Estate, net                 6,586,777          7,096,777

            Cash including cash investments    353,887            116,649
            Escrow deposits                    535,819            542,074
            Prepaid Expenses                    37,507             14,067
            Deferred Financing Fees            154,865            172,072


            TOTAL ASSETS                    $7,668,855         $7,941,639



LIABILITIES AND PARTNERS'EQUITY:

LIABILITIES
        Mortgage and notes payable         $10,480,431        $10,572,372
        Note Payable to affiliates                   0            165,346
        Amounts due affiliates                       0              4,490
        Real estate taxes payable              207,078                  0
        Security deposits                       79,631             68,610
        Accounts payable & accrued expenses    170,592            297,610

        Total liabilities                   10,937,732         11,108,428

PARTNERS CAPITAL(DEFICIT)

        Limited Partners                    (3,321,883)        (3,220,816)
        General  Partner                        53,006             54,027

Total Partners Capital(Deficit)             (3,268,877)        (3,166,789)

TOTAL LIABILITIES AND PARTNER DEFICIT       $7,668,855         $7,941,639


           See notes to Condensed Consolidated Financial Statements




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




                         Three Months Ended          Nine Months Ended
                           September 30,               September 30,

REVENUES                 2000         1999           2000         1999

Rental income           684,484      668,947       2,037,604   $1,990,380
Other property           19,121       14,364          51,288       43,102
Total revenues          703,605      683,311       2,088,892    2,033,482


EXPENSES
Salaries & wages         78,734       71,197         209,424      221,699
Maintenance & repairs    66,576       61,445         168,387      228,698
Utilities                49,529       43,058         140,152      129,635
Real estate taxes        69,582       67,916         207,078      202,916
General administrative   41,372       29,962          95,018       89,746
Contract services        26,634       28,300          81,452       83,416
Insurance                12,389       10,352          34,115       31,173
Interest                206,720      208,850         623,968      629,286
Depreciation and        175,735      179,871         527,207      539,614
amortization
Property management      34,949       34,100         104,180      101,500
fees (a)
Total expenses          762,220      735,051       2,190,981    2,257,683






Net Income             ($58,615)    ($51,740)       (102,089)    (224,201)

NET INCOME PER UNIT      $(5.33)      $(4.70)         $(9.28)     $(20.38)


         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,
                                                    2000           1999

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                                ($102,089)     ($224,201)

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

    Depreciation and amortization                  510,000        495,000

    Net Effect of changes in operating accounts
                Escrow deposits                      6,255       (100,231)
                Prepaid expenses                   (23,440)       (18,244)
                Accrued real estate taxes          207,078        202,916
                Security deposits                   11,021         14,828
                Accounts payable                  (127,018)      (102,585)
                Other assets                        17,207         44,613

Net cash provided by (used for)                    499,014        312,096
operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
      Repayment of mortgage notes payable          (91,941)       (85,001)
      Repayment of notes payable to affiliates    (165,346)             0
      Proceeds from amounts due affiliates          (4,490)       (98,931)
      Repayment of amounts due affiliates                0        (46,216)

Net cash used for investing activities            (261,777)      (230,148)


NET INCREASE (DECREASE) IN CASH                    237,237         81,948
AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     116,650        146,358

CASH AND CASH EQUIVALENTS, END OF PERIOD          $353,887       $228,306





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 MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

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(Decrease)            20,294           2.97%




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)



FIRST NINE MONTHS 2000 COMPARED TO FIRST NINE MONTHS 1999

Revenue from property operations increased $55,410, or 2.72%, for the first
nine  months of  2000, as  compared  to  the  1999  first nine months . The
increase  in  rental  income of  $47,224 or  2.37 is  primarily  due  to an
increase in rental rates. The  increase in  other income of $8,186 or 18.99%
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                    47,224             2.37%
Other property                    8,186            18.99%
Net Increase (Decrease)          55,410             2.72%


Property  operating expenses decreased $66,702, or 2.95%, for the first nine
months of 2000, as  compared  to the same  period  in 1999, primarily due to
decreases in  maintenance  and  repairs expense. The decrease in maintenance
and repairs  expense is due to a one time charge in 1999 for resurfacing the
parking lots. Salaries and wages decreased $12,275 or 5.54% primarily due to
staffing  shortages.  Utilities  rose  $10,517  or  8.11%  primarily  due to
increases  in  usage  and rates of  water and wastewater charges.  Insurance
increased  $2,942  or  9.44% in  connection  with the  annual policy renewal
General and Administrative  increased $5,272 or 5.87% primarily due to legal
expenses  incurred with regard to a tender offer on the Fund.  The following
table illustrates the components by category:

                                      Increase          Percent
                                     (Decrease)         Change


Salaries & wages                      (12,275)           5.54%
Maintenance & repairs                 (60,311)          26.37%
Utilities                              10,517            8.11%
Real estate taxes                       4,162            2.05%
General administrative                  5,272            5.87%
Contract services                      (1,964)           2.35%
Insurance                               2,942            9.44%
Interest                               (5,318)           0.85%
Depreciation and amortization         (12,407            2.30%
Property management fees                2,680            2.64%
Net Increase (Decrease)               (66,702)           2.95%


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, 2000,  the Partnership  had  $353,887 in cash and
cash  equivalents as  compared to  $116,649 as of December 31, 1999. The net
increase in cash of $237,238 is principally due to 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  Partnership's  required principal payments due under the
stated terms of the Partnership's mortgage notes  payable and  notes payable
to  affiliates are  $111,063,  $120,132 and  $129,941,  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.  This together with interest on the debt reduced the
amounts due affiliates to $300,461 at  March 31, 1999.

     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.

     The  Partnership's  required  principal  payments  due under the stated
terms of the  Partnership's  mortgage  notes payable are  $102,678, $111,063
and $120,131 for each of the next three years.



          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, 2000

     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, 2000


[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE September 30, 2000 BALANCE SHEET AND STATEMENT OF INCOME AND EXPENSES
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
[/LEGEND]
[CIK] 0000711512
[NAME] AMERICAN REPUBLIC REALTY FUND I
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   3-MOS
[FISCAL-YEAR-END]                          DEC-31-2000
[PERIOD-END]                               SEP-30-2000
[CASH]                                         353,887
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,479,334
[DEPRECIATION]                              10,892,557
[TOTAL-ASSETS]                               7,668,855
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,480,431
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,268,877)
[TOTAL-LIABILITY-AND-EQUITY]                 7,668,855
[SALES] 					     0
[TOTAL-REVENUES]                               703,605
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               555,500
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             206,720
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (58,615)
[EPS-BASIC]                                   (5.33)
[EPS-DILUTED]                                        0
</TABLE>