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 March 31, 2004   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  75093-5994

            (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 March 31, 2004 and
     December 31, 2003                                                Page 3

     Consolidated Statements of Operations for the Three
     Months Ended March 31, 2004 and 2003                             Page 4

     Consolidated Statements of Cash Flows for the Three
     Months Ended March 31, 2004 and 2003                             Page 5


Item 2.  Results of Operations and Management 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, 2003, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets

                                           March 31       December 31,
                                             2004            2003
                                          (Unaudited)

ASSETS
        Real Estate assets, at cost

        Land                              $1,822,718       $1,822,718
        Buildings and improvements        16,099,903       16,099,903

                                          17,922,621       17,922,621
        Less: Accumulated depreciation   (13,262,432)     (13,097,432)
        Real Estate, net                   4,660,189        4,825,189

        Cash including cash investments      413,219          435,304
        Escrow deposits                      412,687          427,384
        Prepaid Expenses                      19,456           43,377
        Deferred Financing Fees               74,564           80,300

              TOTAL ASSETS                $5,580,115       $5,811,554



LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES
        Mortgage and notes payable       $10,021,330      $10,070,686
        Amounts due affiliates                 4,468            2,452
        Real estate taxes payable             75,249                0
        Security deposits                     69,388           71,944
        Accounts payable & accrued expenses  175,650          319,414

      Total liabilities                   10,346,085       10,464,496

PARTNERS CAPITAL  (DEFICIT)
        Limited Partners                  (4,802,599)      (4,690,701)
        General Partner                       36,629           37,759

Total Partners Capital (Deficit)          (4,765,970)      (4,652,942)


TOTAL LIABILITIES AND PARTNER DEFICIT     $5,580,115       $5,811,554




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

                                             Three Months
                                            Ended March 31,
REVENUES                                 2004            2003

Rental income                         622,572         682,658
Other property                         15,297          14,796
Total revenues                        637,869         697,454

EXPENSES
Salaries & wages                       86,234          96,806
Maintenance & repairs                  56,234          39,487
Utilities                              54,204          54,163
Real estate taxes                      75,249          75,249
General administrative                 17,925          22,149
Contract services                      28,703          26,318
Insurance                              31,921          23,691
Interest                              197,798         200,602
Depreciation and amortization         170,736         180,736
Property management fees (a)           31,893          34,859
Total expenses                        750,897         754,060


Net Income                          ($113,028)       ($56,606)

NET INCOME PER UNIT                   $(10.28)         $(5.15)



     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


                                               Three Months Ended
                                                   March 31,
                                              2004            2003

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                        ($113,028)       ($56,606)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:

    Depreciation and amortization          165,000         175,000

Net Effect of changes in
operating accounts

        Escrow deposits                     14,697          65,838
        Prepaid expenses                    23,921          15,691
        Accrued real estate taxes           75,249          75,249
        Security deposits                   (2,556)            348
        Accounts payable                  (143,764)       (160,290)
        Other assets                         5,736           5,735
Net cash provided by (used for)
operating activities                        25,255         120,965

CASH FLOWS FROM INVESTING ACTIVITIES
     Repayment of mortgage notes payable   (49,356)        (45,630)
     Proceeds from amounts due affiliates    2,016            (897)

Net cash used for investing activivties    (47,340)        (46,527)

NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS                           (22,085)         74,438
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD                        435,304         214,237

CASH AND CASH EQUIVALENTS, END OF
PERIOD                                    $413,219        $288,675


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

FIRST QUARTER 2004 COMPARED TO FIRST QUARTER 2003

At  March  31,  2004  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 85.2% for the first quarter of 2004, as compared  to
90.5% for the first quarter of 2003.

Revenue from property operations decreased $59,585, or 8.54%, for
the first quarter of 2004, as compared to the 2003 first quarter.
The  decrease  in rental income of $60,086 or 8.80% is  primarily
due  to an increase in vacancy.  The increase in other income  of
$501  or 3.39% 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                        (60,086)      8.80%
Other property                           501       3.39%
Net Increase (Decrease)              (59,585)      8.54%


Property  operating expenses decreased $3,163 or 0.42%,  for  the
first  quarter of 2004, as compared to the same period  in  2003.
Maintenance & repairs increased $16,747 or 42.41% due to exterior
painting of Forestwood..  Insurance increased $8,230 or 34.74% in
connection  with  the  annual policy renewal.   The  decrease  in
general  &  administrative is due to decreased advertising.   The
following table illustrates the components by category:

                                                  Increase
                                                 (Decrease)

Salaries & wages                             (10,572)    10.92%
Maintenance & repairs                         16,747     42.41%
Utilities                                         41      0.08%
Real estate taxes                                  0      0.00%
General administrative                        (4,224)    19.07%
Contract services                              2,385      9.06%
Insurance                                      8,230     34.74%
Interest                                      (2,804)     1.40%
Depreciation and amortization                (10,000)     5.53%
Property management fees (a)                  (2,966)     8.51%
Net Increase (Decrease)                       (3,163)     0.42%

 FIRST QUARTER 2003 COMPARED TO FIRST QUARTER 2002

At  March  31,  2003  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 90.5% for the first quarter of 2003, as compared  to
89.5% for the first quarter of 2002.

Revenue from property operations increased $5,455, or 0.79%,  for
the first quarter of 2003, as compared to the 2002 first quarter.
The increase in rental income of $8,432 or 1.25% is primarily due
to  an  decrease  in vacancy.  The decrease in  other  income  of
$2,977  or  16.75% 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                  8,432       1.25%
Other property                (2,977)     16.75%
Net Increase (Decrease)        5,455       0.79%

Property  operating expenses decreased $1,971 or 0.26%,  for  the
first  quarter of 2003, as compared to the same period  in  2002.
Insurance  increased  $6,015 or 34.03%  in  connection  with  the
annual  policy  renewal.  The decrease in maintenance  &  repairs
expense of $15,563 or 28.27% is represents decreased turnover and
related  costs.   Salaries increased $10,595 or 12.29%  primarily
due  to  increased  on  site maintenance.   The  following  table
illustrates the components by category:

                                              Increase      Percent
                                             (Decrease)     Change

Salaries & wages                               10,595        12.29%
Maintenance & repairs                         (15,563)       28.27%
Utilities                                       2,592         5.03%
Real estate taxes                                (999)        1.31%
General administrative                         (2,105)        8.68%
Contract services                                (235)        0.89%
Insurance                                       6,015        34.03%
Interest                                       (2,592)        1.28%
Depreciation and amortization                       0         0.00%
Property management fees (a)                      321         0.93%
Net Increase (Decrease)                        (1,971)        0.26%

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 March 31, 2004, the Partnership had $413,219 in  cash
and  cash equivalents as compared to $435,304 as of December  31,
2003.  The net increase in cash of $22,085 is principally due  to
cash flow from operations.

     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.

     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 are  $152,028,
$164,442 and $177,870 for each of the next three years.

     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
     31.1                          Certification Pursuant to
                                   Rules 13a-14 and 15d-14 Under
                                   the Securities Exchange Act of
                                   1934, as Adopted Pursuant to
                                   Section 302 of the Sarbanes-
                                   Oxley Act of 2002, filed
                                   herewith.

     32.1                          Certification Pursuant to 18
                                   U.S.C. Section 1350, as
                                   Adopted Pursuant to Section
                                   906 of the Sarbanes-Oxley Act
                                   of 2002, filed herewith.

     (B)  Reports on Form 8-K for the quarter ended March 31, 2004.

     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:     May 6, 2004




                                             Exhibit 31.1

     CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
   THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I  Robert J. Werra, Acting Principal Executive Officer and  Chief
Financial  Officer  of  American Republic  Realty  Fund  I  ("the
Company"), certify that:

1.     I  have reviewed this quarterly report on Form 10-Q of the
       Company;

2.     Based  on  my  knowledge, this quarterly report  does  not
       contain  any untrue statement of a material fact  or  omit
       to  state a material fact necessary to make the statements
       made,  in  light  of the circumstances  under  which  such
       statements were made, not misleading with respect  to  the
       period covered by this quarterly report;

3.     Based  on  my  knowledge,  the financial  statements,  and
       other  financial  information included in  this  quarterly
       report,  fairly  present  in  all  material  respects  the
       financial condition, results of operations and cash  flows
       of  the  registrant as of, and for, the periods  presented
       in this quarterly report;

4.     I   am   responsible  for  establishing  and   maintaining
       disclosure   controls  and  procedures  (as   defined   in
       Exchange  Act Rules 13a-15(e) and 15d-15(e)) and  internal
       control  over financial reporting (as defined in  Exchange
       Act  Rules  13a-15(f) and 15d-15(f)) for the  Company  and
       have:

  a.   designed  such  disclosure  controls  and  procedures,  or
       caused  such  disclosure controls  and  procedures  to  be
       designed  under  my supervision, to ensure  that  material
       information  relating to the company and its  consolidated
       subsidiaries  is made known to me by others  within  those
       entities, particularly for the periods presented  in  this
       quarterly report;

  b.   designed  such internal control over financial  reporting,
       or  caused  such internal control over financial reporting
       to   be   designed  under  my  supervision,   to   provide
       reasonable   assurance  regarding   the   reliability   of
       financial  reporting  and  the  preparation  of  financial
       statements  for  external  purposes  in  accordance   with
       generally accepted accounting principles.

  c.   evaluated  the  effectiveness of the  Companys  disclosure
       controls  and procedures and presented in this  report  my
       conclusions  about  the effectiveness  of  the  disclosure
       controls  and  procedures, as of the  end  of  the  period
       covered by this report based on such evaluation; and



    CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
  THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
   SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - continued


  d.   disclosed  in  this report any change  in  the  Companys
       internal  control over financial reporting that occurred
       during the Companys most recent fiscal quarter that  has
       materially   affected,  or  is  reasonably   likely   to
       materially  affect, the Companys internal  control  over
       financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Companys  auditors and Audit Committee of the  Board  of
       Directors   (or   persons  fulfilling   the   equivalent
       function):

  a.   all significant deficiencies and material weaknesses  in
       the   design  or  operation  of  internal  control  over
       financial  reporting  which  are  reasonably  likely  to
       adversely   affect  the  Companys  ability  to   record,
       process, summarize, and report financial data; and

  b.   any  fraud,  whether  or  not  material,  that  involves
       management  or  other employees who have  a  significant
       role  in  the  Companys internal control over  financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  May 6, 2004



                                             Exhibit 32.1

                   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  I ("the Company") on Form 10-Q for  the  period
  ending  March  31,  2004  as filed with  the  Securities  and
  Exchange  Commission on the date hereof  ("the  Report"),  I,
  Robert J. Werra, Acting Principal Executive Officer and Chief
  Financial  Officer of the Company, certify,  pursuant  to  18
  U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley
  Act of 2002, that:

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

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



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  October 31, 2003