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 June 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 June 30, 2002 and
    December 31, 2001                                               Page 3

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

    Consolidated Statements of Cash Flows for the Six months
    Ended June 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

                                            June 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 depreciation   (12,115,922)          (11,765,922)

                                           5,593,379             5,943,379
        Real Estate, Net Cash
          including cash investments         445,028               294,437
        Escrow deposits                      433,624               552,994
        Prepaid Expenses                      88,116                24,039
        Deferred Financing Fees              114,715               126,186

              TOTAL ASSETS                $6,674,862            $6,941,035


LIABILITIES AND PARTNERS'EQUITY:

LIABILITIES
        Mortgage and notes payable       $10,266,622           $10,341,178
        Amounts due affiliates                 1,395                 1,911
        Real estate taxes payable            152,496                     0
        Security deposits                     73,547                79,501
        Accounts payable & accrued expenses  158,559               342,521

 Total liabilites                         10,652,619            10,765,111

PARTNERS CAPITAL (DEFICIT)
        Limited Partners                  (4,019,518)           (3,867,374)
        General Partner                       41,761                43,298

  Total Partners Capital (Deficit)        (3,977,757)           (3,824,076)


TOTAL LIABILITIES AND PARTNERS DEFICIT    $6,674,862            $6,941,035




                AMERICAN REPUBLIC REALTY FUND I
        Condensed Consolidated Statement of Operations

                                       (Unaudited)
                                       Three Months           Six Months
                                       Ended June 30,         Ended June 30,

REVENUES                             2002        2001       2002         2001

Rental income                     656,907     700,087  1,331,133    1,394,473
Other property                     15,589      21,163     33,362       43,574
Total revenues                    672,496     721,250  1,364,495    1,438,047

EXPENSES
Salaries & wages                   78,209      69,091    164,420      149,795
Maintenance & repairs              59,996      72,241    115,046      139,519
Utilities                          49,980      52,486    101,551      114,488
Real estate taxes                  76,248      71,250    152,496      142,500
General administrative             32,775      34,568     57,029       56,429
Contract services                  27,059      27,681     53,612       55,427
Insurance                          21,010      13,696     38,686       26,085
Interest                          202,565     205,008    405,759      410,598
Depreciation and amortization     180,736     185,736    361,472      371,472
Property management fees (a)       33,567      35,790     68,105       71,186

Total expenses                    762,145     767,547  1,518,176    1,537,499






Net Income                       ($89,649)   ($46,297) ($153,681)    ($99,452)

NET INCOME PER UNIT                $(8.15)     $(4.21)   $(13.97)      $(9.04)


   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

                                                       Six Months
                                                      Ended June 30,
                                                    2002          2001

CASH FLOWS FROM OPERATING
ACTIVITY
Net income (loss)                              ($153,681)     ($99,452)
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:

    Depreciation and amortization                350,000       360,000

    Net Effect of changes in
    operating accounts
                      Escrow deposits            119,370        11,244
                      Prepaid expenses           (64,077)      (43,659)
                      Accrued real estate taxes  152,496       142,500
                      Security deposits           (5,954)        6,399
                      Accounts payable          (183,962)     (124,343)
                      Other assets                11,471        11,471

Net cash provided by (used for)
operating activities                             225,663       264,160

CASH FLOWS FROM INVESTING
ACTIVITIES
      Repayment of mortgage notes payable        (74,556)      (68,929)
      Proceeds from amounts due affiliates          (516)            0
Net cash used for investing activities           (75,072)      (68,929)
activities

NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS                             150,591       195,231
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD                              294,437       442,739

CASH AND CASH EQUIVALENTS, END OF PERIOD        $445,028      $637,970


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

SECOND QUARTER 2002 COMPARED TO SECOND QUARTER 2001

At  June  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 87.4% for the second quarter of 2002,  as
compared to 95.9% for the second quarter of 2001.

Revenue  from property operations decreased $48,754, or  6.76%,
for  the second quarter of 2002, as compared to the 2001 second
quarter.  The decrease in rental income of $43,180 or 6.17%  is
primarily due to an increase in vacancy.  The decrease in other
income  of $5,574 or 26.34% 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               (43,180)      6.17%
Other property               (5,574)     26.34%
Net Increase                (48,754)      6.76%
(Decrease)

Property operating expenses decreased $5,402or 0.70%,  for  the
second quarter of 2002, as compared to the same period in 2001,
primarily  due  to decreases in maintenance &  repair  expense.
The  decrease  in maintenance & repairs expense of  $12,245  or
16.95%  is  preventive maintenance projects being completed  in
2001 Insurance increased $7.314 or 53.4% in connection with the
annual  policy  renewal.  Salaries increased $9,118  or  13.20%
primarily  due to increased on site maintenance.  The following
table illustrates the components by category:

                                                   Increase       Percent
                                                  (Decrease)      Change

Salaries & wages                                      9,118        13.20%
Maintenance & repairs                               (12,245)       16.95%
Utilities                                            (2,506)        4.77%
Real estate taxes                                     4,998         7.01%
General administrative                               (1,793)        5.19%
Contract services                                      (622)        2.25%
Insurance                                             7,314        53.40%
Interest                                             (2,443)        1.19%
Depreciation and amortization                        (5,000)        2.69%
Property management fees (a)                         (2,223)        6.21%
Net Increase                                         (5,402)        0.70%
(Decrease)


SECOND QUARTER 2001 COMPARED TO SECOND QUARTER 2000

At  June  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 96.0% for the second quarter of 2001,  as
compared to 94.3% for the second quarter of 2000.

Revenue  from property operations increased $29,305, or  4.24%,
for  the second quarter of 2001, as compared to the 2000-second
quarter.  The increase in rental income of $22,668 or 3.35%  is
primarily due to an increase in rental rates.  The increase  in
other  income  of  $6,617  or 45.49% 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          22,688        3.35%
Other property          6,617       45.49%
Net Increase           29,305        4.24%
(Decrease)




Property  operating expenses increased $60,026, or  8.48%,  for
the  second quarter of 2001, as compared to the same period  in
2000,  primarily  due to increases in utilities  expense.   The
increase  in  utilities expense is due to significantly  higher
gas bills.  Maintenance and repairs increased $14,673 or 25.49%
primarily  due  to exterior building maintenance.   Salaries  &
Wages increased $5,327 or 8.35%due to high salaries.  Insurance
increased $2,322 or 20.41% in connection with the annual policy
renewal.   The  following table illustrates the  components  by
category:

                                                 Increase       Percent
                                                (Decrease)      Change

Salaries & wages                                   5,327         8.35%
Maintenance & repairs                             14,673        25.49%
Utilities                                         23,762        82.73%
Real estate taxes                                  2,502         3.64%
General administrative                               886         2.63%
Contract services                                  1,674         6.44%
Insurance                                          2,322        20.41%
Interest                                          (2,262)        1.09%
Depreciation and amortization                     10,000         5.69%
Property management fees (a)                       1,142         3.30%
Net Increase                                      60,026         8.48%
(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 June 30, 2002, the Partnership had $445,028 in cash
and cash equivalents as compared to $294,437 as of December 31,
2001.  The net increase in cash of $150,591 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  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 June 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:     August 1, 2002