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, 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)

                   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 March 31, 2001 and
    December 31, 2000                                             Page 3

    Consolidated Statements of Operations for the Three
    Months Ended March 31, 2001 and 2000                          Page 4

    Consolidated Statements of Cash Flows for the Three months
    Ended March 31, 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 9



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

                                         March 31      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           (11,261,467)    (11,081,467)
           depreciation
          Real Estate, net              6,319,182       6,499,182
          Cash including cash             545,009         442,739
           investments
          Escrow deposits                 440,049         505,202
          Prepaid Expenses                 12,446          16,835
          Deferred Financing              143,394         149,129
           Fees

                TOTAL ASSETS           $7,460,08       $7,613,087



     LIABILITIES AND PARTNERS'
     EQUITY:

     LIABILITIES
          Mortgage and notes          $10,422,309     $10,461,310
           payable
          Note Payable to                       0               0
           affiliates
          Amounts due affiliates                0               0
           affiliates
          Real estate taxes                71,250               0
           payable
          Security deposits                77,911          73,445
          Accounts payable &              173,705         310,272
           accrued expenses

         Total liabilities             10,745,175      10,845,027

     PARTNERS CAPITAL
     (DEFICIT)
          Limited Partners             (3,332,076)     (3,279,452)
          General Partner                  46,981          47,512

         Total Partners Capital        (3,285,095)     (3,231,940)
          (Deficit)


     TOTAL  LIABILITES  AND            $7,460,080      $7,613,087
     PARTNER DEFICIT




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

                                           Three Months Ended
                                               March 31,
     REVENUES                            2001             2000

     Rental income                     694,386          675,721
     Other property                     22,411           17,621
     Total revenues                    716,797          693,342

     EXPENSES
     Salaries & wages                  80,704            66,926
     Maintenance & repairs             67,278            44,243
     Utilities                         62,002            61,899
     Real estate taxes                 71,250            68,748
     General administrative            21,861            19,964
     Contract services                 27,746            28,811
     Insurance                         12,389            10,352
     Interest                         205,590           209,978
     Depreciation and amortization    185,736           175,736
     Property management fees (a)      35,396            34,583

     Total expenses                   769,952           721,240

     NET INCOME before               ($53,155)         ($27,898)
      extraordinary item

     Net Income                      ($53,155)         ($27,898)

     NET INCOME PER UNIT               $(4.83)           $(2.54)



   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,
                                                     2001          2000

     CASH FLOWS FROM OPERATING ACTIVITY
     Net income (loss)                            ($53,155)     ($27,898)

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

     Depreciation and amortization                 180,000       170,000

     Net Effect of changes in operating accounts

                     Escrow deposits                65,153        78,573
                     Prepaid expenses                4,389         2,352
                     Accrued real estate taxes      71,250        68,748

                     Security deposits               4,466         1,009
                           Accounts payable       (136,567)     (140,548)
                           Other assets              5,735        21,669
     Net cash provided by (used for) operating     141,271       173,905
     activities


     CASH FLOWS FROM INVESTING ACTIVITIES

           Repayment of mortgage notes payable     (39,001)      (36,056)
           Repayment of notes payable to affiliates      0      (165,346)
           Repayment of amounts due affiliates           0         4,509

     Net cash used for investing activities        (39,001)     (196,893)

     NET INCREASE (DECREASE) IN CASH AND CASH      102,270       (22,988)
     EQUIVALENTS
     CASH AND CASH EQUIVALENTS, BEGINNING OF       442,739       116,649
     PERIOD

     CASH AND CASH EQUIVALENTS, END OF PERIOD     $545,009       $93,661



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 2001 COMPARED TO FIRST QUARTER 2000

At  March  31,  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 95.9% for the first quarter of  2001,  as
compared to 95.3% for the first quarter of 2000.

Revenue  from property operations increased $23,455, or  3.38%,
for  the  first quarter of 2001, as compared to the 2000  first
quarter.  The increase in rental income of $18,665 or 2.76%  is
primarily due to an increase in rental rates.  The increase  in
other  income  of  $4,790  or 27.18% 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                  18,665          2.76%
     Other property                  4,790         27.18%
     Net Increase                   23,455          3.38%
     (Decrease)


Property  operating expenses increased $48,712, or  6.75%,  for
the  first  quarter of 2001, as compared to the same period  in
2000,  primarily  due  to increases in  maintenance  &  repairs
expense.  The increase in maintenance & repairs expense is  due
to  parking lot repaving.  Salaries and wages increased $13,778
or  20.59%  primarily  due  to increased  staffing.   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                            13,778         20.59%
Maintenance & repairs                       23,035         52.06%
Utilities                                      103          0.17%
Real estate taxes                            2,502          3.64%
General administrative                       1,897          9.50%
Contract services                           (1,065)         3.70%
Insurance                                    2,037         19.68%
Interest                                    (4,388)         2.09%
Depreciation and amortization               10,000          5.69%
Property management fees (a)                   813          2.35%
Net Increase                                48,712          6.75%
(Decrease)

FIRST QUARTER 2000 COMPARED TO FIRST QUARTER 1999

At  March  31,  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 95.3% for the first quarter of  2000,  as
compared to 95.8% for the first quarter of 1999.

Revenue  from property operations increased $14,483, or  2.13%,
for  the  first quarter of 2000, as compared to the 1999  first
quarter.  The increase in rental income of $11,890 or 1.79%  is
primarily due to an increase in  rental rates.  The increase in
other  income  of  $2,593  or 17.25% 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        11,890      1.79%
Other property        2,593     17.25%
Net Increase         14,483      2.13%
(Decrease)


Property  operating expenses decreased $44,428, or  5.80%,  for
the  first  quarter 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.     Utilities  rose $18,587 or 42.91%  primarily  due  to
increases  in usage and rates of water and wastewater  charges.
General and Administrative decreased $8,699 or 30.35% primarily
due  to  professional  fees relating to  cable  wiring  of  the
properties.     The following table illustrates the  components
by category:

                                     Increase              Percent
                                    (Decrease)             Change


Salaries & wages                        649                 0.98%
Maintenance & repairs               (52,089)               54.07%
Utilities                            18,587                42.91%
Real estate taxes                     1,248                 1.85%
General admonistrative               (8,699)               30.35%
Contract services                       676                 2.40%
Insurance                              (260)                2.45%
Interest                             (1,102)                0.52%
Depreciation and amortization        (4,135)                2.30%
Property management fees (a)            697                 2.06%
Net Increase                        (44,428)                5.80%
(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 March 31, 2001, the Partnership had $545,009 in cash
and cash equivalents as compared to $442,739 as of December 31,
2000.  The net increase in cash of $102,270 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 March 31, 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:     May 1, 2001