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, 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 June 30, 2001 and
     December 31, 2000                                              Page 3

     Consolidated Statements of Operations for the Three and Six
     Months Ended June 30, 2001 and 2000
                                                                    Page 4

     Consolidated Statements of Cash Flows for the Six months ended
     June 30, 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
                                         June 30          December 31,
                                           2001               2000
                                       (Unaudited)

 ASSETS
    Real Estate assets, at cost

     Land                              $1,822,718          $1,822,718
     Buildings and improvements        15,757,931          15,757,931

                                       17,580,649          17,580,649

     Less: Accumulated depreciation   (11,441,467)        (11,081,467)

     Real Estate, net                   6,139,182           6,499,182

     Cash including cash investments      637,970             442,739
     Escrow deposits                      493,958             505,202
     Prepaid Expenses                      60,494              16,835
     Deferred Financing Fees              137,658             149,129


                 TOTAL ASSETS          $7,469,262          $7,613,087


 LIABILITIES AND PARTNERS' EQUITY:

 LIABILITIES

     Mortgage and notes payable       $10,392,381         $10,461,310
     Note Payable to affiliates                 0                   0
     Amounts due affiliates                     0                   0
     Real estate taxes payable            142,500                   0
     Security deposits                     79,844              73,445
     Accounts payable & accrued expenses  185,929             310,272

          Total liabilities            10,800,654          10,845,027

     PARTNERS CAPITAL  (DEFICIT)
          Limited Partners             (3,377,910)         (3,279,452)
          General Partner                  46,518              47,512

     Total Partners Capital            (3,331,392)         (3,231,940)
     (Deficit)


     TOTAL LIABILITIES AND
     PARTNER DEFICIT                   $7,469,262          $7,613,087





                       AMERICAN REPUBLIC REALTY FUND I
               Condensed Consolidated Statement of Operations

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


     REVENUES                       2001         2000        2001        2000

     Rental income               700,087      677,399   1,394,473   1,353,120
     Other property               21,163       14,546      43,574      32,167
     Total revenues              721,250      691,945   1,438,047   1,385,287


     EXPENSES
     Salaries & wages             69,091       63,764     149,795     130,690
     Maintenance & repairs        72,241       57,568     139,519     101,811
     Utilities                    52,486       28,724     114,488      90,623
     Real estate taxes            71,250       68,748     142,500     137,496
     General administrative       34,568       33,682      56,429      53,646
     Contract services            27,681       26,007      55,427      54,818
     Insurance                    13,696       11,374      26,085      21,726
     Interest                    205,008      207,270     410,598     417,248
     Depreciation and
       amortization              185,736      175,736     371,472     351,472
     Property management fees(a)  35,790       34,648      71,186      69,231

     Total expenses              767,547      707,521   1,537,499   1,428,761






     Net Income                 ($46,297)    ($15,576)   ($99,452)   ($43,474)


     NET INCOME PER UNIT          $(4.21)      $(1.42)     $(9.04)     $(3.95)


   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
                                                        March 31,
                                                   2001          2000

     CASH FLOWS FROM OPERATING ACTIVITY

     Net income (loss)                          ($99,452)     ($43,474)
     Adjustments to reconcile net income
     (loss) to net cash provided by operating
     activities:

         Depreciation and amortization           360,000       340,000

         Net Effect of changes in operating accounts

             Escrow deposits                      11,244       114,579
             Prepaid expenses                    (43,659)      (35,828)
             Accrued real estate taxes           142,500       137,496
             Security deposits                     6,399         3,390
             Accounts payable                   (124,343)     (140,359)

             Other assets                         11,471        11,471
     Net cash provided by (used for)
     operating activities                        264,160       387,275

     CASH FLOWS FROM INVESTING
     ACTIVITIES

       Repayment of mortgage notes payable       (68,929)      (63,725)
       Repayment of notes payable to affiliates        0             0
       Proceeds from amounts due affiliates            0      (165,346)
       Repayment of amounts due                        0        (4,490)
       Net cash used for investing activities    (68,929)     (233,561)


     NET INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS                        195,231       153,714

     CASH AND CASH EQUIVALENTS,
     BEGINNING OF PERIOD                         442,739       116,649

     CASH AND CASH EQUIVALENTS, END OF PERIOD   $637,970      $270,363



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 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 (Decrease)       29,305         4.24%





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 amoritization                 10,000        5.69%
Property management fees (a)                    1,142        3.30%

Net Increase (Decrease)                        60,026        8.48%



SECOND QUARTER 2000 COMPARED TO SECOND QUARTER 1999

Revenue  from property operations increased $20,633, or  3.07%,
for  the second quarter of 2000, as compared to the 1999-second
quarter.  The increase in rental income of $19,797 or 3.01%  is
primarily due to an increase in rental rates.  The increase  in
other  income of $836 or 6.10% 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                                  19,797          3.01%
Other property                                    836          6.10%
Net Increase (Decrease)                        20,633          3.07%


Property  operating expenses decreased $49,443, or  6.53%,  for
the  second 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.  Salaries and wages decreased $20,461 or 24.29% primarily
due  to  staffing  shortages. Utilities  decreased  $14,541  or
33.61%  primarily  due  to  decreased  consumption.   Insurance
increased $1,165 or 11.41% with the annual policy renewal.  The
following table illustrates the components by category:

                                              Increase         Percent
                                             (Decrease)        Change

Salaries & wages                              (20,461)         24.29%
Maintenance & repairs                         (13,353)         18.83%
Utilities                                     (14,541)         33.61%
Real estate taxes                               1,248           1.85%
General administrative                          2,561           8.23%
Contract services                                (974)          3.61%
Insurance                                       1,165          11.41%
Interest                                       (2,086)          1.00%
Depreciation and amortization                  (4,136)          2.30%
Property management fees (a)                    1,134           3.38%

Net Increase (Decrease)                       (49,443)          6.53%


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, 2001, the Partnership had $637,970 in cash
and cash equivalents as compared to $442,739 as of December 31,
2000.  The net increase in cash of $195,231 is principally  due
to cash flow from operations.

     During  the  first  quarter of 2000 ending  June  30,  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 carries 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, 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:     August 1, 2001