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, 1999    Commission file number 0-11578

                 AMERICAN REPUBLIC REALTY FUND

    (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 September 30, 1999 and
    December 31, 1998                                              Page 3

     Consolidated Statements of Operations for the Three and Nine
     Months Ended September 30, 1999 and 1998                      Page 4

     Consolidated Statements of Cash Flows for the Nine months Ended
     September 30, 1999 and 1998                                   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, 1998, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND
             Condensed Consolidated Balance Sheets
   See notes to Condensed Consolidated Financial Statements

                                    September     December
                                       30,           31,
                                      1999          1998
                                   (Unaudited)
ASSETS
        Real Estate assets, at cost
        Land                             $1,822,718   $1,822,718
        Buildings and improvements       15,519,676   15,519,676
                                         17,342,394   17,342,394
        Less: Accumulated Depreciation  (10,197,703)  (9,702,703)
 Real Estate, Net                         7,144,691    7,639,691
        Cash including cash investments     228,306      146,358
        Escrow deposits                     531,051      430,820
        Prepaid Expenses                     32,665       14,421
        Deferred Financing Fees             150,403      195,016

                TOTAL ASSETS             $8,087,116   $8,426,306

LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES
        Mortgage and notes payable      $10,590,050  $10,675,051
        Note Payable to affiliates          300,461      399,392
        Amounts due affiliates                  637       46,853
        Real estate taxes payable           202,916            0
        Security deposits                    71,752       56,924
        Accounts payable & accrued expenses 175,514      278,099

 Total Liabilities                       11,341,330   11,456,319
PARTNERS CAPITAL (DEFICIT)

        Limited Partners                 (3,307,367)  (3,085,408)
        General  Partner                     53,153       55,395

  Total Partners Capital (Deficit)       (3,254,214)  (3,030,013)

  TOTAL LIABILITIES & PARTNER DEFICIT    $8,087,116   $8,426,306

                 AMERICAN REPUBLIC REALTY FUND
        Condensed Consolidated Statement of Operations
                          (Unaudited)
                     Three Months Ended     Nine Months Ended
                      September 30,          September 30,
REVENUES                  1999   1998       1999    1998

Rental income           $668,947 $646,753     $1,990,380 $1,932,933
Other property            14,364   17,532         43,102     44,837
Total revenues           683,311  664,285      2,033,482  1,977,770

EXPENSES
Salaries & wages          71,197  68,772         221,699    205,846
Maintenance & repairs     61,445  94,507         228,698    293,347
Utilities                 43,058  41,442         129,635    133,111
Real estate taxes         67,916  67,500         202,916    202,500
General administrative    29,962  26,714          89,746     79,975
Contract services         28,300  29,446          83,416     85,495
Insurance                 10,352  10,612          31,173     37,860
Interest                 208,850 201,453         629,286    660,606
Depreciation and Amort.  179,871 174,872         539,614    524,614
Property management Fees  34,100  33,172         101,500     98,827
fees
Total expenses           735,051 748,490       2,257,683  2,322,181




Net Income              ($51,740)($84,205)      (224,201)  (344,411)


NET INCOME PER UNIT       $(4.70)  $(7.66)       $(20.38)   $(31.31)

                   AMERICAN REPUBLIC REALTY FUND

        Condensed Consolidated Statement of Cash Flows
   See Notes to Condensed Consolidated Financial Statements
                           Unaudited
                                          Nine Months Ended
                                        September 30,
                                          1999       1998

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                       ($224,201)  ($344,411)
Adjustments to reconcile net income
(loss) to net cash provided by operating activities:
    Depreciation and amortization                  495,000     480,000

    Net Effect of changes in operating accounts
              Escrow deposits                     (100,231)    247,254
              Prepaid expenses                     (18,244)    (12,590)
              Accrued real estate taxes            202,916     202,500
              Security deposits                     14,828      11,014
              Accounts payable                    (102,585)   (132,323)
              Other assets                          44,613      44,614
Net cash provided by (used for)                    312,096     496,058
operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
      Repayment of mortgage notes payable           (85,001)   (78,583)
      Repayment of notes payable to affiliates      (98,931)         0
      Repayment of amounts due affiliates           (46,216)  (374,285)
Net cash used for investing activities             (230,148)  (452,868)

NET INCREASE (DECREASE) IN CASH AND                  81,948     43,190
        CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD      146,358     16,900

CASH AND CASH EQUIVALENTS, END OF PERIOD           $228,306    $60,090


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 1999 COMPARED TO THIRD QUARTER 1998

At September 30, 1999 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 96.2% for the third quarter of 1999, as
compared to 95.8% for the third quarter of 1998.

Revenue from property operations increased $19,026, or 2.86%,
for the third quarter of 1999, as compared to the 1998 third
quarter. The increase in rental income of $22,194 or 3.43% is
primarily due to an increase in  rental rates.  The decrease in
other income of $3,168 or 18.07% is primarily due to an
decrease in fee income collections from the properties.  The
following table illustrates the components:

                   Increase   Per Cent
                   (Decrease)  Change

Rental income        22,194      3.43%
Other property      (3,168)     18.07%
Net Increase         19,026      2.86%
(Decrease)



Property operating expenses decreased $13,439, or 1.8%, for the
third quarter of 1999, as compared to the same period in 1998,
primarily due to decreases in maintenance and repairs of
$33,062 or 34.98%.  The decrease in maintenance and repairs is
due to fewer deferred maintenance projects than in 1998 as then
required by the new mortgage notes.  General and administrative
increased $3,248 or 12.16% primarily due to costs incurred
contesting real estate tax valuations.   The following table
illustrates the components by category:

                                Increase   Per Cent
                               (Decrease)  Change

Salaries & wages                   2,425   3.53%
Maintenance & repairs            (33,062) 34.98%
Utilities                          1,616   3.90%
Real estate taxes                    416   0.62%
General & Administrative           3,248  12.16%
Contract services                 (1,146)  3.89%
Insurance                           (260)  2.45%
Interest                           7,397   3.67%
Depreciation and amortization      4,999   2.86%
Property management fees             928   2.80%
Net Increase (Decrease)          (13,439)  1.80%
(Decrease)



FIRST NINE MONTHS  1999 COMPARED TO FIRST NINE MONTHS 1998

Revenue from property operations increased $55,712or 2.82%, for
the first nine months of 1999, as compared to the 1998 first
nine months. The increase in rental income of $57,447 or 2.97%
is primarily due to an increase in  rental rates.  The decrease
in other income of $1,735 or 3.87% is primarily due to
reductions of fee income from the properties.  The following
table illustrates the components:

                                Increase   Per Cent
                               (Decrease)  Change

Rental income                       57,447   2.97%
Other property                      (1,735)  3.87%
Net Increase (Decrease)             55,712   2.82%



Property operating expenses decreased $64,498, or 2.78%, for
the first nine months of 1999, as compared to the same period
in 1998, primarily due to decreases in maintenance & repairs
and interest.  The decrease in maintenance and repairs is due
to fewer deferred maintenance projects than in 1998 as then
required by the new mortgage notes The decrease in interest is
primarily due to the refinancing of both properties at lower
interest rates.  General and administrative increased $9,771 or
12.22% primarily due to costs incurred contesting real estate
tax valuations.   Insurance costs decreased $6,687 or 17.66%
primarily due to lower rates as a result of better than
expected loss claims.   The following table illustrates the
components by category:


                                Increase   Per Cent
                               (Decrease)  Change

Salaries & wages                   15,853    7.70%
Maintenance & repairs             (64,649)  22.04%
Utilities                          (3,476)   2.61%
Real estate taxes                     416    0.21%
General administrative              9,771   12.22%
Contract services                  (2,079)   2.43%
Insurance                          (6,687)  17.66%
Interest                          (31,320)   4.74%
Depreciation and amortization      15,000    2.86%
Property management fees            2,673    2.70%
Net Increase (Decrease)           (64,498)   2.78%

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, 1999, the Partnership had $228,306 in cash
and cash equivalents as compared to $146,358 as of December 31,
1998. The net increase in cash of $81,948 is principally due to
operating cash flow .

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 $102,678, $111,063, and   $120,132,
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  September 30, 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.

Additionally, the general partner has provided funding  to  the
Partnership  in  the  form of notes payable  with  balances  at
December  31,1998  totaling $399,392 which accrue  interest  at
rates ranging from prime plus 2%; to 8.25% and are due on  June
30,  2001, or upon demand  The general partner is not obligated
to provide additional funding to the Partnership.

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  and
notes payable to affiliates are $102,678, $111,063 and $120,131
for each of the next three years.

Year 2000

The  Partnership and Management Company have replaced all  data
processing systems with the last three years within  year  2000
compliant hardware and software. The Partnership and Management
Company  has completed testing of its data processing  systems.
While  no  certainty can not be assured, the systems tested  to
date are compliant.

Surveys  of  financial institutions and  vendors  used  by  the
Partnership  and Management Company also indicates  compliance.
The   Partnership   and   Management  Company   have   prepared
contingency plans.  These include redundant back-ups and  paper
copies of all system reports through 1999.

The  Partnership anticipates that it will not incur  any  costs
associated with its computers and building operating systems as
it relates to the conversion to the year 2000.




          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,
       1999.

     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
                         a Wisconsin limited partnership



                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner






     Date:     October 20, 1999


[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE September 30, 1999 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-31-1999
[PERIOD-END]                               SEP-30-1999
[CASH]                                         228,306
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,342,394
[DEPRECIATION]                              10,197,703
[TOTAL-ASSETS]                               8,087,116
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,590,050
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,254,214)
[TOTAL-LIABILITY-AND-EQUITY]                 8,087,116
[SALES]                                              0
[TOTAL-REVENUES]                               683,311
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               526,201
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             208,850
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (51,740)
[EPS-BASIC]                                   (4.70)
[EPS-DILUTED]                                        0
</TABLE>