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, 2003    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 September 30, 2003 and
     December 31, 2002                                                Page 3

     Consolidated Statements of Operations for the Three and Nine
     Months Ended September 30, 2003 and 2002
                                                                      Page 4

     Consolidated Statements of Cash Flows for the Three and
     Nine months Ended September 30, 2003 and 2002
                                                                      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 10



The statements, insofar as they relate to the period subsequent
to December 31, 2002, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets


                                              September 30,      December 31,
                                                  2003              2002
                                               (Unaudited)

ASSETS
        Real Estate assets, at cost

        Land                                   $1,822,718        $1,822,718
        Buildings and improvements             16,006,007        16,006,007

                                               17,828,725        17,828,725

        Less: Accumulated depreciation        (12,971,239)      (12,446,239)


        Real Estate, net                        4,857,486         5,382,486



        Cash including cash investments           267,621           214,237
        Escrow deposits                           670,868           572,601
        Prepaid Expenses                           83,901            32,194
        Deferred Financing Fees                    86,036           103,242


            TOTAL ASSETS                       $5,965,912        $6,304,760



LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES
        Mortgage and notes payable            $10,094,884       $10,211,238
        Amounts due affiliates                      1,446             1,725
        Real estate taxes payable                 225,747                 0
        Security deposits                          74,992            75,028
        Accounts payable & accrued expenses       188,121           333,000

 Total liabilities                             10,585,190        10,620,991
PARTNERS CAPITAL
(DEFICIT)

        Limited Partners                       (4,657,374)       (4,357,357)
        General Partner                            38,096            41,126

Total Partners Capital (Deficit)               (4,619,278)       (4,316,231)


  TOTAL LIABILITIES AND PARTNER DEFICIT        $5,965,912        $6,304,760





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

                                Three Months Ended         Nine Months Ended
                                  September 30,              September 30,
REVENUES                        2003          2002         2003         2002

Rental income                  647,493      673,311    1,975,407   2,004,444
Other property                  16,648       17,253       48,161      50,615
Total revenues                 664,141      690,564    2,023,568   2,055,059

EXPENSES

Salaries & wages                98,811       96,086      276,294     260,506
Maintenance & repairs           59,158       91,062      172,069     206,108
Utilities                       49,903       52,170      158,179     153,721
Real estate taxes               75,249       75,915      225,747     228,411
General administrative          30,167       25,238       84,175      82,267
Contract services               29,119       25,978       83,589      79,590
Insurance                       31,921       23,691       83,356      62,377
Interest                       199,227      201,923      599,751     607,682
Depreciation and amortization  180,736      180,735      542,208     542,207
Property management fees (a)    33,292       34,522      101,247     102,627
Total expenses                 787,583      807,320    2,326,615   2,325,496

Net Income                   ($123,442)   ($116,756)   ($303,047)  ($270,437)

NET INCOME PER UNIT            $(11.22)     $(10.61)     $(27.55)    $(24.59)


     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


                                                         Nine Months Ended
                                                           September 30,
                                                         2003         2002

CASH FLOWS FROM OPERATING ACTIVITY

Net income (loss)                                   ($303,047)   ($270,437)
Adjustments to reconcile net income
(loss) to net cash provided by operating
activities:

 Depreciation and amortization                        525,000      525,000

 Net Effect of changes in operating accounts

      Escrow deposits                                 (98,267)      (6,839)
      Prepaid expenses                                (51,707)     (40,386)
      Accrued real estate taxes                       225,747      228,411
      Security deposits                                   (36)         527
      Accounts payable                               (144,879)    (178,547)

              Other assets                             17,206       17,208

Net cash provided by (used for) operating activities  170,017      274,937

CASH FLOWS FROM INVESTING ACTIVITIES

      Repayment of mortgage notes payable            (116,354)    (107,569)
      Distributions to limited partners                     0     (275,000)
      Proceeds from amounts due affiliates               (279)         891

Net cash used for investing activities               (116,633)    (381,678)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   53,384     (106,741)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD        214,237      294,437

CASH AND CASH EQUIVALENTS, END OF PERIOD             $267,621     $187,696


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

THIRD QUARTER 2003 COMPARED TO THIRD QUARTER 2002

At  September 30, 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 90.9% for the third quarter of 2003, as compared  to
88.3% for the third quarter of 2002.

Revenue from property operations decreased $26,423, or 3.83%, for
the third quarter of 2003, as compared to the 2002 third quarter.
The  decrease  in rental income of $25,818 or 3.83% is  primarily
due  to a decrease in rental rates.  The decrease in other income
of  $605  or  3.51% is primarily due to an decrease in  Late  and
other  fee collections from the properties.  The following  table
illustrates the components:

                                                        Three Month
                                                  Increase       Percent
                                                 (Decrease)      Change

Rental income                                     (25,818)        3.83%
Other property                                       (605)        3.51%
Net Increase                                      (26,423)        3.83%
(Decrease)

Property operating expenses decreased $19,737 or 2.44%,  for  the
third  quarter of 2003, as compared to the same period  in  2002.
Maintenance & repairs decreased $31,904 or 35.04% due to  reduced
property  exterior  construction projects.   Insurance  increased
$8,230  or  34.74% in connection with the annual policy  renewal.
The  increase  in  general & administrative is due  to  increased
professional  fees  and  banks  charges.   The  following   table
illustrates the components by category:

                                                  Increase       Percent
                                                 (Decrease)      Change

Salaries & wages                                    2,725         2.84%
Maintenance & repairs                             (31,904)       35.04%
Utilities                                          (2,267)        4.35%
Real estate taxes                                    (666)        0.88%
General administrative                              4,929        19.53%
Contract services                                   3,141        12.09%
Insurance                                           8,230        34.74%
Interest                                           (2,696)        1.34%
Depreciation and amortization                           1         0.00%
Property management fees (a)                       (1,230)        3.56%

Net Increase                                      (19,737)        2.44%
(Decrease)

 THIRD QUARTER 2002 COMPARED TO THIRD QUARTER 2001

At  September 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 88.3% for the third quarter of 2002, as compared  to
96.5% for the third quarter of 2001.

Revenue from property operations decreased $38,648, or 5.30%, for
the third quarter of 2002, as compared to the 2001 third quarter.
The  decrease  in rental income of $33,718 or 4.77% is  primarily
due  to an increase in vacancy.  The decrease in other income  of
$4,930  or  22.22% 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                                     (33,718)        4.77%
Other property                                     (4,930)       22.22%
Net Increase                                      (38,648)        5.30%
(Decrease)

Property operating expenses increased $39,235 or 5.11%,  for  the
third  quarter of 2002, as compared to the same period  in  2001,
primarily due to increases in maintenance & repair expense.   The
increase in maintenance & repairs expense of $30,999 or 51.61% is
associated  with  turnover and other make ready costs.  Insurance
increased  $8,600 or 56.99% in connection with the annual  policy
renewal.   Salaries increased $9,934 or 11.53% primarily  due  to
increased  on site maintenance.  The following table  illustrates
the components by category:

                                                  Increase       Percent
                                                 (Decrease)      Change

Salaries & wages                                    9,934        11.53%
Maintenance & repairs                              30,999        51.61%
Utilities                                          (3,569)        6.40%
Real estate taxes                                   4,665         6.55%
General administrative                             (1,748)        6.48%
Contract services                                    (430)        1.63%
Insurance                                           8,600        56.99%
Interest                                           (2,494)        1.22%
Depreciation and amortization                      (5,001)        2.69%
Property management fees (a)                       (1,721)        4.75%

Net Increase                                       39,235         5.11%
(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  September 30, 2003, the Partnership had $267,621  in
cash  and cash equivalents as compared to $214,237 as of December
31,  2002. The net increase in cash of $53,384 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  $140,551
$152,028, and $164,442 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 September 30, 2003.

     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:     October 31, 2003




   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
  October 31, 2003
























  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  September 30, 2003 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