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, 2000    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, 2000 and
  December 31, 1999                                                 Page 3

  Consolidated Statements of Operations for the Three and Six Months
  Months Ended June 30, 2000 and 1999                               Page 4

  Consolidated Statements of Cash Flows for the Three months
  Ended June 30, 2000 and 1999                                      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, 1999, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets



                             June 30,                  December 31,
                               2000                      1999
                            (Unaudited)
ASSETS
 Real
Estate
assets, at
cost
      Land                   $1,822,718                  $1,822,718

      Buildings             $15,656,616                 $15,656,616
      and improvements
                             17,479,334                  17,479,334

      Less:                ($10,722,557)               ($10,382,557)
      Accumulated
      depreciation
                            $6,756,777                   $7,096,777


      Cash                    $270,364                     $116,649
      including cash
      investments

      Escrow                  $427,495                     $542,074
      deposits

      Prepaid                  $49,895                      $14,067
      Expenses

      Deferred                $160,601                     $172,072
      Financing Fees

      Total                 $7,665,132                   $7,941,639
      assets

LIABILITIES AND STOCK HOLDER'S EQUITY

Liabilities
      Mortgage             $10,508,647                  $10,572,372
      and notes
      payable

      Note Payable                  $0                     $165,346
      to affiliates

      Amounts due                   $0                       $4,490
      affiliates

      Real estate             $137,496                           $0
      taxes payable

      Security                 $72,000                      $68,610
      deposits

      Accounts                $157,251                      297,610
      payable &
      accrued expenses

      Total                 10,875,394                   11,108,428
      liabilities

      Partner's Deficit    ($3,210,262)                 ($3,166,789)


      Total                 $7,665,132                   $7,941,639
      liabilities and
      partner deficit


   See notes to Condensed Consolidated Financial Statements




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




                         Three Months Ended             Six Months Ended
                           June 30, 1999                  June 30, 2000

REVENUES                  2000        1999              2000        1999

Rental income           677,399    657,602           1,353,120   $1,321,433

Other property           14,546     13,710              32,167       28,738
Total revenues          691,945    671,312           1,385,287    1,350,171


EXPENSES
Salaries & wages         63,764     84,225             130,690      150,502
Maintenance & repairs    57,568     70,921             101,811      167,253
Utilities                28,724     43,265              90,623       86,577
Real estate taxes        68,748     67,500             137,496      135,000
General administrative   33,682     31,121              53,646       59,784
Contract services        26,007     26,981              54,818       55,116
Insurance                11,374     10,209              21,726       20,821
Interest                207,270    209,356             417,248      420,436
Depreciation and        175,736    179,872             351,472      359,743
amortization
Property management      34,648     33,514              69,231       67,400
fees (a)
Total expenses          707,521    756,964           1,428,761    1,522,632





Net Income             ($15,576)  ($85,652)            (43,474)    (172,461)


NET INCOME PER UNIT      $(1.42)    $(7.79)             $(3.95)     $(15.68)



   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
                                                June 30,

                                             2000              1999

CASH FLOWS FROM OPERATING ACTIVITY

Net income (loss)                         ($43,474)         ($172,461)
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:

    Depreciation and amortization          340,000            330,000

    Net Effect of changes in operating accounts

        Escrow deposits                    114,579            (10,224)

        Prepaid expenses                   (35,828)           (28,586)

        Accrued real estate taxes          137,496            135,000

        Security deposits                    3,390              7,667

        Accounts payable                  (140,359)          (122,865)

        Other assets                        11,471             29,742

Net cash provided by (used for)            387,275            168,273
operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

  Repayment of mortgage notes payable      (63,725)           (58,915)

  Repayment of notes payable to           (165,346)
  affiliates

  Proceeds from amounts due affiliates      (4,490)           (98,931)

  Repayment of amounts due affiliates      (46,853)

  Net cash used for investing activities  (233,561)          (204,699)


NET INCREASE (DECREASE) IN CASH            153,714            (36,426)
AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS,                 116,649            146,358
BEGINNING OF PERIOD

CASH AND CASH EQUIVALENTS, END OF PERIOD  $270,363           $109,932





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

SECOND QUARTER 2000 COMPARED TO SECOND QUARTER 1999

At  June  30,  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 94.3% for the first six months of 2000, as
compared to 94.2% for the second quarter of 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 $2,086 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%


FIRST SIX MONTHS 2000 COMPARED TO FIRST SIX MONTHS 1999

Revenue  from property operations increased $35,116,  or  2.6%,
for the first six months of 2000, as compared to the 1999 first
six  months . The increase in rental income of $35,116 or  2.6%
is primarily due to an increase in  rental rates.  The increase
in  other  income of $3,429 or 11.93% 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                          31,687           2.40%
Other property                          3,429          11.93%
Net Increase                           35,116           2.60%


Property  operating expenses decreased $93,871, or  6.17%,  for
the first six months 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 $19,812 or 13.16% primarily due to
staffing  shortages..  Utilities rose $4,046 or 4.67% primarily
due  to  increases in usage and rates of water  and  wastewater
charges.  General and Administrative decreased $6,138 or 10.27%
primarily due to professional fees relating to cable wiring  of
the   properties.      The  following  table  illustrates   the
components by category:

                                        Increase
                                       (Decrease)

Salaries & wages                 (19,812)        13.16%
Maintenance & repairs            (65,442)        39.13%
Utilities                          4,046          4.67%
Real estate taxes                  2,496          1.85%
General administrative            (6,138)        10.27%
Contract services                   (298)         0.54%
Insurance                            905          4.35%
Interest                          (3,188)         0.76%
Depreciation and amortization     (8,271)         2.30%
Property management fees (a)       1,831          2.72%

Net Increase (Decrease)          (93,871)         6.17%


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, 2000, the Partnership had $270,364 in cash
and cash equivalents as compared to $116,649 as of December 31,
1999 . The net increase in cash of $153,715 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  Partnership's required principal payments  due  under  the
stated  terms of the Partnership's  mortgage notes payable  and
notes   payable  to  affiliates  are  $111,063,  $120,132   and
$129,941, 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  March 31, 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
are  $102,678, $111,063 and $120,131 for each of the next three
years.



          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, 2000.

     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, 2000

[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE June 30, 2000 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-31-2000
[PERIOD-END]                               JUN-30-2000
[CASH]                                         270,364
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,479,334
[DEPRECIATION]                              10,722,557
[TOTAL-ASSETS]                               7,665,132
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,508,647
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,210,262)
[TOTAL-LIABILITY-AND-EQUITY]                 7,665,132
[SALES]                                              0
[TOTAL-REVENUES]                               691,945
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               500,251
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             207,270
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (15,576)
[EPS-BASIC]                                   (1.42)
[EPS-DILUTED]                                        0
</TABLE>