10






              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, 2002   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  75093-4707

           (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 March 31, 2002 and
    December 31, 2001                                 Page 3

     Consolidated Statements of Operations for the Three
     Months Ended March 31, 2002 and 2001
Page 4

     Consolidated Statements of Cash Flows for the Three months
Ended
     March 31, 2002 and 2001                           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, 2001, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets
                                      March 31       December
                                                        31,
                                        2002           2001
                                     (Unaudited)

ASSETS
        Real Estate assets, at
        cost
        Land                          $1,822,718     $1,822,71
                                                            8
        Buildings and improvements    15,886,583     15,886,58
                                                            3
                                      17,709,301     17,709,30
                                                            1
            Less: Accumulated       (11,940,922)     (11,765,9
               depreciation                               22)
         Real Estate, net              5,768,379     5,943,379

        Cash including cash              348,645      294,437
        investments
        Escrow deposits                  489,161      552,994
        Prepaid Expenses                  14,363       24,039
        Deferred Financing Fees          120,450      126,186

                 TOTAL ASSETS         $6,740,998     $6,941,03
                                                            5


LIABILITIES AND PARTNERS' EQUITY:

LIABILI
TIES
        Mortgage and notes payable   $10,298,993     $10,341,1
                                                           78
        Amounts due affiliates             7,591        1,911
        Real estate taxes payable         76,248            0
        Security deposits                 73,434       79,501
        Accounts payable & accrued       172,840      342,521
        expenses

        Total liabilities             10,629,106     10,765,11
                                                            1
PARTNERS CAPITAL  (DEFICIT)
        Limited Partners             (3,930,766)     (3,867,37
                                                           4)
        General Partner                   42,658       43,298

Total Partners Capital (Deficit)     (3,888,108)     (3,824,07
                                                           6)


TOTAL LIABILITES AND PARTNER          $6,740,998     $6,941,03
DEFICIT                                                     5




                AMERICAN REPUBLIC REALTY FUND I
        Condensed Consolidated Statement of Operations
                          (Unaudited)
                             Three Months Ended
                                 March 31,
REVENUES                      2002       2001

Rental income                674,226    694,386
Other property                17,773     22,411
Total revenues               691,999    716,797

EXPENSES
Salaries & wages              86,211     80,704
Maintenance & repairs         55,050     67,278
Utilities                     51,571     62,002
Real estate taxes             76,248     71,250
General administrative        24,254     21,861
Contract services             26,553     27,746
Insurance                     17,676     12,389
Interest                     203,194    205,590
Depreciation and             180,736    185,736
amortization
Property management fees      34,538     35,396
(a)
Total expenses               756,031    769,952

NET INCOME before           ($64,032  ($53,155)
extraordinary item                 )



Net Income                  ($64,032  ($53,155)
                                   )

NET INCOME PER UNIT                $          $
                              (5.82)     (4.83)
   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,
                                          2002         2001

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                        ($64,032    ($53,155)
                                                )
Adjustments to reconcile net income
(loss) to net cash
provided by operating activities:
    Depreciation and amortization         175,000      180,000

    Net Effect of changes in operating
accounts
                      Escrow deposits      63,833       65,153
                      Prepaid expenses      9,676        4,389
                      Accrued real         76,248       71,250
estate taxes
                      Security deposits   (6,067)        4,466
                      Accounts payable   (169,681    (136,567)
                                                )
                      Other assets          5,736        5,735
Net cash provided by (used for)            90,713      141,271
operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
      Repayment of mortgage notes        (42,185)     (39,001)
payable
      Proceeds from amounts due             5,680            0
affiliates
Net cash used for investing activities   (36,505)     (39,001)

NET INCREASE (DECREASE) IN CASH AND        54,208      102,270
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF   294,437      442,739
PERIOD

CASH AND CASH EQUIVALENTS, END OF        $348,645     $545,009
PERIOD


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 2002 COMPARED TO FIRST QUARTER 2001

At  March  31,  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 89.5% for the first quarter of  2002,  as
compared to 95.9% for the first quarter of 2001.

Revenue  from property operations decreased $24,798, or  3.46%,
for  the  first quarter of 2002, as compared to the 2001  first
quarter.  The decrease in rental income of $20,160 or 2.90%  is
primarily due to an increase in vacancy.  The decrease in other
income  of $4,638 or 20.70% is primarily due to an decrease  in
Late  and  other  fee  collections from  the  properties.   The
following table illustrates the components:

                   Increase  Perce
                               nt
                   (Decreas  Chang
                      e)       e

Rental income      (20,160)   2.90%
Other property      (4,638)   20.70
                                  %
Net Increase       (24,798)   3.46%
(Decrease)

Property  operating expenses decreased $13,921, or  1.81%,  for
the  first  quarter of 2002, as compared to the same period  in
2001,  primarily  due  to  decreases in  maintenance  &  repair
expense.   The  decrease in maintenance &  repairs  expense  is
preventive  maintenance  projects  being  completed  in   2001.
Utilities  decreased  $10,431  or  16.82%  primarily   due   to
decreased  rates.  Insurance  increased  $5,287  or  42.67%  in
connection with the annual policy renewal.  The following table
illustrates the components by category:

                    Increase   Perce
                                 nt
                    (Decreas   Chang
                       e)        e

Salaries & wages       5,507   6.82%
Maintenance &       (12,228)   18.18
repairs                            %
Utilities           (10,431)   16.82
                                   %
Real estate taxes      4,998   7.01%
General                2,393   10.95
administrative                     %
Contract services    (1,193)   4.30%
Insurance              5,287   42.67
                                   %
Interest             (2,396)   1.17%
Depreciation and     (5,000)   2.69%
amortization
Property management    (858)   2.42%
fees (a)
Net Increase        (13,921)   1.81%
(Decrease)
FIRST QUARTER 2001 COMPARED TO FIRST QUARTER 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   Percen
                                   t
                     (Decreas   Change
                        e)

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   Percen
                                   t
                     (Decreas   Change
                        e)

Salaries & wages       13,778    20.59%
Maintenance &          23,035    52.06%
repairs
Utilities                 103     0.17%
Real estate taxes       2,502     3.64%
General                 1,897     9.50%
administrative
Contract services     (1,065)     3.70%
Insurance               2,037    19.68%
Interest              (4,388)     2.09%
Depreciation and       10,000     5.69%
amortization
Property management       813     2.35%
fees (a)
Net Increase           48,712     6.75%
(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, 2002, the Partnership had $348,645 in cash
and cash equivalents as compared to $294,437 as of December 31,
2001. The net increase in cash of $54,208 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-
                              81074effective 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, 2002.

     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, 2002