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, 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 June 30, 1999 and
    December 31, 1998                                 Page 3

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

     Consolidated Statements of Cash Flows for the Six months
     Ended June 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 I
             Condensed Consolidated Balance Sheets
   See notes to Condensed Consolidated Financial Statements

                                     June 30       December
                                                      31,
                                      1999           1998
                                   (Unaudited)
 Assets:
        Real Estate assets, at
        cost
        Land                       $1,822,718      $1,822,718
        Buildings and              15,519,676      15,519,676
        improvements
                                   17,342,394      17,342,394
          Less: Accumulated       (10,032,703)     (9,702,703)
             depreciation
        Real Estate, net            7,309,691       7,639,691

        Cash including cash           109,932         146,358
        investments
        Escrow deposits               441,044         430,820
        Prepaid Expenses               43,007          14,421
        Deferred Financing            165,274         195,016
        Fees

               TOTAL ASSETS        $8,068,948      $8,426,306

LIABILITIES AND PARTNERS'EQUITY:

LIABILITIES
	  Mortgage and notes        $10,616,136     $10,675,051
        payable
        Note Payable to               300,461         399,392
        affiliates
        Amounts due affiliates              0          46,853
        Real estate taxes             135,000               0
        payable
        Security deposits              64,591          56,924
        Accounts payable &            155,234         278,099
        accrued expenses

 Total LIABILITIES                 11,271,422      11,456,319

PARTNERS CAPITAL (DEFICIT)
        Limited Partners           (3,256,144)     (3,085,408)
        General  Partner               53,670          55,395

  Total Partners Capital (Deficit) (3,202,474)     (3,030,013)

  TOTAL LIABILITIES AND PARTNER    $8,068,948      $8,426,306
DEFICIT





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

                          Three                  Six Months
                         Months Ended
                          Ended
                             June			    June
                              30,			     30,

REVENUES                  1999    1998         1999     1998

Rental income          $657,602   647,333    $1,321,433 $1,286,180
Other property           13,710    15,565        28,738     27,305
Total revenues          671,312   662,898     1,350,171  1,313,485


EXPENSES
Salaries & wages         84,225    75,447       150,502    137,074
Maintenance & repairs    70,921   111,272       167,253    198,840
Utilities                43,265    43,636        86,577     91,669
Real estate taxes        67,500    67,500       135,000    135,000
General administrative   31,121    27,019        59,784     53,261
Contract services        26,981    27,831        55,116     56,049
Insurance                10,209    12,025        20,821     27,248
Interest                209,356   225,913       420,436    459,153
Depreciation and        179,872   174,871       359,743    349,742
amortization
Property management      33,514    33,127        67,400     65,655
fees (a)
Total expenses          756,964   798,641     1,522,632  1,573,691



Net Income             ($85,652)($135,743)     (172,461) (260,206)


NET INCOME PER UNITS     $(7.79)   $(12.34)      $(15.68)  $(23.66)

















                AMERICAN REPUBLIC REALTY FUND I

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

CASH FLOWS FROM OPERATING
ACTIVITY
Net income (loss)               ($172,461) ($260,206)

Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:
    Depreciation and amortization 330,000    320,000

    Net Effect of changes in
operating accounts
Escrow Deposits                   (10,224)   164,403
Prepaid Expenses                  (28,586)   (23,202)
Accrued Real Estate Taxes         135,000    135,000
Security Deposits                   7,667      4,971
Accounts Payable                 (122,865)  (132,448)
Other Assets                       29,742     29,743

Net cash provided by (used for)   168,273    238,261
operating activities

CASH FLOWS FROM INVESTING
ACTIVITIES
Repayment of mortgage notes pay.  (58,915)   (54,466)
Repayment of notes payable        (98,931)         0
to affiliates
      Proceeds from amounts due   (46,853)   (85,780)
affiliates
      Repayment of amounts due               (44,486)
affiliates
Net cash used for investing      (204,699)   (184,732)
activities

NET INCREASE (DECREASE) IN CASH   (36,426)     53,529
AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS,        146,358      16,900
BEGINNING OF PERIOD

CASH AND CASH EQUIVALENTS, END OF$109,932     $70,429
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 MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

SECOND QUARTER 1999 COMPARED TO SECOND QUARTER 1998

At June 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 94.2% for the second quarter of 1999, as
compared to 95.8% for the second quarter of 1998.

Revenue from property operations increased $8,4149, or 1.27%,
for the second quarter of 1999, as compared to the 1998 second
quarter. The increase in rental income of $10,269 or 1.59% is
primarily due to an increase in  rental rates.  The decrease in
other income of $1,855 or 11.92% is primarily due to an
decrease in Late and other fee collections from the properties.
The following table illustrates the components:

                   Increase     Per
                               Cent
                   (Decrease)  Change


Rental income        10,269   1.59%
Other property      (1,855)  11.92%
Net Increase          8,414   1.27%
(Decrease)

Property operating expenses decreased $41,677, or 5.22%, for
the second quarter of 1999, as compared to the same period in
1998, primarily due to decreases in maintenance and repairs.
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
$4,102 or 15.18% primarily due to costs incurred contesting
real estate tax valuations.   Insurance costs decreased $1,816
or 15.1% 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       8,778  11.63%
Maintenance &        (40,351) 36.26%
repairs
Utilities               (371)  0.85%
Real estate taxes          0   0.00%
General                4,102  15.18%
administrative
Contract services       (850)  3.05%
Insurance             (1,816) 15.10%
Interest             (16,557)  7.33%
Depreciation and       5,001   2.86%
amortization
Property management      387   1.17%
fees (a)
Net Increase         (41,677)  5.22%
(Decrease)






































FIRST SIX MONTHS  1999 COMPARED TO FIRST SIX MONTHS 1998

Revenue from property operations increased $36,686, or 2.79%,
for the first six months of 1999, as compared to the 1998 first
six months. The increase in rental income of $35,253 or 2.74%
is primarily due to an increase in  rental rates.  The increase
in other income of $1,433 or 5.25% is primarily due to fee
income from the properties.  The following table illustrates
the components:

                          Increase      Per
                                        Cent
                          (Decrease)   Change

Rental income              35,253    2.74%
Other property              1,433    5.25%
Net Increase (Decrease)    36,686    2.79%



Property operating expenses decreased $51,059, or 3.24%, for
the first six months of 1999, as compared to the same period in
1998, primarily due to decreases in interest and maintenance
and repairs.  The decrease in interest is primarily due to the
refinancing of both properties at lower interest rates.  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 $6,523 or
12.25% primarily due to costs incurred contesting real estate
tax valuations.   Insurance costs decreased $6,427 or 23.59%
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             13,428     9.80%
Maintenance & repairs       (31,587)   15.89%
Utilities                    (5,092)    5.55%
Real estate taxes                 0     0.00%
General administrative        6,523    12.25%
Contract services              (933)    1.66%
Insurance                    (6,427)   23.59%
Interest                    (38,717)    8.43%
Depreciation and             10,001     2.86%
amortization
Property management fees      1,745     2.66%
(a)
Net Increase (Decrease)     (51,059)    3.24%





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, 1999, the Partnership had $109,932 in cash  and
cash  equivalents as compared to $146,358 as  of  December  31,
1998  . The net decrease in cash of $36,426 is principally  due
to the repayment of notes payable to affiliates.

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  June 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 indicate compliance  to
date  will  be  completed by June 1999.   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.2-81074effective 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 June 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 I
                         a Wisconsin limited partnership


                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner
     Date:     July 29, 1999


[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE June 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]                               JUN-30-1999
[CASH]                                         109,932
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,342,394
[DEPRECIATION]                              10,032,703
[TOTAL-ASSETS]                               8,068,948
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,616,136
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,202,474)
[TOTAL-LIABILITY-AND-EQUITY]                 8,068,948
[SALES]                                              0
[TOTAL-REVENUES]                               671,312
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               547,608
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             209,356
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (85,652)
[EPS-BASIC]                                   (7.79)
[EPS-DILUTED]                                        0
</TABLE>