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, 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 March 31, 2003 and
    December 31, 2002                                              Page 3

    Consolidated Statements of Operations for the Six
    Months Ended March 31, 2003 and 2002                           Page 4

    Consolidated Statements of Cash Flows for the Six months
    Ended March 31, 2003 and 2002                                  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, 2002, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets

                                             March 31     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                 (12,621,239)   (12,446,239)
        depreciation
 Real                                       5,207,486      5,382,486
 Estate, net

        Cash including cash investments       288,675        214,237
        Escrow deposits                       506,763        572,601
        Prepaid Expenses                       16,503         32,194
        Deferred Financing Fees                97,507        103,242

              TOTAL ASSETS                 $6,116,934     $6,304,760



LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES

        Mortgage and notes payable        $10,165,608    $10,211,238
        Note Payable to affiliates                  0              0
        Amounts due affiliates                    828          1,725
        Real estate taxes payable              75,249              0
        Security deposits                      75,376         75,028
        Accounts payable & accrued expenses   172,710        333,000


 Total liabilities                         10,489,771     10,620,991

PARTNERS CAPITAL (DEFICIT)

        Limited Partners                   (4,413,397)    (4,357,357)
        General Partner                        40,560         41,126

  Total Partners Capital (Deficit)         (4,372,837)     (4,316,231)


  TOTAL LIABILITIES AND PARTNER DEFICIT    $6,116,934      $6,304,760








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

                                   Three Months Ended March 31,

REVENUES                             2003               2002

Rental income                     682,658            674,226
Other property                     14,796             17,773
Total revenues                    697,454            691,999

EXPENSES

Salaries & wages                   96,806             86,211
Maintenance & repairs              39,487             55,050
Utilities                          54,163             51,571
Real estate taxes                  75,249             76,248
General administrative             22,149             24,254
Contract services                  26,318             26,553
Insurance                          23,691             17,676
Interest                          200,602            203,194
Depreciation and amortization     180,736            180,736
Property management fees (a)       34,859             34,538

Total expenses                    754,060            756,031





Net Income                       ($56,606)          ($64,032)

NET INCOME PER UNIT                $(5.15)            $(5.82)

   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,

                                                  2003               2002

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                             ($56,606)          ($64,032)
Adjustments to reconcile net income
 (loss) to net cash provided by operating
 activities:

    Depreciation and amortization              175,000            175,000

    Net Effect of changes in
    operating accounts

       Escrow deposits                          65,838             63,833
       Prepaid expenses                         15,691              9,676
       Accrued real estate taxes                75,249             76,248
       Security deposits                           348             (6,067)
       Accounts payable                       (160,290)          (169,681)
       Other assets                              5,735              5,736

Net cash provided by (used for)
operating activities                           120,965             90,713

CASH FLOWS FROM INVESTING ACTIVITIES
       Repayment of mortgage notes payable     (45,630)           (42,185)
       Proceeds from amounts due affiliates       (897)             5,680

Net cash used for investing activities         (46,527)           (36,505)


NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                              74,438             54,208
CASH AND CASH EQUIVALENTS, BEGINNING
  OF PERIOD                                    214,237            294,437

CASH AND CASH EQUIVALENTS, END OF PERIOD      $288,675           $348,645


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 2003 COMPARED TO FIRST QUARTER 2002

At  March  31,  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 90.5% for the first quarter of  2003,  as
compared to 89.5% for the first quarter of 2002.

Revenue  from property operations increased $5,455,  or  0.79%,
for  the  first quarter of 2003, as compared to the 2002  first
quarter.  The increase in rental income of $8,432 or  1.25%  is
primarily due to an decrease in vacancy.  The decrease in other
income  of $2,977 or 16.75% 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                      8,432         1.25%
Other property                    (2,977)       16.75%
Net Increase (Decrease)            5,455         0.79%


Property operating expenses decreased $1,971 or 0.26%, for  the
first  quarter of 2003, as compared to the same period in 2002.
Insurance  increased  $6,015 or 34.03% in connection  with  the
annual  policy renewal.  The decrease in maintenance &  repairs
expense  of $15,563 or 28.27% is represents decreased  turnover
and  related  costs.   Salaries  increased  $10,595  or  12.29%
primarily  due to increased on site maintenance.  The following
table illustrates the components by category:

                                  Increase      Percent
                                 (Decrease)     Change

Salaries & wages                  10,595        12.29%
Maintenance & repairs            (15,563)       28.27%
Utilities                          2,592         5.03%
Real estate taxes                   (999)        1.31%
General administrative            (2,105)        8.68%
Contract services                   (235)        0.89%
Insurance                          6,015        34.03%
Interest                          (2,592)        1.28%
Depreciation and amortization          0         0.00%
Property management fees (a)         321         0.93%
Net Increase (Decrease)           (1,971)        0.26%


 FIRST QUARTER 2002 COMPARED TO FIRST QUARTER 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      Percent
                                 (Decrease)     Change

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


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      Percent
                                 (Decrease)     Change

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


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, 2003, the Partnership had $288,675 in cash
and cash equivalents as compared to $214,237 as of December 31,
2002. The net increase in cash of $74,438 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 PartnershipAgreement,
                                   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 March 31, 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:     April 25, 2003



                         CERTIFICATION

I, Robert J Werra, certify that:

1. I have reviewed this annual report on Form 10-Q of American
Republic Realty Fund;

2. Based on my knowledge, this annual 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 annual
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this annual 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 annual report;

4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-
14 and 15d-14) for the registrant and have:
  a) designed such disclosure controls and procedures to
  ensure that material information relating to the
  registrant, including its consolidated subsidiaries, is
  made known to us by others within those entities,
  particularly during the period in which this annual report
  is being prepared;
  b) evaluated the effectiveness of the registrant's
  disclosure controls and procedures as of a date within 90
  days prior to the filing date of this annual report (the
  "Evaluation Date"); and
  c) presented in this annual report our conclusions about
  the effectiveness of the disclosure controls and
  procedures based on our evaluation as of the Evaluation
  Date;

5. The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
functions):
  a) all significant deficiencies in the design or operation
  of internal controls which could adversely affect the
  registrant's ability to record, process, summarize and
  report financial data and have identified for the
  registrant's auditors any material weaknesses in internal
  controls; and
  b) any fraud, whether or not material, that involves
  management or other employees who have a significant role
  in the registrant's internal controls; and

6. The registrant's other certifying officers and I have
indicated in this annual report whether there were significant
changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material
weaknesses.


Date:     April 25, 2003
/s/ Robert J. Werra
General Partner

                   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 ("the Company") on Form 10-Q for the period
  ending March 31, 2002 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

  Acting Principal Executive Officer and Chief Financial
                                   Officer
  April 25, 2003