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, 2004    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 June 30, 2004 and
    December 31, 2003                                                Page 3

    Consolidated Statements of Operations for the Three
    And Six Months Ended June 30, 2004 and 2003                      Page 4

    Consolidated Statements of Cash Flows for the Six
    Ended June 30, 2004 and 2003                                     Page 5


Item 2.  Results of Operations and Management 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, 2003, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets

                                            June 30,         Decembe 31,
                                              2004              2003
                                           (Unaudited)

     ASSETS
          Real Estate assets, at cost
          Land                              $1,822,718       $1,822,718
          Buildings and Improvements        16,099,903       16,099,903
                                            17,922,621       17,922,621
           Less: Accumulated depreciation  (13,427,432)     (13,097,432)
           Real Estate, net                  4,495,189        4,825,189

          Cash including cash investments      392,607          435,304
          Escrow deposits                      356,512          427,384
          Prepaid Expenses                     127,362           43,377
          Deferred Financing Fees               68,828           80,300

                 TOTAL ASSETS               $5,440,498       $5,811,554


     LIABILITIES AND PARTNERS' EQUITY:

     LIABILTIES
          Mortgage and notes payable        $9,996,164      $10,070,686
          Note Payable to affiliates                 0                0
          Amounts due affiliates                 1,772            2,452
          Real estate taxes payable            150,498                0
          Security deposits                     68,322           71,944
          Accounts payable & accrued expenses  110,544          319,414

          Total liabilities                 10,327,300       10,464,496

     PARTNERS CAPITAL  (DEFICIT)
          Limited Partners                  (4,922,222)      (4,690,701)
          General Partner                       35,420           37,759

     Total Partners Capital (Deficit)       (4,886,802       (4,652,942)


     TOTAL LIABILITIES AND PARTNER DEFICIT  $5,440,498       $5,811,554




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

                               Three Months Ended          Six Months Ended
                                  March 31,                     June 30,
 REVENUES                      2004          2003         2004           2003

 Rental income              590,429       645,256    1,213,001      1,327,914
 Other property              16,746        16,717       32,043         31,513
 Total revenues             607,175       661,973    1,245,044      1,359,427

 EXPENSES
 Salaries & wages            74,255        80,677      160,489        177,483
 Maintenance & repairs       38,753        73,424       94,987        112,911
 Utilities                   49,713        54,113      103,917        108,276
 Real estate taxes           75,249        75,249      150,498        150,498
 General administrative      30,984        31,859       48,909         54,008
 Contract services           27,368        28,152       56,071         54,470
 Insurance                   33,444        27,744       65,365         51,435
 Interest                   197,146       199,922      394,944        400,524
 Depreciation and
  amortization              170,736       180,736      341,472        361,472
 Property management fees(a) 30,359        33,096       62,252         67,955

 Total expenses             728,007       784,972    1,478,904      1,539,032




 Net Income               ($120,832)    ($122,999)   ($233,860)     ($179,605)

 NET INCOME PER UNIT        $(10.98)      $(11.18)     $(21.26)       $(16.33)

     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
                                                        Six Months Ended
                                                            June 30,
                                                     2004              2003

 CASH FLOWS FROM OPERATING ACTIVITY
 Net income (loss)                                  ($233,860)    ($179,605)
 Adjustments to reconcile net income (loss)
 to net cash provided by operating activities:
     Depreciation and amortization                    330,000       350,000

     Net Effect of changes in operating accounts
                       Escrow deposits                 70,872        11,366
                       Prepaid expenses               (83,985)      (83,628)
                       Accrued real estate taxes      150,498       150,498
                       Security deposits               (3,622)        1,937
                       Accounts payable              (208,870)     (153,513)
                       Other assets                    11,472        11,471
 Net cash provided by (used for) operating activities  32,505       108,526


     CASH FLOWS FROM INVESTING ACTIVITIES
           Repayment of mortgage notes payable        (74,522)      (80,645)

           Proceeds from amounts due affiliates          (680)       (2,337)

     Net cash used for investing activities           (75,202)      (82,982)

     NET INCREASE (DECREASE) IN CASH AND CASH         (42,697)       25,544
     EQUIVALENTS
     CASH AND CASH EQUIVALENTS, BEGINNING OF          435,304       214,237
     PERIOD

     CASH AND CASH EQUIVALENTS, END OF PERIOD        $392,607      $239,781


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

SECOND QUARTER 2004 COMPARED TO SECOND QUARTER 2003

At  June  30,  2004  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 83.2% for the second quarter of 2004, as compared to
90.2% for the second quarter of 2003.

Revenue from property operations decreased $54,798, or 8.28%, for
the  second  quarter  of  2004, as compared  to  the  2003-second
quarter.  The decrease in rental income of $54,827  or  8.50%  is
primarily due to an increase in vacancy.  The increase  in  other
income  of $29 or 0.17%  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         (54,827)      8.50%
     Other property             29       0.17%
     Net Increase          (54,798)      8.28%
     (Decrease)

Property operating expenses decreased $56,965 or 7.26%,  for  the
second  quarter of 2004, as compared to the same period in  2003.
Maintenance  &  repairs  decreased  $34,671  or  47.22%  due   to
decreased   extraordinary  maintenance  items  being   preformed.
Insurance  increased  $5,700 or 20.54%  in  connection  with  the
annual  policy  renewal.   The following  table  illustrates  the
components by category:

                                     Increase     Percent
                                    (Decrease)    Change

     Salaries & wages                (6,422)      7.96%
     Maintenance & repairs          (34,671)     47.22%
     Utilities                       (4,400)      8.13%
     Real estate taxes                    0       0.00%
     General administrative            (875)      2.75%
     Contract services                 (784)      2.78%
     Insurance                        5,700      20.54%
     Interest                        (2,776)      1.39%
     Depreciation and amortization  (10,000)      5.53%
     Property management fees (a)    (2,737)      8.27%

     Net Increase (Decrease)        (56,965)      7.26%


 SECOND QUARTER 2003 COMPARED TO SECOND QUARTER 2002

Revenue from property operations decreased $10,523, or 1.56%, for
the  second  quarter  of 2003, as compared  to  the  2002  second
quarter.  The decrease in rental income of $11,651  or  1.77%  is
primarily  due  to a decrease in rental rates.  The  increase  in
other  income of $1,128 or 7.24% 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          (11,651)    1.77%
Other property           1,128     7.24%
Net Increase           (10,523)    1.56%
(Decrease)

Property operating expenses increased $22,827 or 3.00%,  for  the
second  quarter of 2003, as compared to the same period in  2002.
Insurance  increased  $6,734 or 32.05%  in  connection  with  the
annual  policy  renewal.  The increase in maintenance  &  repairs
expense of $13,428 or 22.38% is represents pool repairs completed
in  the  quarter.   Utilities increased $4,133 or 8.27% primarily
due  to increased gas and electrical costs.  The following  table
illustrates the components by category:

                                     Increase     Percent
                                    (Decrease)    Change

Salaries & wages                      2,468        3.16%
Maintenance & repairs                13,428       22.38%
Utilities                             4,133        8.27%
Real estate taxes                      (999)       1.31%
General administrative                 (916)       2.79%
Contract services                     1,093        4.04%
Insurance                             6,734       32.05%
Interest                             (2,643)       1.30%
Depreciation and amortization             0        0.00%
Property management fees (a)           (471)       1.40%
Net Increase (Decrease)              22,827        3.00%


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, 2004, the Partnership had $392,607 in  cash
and  cash equivalents as compared to $435,304 as of December  31,
2003.  The net decrease in cash of $42,697 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  $152,028,
$164,442 and $177,870 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 June 30, 2004.
     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, 2004




                                             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
  July 29, 2004








                                             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  June  30,  2004  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
  July 29. 2004