FORM 10-K

                SECURITIES AND EXCHANGE COMMISSION
                      Washington D. C.  20549


[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
                       Exchange Act of 1934

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
                       Exchange Act of 1934

            For the Fiscal year ended December 31, 2006
                  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                (I.R.S. Employer
Incorporation or Organization)               Identification Number)

 2800 N Dallas Pkwy #100, Plano, Texas                  75093-5994
            (Address of Principal Executive Offices)
(Zip Code)

Registrant's Telephone Number, Including area code     (972) 836-8000

    Securities registered pursuant to Section 12(b) of the Act:


                                             Name of Each Exchange
 Title of Each Class                          on which Registered
              None                              None

   Securities registered pursuant to Section 12 (g) of the Act:

                   Limited Partnership Interests
                         (Title of Class)

    Indicated 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   X .    No ___.

    Indicate by check mark if disclosure of delinquent filers pursuant
to  Item  405  of Regulation S-K is not contained, to the  best  of
Registrant's  knowledge  in  definitive  proxy  on  information  to
statements incorporated by reference in Part III of the  Form  10-K
or any amendment to this Form 10-K.

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act).

                             Yes___  No X.

                Documents Incorporated by Reference

The Definitive Prospectus of American Republic Realty Fund I dated May
2,  1983 filed pursuant to Rule 424(b) is incorporated by reference
as  is  the  Supplement to that Prospectus filed pursuant  to  Rule
424(b) on May 25, 1984.
                              PART I

Item 1.  Business

      The   Registrant,  American  Republic  Realty  Fund  I,  (the
"Partnership"),  is  a  limited  partnership  organized  under  the
Wisconsin Uniform Limited Partnership Act pursuant to a Certificate
of  Limited Partnership dated December 22, 1982. As of December 31,
2006,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  574  limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.   The  distribution  of  limited  partnership   interests
commenced  May  2,  1983 and ended April 17, 1984,  pursuant  to  a
Registration  Statement on Form S-11 under the  Securities  Act  of
1933 (Registration #0-11578) as amended.

    The Partnership was organized to acquire a diversified portfolio of
income-producing real properties, primarily apartments, as well  as
office   buildings,   industrial  buildings,  and   other   similar
properties.

    During 1983 and 1984, the Partnership acquired four properties:
Kenwood  Gardens Apartments, a 104 unit apartment community located
in Fort Myers, Florida (acquired on September 1, 1983, subsequently
disposed of by sale during 1988), Jupiter Plaza Office/Showroom,  a
131,440  rentable  square  foot  commercial  building  located   in
Garland,  Texas  (acquired  on  September  29,  1983,  subsequently
disposed  of in foreclosure during 1988), Four Winds Apartments,  a
154 unit apartment community located in Orange Park, Florida (Phase
I  acquired September 12, 1983 and Phase II acquired May  1,  1984)
and Forestwood Apartments (formerly Oak Creek) a 263 unit apartment
community  located in Bedford, Texas (acquired December 20,  1983).
No  additional properties were purchased by the Partnership and the
Partnership  will not acquire additional properties in the  future.
The properties remaining are described more fully in this report at
"Item 2. Properties".

     Univesco, Inc.("Univesco"), a Texas corporation, eighty  three
percent  owned by Robert J. Werra ("Univesco") manages the  affairs
of  the  Partnership.  Univesco acts as  the  managing  agent  with
respect  to the Partnership's properties. Univesco may also  engage
other on-site property managers and other agents to the extent  the
management considers appropriate. The General Partner has  ultimate
authority regarding property management decisions.

     The  Partnership competes in the residential  rental  markets.
Univesco  prepared  marketing analyses for all property  areas  and
determined that these areas contain other like properties which are
considered  competitive  on the basis of  location,  amenities  and
rental  rates. It is realistic to assume that additional properties
similar  to the foregoing will be constructed within their  various
market areas.

    No material expenditure has been made or is anticipated for either
Partnership-sponsored   or   consumer  research   and   development
activities relating to the development or improvement of facilities
or  services provided by the Partnership. There neither  has  been,
nor  are any anticipated, material expenditures required to  comply
with  any  federal, state, or local environmental provisions  which
would materially affect the earnings or competitive position of the
Partnership.

    The Partnership is engaged solely in the business of real estate
investments.  Its  business  is  believed  by  management  to  fall
entirely  within  a  single industry segment. Management  does  not
anticipate  that there will be any material seasonal  effects  upon
the operation of the Partnership.

Competition and Other Factors


     The majority of the Properties' leases are six to twelve month
terms.  Accordingly,  operating income  is  highly  susceptible  to
changing  market conditions. Occupancy and local market  rents  are
driven by general market conditions which include job creation, new
construction  of single and multi-family projects,  and  demolition
and other reduction in net supply of apartment units.

    Rents have generally been increasing in recent years due to the
generally  positive relationship between apartment unit supply  and
demand  in  the Partnership's markets. However, the properties  are
subject  to  substantial competition from similar and  often  newer
properties in the vicinity in which they are located. In  addition,
operating  expenses and capitalized expenditures have increased  as
units  are  updated and made more competitive in the market  place.
(See  Item  7  "Management's Discussion and Analysis  of  Financial
Condition and Results of Operations".)


Item 2.  Properties

     At December 31, 2006 the Partnership owned two properties with
approximately 416,623 net rentable square feet. Both properties are
apartment communities.



Name and Location      General Description of the Property
Forestwood             A  fee  simple interest in a 263-unit
Apartments             apartment   community   located    in
                       Bedford,  Texas,  purchased  in  1983
                       containing   244,407   net   rentable
                       square   feet  on  approximately   14
                       acres of land.

Four Winds Apartments  A  fee  simple interest in a 100-unit
Phase I                community,  located in  Orange  Park,
                       Florida,    purchased    in     1983,
                       containing approximately 110,716  net
                       rentable  square feet on 10 acres  of
                       land.

Four Winds Apartments  A  fee  simple interest in a  54-unit
Phase II               apartment   community   located    in
                       Orange  Park,  Florida,  adjacent  to
                       four  Winds  Apartments I,  purchased
                       in  1984 and containing approximately
                       61,500  net rentable square  feet  on
                       3.73 acres of land.



On February 26, 2007 American Republic Realty Fund sold the Forestwood
apartments  located  in  Bedford Texas for $9,725,000.   This  sale
yielded  a  distribution  to  the  limited  partners  of  $350  per
partnership unit.

On March 16, 2007 American Republic Realty Fund entered into a purchase
agreement to sell the Four Winds apartments located in Orange  Park
Florida  for a sales price of $10,450,000 less certain amounts  not
to exceed approximately $203,500.  The partnership expects the sale
to take place in the second quarter of 2007.


                          Occupancy Rates
                           December 31,
                              Percent



                        2002   2003   2004   2005   2006
Four Winds I & II      89.6%  94.2%  81.8%  95.5%  95.4%
Forestwood             93.2%  84.4%  90.9%  84.8%  89.4%


The  Properties  are encumbered by non-recourse mortgages  payable.
For  information regarding the encumbrances to which the properties
are  subject  and  the  status of the related mortgage  loans,  see
"Management's  Discussion and Analysis of Financial  Condition  and
Results  of Operating - Liquidity and Capital Resources"  contained
in  Item  7 hereof and Note B to the Financial Statements contained
in Item 8.


Item 3.  Legal Proceedings

    None.


Item 4.  Submission of Matters to a Vote of Security Holders

    In response to a consent solicitation to remove the general partner
which  initiated  during  the fourth quarter  of  2006  by  Everest
Management,  LLC  and affiliates ("Everest"), the Partnership  sent
consent  revocation  materials to the limited  partners  requesting
their  revocation of any consents they may have given to remove  of
the  general partner.  Prior to the commencement by Everest of  its
consent  solicitation, the general partner  had  disclosed  to  the
limited partners the intention and plans of the general partner  to
sell  the  Partnership's two remaining properties and to distribute
to  partners the net proceeds as soon as possible and in a  prudent
manner  that  would avoid Partnership prepayment penalties  on  the
loans  that  financed the properties.  Despite this disclosure  and
the  Partnership's entry into an agreement in December 2006 to sell
one of its properties, Everest sought a written commitment from the
general partner to sell the remaining properties and distribute the
proceeds to the partners.

    In order to avoid additional costs and expenses to the Partnership
and  Everest,  on  February 23, 2007, the Partnership  and  Everest
entered  an  agreement  regarding Everest's  consent  solicitation.
Under the terms of the agreement, the general partner agreed to use
reasonable   efforts   to  complete  the  pending   sale   of   the
Partnership's Forestwood apartments property and to enter  into  an
agreement to sell at the then contemplated price, or list for  sale
with  a national brokerage firm, the remaining Four Winds apartment
property.   If these actions were taken by March 15, 2007,  Everest
agreed  to  terminate its consent solicitation.  In  addition,  the
general partner and Everest agreed that if both properties were not
sold  by  July  15,  2007, and the net proceeds  (minus  a  $50,000
reserve) were not distributed to the partners by November 1,  2007,
Everest  could either (1) offer to sell to the general  partner  at
fair market value all of Everest's limited partnership units or (2)
demand  that  the general partner be replaced as the  Partnership's
general  partner, and upon such replacement Everest would  purchase
from   the  general  partner  at  fair  market  value  all  limited
partnership  units owned by the general partner.   If  the  general
partner elected not to accept Everest's offer (if made) to sell its
limited  partnership  units  or  if Everest  instead  demanded  the
replacement  of  the  general partner,  then  the  general  partner
agreed,  subject to certain requirements relating to its having  no
liability  under  any  refinancing of  Partnership  properties,  to
cooperate  with  Everest and recommend that  the  limited  partners
approve  Everest's designee as a replacement general partner.   The
Partnership  has completed the sale of the Forestwood property  and
distributed  the  net  proceeds to the limited  partners,  and  has
entered  into a definitive purchase and sale agreement to sell  the
Four  Winds property, which the general partner expects will  close
in the second quarter of 2007.


     By  virtue  of its organization as a limited partnership,  the
Partnership  has  outstanding no securities possessing  traditional
voting  rights.  However, as provided and qualified in the  Limited
Partnership  Agreement, limited partners have  voting  rights  for,
among  other  things,  the  removal  of  the  General  Partner  and
dissolution of the Partnership.

                              PART II

Item 5.   Market for the Partnership's Securities and Related Unit
     Holder Matters

The Partnership's outstanding securities are in the form of Limited
Partnership  Interests ("Interests"). The distribution  period  for
the  sale of the Interests began May 2, 1983, and closed April  17,
1984.  As of December 31, 2006 there were approximately 574 limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.  A public market for trading Interests has not  developed
and  none  is  expected  to develop. In addition,  transfer  of  an
Interest   is   restricted  pursuant  to  the  Limited  Partnership
Agreement.

Although  a  public market for trading Interests has not developed,
MP  Value Fund 5, LLC acquired 1,444.5 units, approximately  13.1%,
of the outstanding Interests of the partnership during 1999. During
2003  MP  Value  Fund  5, LLC transferred these  units  to  Branzan
Alternative  Investment Fund LLLC.  During 2004  these  units  were
transferred  to Everest Management.   During 2002 and  2003  Equity
Resources  acquired 617.5 units or 5.6% of the fund.   During  2005
Everest  acquired  556.5  units. During 2006  Everest  acquired  an
additional 76 units bringing Everest Management total ownership  to
3,394.5  units  or  30.86%  of  the outstanding  interests  of  the
partnership as of December 31, 2006.

The  General Partner continues to review the Partnership's  ability
to  make distributions on a quarter-by-quarter basis.  On March  7,
2007  the  partnership issued a distribution of  $350  per  limited
partnership  unit  using  proceeds  from  the  sale  of  Forestwood
apartments.  The partnership anticipates future distributions  will
based on cash flow and asset sales.

An  analysis  of  taxable  income or  (loss)  allocated,  and  cash
distributed to Investors per $1,000 unit is as follows:

YEARS  INCOME    GAIN   LOSS       CASH
                               DISTRIBUTED
 1984    $0       $0     $342        $0
 1985     0        0     $291         0
 1986     0        0     $271         0
 1987     0        0     $279         0
 1988     0      $43      $63         0
 1989     0      $38     $127         0
 1990     0        0     $126         0
 1991     0        0     $122         0
 1992  $121        0        0         0
 1993    $2   $1,071        0         0
 1994   $17        0        0         0
 1995     0  (a)   0        0         0
 1996   $45        0        0         0
 1997    $0        0      $70         0
 1998    $0        0      $48         0
 1999     0        0       39         0
 2000   $46                           0
 2001   $47                         $50
 2002   $29                         $25
 2003   $15                          $0
 2004    $1                          $0
 2005   $12                          $0
 2006   $20                          $0

(a) For Federal Income Tax purposes income only was reallocated in
accordance with the regulations promulgated thereunder of the
Internal Revenue code of 1986 as amended.

Item 6:   Selected Financial Data

The  following  table sets forth selected financial data  regarding
the  Partnership's results of operations and financial position  as
of  the  dates  indicated.  This  information  should  be  read  in
conjunction with "Management's Discussion and Analysis of Financial
Condition and Results of Operations" contained in Item 7 hereof and
Financial Statements and notes thereto contained in Item  8.   This
data  for  prior years has been adjusted to reflect the  Forestwood
Apartment property included in assets held for sale.



                                    2006   2005   2004   2003   2002

Limited Partner Units Outstanding 11,000 11,000 11,000 11,000 11,000


Statement of Operations
  Total Revenues                  $1,209 $1,100   $989 $1,051 $1,024
  Net Income (Loss) from
   continuing operations            (226)  (435)  (485)  (337)  (217)
  Limited Partner Net Income
   (Loss) per Unit-Basic          (20.34)(39.16)(43.73)(30.30)(19.54)
  Cash Distributions to Limited
   Partners per Unit-Basic             0      0      0      0     25


Balance Sheet:
  Real Estate, net                 1,206 $1,388 $1,502 $1,725 $1,939
  Real estate, held-for-sale,
   net                             2,623  2,825  2,746  3,100  3,445
  Total Assets                     4,191  4,570  5,160  5,812  6,305
  Mortgages Payable                3,541  3,608  3,670  3,727  3,779
Liabilities related to assets
   held for sale                   6,271  6,387  6,249  6,344  6,432
  Partner's Deficit               (5,800)(5,574)(5,139)(4,653)(4,316)



Item 7.   Management's Discussion and Analysis of Financial Conditions
and Results of Operations

This  discussion  should  be  read in conjunction  with  Item  6  -
"Selected  Financial Data" and Item 8 - "Financial  Statements  and
Supplemental Information."

Forestwood  apartments was moved to discontinued operations  as  of
October  2006  when  a contract for the sale of  the  property  was
executed.

Results of Operations: 2006 VERSUS 2005 -

Revenue  from Property Operations increased $109,729  or  10.0%  as
compared  to  2005.   This increase is primarily  attributed  to  a
$104,005 increase in rental revenue, which was principally  due  to
an  increase  in  rental rates.  The increase in other  revenue  of
$5,724  was principally caused by an increase in fees from tenants.
The following table illustrates the increases:

                  Increase

Rentals           104,005
Fees and other      5,724
Net Increase      109,729

Property  operating expenses for 2006 increased $78,213 or  8.7%.
General  and administrative expenses increased $96,630  or  44.4%
primarily due to legal fees incurred.  Utilities decreased $4,188
or  5.4%  primarily  due to lower gas rates.  Real  estate  taxes
increased  $1,253  or  1.3%  due to higher  assessed  valuations.
Maintenance and repairs decreased $18,296 or 10.9% due  primarily
to  deferred  maintenance  projects  performed  in  prior  years.
Administrative  service  fees are paid to  an  affiliate  of  the
general  partner and represent reimbursements for accounting  and
bookkeeping  costs.   Property management fees  are  paid  to  an
affiliated  entity  and  represent  approximately  5%  of   gross
revenues  (see  Note C to the Financial Statements  and  Schedule
Index  contained in Item 8). The following table illustrates  the
increases or (decreases):

                                     Increase
                                    (Decrease)

General and administrative            96,630
Property management fee to affiliate   5,485
Real estate taxes                      1,253
Depreciation and amortization         (1,756)
Utilities                             (4,188)
Advertising and marketing               (915)
Maintenance and repairs              (18,296)
 Net Increase                         78,213

Results of Operations: 2005 VERSUS 2004 -

This  data  has been adjusted to reflect the Forestwood Apartment
property included in assets held for sale.

Revenue  from Property Operations increased $111,072 or  11.2  as
compared  to  2004.  This increase is primarily attributed  to  a
$97,148 increase in rental revenue, which was principally due  to
an increase in occupancy and rental rates.  The increase in other
revenues of $13,924 was principally caused by an increase in fees
from tenants. The following table illustrates the increases:

                  Increase

Rental income      $97,148
Fees & Other        13,924
Net Increase      $111,072

Property  operating expenses for 2005 increased $62,196 or  7.4%.
Maintenance and repairs increased $37,202 or 28.4% due  primarily
to  exterior  painting.   Utilities increased  $14,690  or  23.6%
primarily  due to higher sewer rates.  General and administrative
expenses  decreased $16,384 or 7.0% primarily  due  to  decreased
insurance and payroll costs.  Real estate taxes increased $13,364
or  16.2%  due  to  higher  assessed valuations.   Administrative
service fees are paid to an affiliate of the general partner  and
represent  reimbursements for accounting and  bookkeeping  costs.
Property  management  fees are paid to an affiliated  entity  and
represent approximately 5% of gross revenues (see Note C  to  the
Financial Statements and Schedule Index contained in Item 8). The
following table illustrates the increases or (decreases):

                                       Increase
                                      (Decrease)
Maintenance and repairs                37,202
Utilities                              14,690
Real estate taxes                      13,364
Property management fee to affiliate    5,569
Depreciation and amortization           5,265
Advertising and marketing               2,490
General and administrative           $(16,384)
  Net Increase                        $62,196




Liquidity and Capital Resources

On  February  26,  2007 American Republic Realty  Fund  sold  the
Forestwood  apartments located in Bedford Texas  for  $9,725,000.
This  sale yielded a distribution to the limited partners of $350
per partnership unit.

On  March 16, 2007 American Republic Realty Fund entered  into  a
purchase  agreement to sell the Four Winds apartments located  in
Orange Park Florida for a sales price of $10,450,000 less certain
amounts  not  to exceed approximately $203,500.  The  partnership
expects the sale to take place in the second quarter of 2007.

As of December 31, 2006, the Partnership had $143,827 in cash and
cash equivalents as compared to $178,644 as of December 31, 2005.
The  decrease of $34,817 cash on hand reflects the cash used  for
capital expenditures and mortgage principal payments. See Note  C
to  the  Financial Statements contained in Item 8 for information
regarding related party transactions.

The  sole  remaining  property is encumbered  by  a  non-recourse
mortgage note as of December 31, 2006.  This mortgage payable has
a  carrying  value  of  $3,541,623 at  December  31,  2006.   The
mortgage  note  was  entered  into during  1997  to  refinance  a
mortgage note.

For the foreseeable future, unless the property under contract is
sold,   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  balloon
mortgage  payments will be proceeds from the sale, or refinancing
of the Property.

The  Partnership's  required principal  payments  due  under  the
stated  terms  of  the Partnership's mortgage notes  payable  and
notes payable to affiliates are $3,541,623 for the next year.

Item  7a  - Quantitative and Qualitative Disclosure about  Market
Risk
Market Risk

The Partnership is exposed to interest rate changes primarily  as
a result of its real estate mortgages.  The Partnerships interest
rate risk management objective is to limit the impact of interest
rate  changes on earnings and cash flows and to lower its overall
borrowing  costs.   To  achieve its objectives,  the  partnership
borrows primarily at fixed rates.  The partnership does not enter
into derivative or interest rate transactions for any purpose.

The Partnerships' activities do not contain material risk due  to
changes  in  general market conditions.  The partnership  invests
only  in fully insured bank certificates of deposits, and  mutual
funds investing in United States treasury obligations.

Risk  Associated with Forward-Looking Statements Included in this
Form   10-KThis   Form  10-K  contains  certain   forward-looking
statements  within the meaning of Section 27A of  the  Securities
Act  of  1933 and Section 21E of the Securities Exchange  Act  of
1934,  which  are  intended to be covered  by  the  safe  harbors
created   thereby.   These  statements  include  the  plans   and
objectives  of management for future operations, including  plans
and    objectives   relating   to   capital   expenditures    and
rehabilitation  costs  on  the Properties.   The  forward-looking
statements included herein are based on current expectations that
involve  numerous risks and uncertainties.  Assumptions  relating
to  the foregoing involve judgments with respect to, among  other
things,  future  economic, competitive and market conditions  and
future  business  decisions,  all  of  which  are  difficult   or
impossible to predict accurately and many of which are beyond the
control  of the Company.  Although the Company believes that  the
assumptions   underlying  the  forward-looking   statements   are
reasonable,  any  of  the assumptions could  be  inaccurate  and,
therefore,  there  can be no assurance that  the  forward-looking
statements included in this Form 10-K will prove to be  accurate.
In light of the significant uncertainties inherent in the forward-
looking  statements  included  herein,  the  inclusion  of   such
information  should  not be regarded as a representation  by  the
Company or any other person that the objectives and plans of  the
Company will be achieved.

Item 8 Financial Statements and Supplemental Information






















                 AMERICAN REPUBLIC REALTY FUND I
                CONSOLIDATED FINANCIAL STATEMENTS
   AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

                   December 31, 2006 and 2005

           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS




                                                            Page

  Report of Independent Registered Public Accounting Firm     2

      Consolidated Financial Statements

    Consolidated Balance Sheets as of December 31, 2006 and
     2005                                                     3

    Consolidated Statements of Operations for the years
     ended December 31, 2006, 2005 and 2004                   4

    Consolidated Statements of Partners' Equity (Deficit)
     for the years ended December 31, 2006, 2005 and 2004     5

    Consolidated Statements of Cash Flows for the years
     ended December 31, 2006, 2005 and 2004                   6

    Notes to Consolidated Financial Statements                7

    Schedule III - Real Estate and Accumulated Depreciation  15


   All other schedules have been omitted because they are not
  applicable, not required or the information has been supplied
  in the consolidated financial statements or notes thereto.




    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the General Partner and Limited Partners of
    American Republic Realty Fund I

We  have audited the accompanying consolidated balance sheets  of
American  Republic  Realty  Fund I and  subsidiary,  a  Wisconsin
limited  partnership (the "Partnership") as of December 31,  2006
and  2005, and the related consolidated statements of operations,
partners' equity (deficit), and cash flows for each of the  years
in   the  three-year  period  ended  December  31,  2006.   These
consolidated financial statements are the responsibility  of  the
Partnership's  management.  Our responsibility is to  express  an
opinion on these consolidated financial statements based  on  our
audits.


We  conducted our audits in accordance with the standards of  the
Public   Company  Accounting  Oversight  Board  (United  States).
Those  standards require that we plan and perform  the  audit  to
obtain   reasonable  assurance  about  whether  the  consolidated
financial  statements  are  free of material  misstatement.   The
Partnership  is  not  required to have, nor were  we  engaged  to
perform,   an  audit  of  its  internal  control  over  financial
reporting.  Our audit included consideration of internal  control
over   financial  reporting  as  a  basis  for  designing   audit
procedures that are appropriate in the circumstances, but not for
the  purpose of expressing an opinion on the effectiveness of the
Partnership's   internal   control  over   financial   reporting.
Accordingly,  we express no such opinion. An audit also  includes
examining,  on a test basis, evidence supporting the amounts  and
disclosures  in the consolidated financial statements,  assessing
the accounting principles used and significant estimates made  by
management, as well as evaluating the overall presentation of the
financial  statements.   We believe that  our  audits  provide  a
reasonable basis for our opinion.

In  our opinion the consolidated financial statements referred to
above  present fairly, in all material respects, the consolidated
financial  position  of American Republic Realty  Fund  I  as  of
December 31, 2006 and 2005, and the results of its operations and
its  cash  flows  for each of the years in the three-year  period
ended  December 31, 2006 in conformity with accounting principles
generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the
basic   consolidated  financial  statements  taken  as  a  whole.
Schedule  III  for the year ended December 31, 2006 is  presented
for  the  purpose of complying with the Securities  and  Exchange
Commission's  rules  and  is not a required  part  of  the  basic
consolidated  financial  statements.   This  schedule  has   been
subjected to the auditing procedures applied in the audits of the
basic  consolidated  financial statements and,  in  our  opinion,
fairly  states,  in  all material respects,  the  financial  data
required  to  be  set  forth therein in  relation  to  the  basic
consolidated financial statements taken as a whole.



Farmer Fuqua & Huff, P.C.

March 16, 2007
Plano, Texas
                AMERICAN REPUBLIC REALTY FUND I
                  CONSOLIDATED BALANCE SHEETS
                          December 31,


                             ASSETS
                                                2006         2005

Investments in real estate at cost
      Land                                  $583,000     $583,000
      Buildings, improvements and
       furniture and fixtures              6,418,890    6,349,751

                                          7,001,890     6,932,751
     Accumulated  depreciation           (5,796,342)   (5,544,662)

                                          1,205,548     1,388,089

Real estate held-for-sale,net of
  depreciation                            2,622,557     2,824,502

Cash   and   cash  equivalents              143,827       178,644
Escrow deposit                              155,218       103,061
Deferred financing costs, net of
  accumulated amortization of
  $217,691 and $195,018, respectively        11,470        34,413
Prepaid expenses                             52,524        40,962

TOTAL ASSETS                              4,191,144     4,569,671


               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                         3,541,623     3,608,073
Liabilities related to assets
  held-for-sale                           6,270,920     6,386,931
Amounts due affiliates                        3,638           695
Accounts payable and accrued expenses       140,837       116,622
Security deposits                            34,143        31,363

TOTAL LIABILITIES                         9,991,161    10,143,684

PARTNERS' DEFICIT                        (5,800,017)   (5,574,013)

TOTAL LIABILITIES AND PARTNERS' DEFICIT  $4,191,144    $4,569,671


                AMERICAN REPUBLIC REALTY FUND I
             CONSOLIDATED STATEMENTS OF OPERATIONS
                For the Years Ended December 31,

                                     2006       2005       2004
PROPERTY REVENUE
 Rentals                       $1,163,043 $1,059,038   $961,890
 Fees and other                    46,874     41,150     27,226

 Total property revenues        1,209,917  1,100,188    989,116

OPERATING EXPENSES
 Depreciation and amortization    263,173    264,929    259,664
 General and administrative       314,314    217,684    234,068
 Real estate taxes                 97,001     95,748     82,384
 Maintenance and repairs          149,769    168,065    130,863
 Utilities                         72,851     77,039     62,349
 Property management fee to
  affiliate                        60,514     55,029     49,460
 Advertising and marketing         11,878     12,793     10,303
 Administrative  service  fee
  to  general  partner              6,096      6,096      6,096

   Total operating expenses       975,596    897,383    835,187

OPERATING INCOME                  234,321    202,805    153,929

FINANCIAL INCOME AND (EXPENSE)
 Interest income                    5,358      2,453        346
 Interest  expense               (278,656)  (283,659)  (288,287)
 Total other income and expense  (273,298)  (281,206)  (287,941)

NET LOSS FROM CONTINUING
  OPERATIONS                     $(38,977)  $(78,401) $(134,012)

NET LOSS FROM DISCONTINUED
  OPERATIONS (SEE NOTE H)        (187,027)  (356,750)  (351,908)

NET  LOSS                       $(226,004)  (435,151)  (485,920)

NET LOSS PER LIMITED PARTNERSHIP
 UNIT - BASIC

 Net loss per unit - basic        $(20.34)   $(39.16)   $(43.73)

LIMITED PARTNERSHIP UNITS
 OUTSTANDING - BASIC               11,000     11,000     11,000


              AMERICAN REPUBLIC REALTY FUND I
      CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
      For the Years Ended December 31, 2006, 2005 and 2004


                                General      Limited
                                Partner      Partners      Total

Balance, January 1, 2004       $37,759    (4,690,701)  (4,652,942)

Net  loss                       (4,859)     (481,061)    (485,920)

Balance, December 31, 2004     $32,900  $(5,171,762)  $(5,138,862)

Net  loss                       (4,352)    (430,799)     (435,151)

Balance,  December 31, 2005    $28,548  $(5,602,561)  $(5,574,013)

Net  loss                       (2,260)    (223,744)     (226,004)

Balance,  December 31, 2006    $26,288  $(5,826,305)  $(5,800,017)











                AMERICAN REPUBLIC REALTY FUND I
             CONSOLIDATED STATEMENTS OF CASH FLOWS
               For the Years Ended December 31,


                                      2006       2005       2004

CASH FLOWS FROM OPERATING
  ACTIVITIES
 Net loss                        $(226,004) $(435,151) $(485,920)
 Adjustments to reconcile net
  loss to net cash provided by
  operations:
 Depreciation and amortization     550,309    669,735    664,958
 Change in assets and liabilities:
  Prepaid expenses                 (11,562)     7,058     (4,643)
  Escrow deposits                  (15,346)   (57,890)   (55,144)
  Accounts payable and accrued
   expenses                         12,053      4,780     (6,440)
    Security deposits               10,351      4,824     (5,748)

 Net  cash provided by operating
  activities                       319,801    193,356    107,063

CASH FLOWS FROM INVESTING
  ACTIVITIES
 Investments in real estate       (107,366)  (172,438)   (64,958)
 Net proceeds from (payments to)
  reserve for replacement          (72,325)   (31,142)    29,686

 Net cash used for investing
  activities                      (179,691)  (203,580)   (35,272)

CASH FLOWS FROM FINANCING
  ACTIVITIES
 Payments on mortgages payable    (177,870)  (164,442)  (152,028)
 Proceeds from (payments on)
   amounts due affiliates            2,943       (561)    (1,196)

 Net cash used for financing
  activities                      (174,927)  (165,003)  (153,224)

 Net decrease in cash and cash
   equivalents                     (34,817)  (175,227)   (81,433)

 Cash and cash equivalents at
  beginning of period              178,644    353,871    435,304

 Cash  and cash equivalents at
  end of period                   $143,827   $178,644   $353,871

 Supplemental disclosure of
  cash flow information:
 Cash  paid during the year
  for interest                    $761,877   $775,303   $787,717


                AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Nature of Operations

     American  Republic  Realty  Fund I  (the  "Partnership"),  a
     Wisconsin  limited partnership, was formed on  December  22,
     1982,  under  the  laws of the state of Wisconsin,  for  the
     purpose  of  acquiring, maintaining, developing,  operating,
     and  selling  buildings and improvements.   The  Partnership
     operates  rental  apartments  in  Texas  and  Florida.   The
     Partnership  will  be  terminated  by  December  31,   2012,
     although this date can be extended if certain events  occur.
     The general partner is Mr. Robert J. Werra.

     An  aggregate of 20,000 units is authorized, of which 11,000
     were  outstanding for each of the three years ended December
     31,  2006.   Under the terms of the offering, no  additional
     units will be offered.

     Allocation of Net Income (Loss) and Cash

     Net  operating income and loss are allocated 1%  to  general
     partners  and  99% to limited partners. Net  operating  cash
     flow,  as  defined  in the partnership agreement,  shall  be
     distributed to the limited and general partners first to the
     limited   partners  in  an  amount  equal  to   a   variable
     distribution  preference on capital  contributions  for  the
     current  year and then to the extent the preference has  not
     been satisfied for all preceding years, and, thereafter, 10%
     to the general partner and 90% to the limited partners.

     Net income from the sale of property is allocated first,  to
     the  extent  there  are cumulative net  losses,  1%  to  the
     general partner and 99% to the limited partners; second,  to
     the   limited   partners  in  an  amount  equal   to   their
     distribution preference; and, thereafter, 15% to the general
     partner and 85% to the limited partners.

     Cash  proceeds from the sale of property or refinancing  are
     allocated  first to the limited partners to  the  extent  of
     their   capital   contributions   and   their   distribution
     preference  and, thereafter, 15% to the general partner  and
     85% to the limited partners.

     Basis of Accounting

     The  Partnership  maintains  its  books  on  the  basis   of
     accounting  used for federal income tax reporting  purposes.
     Memorandum   entries   have  been  made   to   present   the
     accompanying consolidated financial statements in accordance
     with U.S. generally accepted accounting principles.



                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

     Recent Accounting Pronouncements

     In  May 2005, the FASB issued Statement No. 154, "Accounting
    Changes   and  Error  Corrections"  ("Statement  No.   154").
    Statement  No.  154,  which  replaces  APB  Opinion  No.  20,
    "Accounting  Changes" and FASB Statement  No.  3,  "Reporting
    Accounting Changes in Interim Financial Statements",  changes
    the  requirements for the accounting for and reporting  of  a
    change   in  accounting  principle.  The  statement  requires
    retrospective application of changes in accounting  principle
    to   prior  periods'  financial  statements  unless   it   is
    impracticable  to  determine the period-specific  effects  or
    the  cumulative effect of the change. Statement  No.  154  is
    effective  for accounting changes and corrections  of  errors
    made  in fiscal years beginning after December 15, 2005.  The
    adoption  of  Statement No. 154 is not  expected  to  have  a
    material  impact  on  the  consolidated  financial  position,
    results of operations or cash flows of the Partnership.

    In  June 2005, the FASB ratified the consensus in EITF  Issue
    No.  04-5,  "Determining Whether a General  Partner,  or  the
    General  Partners as a Group, Controls a Limited  Partnership
    or  Similar  Entity  When the Limited Partners  Have  Certain
    Rights"   ("Issue   04-5"),  which   provides   guidance   in
    determining  whether  a general partner  controls  a  limited
    partnership. Issue 04-5 states that the general partner in  a
    limited  partnership  is  presumed to  control  that  limited
    partnership. The presumption may be overcome if  the  limited
    partners  have either (1) the substantive ability to dissolve
    the  limited  partnership  or otherwise  remove  the  general
    partner   without  cause  or  (2)  substantive  participating
    rights,  which provide the limited partners with the  ability
    to  effectively  participate  in significant  decisions  that
    would  be expected to be made in the ordinary course  of  the
    limited  partnership's  business  and  thereby  preclude  the
    general  partner from exercising unilateral control over  the
    partnership.  Issue 04-5 is not expected to have  a  material
    effect  on  the consolidated financial position,  results  of
    operations or cash flows of the Partnership.

     Income Taxes

     No  provision  for  income taxes has  been  made  since  the
     partners  report their respective share of  the  results  of
     operations on their individual income tax return.

     Revenue Recognition



     The Partnership has leased substantially all of its rental
     apartments under cancelable leases for periods generally
     less than one year.  Rental revenue is recognized on a
     monthly basis as earned.


     Deferred Financing Costs

     Costs  incurred  to  obtain  mortgage  financing  are  being
     amortized  over the life of the mortgage using the straight-
     line method.



                  AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED


     Consolidation

     The  consolidated financial statements include the  accounts
     of  the  Partnership and a wholly owned entity.  All  inter-
     company amounts have been eliminated.

     Cash and Cash Equivalents

     The Partnership considers all highly liquid instruments with
     a maturity of three months or less to be cash equivalents.

     Investments in Real Estate and Depreciation


     All  real  estate  holdings are stated at cost  or  adjusted
     carrying value.  Statement of Financial Accounting Standards
     No. 144, "Accounting for the Impairment or Disposal of Long-
     Lived Assets" ("SFAS No. 144"), requires that a property  be
     considered  impaired if the sum of the expected future  cash
     flows  (undiscounted and without interest charges)  is  less
     than  the  carrying amount of the property.   If  impairment
     exists,  an  impairment  loss is  recognized,  by  a  charge
     against  earnings, equal to the amount by which the carrying
     amount  of the property exceeds the fair value less cost  to
     sell   the  property.   If  impairment  of  a  property   is
     recognized, the carrying amount of the property  is  reduced
     by  the  amount of the impairment, and a new  cost  for  the
     property is established.  Such new cost is depreciated  over
     the  property's  remaining  useful  life.   Depreciation  is
     provided  by the straight-line method over estimated  useful
     lives, which range from 5 to 27.5 years.

     There was no charge to earnings during 2006 due to an
     impairment of real estate.


     Computation of Earnings Per Unit

     The   Partnership   has  adopted  Statement   of   Financial
     Accounting Standards ("SFAS") No.128, "Earnings per  Share".
     Basic  earnings per unit is computed by dividing net  income
     (loss)  attributable to the limited partners'  interests  by
     the  weighted average number of units outstanding.  Earnings
     per unit assuming dilution would be computed by dividing net
     income   (loss)   attributable  to  the  limited   partners'
     interests  by  the  weighted average  number  of  units  and
     equivalent  units  outstanding.   The  Partnership  has   no
     equivalent units outstanding for any period presented.

                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

     Concentration of Credit Risk

     Financial   instruments   which  potentially   subject   the
     Partnership   to  concentrations  of  credit  risk   consist
     primarily  of  cash. The Partnership places  its  cash  with
     various  financial institutions.  The Partnership's exposure
     to  loss  should  any of these financial  institutions  fail
     would  be  limited  to any amount in excess  of  the  amount
     insured  by  the  Federal Deposit Insurance  Corporation  or
     Securities    Investor   Protection    Corporation,    where
     applicable.  Management does not believe significant  credit
     risk exists at December 31, 2006.

     At  December  31, 2006 and 2005, included in cash  and  cash
     equivalents is $100,095 and $141,792, respectively, which is
     cash  held  in a pooled account of the property's management
     company,  as  a  fiduciary, in a financial  institution  and
     could be at risk.

     Use of Estimates

     The  preparation  of  consolidated financial  statements  in
     conformity   with   U.S.   generally   accepted   accounting
     principles   requires  management  to  make  estimates   and
     assumptions that affect the reported amounts of  assets  and
     liabilities   and  disclosure  of  contingent   assets   and
     liabilities  at  the  date  of  the  consolidated  financial
     statements and the reported amounts of revenues and expenses
     during  that reporting period.  Actual results could  differ
     from those estimates.

     Environmental Remediation Costs

     The   Partnership   accrues  for  losses   associated   with
     environmental remediation obligations when such  losses  are
     probable  and  reasonably estimable. Accruals for  estimated
     losses  from environmental remediation obligations generally
     are  recognized  no later than completion  of  the  remedial
     feasibility  study.  Such accruals are adjusted  as  further
     information  develops  or  circumstances  change.  Costs  of
     future    expenditures    for   environmental    remediation
     obligations  are  not  discounted to  their  present  value.
     Recoveries  of  environmental remediation costs  from  other
     parties are recorded as assets when their receipt is  deemed
     probable.   Project  management  is   not   aware   of   any
     environmental remediation obligations that would  materially
     affect  the operations, financial position or cash flows  of
     the Project.

     Comprehensive Income

     Statement  of  Financial  Accounting  Standards   No.   130,
     Reporting  Comprehensive Income, (SFAS 130),  requires  that
     total  comprehensive income be reported in the  consolidated
     financial  statements.   For the years  ended  December  31,
     2006,  December  31,  2005,  and  December  31,  2004,   the
     Partnership's comprehensive income (loss) was equal  to  its
     net  income (loss) and the Partnership does not have  income
     meeting the definition of other comprehensive income.
                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE B - MORTGAGES PAYABLE

     Mortgage payable at December 31, 2006 and 2005, consisted of
     the following:

                                              2006         2005
Mortgage  note, original face  value  of
$4,000,000,    payable    in     monthly
installments  of principal and  interest
of  $28,795 bears interest at a rate  of
7.8%  and  matures August  1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $3,500,406  is  due.  This
mortgage note is secured by real  estate
assets   with  a  net  book   value   of
approximately $1,205,548                  3,541,623     3,608,073

                                         $3,541,623    $3,608,073


     At  December 31, 2006, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     are as follows:

              2007                      $3,541,623
              2008                             ---
              2009                             ---
              2010                             ---
              2011                             ---
              Thereafter                       ---

                                        $3,541,623

     Included in liabilities relating to assets held for sale  is
     a mortgage payable at December 31, 2006 and 2005, consisting
     of the following:

Mortgage  note, original face  value  of
$6,800,000,    payable    in     monthly
installments  of principal and  interest
of  $49,517, bears interest at a rate of
7.92%  and  matures August 1,  2007,  at
which   time   a  lump-sum  payment   of
approximately $5,965,548 is  due.   This
mortgage note is secured by real  estate
assets included in real estate held  for
sale   with   a   net  book   value   of
approximately $2,148,231                  $6,034,723   $6,146,143



                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE C - RELATED PARTY TRANSACTIONS

     The  Partnership  agreement specifies that certain  fees  be
     paid  to  the general partner or his designee.  An affiliate
     of  the  general partner receives a property management  fee
     that   is   5%   of   the  Partnership's   gross   receipts.
     Additionally,  the Partnership reimburses the affiliate  for
     administrative   expenditures.   The  following   fees   and
     reimbursements earned by an affiliate of the general partner
     in 2006, 2005 and 2004:

                                      2006      2005      2004

     Property management fee       $60,514   $55,029   $49,460
     Administrative service fee      6,096     6,096     6,096

     Discontinued  operations  includes fees  and  reimbursements
     earned  by an affiliate of the general partner for  property
     management  fees  and administrative service  fees  totaling
     $82,177,  79,145  and  81,372  for  2006,  2005  and   2004,
     respectively.

NOTE D - ACCUMULATED AMORTIZATION

     At  December  31,  2006, amortization expense  for  deferred
     financing costs over the next five years is as follows:

              2007                          11,470
              2008                             ---
              2009                             ---
              2010                             ---
              2011                             ---
              Thereafter                       ---

                                           $11,470


NOTE E - COMMITMENTS

     The  Partnership  will pay a real estate commission  to  the
     general partner or his affiliates in an amount not exceeding
     the  lesser  of  50% of the amounts customarily  charged  by
     others  rendering similar services or 3% of the gross  sales
     price  of a property sold by the Partnership, provided  that
     the  limited  partners have received their original  capital
     plus preferential interest, as defined.


                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE F - RECONCILIATION OF BOOK TO TAX LOSS (UNAUDITED)

     If the accompanying consolidated financial statements had
     been prepared in accordance with the accrual income tax
     basis of accounting rather than generally accepted
     accounting principals ("GAAP"), the excess of revenues over
     expenses for 2006 would have been as follows:



        Net loss per accompanying consolidated       $ (226,004)
     financial statements

        Add - book basis depreciation using             527,366
     straight-line method

        Deduct - income tax basis depreciation
     expense using

              ACRS method                               (86,612)



        Excess of revenues over expenses,            $  214,750
     accrual income tax basis


NOTE G - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

     The   following  estimated  fair  value  amounts  have  been
     determined  using  available  market  information  or  other
     appropriate    valuation    methodologies    that    require
     considerable  judgment  in  interpreting  market  data   and
     developing estimates.  Accordingly, the estimates  presented
     herein  are  not necessarily indicative of the amounts  that
     the  Partnership could realize in a current market exchange.
     The  use  of  different market assumptions and/or estimation
     methodologies  may have a material effect on  the  estimated
     fair value amounts.

     The  fair value of financial instruments that are short-term
     or  reprice  frequently  and have a  history  of  negligible
     credit  losses  is considered to approximate their  carrying
     value.   These  include cash and cash equivalents,  accounts
     payable and other liabilities.

     Management has reviewed the carrying values of its mortgages
     payable   in   connection  with  interest  rates   currently
     available  to  the Partnership for borrowings  with  similar
     characteristics and maturities and has determined that their
     estimated fair value would approximate their carrying  value
     as of December 31, 2006 and 2005.

     The  fair  value information presented herein  is  based  on
     pertinent  information  available to  management.   Although
     management   is  not  aware  of  any  factors   that   would
     significantly affect the estimated fair value amounts,  such
     amounts  have not been comprehensively revalued for purposes
     of  these consolidated financial statements since that date,
     and  therefore, current estimates of fair value  may  differ
     significantly from the amounts presented herein.


                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE H - REAL ESTATE HELD FOR SALE & DISCONTINUED OPERATIONS

     Effective January 1, 2002, the Partnership adopted Statement
     of  Financial Accounting Standard No. 144, " Accounting  for
     the  Impairment  or  Disposal of Long-Lived  Assets,"  which
     established a single accounting model for the impairment  or
     disposal   of   long-lived  assets,  including  discontinued
     operations.  This  statement requires  that  the  operations
     related  to  properties that are intended  to  be  sold,  be
     presented  as  discontinued operations in the  statement  of
     operations  for all periods presented and properties  to  be
     sold are to be designated as " held for sale" on the balance
     sheet.

     In October 2006, the Partnership entered into a purchase and
     sale agreement to sell the Partnership's property located in
     Bedford, Texas to a third party for $9,725,000. As a result,
     the   property  and  related  assets  and  liabilities   are
     classified  as held for sale on the balance sheets  and  the
     property's   operations   are   included   in   discontinued
     operations in the statements of operations for each  of  the
     years  presented. The sale is expected to close in the first
     quarter of 2007.

     Real estate held-for-sale includes the following:

                                        2006         2005
     Property at net book value   $2,148,231   $2,385,689
     Escrow deposits                 474,326      438,813
     Real  estate  held-for
      sale, net of depreciation   $2,622,557  $ 2,824,502

     Liabilities relating to assets held-for-sale include:

                                        2006         2005
     Mortgage payable             $6,034,723   $6,146,143
     Real estate taxes payable       188,970      201,131
     Security deposits                47,227       39,657
     Liabilities related to
     assets held-for-sale         $6,270,920   $6,386,931

     The operations of the property for the years ending December
     31,  2006,  2005  and  2004  are  included  in  discontinued
     operations  in  the statements of operation.  The  following
     table summarizes the revenue and expense information for the
     discontinued operations.

                                 2006        2005        2004

   Rents and other property
    revenues               $1,516,180  $1,456,207  $1,500,900
   Operating expenses       1,222,275   1,322,844   1,354,682
   Operating income (loss)    293,905     133,363     146,218
   Other income (expense)    (480,932)   (490,113)   (498,126)
   Net loss from
   discontinued operations  $(187,027)  $(356,750)  $(351,908)

                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE I - QUARTERLY DATA (UNAUDITED)

     The table below reflects the partnership's selected
     quarterly information for the years ended December 31, 2006
     and 2005.

                                 Year ended December 31, 2006
                              First    Second     Third    Fourth
                            Quarter   Quarter   Quarter   Quarter


Rents  and other property
 revenues                  $296,017  $310,753  $302,350  $300,797
Operating expenses          218,790   235,192   235,324   286,290

Operating income             77,227    75,561    67,026    14,507
Other income/(expense)      (70,470)  (70,156)  (69,890)  (62,782)
Net income (loss) from
continuing operations         6,757     5,405    (2,864)  (48,275)
Net income (loss) from
discontinued operations     (82,988)  (68,423)  (70,778)   35,162
Net loss                    (76,231)  (63,018)  (73,642)  (13,113)
Loss  allocable to limited
 partnership unit           (75,469)  (62,388)  (72,906)  (12,982)
Loss  per limited unit-basic
 and diluted                 $(6.86)   $(5.67)   $(6.63)   $(1.18)


                                 Year ended December 31, 2005
                              First    Second     Third    Fourth
                            Quarter   Quarter   Quarter   Quarter


Rents and other property
 revenues                  $243,337  $266,963  $292,130  $297,758
Operating expenses          211,241   252,986   254,977   178,179
Operating income             32,096    13,977    37,153   119,579
Other income/(expense)      (71,448)  (71,209)  (70,942)  (67,607)
Net   income  (loss)  from
 continuing operations      (39,352)  (57,232)  (33,789)   51,972
Net loss from discontinued
 operations                 (67,009) (100,945)  (89,454)  (99,342)
Net loss                   (106,361) (158,177) (123,243)  (47,370)
Loss  allocable to limited
 partnership unit          (105,297) (156,595) (122,011)  (46,896)
Loss  per limited  unit-
 basic and diluted           $(9.57)   (14.24)   (11.09)    (4.26)


                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2006 and 2005

NOTE J - SUBSEQUENT EVENT


   On  March  15, 2007, the Partnership entered into  a  purchase
   and  sale  agreement  to  sell the  Florida  property  of  the
   Partnership for a sales price of $10,450,000 less a credit  in
   an amount not greater than $3,500 for an updated survey and  a
   payment to the purchaser of $200,000 for reimbursement of  the
   purchaser's  closing and due diligence costs and expenses  and
   credit  toward roof replacement. The property has a  net  book
   value  of  $1,205,548 and an outstanding mortgage  payable  of
   $3,541,623  at December 31, 2006. The closing of the  sale  is
   expected to take place in the second quarter of 2007.




AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2006


                                 Initial Cost
                                 to Partnership

Description   Encumbrances      Land      Building         Total
                                            and       Subsequent to
                                        Improvements    Acquisition
26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs
located    in
Jacksonville,
Florida            (b)       $583,000     $5,686,771     $732,119


                                   Gross Amounts at Which
                                  Carried at Close of Year

Description       Land      Buildings
                              and                      Accumulated
                          Improvements     Total       Depreciation
                                           (c)(d)          (c)


26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs
located    in
Jacksonville,
Florida          $583,000   $6,418,890    $7,001,890    $5,796,342


                                                    Life on Which
Description          Date of             Date        Depreciation
                   Construction        Acquired      Is Computed


26  two-story
apartment
buildings  of
concrete block
construction
with   stucco
and     cedar
exterior  and
gabled  roofs   Phase I complete at
located    in   date acquired;          9/12/83          (a)
Jacksonville,   Phase II complete at
Florida         date acquired           5/01/84          (a)




See notes to Schedule III.

AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 2006


NOTES TO SCHEDULE III:

(a)   See  Note  A  to  consolidated  financial  statements  outlining
   depreciation methods and lives.

(b)   See description of mortgages and notes payable in Note B to  the
   consolidated financial statements.

(c)   The reconciliation of investments in real estate and accumulated
   depreciation for the years ended December 31, 2006, 2005 and 2004 is
   as follows:

                              Investments in   Accumulated
                               Real Estate     Depreciation

Balance, January  1, 2004        $6,768,361   $5,043,055
       Acquisitions                  25,281          ---
       Depreciation expense             ---      248,171

Balance, December 31, 2004       $6,793,642   $5,291,226
       Acquisitions                 139,109          ---
       Depreciation expense             ---      253,436

Balance, December 31, 2005       $6,932,751   $5,544,662
        Acquisitions                 69,139          ---
        Depreciation expense            ---      251,680

Balance, December 31, 2006       $7,001,890   $5,796,342


(d) Aggregate cost for federal income tax purposes is $6,958,714.


    Item 9. Changes in and Disagreements on Accounting and Financial
Disclosure

     On  November 6, 1998, an 8-K was filed to disclose the change  in
auditors.   No  financial statements were issued in  conjunction  with
this   filing.    The  Registrant  has  not  been  involved   in   any
disagreements on accounting and financial disclosure.

    Item 9a.  Controls and Procedures

     Based on their most recent evaluation, which was completed December
31, 2006, our  Principal  Financial Officer  and  Principal  Executive
Officer,  believe  our  disclosure controls  and procedures (as defined
in Exchange Act Rules 13a-14  and 15d-14)  are  effective.  There were
not any  significant  changes  in internal controls or in other factors
that could significantly  affect these  controls subsequent to the date
of their evaluation, and  there has  not  been  any  corrective  action
with  regard  to  significant deficiencies and material weaknesses.

                               PART III

    Item 10.  Directors and Executive Officer of the Partnership

     The  Partnership itself has no officers or directors.  Robert  J.
Werra is the General Partner of the Partnership.

    Robert J. Werra, 67, the General Partner, Mr. Werra joined Loewi &
Co.,  Incorporated  ("Loewi") in 1967 as a Registered  Representative.
In  1971,  he  formed  the  Loewi  real  estate  department,  and  was
responsible  for  its  first  sales of privately  placed  real  estate
programs.   Loewi Realty was incorporated in 1974, as a  wholly  owned
subsidiary of Loewi & Co., with Mr. Werra as President.  In 1980,  Mr.
Werra,  along  with three other individuals, formed Amrecorp  Inc.  to
purchase  the stock of Loewi Real Estate Inc., and Loewi  Realty.   In
1991  Univesco, Inc. became the management agent for the  Partnership.
Limited  Partners  have no right to participate in management  of  the
Partnership.

    Item 11.  Management Renumeration and Transactions

      As  stated  above, the Partnership has no officers or directors.
Pursuant  to  the  terms  of  the Limited Partnership  Agreement,  the
General Partner receives 1% of Partnership income and loss and  up  to
15%  of  Net      Proceeds  received  from  sale  or  refinancing   of
Partnership  properties  (after  return  of  Limited  Partner  capital
contributions  and  payment  of a 6% Current  Distribution  Preference
thereon).

      Univesco, Inc., an affiliate of the General Partner, is entitled
to  receive  a  management  fee with respect  to  properties  actually
managed  of  5%  of the actual gross receipts from a  property  or  an
amount competitive in price or terms for comparable services available
from  non-affiliated persons.  The Partnership is  also  permitted  to
engage  in  various transactions involving affiliates of  the  General
Partner  as  described under the caption "Compensation  and  Fees"  at
pages  6-8, "Management" at page 17 and "Allocation of Net Income  and
Losses and Cash     Distributions" at pages 34-36 of the Prospectus as
supplemented,  incorporated  in the Form S-11  Registration  Statement
which  was filed with the Securities and Exchange Commission and  made
effective on May 2, 1983.

      For  the years ended December 31, 2006, 2005, and 2004, property
management  fees  and  administrative service  fees  totaled  $66,610;
$61,125; and $55,556, respectively.
      Discontinued operations includes fees and reimbursements  earned
by  an  affiliate of the general partner for property management  fees
and  administrative service fees totaling $82,177, 79,145  and  81,372
for 2006, 2005 and 2004, respectively.

          Item 12.  Security Ownership of Certain Beneficial Owners and
     Management

           (a) Except as listed below, the General Partner knows of no
one who owns beneficially, more than five percent of the Interests  in
the Partnership, the only class of securities outstanding.

                             Amount and Nature
 Title            Name of           of Beneficial     Percent
of Class      Beneficial Owner         Ownership      of Interest

Limited       Everest Management        3,394.5         30.9%
Partnership
Interests
              Equity Resources            617.5          5.6%

           (b) By virtue of its organization as a limited partnership,
the  Partnership  has  no officers or directors.   Persons  performing
functions  similar  to  those  of  officers  and  directors   of   the
Partnership, beneficially own, the following Units of the  Partnership
as of December 31, 2005.

                              Amount and Nature
Title            Name of             of Beneficial    Percent
of Class      Beneficial Owner         Ownership      of Interest

Limited       Robert J. Werra             591            5.37%
Partnership
Interests

    No Selling Commissions were paid in connection with the purchase of
these Units.

(d)   There  is no arrangement, other than the agreement discussed  in
   Item  4  Submission of Matters to a Vote of Security Holders,  with
   Everest Management, that  may at a subsequent date, result in a change
   in control of the Partnership.   The partnership has complied with all
   aspects of the agreement and believes that Everest as part  of  the
   agreement will rescind their solicitation.


    Item 13.  Certain Relationships and Related Transactions

None other than discussed in Item 11 and Note C to the financial
statements at Item 8 elsewhere in this 10-K.

Item 14.  Principal Accounting Fees and Services

The  following  table sets forth the aggregate fees  for  professional
services  rendered to the Partnership for the years 2006 and  2005  by
the  Partnership's principal accounting firm, Farmer, Fuqua,  &  Huff,
P.C.

     Type of Fees                2006           2005

     Audit Fees               $12,250        $11,500
     Audit related fees          ---            ---
     Tax fees                    ---            ---
     All other fees              ---            ---



                             PART IV

Item 15.  Exhibits, Financial Statements, Schedules and Reports on
Form 8-K

     (A)  1.  See accompanying Financial Statements Index

          2.  Additional financial information required to be
              furnished:

     Schedule III - Real Estate and Accumulate Depreciation.

          3.  Exhibits

               None.

     (B)  Reports on Form 8-K for the quarter ended December 31, 2006.

          None

     (C)  Exhibits

          3.   Certificate of Limited Partnership, incorporated by
               reference to Registration Statement No. 0-11578 effective
               May 2, 1983.

          4.   Limited Partnership Agreement, incorporated by
               reference to Registration Statement No. 0-11578 effective
               May 2, 1983.

          9.   Not Applicable

          10.  Not Applicable

          11.  Not Applicable

          12.  Not Applicable

          13.  Reports to security holders, incorporated by reference from
               Registrant's Quarterly Reports on Form 1O-Q, dated September
               30, 2006.

          14.  Code of Ethics for Senior Financial Officers

          18.  Not Applicable

          19.  Not Applicable

          22.  Not Applicable

          23.  Not Applicable

          24.  Not Applicable

          25.  Power of Attorney, incorporated by reference to
               Registration Statement No. 0-11578 effective
               May 2, 1983.

          28.  None

          31.  Certification
32.  Officers' Section 1350 Certification
(e)  Financial Statement Schedules excluded from the annual report
          None


    Pursuant to the requirements of Section 13 or 15(d) 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

                   ROBERT J. WERRA, GENERAL PARTNER



                             /s/  Robert J. Werra
    March 30, 2007

EXHIBIT 14

     Code of Ethics for Senior Financial Officers


     The  principal executive officer, president, principal  financial
officer,  chief  financial officer, principal accounting  officer  and
controller  (all, the partnership's "Senior Financial Officers")  hold
an  important and elevated role in corporate governance,  vested  with
both  the  responsibility  and  authority  to  protect,  balance,  and
preserve   the  interests  of  all  of  the  enterprise  stakeholders,
including shareholders, customers, employees, suppliers, and  citizens
of  the  communities in which business is conducted.  Senior Financial
Officers fulfill this responsibility by prescribing and enforcing  the
policies  and procedures employed in the operation of the enterprise's
financial  organization  and  by acting  in  good  faith  and  in  the
company's best interests in accordance with the partnership's Code  of
Business Conduct and Ethics.

1    Honest and Ethical Conduct

          Senior  Financial  Officers will  exhibit  and  promote
     honest  and  ethical conduct through the  establishment  and
     operation of policies and procedures that:

     .    Encourage  and  reward professional  integrity  in  all
          aspects  of  the financial organization, by eliminating
          inhibitions and barriers to responsible behavior,  such
          as  coercion, fear of reprisal, or alienation from  the
          financial organization or the enterprise itself.

     .    Promote  the  ethical handling of  actual  or  apparent
          conflicts of interest between personal and professional
          relationships.

     .    Provide   a  mechanism  for  members  of  the   finance
          organization to inform senior Management of  deviations
          in  the practice from policies and procedures governing
          honest and ethical behavior.

     .    Respect the confidentiality of information acquired  in
          the course of work, except when authorized or otherwise
          legally  obligated  to disclose such  information,  and
          restrict  the use of confidential information  acquired
          in the course of work for personal advantage.

     .    Demonstrate  their personal support for  such  policies
          and    procedures   through   periodic    communication
          reinforcing  these  ethical  standards  throughout  the
          finance organization.

2    Financial Records and Periodic Reports

          Senior Financial Officers will establish and manage the
     enterprise  transaction and reporting systems and procedures
     to provide that:
     .    Business  transactions  are  properly  authorized   and
          accurately  and timely recorded on the company's  books
          and  records  in  accordance  with  Generally  Accepted
          Accounting Principles ("GAAP") and established  company
          financial policy.

     .    No  false or artificial statements or entries  for  any
          purpose  are  made  in  the  partnership's  books   and
          records,     financial    statements    and     related
          communications.

     .    The  retention  or proper disposal of  company  records
          shall   be  in  accordance  with  established   records
          retention  policies and applicable legal and regulatory
          requirements.

     .    Periodic  financial  communications  and  reports  will
          include full, fair, accurate, timely and understandable
          disclosure.

3    Compliance with Applicable Laws, Rules and Regulations.

          Senior  Financial Officers will establish and  maintain
     mechanisms to:

     .    Educate  members of the finance organization about  any
          federal,   state  or  local  statute,   regulation   or
          administrative procedure that affects the operation  of
          the finance organization and the enterprise generally.

     .    Monitor the compliance of the finance organization with
          any   applicable  federal,  state  or  local   statute,
          regulation or administrative rule.

     .    Identify,  report  and correct in a swift  and  certain
          manner,   any   detected  deviations  from   applicable
          federal, state or local statute or regulation.

4    Reporting of Non-Compliance

     Senior Financial Officers will promptly bring to the attention of
the Audit Committee:

     .    Material information that affects the disclosures  made
          by the company in its public filings.
     .    Information concerning significant deficiencies in  the
          design  or  operation of internal controls  that  could
          adversely  affect  the  company's  ability  to  record,
          process, summarize and report financial data.

     Senior Financial Officers will promptly bring to the attention of
the General Counsel and to the Audit Committee:

     .    Fraud,   whether   or  not  material,   that   involves
          management  or  other employees who have a  significant
          role   in   the   partnership's  financial   reporting,
          disclosures or internal controls.

     .    Information concerning a violation of this Code or  the
          company's   Code   of  Business  and  Ethics   Conduct,
          including any actual or apparent conflicts of  interest
          between   personal   and  professional   relationships,
          involving  management  or other employees  who  have  a
          significant   role   in  the  partnership's   financial
          reporting, disclosures or internal controls.

     .    Evidence of a material violation by the company or  its
          employees  or  agents  of  applicable  laws,  rules  or
          regulations.

5    Disciplinary Action

          In  the event of violation by Senior Financial Officers
     of  this Code or the company's Code of Business Conduct  and
     Ethics, the Audit Committee of the Board of Directors  shall
     recommend appropriate disciplinary and remedial actions.












                                                       Exhibit 31

                         CERTIFICATION


I, Robert J. Werra, certify that:

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

     2  .   Based on my knowledge, this 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 report;

     3  .   Based on my knowledge, the financial statements, and other
financial  information included in this 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 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 13-15(e) and 15d-15e) and
have internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f) 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 report is being
     prepared;

          (b)   designed  such  internal control  over  financial
     reporting,  or  caused such internal control over  financial
     reporting  to be designed under our 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 principals; and

          (c)   evaluated  the effectiveness of the  registrant's
     disclosure  controls and procedures and  presented  in  this
     report  our  conclusions  about  the  effectiveness  of  the
     controls and procedures as of the end of the period  covered
     by this report based on such evaluation; and

          (d)   disclosed  in  this  report  any  change  in  the
     registrant's internal control over financial reporting  that
     occurred during the registrant's most recent priod that  has
     materially affected, or is reasonably  likely  to materially
     affect, the registrant's internal  control  over financial
     reporting; and

          e)    presented  in this report our  conclusions
     about  the  effectiveness  of the  disclosure  controls  and
     procedures  based  on our evaluation as  of  the  Evaluation
     Date;

     (b)5.      The registrant's other certifying officers and I  have
disclosed,  based  on our most recent evaluation of  internal  control
over  financial reporting, 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   and   material
     weaknesses  in  the design or operation of internal  control
     over  financial  reporting which are  reasonably  likely  to
     adversely   affect  the  registrant's  ability  to   record,
     process, summarize and report financial information; 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.

     Dated: March 30, 2007.
                              /s/ Robert J. Werra
                              ____________________________________


                                                       Exhibit 32

             Officers' Section 1350 Certifications

     The  undersigned  officer  of American Republic  Realty  Fund,  a
Wisconsin  limited partnership (the "Partnership"),  hereby  certifies
that  (i)  the Partnership's Report on Form 10-K for  the  year
ended  December  31,  2006  fully complies with  the  requirements  of
Section  13(a) of the Securities Exchange Act of 1934,  and  (ii)  the
information contained in the Partnership's Report on Form  10-K
for  the year ended December 31, 2006 fairly presents, in all material
respects,  the  financial condition and results of operations  of  the
Partnership, at and for the periods indicated.

     Dated: March 30, 2007.

                              /s/ Robert J. Werra
                              ______________________________________