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, 2005
                  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,
2005,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  625  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, 2005 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.


                          Occupancy Rates
                           December 31,
                              Percent



                      2001   2002   2003   2004   2005
Four Winds I & II     95.2%  89.6%  94.2%  81.8%  95.5%
Forestwood            95.9%  93.2%  84.4%  90.9%  84.8%




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



     No matters were submitted to a vote of the unit holders of the
Partnership during the fourth quarter of 2005.

     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, 2005 there were approximately 625 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.  On October 25, 2004 these  units
were  transferred to Everest Management.  As of December  31,  2005
Everest  Management owns 3,318.5 units or 30.2% of the  outstanding
interests of the partnership. During 2002 and 2003 Equity Resources
acquired 617.5 units or 5.6% of the fund.   The registrant knows of
no other activity involving the sale or acquisition of Interests.

The  General Partner continues to review the Partnership's  ability
to  make  distributions on a quarter-by-quarter basis, however,  no
such  distributions have been made and none are anticipated in  the
immediate  future  due  to  the debt service  requirements  of  the
Partnership.

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

 (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.



                                        2005    2004    2003    2002    2001
Limited Partner Units Outstanding     11,000  11,000  11,000  11,000  11,000

Statement of Operations
  Total Revenues                      $2,556  $2,490  $2,708  $2,760  $2,896
  Net Income (Loss)                     (435)   (485)   (337)   (217)    (42)
Limited Partner Net Income
    Loss per Unit-Basic               (39.16 )(43.73) (30.30) (19.54)  (3.45)
  Cash Distributions to Limited
    Partners per Unit  - Basic             0       0       0      25      50


Balance Sheet:
  Real Estate, net                    $3,773  $4,248  $4,825  $5,382  $5,943
  Total Assets                         4,570   5,160   5,812   6,305   6,941
  Mortgages Payable                    9,754   9,919  10,071  10,211  10,341
  Partner's Deficit                   (5,574) (5,139) (4,653) (4,316) (3,824)



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."

Results of Operations: 2005 VERSUS 2004 -

Revenue  from  Property Operations increased  $66,379  or  2.7%  as
compared  to  2004.   This increase is primarily  attributed  to  a
$57,100 increase in rental revenue, which was principally due to an
increase in rental rates.  The increase in other  revenue  of
$9,279  was principally caused by an increase in fees from  tenants.
The following table illustrates the increases:

                  Increase

Rental income     $57,100
Fees & Other        9,279
Net Increase      $66,379

Property  operating  expenses for 2005  increased  $30,359 or  1.4%.
Utilities  increased $26,770 or 12.05% primarily due to higher  gas
rates.   Real estate taxes increased $13,965 or 5.05% due to higher
assessed valuations.  General and administrative expenses decreased
$30,335  or  5.36%  primarily  due to  decreased  insurance  costs.
Maintenance and repairs increased $13,762 or 4.8% due primarily  to
deferred  maintenance  projects performed.  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)

Utilities                                 26,770
Real estate taxes                         13,965
Property management fee to affiliate        3342
Depreciation and amortizatio               4,777
General and administrative               (30,335)
Advertising and marketing                 (1,922)
Maintenance and repairs                   13,762

 Net Increase                 30,359

Results of Operations: 2004 VERSUS 2003 -

Revenue  from  Property Operations decreased $218,303  or  8.3%  as
compared  to  2003.   This decrease is primarily  attributed  to  a
$217,205 decrease in rental revenue, which was principally due to a
decrease  in occupancy.  The decrease in other revenues  of  $1,098
was  principally  caused by a decrease in fees  from  tenants.  The
following table illustrates the decreases:

                   (Decrease)

Rental income     $(217,205)
Fees & Other         (1,098)
Net Decrease      $(218,303)


Property  operating expenses for 2004 decreased $58,425 or  2.6%.
General  and administrative expenses increased $18,912  or  3.46%
primarily  due  to  increased insurance costs.   Maintenance  and
repairs decreased $46,087 or 13.77% due primarily to the decrease
in  deferred maintenance projects.  Utilities increased $7,177 or
3.34%  primarily due to higher gas rates.  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                18,912
Real estate taxes                        (19,475)
Maintenance and repairs                  (46,087)
Depreciation and amortization             (9,178)
Property management fee to affiliate     (10,957)
Advertising and marketing                  1,183
Utilities                                  7,177

   Net Decrease                    (58,425)

Liquidity and  Capital Resources

While  it  is the General Partner's 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  these
assets should be considered for disposal. At this time, there  is
no plan to dispose of either Property.

As of December 31, 2005, the Partnership had $178,644 in cash and
cash equivalents as compared to $353,871 as of December 31, 2004.
The decrease of $175,227 cash on hand reflects the cash flow from
operations.  See Note C to the Financial Statements contained  in
Item 8 for information regarding related party transactions.

The  properties are encumbered by two non-recourse mortgage notes
as of December 31, 2005.  These mortgages payable have a carrying
value  of  $9,754,216 at December 31, 2005.  The  mortgage  notes
were  entered  into  during  1997 to refinance  certain  mortgage
notes.

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  balloon mortgage payments will be proceeds from  the  sale,
financing or refinancing of the Properties.

The  Partnership's  required principal  payments  due  under  the
stated  terms  of  the Partnership's mortgage notes  payable  and
notes payable to affiliates are $177,870, and 9,576,346 for  each
of the next two years.

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 it's 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.








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

                   December 31, 2005 and 2004

           INDEX TO CONSOLIDATED FINANCIAL STATEMENTS




                                                                     Page

  Report of Independent Registered Public Accounting Firm               2

  Consolidated Financial Statements

    Consolidated Balance Sheets as of December 31, 2005 and 2004        3

    Consolidated Statements of Operations for the years ended
      December 31, 2005, 2004 and 2003                                  4

    Consolidated Statements of Partners' Equity (Deficit) for
      the years ended December 31, 2005, 2004 and 2003                  5

    Consolidated Statements of Cash Flows for the years ended
      December 31, 2005, 2004 and 2003                                  6

    Notes to Consolidated Financial Statements                          7

    Schedule III - Real Estate and Accumulated Depreciation15


   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, 2005
and 2004, 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, 2005.  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 financial statement
presentation.   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, 2005 and 2004, and the results of its operations and
its  cash  flows  for each of the years in the three-year  period
ended  December 31, 2005 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, 2005 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.




January 17, 2005
Plano, Texas




                AMERICAN REPUBLIC REALTY FUND I
                  CONSOLIDATED BALANCE SHEETS
                          December 31,


                             ASSETS
                                                         2005         2004

Investments in real estate at cost
      Land                                         $1,822,718   $1,822,718
      Buildings, improvements and furniture
        and fixtures                               16,337,299   16,164,861

                                                   18,160,017   17,987,579
    Accumulated  depreciation                     (14,386,239) (13,739,447)

                                                    3,773,778    4,248,132

Cash and cash equivalents                             178,644      353,871
Escrow deposits
                                                      541,874      452,842
Deferred financing costs, net of
  accumulated amortization of
  $195,018 and $172,075, respectively                  34,413       57,357
Prepaid expenses
                                                       40,962       48,020

TOTAL ASSETS                                        4,569,671    5,160,222


               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                                   9,754,216    9,918,658
Amounts due affiliates                                    695        1,256
Accounts payable and accrued expenses                 317,754      312,974
Security deposits                                      71,020       66,196

TOTAL LIABILITIES                                  10,143,685   10,299,084

PARTNERS' DEFICIT                                  (5,574,014)  (5,138,862)

TOTAL  LIABILITIES  AND  PARTNERS'  DEFICIT        $4,569,671   $5,160,222


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

                                              2005         2004        2003
PROPERTY REVENUE
 Rentals                                $2,475,546   $2,418,446  $2,635,651
 Fees and other                             80,849       71,570      72,668

 Total property revenues                 2,556,395    2,490,016   2,708,319

OPERATING EXPENSES
 Depreciation and amortization             669,735      664,958     674,136
 General and administrative                535,470      565,805     546,893
 Real estate taxes                         290,466      276,501     295,976
 Maintenance and repairs                   302,384      288,622     334,709
 Utilities                                 248,968      222,198     215,021
 Property management fee to affiliate      127,862      124,520     135,477
 Advertising and marketing                  32,934       34,856      33,673
 Administrative service fee to
   general partner                          12,408       12,408      12,408

   Total operating expenses              2,220,227    2,189,868   2,248,293

OPERATING INCOME                           336,168      300,148     460,026

OTHER INCOME AND (EXPENSE)
 Interest income                             2,905          652       1,534
 Interest expense                         (774,224)    (786,720)   (798,271)
 Total other income and expense           (771,319)    (786,068)   (796,737)

NET LOSS                                 $(435,151)   $(485,920)  $(336,711)

NET LOSS PER LIMITED PARTNERSHIP
 UNIT - BASIC

 Net loss per unit - basic                 $(39.16)     $(43.73)    $(30.30)

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, 2005, 2004 and 2003


                                         General     Limited
                                         Partner     Partners        Total

 Balance, January 1, 2003                 41,126   (4,357,357)  (4,316,231)

 Net loss                                 (3,367)    (333,344)    (336,711)

 Balance, December 31, 2003               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)











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

                                                2005        2004        2003

CASH FLOWS FROM OPERATING ACTIVITIES
 Net  loss                                 $(435,151)  $(485,920)  $(336,711)
 Adjustments to reconcile net loss to
   net cash provided by operations:
 Depreciation and amortization               669,735     664,958     674,136
 Change in assets and liabilities:
  Prepaid expenses                             7,058      (4,643)    (11,183)
  Escrow deposits                            (57,890)    (55,144)    (63,512)
  Accounts payable and accrued expenses        4,780      (6,440)    (13,587)
  Security deposits                            4,824      (5,748)    (3, 084)

 Net cash provided by operating activities   193,356     107,063     246,059

CASH FLOWS FROM INVESTING ACTIVITIES
 Investments in real estate                 (172,438)    (64,958)    (93,896)
 Net proceeds from (payments to) reserve
   for replacement                           (31,142)     29,686     208,729

 Net cash provided by (used for) investing
   activities                               (203,580)    (35,272)    114,833

CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on mortgages payable              (164,442)   (152,028)   (140,552)
 Proceeds from (payments on)
  amounts due affiliates                        (561)     (1,196)        727

 Net cash used for financing activities     (165,003)   (153,224)   (139,825)

 Net increase (decrease) in cash and cash
   equivalents                              (175,227)    (81,433)    221,067

 Cash and cash equivalents at beginning of
   period                                    353,871     435,304     214,237

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

 Supplemental disclosure of cash flow
 information:
 Cash  paid  during the year for interest   $775,303    $787,717    $799,193




                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2005 and 2004

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,  2005.   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, 2005 and 2004

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, 2005 and 2004

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 2005 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, 2005 and 2004

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, 2005.

     At  December  31, 2005 and 2004, included in cash  and  cash
     equivalents is $141,762 and $258,703, 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,
     2005,  December  31,  2004,  and  December  31,  2003,   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, 2005 and 2004


NOTE B - MORTGAGES PAYABLE

     Mortgages  payable at December 31, 2005 and 2004,  consisted
     of the following:

                                                 2005         2004
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   with  a  net  book   value   of
approximately $2,385,689.                   6,146,143   $6,249,105

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 $1,388,089.                   3,608,073    3,669,553

                                           $9,754,216   $9,918,658



     At  December 31, 2005, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     are as follows:

              2006                         177,870
              2007                       9,576,346
              2008                             ---
              2009                             ---
              2010                             ---
              Thereafter                       ---

                                        $9,754,216




                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2005 and 2004


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 2005, 2004 and 2003:

                                        2005       2004       2003

     Property management fee        $127,862   $124,520   $135,477
     Administrative service fee       12,408     12,408     12,408


NOTE D - ACCUMULATED AMORTIZATION

     At  December  31,  2005, amortization expense  for  deferred
     financing costs over the next five years is as follows:

              2006                          22,943
              2007                          11,470
              2008                             ---
              2009                             ---
              2010                             ---
              Thereafter                       ---
                                           $34,413



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.

          The  Partnership  is a party to various  claims,  legal
     actions  and  complaints arising in the ordinary  course  of
     business. In the opinion of management, all such matters are
     adequately covered by insurance or involve such amounts that
     unfavorable disposition would not have a material effect  on
     the Partnership's consolidated financial position.



                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2005 and 2004


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 2005 would have been as follows:



        Net loss per accompanying consolidated
     financial statements                             $(435,151)

        Add - book basis depreciation using
     straight-line method                               646,792

        Deduct - income tax basis depreciation
     expense using

              ACRS method
                                                        (81,123)



        Excess of revenues over expenses,
     accrual income tax basis                          $130,518


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  judgement  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, 2005 and 2004.




                 AMERICAN REPUBLIC REALTY FUND I
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   December 31, 2005 and 2004


NOTE G - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

                   (CONTINUED)

     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.


NOTE H - QUARTERLY DATA (UNAUDITED)

     The table below reflects the partnership's selected
     quarterly information for the years ended December 31, 2005
     and 2004.

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

Rents and other property revenues    $621,677  $631,754   $655,053  $647,911
Operating expenses                    533,040   596,616    585,578   504,993
Operating income                       88,637    35,138     69,475   142,918
Other income/(expense)               (194,998) (193,315)  (192,718) (190,288)
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)





                                          Year ended December 31, 2004
                                      First     Second     Third     Fourth
                                      Quarter   Quarter    Quarter   Quarter

Rents and other property revenue     $637,744  $607,071   $617,423  $627,748
Operating expenses                    553,099   580,861    597,459   508,449
Operating income                       84,675    76,210     19,964   119,299
Other income/(expense)               (197,703) (197,042)  (196,472) (194,851)
Net loss                             (113,028) (120,832)  (176,508)  (75,552)
Loss  allocable to limited
partnership unit                     (111,898) (119,624)  (174,743)  (74,796)
Loss  per limited  unit  -
basic and diluted                     $(10.17)   (10.87)    (15.89)    (6.80)





AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2005




                                  Initial Cost
                                 to Partnership

Description       Encumberances     Land         Building       Total Cost
                                                    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       $662,980

37 two-story
apartment
buildings of
concrete block
construction
with brick
veneer, stucco
and wood siding
exterior, and
composition,
shingled roofs
located in
Bedford, Texas         (b)       1,239,718        8,679,421      1,308,127

                                $1,822,718      $14,366,192     $1,971,107




                             Gross Amounts at Which
                            Carried at Close of Year

Description                        Building
                                     And                       Accumulated
                    Land         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        $6,349,751      $6,932,751    $5,544,662


37 two-story
apartment
buildings of
concrete block
construction
with brick
veneer, stucco
and wood siding
exterior, and
composition,
shingled roofs
located in
Bedford, Texas   1,239,718         9,987,548     11,227,266      8,841,577

                $1,822,718       $16,337,299    $18,160,017    $14,386,239



                                                             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)



37 two-story
apartment
buildings of
concrete block
construction
with brick
veneer, stucco
and wood siding
exterior, and
composition,
shingled roofs
located in          Complete at
Bedford, Texas      Date acquired             12/20/83            (a)

See notes to Schedule III.








AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 2005


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, 2005, 2004 and 2003
       is as follows:

                                        Investments in     Accumulated
                                          Real Estate      Depreciation

    Balance, January 1, 2003              $17,828,725      $12,446,239
        Acquisitions                           93,896              ---
        Depreciation expense                      ---          651,193

    Balance, December 31, 2003             17,922,621       13,097,432
        Acquisitions                           64,958              ---
        Depreciation expense                      ---          642,015

    Balance, December 31, 2004             17,987,579       13,739,447
         Acquisitions                         172,438              ---
         Depreciation expense                     ---          646,792

    Balance, December 31, 2005             18,160,017       14,386,239


(d) Aggregate cost for federal income tax purposes is $17,639,692.

    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 within
90  days  of  the  filing of this Form 10-K, 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, 66, 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 Remuneration 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, 2005, 2004, and 2003, property
management  fees  earned  totaled $127,862;  $124,520;  and  $135,477,
respectively.  An additional administration service fee  was  paid  to
the  General  Partner of $12,408, $12,408 and $12,408  for  the  years
ended December 31, 2005, 2004, and 2003, respectively.
          Item 12.  Security Ownership of Certain Beneficial Owners and
     Management

           (a)  No  one  except as listed in item (b) below,  owns  of
record, and 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       3,318.50           30.2%
     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.

           (c)   There  is  no arrangement, known to the  Partnership,
which may, at a subsequent date, result in a change in control of  the
Partnership.

    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 Partnserhip for the years 2004 and  2003  by
the  Partnership's principal accounting firm, Farmer, Fuqua,  &  Huff,
P.C.

     Type of Fees               2005           2004

     Audit Fees               $11,500        $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, 2005.

          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, 2005.

          14.  Code of Ethcis 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 Certifcation

(d)  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 29, 2006



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 partnerhip'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   partnerhip'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   financal
          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 annual report on Form 10-K of American
Republic Realty Fund;

     2  .   Based on my knowledge, this annual report does not contain
any  untrue  statement of a material fact or omit to state a  material
fact  necessary  to  make  the  statements  made,  in  light  of   the
circumstances  under which such statements were made,  not  misleading
with respect to the period covered by this annual report;

     3  .   Based on my knowledge, the financial statements, and other
financial  information included in this annual report, fairly  present
in   all  material  respects  the  financial  condition,  results   of
operations  and  cash  flows of the registrant as  of,  and  for,  the
periods presented in this annual report;

     4  .   The  registrant's  other certifying  officers  and  I  are
responsible  for establishing and maintaining disclosure controls  and
procedures (as defined in Exchange Act Rules 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)(a)      designed  such  disclosure   controls   and
     procedures  to ensure that material information relating  to
     the registrant, including its consolidated subsidiaries,  is
     made   known   to  us  by  others  within  those   entities,
     particularly  during the period in which this annual  report
     is being prepared;

          (b)   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 fiscal  quarter
     that  has  materially affected, or is reasonably  likely  to
     materially  affect, the registrant's internal  control  over
     financial reporting; and

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

     (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 29, 2006.
                              /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 Annual Report on Form 10-K for  the  year
ended  December  31,  2004  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 Annual Report on Form  10-K
for  the year ended December 31, 2004 fairly presents, in all material
respects,  the  financial condition and results of operations  of  the
Partnership, at and for the periods indicated.

     Dated: March 29, 2006.

                              /s/ Robert J. Werra
                              ______________________________________