SECURITIES AND EXCHANGE COMMISSION

                      Washington, DC  20549

                            FORM 10-Q

           Quarterly Report Under Section 13 or 15(d)
             of the Securities Exchange Act of 1934

For Quarter Ended March 31, 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      (IRS Employer
       incorporation or organization       Identification
                                              Number)

                  2800 N. Dallas Pkwy Suite 100
                     Plano, Texas 75093-5994

            (Address of principal executive offices)


     Registrant's telephone number, including area code:  (972)
     836-8000.


     Indicate by check mark whether the registrant (1) has filed
     all reports required to be filed by Section 13 or 15(d) of
     the Securities Exchange Act of 1934 during the preceding 12
     months (or for such shorter period that the registrant was
     required to file such reports), and (2) has been subject to
     such filing requirements for the past 90 days.

                    Yes:  Y        No:

     Indicate by check mark whether the registrant is an
     accelerated filer (as defined in Rule 12b-2 of the
     Exchange Act).
                    Yes:        No:         N
     Indicate by check mark whether the registrant is a
     shell company (as defined in Rule 12b-2 of the Exchange
     Act).
                    Yes:        No:         N


               REGISTRANT IS A LIMITED PARTNERSHIP








                        TABLE OF CONTENTS



Part I

Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of March 31, 2006 and
    December 31, 2005                                            Page 3

    Consolidated Statements of Operations for the Three
    Months Ended March 31, 2006 and 2005                         Page 4

    Consolidated Statements of Cash Flows for the Three
    Months Ended March 31, 2006 and 2005                         Page 5


Item 2.  Results of Operations and Management Discussion and
         Analysis of Financial Condition                         Page 6

Item 3.  Quantitative and Qualitative Disclosures about Market
         Risk                                                    Page 7

Item 4.  Controls and Procedures                                 Page 7


Part II

     Other Information                                           Page 8

Signatures                                                       Page 9



The statements, insofar as they relate to the period subsequent
to December 31, 2005, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets


                                              March 31       December 31,
                                                2006            2005
                                             (Unaudited)

     ASSETS
          Real Estate assets, at cost
          Land                               $1,822,718       $1,822,718
          Buildings and improvements         16,352,299       16,337,299
                                             18,175,017       18,160,017
            Less: Accumulated depreciation  (14,551,239)     (14,386,239)
            Real Estate, net                  3,623,778        3,773,778

          Cash including cash investments       187,246          178,644
          Escrow deposits                       474,617          541,874
          Prepaid Expenses                       18,818           40,962
          Deferred Financing Fees                28,678           34,413

                 TOTAL ASSETS                $4,333,137       $4,569,671



     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES

          Mortgages payable                  $9,711,049       $9,754,216
          Amounts due affiliates                  1,589              695
          Real estate taxes payable              82,440                0
          Security deposits                      73,444           71,020
          Accounts payable & accrued expenses   114,859          317,754
          accrued expenses

          Total liabilities                   9,983,381       10,143,685

     PARTNERS CAPITAL  (DEFICIT)
          Limited Partners                   (5,678,030)      (5,602,562)
          General Partner                        27,786           28,548

     Total Partners Deficit                  (5,650,244)      (5,574,014)


     TOTAL LIABILITIES AND PARTNER DEFICIT   $4,333,137       $4,569,671



    See notes to Condensed Consolidated Financial Statements



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


                                                    Three Months Ended
                                                        March 31,
     REVENUES                                       2006          2005

     Rental income                               636,927       605,598
     Other property                               20,723        16,108
     Total revenues                              657,650       621,706

     EXPENSES
     Salaries & wages                             81,569        85,921
     Maintenance & repairs                        30,164        34,413
     Utilities                                    67,751        61,186
     Real estate taxes                            72,750        67,149
     General administrative                       26,421        19,315
     Contract services                            29,722        27,897
     Insurance                                    30,143        35,338
     Interest                                    191,769       195,027
     Depreciation and amortization               170,736       170,736
     Property management fees                     32,856        31,085
     Total expenses                              733,881       728,067





     Net Loss                                   ($76,231)    ($106,361)

     NET LOSS PER UNIT                            $(6.86)       $(9.57)

     Partnership units outstanding                11,000        11,000


     See Notes to Condensed Consolidated Financial Statements




                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Cash Flows
    See Notes to Condensed Consolidated Financial Statements
                            Unaudited


                                                        Three Months Ended
                                                            March 31,
                                                       2006           2005

     CASH FLOWS FROM OPERATING ACTIVITY
     Net loss                                      ($76,231)     ($106,361)
     Adjustments to reconcile net loss to
     net cash provided by operating activities:
       Depreciation and amortization                170,735        170,736

       Net Effect of changes in operating accounts
                  Escrow deposits                    67,257         59,727
                  Prepaid expenses                   22,144         27,337
                  Accrued real estate taxes          82,440         67,149
                  Security deposits                   2,424           (278)
                  Accounts payable                 (202,894)      (195,631)

     Net cash provided by operating                  65,875         22,679
     activities

     CASH FLOWS FROM INVESTING ACTIVITIES
     Investment in Real Estate                      (15,000)             0
       Net cash used for investing activities       (15,000)             0

     CASH FLOWS FROM FINANCING ACTIVITIES
           Repayment of mortgage notes payable      (43,167)       (39,908)
           Proceeds from amounts due affiliates         894          2,038

     Net cash used for financing activities         (42,273)       (37,870)

     NET INCREASE (DECREASE) IN CASH AND
       CASH EQUIVALENTS                               8,602        (15,191)
     CASH AND CASH EQUIVALENTS, BEGINNING
       OF PERIOD                                    178,644        353,871

     CASH AND CASH EQUIVALENTS, END OF PERIOD      $187,246       $338,680

     See Notes to Condensed Consolidated Financial Statements

Basis of Presentation:
     The  accompanying unaudited condensed consolidated financial
     statements  have  been prepared by American Republic  Realty
     Fund  I  (the  "Partnership")  pursuant  to  the  rules  and
     regulations of the Securities and Exchange Commission.   The
     financial  statements reflect all adjustments that  are,  in
     the  opinion of management, necessary to fairly present such
     information.  All such adjustments are of a normal recurring
     nature.    Although  the  Partnership  believes   that   the
     disclosures  are adequate to make the information  presented
     not    misleading,   certain   information   and    footnote
     disclosures,   including   a  description   of   significant
     accounting   policies   normally   included   in   financial
     statements prepared in accordance with accounting principles
     generally  accepted in the United States  of  America,  have
     been  condensed  or  omitted  pursuant  to  such  rules  and
     regulations.

     These  financial  statements should be read  in  conjunction
     with the financial statements and notes thereto included  in
     the Partnership's 2005 Annual Report on Form 10-K filed with
     the  Securities  and Exchange Commission.   The  results  of
     operations   for   interim  periods  are   not   necessarily
     indicative of the results for any subsequent quarter or  the
     entire fiscal year ending December 31, 2005.

Item 2. RESULTS OF OPERATIONS AND MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

At  March  31,  2006  the Partnership owned two  properties  with
approximately 416,623 net rentable square feet.  Both  properties
are   apartment  communities.   The  portfolio  had  an   average
occupancy of 91.2% for the first quarter of 2006, as compared  to
86.9% for the first quarter of 2005.

FIRST THREE MONTHS 2006 COMPARED TO FIRST THREE MONTHS 2005

Revenue from property operations increased $35,944, or 5.78%, for
the  first  three months of 2006, as compared to  the  2005-first
three  months. The increase in rental income of $31,329 or  5.17%
is  primarily due to an increase in occupancy.  The  increase  in
other  income of $4,615 or 28.65% is primarily due to an increase
in  Late  and  other  fee collections from the  properties.   The
following table illustrates the components:

                            Increae      Percent
                           (Decrease)    Change


     Rental income           31,329       5.17%
     Other property           4,615      28.65%
     Net Increase            35,944       5.78%

Property  operating expenses increased $5,814 or 0.80%,  for  the
first  three  months of 2006, as compared to the same  period  in
2005.  Maintenance & repairs decreased $4,249 or  12.35%  due  to
general  maintenance  items.  General & administrative  increased
$7,106  or  36.79%  due  to  increased  locator  commissions  and
database  management fees.  Utilities increased $6,565 or  10.73%
due  to  higher gas prices.  Insurance decreased $5,195 or  14.7%
due  to  a  reduction in property and general liability premiums.
Real estate taxes increased $5,601 or 8.34% due to increased  tax
rates.     The  following  table illustrates  the  components  by
category:

                                          Increase
                                         (Decrease)

     Salaries & wages                      (4,352)     5.07%
     Maintenance & repairs                 (4,249)    12.35%
     Utilities                              6,565     10.73%
     Real estate taxes                      5,601      8.34%
     General & administrative               7,106     36.79%
     Contract services                      1,825      6.54%
     Insurance                             (5,195)    14.70%
     Interest                              (3,258)     1.67%
     Property management fees (a)           1,771      5.70%

     Net Increase                           5,814      0.80%

 LIQUIDITY AND CAPITAL RESOURCES

      While  it  is  the  General Partners primary  intention  to
operate  and  manage  the existing real estate  investments,  the
General  Partner  also continually evaluates this  investment  in
light  of current economic conditions and trends to determine  if
this asset should be considered for disposal. At this time, there
is no plan to dispose of either property.

     As  of March 31, 2006, the Partnership had $187,246 in  cash
and  cash equivalents as compared to $178,644 as of December  31,
2005.  The net decrease in cash of $8,602 is principally  due  to
cash used for operating activities.

     Each asset of the fund refinanced its debt during July 1997.
The  fund  retired  debt  with a face  value  of  $6,500,000  and
replaced  with  debt of $10,800,000.  The new  mortgages  in  the
amounts  of $4,000,000, and $6,800,000 carries interest rates  of
7.8% and 7.92% respectively.  The notes come due August 2007. The
Partnerships  required principal payments due  under  the  stated
terms  of  the Partnerships mortgage notes payable are  $177,870,
and $9,576,345 for each of the next two years.

     For the foreseeable future, the Partnership anticipates that
mortgage  principal  payments  (excluding  any  balloon  mortgage
payments), improvements and capital expenditures will  be  funded
by  net  cash from operations. The primary source of  capital  to
fund   future  Partnership  acquisitions  and  balloon   mortgage
payments will be proceeds from the sale, financing or refinancing
of the Properties.

Item 3 - Quantitative and Qualitative Disclosure about 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.

Item 4 - Controls and Procedures

     Based  on  their most recent evaluation, which was completed
within  90  days  of  the filing of this Form  10-Q,  our  Acting
Principal Executive Officer and Chief Financial 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 II.       Other Information

Item 1.        Legal Proceedings
               None

Item 2.        Changes in Securities
               None

Item 3.        Defaults Upon Senior Securities
               None

Item 4.        Submission of Matters to a Vote of Security Holders
               None

Item 5.        Other Information
               None

Item 6.        Exhibit
               (A)The following documents are filed herewith or
               incorporated herein by reference as indicated as
               Exhibits:

Exhibit Designation                Document Description
     2                             Certificate of Limited
                                   partnership, as
                                   amended, incorporated by
                                   reference to Registration
                                   Statement No.2-81074
                                   effective May 2, 1983.

                                   Limited Partnership Agreement,
                                   incorporated by reference to
                                   Registration Statement No.2-81074
                                   effective May 2,1983.


     11                            Not Applicable
     15                            Not Applicable
     18                            Not Applicable
     19                            Not Applicable
     20                            Not Applicable
     23                            Not Applicable
     24                            Not Applicable

     25                            Power of Attorney, incorporated by
                                   reference to Registration Statement
                                   No. 2-81074 effective May 2, 1983.

     28                            None
     31.1                          Certification Pursuant to
                                   Rules 13a-14 and 15d-14 Under
                                   the Securities Exchange Act of
                                   1934, as Adopted Pursuant to
                                   Section 302 of the Sarbanes-
                                   Oxley Act of 2002, filed
                                   herewith.

     32.1                          Certification Pursuant to 18
                                   U.S.C. Section 1350, as
                                   Adopted Pursuant to Section
                                   906 of the Sarbanes-Oxley Act
                                   of 2002, filed herewith.





                         SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act
     of 1934, the registrant has duly caused this report to be
     signed on its behalf by the undersigned thereunto duly
     authorized.


                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership



                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner

     Date:  April 24, 2006




                                             Exhibit 31.1

     CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
   THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I  Robert J. Werra, Acting Principal Executive Officer and  Chief
Financial  Officer  of  American Republic  Realty  Fund  I  ("the
Company"), certify that:

1.     I  have reviewed this quarterly report on Form 10-Q of the
       Partnership;

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

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

4.     I   am   responsible  for  establishing  and   maintaining
       disclosure   controls  and  procedures  (as   defined   in
       Exchange  Act Rules 13a-15(e) and 15d-15(e)) and  internal
       control  over financial reporting (as defined in  Exchange
       Act  Rules  13a-15(f) and 15d-15(f)) for  the  Partnership
       and have:

  a.   designed  such  disclosure  controls  and  procedures,  or
       caused  such  disclosure controls  and  procedures  to  be
       designed  under  my supervision, to ensure  that  material
       information   relating   to  the   Partnership   and   its
       consolidated  subsidiaries is made known to me  by  others
       within   those  entities,  particularly  for  the  periods
       presented in this quarterly report;

  b.   designed  such internal control over financial  reporting,
       or  caused  such internal control over financial reporting
       to   be   designed  under  my  supervision,   to   provide
       reasonable   assurance  regarding   the   reliability   of
       financial  reporting  and  the  preparation  of  financial
       statements  for  external  purposes  in  accordance   with
       generally accepted accounting principles.

  c.   evaluated    the   effectiveness   of   the   Partnerships
       disclosure controls and procedures and presented  in  this
       report  my  conclusions  about the  effectiveness  of  the
       disclosure controls and procedures, as of the end  of  the
       period  covered  by this report based on such  evaluation;
       and



    CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
  THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
   SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - continued


  d.   disclosed  in this report any change in the Partnerships
       internal  control over financial reporting that occurred
       during the Partnerships most recent fiscal quarter  that
       has  materially  affected, or is  reasonably  likely  to
       materially  affect,  the Partnerships  internal  control
       over financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Partnerships auditors and Audit Committee of  the  Board
       of  Directors  (or  persons  fulfilling  the  equivalent
       function):

  a.   all significant deficiencies and material weaknesses  in
       the   design  or  operation  of  internal  control  over
       financial  reporting  which  are  reasonably  likely  to
       adversely  affect  the Partnerships ability  to  record,
       process, summarize, and report financial data; and

  b.   any  fraud,  whether  or  not  material,  that  involves
       management  or  other employees who have  a  significant
       role in the Partnerships internal control over financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  April 24, 2006










                                             Exhibit 32.1

                   CERTIFICATION PURSUANT TO
                    18 U.S.C. SECTION 1350,
                    AS ADOPTED PURSUANT TO
         SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection with the Quarterly Report of American Republic
  Realty Fund I ("the Partnership") on Form 10-Q for the period
  ending  March  31,  2006  as filed with  the  Securities  and
  Exchange  Commission on the date hereof  ("the  Report"),  I,
  Robert J. Werra, Acting Principal Executive Officer and Chief
  Financial  Officer of the Company, certify,  pursuant  to  18
  U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley
  Act of 2002, that:

          (1)  The report fully complies with the requirements of section
            13(a) or 15(d) of the Securities Exchange Act of 1934, as
            amended; and

          (2)  The information contained in the Report fairly presents,
            in all material respects, the financial condition and results
            of operations of the Partnership.



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  April 24, 2006