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 September 30, 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 September 30, 2006 and
    December 31, 2005                                              Page 3

    Consolidated Statements of Operations for the Three and Nine
    Months Ended September 30, 2006 and 2005                       Page 4

    Consolidated Statements of Cash Flows for the Nine
    Months Ended September 30, 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
RiskLiquidity and Capital Resources                                Page 8

Item 4.  Controls and Procedures   Other Information               Page 8,9

Part II

     Other Information                                             Page 9

Signatures                                                         Page 10



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

                                          September 30       December 31,
                                              2006               2005
                                          (Unaudited)

     ASSETS
          Real Estate assets, at cost
          Land                             $1,822,718         $1,822,718
          Buildings and improvements       16,396,299         16,337,299
                                           18,219,017         18,160,017
           Less: Accumulated depreciation (14,881,239)       (14,386,239)
           Real Estate, net                 3,337,778          3,773,778

          Cash including cash investments     239,039            178,644
          Escrow deposits                     579,681            541,874
          Prepaid Expenses                     89,582             40,962
          Deferred Financing Fees              17,206             34,413

                 TOTAL ASSETS              $4,263,286         $4,569,671



     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES

          Mortgage payable                 $9,622,131         $9,754,216
          Amounts due affiliates                    0                695
          Real estate taxes payable           227,940                  0
          Security deposits                    80,014             71,020
          Accounts payable & accrued expenses 120,106            317,754

          Total liabilities                10,050,191         10,143,685

     PARTNERS CAPITAL  (DEFICIT)

          Limited Partners                 (5,813,324)        (5,602,562)
          General Partner                      26,419             28,548

     Total Partners Deficit                (5,786,905)        (5,574,014)


     TOTAL LIABILITIES AND                 $4,263,286         $4,569,671
     PARTNER DEFICIT







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


                                  Three Months Ended    Nine Months Ended
                                     September 30,       September 30,
   REVENUES                       2006          2005  2006             2005

   Rental income                  653,587    631,776  1,958,541   1,849,549
   Other property                 30,540      23,989     72,562      60,599
   Total revenues                 684,127    655,765  2,031,103   1,910,148

   EXPENSES
   Salaries & wages               86,911      92,627    264,003     260,733
   Maintenance & repairs          44,399      67,191    114,685     190,503
   Utilities                      58,681      56,432    178,945     176,730
   Real estate taxes              72,750      69,016    218,250     203,314
   General administrative         34,905      31,929     94,930      86,370
   Contract services              30,942      29,747     90,257      88,023
   Insurance                      34,310      35,143     96,620     101,919
   Interest                      190,041     193,430    572,724     582,695
   Depreciation and amortization 170,735     170,735    512,207     512,207
   Property management fees       34,095      32,758    101,373      95,435

   Total expenses                757,769     779,008  2,243,994   2,297,929

   Net Loss                     ($73,642)  ($123,243) ($212,891)  ($387,781)


   NET LOSS PER UNIT              $(6.63)    $(11.09)   $(19.16)    $(34.90)
   Partnership units outstanding  11,000      11,000     11,000      11,000


    See Notes to Condensed Consolidated Financial Statements

                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Cash Flows
                           (Unaudited)
                                                       Nine Months Ended
                                                         September 30,
                                                      2006           2005

     CASH FLOWS FROM OPERATING ACTIVITY
     Net loss                                       ($212,891)  ($387,781)
     Adjustments to reconcile net loss to
     net cash provided by operating activities:

         Depreciation and amortization                512,207     512,208

         Net Effect of changes in
          operating accounts

                           Escrow deposits            (37,807)    (81,393)
                           Prepaid expenses           (48,620)    (31,654)
                           Accrued real estate taxes  227,940     209,727
                           Security deposits            8,994       2,683
                           Accounts payable          (197,648)   (174,432)
     payable

     Net cash provided by operating activities        252,175      49,358

     CASH FLOWS FROM INVESTING ACTIVITIES

     Investment in Real Estate                        (59,000)    (93,415)
          Net cash used for investing activities      (59,000)    (93,415)


     CASH FLOWS FROM FINANCING ACTIVITIES
           Repayment of mortgage notes payable       (132,085)   (122,114)
           Proceeds from amounts due affiliates          (695)      1,773

           Net cash used for financing activities    (132,780)   (120,341)

     NET INCREASE (DECREASE) IN CASH AND               60,395    (164,398)
     CASH EQUIVALENTS
     CASH AND CASH EQUIVALENTS, BEGINNING             178,644     353,871
     OF PERIOD

     CASH AND CASH EQUIVALENTS, END OF PERIOD        $239,039    $189,473

    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  September 30, 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 92.8% for the third quarter of 2006, as compared  to
89.9% for the third quarter of 2005.

FIRST NINE MONTHS 2006 COMPARED TO FIRST NINE MONTHS 2005

Revenue from property operations increased $120,955 or 6.33%, for
the  first  nine  months of 2006, as compared to the  first  nine
months  of  2005. The increase in rental income  of  $108,992  or
5.89% is primarily due to an increase in occupancy.  The increase
in  other  income  of $11,963 or 19.74% is primarily  due  to  an
increase  in  late and other fee collections from the properties.
The following table illustrates the components:

                            Increase     Percent
                           (Decrease)    Change


     Rental income          108,992       5.89%
     Other property          11,963      19.74%
     Net Increase           120,955       6.33%

Property operating expenses decreased $54,185 or 2.36%,  for  the
first  nine  months of 2006, as compared to the  same  period  in
2005. Maintenance & repairs decreased $75,818 or 39.8% due to one-
time  expenses  in  2005.   General and administrative  increased
$8,310  or  9.62%  due to increased advertising.     Real  estate
taxes  increased  $14,936  or 7.35%  due  to  increased  property
valuation.   The  following table illustrates the  components  by
category:

                                           Increase
                                          (Decrease)

     Salaries & wages                   3,270     1.25%
     Maintenance & repairs            (75,818)   39.80%
     Utilities                          2,215     1.25%
     Real estate taxes                 14,936     7.35%
     General administrative             8,310     9.62%
     Contract services                  2,234     2.54%
     Insurance                         (5,299)    5.20%
     Interest                          (9,971)    1.71%
     Depreciation and amortization          0     0.00%
     Property management fees           5,938     6.22%
     Net Increase (Decrease)          (54,185)    2.36%



THIRD QUARTER 2006 COMPARED TO THIRD QUARTER 2005

Revenue from property operations increased $28,362, or 4.33%, for
the third quarter of 2006, as compared to the 2005-third quarter.
The  increase  in rental income of $21,811 or 3.45% is  primarily
due to an increase in occupancy.  The increase in other income of
$6,551  or  27.31% is primarily due to an increase  in  late  and
other  fee collections from the properties.  The following  table
illustrates the components:

                       Increase      Percent
                      (Decrease)     Change

     Rental income      21,811        3.45%
     Other property      6,551       27.31%
     Net Increase       28,362        4.33%
     (Decrease)

Property operating expenses decreased $21,489 or 2.76%,  for  the
third  quarter of 2006, as compared to the same period  in  2005.
Maintenance  & repairs decreased $22,792 or 33.92%  due  to  roof
repairs in the prior year. Salaries and wages decreased $5,716 or
6.17%   due   to   fewer  maintenance  employees.     General   &
Administrative  increased  $2,726  or  8.54%  due  to   increased
advertising.   Real estate taxes increased $3,734 or 5.41% due to
increased property valuation. The following table illustrates the
components by category:

                                  Increase      Percent
                                 (Decrease)     Change

     Salaries & wages              (5,716)       6.17%
     Maintenance & repairs        (22,792)      33.92%
     Utilities                      2,249        3.99%
     Real estate taxes              3,734        5.41%
     General administrative         2,726        8.54%
     Contract services              1,195        4.02%
     Insurance                       (833)       2.37%
     Interest                      (3,389)       1.75%
     Depreciation and amortization      0        0.00%
     Property management fees       1,337        4.08%
     Net Increase                 (21,489)       2.76%
     (Decrease)

 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  September 30, 2006, the Partnership had $239,039  in
cash  and cash equivalents as compared to $178,644 as of December
31,  2005. The net increase in cash of $60,395 is principally due
to cash flow from 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 carry interest  rates  of
7.8% and 7.92% respectively.  The notes come due August 2007. The
Partnerships  required principal payments due  under  the  stated
terms  of  the Partnerships mortgage notes payable are  $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 and Reports on Form 8-K
               (A)The following documents are filed herewith or
               incorporated herein by reference as indicated as
               Exhibits:

Exhibit Designation                Document Description

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

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


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

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

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

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

     (B)  Reports on Form 8-K for the quarter ended September 30, 2006.
     None




                         SIGNATURES


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


                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership



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

     Date:     October 4, 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
  October 4, 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  September 30, 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
  October 4, 2006