SECURITIES AND EXCHANGE COMMISSION

WISCONSIN                             39-1421936

(State or other jurisdiction of             (IRS Employer
           incorporation or organization)        Identification Number)

2800 N. Dallas Pkwy Suite 100Plano, 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: NREGISTRANT IS A LIMITED PARTNERSHIP

EXPLANATORY NOTE

Item 2 of Part I of the Partnership's Form 10-Q for the quarter ended September 30, 2006, is amended and restated as set forth below.  This amendment is being filed to modify the "Liquidity and Capital Resources" section of Item 2.  The modification reflects events that occurred after September 30, 2006, but prior to the filing of the original third quarter Form 10-Q report on October 17, 2006, the disclosure of which was inadvertently omitted from the original report.  This amendment also reflects a small correction to the amount of the increase in general and administrative expense described in Item 2, which was correctly stated in the Financial Statements in Item 1 of the original report.  This amendment does not reflect any event occurring subsequent to the filing date of the original report on October 17, 2006.Item 2.

|               | Increase
  (Decrease) | Percent
   Change
|-------------- | --------------------- | -----------------
|               |                       |                  
|Rental income  | 108,992               | 5.89%            
|Other property | 11,963                | 19.74%           
|Net Increase   | 120,955               | 6.33%            



Property operating expenses decreased $53,935 or 2.35%, 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 $8,560 or 9.91% 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        | 8,560              | 9.91% 
|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)       | (53,935)           | 2.35% 



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



Property operating expenses decreased $21,239 or 2.73%, 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 $2,976 or 9.32% 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(Decrease) | Percent
   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        | 2,976              | 9.32%            
|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 (Decrease)       | (21,239)           | 2.73%            



LIQUIDITY AND CAPITAL RESOURCES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended 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 20, 2006