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 June 30, 2007    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 June 30, 2007 and
    December 31, 2006                                       Page 3

    Consolidated Statements of Operations for the Three and Six
    Months Ended June 30, 2007 and 2006                     Page 4

    Consolidated Statements of Cash Flows for the Three and Six
    Months Ended June 30, 2007 and 2006                     Page 5


Item 2.  Results of Operations and Management Discussion and
Analysis of

    Financial Condition                                     Page 7

Item 3.   Quantitative and Qualitative Disclosures about Market
          Risk                                              Page 8

Item 4.  Controls and Procedures                            Page 8

Part II

     Other Information                                      Page 9

Signatures                                                  Page 10



The statements, insofar as they relate to the period subsequent
to December 31, 2006, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets

                                          June 30      December 31,
                                            2007          2006
                                        (Unaudited)

ASSETS

       Real estate held-for-sale,
        net of depreciation          $        ---   $   3,975,324
       Cash including cash
        investments                     6,750,139         143,827
       Escrow deposits                        ---           7,999
       Prepaid Expenses                    36,026          52,524
       Deferred Financing Fees                ---          11,470

                  TOTAL ASSETS       $  6,786,165   $   4,191,144


LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES

          Liabilities related to
           asset held-for-sale       $        ---   $   9,846,686
          Amounts due affiliates            3,800           3,638
          Accounts payable & accrued
           expenses                        11,700         140,837

          Total liabilities                15,500       9,991,161
PARTNERS CAPITAL  (DEFICIT)
          Limited Partners              6,580,170      (5,826,305)
          General Partner                 190,495          26,288

Total Partners Capital (Deficit)        6,770,665      (5,800,017)


TOTAL LIABILITIES AND PARTNERS       $  6,786,165   $   4,191,144
CAPITAL(DEFICIT)



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


                                  Three Months Ended       Six Months Ended
                                       June 30,                June 30,
                                   2007        2006        2007         2006
REVENUES
Other property                    2,355         811        5,872      1,960
Total revenues                    2,355         811        5,872      1,960

EXPENSES
General administrative           27,910       2,338       27,910      6,182
Total expenses                   27,910       2,338       27,910      6,182

Net Income (Loss) from          (25,555)     (1,527)     (22,038)    (4,222)
continuing operations

Extraordinary Item:
Gain on sale of assets        8,824,547        ---     6,342,411        ---
Income (loss) from
discontinued operations          70,303     (61,491)     100,310   (135,027)

NET INCOME (LOSS)            $8,869,295    ($63,018) $16,420,683  ($139,249)

Net income (loss) per Limited
Partnership unit outstanding -  $798.24      $(5.67)   $1,477.86    $(12.53)
Basic
Limited Partnership units        11,000      11,000       11,000     11,000
outstanding

    See Notes to Condensed Consolidated Financial Statements

                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Cash Flows
                           (Unaudited)
                                                 Six Months Ended
                                                     June 30,
                                                2007           2006

CASH FLOWS FROM OPERATING ACTIVITY
Net Income (loss)                            $16,420,683    ($139,249)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
    Depreciation and amortization                 59,303      341,471
    Gain on Sale of Asset                    (16,342,411)         ---
    Net Effect of changes in operating
accounts
                      Escrow deposits            155,218      100,099
                      Prepaid expenses            24,497      (82,930)
                      Accrued real estate            ---      155,189
taxes
                      Security deposits          (34,143)       7,854
                      Accounts payable          (127,895)    (196,827)
Net cash provided by operating activities         55,252      185,607

CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Real Estate                         (9,004)     (33,000)
Proceeds on sale of asset                     10,350,783          ---
Net cash provided by (used) for investing     10,341,779      (33,000)
                activities

CASH FLOWS FROM FINANCING ACTIVITIES
      Repayment of mortgage notes payable        (40,881)     (87,190)
      Distributions to limited partners       (3,850,000)         ---
      Proceeds from amounts due                      162        6,064
affiliates
Net cash  used for financing activities       (3,890,719)     (81,126)

NET INCREASE (IN CASH AND CASH                 6,606,312       71,481
EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF          143,827       78,644
PERIOD

CASH AND CASH EQUIVALENTS, END OF PERIOD      $6,750,139     $250,125

    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 2006 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, 2007.

Real Estate Held For Sale & Discontinued Operations

     In January 2007, the Partnership entered into a purchase and
     sale  agreement to the sell the Partnership's final property
     located in Florida to a third party for $10,450,000 with the
     sale  closing  on  June 29, 2007. In addition,  in  February
     2007,  the  Partnership  sold  its  property  in  Texas  for
     $9,725,000 resulting in a gain of $7,517,864. As  a  result,
     as  required  by  Financial Accounting Standard  No.  144  ,
     "Accounting  for  the Impairment or Disposal  of  Long-Lived
     Assets", the property and related assets and liabilities are
     classified  as held for sale on the balance sheets  and  the
     property's   operations   are   included   in   discontinued
     operations in the statements of operations for each  of  the
     periods presented.

     Real estate held-for-sale includes the following:

                                         June           December
                                          30,             31,
                                         2007            2006
     Property at net book value      $    ---         $ 3,353,779
     Escrow deposits                      ---             621,545
     Real  estate  held-for-sale,    $    ---         $ 3,975,324
     net of depreciation

     Liabilities relating to assets held-for-sale include:

                                         June           December
                                          30,             31,
                                         2007            2006
     Mortgage payable                $    ---         $ 9,576,346
     Real estate taxes payable            ---             188,970
     Security deposits                    ---              81,370
     Liabilities    related    to    $    ---         $ 9,846,686
     assets held-for-sale

     The operations of the properties for the three months ending
     June   30,  2007  and  2006  are  included  in  discontinued
     operations  in  the statements of operations. The  following
     table summarizes the revenue and expense information for the
     discontinued operations:

                                               2007        2006
     Rents   and  other  property revenues   318,021  $  688,515
     Operating expenses                      178,765     558,808
     Operating income (loss)                 139,256     129,707
     Other income (expense)                  (68,953)   (191,198)
     Net   income   (loss)   from           $ 70,303   $ (61,491)
     discontinued operations

     The  operations of the properties for the six months  ending
     June   30,  2007  and  2006  are  included  in  discontinued
     operations  in  the statements of operations. The  following
     table summarizes the revenue and expense information for the
     discontinued operations:

                                               2007        2006
     Rents   and  other  property revenue  $ 870,233  $ 1,345,016
     Operating expenses                      552,901    1,097,360
     Operating income (loss)                 317,332      247,656
     Other income (expense)                 (217,022)    (382,683)
     Net   income   (loss)   from          $ 100,310   $ (135,027)
      discontinued operations

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

As of June 30, 2007 the partnership had sold all of its apartment
communities  and held only cash as well as prepaid  expenses  and
payables relating to Four Winds Apartments.

FIRST SIX MONTHS 2007 COMPARED TO FIRST SIX MONTHS 2006

Revenue from continuing operations increased $3,912 or 200%,  for
the first six months of 2007, as compared to the first six months
of 2006. Interest income accounted for all of the increase due to
higher   interest  rates  and  higher  invested  balances.    The
following table illustrates the components:

                             Increase    Percent
                            (Decrease)   Change


Interest income               3,912      200%
Net Increase                  3,912      200%

Other operating expenses increased $21,728 or 352%, for the first
six  months of 2007, as compared to the same period in 2006.  The
increase  resulted from increase in legal fees  relating  to  the
sales  of  the  properties.  The following table illustrates  the
components by category:

                             Increase
                            (Decrease)

General and administrative   21,728      352%
Net Increase                 21,728      352%

SECOND QUARTER 2007 COMPARED TO SECOND QUARTER 2006

Revenue  from continuing operations increased $1,544 or  124.66%,
for the second quarter of 2007, as compared to the second quarter
of 2006. Interest income accounted for all of the increase due to
higher   interest  rates  and  higher  invested  balances.    The
following table illustrates the components:

                     Increase     Change
                    (Decrease)

Interest income        1,544       190%
Net Increase           1,544       190%
(Decrease)

Other operating expenses increased $25,572 or 92%, for the second
quarter  of  2007, as compared to the same period  in  2006.  The
increase  resulted from increase in legal fees  relating  to  the
sales  of  the  properties.  The following table illustrates  the
components by category:

                                 Increase      Percent
                                (Decrease)     Change

General and administrative         25,572        92%
Net Increase                       25,572        92%
(Decrease)





 LIQUIDITY AND CAPITAL RESOURCES

     On  June 29, 2007, the Registrant sold Four Winds Apartments
located  in Orange Park Florida. The sales price of the  property
was  $10,450,000, less closing costs including a credit of $2,850
for   an  updated  survey  and  a  $200,000  credit  toward  roof
replacement with a resulting gain on the sale of $8,824,547.

     As  of June 30, 2007, the Partnership had $6,750,139 in cash
and  cash equivalents as compared to $143,827 as of December  31,
2006. The net increase in cash of $6,606,312 was due to the  sale
of Four Winds Apartments.

     The  partnership subsequent to quarter end distributed  $605
per  limited  partnership  unit  for  a  total  distribution   of
$6,655,000.   The partnership has retained approximately  $50,000
for contingencies.

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  its  overall borrowing  costs.   To  achieve  its
objectives,  the  Partnership borrows primarily at  fixed  rates.
The  Partnership does not enter into derivative or interest  rate
transactions for any purpose.

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

Item 4 - Controls and Procedures

     Based  on  their most recent evaluation, which was completed
as  of  the end of the period covered by this report, 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.2-81074effective
                                   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.





                         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:     August 14, 2007


                                             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
  August 14, 2007


                                             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  June  30,  2007  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
  August 14, 2007