UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

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

                  For the quarterly period ended: September 30, 2006

                         Commission File No. 333-118092


                          DEL MAR INCOME PARTNERS, LTD.
                          -----------------------------
        (Exact name of registrant as specified in governing instruments)


                                    MARYLAND
                                    --------
         (State or other jurisdiction of incorporation or organization)

                                   20-0478900
                                   ----------
                      (I.R.S. Employer Identification No.)

                         222 Milwaukee Street, Suite 304
                             Denver, Colorado 80206
                                  303-329-3479
                                  ------------
               (Address, including zip code, and telephone number
                         of principal executive offices)


Check whether the issuer (1) filed all report required to be filed within
Section 13 or 15(d) of the Exchange Act during the past 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:
                                                                  [X] Yes [ ] No

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

We had 201,662 shares of our common stock outstanding as of November 13, 2006.

Transitional Small Business Disclosure Format (check one):     [ ] Yes   [X] No





<PAGE>


                          DEL MAR INCOME PARTNERS, LTD.

                                      INDEX


                         PART I -- FINANCIAL INFORMATION

Item 1.  Financial Statements                                                 1

Balance Sheets - September 30, 2006 (unaudited) and December 31, 2005         1

Statement of Operations -  for the three months ended September 30, 2006
  and 2005 (unaudited)                                                        2

Statement of Operations -  for the nine months ended September 30, 2006
  and 2005 (unaudited)                                                        3

Statements of Cash Flows - for the nine months ended September 30, 2006
  and 2005 (unaudited)                                                        4

Notes to Financial Statements (unaudited) - September 30, 2006                5

Item 2.  Management's Discussion and Analysis of Financial Condition
  and Results of Operations                                                   7

Item 3.  Controls and Procedures                                             11

                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings                                                   12

Item 6.  Exhibits                                                            12

SIGNATURES                                                                   13



<PAGE>





PART I --  FINANCIAL INFORMATION
<TABLE>
<CAPTION>

Item 1.  Financial Statements

                          DEL MAR INCOME PARTNERS, LTD.
                                 BALANCE SHEETS

                                     ASSETS

                                                              Sept 30,   December 31,
                                                               2006         2005
                                                            (Unaudited) (See
Note 1)
                                                             ---------    ----------
<S>                                                          <C>          <C>
Current assets:
   Cash and cash equivalents                                 $ 162,402    $  252,058
   Accrued interest receivable                                   2,421         4,180
   Prepaid management fees                                       2,409         4,192
   Notes receivable, current                                   148,662        18,000
                                                             ---------    ----------

         Total current assets                                  315,894       278,430

Notes receivable, non-current                                  296,269       416,211
REO property                                                    89,105            --
Deferred offering costs                                        163,889       117,520
                                                             ---------    ----------

          Total assets                                       $ 865,157    $  812,161
                                                             =========    ==========

                      LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities


   Accounts payable                                          $  24,352    $   40,787
   Accounts payable, related parties                            31,120         2,145
   Deferred income                                               8,470         4,782

                                                             ---------    ----------

          Total liabilities (all current)                       63,942        47,714

Shareholders' equity (Note 4):
   Common stock, $0.001 par value; authorized 25,000,000
    shares; 201,662 shares issued and outstanding                  202           202
   Additional paid-in capital                                  837,842       837,842
   Deficit accumulated during the development stage            (36,829)      (73,597)
                                                             ---------    ----------

          Total shareholders' equity                           801,215       764,447
                                                             ---------    ----------

          Total liabilities and shareholders' equity         $ 865,157    $  812,161
                                                             =========    ==========
</TABLE>

    The accompanying notes are an integral part of these financial statements.

                                        1
<PAGE>


                          DEL MAR INCOME PARTNERS, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                For the three     For the three
                                                months ended       months ended
                                                  Sept 30,           Sept 30,
                                                   2006               2005
                                                -------------     -------------
Income:
   Interest income                              $      34,668      $         --
   Origination fee                                      8,233             9,316
   Other income                                         3,929             5,674
                                                -------------     -------------

                                                       46,830            14,990
                                                -------------     -------------
Expenses:
   Legal and accounting                                 1,500             3,117
   REO expenses                                         4,689             5,941
   Management fees                                        309             1,110
   REO expenses                                         7,211             4,619
   Other                                                  140               340
                                                -------------     -------------

                                                       13,849            15,127
                                                -------------     -------------

Net income (loss)                               $      32,981     $        (137)
                                                =============     =============

Basic and diluted net income (loss) per share   $        0.16     $       (0.00)
                                                =============     =============

Weighted average shares of common
   common stock outstanding                     $     201,662     $     201,662
                                                =============     =============

Dividends declared per share                    $       0.005     $          --
                                                =============     =============


    The accompanying notes are an integral part of these financial statements.

                                        2

<PAGE>


                          DEL MAR INCOME PARTNERS, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                For the nine      For the nine
                                                months ended     months ended
                                                  Sept 30,         Sept 30,
                                                    2006             2005
                                                ------------     ------------
Income:
   Gain on Sale                                 $     34,668     $         --
   Inspection fee                                        500               --
   Interest income                                    29,060           22,173
   Origination fee                                    16,373            9,502
                                                ------------     ------------

                                                      80,601           31,675
                                                ------------     ------------
Expenses:
   Bad debt                                               --           50,647
   Legal and accounting                                6,800           11,837
   REO expenses                                       12,878            4,619
   Professional fees                                   2,499            2,360
   Management fees                                    19,825           10,729
   Other                                                 831              360
                                                ------------     ------------

                                                      42,833           80,552

Net income (loss)                               $     37,768     $    (48,877)
                                                ============     ============


Basic and diluted net income (loss) per share   $       0.19     $      (0.24)
                                                ============     ============

Weighted average shares of common
   common stock outstanding                     $    201,662     $    201,662
                                                ============     ============

Dividends declared per share                    $      0.005     $         --
                                                ============     ============




   The accompanying notes are an integral part of these financial statements.

                                        3
<PAGE>

                          DEL MAR INCOME PARTNERS, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unadited)

                                                    For the nine    For the nine
                                                    months ended   months ended
                                                      Sept 30,       Sept 30,
                                                        2006           2005
                                                    ------------   ------------
Cash flows from operating activities:
     Net income (loss)                              $     37,768    $   (48,877)

Adjustments to reconcile net income (loss) to
  cash used in operating activities:
      Bad debt                                                --         50,647
     (Increase) in accrued interest receivable             1,759         (1,764)
     (Increase) in prepaid expenses                        1,783        (10,991)
     (Increase) in deferred offering costs               (46,369)       (38,013)
     (Decrease) in accounts payable                       12,540         15,602
     (Decrease) in deferred income                         3,688         11,527
                                                    ------------   ------------

Cash provided by (used in) operating activities           11,169        (21,869)
                                                    ------------   ------------

Cash flow from investing activities:
  Net (investment) repayments in notes receivable        (99,825)      (325,824)
                                                    ------------   ------------

Cash (used in) investing activities                      (99,825)      (325,824)
                                                    ------------   ------------

Cash flows from financing activities:
  Dividends paid to shareholders                          (1,000)            --
                                                    ------------   ------------

Cash (used in) financing activities                       (1,000)            --
                                                    ------------   ------------

Net (Decrease) in cash and cash equivalents              (89,656)      (347,693)
  Cash at beginning of period                            252,058        501,725
                                                    ------------   ------------

  Cash at end of period                             $    162,402   $    154,032
                                                    ============   ============

  Interest paid                                     $         --   $         --
                                                    ============   ============

  Income taxes paid                                 $         --   $         --
                                                    ============   ============


   The accompanying notes are an integral part of these financial statements.

                                        4

<PAGE>
                          DEL MAR INCOME PARTNERS, INC.
                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2006
                                   (UNAUDITED)

1.   Unaudited Statements

     The Balance Sheet as of September 30, 2006, the Statements of Operations
     and the Statements of Cash Flows for the three month and nine month periods
     ended September 30, 2006 and 2005, have been prepared by the company
     without audit. In the opinion of management, all adjustments (which include
     only normal recurring adjustments) necessary to present fairly the
     financial position, results of operations, and changes in financial
     position at September 30, 2006, and for all periods presented, have been
     made.

     It is suggested that these statements be read in conjunction with the
     Company's audited financial statements and the accompanying notes for the
     year ended December 31, 2005, included in the Company's registration
     statement on Form S-11, filed with the Securities and Exchange Commission.


2.   Deferred Offering Costs

     As of September 30, 2006, the Company had incurred $163,889 related to a
     proposed public offering of its securities. At September 30, 2006, the
     company has carried the $163,889 as deferred offering costs in its
     financial statements. If the offering is successful, these costs will be
     charged against the proceeds. If the offering is unsuccessful, these costs
     will be expensed.


3.   Notes Receivable

     As of September 30, 2006, the Company had notes receivable totaling
     $444,931. A summary of mortgage loans outstanding is as follows:
<TABLE>
<CAPTION>

                                                                                      Principal  Interest   Interest
                                                                                      Amount of  Income     Income
                                                                          Carrying    Loan       Included   Excluded
                                 Final     Periodic            Face       Amount of   Subject    in Net     from Net
                     Interest   Maturity   Payment    Prior    Amount of  Mortgage    to         Income     Income
Description          Rate        Date      Terms      Liens    Mortgage               Delinquent for Nine   for Nine
                                                                                      Principal  Months     Months
                                                                                      or         9/30/06    9/30/06
                                                                                      Interest
<S>                  <C>        <C>   <C>                      <C>         <C>                    <C>            <C>
Note secured by a
commercial loan 1st   Prime                Monthly
deed of trust         plus                 interest
                     8.875%     02/01/06   payments    None    135,000    135,500     135,500    None        24,390

Note secured by a     Prime                Monthly
commercial loan 1st   plus                 interest
deed of trust        8.875%     02/01/07   payments    None    135,000    134,694       None     19,392          0

Note secured by a
commercial loan 1st   Prime                Monthly
deed of trust         plus                 interest
                     6.125%     05/01/07   payments    None    110,000    106,392     106,392     4,092       2,576

Note secured by a                          Monthly
mortgage loan 1st                          principal
deed of trust        9.785%     09/01/08     and       None    62,313      62,284        None     1,012          0
                                           interest
                                            pymts

Unsecured note       Prime                 Monthly
                     8.875%     02/01/07   payments    None     6,061       6,061        None         0          0

       Total                                                 $448,374    $444,931     $241,892  $24,496    $ 26,966
</TABLE>

     In addition to the $24,496 interest income received on notes receivable,
     the Company also received $4,564 interest income from its interest bearing
     bank accounts, totaling $29,060 interest income for the nine months ended
     September 30, 2006.

                                       5

<PAGE>
     The Company's note receivable balance of $135,500 and $110,000 are
     currently in default. Management believes that these loans are not impaired
     due to the collateral received, and therefore, no impairment has been
     recognized. (See Note 5)

     The Company's notes receivable balances of $135,000, $6,061, and $62,313
     are current and management believes that the collateral is sufficient for
     the balances receivable.


4.   Origination Fee Income

     During the nine months ended September 30, 2006, the Company received a
     total of $20,061 in origination fee income from three loans. The
     origination fees are being amortized over the life of the loans. As of
     September 30, 2006, the Company had deferred income totaling $8,470 and
     recognized $16,373 in origination fee income during the nine months ended
     September 30, 2006. Also at September 30, 2006, the Company had prepaid
     management fees of $8,470 related to the origination fees.


5.   Litigation

     During the nine months ended September 30, 2006, the Company was named as
     defendant in a lawsuit relating to its note receivable in the current
     amount of $135,500. Management believes that this lawsuit will not result
     in any impairment of our collateral or our mortgage position in the
     property. The title insurance company is defending the lawsuit. As
     management does not believe that there is any financial exposure to its
     principal balance due, no liability has been recorded relating to this
     matter.

6.   Subsequent Events

     On November 1, 2006, the Company made a loan in the amount of $99,000 to an
     individual borrower secured by a first mortgage on a single family
     residence in Slidell, LA which is being remodeled for resale by the
     borrower. A portion of the loan ( approximately $26,000) is to be disbursed
     by the Company as work is completed by the borrower on the property. The
     term of the loan is six months with a due date of May 1, 2007, and the
     interest rate set by the Company currently is 14.875% floating at an index
     of 6.625 over The Wall Street Journal Prime Rate as adjusted monthly. The
     first payment is due December 1, 2006.

                                        6

<PAGE>



Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations

Introduction

We were organized in November 2003. We made eight sets of mortgage loans through
September 30, 2006. Our first set of loans was made in May 2004. Each of these
loans was secured by a first mortgage on a single-family residence located in
St. Joseph, Missouri. The terms of the loans were set forth in four promissory
notes, each of which provides for a maturity date in November 2004 (six months
after the loans were made). The borrowers attempted to refinance the loan and to
sell the properties, but were unsuccessful in those efforts. Both of the
borrowers filed for bankruptcy, which delayed our collection efforts. In
December 2005 we were granted the right to proceed with foreclosure by the
bankruptcy court, and in January 2006 the borrowers conveyed the properties to
us in lieu of foreclosure. We agreed not to make further claims against the
borrowers. As of September 30, 2006, we have sold two of the properties and are
attempting to sell the remaining two properties. The borrowers have provided us
with copies of appraisals dated April 11, 2005, which were prepared by a local
appraiser in connection with the borrowers' efforts to refinance the loan. The
appraiser has estimated the aggregate market value of the four houses to be
$270,000, which is greater than the $221,112 principal amount of the loan.
However, there is no assurance that the properties can be resold for the
appraised value and any sale will involve commissions and other expenses of
sale. We set up an allowance of $50,900 on our balance sheet at December 31,
2005 to cover anticipated holding and selling costs. The allowance consists of
the following estimated amounts: $4,000 for insurance costs; $2,000 for property
taxes; $24,900 for closing costs of sale, including brokerage commissions and
title work; $6,000 for legal fees; $6,000 for maintenance; and $8,000 for
holding and miscellaneous costs.

In July 2006, two of the St. Joseph, Missouri properties were sold. In the case
of one of the sales, we carried back the loan. The promissory note provides for
interest at 9.875% for two years with a balloon payment of all principal and
accrued interest due on September 1, 2008. This loan is current. The original
principal balance of the loan was $62,313 and as of September 30, 2006 the
principal balance due is $62,284.

In December 2004, we made two other loans. One loan for $62,000 was secured by a
first mortgage on a single-family residence located in Carrier, Mississippi. The
other loan was for $35,000 and was secured by a first mortgage on a
single-family residence located in Milwaukee, Wisconsin. The promissory notes
for both loans provided for interest equal to the prime rate as published in The
Wall Street Journal plus 9.875%, but not less than 14.875%. Payments of interest
only were due monthly on the Wisconsin loan and payments of interest and $500 of
principal were due monthly on the Mississippi loan. Both notes provided for
maturity in December 2005. Installment payments due on both loans were made as
required in January, February and March 2005. However, no monthly payments were
received on the Mississippi loan after March 2005 due to problems between the
co-borrowers. As a result of Hurricane Katrina, the Mississippi property
suffered some damage. The damage to the property was not extensive, the
borrowers sold the property, and they paid the loan in full in November 2005.
The Wisconsin loan was paid in full in July 2005.



                                        7
<PAGE>
In May 2005, we made a loan for $70,000, which was secured by a first mortgage
on a single-family residence located in McCord Ville, Indiana. The promissory
note for this loan provided for interest equal to the prime rate as published in
The Wall Street Journal plus 7.875%, but not less than 13.875%. Payments of
interest and $1,000 of principal were due monthly until the maturity on November
1, 2005. This loan was paid in full in October 2005.

We made two loans in August 2005. Each of the two loans is in the principal
amount of $135,000, and provides for interest at prime plus 8.875%, but not less
than 14%. The loan that is secured by property in Elkhart, Indiana provides for
monthly payments of interest and $1,500 of principal and is due August 1, 2006.
This loan is currently in default and the property is the subject of litigation.
We plan to commence foreclosure proceedings. The loan that is secured by
property in Asheboro, North Carolina provides for monthly payments of interest
only with a balloon payment of all principal and accrued interest due on
September 1, 2006. This loan has been extended for six months to February 1,
2007. Payments are $2,500.00 per month, applied first to interest and remaining
amount to principal. This loan is current.

In April 2006, we made a loan for $110,000, which is secured by a first mortgage
on a restaurant located in Leadville, Colorado. The promissory note for this
loan provides for interest equal to the prime rate as published in The Wall
Street Journal plus 6.125%, but not less than 13.875%. Payments are $2,000
monthly and represent interest at the applicable rate, with the remaining
applied towards principal until maturity on May 1, 2007. This loan is currently
in default.

Our Manager, Port Funding, will conduct our day-to-day operations pursuant to a
management agreement. Port Funding will be responsible for expenses of
operations, including rent and salaries. We will be responsible for expenses
related to operation as a separate publicly-held corporation, including the
legal and accounting expense incurred in connection with the filing of periodic
reports with the SEC pursuant to the Exchange Act and expenses associated with
qualifying and maintaining REIT status and stockholder matters, including
transfer agent fees and expenses.

Comparison of the Three Month Periods Ended September 30, 2006 and September 30,
2005.
--------------------------------------------------------------------------------

Income for the three months ended September 30, 2006 totaled $46,830, a $31,840
or 212% percent increase over the comparable period in 2005. Income primarily
consisted of interest income for the period ended September 30, 2005 and
included a gain on a sale for the period ended September 30, 2006. Expenses for
the three months ended September 30, 2006 totaled $14,849, a $278 or 1.8%
decrease over the comparable period in 2005. REO expenses of $7,211 were the
largest component for the three months ended September 30, 2006. REO expenses
for the three months ended September 30, 2005 were $4,619. We had a net profit
of $31,981 for the three months ended September 30, 2006 as compared to a net
loss of $137 for the three months ended September 30, 2005.


                                        8
<PAGE>
Comparison of the Nine Month Periods Ended September 30, 2006 and September 30,
2005.
-------------------------------------------------------------------------------

Income for the six months ended September 30, 2006 totaled $80,601, a $48,926 or
154% percent increase over the comparable period in 2005. Income primarily
consisted of interest income for the period ended September 30, 2005 and
included a gain on a sale for the period ended September 30, 2006. Expenses for
the nine months ended June 30, 2006 totaled $43,833, a $36,719 or 46% decrease
over the comparable period in 2005. Management fees of $19,825 were the largest
component for the nine months ended September 30, 2006. Management fees for the
nine months ended September 30, 2005 were $10,729. We had a net profit of
$36,768 for the nine months ended September 30, 2006 as compared to a net loss
of $48,877 for the nine months ended September 30, 2005.

Liquidity and Capital Resources
-------------------------------

At September 30, 2006, we had current assets of $315,894 and current liabilities
of $63,942, resulting in working capital of $251,952.

We have no long-term debt. Because our Manager, Port Funding, will be
responsible for our operating expenses, including expenses relating to servicing
our mortgage loans, we believe that our current working capital will be
sufficient to satisfy our other cash requirements for the next 12 months. Port
Funding will receive compensation solely from amounts received from our
borrowers. We have a management agreement with Port Funding that provides that
origination fees up to 8% of the loan balance and 50% of the excess will be paid
to Port Funding. We will also pay Port Funding a fee of 50% of the interest
received on our loans in excess of the prime rate (as adjusted from time to
time) plus 500 basis points. Port Funding will also receive 50% of all default
interest, penalties, net foreclosure proceeds and equity participations. Any
amounts that Port Funding receives from our borrowers decreases the amount that
we will receive from our borrowers.

In August 2004, we completed a private placement of our common stock at $6.25
per share. The price per share was determined arbitrarily by our Board and does
not necessarily have any relationship to our book value, operating results or
any recognized standard of value. We did not obtain a contemporaneous valuation
by an unrelated valuation specialist in connection with our private placement at
$6.25 per share. We plan to obtain additional funding, from time to time,
through additional offerings, which may consist of common stock, investment
notes, and other securities. We have a registration statement effective for an
initial public offering of a minimum of 207,200 shares of our common stock, and
a maximum of 740,000 shares of our common stock. There can be no assurance that
the offering will be successful. We have no commitment for other funding from
any source, and such funding may not be readily available, or if available, the
terms may not be favorable to us. We also may arrange for a line of credit or
short-term borrowings from banks or other lenders, although we have no current
plans to seek such financing.

Critical Accounting Policies
----------------------------

Notes Receivable
----------------

We account for notes receivable at origination as held in our portfolio and
carry the notes at the lower of aggregate cost or market value. Due to our high
risk lending activities, interest is accrued monthly on notes receivable as
earned. Interest is reversed if a loan becomes past due 59 days or more and
subsequently recognized on a cash basis if and when remitted by the borrower. We
will maintain a valuation account for certain loans that are in default, have
significant collateral deficiencies or have other attributes that reduce their
collectibility potential. The valuation account is netted against notes
receivable.


                                        9
<PAGE>
Revenue Recognition
-------------------

Loan origination fees and other lender fees received by us are deferred and
recognized as income over the life of the loan. Interest is accrued monthly on
notes receivable as earned. Interest is reversed if a loan becomes past due 59
days or more and subsequently recognized on a cash basis if and when remitted by
the borrower.

Fair Value of Financial Instruments
-----------------------------------

Our financial instruments include cash and cash equivalents. Book value of these
financial instruments is representative of their fair value.

Income Taxes
------------

We record deferred taxes in accordance with Statement of Financial Accounting
Standards (SFAS) 109, "Accounting for Income Taxes." The statement requires
recognition of deferred tax assets and liabilities for temporary differences
between the tax bases of assets and liabilities and the amounts at which they
are carried in the financial statements, the effect of net operating losses,
based upon the enacted tax rates in effect for the year in which the differences
are expected to reverse. A valuation allowance is established when necessary to
reduce deferred tax assets to the amount expected to be realized.

Concentration of Credit Risk
----------------------------

Financial instruments, which potentially subject us to concentrations of credit
risks, consist primarily of cash and cash equivalents and notes receivable.

Our material concentration of credit risk consists principally of investments in
mortgage loans. Our investments in mortgage loans are collateralized principally
by first deeds of trust on real estate. At December 31, 2005, we had four
mortgage loans receivable from two related individuals totaling approximately
$221,111. As of December 31, 2005, the $221,111 was in default. During the year
ended December 31, 2005, we set up an allowance for bad debt of $50,900 due to
factors that reduced the collectability potential. The individual's loans as a
percentage of value were approximately 100% at the time of sale. Subsequent to
December 31, 2005, we received title to the collateralized properties. The
weighted average interest rate on mortgagee notes receivable is approximately
10.5% per annum.


Other financial instruments that potentially subject us to concentrations of
credit risk consist principally of cash and cash equivalents. At December 31,
2005 and September 30, 2006, we had approximately $150,000 and $62,000 of cash
or cash equivalents in financial institutions in excess of amounts insured by
agencies of the U.S. Government.

Market Risks
------------

We are involved in the real estate mortgage market. Changes in interest rates or
other market conditions within the real estate mortgage market may have a
significant effect on the volume and profitability of our business.

Management Fees
---------------

We have entered into an agreement with Port Funding to manage our day-to-day
operations, including originating loans through our account and providing
personnel and office space in exchange for a management fee. Management fees
related to origination fees are paid as collected, and deferred and expensed
over the life of the loans according to SFAS 91, "Accounting for Nonrefundable
Fees and Costs Negotiated with Originating or Acquiring Loans and Indirect Costs
of Leases." Management fees related to interest are expensed as the interest
income is recognized.


                                        10
<PAGE>

Item 3.  Controls and Procedures

(a)  Evaluation of disclosure controls and procedures.

(b)  Our principal executive officer and our principal financial officer, based
     on their evaluation of our disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period
     covered by this Report on Form 10-QSB, have concluded that our disclosure
     controls and procedures are effective for ensuring that information
     required to be disclosed by us in the report that we file or submit under
     the Securities Exchange Act of 1934 is recorded, processed, summarized and
     reported within the time period specified in the SEC's rules and forms.

(c)  Changes in Internal Controls.

     There were no changes in our internal control over financial reporting that
     occurred during our fiscal quarter that have materially affected, or are
     reasonably likely to materially affect, our internal control over financial
     reporting.








                                       11

<PAGE>





PART II  Other Information

Item 1. Legal Proceedings


In March 2006, a action was commenced against us in the Elkhardt, Indiana
Superior Court to quiet the title of the real estate, which serves as collateral
for a mortgage loan made by us to the owner of the property. The suit was
commenced by the former owner of the property who alleged that his contract of
sale of the real estate to the current owner (and our borrower) was breached. We
were also named as defendant because of our mortgage on the property. The
plaintiff sought an injunction prohibiting the sale of the real estate during
the pendancy of the litigation. The injunction was granted effective upon the
plaintiff filing with the court evidence of the giving of security in the form
of a bond in the amount $170,000. To date, the plaintiff has failed to post the
bond. Trial has been set for December 7 and 8, 2006.

Item 6. Exhibits

     (a)       31.1 Certification of the principal executive officer pursuant to
               Rule 13a - 14(a).
     (b)       31.2 Certification of the principal financial officer pursuant to
               Rule 13a - 14(a).
     (c)       32.1 Section 1350 Certification.




                                       12
<PAGE>




                                   SIGNATURES


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


                          Del Mar Income Partners, Ltd.


Date:  November 14, 2006        By: /s/ Stephen D. Replin
                                  ---------------------------------------------
                                Name:   Stephen D. Replin
                                Title:  President and Chief Executive Officer


Date:  November 14, 2006        By: /s/ Wanda E. Wages
                                  ---------------------------------------------
                                Name:   Wanda E. Wages
                                Title:  Secretary and Treasurer







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