SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                   FORM l0-Q

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

                      For Quarter Ended September 30, 1999

                         Commission file number O-17248


                        OWENS MORTGAGE INVESTMENT FUND,
                        a California Limited Partnership
             (Exact Name of Registrant as Specified In Its Charter)


         California                                         68-0023931
         (State or other jurisdiction                    (I.R.S. Employer
         of incorporation or organization)              Identification No.)


         2221 Olympic Boulevard
         Walnut Creek, California                             94595
(Address of principal executive office)                     (Zip Code)


         (925) 935-3840
         (Registrant's Telephone number,
         including area code)


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 X No_________


<PAGE>



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                             Interim Balance Sheets

                    September 30, 1999 and December 31, 1998


                                   (UNAUDITED)
                                                          September 30     December 31
                                                              1999             1998

ASSETS

<S>                                                     <C>              <C>
Cash and cash equivalents ...........................   $   4,343,339    $   8,260,599
Certificates of deposit .............................         250,000          434,006
Commercial paper ....................................            --          3,084,044

Loans secured by trust deeds ........................     200,535,280      182,721,465
Less:  Allowance for loan losses ....................      (3,750,000)      (3,500,000)
                                                          196,785,280      179,221,465
Real estate held for sale, net of allowance
  for losses of $1,184,000 in 1999 and 1998                 9,963,220        9,971,202
Interest receivable .................................       1,561,902        1,380,530
Other receivables ...................................            --             59,074
         Total Assets ...............................   $ 212,903,741    $ 202,410,920


LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Accrued distributions payable .......................   $     568,122    $     522,827
Due to General Partner ..............................         642,410          391,098
Accounts payable and accrued liabilities ............          27,525          156,193

         Total Liabilities ..........................       1,238,057        1,070,118

PARTNERS' CAPITAL:
General partners ....................................       2,080,415        1,967,069
Limited partners (Subject to Redemption) ............     209,585,269      199,373,733
         Total Partners' Capital ....................     211,665,684      201,340,802
         Total Liabilities and Partners' Capital ....   $ 212,903,741    $ 202,410,920

See accompanying notes to interim financial statements
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                              STATEMENTS OF INCOME
  For the Three and Nine Months Ended September 30, 1999 and 1998 (Unaudited)

                                                                      For the Three Months Ended       For the Nine Months Ended
                                                                    September 30     September 30     September 30     September 30
                                                                         1999            1998             1999             1998
<S>                                                               <C>              <C>              <C>              <C>
REVENUES:
         Interest income on loans secured by trust deeds ......   $   5,015,553    $   5,030,646    $  14,472,585    $  14,267,744
         Gain (loss) on sale of real estate ...................         822,316           (2,074)         840,640        1,251,943
         Other income .........................................          68,055          241,070          318,252          586,927
                  Total revenues ..............................       5,905,924        5,269,642       15,631,477       16,106,614

OPERATING EXPENSES:
         Management fees to General Partner ...................         817,267        1,720,721        1,740,594        2,493,560
         Servicing fees to General Partner ....................         123,670          108,097          355,790          356,829
         Promotional interest to General Partner ..............          24,602             --             54,972           38,460
         Administrative .......................................          10,000           23,480           22,500           53,220
         Legal and accounting .................................          13,130           20,629          123,287           79,798
         Real estate operations, net ..........................         (40,259)           3,753         (108,135)          23,280
         Other ................................................             100               59           62,860           13,156
         Provision for loan losses ............................         250,000             --            250,000             --
         Total operating expenses .............................       1,198,510        1,876,739        2,501,868        3,058,303
                  Net income ..................................   $   4,707,414    $   3,392,903    $  13,129,609    $  13,048,311

                  Net income allocated to General Partner .....   $      46,398    $      33,593    $     129,565    $     129,191

                  Net income allocated to limited partners ....   $   4,661,016    $   3,359,310    $  13,000,044    $  12,919,120

                  Net income allocated to limited partners
                  per weighted average limited partnership unit   $        .022    $        .017    $        .063    $        .066

                  Weighted average limited partnership units ..     208,589,000      195,746,000      204,916,000      194,839,000

See accompanying notes to interim financial statements
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                        Interim Statements of Cash Flows

             For the Nine Months Ended September 30, 1999 and 1998
                                  (UNAUDITED)
                                                                    September 30      September 30
                                                                        1999            1998
<S>                                                                  <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net Income ............................................   $ 13,129,609    $ 13,048,311
Adjustments to reconcile net
         income to net cash provided by operating activities:
         Gain on sale of real estate by limited partnership ....           --        (1,227,070)
         Gain on sale of real estate properties ................       (840,640)        (24,873)
         Provision for loan losses .............................        250,000            --
         Changes in operating assets and liabilities:
         Interest receivable ...................................       (122,298)       (950,824)
         Other receivables - ...................................       (418,816)
         Accrued distributions payable .........................         45,295         (25,009)
         Accounts payable and accrued liabilities ..............       (128,668)      1,494,994
         Due to General Partner ................................        251,312           3,825
          Net cash provided by operating activities ............     12,584,610      11,900,538

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchases of loans secured by trust deeds .............    (92,479,859)    (62,688,044)
         Principal collected ...................................      1,243,618       1,327,576
         Loan payoffs ..........................................     66,673,967      60,270,185
         Sales of loans secured by trust deeds at face value ...      7,207,294            --
         Investment in real estate properties ..................       (206,147)       (261,451)
         Net proceeds from disposition of real estate properties        851,498         179,555
         Investment in limited partnership .....................           --        (1,250,395)
         Distributions received from limited partnership .......           --         5,944,129
         Investment in corporate joint venture .................       (255,564)        (79,566)
         Investment in certificates of deposit .................           --           (84,006)
         Proceeds from maturities of certificates of deposit ...        184,006         550,000
         Maturity of (investment in) commercial paper ..........      3,084,044      (3,040,867)
         Net cash (used in) provided by investing activities ...    (13,697,143)        867,116

CASH FLOWS FROM FINANCING ACTIVITIES:
         Proceeds from sale of partnership Units ...............     15,714,358       9,193,566
         Partners' cash distributions ..........................     (4,874,487)     (4,733,054)
         Partners' capital withdrawals .........................    (13,644,598)    (10,945,087)
                  Net cash used in financing activities ........     (2,804,727)     (6,484,575)

(DECREASE) INCREASE IN CASH AND CASH
  EQUIVALENTS ..................................................     (3,917,260)      6,283,079
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD ..........................................      8,260,599       3,073,115
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD ................................................   $  4,343,339    $  9,356,194

See  notes  2  and 3 for  supplemental  disclosure  of  non-cash  investing  and
financing activities.

See accompanying notes to interim financial statements
</TABLE>

<PAGE>



                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS
                               September 30, 1999

         (1)      Summary of Significant Accounting Policies
         In the opinion of the management of the  Partnership,  the accompanying
unaudited  financial  statements contain all adjustments,  consisting of normal,
recurring  adjustments,  necessary to present  fairly the financial  information
included therein.  These financial statements should be read in conjunction with
the audited financial statements included in the Partnership's Form 10-K for the
fiscal year ended  December  31,  1998 filed with the  Securities  and  Exchange
Commission.  The results of operations for the nine-month period ended September
30, 1999 are not necessarily  indicative of the operating results to be expected
for the full year.

         (2)      Loans Secured by Trust Deeds


         The  Partnership's  investment in loans delinquent  greater than ninety
days is  $10,012,000  and  $8,710,000  as of September 30, 1999 and December 31,
1998, respectively. As of September 30, 1999, $7,913,000 of the delinquent loans
has a specific related allowance for credit losses totaling $2,215,000. There is
a  non-specific  allowance  for credit  losses of  $1,535,000  for the remaining
delinquent balance and for other current loans. The Partnership has discontinued
the  accrual of interest on all loans that are  delinquent  greater  than ninety
days.  The  Partnership  recorded an  additional  allowance for credit losses of
$250,000 during the nine months ended September 30, 1999.

         As of September  30, 1999 and December  31, 1998,  loans past  maturity
totaled  approximately  $29,881,000 and $23,418,000,  respectively.  Of the past
maturity  loans at September  30,  1999,  $8,093,000  represent  loans for which
interest payments are delinquent more than ninety days.

         During  the  nine  months  ended  September  30,  1999  and  1998,  the
Partnership refinanced loans totaling $3,855,000 and $9,941,000, respectively.

         During the nine months ended September 30, 1999, the  Partnership  sold
for cash full and  partial  interests  in eight  loans to third  parties  and to
related  parties in the amounts of $6,482,000  and $725,000,  respectively.  The
sale of all the loans resulted in no gain or loss in the accompanying  financial
statements. Real Estate Held for Sale

         During the nine months ended  September 30, 1999, a 6-unit  residential
building located in Oakland,  California,  of which the Partnership  owned a 22%
interest,  was  sold  resulting  in a gain to the  Partnership  of  $18,000.  In
addition,  in August  1999,  a 66-acre  residential  parcel  located in Vallejo,
California was sold for cash of $500,000 and a note of $1,000,000 resulting in a
gain to the Partnership of $822,000.  During the nine months ended September 30,
1999,  the  Partnership  acquired  through  foreclosure  a  91%  interest  in 92
residential  lots in Lake Don  Pedro,  California,  on which it had a trust deed
investment of $541,165.




                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS
                               September 30, 1999

         (4)      Transactions with Affiliates

         The General Partner of the  Partnership,  Owens Financial  Group,  Inc.
(OFG),  is entitled to receive from the  Partnership  a management  fee of up to
2.75% per annum of the  average  unpaid  balance of the  Partnership's  mortgage
loans at the end of each of the preceding twelve months for services rendered as
manager of the Partnership.

         All of the  Partnership's  loans are serviced by OFG, in  consideration
for which OFG receives up to .25% per annum of the unpaid  principal  balance of
the loans.


         OFG,  at its sole  discretion  may,  on a  monthly  basis,  adjust  the
management and servicing fees as long as they do not exceed the allowable limits
calculated on an annual basis.  In determining the management and servicing fees
and hence the yield to the  Partnership,  OFG may  consider a number of factors,
including the then-current  market yields. Even though the fees for a particular
month may exceed  one-twelfth of the maximum limits,  at the end of the calendar
year the sum of the fees  collected for each of the twelve months may not exceed
the stated  limits.  Management  fees  amounted to  approximately  $817,000  and
$1,721,000 for the three months ended September 30, 1999 and 1998, respectively,
and $1,741,000  and $2,494,000 for the nine months ended  September 30, 1999 and
1998,  respectively.  Service fee  payments  to OFG  approximated  $124,000  and
$108,000 for the three months ended  September 30, 1999 and 1998,  respectively,
and $356,000 and $357,000 for the nine months ended September 30, 1999 and 1998,
respectively.




<PAGE>



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

Results of Operations


Three Months Ended September 30, 1999 Compared to 1998

The net income increase of $1,315,000 (38.8%) for 1999 compared to 1998, was due
to:

         an increase in gain on sale of real estate of $824,000; and

         a decrease in management fees to General Partner of $903,000.

The net income increase in 1999 as compared to 1998, was offset by:

         a decrease in other income of $173,000; and

         an increase in the provision for loan losses of $250,000.

         Gain  on sale  of  real  estate  increased  by  $824,000  due to  gains
recognized  from the sales of two  properties  located in Oakland  and  Vallejo,
California  during the three months ended  September  30, 1999 (see "Real Estate
Properties Held for Sale" below).


         Management  fees  to the  General  Partner  are  paid  pursuant  to the
Partnership Agreement between the General Partner and Limited Partners.


          Other income decreased by $173,000 (71.8%) due primarily to a decrease
in interest  income earned on investments  (money market funds,  certificates of
deposit,  commercial  paper,  etc.) as the  Partnership was able to remain fully
invested  in loans  secured by deeds of trust  during  most of the three  months
ended September 30, 1999.

Nine Months Ended September 30, 1999 Compared to 1998

The net income increase of $81,000 (0.6%) for 1999 compared to 1998, was due to:

         an  increase  in  interest  income on loans  secured by trust  deeds of
         $205,000;

         a decrease in management fees to the General Partner of $753,000;

         an increase in income from real estate operations of $131,000.

The net income increase in 1999 as compared to 1998, was offset by:

         a decrease in gain on sale of real estate of $411,000;

         a decrease in other income of $269,000; and

         an increase in the provision for loan losses of $250,000.

         Interest income on loans secured by trust deeds increased $205,000 (1.4
%) for the nine months ended  September  30, 1999, as compared to same period in
1998.  This increase was primarily a result of the growth in the loan  portfolio
even though its weighted  average yield  decreased from 10.99% to 10.79% for the
nine months ended September 30, 1998 and 1999,  respectively.  This increase was
partially offset by deferred  interest accrued on one large loan during the nine
months  ended  September  30, 1998 which was not accrued  during the nine months
ended  September  30, 1999.  This  deferred  interest  was not  reflected in the
weighted average yield calculation for the nine months ended September 30, 1998.


         Management  fees  to the  General  Partner  are  paid  pursuant  to the
Partnership Agreement between the General Partner and Limited Partners.


         Real estate  operations  resulted in income of $108,000 during the nine
months ended  September  30, 1999 as compared to a loss of $23,000  during 1998.
This  increase  in  income  is a result  of  increased  occupancy  on two of the
Partnership's properties and reduced operating costs due to legal, insurance and
payroll  expenses  incurred  on the Merced and  Oakland  properties  in the nine
months ended September 30, 1998 which were not incurred in 1999.

         Gain on sale of real estate decreased by $411,000 (32.8%). The decrease
in gain on sale of real  estate was a result of a decrease  in the gain on sales
of homes from the development  limited  partnership  between the Partnership and
Wood  Valley   Development,   Inc.  (see  "Investment  in  Development   Limited
Partnership"  below) as the final homes in the  development  were  completed and
sold during  1998.  The  decrease in gain on sale of homes from the  development
limited  partnership was partially  offset by gains recognized from the sales of
two properties located in Oakland and Vallejo, California during the nine months
ended September 30, 1999 (see "Real Estate Properties Held for Sale" below).

         Other income  decreased by $269,000 (45.8%) due primarily to a decrease
in interest  income earned on investments  (money market funds,  certificates of
deposit,  commercial  paper,  etc.) as the  Partnership was able to remain fully
invested in loans secured by deeds of trust during most of the nine months ended
September 30, 1999.


Financial Condition

September 30, 1999 and December 31, 1998

Loan Portfolio

         The number of Partnership  mortgage  investments  decreased from 188 to
157 and the average loan balance  increased from $972,000 to $1,277,000  between
December 31, 1998 and September 30, 1999.  These average loan increases  reflect
the  Partnership's  ability  to invest  in larger  mortgage  loans  meeting  the
Partnership's objectives.

                  Approximately  $10,012,000 (5.0%) and $8,710,000 (4.8%) of the
loans  invested  in by the  Partnership  were  more than 90 days  delinquent  in
payment as of September 30, 1999 and December 31, 1998,  respectively.  Of these
amounts,  approximately  $3,094,000  (1.5%) and  $3,657,000  (2.0%)  were in the
process  of  foreclosure.  Loans  more  than 90  days  delinquent  increased  by
$1,302,000  (14.9%) from December 31, 1998 to September 30, 1999,  primarily due
to one large loan which became delinquent during 1999.  Management believes that
this loan, with an outstanding principal balance of approximately $1,542,000, is
adequately  secured and that no  additional  specific loan loss reserve for this
loan is  necessary.  Management  increased  the  general  loan loss  reserve  by
$250,000 during the quarter ended September 30, 1999. A loan loss reserve in the
amount  of  $3,750,000  and  $3,500,000  was  maintained  on  the  books  of the
Partnership as of September 30, 1999 and December 31, 1998, respectively.

         As of September 30, 1999 and December 31, 1998,  approximately  41% and
48% of the Partnership's mortgage loans are secured by real property in Northern
California.  The decrease in the percentage of loans secured by real property in
Northern  California  has  primarily  been due to the payoff of several of those
loans and the purchase of new loans  secured by  properties  outside of Northern
California.  As the real estate market in Southern California and other parts of
the Western  United  States has  improved,  more loans secured by real estate in
those areas have been invested in by the Partnership. In general, there has been
increased   competition  in  the  lending   business  in  Northern   California,
particularly  in the San  Francisco  Bay  Area,  and  the  General  Partner  has
increasingly sought loans in areas outside of this region.

         The  Partnership's  investment in loans secured by unimproved land rose
by $9,302,000  (53%) since December 31, 1998.  Improvement in real estate market
conditions  have made  development  and,  thus,  loans on  unimproved  land more
attractive.  Approximately 37% of the Partnership's  investment in loans secured
by  unimproved  land are  construction  loans.  All of the  Partnership's  loans
secured by unimproved  land or land in the process of being  developed are first
trust deeds. In addition, only one of these loans, in the amount of $802,200, is
more than 90 days delinquent in payment as of September 30, 1999.

Real Estate Properties Held for Sale

         The Partnership  currently  holds title to eleven  properties that were
foreclosed  on from January 1, 1993 through  September 30, 1999 in the amount of
$8,902,000,  net  of  allowance  for  losses  of  $1,184,000.  Since  1993,  the
Partnership's  investment  in real estate held for sale has increased due to the
General  Partner's  decision to stop  acquiring  from the  Partnership  property
subject to foreclosure.  When the Partnership  acquires property by foreclosure,
it  typically  earns  less  income on those  properties  than could be earned on
mortgage  loans and may not be able to sell the  properties in a timely  manner.
During the nine months  ended  September  30,  1999,  the  Partnership  acquired
through  foreclosure  a 91% interest in 92  residential  lots in Lake Don Pedro,
California, on which it had a trust deed investment of $541,000. During the nine
months  ended  September  30,  1999, a 6-unit  residential  building  located in
Oakland,  California,  of which the Partnership  owned a 22% interest,  was sold
resulting in a gain to the Partnership of $18,000. In addition,  in August 1999,
a 66-acre residential parcel located in Vallejo, California was sold for cash of
$500,000  and a note of  $1,000,000  resulting in a gain to the  Partnership  of
$822,000.

         Seven of the Partnership's  eleven properties do not currently generate
revenue.  Expenses from rental  properties  have  decreased  from  approximately
$499,000 to $403,000  (19.2%) for the nine months ended  September  30, 1998 and
1999, respectively, and revenues associated with these properties have increased
from $476,000 to $511,000 (7.3%),  thus generating a net income from real estate
held for sale of $108,000  during the nine months ended  September 30, 1999. The
increase  in  revenues  is a  result  of  increased  occupancy  on  two  of  the
Partnership's  properties.  The decrease in expenses is due to legal,  insurance
and payroll expenses  incurred on the Merced and Oakland  properties in the nine
months ended September 30, 1998 which were not incurred in 1999.


Investment in Corporate Joint Venture

         In 1995,  the  Partnership  foreclosed  on a $571,853 loan and obtained
title to a commercial  lot in Los Gatos,  California  that secured the loan.  In
1997, the Partnership  contributed the lot to a limited  liability  company (the
Company) formed with an unaffiliated  developer to develop and sell a commercial
office building on the lot. The Partnership is providing  construction financing
to the Company at prime plus two percent.


         During the nine  months  ended  September  30,  1999 and the year ended
December 31, 1998, the Partnership advanced an additional $255,000 and $166,000,
respectively,  to  the  corporate  joint  venture  for  development.  The  total
investment in the  corporate  joint  venture was  $1,061,000  and $806,000 as of
September 30, 1999 and December 31, 1998, respectively.

         The Company received all development  approvals and began  construction
in July 1999.


Interest Receivable and Due to General Partner


         Interest  receivable  increased  from  approximately  $1,381,000  as of
December 31, 1998 to $1,562,000  as of September  30, 1999  ($181,000 or 13.1%),
due primarily to the growth of the loan portfolio and the accrual of interest on
two loans which will not be collected until the loans mature or payoff.

         Due to General  Partner  increased  from  approximately  $391,000 as of
December 31, 1998 to $642,000 as of September  30, 1999  ($251,000 or 64.2%) due
to accrued  management fees for the months of August and September that are paid
pursuant to the Partnership Agreement.


Cash and Cash Equivalents, Certificates of Deposit and Commercial Paper


         Cash and cash equivalents, certificates of deposit and commercial paper
have  decreased  from  approximately  $11,779,000  as of  December  31,  1998 to
$4,593,000  as of September 30, 1999,  respectively  ($7,186,000  or 61%).  This
decrease is primarily  attributable to an increase in investment in loans during
the nine months  ended  September  30, 1999 without loan payoffs or sales of the
same amount.


Asset Quality

         Some  losses are normal  when  lending  money and the amounts of losses
vary as the loan  portfolio  is  affected by changing  economic  conditions  and
financial  experiences  of borrowers.  There is no precise  method of predicting
specific  losses or amounts  that  ultimately  may be charged off on  particular
segments of the loan portfolio.


         The conclusion  that a Partnership  loan may become  uncollectible,  in
whole or in part,  is a matter of judgment.  Although  lenders such as banks and
savings  and loans are  subject  to  regulations  that  require  them to perform
ongoing  analyses of portfolio,  loan to value ratios,  reserves,  etc.,  and to
obtain current information  regarding its borrowers and the securing properties,
the  Partnership is not subject to these  regulations  and has not adopted these
practices.  Rather,  management of the General  Partner,  in connection with the
quarterly  closing  of  the  accounting  records  of  the  Partnership  and  the
preparation of the financial  statements,  evaluates the Partnership's  mortgage
loan  portfolio.  Based  upon this  evaluation,  a  determination  is made as to
whether the allowance for loan losses is adequate to cover  potential  losses of
the  Partnership.  As of  September  30,  1999,  management  believes  that  the
allowance for loan losses of $3,750,000 is adequate.  As of then,  loans secured
by trust deeds include  $10,012,000 in loans  delinquent  over 90 days, of which
$3,094,000 was invested in loans that were in the process of foreclosure. Due to
the loan-to-value  criteria  established by the General Partner, in its opinion,
the mortgage  loans held by the  Partnership  appear in general to be adequately
secured.


The General  Partner's  judgment of the adequacy of loan loss reserves  includes
consideration of:

         economic conditions;

         borrower's financial condition;

         evaluation of industry trends;

         review and evaluation of loans identified as having loss potential; and

         quarterly review by Board of Directors.

         Liquidity and Capital Resources

         Purchases  of Units and loan  payoffs  provide the capital for mortgage
investments.  A substantial increase in general market interest rates could have
an adverse affect on the Partnership,  because then the Partnership's investment
yield  could  be lower  than  other  debt-related  investments.  In that  event,
purchases of additional  Units could decline,  which, in turn,  would reduce the
liquidity  of the  Partnership  and  its  ability  to make  additional  mortgage
investments.  In contrast,  a significant  increase in the dollar amount of loan
payoffs and/or additional limited partner investments without the origination of
new loans of the same amount would  increase the  liquidity of the  Partnership.
This  increase  in  liquidity  could  result in a decrease  in the yield paid to
limited  partners as the Partnership  would be required to invest the additional
funds in lower  yielding,  short term  investments.  The Partnership has not and
does not intend to borrow money for investment purposes.


         There was little variation in the percentage of capital  withdrawals to
total capital invested by the limited partners between 1994 and 1998,  excluding
regular  distributions  of  net  income  to  limited  partners.  Tha  annualized
withdrawal  percentage increased during 1999 primarily due to an increase in the
maximum  quarterly  amount  which could be withdrawn  by limited  partners  from
$75,000 to  $100,000  as a result of a change in the  Partnership  Agreement  in
December 1998.  Withdrawal  percentages have been 7.37%, 6.11%, 7.85%, 6.63% and
7.33% for the years ended December 31, 1994, 1995, 1996, 1997 and 1998 and 8.85%
(annualized) for the nine months ended September 30, 1999. These percentages are
the annual average of the limited partners capital  withdrawals in each calendar
quarter  divided  by the total  limited  partner  capital  as of the end of each
quarter.


         The limited  partners may  withdraw,  or partially  withdraw,  from the
Partnership and obtain the return of their outstanding capital accounts at $1.00
per Unit (book value) within 61 to 91 days after  written  notices are delivered
to the General Partner, subject to the following limitations, among others:

         No withdrawal of Units can be requested or made until at least one year
         from the date of purchase of those Units,  for  purchases of Units made
         on or after  February 16,  1999,  other than Units  received  under the
         Partnership's Reinvested Distribution Plan.

         Any such  payments  are  required to be made only from net proceeds and
         capital contributions (as defined) during said 91-day period.

         A maximum of $100,000 per partner may be withdrawn  during any calendar
         quarter.

         The General Partner is not required to establish a reserve fund for the
         purpose of funding such payments.

         No more than 10% of the outstanding limited partnership interest may be
         withdrawn  during any  calendar  year  except upon  dissolution  of the
         Partnership.

Contingency Reserves

         The  Partnership   maintains  cash,  cash  equivalents  and  marketable
securities as contingency  reserves in an aggregate  amount of 2% of the limited
partners'  capital  accounts  to cover  expenses  in excess of revenues or other
unforeseen obligations of the Partnership. Although the General Partner believes
that  contingency  reserves  are  adequate,  it could become  necessary  for the
Partnership to sell or otherwise  liquidate  certain of its investments to cover
such contingencies on terms which might not be favorable to the Partnership.

Current Economic Conditions

         The current  economic  climate in Northern  California  and the Western
United States is generally strong. Other than the loss incurred in February 1998
on the sale to the  General  Partner  of the  manufactured-home  development  in
Sonora,  California,  acquired  through  foreclosure,  the  Partnership  has not
sustained  any material  losses to date.  This was due  primarily to the General
Partner's pre-May 1, 1993 practice of purchasing  delinquent  interest and loans
from the Partnership  prior to foreclosure.  The General Partner has ceased such
practices, except as to loans that pre-exist the change in policy and other very
limited  exceptions.  The  General  Partner  expects  that it will not  purchase
delinquent  interest  or  principal  on  delinquent  loans  in the  future,  and
therefore, the Partnership could sustain losses with respect to loans secured by
properties  located in areas of declining real estate values.  This could result
in a reduction  of the net income of the  Partnership  for a year in which those
losses occur.  There is no way of making a reliable  estimate of these potential
losses at the present time.

         Despite  the  Partnership's  ability to  purchase  mortgage  loans with
relatively  strong yields during 1997,  1998 and the nine months ended September
30, 1999,  the  interest  rate  environment  and  competition  from a variety of
lenders has had the effect of reducing  mortgage yields over the past two years.
Although  mortgage  yields have  increased  over the past six months,  increased
competition  or changes in the  economy  could again have the effect of reducing
mortgage  yields in the future.  Current loans with relatively high yields could
be replaced  with loans with lower  yields,  which in turn could  reduce the net
yield paid to the  limited  partners.  In  addition,  if there is less demand by
borrowers for loans and, thus,  fewer loans for the Partnership to invest in, it
will invest its excess cash in  shorter-term  alternative  investments  yielding
considerably less than the current investment portfolio.




Year 2000 Readiness

         Many computer systems may experience difficulty processing dates beyond
the year 1999; as a  consequence,  some  computer  hardware and software at most
companies  will need to be modified or replaced  prior to the year 2000 in order
to remain  functional.  The General  Partner depends on the use of computers and
related  systems  to  provide  timely,  accurate  information  essential  to the
management  and  operation  of  the  Partnership.  These  systems  include  both
information technology (IT) and non-information technology (non-IT) systems. For
IT   and   non-IT    systems    developed   by    independent    third   parties
(externally-developed),  the vendors and suppliers have  represented  that these
systems are Year 2000 compliant;  however,  internal testing of these systems is
still  being  completed.  The  internally-developed  computer  programs  used to
account for  mortgage  loan  investments  are  currently in the process of being
replaced with new  externally-developed  mortgage  software  which is fully Year
2000  compliant.   This  implementation  was  completed  in  October  1999.  The
internally-developed programs used to account for investments in Units and other
items have been reviewed by independent  consultants to determine  whether these
programs are able to recognize the year 2000 and all required modifications have
been  completed.  The  consultants  are  currently in the process of testing all
modifications  that have been made.  The testing is expected to be  completed by
October 31, 1999.

         Although  not  anticipated  by  the  General  Partner,   a  failure  to
adequately  address  the Year 2000 issue  could  result in the  misstatement  of
reported information, the inability to accurately track mortgage investments and
payments due or other operational problems. If IT systems are not operational in
the Year 2000, the General Partner has determined that they can operate manually
for several months while  correcting  the system  problems  before  experiencing
material adverse effects on the Partnership's and the General Partner's business
and results of operations.  However,  shifting  portions of daily  operations to
manual  processes  may result in time  delays and  increased  processing  costs.
Additionally,  the  Partnership  and General  Partner may not be able to provide
borrowers  and  investors  with  timely  and  pertinent  information,  which may
negatively affect customer relations and lead to the potential loss of new loans
and limited partner investments.

         The  General  Partner is in the process of  assessing  Year 2000 issues
with third parties,  comprised  primarily of certain financial  institutions and
other vendors,  with whom the Partnership has a material  business  relationship
(Third  Parties).  Currently,  the  Partnership  believes  that if a significant
portion of these  financial  institutions  is  non-compliant  for a  substantial
length of time, the  Partnership's  operations and financial  condition would be
materially  adversely affected.  Non-compliance by other Third Parties including
borrowers is not expected to have a material effect on the Partnership's results
of operations and financial  condition unless a substantial  number of borrowers
experience difficulties. The General Partner has sent letters to these and other
Third Parties  requesting  representations  of their Year 2000  readiness and is
currently awaiting replies from the Third Parties.

         The total  costs to remedy Year 2000 issues will be paid by the General
Partner. None of such costs will be reimbursed by the Partnership.

         The worst case scenario  from the impact of Year 2000 cannot  presently
be predicted.

Forward Looking Statements and Other Year 2000 Risk Factors

         The  foregoing  analysis of Year 2000 issues  includes  forward-looking
statements  and  predictions  about  possible  or  future  events,   results  of
operations  and  financial  condition.  As such,  this  analysis may prove to be
inaccurate  because of the assumptions made by the General Partner or the actual
development  of  future  events.  No  assurance  can be given  that any of these
forward-looking  statements and predictions  will ultimately prove to be correct
or even substantially correct.

         Various other risks and  uncertainties  could also affect the Year 2000
analysis  causing the effect on the Partnership to be more severe than discussed
above. The General Partner's Year 2000 compliance  testing cannot guarantee that
all computer  systems will function  without  error beyond the Year 2000.  Risks
also exist with respect to Year 2000  compliance by Third  Parties,  such as the
risk that an external party,  who may have no relationship to the Partnership or
the General  Partner,  but who also has a significant  relationship  with one or
more  Third  Parties,  may have a system  failure  that  adversely  affects  the
Partnership's  ability  to  conduct  business.  While  the  General  Partner  is
attempting to identify such external parties,  no assurance can be given that it
will be able to do so. Furthermore, Third Parties with direct relationships with
the  Partnership,  whose systems have been  identified as likely to be Year 2000
compliant,  may suffer a breakdown due to unforeseen  circumstances.  It is also
possible that the  information  collected by the General Partner for these Third
Parties  regarding  their  compliance  with Year 2000  issues may be  incorrect.
Finally,  it should be noted that the  foregoing  discussion of Year 2000 issues
assumes that to the extent the General Partner's  systems fail,  whether because
of unforeseen  complications or because of Third Parties' failure,  switching to
manual  operations  will  allow the  Partnership  to  continue  to  conduct  its
business.  While the General Partner  believes this assumption to be reasonable,
if it is incorrect,  the  Partnership's  results of  operations  would likely be
adversely affected.


<PAGE>


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

The Partnership is not presently involved in any material legal proceedings.


Item 6(b).  Reports on Form 8-K

No reports on Form 8-K have been filed  during the quarter for which this report
is filed.


<PAGE>



SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.


Dated:  November 4, 1999  OWENS MORTGAGE INVESTMENT FUND,
         a California Limited Partnership

         By:  Owens Financial Group, Inc., General Partner


Dated:   _______________   By: /s/William C. Owens
                               William C. Owens, President


Dated:   _______________   By: /s/Bryan H. Draper
                               Bryan H. Draper, Chief Financial Officer


Dated:   _______________   By: /s/Melina A. Platt
                               Melina A. Platt, Controller