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, 2000

                         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_________


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                           Consolidated Balance Sheets



                                                                            (UNAUDITED)
                                                                           September 30           December 31
                                                                               2000                  1999

                                                                ASSETS

<S>                                                                      <C>                    <C>
Cash and cash equivalents                                                $    9,978,067         $    5,216,326
Certificates of deposit                                                          50,000                250,000

Loans secured by trust deeds                                                214,991,403            200,356,517
Less:  Allowance for loan losses                                             (4,000,000)            (4,000,000)
                                                                            210,991,403            196,356,517
Real estate properties held for sale, net of allowance
  for losses of $1,136,000 in 2000 and $1,336,000 in 1999                     5,688,969             12,397,722
Real estate properties held for investment, net of depreciation
  and amortization of $51,556 in 2000                                        13,065,885                      -
Interest and other receivables                                                2,200,827              2,150,952
     Total Assets                                                          $241,975,151           $216,371,517


                        LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Accrued distributions payable                                           $       609,837         $      577,281
Accounts payable and accrued liabilities                                         97,679                430,664
Due to General Partner                                                          915,325                751,759
Note payable                                                                  6,023,217                      -

     Total Liabilities                                                        7,646,058              1,759,704

Minority interest                                                               117,706                      -

PARTNERS' CAPITAL:
General partners                                                              2,273,775              2,104,936
Limited partners (Subject to Redemption)                                    231,937,612            212,506,877
     Total Partners' Capital                                                234,211,387            214,611,813
     Total Liabilities and Partners' Capital                               $241,975,151           $216,371,517
The  accompanying  notes are an integral  part of these  consolidated  financial
statements.
</TABLE>


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

                  Consolidated Statements of Income (Unaudited)

                                                            For the Three Months Ended                    For the Nine Months Ended
                                                               September 30     eptember 30             September 30    September 30
                                                                  2000             1999                     2000            1999
  REVENUES:
<S>                                                        <C>               <C>                      <C>             <C>
     Interest income on loans secured by trust deeds       $  6,025,118      $   5,015,553             $  17,471,340  $   14,472,585
     Gain on sale of real estate                              2,879,267            822,316                 2,879,267         840,640
     Rental income                                              612,393            171,107                 1,122,601         511,353
     Other income                                                39,366             68,055                   160,592         318,252
     Total revenues                                           9,556,144          6,077,031                21,633,800      16,142,830

   EXPENSES:
     Management fees to General Partner                       1,186,069            817,267                 3,147,729       1,740,594
     Servicing fees to General Partner                          134,669            123,670                   392,101         355,790
     Carried interest (formerly promotional interest)
        to General Partner                                       24,478             24,602                    71,335          54,972
     Administrative                                               7,875             10,000                    23,625          22,500
     Legal and accounting                                        21,489             13,130                   112,366         123,287
     Rental expenses                                            214,728            130,848                   484,794         403,218
     Interest expense                                            93,620                  -                    93,620               -
     Minority interest                                           17,706                  -                    17,706               -
     Provision for loan losses                                        -            250,000                         -         250,000
     Other                                                        1,325                100                    23,294          62,860
     Total operating expenses                                 1,701,959          1,369,617                 4,366,570       3,013,221
     Net income                                           $   7,854,185      $   4,707,414             $  17,267,230   $  13,129,609

     Net income allocated to General Partner              $      77,324      $      46,398             $     169,842   $     129,565

Net income allocated to limited partners                  $   7,776,861      $   4,661,016             $  17,097,388   $  13,000,044

Net income allocated to limited partners
    per weighted average limited partnership unit                 $.034             $.022                      $.077           $.063

Weighted average limited partnership units                  229,131,000        208,589,000               222,223,000     204,916,000

The  accompanying  notes are an integral  part of these  consolidated  financial
statements.
</TABLE>



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

                Consolidated Statements of Cash Flows (Unaudited)

                                                                                For the Nine Months Ended
                                                                            September 30            September 30
                                                                                2000                    1999
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                       <C>                    <C>
     Net Income                                                           $   17,267,230         $    13,129,609
     Adjustments to reconcile net income
     to net cash provided by operating activities:
     Depreciation and amortization                                                45,138                       -
     Gain on sale of real estate properties                                   (2,879,267)               (840,640)
     Provision for loan losses                                                         -                 250,000
     Changes in operating assets and liabilities:
       Interest and other receivables                                            (49,875)               (122,298)
       Accounts payable and accrued liabilities                                 (332,985)               (128,668)
       Due to General Partner                                                    163,566                 251,312
          Net cash provided by operating activities                           14,213,807              12,539,315

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of loans secured by trust deeds                               (81,558,576)            (92,479,859)
     Principal collected on loans                                                919,801               1,243,618
     Loan payoffs                                                             59,466,576              66,673,967
     Sales of loans secured by trust deeds at face value                       6,665,913               7,207,294
     Investment in real estate properties                                       (180,911)               (206,147)
     Net proceeds from disposition of real estate properties                     959,097                 851,498
     Investment in corporate joint venture                                    (2,845,574)               (255,564)
     Repayment received from corporate joint venture                             581,250                       -
     Proceeds from sale of real estate in corporate joint venture              7,195,640                       -
     Purchase of real estate in corporate joint venture                       (3,337,888)                      -
     Minority interest in corporate joint venture                                117,706                       -
     Proceeds from maturities of certificates of deposit                         200,000                 184,006
     Proceeds from maturity of commercial paper                                        -               3,084,044
         Net cash used in investing activities                               (11,816,966)            (13,697,143)

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from sale of partnership Units                                  19,110,931              15,714,358
     Accrued distributions payable                                                32,556                  45,295
     Partners' cash distributions                                             (5,387,904)             (4,874,487)
     Partners' capital withdrawals                                           (11,390,683)            (13,644,598)
         Net cash provided by (used in) financing activities                   2,364,900              (2,759,432)

INCREASE (DECREASE) IN CASH AND CASH
  EQUIVALENTS                                                                  4,761,741              (3,917,260)
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                                          5,216,326               8,260,599
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                                          $     9,978,067         $     4,343,339

See notes 2 , 4 and 5 for  supplemental  disclosure  of non-cash  investing  and
financing activities.
The  accompanying  notes are an integral  part of these  consolidated  financial
statements.
</TABLE>


                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2000




    (1)  Summary of Significant Accounting Policies

         In the opinion of the management of the  Partnership,  the accompanying
         unaudited  consolidated  financial  statements contain all adjustments,
         consisting  of  normal,  recurring  adjustments,  necessary  to present
         fairly the financial  information included therein.  These consolidated
         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,  1999 filed with the  Securities  and
         Exchange Commission.  The results of operations for the three-month and
         nine-month  periods  ended  September  30,  2000  are  not  necessarily
         indicative of the operating results to be expected for the full year.

         The  consolidated  financial  statements  include  the  accounts of the
         Partnership  and its  majority-owned  limited  liability  company.  All
         significant   inter-company   transactions   and  balances   have  been
         eliminated in consolidation.

    (2)  Loans Secured by Trust Deeds

         The  Partnership's  investment in loans delinquent  greater than ninety
         days is $7,945,000 and $7,415,000 as of September 30, 2000 and December
         31, 1999,  respectively.  As of September  30, 2000,  $1,717,000 of the
         delinquent  loans has a specific  related  allowance  for credit losses
         totaling $650,000.  There is a non-specific allowance for credit losses
         of  $3,350,000  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.

         As of September  30, 2000 and December  31, 1999,  loans past  maturity
         totaled approximately $43,729,000 and $29,451,000, respectively. Of the
         past maturity loans at September 30, 2000,  $1,717,000  represent loans
         for which interest payments are delinquent more than ninety days.

         During the quarter ended  September 30, 2000 and 1999, the  Partnership
         refinanced loans totaling $475,000 and $110,000, respectively.

         During the quarter ended September 30, 2000, the  Partnership  sold for
         cash,  partial  interests  in one loan to third  parties  in the  total
         amount of $500,000.  The sale of this loan  resulted in no gain or loss
         to  the  Partnership  in  the   accompanying   consolidated   financial
         statements.

         During the nine months ended September 30, 2000, the  Partnership  sold
         two  delinquent  loans at book value to the  General  Partner for notes
         receivable  in the total  amount of  $1,178,000.  The  General  Partner
         subsequently  foreclosed on the loans.  The General  Partner repaid the
         notes in full to the Partnership during the quarter ended September 30,
         2000.





                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2000

    (3)  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 $1,186,000
         and $817,000 for the three  months ended  September  30, 2000 and 1999,
         respectively,  and  $3,148,000 and $1,741,000 for the nine months ended
         September 30, 2000 and 1999, respectively.  Service fee payments to OFG
         approximated $135,000 and $124,000 for the three months ended September
         30, 2000 and 1999, respectively, and $392,000 and $356,000 for the nine
         months ended September 30, 2000 and 1999, respectively.

    (4)  Real Estate Properties Held for Investment

         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 provided construction  financing to the Company at the rate
         of prime plus two percent.

         During the nine  months  ended  September  30,  2000 and the year ended
         December 31, 1999, the  Partnership  advanced an additional  $2,846,000
         and  $1,417,000,  respectively,  to the  Company  for  development.  In
         addition,  the  Partnership  received  repayment  of advances  from the
         Company  in the  amount  of  $581,000  during  the  nine  months  ended
         September 30, 2000.

         Construction of the building was substantially  completed in June 2000.
         Prior to the sale of the  building in July 2000,  the  Company  entered
         into a reverse,  like-kind exchange,  whereby the proceeds attributable
         to the  Partnership's  interest  in the  Company  from  the sale of the
         building   (approximately   $3,338,000),   net  of   repayment  of  the
         outstanding  advances to the  Partnership  in the amount of $3,858,000,
         were reinvested into the purchase of a retail commercial development in
         Greeley,  Colorado.  The  purpose  of this  exchange  was to defer  the
         recognition  of gain for tax  purposes to the Company and,  hence,  the
         Partnership.  The sale  resulted in a book gain to the  Partnership  of
         approximately  $2,691,000.  The Company also incurred a note payable in
         the amount of $6,023,000 as part of the purchase of the new property. A
         new  member  that  will  act as the  property  manager  of the  Greeley
         property was admitted to the Company in August, 2000.


                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 2000


    (4)  Real Estate Properties Held for Investment, Continued

         Operation of the new property  began in August 2000,  and net income to
         the  Partnership  was  approximately  $33,000  for  the  quarter  ended
         September 30, 2000. The assets, liabilities, income and expenses of the
         Company  have  been  consolidated  into the  accompanying  consolidated
         balance  sheet and income  statement of the  Partnership.  The minority
         interest of the joint  venture  partner of $117,706 as of September 30,
         2000 is reported in the accompanying consolidated balance sheet.

         In addition,  the Partnership  transferred two properties held for sale
         to real estate held for  investment in the amount of $3,655,000  during
         the quarter ended September 30, 2000.  Real estate  properties held for
         investment consist of the following as of September 30, 2000:

                   Land                                   $    4,936,259
                   Buildings                                   7,392,764
                   Improvements                                  676,751
                   Other                                         111,667
                                                              13,117,441
                   Less: Accumulated depreciation
                                 and amortization                (51,556)

                                                           $  13,065,885

         Real  estate  properties  held  for  investment  are  stated  as  cost.
         Depreciation is provided on the straight-line method over the estimated
         useful lives of buildings and improvements of 39 years. Amortization of
         lease  commissions  is  provided on the  straight-line  method over the
         lives of the related  leases.  Depreciation  and  amortization  for the
         quarter ended September 30, 2000 was $45,138.

(5)   Real Estate Properties Held for Sale

         During  the three  months  ended  September  30,  2000,  an  industrial
         building  located  in  Lathrop,  California  that was  acquired  by the
         Partnership  through  foreclosure  in  April  2000 was sold for cash of
         $90,000 and a note of $814,000,  resulting in a gain to the Partnership
         of approximately  $142,000. In addition, 84 residential lots located in
         Lake Don Pedro,  California  were sold for cash  resulting in a gain to
         the Partnership of approximately $46,000.

(6)   Note Payable

         The  Partnership  has a note payable with a bank through its investment
         in the limited  liability company (see note 4), which is secured by the
         retail  development  in Greeley,  Colorado.  The note requires  monthly
         interest payments with the balance of unpaid principal and interest due
         on May 22, 2003. The interest rate on the note is variable based on the
         LIBOR rate plus 2.75%. Interest expense for the quarter ended September
         30, 2000 was approximately  $94,000.  The principal balance on the note
         as of September 30, 2000 is approximately $6,023,000.  The Company also
         has the option to draw an additional $1,370,000 on the note for capital
         expenditures,  tenant  improvements  or leasing  commissions.  The note
         contains certain  covenants,  which the Company has complied with as of
         September 30, 2000.

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

Forward Looking Statements

         Some of the  information in this Form 10-Q may contain  forward-looking
statements.  Such  statements  can be identified  by the use of  forward-looking
words such as "may," "will," "expect,"  "anticipate,"  "estimate," "continue" or
other similar  words.  These  statements  discuss future  expectations,  contain
projections  of results of operations or of financial  conditions or state other
forward-looking  information.  When considering such forward-looking  statements
you should keep in mind the risk factors and other cautionary  statements in the
Partnership'S  Prospectus.  Although management of the Partnership believes that
the  expectations  reflected  in such  forward-looking  statements  are based on
reasonable  assumptions,  there are certain  factors,  in addition to these risk
factors and cautioning  statements,  such as general economic conditions,  local
real estate  conditions,  adequacy  of  reserves,  or weather and other  natural
occurrences  that might  cause a  difference  between  actual  results and those
forward-looking statements.

Results of Operations

Three Months Ended September 30, 2000 Compared to 1999

The net income increase of $3,147,000 (66.8%) for 2000 compared to 1999, was due
to:

o     an increase in gain on sale of real estate of $2,057,000;

o     an  increase  in  interest  income  on loans  secured  by  trust  deeds of
      $1,010,000;

o     an increase in rental income of $441,000; and

o     a decrease in provision for loan losses of $250,000.

The net income increase in 2000 as compared to 1999, was offset by:

o     an increase in rental expenses of $84,000;

o     an increase in interest expense of $94,000; and

o     an increase in management fees to General Partner of $369,000.

         Gain on sale of real estate increased  $2,057,000  (250%) for the three
months ended  September 30, 2000,  as compared to the same period in 1999.  This
increase  was due to the  sale of the  Los  Gatos  office  building  within  the
corporate joint venture in July 2000.

         Interest  income on loans secured by trust deeds  increased  $1,010,000
(20.1%) for the three months ended  September  30, 2000, as compared to the same
period in 1999.  This  increase  was a result  of an  increase  in the  weighted
average  yield of the loan  portfolio  from  10.84% for the three  months  ended
September  30, 1999 to 11.38% for the three months ended  September 30, 2000. In
addition,  the  average  loan  portfolio  grew by 8.9%  for  the  quarter  ended
September  30, 2000 as compared to 1999,  and the  Partnership's  investment  in
delinquent  loans  decreased by  $2,067,000  (20.6%) as of September 30, 2000 as
compared to September 30, 1999.

         Rental income from real estate properties  increased by $441,000 (258%)
during the three months ended  September 30, 2000 as compared to the same period
in 1999.  Rental expenses from real estate  properties also increased by $84,000
(64.1%) during the the three months ended  September 30, 2000 as compared to the
same period in 1999.  These  increases  are a result of increased  occupancy and
rental  rates on several of the  Partnership's  properties  during  2000 and the
purchase of the Greeley,  Colorado retail property through the related corporate
joint  venture  via the  reverse,  like-kind  exchange  of the Los Gatos  office
building in July 2000.

         Interest  expense  increased by $94,000  (100%) during the three months
ended September 30, 2000 as compared to the same period in 1999, due to the note
payable  incurred by the corporate  joint venture as a result of the purchase of
the Greeley, Colorado retail property.

         Management  fees  to the  General  Partner  are  paid  pursuant  to the
Partnership   Agreement  between  the  General  Partner  and  Limited  Partners.
Management  fees  increased  by $369,000  (45.1%)  during the three months ended
September  30,  2000 as  compared  to the  same  period  in  1999,  because  the
Partnership remained fully invested in loans during this period.

Nine Months Ended September 30, 2000 Compared to 1999

The net income increase of $4,138,000 (31.5%) for 2000 compared to 1999, was due
to:

o     an increase in gain on sale of real estate of $2,039,000;

o     an  increase  in  interest  income  on loans  secured  by  trust  deeds of
      $2,999,000;

o     an increase in rental income of $611,000;

o     a decrease in provision for loan losses of $250,000; and

o     a decrease in other expenses of $40,000.

The net income increase in 2000 as compared to 1999, was offset by:

o     a decrease in other income of $158,000;

o     an increase in management fees to General Partner of $1,407,000;

o     an increase in rental expenses of $82,000; and

o     an incrase in interest expense of $93,000.

         Gain on sale of real estate  increased  $2,039,000  (243%) for the nine
months ended  September 30, 2000,  as compared to the same period in 1999.  This
increase  was due to the  sale of the  Los  Gatos  office  building  within  the
corporate joint venture in July 2000.

         Interest  income on loans secured by trust deeds  increased  $2,999,000
(20.7%) for the nine months ended  September  30, 2000,  as compared to the same
period in 1999.  This  increase  was a result  of an  increase  in the  weighted
average  yield of the loan  portfolio  from  10.79%  for the nine  months  ended
September  30, 1999 to 11.29% for the nine months ended  September  30, 2000. In
addition,  the  average  loan  portfolio  grew by 10.2%  for the  quarter  ended
September  30, 2000 as compared to 1999,  and the  Partnership''s  investment in
delinquent  loans  decreased by  $2,067,000  (20.6%) as of September 30, 2000 as
compared to September 30, 1999.

         Rental income from real estate properties  increased by $611,000 (120%)
during the nine months ended  September  30, 2000 as compared to the same period
in 1999.  Rental expenses from real estate  properties also increased by $82,000
(20.2%)  during the the nine months ended  September 30, 2000 as compared to the
same period in 1999.  These  increases  are a result of increased  occupancy and
rental  rates on several of the  Partnership's  properties  during  2000 and the
purchase of the Greeley, Colorado retail property.

         Interest  expense  increased by $94,000  (100%)  during the nine months
ended September 30, 2000 as compared to the same period in 1999, due to the note
payable  incurred by the corporate  joint venture as a result of the purchase of
the Greeley, Colorado retail property.

         Other  expenses  decreased  by $40,000  (62.9%)  during the nine months
ended  September 30, 2000 as compared to the same period in 1999.  This decrease
was due primarily to registration expenses incurred during the nine months ended
September 30, 1999 as a result of a new Form S-11  Registration  Statement filed
with the Securities and Exchange  Commission and changes made to the Partnership
Agreement during that period.

         Other income  decreased by $158,000 (49.5%) due primarily to a decrease
in interest  income earned on investments  (money market funds,  certificates of
deposit,  etc.) as the  Partnership  was able to remain fully  invested in loans
secured by deeds of trust during the nine months ended September 30, 2000.

         Management  fees  to the  General  Partner  are  paid  pursuant  to the
Partnership   Agreement  between  the  General  Partner  and  Limited  Partners.
Management  fees  increased by $1,407,000  (80.8%)  during the nine months ended
September  30,  2000 as  compared  to the  same  period  in  1999,  because  the
Partnership remained fully invested in loans during this period.


Financial Condition

September 30, 2000 and December 31, 1999

Loan Portfolio

         The number of Partnership  mortgage  investments  decreased from 142 to
116 and the average loan balance increased from $1,411,000 to $1,853,000 between
December 31, 1999 and September 30, 2000.

         Approximately  $7,945,000  (3.7%)  and  $7,415,000  (3.7%) of the loans
invested in by the  Partnership  were more than 90 days delinquent in payment as
of September  30, 2000 and December 31, 1999,  respectively.  Of these  amounts,
approximately  $5,202,000  (2.4%) and  $850,000  (0.4%)  were in the  process of
foreclosure.  A loan loss reserve in the amount of $4,000,000  was maintained on
the books of the  Partnership  as of  September  30, 2000 and December 31, 1999,
respectively.

         As of September 30, 2000 and December 31, 1999,  approximately  45% and
40% of the Partnership's mortgage loans are secured by real property in Northern
California.  The increase in the percentage of loans secured by real property in
Northern  California  has been  due to the  purchase  of new  loans  secured  by
properties  within  Northern  California  during the quarter ended September 30,
2000.

         The Partnership's  investment in construction loans rose by $14,454,000
(63.7%) since December 31, 1999.  Improvement  in real estate market  conditions
have made development and, thus, construction loans more attractive.  All of the
Partnership's  construction  loans are first trust deeds and none of these loans
is delinquent in payments more than 90 days as of September 30, 2000.

         The Partnership's investment in unimproved land decreased by $4,704,000
(30.5%) since  December 31, 1999, due to the payoff of one large loan during the
quarter ended  September  30, 2000.  All of the  Partnership's  loans secured by
unimproved land are first trust deeds. In addition,  only one of these loans, in
the  amount  of  $802,000,  is more than 90 days  delinquent  in  payment  as of
September 30, 2000.

Real Estate Properties Held for Sale and Investment

         The Partnership  currently holds title to thirteen properties that were
foreclosed  on from January 1, 1993 through  September 30, 2000 in the amount of
$9,344,000, net of allowance for losses of $1,336,000. As of September 30, 2000,
properties  held for sale total  $5,689,000 and  properties  held for investment
total  $3,655,000  (excluding the property held in the corporate joint venture -
see below). 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 three
months ended September 30, 2000, the Partnership  acquired no properties through
foreclosure.  During the three months ended  September  30, 2000,  an industrial
building  located in Lathrop,  California  that was acquired by the  Partnership
through  foreclosure  in April 2000 was sold for cash of  $90,000  and a note of
$814,000  resulting in a gain to the Partnership of approximately  $142,000.  In
addition,  84 residential  lots located in Lake Don Pedro,  California were sold
for cash resulting in a gain to the Partnership of approximately $46,000.

         Seven  of  the  Partnership's  thirteen  properties  do  not  currently
generate  revenue.  Excluding the property held in the corporate  joint venture,
expenses from rental  properties have decreased from  approximately  $131,000 to
$104,000  (20.7%)  for the  three  months  ended  September  30,  1999 and 2000,
respectively,  and revenues associated with these properties have increased from
$171,000 to $357,000 (109%),  thus generating a net income from real estate held
for sale of $253,000  during the three months  ended  September  30,  2000.  The
increase  in income is a result  of  increased  occupancy  and  rental  rates on
several  of the  Partnership's  properties  during the end of 1999 and the first
quarter of 2000.

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 provided  construction  financing to
the Company at the rate of prime plus two percent.

         During the nine  months  ended  September  30,  2000 and the year ended
December  31,  1999,  the  Partnership  advanced an  additional  $2,846,000  and
$1,417,000,  respectively,  to the Company for  development.  In  addition,  the
Partnership  received  repayment  of advances  from the Company in the amount of
$581,000 during the nine months ended September 30, 2000.

         Construction of the building was substantially  completed in June 2000.
Prior to the sale of the  building  in July 2000,  the  Company  entered  into a
reverse,   like-kind  exchange,   whereby  the  proceeds   attributable  to  the
Partnership's  interest in the  Company  from the sale of the  building,  net of
repayment  of the  outstanding  advances  to the  Partnership  in the  amount of
$3,858,000,  (appoximately  $3,338,000)  were  reinvested into the purchase of a
retail commercial development in Greeley, Colorado. The purpose of this exchange
was to defer the recognition of gain for tax purposes to the Company and, hence,
the  Partnership.  The  sale  resulted  in a book  gain  to the  Partnership  of
approximately $2,691,000. The Company also incurred a note payable in the amount
of  $6,023,000  as part of the purchase of the new  property.  A new member that
will act as the  property  manager of the Greeley  property  was admitted to the
Company in August, 2000.

         Operation of the new property  began in August 2000,  and net income to
the Partnership was  approximately  $33,000 for the three months ended September
30, 2000. The assets, liabilities,  income and expenses of the Company have been
consolidated  into  the  accompanying  consolidated  balance  sheet  and  income
statement of the Partnership. The minority interest of the joint venture partner
of  $117,706  as  of  September  30,  2000  is  reported  in  the   accompanying
consolidated balance sheet.

Accounts Payable and Accrued Liabilities

         Accounts payable and accrued  liabilities  decreased from approximately
$431,000 as of December 31, 1999 to $98,000 as of September  30, 2000  ($333,000
or 77.3%)  due to the  accrual of a  progress  billing  on the Los Gatos  office
building construction as of December 31, 1999. There were no such accruals as of
September 30, 2000, as construction was completed in July 2000.



                                  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,  2000,  management  believes  that  the
allowance for loan losses of $4,000,000 is adequate.  As of then,  loans secured
by trust deeds  include  $7,945,000 in loans  delinquent  over 90 days, of which
$5,202,000 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:

o     economic conditions;

o     borrower's financial condition;

o     evaluation of industry trends;

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

o     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 the purpose of making or purchasing loans.

         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.  The  annualized
withdrawal  percentage  increased  during  1999  and  2000  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%,  7.33%,  and 7.99% for the years ended  December 31, 1994,  1995,
1996,  1997,  1998 and 1999 and 6.98%  (annualized)  for the nine  months  ended
September  30, 2000.  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:

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

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

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

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

o     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. Despite the Partnership's ability to purchase
mortgage loans with relatively strong yields which has resulted in increased net
yields paid to the limited  partners,  increased  competition  or changes in the
economy could 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, the  Partnership  will invest its excess
cash in shorter-term alternative investments yielding considerably less than the
current investment portfolio.

         The General Partner has the ability to purchase  delinquent  loans from
the  Partnership  as  long  as  certain  criteria  outlined  in the  Partnership
Agreement are met.  Although the General Partner has purchased  delinquent loans
from the Partnership in the past, they are not required to do so; 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.


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

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

Item 6(a).  Exhibits


3.       Exhibit A. Fifth  Amended and Restated  Limited  Partnership  Agreement
         dated November 10, 2000.

10(a).   Exhibit B. Subscription  Agreement and Power of Attorney, as amended on
         November 15, 2000.


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

No reports on Form 8-K were filed during the quarter ended September 30, 2000.



                                   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 15, 2000      OWENS MORTGAGE INVESTMENT FUND,
                               a California Limited Partnership

                               By:  Owens Financial Group, Inc., General Partner


Dated:   November 15, 2000     By: /William C. Owens/
                                    William C. Owens, President


Dated:   November 15, 2000     By: /Bryan H. Draper/
                                    Bryan H. Draper, Chief Financial Officer


Dated:   November 15, 2000     By: /Melina A. Platt/
                                    Melina A. Platt, Controller