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, 1995

                         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)

Registrant's Telephone number,
including area code                                   (510) 935-3840



     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)

           BALANCE SHEETS -- SEPTEMBER 30, 1995 AND DECEMBER 31, 1994


                                                                            September 30           December 31
                                                                               1995                  1994
ASSETS
<S>                                                                      <C>                    <C>           
Cash and cash equivalents (Note 2)                                       $    7,632,247         $    2,153,706
Certificates of Deposit                                                       1,100,000              1,100,000
Loans secured by trust deeds (Notes 2 and 3)                                146,622,445            145,050,213
less:  Allowance for loan losses (Note 2)                                    (2,750,000)            (2,750,000)
Real estate held for sale (Note 5)                                            7,034,583              4,628,325
Unsecured Loan to General Partner (Note 4)                                    1,452,533              1,249,989
Interest receivable                                                           1,434,736              1,193,764
Total Assets                                                             $  162,526,544         $  152,625,997


                        LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Accrued distributions payable                                            $      483,863         $      446,625
Accounts payable                                                                241,747                332,644
Total Liabilities                                                               725,610                779,269

PARTNERS' CAPITAL:
General partners (Note 6)                                                     1,597,112              1,488,360
Limited partners (Note 6)                                                   160,203,822            150,358,368
Total Partners' Capital                                                     161,800,934            151,846,728
Total Liabilities and Partners' Capital                                  $  162,526,544         $  152,625,997
</TABLE>
 
                  The accompanying notes are an integral part
                         of these financial statements.




<PAGE>
<TABLE>
<CAPTION>

                                                                                  OWENS MORTGAGE INVESTMENT FUND
                                                                                (A California Limited Partnership)

                                                                                     STATEMENTS OF INCOME

                                                               FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

                                                                FOR THE THREE MONTHS ENDED               FOR THE NINE MONTHS ENDED
                                                           September 30          September 30       September 30        September 30
                                                               1995                  1994               1995                1994
  REVENUES:
<S>                                                         <C>                 <C>                    <C>               <C>        
        Interest income on loans secured by trust deeds     $ 3,862,766         $ 3,685,049            $11,447,010       $11,291,392
        Other interest income                                   117,711             104,007                197,224           182,102
        Income from Real Estate                                  64,896                   0                146,526                 0
        Total revenues                                      $ 4,045,373         $ 3,789,056            $11,790,760       $11,473,494

OPERATING EXPENSES:
        Management Fees (Note 6)                            $   361,832         $   201,211            $   846,600       $ 1,269,750
        Promotional interest (Note 3)                            12,553              22,695                 48,853            55,386
        Administrative                                           14,129              14,129                 42,387            42,387
        Legal and accounting                                     18,430              75,195                 54,690           142,915
        Real Estate Owned expenses                               57,718             190,651                199,586           209,546
        Other                                                    10,996              21,392                 10,996            26,362
        Total operating expenses                            $   475,658         $   525,273            $ 1,203,112       $ 1,746,346
        Net income                                          $ 3,569,715         $ 3,263,783            $10,587,648       $ 9,727,148

        Net income allocated to general partner             $    35,275         $    31,933            $   104,158       $    94,495

Net income allocated to limited partners                    $ 3,534,440         $ 3,231,850            $10,483,490      $  9,632,653

      Net income per limited partnership
  unit (Note 8)                                                   $.022                $.022                 $.067             $.067
</TABLE>

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



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

                                                                            STATEMENTS OF CASH FLOWS

                                                             For the Nine Months Ended September 30, 1995 and 1994

                                                                    September 30               September 30
                                                                        1995                       1994
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                   <C>                       <C>         
         Net Income                                                   $10,587,648               $  9,727,148

Adjustments to reconcile net Income
      to net cash provided by operating activities
         (Increase) in interest receivable                               (240,972)                  (264,617)
         Increase (decrease) in accrued distribution
           payable                                                         37,238                     10,583
         Increase (decrease) in accounts payable                          (90,897)                   152,394
         Increase (decrease) in deferred interest                               0                     (4,731)
         Total adjustment                                                (294,631)                  (101,640)
           Net cash provided by operating activities                   10,293,017                  9,625,508

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchases of loans secured by  trust deeds                   (42,683,144)               (41,470,529)
         Principal collected                                            1,066,547                  1,633,253
         Loan payoffs                                                  39,841,821                 39,690,012
         Investments in real estate                                    (2,405,258)                (1,950,000)
         Investments in Certificates of Deposit (net)                           0                    400,000
           Net cash provided by (used in)
             investing activities                                      (4,180,034)                (1,697,264)

CASH FLOWS FROM FINANCING ACTIVITIES:
         Proceeds from sale of partnership Units                       11,213,731                 14,369,752
         Cash distributions                                            (4,295,801)                (3,917,862)
         Capital withdrawals                                           (7,551,372)                (8,273,517)
           Net cash provided by (used in)
             financing activities                                        (634,442)                 1,678,373

INCREASE (DECREASE) IN CASH AND CASH
  EQUIVALENTS                                                           5,478,541                  8,991,201
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                                   2,153,706                  1,640,818

CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                                      $  7,632,247                $10,632,019

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

<PAGE>

                         OWENS MORTGAGE INVESTMENT FUND
                       (A California Limited Partnership)
                         NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1995


(1)    ORGANIZATION AND OPERATIONS

     Owens Mortgage  Investment  Fund (the  Partnership),  a California  limited
partnership,  was formed on June 14,  1984 to invest in loans  secured by first,
second and third trust deeds and  wraparound  mortgage  loans.  The  Partnership
commenced  operations on the date of formation and will continue  until December
31, 2034 unless  dissolved prior thereto under the provisions of the partnership
agreement.  The general partners  include Owens Financial  Group,  Inc. (OFG), a
California    Corporation,    and    certain    individuals    who   are   OFG's
shareholders/officers and/or employees. The individual partners have assigned to
OFG their  interest  in any  present or future  promotional  allowance  from the
Partnership.  OFG is a California corporation engaged in the origination of real
estate  mortgage loans and the subsequent  servicing of these  mortgages for the
Partnership  and for other  third-party  investors.  The  general  partners  are
authorized  to  offer  and  sell  and have  outstanding  up to an  aggregate  of
250,000,000  units outstanding at $1.00 per unit,  representing  $250,000,000 of
limited  partnership  interest in the  Partnership.  Limited  Partnership  Units
outstanding  were  163,269,755  at September 30, 1995. As of September 30, 1995,
the Partnership had registered  $321,570,324  of limited  partnership  interests
with the Securities and Exchange Commission.

(2)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The following items comprise the significant  accounting  policies that the
Partnership follows in preparing and presenting its financial statements.

   (a)   Loans Secured by Trust Deeds

     Loans  secured by trust  deeds are  acquired  from OFG and are  recorded at
cost,  which  includes  fees  paid  to  OFG  for  origination,  evaluation,  and
acquisition  services.  The cost to the Partnership  approximates  the principal
amount  outstanding.  Interest income on loans is accrued by the simple interest
method. In May 1993, the Financial  Accounting  Standards Board issued Statement
No. 114,  Accounting  by Creditors for  Impairment of a Loan.  Statement No. 114
requires that impaired loans be measured on the present value of expected future
cash flows discounted at the loan's  effective  interest rate or, as a practical
expedient,  at the  loan's  observable  market  price or the  fair  value of the
collateral if the loan is collateral dependent. The Partnership will be required
to implement this new standard by 1995.  Management of the  Partnership  has not
yet evaluated the impact that  implementation  of this standard will have on the
financial statements of the Partnership.

   (b)   Allowance for Loan Losses

     The Partnership  maintains an allowance for loan losses equal to $2,750,000
as of September 30, 1995.  Management of the Partnership  believes that based on
historical experience and a review of the loans and their respective collateral,
the allowance for loan losses is adequate in amount.

     Through  October 31, 1994,  OFG made all  delinquent  interest  payments on
Partnership  loans  originated  prior to May 1,  1993 on a  non-recourse  basis.
However,  effective  November 1, 1994, OFG  discontinued  its practice of making
such  payments for certain  loans  totaling  $2,533,000 as of September 30, 1995
which  were  originated  prior to May 1, 1993 and  which  were more than 90 days
delinquent.  The Partnership discontinues the accrual of interest on loans when,
in  the  opinion  of  management,  there  is  a  significant  doubt  as  to  the
collectibility  of interest or principal from either the borrower or OFG or when
the  payment  of  principal  or  interest  is ninety  days past due,  unless OFG
continues to advance interest  payments to the Partnership.  As of September 30,
1995 and December 31, 1994, the  Partnership  had loans totaling  $3,924,000 and
$4,923,000, respectively, classified as non-accrual loans.

     The  Partnership's  investment in loans for which OFG has provided advances
for delinquent  interest  payments over 90 days was $5,849,000 and $8,781,000 at
September 30, 1995 and December 31, 1994, respectively.

     Advances  for  delinquent  interest  payments and other  payments,  such as
property taxes and mortgage interest pursuant to senior indebtedness, made to or
on behalf of the Partnership by OFG for the nine months ended September 30, 1995
and for the twelve months ended December 31, 1994 which had not been  reimbursed
by  the  borrower  as of the  same  date,  totaled  approximately  $897,000  and
$1,149,000,  respectively.  The  Partnership  has no  obligation  to repay these
advances to OFG.  During 1994, OFG assumed  through  foreclosure one Partnership
loan totaling $58,000. In addition, the Partnership was foreclosed out of a loan
by a senior  lienholder in the amount of $591,000.  OFG assumed one  Partnership
loans through  foreclosure in the amount of $14,463 for the three and nine month
periods ended September 30, 1995.

c) Cash and Cash Equivalents 

     For purposes of the  statements  of cash flows,  cash and cash  equivalents
include  interest-bearing or non  interest-bearing  bank deposits and short-term
certificates of deposit with original maturities of three months or less.

(d)  Certificates  of  Deposit

     Certificates of Deposit are held with various  financial  institutions with
original maturities of up to one year.

(e) Real Estate Held for Sale 

     Real estate held for sale includes real estate acquired through foreclosure
and is carried  at the lower of the  recorded  investment  in the loan plus ,any
additional  capitalized  costs,  inclusive  of any senior  indebtedness,  or the
property's  estimated fair market value, less estimated cost to sell. (f) Income
Taxes No  provision  is made for income  taxes  since the  Partnership  is not a
taxable entity.  Accordingly,  any income or loss is included in the tax returns
of the partners.


(3)     LOANS SECURED BY TRUST DEEDS

     Loans secured by trust deeds as of September 30, 1995 and December 31, 1994
were as follows:

                                                    September 30     December 31
                                                        1995             1994

         Income-producing properties               $137,513,110     $135,128,661
         Single-family residences                     2,599,383        3,179,945
         Unimproved land                              6,509,952        6,741,607
                                                   $146,622,455     $145,050,213

         First mortgages                           $132,399,433     $131,139,007
         Second mortgages                            13,625,618       13,228,818
         Third mortgages or all-inclusive 
           deeds of trust                               597,394          682,388
                                                   $146,622,445     $145,050,213

     Loan  maturities   range  from  1995  to  2011,  with   approximately   28%
($40,359,000)  of the loan principal  outstanding at September 30, 1995 maturing
in 1995 and 1996. These maturities  include  $14,141,000 in loans which are past
maturity as of September  30, 1995,  of which  $5,946,000  represents  loans for
which interest payments are delinquent over 90 days. The Partnership  refinanced
loans  totaling  $11,465,000  and  $11,266,000  during  the  nine  months  ended
September 30, 1995 and the year ended December 31, 1994,  respectively,  thereby
extending the maturity dates of such loans.

     The Partnership's  total investment in loans delinquent over ninety days is
$9,774,000  and  $13,704,000  at  September  30,  1995 and  December  31,  1994,
respectively.  As of September 30, 1995 and December 31, 1994,  OFG is providing
non-recourse  advances for the  delinquent  interest  payments on $5,849,000 and
$8,781,000, respectively, of such loans.

     As of September  30, 1995 and December 31, 1994,  the  Partnership's  loans
secured  by deeds  of trust on real  property  collateral  located  in  Northern
California  totaled  approximately 79%  ($116,238,000)  and 82%  ($118,462,000),
respectively of the loan portfolio.  The Northern  California  region is a large
geographic  area  which has a  diversified  economic  base.  The  ability of the
borrowers  to repay loans is  influenced  by the  strength of the region and the
impact of prevailing forces on the value of real estate.  Such loans are secured
by deeds of trust in real estate  properties  and are expected to be repaid from
the cash flow of the  properties or proceeds from the sale or refinancing of the
properties. The policy of the Partnership is to require real property collateral
with a value,  net of senior  indebtedness,  that exceeds the carrying amount of
the loan balance and to record a deed of trust on the underlying property.



(4)     UNSECURED LOANS DUE FROM GENERAL PARTNER

     During 1993,  OFG sold  various  properties  that it had acquired  from the
Partnership through foreclosure proceedings on Partnership loans assumed in 1992
and 1993.  The  sales  proceeds  were  insufficient  to repay the  Partnership's
investment in the related mortgage notes; accordingly, OFG executed an unsecured
note payable to the Partnership in the aggregate amount of $1,411,111 to satisfy
OFG's obligation pursuant to an expired Limited Indemnification Agreement.

     During 1994, OFG sold one property acquired through foreclosure proceedings
on a Partnership loan assumed in 1993 incurring a loss of $369,512. In addition,
the Partnership was foreclosed out of the second position of another loan by the
holder of the first deed of trust at a loss of $591,000.

     During  1995,  the  Partnership  sold a loan with a  principal  balance  of
$1,425,085 at a discounted price of $900,000.  In addition,  the Partnership was
foreclosed out of the second  position of a loan by the holder of the first deed
of trust.  The property  securing  this junion loan made up part of the security
for the  Partnership's  entire loan,  and $377,272 of the entire loan amount was
allocated  to this  property  Although  not  obligated to do so, OFG assumed the
losses  associated  with  these   transactions  and  added  the  losses  to  the
outstanding balance of the unsecured note payable. As of September 30, 1995, OFG
has repaid  $1,821,447 in principal on this unsecured loan leaving a balance due
of $1,452,533. The note carries an interest rate of 8% and is current.


(5)     REAL ESTATE HELD FOR SALE AND MORTGAGE PAYABLE

     Real estate held for sale at September  30, 1995  consists of the following
properties acquired through foreclosure in 1993, 1994 and 1995:

    Warehouse, Merced, California, net of valuation
         allowance of $200,000 as of September 30, 1995              $   800,000
    Residential lots, Carmel, California                               1,639,851
    Light industrial, Emeryville, California                             925,000
    70% interest in undeveloped land, Vallejo, California                568,569
    Commercial lot, Sacramento, California, net of valuation
         allowance of $200,000 as of September 30, 1995                  349,828
    Office building, Monterey, California                              2,094,247
    Undeveloped land, Los Gatos, California                              571,853
    Residential lot, Grass Valley, California                             55,380
    Apartments/Commercial Use, Oakland, California                        29,855
         Total                                                        $7,034,583

     Real  estate  held  for sale  has  increased  in  recent  years  due to the
Corporate  General  Partner's  policy to not  acquire  such  properties  through
foreclosure.


(6)     PARTNER'S CAPITAL

   (a)     Contributions

     The  limited   partners   contribute   $1.00  for  each  unit   subscribed.
Registration  costs  incurred by the Fund have been offset  against  contributed
capital.  Such costs,  which were  incurred in 1989,  amounted to  approximately
$198,000.

     Prior to September 1, 1986,  the general  partners  contributed  cash in an
amount  equal  to 1% of  the  aggregate  capital  contribtions  of  the  limited
partners.  After such date,  the  general  partners  are  required  to make cash
capital  contributions  in the  amount  of 1/2  of 1% of the  limited  partners'
aggregate capital contributions.

   (b)     Allocations, Distributions and Withdrawals

     In accordance with the partnership  agreement,  the Partnership's  profits,
gains and losses are allocated to each limited partner and the corporate general
partner in proportion to their respective capital contributions.

     Distributions  are  made  monthly  to the  partners  in  proportion  to the
respective   units  owned  during  the   preceding   calendar   month.   Accrued
distributions  payable  represent amounts to be paid to the partners in October,
1995 and  January,  1995 on their  capital  balances at  September  30, 1995 and
December 31, 1994, respectively.

     The  Partnership  makes cash  distributions  to those limited  partners who
elect to receive such  distributions.  Those  limited  partners who elect not to
receive cash  distributions  have their  distributions  reinvested in additional
limited partnership units. Such reinvested  distributions totaled $6,296,933 and
$5,750,359 for the nine months ended September 30, 1995 and 1994, respectively.

     The limited partners may withdraw, or partially withdraw, from the Fund and
obtain the return of their  outstanding  capital  accounts  within 91 days after
written notices are delivered to the corporate  general partner,  subject to the
following limitations:

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

     A maximum of $75,000  may be  withdrawn  during any  calendar  quarter  (or
$100,000 in the case of an estate of a deceased limited partner).

     The general  partners  are not required to establish a reserve fund for the
purpose of funding such payments.

     No more than 10% of the outstanding  limited  partnership  interests nay be
withdrawn during any calendar year except upon dissolution of the Fund.

   (c)     Promotional Interest of General Partners

     The general partners  contributed cash to the Partnership's  capital in the
amount of 0.5% of the limited  partners  aggregate  capital  contributions  and,
together with their promotional interest,  the general partners have an interest
equal to 1% of the limited partners contributions.  This promotional interest of
the general  partners of up to 1/2 of 1% is expensed  monthly to the Partnership
and  credited as a  contribution  to the  general  partners  capital  account as
additional compensation. As of September 30, 1995, the general partners had made
cash capital contributions of $818,320 to the Partnership.  The general partners
have agreed not to withdraw any portion of this  capital  from the  Partnership,
even though it exceeds the 1/2 of 1%  requirement,  but they are not required to
make any further cash capital  contributions to the Partnership until the amount
falls below the 1/2 of 1% requirement.

     The promotional interest expense charged to the Partnership was $12,553 and
$22,695 for the three months ended September 30, 1995 and 1994, respectively and
$48,853 and $55,386 for the nine months ended September 30, 1995, respectively.


(7)     CONTINGENCY RESERVES

     In  accordance   with  the   partnership   agreement  and  to  satisfy  the
Partnership's  liquidity  requirements,  the Partnership is required to maintain
contingency reserves (as defined) in an aggregate amount of at least 1.5% of the
gross  proceeds  of the sale of  limited  partnership  units.  The cash  capital
contribution  of the general  partners  (amounting  to $818,320 at September 30,
1995), up to a maximum of .5% of the limited  partners'  capital  contributions,
will be available as additional contingency reserve, if necessary.

     The  contingency  reserves  required at September 30, 1995 and December 31,
1994 were $3,261,830 and $3,055,784,  respectively. Cash and cash equivalents as
of the same dates were restricted accordingly.


(8)     TRANSACTIONS WITH AFFILIATES

     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 redered as
manager of the Partnership.  The maximum  management fee is reduced to 1.75% per
annum if OFG has not provided  during the  preceeding  calendar  year any of the
certain services defined in the limited partnership agreement.

     All of the  Partnership's  loans are serviced by OFG, in consideration  for
which OFG receives fees up to .25% per annum of the unpaid principal  balance of
the loans.  Such servicing  fees are paid from the interest  income of the loans
collected from the borrowers. In consideration for management services provided,
OFG  receives  fees up to 2.75% per annum of the average  unpaid  balance of the
Partnership's  mortgage  loans at the end of each of the 12  months  in the then
current calendar year.

     Interest  income on loans  secured by trust deeds is  collected by OFG and,
along with  advances  on  delinquent  loans,  is  remitted  to the  Partnership.
Interest  receivable amounted to $1,434,736 and $1,193,764 at September 30, 1995
and December 31, 1994, respectively.

     OFG  may,  at its  sole  discretion  and on a  monthly  basis,  adjust  the
servicing and  management  fees as long as such fees do not exceed the allowable
 .25% and 2.75% annual limits,  respectively.  In  determining  the servicing and
management  fees,  and hence the yield to the  Partnership,  OFG may  consider a
number of  factors,  including  the  then-current  market  yields.  Service  fee
payments to OFG  approximated  $102,000  and $81,000 for the three  months ended
September 30, 1995 and 1994, respectively and $301,000 and $261,000 for the nine
months ended September 30, 1995 and 1994, respectively. Management fee income to
OFG earned on loans invested in by the Fund  approximated  $362,000 and $201,000
for the three  months  ended  September  30,  1995 and 1994,  respectively,  and
$847,000 and $1,270,000  for the nine months ended  September 30, 1995 and 1994,
respectively.

     OFG is the obligor on a note  payable to the  Partnership  in the amount of
$490,322  which is secured by a property  owned by OFG as of September 30, 1995.
This note is interest only, due on demand and is current.  Although the terms of
the loan between the  Partnership and OFG may or may not be at market rate, they
are considered adequate and reasonable.

     OFG  originates  all loans the  Partnership  is invested in and receives an
investment  evaluation fee payable by borrowers or the  Partnership.  Such fees,
payable by  borrowers,  earned by OFG  amounted to  approximately  $500,000  and
$550,000 for the three months ended  September  30, 1995 and 1994,  respectively
and $1,397,000  and $1,075,000 for the nine months ended  September 30, 1995 and
1994, respectively.

     OFG  receives  late  payment  charges from  borrowers  who make  delinquent
payments.  Such charges are in addition to the normal  monthly loan payments and
totaled  approximately  $78,000 and $37,000 for the three months ended September
30, 1995 and 1994,  respectively  and  $147,000 and $153,000 for the nine months
ended September 30, 1995 and 1994, respectively.


(9)     NET INCOME PER LIMITED PARTNERSHIP UNIT

     Net income per  limited  partnership  unit is computed  using the  weighted
average of limited partnership units outstanding during the three month periods.
These  amounts were  $163,073,491  and  $149,161,161  for the three months ended
September 30, 1995 and 1994,  respectively and $157,356,326 and $143,138,629 for
the nine months ended September 30, 1995 and 1994, respectively.

<PAGE>


Item 2. Management's Discussion and Ana1ysis of Financial Condition and
Results of Operations

Results of Operations

     The net income  increases  of $306,000  (9.37%) for the three  months ended
September 30, 1995 as compared to the three months ended  September 30, 1994 and
of $861,000 (8.85%) for the nine months ended September 30, 1995 and compared to
the nine  months  ended  September  30,  1994  were  primarily  attributable  to
increases in the average  mortgage  investments and other notes  receivable from
$135,247,000 to  $145,176,000  for the three months ended September 30, 1994 and
1995,  respectively  and from  $134,503,000 to $146,747,000  for the nine months
ended September 30, 1995 and 1994, respectively.

     The Partnership  experienced a decrease in its average net yield from 8.80%
to 8.77% for the three months ended  September  30, 1994 and 1995,  respectively
and a decrease  in its average net yield from 8.87% to 8.83% for the nine months
ended September 30, 1994 and 1995,  respectively.  The net yield  represents the
net income of the  Partnership  after all  expenses  with the  exception  of the
provision  for losses on loans or Real Estate Owned.  These  variations in yield
are minor;  however, the gross income of the Partnership has been reduced due to
the  fact  that,  as  of  November  1,  1994,  the  Corporate   General  Partner
discontinued  its  previous  practice of making  payments on certain  delinquent
loans held by the Partnership  which were originated prior to May 1, 1993. As of
September 30, 1994 the Partnership held no  non-performing  loans which were not
being advanced on by the Corporate General Partner. However, the Partnership had
$3,924,000  of  non-performing  loans as of  September  30,  1995 on  which  the
Corporate General Partner was not advancing payments.  These decreases in income
have been offset by decreases in expenses.  The  Corporate  General  Partner has
significantly  reduced  the  management  fees it  collects to offset the loss of
revenue  to the  Partnership.  Management  fees  paid to the  Corporate  General
Partner  decreased  from  $1,270,000  to  $847,000  for the  nine  months  ended
September 30, 1994 and 1995, respectively.

Portfolio Review

     The number of Partnership mortgage investments decreased from 256 to 237 as
of Sepatember 30, 1994 and 1995, respectively.  The average loan balance in this
period  increased  from  $520,562 to $618,660 as of September 30, 1994 and 1995,
respectively.  This average loan increase reflects the Partnership's  ability to
invest in  larger  mortgage  loans  meeting  the  Partnership's  objectives.  In
addition,  it appears that the Corporate  General  Partner's  market for placing
larger loans has grown while the market for smaller  loans has  diminished.  The
Corporate  General  Partner does not know why this has happened,  but it appears
that other lenders are increasingly  competing for commercial loans of less than
$1,000,000.

     The Corporate  General  Partner had previously  made all periodic  interest
payments to the  Partnership on all delinquent  loans made or invested in by the
Partnership. However, on loans originated by the Corporate General Partner on or
after May 1, 1993,  and  effective  November 1, 1994,  for  certain  other loans
originated  prior to May 1, 1993, the Corporate  General Partner has adopted the
policy to not advance  delinquent  interest or  principal.  As of September  30,
1995,  there were  $3,924,000 in loans held by the Partnership on which payments
were more than 90 days  delinquent and on which payments were not being advanced
by the Corporate  General  Partner.  The Corporate  General Partner has advanced
approximately  $386,000 in delinquent  interest payments to the Partnership from
January  1, 1995 to  September  30,  1995 that had not been  collected  from the
borrower by the Corporate General Partner as of September 30, 1995.

     Approximately  $9,774,000  (6.7%)  and  $13,704,000  (9.4%)  of  the  loans
invested  in by the Fund were  more than 90 days  delinquent  in  payment  as of
September  30, 1995 and  December  31,  1994,  respectively.  Of these  amounts,
approximately  $3,794,000  (2.6%) and  $7,963,000  (5.5%) were in the process of
foreclosure as of September 30, 1995 and and December 31, 1994, respectively.

     A loan loss reserve in the amount of $2,750,000 was maintained on the books
of the  Partnership  as of  September  30,  1995 and  1994.  As of this date the
General Partners have determined that this loan loss reserve is adequate.

     As of September 30, 1995 and December 31, 1994  approximately  79% and 82%,
respectively  of the mortgage loans made or invested in by the  Partnership  are
secured by real property  located in Northern  California.  The following  table
sets forth the principal amount of mortgage  investments,  by  classification of
property  securing each loan,  held by the Partnership on September 30, 1995 and
December 31, 1994:

                                                       Principal Amount    
                                            September 30            December 31
                                                1995                   1994
                                                (000)                  (000)

Single-Family Dwellings                      $  2,599                $  3,180
Income-Producing Property                     137,513                 135,129
Unimproved Land                                 6,510                   6,741
                                             $146,622                $145,050

First Mortgages                              $132,399                $131,139
Second Mortgages                               13,626                  13,229
Third Mortgages or All-inclusive
  Deeds of Trust                                  597                     682
                                             $146,622                $145,050

     The following  amount of delinquent loans held by the Partnership have been
acquired and foreclosed  upon by the Corporate  General  Partner from January 1,
1991 through September 30, 1995:

                                            Delinquent                  Year
                       Principal             Interest                Foreclosed
                       $2,890,000             $258,602                  1991
                        5,220,925              787,591                  1992
                        1,025,581              150,295                  1993
                           58,000                8,417                  1994
                           14,463                    0                  1995

     The Corporate  General Partner has advanced all delinquent  interest to the
Partnership on these foreclosed loans. Of these foreclosed loans the Partnership
held one mortgage in the amount of $490,322 as of September 30, 1995.


Real Estate Owned
     The  Partnership  currently  holds title to the following  nine  properties
which were foreclosed on during 1993, 1994 and 1995:
<TABLE>
<CAPTION>
      
                                        Fund               Additional
                                        Loan               Capitalized          Delinquent            Senior
Description                            Amount                 Costs            Interest (1)            Loans

60,000 S.F. Light
  Industrial Warehouse
<S>                                 <C>                 <C>                     <C>              <C>  
Merced, CA                          $  800,000 (2)$     $        0              $175,333         $           0

Residential Lots 
Carmel Valley, CA                   $  600,000          $1,039,851 (3)          $141,750         $           0

Light Industrial Warehouse
Emeryville, CA                      $  925,000          $        0              $235,721         $           0

Commercial Lot/Residential
  Development
Vallejo, CA                         $  525,000          $   43,569              $  83,949        $           0

Commerical Lot
Sacramento, CA                      $  300,000 (2)      $   49,828              $  36,500        $           0

Office Building
Monterey, CA                        $  550,000          $1,544,247 (4)          $  30,077        $           0

Residential Lot
Grass Valley, CA                    $    55,000         $      380              $   6,302        $           0

Commercial Space
Oakland, CA                         $    29,855         $        0              $  31,708        $           0

Undeveloped Land
Los Gatos, CA                       $  571,853          $        0              $134,878         $           0
<FN>
(1)  The delinquent interest was advanced by OFG to the Partnership. The $83,949
     of delinquent interest advanced by OFG on the Vallejo,  California property
     has been reimbursed by the Partnership.

(2)  This amount is net of a loss allowance of $200,000.

(3)  Included  in this  balance is the payoff of a senior  loan in the amount of
     $500,000.

(4)  Included  in this  balance is the payoff of a senior  loan in the amount of
     $1,425,000.  This  senior loan was  originally  $2,102,646  including  late
     charges and fees. The Corporate  General Partner  arranged for this loan to
     be discounted at payoff.
</FN>
</TABLE>

     With the exception of the light industrial warehouse located in Emeryville,
California, these properties do not currently generate revenue and, as such, are
operating at a deficit.  The General  Partners believe that due to the values of
these properties,  the Partnership should not sustain any losses of principal on
their ultimate disposition.

     The Partnership has entered into partnership,  as a limited partner, with a
licensed  general  contractor  on the the  residential  lots  located  in Carmel
Valley,  California to build and sell detached,  single family residences. It is
anticipated that all  infrastructure  woek including roads and utilities will be
completed by the end of 1995. The joint venture owns 30 residential lots with an
opttion to purchase 34 additonal  lots at $90,000 per lot.  Sales of residential
units is anticipated to begin in 1996.

     The  Partnership  has fully  leased  out the  office  building  located  in
Monterey, California with the most recent lease beginning on October 1, 1995.

     The  Partnership's  investment  in Real Estate Owned has  increased  during
1993, 1994 and 1995 due to the Corporate General Partner's policy to not acquire
property  subject  to  foreclosure  on which the  Partnership  has a trust  deed
investment.

Liquidity and Capital Resources
     The Partnership relies upon purchases of limited partnership  interests and
loan  payoffs  for  the  creation  of  capital  for  mortgage  investments.  The
Partnership has not and does not intend to borrow money for investment purposes.

Continency Reserves
     The Partnership  maintains cash and  certificates of deposit as contingency
reserves in an aggregate amount of at least 2% of the gross proceeds of the sale
of Limited  Partners' Units. To the extent that such funds are not sufficient to
pay expenses in excess of revenues or to meet any obligation of the Partnership,
it may be necessary for the Partnership to sell or otherwise  liquidate  certain
of its investments on terms which may not be favorable to the Partnership.

Current Economic Conditions
     The  Partnership  has been  affected  by regional  declines  in  commercial
property values and general economic  conditions;  however,  the Partnership has
not  sustained  any  principal   losses  to  date.   Due  to  the   conservative
loan-to-value  criteria  established  by  the  Corporate  General  Partner,  the
mortgage loans held by the  Partnership  appear in general to be, in the opinion
of the General Partners, adequately secured.

     The Partnership generally invests in relatively short-term commercial loans
(1-7 years) which large financial  institutions  typically do not invest in. Due
to this, the net income of the  Partnership  has in recent years remained in the
range of 9-10  percent  per year.  If there were a  reduction  in the demand for
loans originated by the Corporate General Partner and, thus, fewer loans for the
Partnership  to invest in, the  Partnership  would have to invest excess cash in
shorter term investments yielding  considerably less than the current investment
portfolio.

     The Partnership  continues to receive  substantial  additional  investments
from  new and  existing  Limited  Partners  which  provide  capital  for  loans,
purchases  of existing  notes and  redemption  of existing  Limited  Partnership
Units.

<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, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



Dated:  November 15, 1995                       OWENS MORTGAGE INVESTMENT FUND
                                                a California Limited Partnership
                                                (Registrant)

                                                By:  Owens Financial Group, Inc.
                                                     a General Partner


                                                    By:  \s\ David Adler
                                                         David Adler
                                                         President


                                                    By:  \s\ Bryan H. Draper  
                                                         Bryan H. Draper
                                                         Controller
                                                         Principal Financial and
                                                           Accounting Officer