| [X] | QUARTERLY REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934 |
|-----|---------------------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934 |
|----------------|----------------------------------------------------------------------------------------------------|

| California                                                    |   | 68-0023931                                |
|---------------------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction                             |   | (I.R.S.      Employer Identification No.) |
| of      incorporation or organization)                        |   |                                      |
|                                                          |   |                                      |
| 2221      Olympic Boulevard                                   |   |                                      |
| Walnut      Creek, California                                 |   | 94595                                     |
| (Address      of principal executive offices)                 |   | (Zip      Code)                           |
|                                                          |   |                                      |
| (925)      935-3840                                           |   |                                      |
| Registrant’s      telephone number, including area code |   |                                      |

----

|       Large      accelerated filer [   ]                                                 |         Accelerated      filer [   ] |
|---------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
|       Non-accelerated      filer [   ](Do      not check if a smaller reporting company) |         Smaller      reporting company [X]          |

----

| PART I – FINANCIAL    INFORMATION |
|-----------------------------------------|
|                                    |   | Page |
|                                    |   |   |
| Item      1.                            | Financial      Statements | 4 |
|                                    |   |   |
| Item      2.                            | Management’s      Discussion and Analysis of Financial Condition    and |   |
|                                    | Results of      Operations | 23 |
|                                    |   |   |
| Item      4.                            | Controls and      Procedures | 37 |
|                                    |   |   |
| PART II – OTHER  INFORMATION      |
|                                    |   |   |
| Item      1.                            | Legal      Proceedings | 37 |
|                                    |   |   |
| Item      1A.                           | Risk      Factors | 38 |
|                                    |   |   |
| Item    6.                              | Exhibits | 38 |

----

PartI - Item 1. FINANCIAL STATEMENTS

|                                                                                                                                     |   | March      31 |        | December      31 |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-------------|------------------|--------|
|                                                                                                                                     |   | 2009          |        | 2008             |   |
| ASSETS                                                                                                                                   |   |          |        |             |   |   |   |
| Cash      and cash equivalents                                                                                                           |   | $             | 3,406,534   |             | $      | 2,800,123 |   |
| Restricted      cash                                                                                                                     |   |          | 1,000,000   |             |   | 1,000,000 |   |
| Certificates      of deposit                                                                                                             |   |          | 1,471,605   |             |   | 2,229,601 |   |
| Loans      secured by trust deeds, net of allowance for losses of $21,663,055 in 2009      and $13,727,634 in 2008                       |   |          | 232,853,693 |             |   | 248,508,567 |   |
| Due      from general partner                                                                                                            |   |          | --          |             |   | 44,162 |   |
| Interest      and other receivables, net of allowance for doubtful receivable of      $674,679 in 2009 and 2008                          |   |          | 4,528,321   |             |   | 3,643,774 |   |
| Vehicles      and equipment, net of accumulated depreciation of $148,859 in 2009 and      $119,281 in 2008                               |   |          | 613,063     |             |   | 566,640 |   |
| Other      assets, net of accumulated amortization of $537,223 in 2009 and $516,649      in 2008                                         |   |          | 412,316     |             |   | 432,898 |   |
| Investment      in limited liability company                                                                                             |   |          | 2,147,261   |             |   | 2,176,883 |   |
| Real      estate held for sale                                                                                                           |   |          | 10,996,474  |             |   | 11,413,760 |   |
| Real      estate held for investment, net of accumulated depreciation and      amortization of $3,523,400 in 2009 and $3,305,857 in 2008 |   |          | 60,527,511  |             |   | 47,014,812 |   |
|    Total      Assets                                                                                                      |   | $             | 317,956,778 |             | $      | 319,831,220 |   |
|                                                                                                                                     |   |          |        |             |   |   |   |
| LIABILITIES AND PARTNERS’      CAPITAL                                                                                             |   |          |        |             |   |   |   |
| LIABILITIES:                                                                                                                             |   |          |        |             |   |   |   |
| Accrued      distributions payable                                                                                                       |   | $             | 488,503     |             | $      | 562,740 |   |
| Due      to general partner                                                                                                              |   |          | 487,786     |             |   | -- |   |
| Accounts      payable and accrued liabilities                                                                                            |   |          | 1,943,910   |             |   | 1,703,917 |   |
| Deferred      gain                                                                                                                       |   |          | 872,754     |             |   | 878,509 |   |
| Note      payable                                                                                                                        |   |          | 10,500,000  |             |   | 10,500,000 |   |
| Line      of credit payable                                                                                                              |   |          | 41,751,000  |             |   | 32,914,000 |   |
| Total      Liabilities                                                                                                                   |   |          | 56,043,953  |             |   | 46,559,166 |   |
|                                                                                                                                     |   |          |        |             |   |   |   |
| PARTNERS’      CAPITAL (units subject to redemption):                                                                              |   |          |        |             |   |   |   |
| General      partner                                                                                                                     |   |          | 2,703,023   |             |   | 2,781,730 |   |
| Limited      partners                                                                                                                    |   |          | 259,149,298 |             |   | 270,421,679 |   |
| Total      Owens Mortgage Investment Fund partners’ capital                                                                        |   |          | 261,852,321 |             |   | 273,203,409 |   |
| Noncontrolling      interest                                                                                                             |   |          | 60,504      |             |   | 68,645 |   |
|    Total      partners’ capital                                                                                     |   |          | 261,912,825 |             |   | 273,272,054 |   |
|    Total      Liabilities and Partners’ Capital                                                                     |   | $             | 317,956,778 |             | $      | 319,831,220 |   |

----

|                                                                                                                                                                                    |   | For      the Three Months Ended |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                                                                                                                                    |   | March      31                   |       | March      31 |   |
|                                                                                                                                                                                    |   | 2009                            |       | 2008 |   |
| REVENUES:                                                                                                                                                                               |   |                            |       |   |   |   |   |
| Interest      income on loans secured by trust deeds                                                                                                                                    |   | $                               | 4,713,437  |   | $ | 5,708,333 |   |
| Gain      (loss) on sale of real estate                                                                                                                                                 |   |                            | 56,112     |   |   | (5,936 | ) |
| Rental      and other income from real estate properties                                                                                                                                |   |                            | 1,138,669  |   |   | 1,033,062 |   |
| Income      from investment in LLC                                                                                                                                                      |   |                            | 33,378     |   |   | -- |   |
| Other      income                                                                                                                                                                       |   |                            | 24,163     |   |   | 86,181 |   |
| Total      revenues                                                                                                                                                                     |   |                            | 5,965,759  |   |   | 6,821,640 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| EXPENSES:                                                                                                                                                                               |   |                            |       |   |   |   |   |
| Management      fees to general partner                                                                                                                                                 |   |                            | 497,607    |   |   | -- |   |
| Servicing      fees to general partner                                                                                                                                                  |   |                            | 160,567    |   |   | -- |   |
| Administrative                                                                                                                                                                          |   |                            | 15,000     |   |   | 15,000 |   |
| Legal      and professional                                                                                                                                                             |   |                            | 203,693    |   |   | 154,653 |   |
| Rental      and other expenses on real estate properties                                                                                                                                |   |                            | 1,343,203  |   |   | 1,037,668 |   |
| Interest      expense                                                                                                                                                                   |   |                            | 446,008    |   |   | 614,523 |   |
| Provision      for loan losses                                                                                                                                                          |   |                            | 8,176,942  |   |   | 1,048,000 |   |
| Other                                                                                                                                                                                   |   |                            | 45,129     |   |   | 55,703 |   |
| Total      expenses                                                                                                                                                                     |   |                            | 10,888,149 |   |   | 2,925,547 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Net      (loss) income                                                                                                                                                                  |   | $                               | (4,922,390 | ) | $ | 3,896,093 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Less:      Net loss attributable to noncontrolling interest                                                                                                                             |   |                            | (1,864     | ) |   | (1,058 | ) |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Net      (loss) income attributable to Owens Mortgage   Investment      Fund                                                                                             |   | $                               | (4,924,254 | ) | $ | 3,895,035 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Net      (loss) income allocated to general partner                                                                                                                                     |   | $                               | (47,578    | ) | $ | 38,844 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Net      (loss) income allocated to limited partners                                                                                                                                    |   | $                               | (4,876,676 | ) | $ | 3,856,191 |   |
|                                                                                                                                                                                    |   |                            |       |   |   |   |   |
| Net      (loss) income allocated to limited partners per weighted average limited      partnership unit (264,185,000 and 295,260,000 average units in 2009 and      2008, respectively) |   | $                               | (0.02      | ) | $ | 0.01 |   |

----

|                                                                                               |   | March      31 |       | March      31 |   |
|----------------------------------------------------------------------------------------------------|--------|---------------|------------|---------------|--------|
|                                                                                               |   | 2009          |       | 2008          |   |
| CASH      FLOWS FROM OPERATING      ACTIVITIES:                                               |   |          |       |          |   |   |   |
| Net      (loss) income attributable to Owens Mortgage Investment    Fund                           |   | $             | (4,924,254 | )             | $      | 3,895,035 |   |
| Adjustments      to reconcile net (loss) income to net cash provided by operating      activities: |   |          |       |          |   |   |   |
| (Gain)      loss on sale of real estate properties                                                 |   |          | (56,112    | )             |   | 5,936 |   |
| Income      from investment in limited liability company                                           |   |          | (33,378    | )             |   | -- |   |
| Provision      for loan losses                                                                     |   |          | 8,176,942  |          |   | 1,048,000 |   |
| Depreciation      and amortization                                                                 |   |          | 271,694    |          |   | 194,753 |   |
| Changes      in operating assets and liabilities:                                                  |   |          |       |          |   |   |   |
| Due      from general partner                                                                      |   |          | 44,162     |          |   | -- |   |
| Interest      and other receivables                                                                |   |          | (1,053,863 | )             |   | 487,564 |   |
| Other      assets                                                                                  |   |          | 8          |          |   | -- |   |
| Accounts      payable and accrued liabilities                                                      |   |          | 239,993    |          |   | 210,352 |   |
| Due      to general partner                                                                        |   |          | 487,786    |          |   | (2,208,319 | ) |
| Net      cash provided by operating activities                                                     |   |          | 3,152,978  |          |   | 3,633,321 |   |
|                                                                                               |   |          |       |          |   |   |   |
| CASH      FLOWS FROM INVESTING      ACTIVITIES:                                               |   |          |       |          |   |   |   |
| Investment      in loans secured by trust deeds                                                    |   |          | (9,025,860 | )             |   | (30,725,296 | ) |
| Principal      collected on loans                                                                  |   |          | 3,580,313  |          |   | 17,570,942 |   |
| Investment      in real estate properties                                                          |   |          | (717,447   | )             |   | (126,251 | ) |
| Net      proceeds from disposition of real estate properties                                       |   |          | 467,643    |          |   | 988,066 |   |
| Purchases      of vehicles, equipment and furniture                                                |   |          | --         |          |   | (187,249 | ) |
| Maturity      of certificates of deposit                                                           |   |          | 757,996    |          |   | -- |   |
| Distribution      received from investment in limited liability company                            |   |          | 63,000     |          |   | -- |   |
| Noncontrolling      interest in limited liability company                                          |   |          | (8,141     | )             |   | (8,542 | ) |
| Net      cash used in investing activities                                                         |   |          | (4,882,496 | )             |   | (12,488,330 | ) |
|                                                                                               |   |          |       |          |   |   |   |
| CASH      FLOWS FROM FINANCING      ACTIVITIES:                                               |   |          |       |          |   |   |   |
| Proceeds      from sale of partnership units                                                       |   |          | 95,758     |          |   | 3,282,411 |   |
| Advances      on line of credit payable                                                            |   |          | 11,859,000 |          |   | 19,440,000 |   |
| Repayments      on line of credit payable                                                          |   |          | (3,022,000 | )             |   | (10,250,000 | ) |
| Partners’      cash distributions                                                       |   |          | (1,486,823 | )             |   | (1,748,738 | ) |
| Partners’      capital withdrawals                                                           |   |          | (5,110,006 | )             |   | (6,133,271 | ) |
| Net      cash provided by financing activities                                                     |   |          | 2,335,929  |          |   | 4,590,402 |   |
|                                                                                               |   |          |       |          |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                                          |   |          | 606,411    |          |   | (4,264,607 | ) |
|                                                                                               |   |          |       |          |   |   |   |
| Cash      and cash equivalents at beginning of period                                              |   |          | 2,800,123  |          |   | 9,159,033 |   |
|                                                                                               |   |          |       |          |   |   |   |
| Cash      and cash equivalents at end of period                                                    |   | $             | 3,406,534  |          | $      | 4,894,426 |   |
|                                                                                               |   |          |       |          |   |   |   |
| Supplemental Disclosures of Cash Flow      Information                                             |   |          |       |          |   |   |   |
| Cash      paid during the period for interest                                                      |   | $             | 423,092    |          | $      | 533,970 |   |

----

| Basis      of Presentation |
|----------------------------|

----

----

|                                 |   | 2009   |        | 2008   |   |
|--------------------------------------|--------|--------|-------------|--------|--------|
| By Property Type:                    |   |   |        |   |   |   |   |
| Commercial                           |   | $      | 121,718,602 |   | $      | 118,156,590 |   |
| Condominiums                         |   |   | 84,078,193  |   |   | 93,460,019 |   |
| Apartments                           |   |   | 4,325,000   |   |   | 4,325,000 |   |
| Single      family homes (1-4 Units) |   |   | 330,452     |   |   | 331,810 |   |
| Improved      and unimproved land    |   |   | 44,064,501  |   |   | 45,962,782 |   |
|                                 |   |   |        |   |   |   |   |
|                                 |   | $      | 254,516,748 |   | $      | 262,236,201 |   |
| By Deed Order:                       |   |   |        |   |   |   |   |
| First      mortgages                 |   | $      | 230,081,530 |   | $      | 235,010,203 |   |
| Second      and third mortgages      |   |   | 24,435,218  |   |   | 27,225,998 |   |
|                                 |   |   |        |   |   |   |   |
|                                 |   | $      | 254,516,748 |   | $      | 262,236,201 |   |

----

|                           |   | Fixed    |        | Variable |   |       |   |
|--------------------------------|--------|----------|-------------|----------|--------|------------|--------|
|                           |   | Interest |        | Interest |   |       |   |
|                           |   | Rate     |        | Rate     |   | Total      |   |
| Year      ending March 31:     |   |     |        |     |   |       |   |   |   |   |
| 2009      (past maturity)      |   | $        | 137,581,919 |     | $      | —    |   | $ | 137,581,919 |   |
| 2010                           |   |     | 85,752,564  |     |   | —    |   |   | 85,752,564 |   |
| 2011                           |   |     | 16,815,000  |     |   | 31,180     |   |   | 16,846,180 |   |
| 2012                           |   |     | —     |     |   | —    |   |   | — |   |
| 2013                           |   |     | —     |     |   | —    |   |   | — |   |
| 2014                           |   |     | —     |     |   | —    |   |   | — |   |
| Thereafter      (through 2017) |   |     | 80,451      |     |   | 14,255,634 |   |   | 14,336,085 |   |
|                           |   | $        | 240,229,934 |     | $      | 14,286,814 |   | $ | 254,516,748 |   |

----

|          |   | March      31, 2009 |        | Portfolio  |    | December      31, 2008 |   | Portfolio   |   |
|---------------|--------|---------------------|-------------|------------|---------|------------------------|--------|-------------|--------|
|          |   | Balance             |        | Percentage |    | Balance                |   | Percentage  |   |
| Arizona       |   | $                   | 29,772,480  |       | 11.70%  |                   | $      | 31,580,323  |   | 12.04% |   |
| California    |   |                | 142,785,586 |       | 56.10%  |                   |   | 148,522,264 |   | 56.65% |   |
| Colorado      |   |                | 14,045,652  |       | 5.52%   |                   |   | 13,999,402  |   | 5.34% |   |
| Florida       |   |                | 23,482,581  |       | 9.23%   |                   |   | 23,482,581  |   | 8.96% |   |
| Idaho         |   |                | 2,200,000   |       | 0.86%   |                   |   | 2,200,000   |   | 0.84% |   |
| Nevada        |   |                | 10,357,000  |       | 4.07%   |                   |   | 10,357,000  |   | 3.95% |   |
| New      York |   |                | 10,500,000  |       | 4.13%   |                   |   | 10,500,000  |   | 4.00% |   |
| Oregon        |   |                | 80,451      |       | 0.03%   |                   |   | 81,810      |   | 0.03% |   |
| Pennsylvania  |   |                | 1,320,057   |       | 0.52%   |                   |   | 1,320,057   |   | 0.50% |   |
| Texas         |   |                | 2,635,000   |       | 1.04%   |                   |   | 2,635,000   |   | 1.00% |   |
| Utah          |   |                | 4,700,036   |       | 1.84%   |                   |   | 5,305,262   |   | 2.02% |   |
| Washington    |   |                | 12,637,905  |       | 4.96%   |                   |   | 12,252,502  |   | 4.67% |   |
|          |   | $                   | 254,516,748 |       | 100.00% |                   | $      | 262,236,201 |   | 100.00% |   |

----

----

|                              |   | 2009   |       | 2008   |   |
|-----------------------------------|--------|--------|------------|--------|--------|
| Balance,      beginning of period |   | $      | 13,727,634 |   | $      | 5,042,000 |   |
| Provision                         |   |   | 8,176,942  |   |   | 1,048,000 |   |
| Recovery      of bad debts        |   |   | —    |   |   | — |   |
| Charge-off                        |   |   | (241,521   | )      |   | — |   |
| Balance,      end of period       |   | $      | 21,663,055 |   | $      | 6,090,000 |   |

----

|                                                              |   | 2009   |       | 2008   |   |
|-------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Manufactured      home subdivision development, Ione, California  |   | $      | 745,570    |   | $      | 745,570 |   |
| Commercial      buildings, Roseville, California (see Note 6)     |   |   | 380,924    |   |   | 380,924 |   |
| Two      improved residential lots, West Sacramento, California   |   |   | 510,944    |   |   | 510,944 |   |
| Office/retail      complex, Hilo, Hawaii                          |   |   | 1,655,647  |   |   | 1,655,647 |   |
| Office      condominium complex (16 units), Roseville, California |   |   | 7,703,389  |   |   | 8,120,675 |   |
|                                                              |   | $      | 10,996,474 |   | $      | 11,413,760 |   |

----

|                                                                                                                   |   | 2009   |       | 2008   |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Light      industrial building, Paso Robles, California                                                                |   | $      | 1,617,676  |   | $      | 1,625,770 |   |
| Commercial      buildings, Roseville, California                                                                       |   |   | 655,041    |   |   | 659,531 |   |
| Retail      complex, Greeley, Colorado (held within 720 University,    LLC)                                            |   |   | 13,320,548 |   |   | 13,440,143 |   |
| Undeveloped      land, Madera County, California                                                                       |   |   | 1,225,000  |   |   | 1,225,000 |   |
| Manufactured      home subdivision development, Lake Charles, Louisiana (held within Dation,      LLC)                 |   |   | 2,206,604  |   |   | 1,960,000 |   |
| Undeveloped      land, Marysville, California                                                                          |   |   | 594,610    |   |   | 594,610 |   |
| Golf      course, Auburn, California (held within DarkHorse Golf Club,      LLC)                                       |   |   | 2,841,802  |   |   | 2,830,568 |   |
| 75      improved, residential lots, Auburn, California, (held within Baldwin Ranch      Subdivision LLC)               |   |   | 13,898,890 |   |   | 13,898,890 |   |
| Undeveloped      land, San Jose, California                                                                            |   |   | 3,025,992  |   |   | 3,025,992 |   |
| Undeveloped      land, Half Moon Bay, California                                                                       |   |   | 2,124,518  |   |   | 2,110,809 |   |
| Storage      facility, Stockton, California                                                                            |   |   | 5,614,385  |   |   | 5,643,499 |   |
| Undeveloped,      residential land, Coolidge, Arizona                                                                  |   |   | 2,099,816  |   |   | — |   |
| Eight      townhomes, Santa Barbara, California (held within Anacapa Villas,      LLC)                                 |   |   | 10,823,557 |   |   | — |   |
| Marina      with 30 boat slips and 11 RV spaces, Oakley, California (held within The      Last Resort and Marina, LLC) |   |   | 479,072    |   |   | — |   |
|                                                                                                                   |   | $      | 60,527,511 |   | $      | 47,014,812 |   |

----

|                                |   | 2009   |       |   | 2008   |   |
|-------------------------------------|--------|--------|------------|--------|--------|--------|
| Land                                |   | $      | 33,525,128 |   |   | $      | 29,564,886 |   |
| Buildings                           |   |   | 25,102,518 |   |   |   | 15,459,666 |   |
| Improvements                        |   |   | 5,412,838  |   |   |   | 5,285,690 |   |
| Other                               |   |   | 10,427     |   |   |   | 10,427 |   |
|                                |   |   | 64,050,911 |   |   |   | 50,320,669 |   |
| Less:      Accumulated depreciation |   |   | (3,523,400 | )      |   |   | (3,305,857 | ) |
|                                |   | $      | 60,527,511 |   |   | $      | 47,014,812 |   |

----

----

----

----

|                               |   | General |      | Limited      partners |   | TotalPartners’ |   |
|------------------------------------|--------|---------|-----------|-----------------------|--------|----------------------|--------|
|                               |   | partner |      | Units                 |   | Amount               |   | capital |   |
|                               |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      December 31, 2007   |   | $       | 2,960,604 |                  |   | 295,979,046          |   | $ | 295,783,026 |   | $ | 298,743,630 |   |
|                               |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Net      income                    |   |    | 38,844    |                  |   | 3,856,191            |   |   | 3,856,191 |   |   | 3,895,035 |   |
| Sale      of partnership units     |   |    | 410,759   |                  |   | 2,871,652            |   |   | 2,871,652 |   |   | 3,282,411 |   |
| Partners’      withdrawals   |   |    | —   |                  |   | (6,133,271           | )      |   | (6,133,271 | ) |   | (6,133,271 | ) |
| Partners’      distributions |   |    | (52,880   | )                     |   | (1,677,029           | )      |   | (1,677,029 | ) |   | (1,729,909 | ) |
|                               |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      March 31, 2008      |   | $       | 3,357,327 |                  |   | 294,896,589          |   | $ | 294,700,569 |   | $ | 298,057,896 |   |
|                               |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      December 31, 2008   |   | $       | 2,781,730 |                  |   | 270,617,699          |   | $ | 270,421,679 |   | $ | 273,203,409 |   |
| Net      loss                      |   |    | (47,578   | )                     |   | (4,876,676           | )      |   | (4,876,676 | ) |   | (4,924,254 | ) |
| Sale      of partnership units     |   |    | —   |                  |   | 95,758               |   |   | 95,758 |   |   | 95,758 |   |
| Partners’      withdrawals   |   |    | —   |                  |   | (5,110,006           | )      |   | (5,110,006 | ) |   | (5,110,006 | ) |
| Partners’      distributions |   |    | (31,129   | )                     |   | (1,381,457           | )      |   | (1,381,457 | ) |   | (1,412,586 | ) |
|                               |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      March 31, 2009      |   | $       | 2,703,023 |                  |   | 259,345,318          |   | $ | 259,149,298 |   | $ | 261,852,321 |   |

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|                         |                                                            | Fair      Value Measurements Using                                      |
|------------------------------|-----------------------------------------------------------------|-------------------------------------------------------------------------|
|                         | Carrying      Value                                             | Quoted      Prices In Active Markets for Identical Assets(Level      1) | Significant      Other Observable Inputs(Level      2) | Significant      Unobservable Inputs(Level      3) |
| Recurring:                   |                                                            |                                                                    |   |   |
| Certificates      of deposit |         $    1,471,605            | —                                                                 |            $  1,471,605 | — |
|                         |                                                            |                                                                    |   |   |
| Nonrecurring:                |                                                            |                                                                    |   |   |
| Impaired      loans          |         $  39,034,387                       | —                                                                 | — | $  39,034,387 |
| Real      estate properties  |         $       480,000 | —                                                                 | — | $            480,000 |

|                                                                          | ImpairedLoans                                                                                                                         |   | Real      Estate Properties                                                                                   |
|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
| Balance,      January 1, 2009                                                 | $  23,978,649                                                                                                               |   | $         —                                                |
| Total      realized and unrealized gains and losses:Included      in net loss |     (7,856,942)                                                                                                   |   |             —                               |
| Included      in other comprehensive income                                   | —                                                                                                                               |   |                       — |
| Foreclosures                                                                  |             (480,000)                                                     |   |          480,000                                                 |
| Purchases,      issuances and settlements                                     |                           — |   |                       — |
| Transfers      in and/or out of Level 3                                       |         23,392,680                                                                                                          |   |                  —                               |
| Balance,      March 31, 2009                                                  | $ 39,034,387                                                                                                                          |   | $   480,000                                                                                              |

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MANAGEMENT’S DISCUSSION ANDANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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| ·   | Management      Fees - In consideration of the management services rendered to the      Partnership, the General Partner is entitled to receive from the      Partnership a management fee payable monthly, subject to a maximum of      2.75% per annum of the average unpaid balance of the Partnership’s      mortgage loans at the end of each month in the calendar year. Management fees      amounted to approximately $498,000 and $0 for the three months ended March      31, 2009 and 2008, respectively. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Servicing      Fees – All of the Partnership’s loans are serviced by the General      Partner, in consideration for which the General Partner is entitled to      receive from the Partnership a monthly fee, which, when added to all other      fees paid in connection with the servicing of a particular loan, does not      exceed the lesser of the customary, competitive fee in the community where      the loan is placed or up to 0.25% per annum of the unpaid principal      balance of the loans at the end of each month. Service fees      amounted to approximately $161,000 and $0 for the three months ended March      31, 2009 and 2008, respectively. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Acquisition      and Origination Fees – The General      Partner is entitled to receive and retain all acquisition and origination      fees paid or payable by borrowers for services rendered in connection with      the evaluation and consideration of potential investments of the      Partnership (including any selection fee, mortgage placement fee,      nonrecurring management fee, and any origination fee, loan fee, or points      paid by borrowers). The acquisition and origination fees are paid      by borrowers, and thus, are not an expense of the Partnership. Such fees      earned by OFG amounted to approximately $983,000 and $949,000 on loans      originated or extended of approximately $22,835,000 and $45,420,000 for      the three months ended March 31, 2009 and 2008, respectively.      Approximately $633,000 of the fees earned by the General Partner during      the quarter ended March 31, 2009 are back-end fees that will not be      collected until payoff or maturity of the relevant extended      loans. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Late      Payment Charges – The General Partner      is entitled to receive all late payment charges by borrowers on delinquent      loans held by the Partnership (including additional interest and late      payment fees).  The late payment charges are paid by      borrowers and collected by the Partnership with regular monthly loan      payments or at the time of loan payoff.  These are recorded as a      liability (Due to General Partner) when collected and are not recognized      as an expense of the Partnership. The amounts paid to or collected by OFG      for such charges totaled approximately $13,000 and $302,000 for the three      months ended March 31, 2009 and 2008,  respectively. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other      Miscellaneous Fees - The Partnership remits other miscellaneous      fees to the General Partner, which are collected from loan payments, loan      payoffs or advances from loan principal (i.e. funding, demand and partial      release fees). Such fees remitted to OFG totaled approximately $5,000 and      $7,000 for the three months ended March 31, 2009 and 2008,      respectively. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Partnership      Expenses – The General Partner is entitled to be reimbursed by the      Partnership for the actual cost of goods and materials used for or by the      Partnership and obtained from unaffiliated entities and the actual cost of      services of non-management and non-supervisory personnel related to the      administration of the Partnership (subject to certain limitations in the      Partnership Agreement).  The amounts      reimbursed to the General Partner by the Partnership were approximately      $22,000 and $15,000 during the three months ended March 31, 2009 and 2008,      respectively. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Carried      Interest and Contributed Capital – The General Partner is required      to contribute capital to the Partnership in the amount of 0.5% of the      limited partners’ aggregate capital accounts and, together with its      carried interest; the General Partner has an interest equal to 1% of the      limited partners’ capital accounts. This carried interest of the General      Partner of up to 1/2 of 1% is recorded as an expense of the Partnership      and credited as a contribution to the General Partner’s capital account as      additional compensation. As of March 31, 2009, the General Partner has      made cash capital contributions of $1,496,000 to the Partnership. The      General Partner is required to continue cash capital contributions to the      Partnership in order to maintain its required capital balance. There was no      carried interest expense charged to the Partnership for the three months      ended March 31, 2009 and 2008,respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | the      amount of cash available to invest in mortgage  loans; |
|--------------------|-----------------------------------------------------------------|

| ·   | the      amount of borrowing to finance mortgage loan  investments; |
|--------------------|---------------------------------------------------------------------|

| ·   | the      level of real estate lending activity in the markets    serviced; |
|--------------------|----------------------------------------------------------------------------|

| ·   | the      ability to identify and lend to suitable  borrowers; |
|--------------------|---------------------------------------------------------------|

| ·   | the      interest rates the Partnership is able to charge on  loans; |
|--------------------|----------------------------------------------------------------------|

| ·   | the      level of delinquencies on mortgageloans; |
|--------------------|---------------------------------------------------|

| ·   | the      level of foreclosures and related loan and real estate losses experienced;      and |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | the      income or losses from foreclosed properties prior to the time of      disposal. |
|--------------------|------------------------------------------------------------------------------------------|

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|                                                                                                    |   | Three      Months Ended March 31, |        |
|---------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|
|                                                                                                    |   | 2009                              |        | 2008 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Total      revenues                                                                                     |   | $                                 | 5,965,759   |   | $ | 6,821,640 |   |
| Total      expenses                                                                                     |   |                              | 10,888,149  |   |   | 2,925,547 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Net      (loss) income                                                                                  |   | $                                 | (4,922,390  | ) | $ | 3,896,093 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Less:      Net loss attributable to noncontrolling interest                                             |   |                              | (1,864      | ) |   | (1,058 | ) |
|                                                                                                    |   |                              |        |   |   |   |   |
| Net      (loss) income attributable to Owens Mortgage Investment    Fund                                |   | $                                 | (4,924,254  | ) | $ | 3,895,035 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Net      (loss) income allocated to limited partners                                                    |   | $                                 | (4,876,676  | ) | $ | 3,856,191 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Net      (loss) income allocated to limited partners per weighted average limited      partnership unit |   | $                                 | (.02        | ) | $ | .01 |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Annualized      rate of return to limited partners (1)                                                  |   |                              | (7.4)%      |   |   | 5.2% |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Distribution      per partnership unit (yield) (2)                                                      |   |                              | 4.2%        |   |   | 7.1% |   |
|                                                                                                    |   |                              |        |   |   |   |   |
| Weighted      average limited partnership units                                                         |   |                              | 264,185,000 |   |   | 295,260,000 |   |

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| (1) | The      annualized rate of return to limited partners is calculated based upon the      net (loss) income allocated to limited partners per weighted average      limited partnership unit as of March 31, 2009 and 2008 divided by the      number of months during the period and multiplied by twelve      (12) months. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Distribution      per partnership unit (yield) is the annualized average of the monthly      yield paid to the partners for the periods indicated. The monthly yield is      calculated by dividing the total monthly cash distribution to partners by      the prior month’s ending partners’ capital  balance. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

|                                 |   | 2009   |        |   | 2008   |   |
|--------------------------------------|--------|--------|-------------|--------|--------|--------|
| By Property Type:                    |   |   |        |   |   |   |
| Commercial                           |   | $      | 121,718,602 |   |   | $      | 118,156,590 |   |
| Condominiums                         |   |   | 84,078,193  |   |   |   | 93,460,019 |   |
| Apartments                           |   |   | 4,325,000   |   |   |   | 4,325,000 |   |
| Single      family homes (1-4 units) |   |   | 330,452     |   |   |   | 331,810 |   |
| Improved      and unimproved land    |   |   | 44,064,501  |   |   |   | 45,962,782 |   |
|                                 |   | $      | 254,516,748 |   |   | $      | 262,236,201 |   |
| By Deed Order:                       |   |   |        |   |   |   |   |   |
| First      mortgages                 |   | $      | 230,081,530 |   |   | $      | 235,010,203 |   |
| Second      and third mortgages      |   |   | 24,435,218  |   |   |   | 27,225,998 |   |
|                                 |   | $      | 254,516,748 |   |   | $      | 262,236,201 |   |

|                              |   | 2009   |       | 2008   |   |
|-----------------------------------|--------|--------|------------|--------|--------|
| Balance,      beginning of period |   | $      | 13,727,634 |   | $      | 5,042,000 |   |
| Provision                         |   |   | 8,176,942  |   |   | 1,048,000 |   |
| Recovery      of bad debts        |   |   | —    |   |   | — |   |
| Charge-off                        |   |   | (241,521   | )      |   | — |   |
| Balance,      end of period       |   | $      | 21,663,055 |   | $      | 6,090,000 |   |

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----

----

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| · | prevailing      economic conditions; |
|--------|--------------------------------------|

| · | the      Partnership’s historical lossexperience; |
|--------|---------------------------------------------------------|

| · | the      types and dollar amounts of loans in the  portfolio; |
|--------|---------------------------------------------------------------|

| · | borrowers’      financial condition and adverse situations that may affect the borrowers’      ability to pay; |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| · | evaluation      of industry trends; |
|--------|-------------------------------------|

| · | review      and evaluation of loans identified as having loss potential;      and |
|--------|-----------------------------------------------------------------------------------|

| · | estimated      net realizable value or fair value of the underlying      collateral. |
|--------|--------------------------------------------------------------------------------------|

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| · | No      withdrawal of Units can be requested or made until at least one year from      the date of purchase of those Units, other than Units received under the      Partnership’s Reinvested DistributionPlan. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| · | No      more than 10% of the total outstanding limited partnership interests may      be withdrawn during any calendar year except upon a plan of dissolution of      the Partnership. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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PART I - Item 4. CONTROLS ANDPROCEDURES

Item 1. Legal Proceedings

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Item 1A.Risk Factors

Item 6.Exhibits

|        31.1 | Section      302 Certification of William C.Owens |
|------------------|---------------------------------------------------|

|        31.2 | Section      302 Certification of Bryan H.Draper |
|------------------|--------------------------------------------------|

|        32 | Certifications      Pursuant to U.S.C. 18 Section 1350 |
|----------------------------------------------|--------------------------------------------------------|

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| Dated:       May      15, 2009 |   | OWENS      MORTGAGE INVESTMENT FUND,a      California Limited Partnership |
|-------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                              |   |                                                                      |
|                                                              |   | By:                                                                       | OWENS      FINANCIAL GROUP, INC., GENERAL PARTNER |
|                                                              |   |                                                                      |   |
| Dated:       May      15, 2009 |   | By:                                                                  |  /s/      William C. Owens |
|                                                              |   |                                                                      | William      C. Owens, President |
|                                                              |   |                                                                      |   |
| Dated:       May      15, 2009 |   | By:                                                                  |  /s/      Bryan H. Draper |
|                                                              |   |                                                                      | Bryan      H. Draper, Chief Financial Officer |
|                                                              |   |                                                                      |   |
| Dated:       May      15, 2009 |   | By:                                                                  |  /s/      Melina A. Platt |
|                                                              |   |                                                                      | Melina      A. Platt,Controller |

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