| [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   |  26 |
|                                       |   |   |
|  Item 4.               |  Controls and Procedures   |  41 |
|                                       |   |   |
|  PART II – OTHER INFORMATION    |
|                                       |   |   |
|  Item 1.                              |  Legal Proceedings   |  41 |
|                                       |   |   |
|  Item 1A.         |  Risk Factors |  41 |
|                                       |   |   |
|  Item 3.          |  Defaults Upon Senior Securities |  42 |
|                                       |   |   |
|  Item 6.                              |  Exhibits |  42 |
|                                       |   |   |
|                                       |   |   |

----

|                                                                                                                           |   | March 31 |        | December 31 |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|-------------|--------|
|                                                                                                                           |   | 2010     |        | 2009        |   |
| ASSETS                                                                                                                         |   |     |        |        |   |   |   |
| Cash and cash equivalents                                                                                                      |   | $        | 7,184,226   |        | $      | 7,530,272 |   |
| Restricted cash                                                                                                                |   |     | 986,150     |        |   | 986,150 |   |
| Certificates of deposit                                                                                                        |   |     | 1,947,821   |        |   | 1,715,591 |   |
| Loans secured by trust deeds, net of allowance for losses of $28,730,006 in 2010 and $28,392,938 in 2009                       |   |     | 182,329,020 |        |   | 183,390,822 |   |
| Interest and other receivables                                                                                                 |   |     | 5,386,697   |        |   | 4,644,320 |   |
| Vehicles and equipment, net of accumulated depreciation of $210,556 in 2010 and $268,309 in 2009                               |   |     | 483,728     |        |   | 626,543 |   |
| Other assets, net of accumulated amortization of $628,339 in 2010 and $599,050 in 2009                                         |   |     | 831,430     |        |   | 560,259 |   |
| Investment in limited liability company                                                                                        |   |     | 2,175,026   |        |   | 2,141,980 |   |
| Real estate held for sale                                                                                                      |   |     | 10,708,812  |        |   | 10,852,274 |   |
| Real estate held for investment, net of accumulated depreciation and amortization of $4,731,032 in 2010 and $4,388,436 in 2009 |   |     | 68,781,917  |        |   | 69,036,262 |   |
|    Total Assets                                                                                                 |   | $        | 280,814,827 |        | $      | 281,484,473 |   |
|                                                                                                                           |   |     |        |        |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                                                        |   |     |        |        |   |   |   |
| LIABILITIES:                                                                                                                   |   |     |        |        |   |   |   |
| Accrued distributions payable                                                                                                  |   | $        | 106,176     |        | $      | 51,407 |   |
| Due to general partner                                                                                                         |   |     | 481,022     |        |   | 362,210 |   |
| Accounts payable and accrued liabilities                                                                                       |   |     | 2,227,291   |        |   | 2,135,011 |   |
| Deferred gain                                                                                                                  |   |     | 849,595     |        |   | 855,482 |   |
| Note payable                                                                                                                   |   |     | 10,500,000  |        |   | 10,500,000 |   |
| Line of credit payable                                                                                                         |   |     | 22,871,623  |        |   | 23,695,102 |   |
| Total Liabilities                                                                                                              |   |     | 37,035,707  |        |   | 37,599,212 |   |
|                                                                                                                           |   |     |        |        |   |   |   |
| PARTNERS’ CAPITAL (units subject to redemption):                                                                         |   |     |        |        |   |   |   |
| General partner                                                                                                                |   |     | 2,509,184   |        |   | 2,512,399 |   |
| Limited partners                                                                                                               |   |     | 241,239,239 |        |   | 241,338,206 |   |
| Total Owens Mortgage Investment Fund partners’ capital                                                                   |   |     | 243,748,423 |        |   | 243,850,605 |   |
| Noncontrolling interest                                                                                                        |   |     | 30,697      |        |   | 34,656 |   |
|    Total partners’ capital                                                                                |   |     | 243,779,120 |        |   | 243,885,261 |   |
|    Total Liabilities and Partners’ Capital                                                                |   | $        | 280,814,827 |        | $      | 281,484,473 |   |

----

|                                                                                                                                                                     |   | For the Three Months Ended |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|-----------|
|                                                                                                                                                                     |   | March 31                   |      | March 31 |   |
|                                                                                                                                                                     |   | 2010                       |      | 2009 |   |
| REVENUES:                                                                                                                                                                |   |                       |      |   |   |   |   |
| Interest income on loans secured by trust deeds                                                                                                                          |   | $                          | 2,412,196 |   | $ | 4,713,437 |   |
| Gain on sale of real estate                                                                                                                                              |   |                       | 188,654   |   |   | 56,112 |   |
| Rental and other income from real estate properties                                                                                                                      |   |                       | 1,604,561 |   |   | 1,138,669 |   |
| Income from investment in limited liability company                                                                                                                      |   |                       | 33,046    |   |   | 33,378 |   |
| Other income                                                                                                                                                             |   |                       | 4,178     |   |   | 24,163 |   |
| Total revenues                                                                                                                                                           |   |                       | 4,242,635 |   |   | 5,965,759 |   |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| EXPENSES:                                                                                                                                                                |   |                       |      |   |   |   |   |
| Management fees to general partner                                                                                                                                       |   |                       | 574,411   |   |   | 497,607 |   |
| Servicing fees to general partner                                                                                                                                        |   |                       | 132,489   |   |   | 160,567 |   |
| Administrative                                                                                                                                                           |   |                       | 15,000    |   |   | 15,000 |   |
| Legal and professional                                                                                                                                                   |   |                       | 150,230   |   |   | 203,693 |   |
| Rental and other expenses on real estate properties                                                                                                                      |   |                       | 1,975,546 |   |   | 1,343,203 |   |
| Interest expense                                                                                                                                                         |   |                       | 568,306   |   |   | 446,008 |   |
| Provision for loan losses                                                                                                                                                |   |                       | 337,068   |   |   | 8,176,942 |   |
| Other                                                                                                                                                                    |   |                       | 8,204     |   |   | 45,129 |   |
| Total expenses                                                                                                                                                           |   |                       | 3,761,254 |   |   | 10,888,149 |   |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Net income (loss)                                                                                                                                                        |   | $                          | 481,381   |   | $ | (4,922,390 | ) |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Less: Net income attributable to noncontrolling interest                                                                                                                 |   |                       | (181      | ) |   | (1,864 | ) |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Net income (loss) attributable to Owens Mortgage   Investment Fund                                                                                        |   | $                          | 481,200   |   | $ | (4,924,254 | ) |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Net income (loss) allocated to general partner                                                                                                                           |   | $                          | 5,012     |   | $ | (47,578 | ) |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Net income (loss) allocated to limited partners                                                                                                                          |   | $                          | 476,188   |   | $ | (4,876,676 | ) |
|                                                                                                                                                                     |   |                       |      |   |   |   |   |
| Net income (loss) allocated to limited partners per weighted average limited partnership unit (241,576,000 and 264,185,000 average units in 2010 and 2009, respectively) |   | $                          | 0.002     |   | $ | (0.019 | ) |

----

|                          |   | General       |           | Limited partners |      | Total OMIF  |   |          |        |   | Total         |        |
|-------------------------------|--------|---------------|----------------|------------------|-----------|-------------|--------|---------------|-------------|--------|---------------|-------------|
| Partners’               |   |          | Noncontrolling |             | Partners' |        |
|                          |   | partner       |           | Units            |      | Amount      |   | capital       |        |   | interest      |        | capital |   |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |
| Balances, December 31, 2008   |   | $             | 2,781,730      |             |      | 270,617,699 |   | $             | 270,421,679 |   | $             | 273,203,409 |   | $ |  68,645 |   | $ |  273,272,054 |   |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |
| Net (loss) income             |   |          | (47,578        | )                |      | (4,876,676  | )      |          | (4,876,676  | )      |          | (4,924,254  | ) |   | 1,864 |   |   | (4,922,390 | ) |
| Sale of partnership units     |   |          | —        |             |      | 95,758      |   |          | 95,758      |   |          | 95,758      |   |   | — |   |   | 95,758 |   |
| Partners’ withdrawals   |   |          | —        |             |      | (5,110,006  | )      |          | (5,110,006  | )      |          | (5,110,006  | ) |   | — |   |   | (5,110,006 | ) |
| Partners’ distributions |   |          | (31,129        | )                |      | (1,381,457  | )      |          | (1,381,457  | )      |          | (1,412,586  | ) |   | (10,005 | ) |   | (1,422,591 | ) |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |
| Balances, March 31, 2009      |   | $             | 2,703,023      |             |      | 259,345,318 |   | $             | 259,149,298 |   | $             | 261,852,321 |   | $ |  60,504 |   | $ |  261,912,825 |   |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |
| Balances, December 31, 2009   |   | $             | 2,512,399      |             |      | 241,534,226 |   | $             | 241,338,206 |   | $             | 243,850,605 |   | $ |              34,656 |   | $ |      243,885,261 |   |
| Net income                    |   |          | 5,012          |             |      | 476,188     |   |          | 476,188     |   |          | 481,200     |   |   | 181 |   |   | 481,381 |   |
| Sale of partnership units     |   |          | —        |             |      | —     |   |          | —     |   |          | —     |   |   | — |   |   | — |   |
| Partners’ withdrawals   |   |          | —        |             |      | —     |   |          | —     |   |          | —     |   |   | — |   |   | — |   |
| Partners’ distributions |   |          | (8,227         | )                |      | (575,155    | )      |          | (575,155    | )      |          | (583,382    | ) |   | (4,140 | ) |   | (587,522 | ) |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |
| Balances, March 31, 2010      |   |   $ | 2,509,184      |             |      | 241,435,259 |   |   $ | 241,239,239 |   |   $ | 243,748,423 |   | $ |  30,697 |   | $ |  243,779,120 |   |
|                          |   |          |           |             |      |        |   |          |        |   |          |        |   |   |   |   |   |   |   |

----

|                                                                                     |   | March 31 |       | March 31 |   |
|------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                     |   | 2010     |       | 2009     |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                               |   |     |       |     |   |   |   |
| Net income (loss)                                                                        |   | $        | 481,381    |     | $      | (4,922,390 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |     |       |     |   |   |   |
| Gain on sale of real estate properties                                                   |   |     | (181,944   | )        |   | (56,112 | ) |
| Income from investment in limited liability company                                      |   |     | (33,046    | )        |   | (33,378 | ) |
| Provision for loan losses                                                                |   |     | 337,068    |     |   | 8,176,942 |   |
| Depreciation and amortization                                                            |   |     | 408,059    |     |   | 271,694 |   |
| Changes in operating assets and liabilities:                                             |   |     |       |     |   |   |   |
| Due from general partner                                                                 |   |     | --         |     |   | 44,162 |   |
| Interest and other receivables                                                           |   |     | (642,477   | )        |   | (1,053,863 | ) |
| Other assets                                                                             |   |     | (300,460   | )        |   | 8 |   |
| Accounts payable and accrued liabilities                                                 |   |     | 92,280     |     |   | 239,993 |   |
| Due to general partner                                                                   |   |     | 118,812    |     |   | 487,786 |   |
| Net cash provided by operating activities                                                |   |     | 279,673    |     |   | 3,154,842 |   |
|                                                                                     |   |     |       |     |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                               |   |     |       |     |   |   |   |
| Investment in loans secured by trust deeds                                               |   |     | (114,755   | )        |   | (9,025,860 | ) |
| Principal collected on loans                                                             |   |     | 839,489    |     |   | 3,580,313 |   |
| Investment in real estate properties                                                     |   |     | (120,878   | )        |   | (717,447 | ) |
| Net proceeds from disposition of real estate properties                                  |   |     | 358,887    |     |   | 467,643 |   |
| Investment in certificates of deposit                                                    |   |     | (232,230   | )        |   | -- |   |
| Maturity of certificates of deposit                                                      |   |     | --         |     |   | 757,996 |   |
| Distribution received from investment in limited liability company                       |   |     | --         |     |   | 63,000 |   |
| Net cash used in investing activities                                                    |   |     | 730,513    |     |   | (4,874,355 | ) |
|                                                                                     |   |     |       |     |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                               |   |     |       |     |   |   |   |
| Proceeds from sale of partnership units                                                  |   |     | --         |     |   | 95,758 |   |
| Advances on line of credit payable                                                       |   |     | --         |     |   | 11,859,000 |   |
| Repayments on line of credit payable                                                     |   |     | (823,479   | )        |   | (3,022,000 | ) |
| Distributions to noncontrolling interest                                                 |   |     | (4,140     | )        |   | (10,005 | ) |
| Partners’ cash distributions                                                  |   |     | (528,613   | )        |   | (1,486,823 | ) |
| Partners’ capital withdrawals                                                      |   |     | --         |     |   | (5,110,006 | ) |
| Net cash (used in ) provided by financing activities                                     |   |     | (1,356,232 | )        |   | 2,325,924 |   |
|                                                                                     |   |     |       |     |   |   |   |
| Net (decrease) increase  in cash and cash equivalents                          |   |     | (346,046   | )        |   | 606,411 |   |
|                                                                                     |   |     |       |     |   |   |   |
| Cash and cash equivalents at beginning of period                                         |   |     | 7,530,272  |     |   | 2,800,123 |   |
|                                                                                     |   |     |       |     |   |   |   |
| Cash and cash equivalents at end of period                                               |   | $        | 7,184,226  |     | $      | 3,406,534 |   |
|                                                                                     |   |     |       |     |   |   |   |
| Supplemental Disclosures of Cash Flow Information                                        |   |     |       |     |   |   |   |
| Cash paid during the period for interest                                                 |   | $        | 596,342    |     | $      | 423,092 |   |

----

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

----

----

|                            |   | 2010   |        | 2009   |   |
|---------------------------------|--------|--------|-------------|--------|--------|
| By Property Type:               |   |   |        |   |   |   |   |
| Commercial                      |   | $      | 99,830,820  |   | $      | 100,400,765 |   |
| Condominiums                    |   |   | 59,299,158  |   |   | 59,470,752 |   |
| Apartments                      |   |   | 4,325,000   |   |   | 4,325,000 |   |
| Single family homes (1-4 Units) |   |   | 326,136     |   |   | 327,127 |   |
| Improved and unimproved land    |   |   | 47,277,912  |   |   | 47,260,116 |   |
|                            |   |   |        |   |   |   |   |
|                            |   | $      | 211,059,026 |   | $      | 211,783,760 |   |
| By Deed Order:                  |   |   |        |   |   |   |   |
| First mortgages                 |   | $      | 189,384,505 |   | $      | 189,642,783 |   |
| Second and third mortgages      |   |   | 21,674,521  |   |   | 22,140,977 |   |
|                            |   |   |        |   |   |   |   |
|                            |   | $      | 211,059,026 |   | $      | 211,783,760 |   |

----

|                      |   | Fixed    |        | Variable |   |       |   |
|---------------------------|--------|----------|-------------|----------|--------|------------|--------|
|                      |   | Interest |        | Interest |   |       |   |
|                      |   | Rate     |        | Rate     |   | Total      |   |
| Year ending March 31:     |   |     |        |     |   |       |   |   |   |   |
| 2010 (past maturity)      |   | $        | 163,090,218 |     | $      | 10,964     |   | $ | 163,101,182 |   |
| 2011                      |   |     | 17,724,650  |     |   | —    |   |   | 17,724,650 |   |
| 2012                      |   |     | 15,980,050  |     |   | —    |   |   | 15,980,050 |   |
| 2013                      |   |     | —     |     |   | —    |   |   | — |   |
| 2014                      |   |     | —     |     |   | —    |   |   | — |   |
| 2015                      |   |     | —     |     |   | 9,000,000  |   |   | 9,000,000 |   |
| Thereafter (through 2017) |   |     | 76,136      |     |   | 5,177,008  |   |   | 5,253,144 |   |
|                      |   | $        | 196,871,054 |     | $      | 14,187,972 |   | $ | 211,059,026 |   |

----

|         |   | March 31, 2010 |        | Portfolio  |    | December 31, 2009 |   | Portfolio   |   |
|--------------|--------|----------------|-------------|------------|---------|-------------------|--------|-------------|--------|
|         |   | Balance        |        | Percentage |    | Balance           |   | Percentage  |   |
| Arizona      |   | $              | 16,830,588  |       | 7.97%   |              | $      | 16,804,823  |   | 7.93% |   |
| California   |   |           | 110,892,882 |       | 52.54%  |              |   | 111,462,827 |   | 52.64% |   |
| Colorado     |   |           | 15,828,102  |       | 7.50%   |              |   | 15,810,305  |   | 7.47% |   |
| Florida      |   |           | 26,257,122  |       | 12.44%  |              |   | 26,257,122  |   | 12.40% |   |
| Idaho        |   |           | 2,200,000   |       | 1.04%   |              |   | 2,200,000   |   | 1.04% |   |
| Nevada       |   |           | 7,909,650   |       | 3.75%   |              |   | 7,909,650   |   | 3.73% |   |
| New York     |   |           | 10,500,000  |       | 4.97%   |              |   | 10,500,000  |   | 4.96% |   |
| Oregon       |   |           | 76,136      |       | 0.04%   |              |   | 77,127      |   | 0.04% |   |
| Pennsylvania |   |           | 1,320,057   |       | 0.63%   |              |   | 1,320,057   |   | 0.62% |   |
| Texas        |   |           | 2,635,000   |       | 1.25%   |              |   | 2,635,000   |   | 1.24% |   |
| Utah         |   |           | 3,745,856   |       | 1.77%   |              |   | 3,943,216   |   | 1.86% |   |
| Washington   |   |           | 12,863,633  |       | 6.10%   |              |   | 12,863,633  |   | 6.07% |   |
|         |   | $              | 211,059,026 |       | 100.00% |              | $      | 211,783,760 |   | 100.00% |   |

----

----

|         |   | 2010   |       | 2009    |   |
|--------------|--------|--------|------------|---------|--------|
|         |   | Amount |       | Percent |   | Amount |   | Percent |   |
| Commercial   |   | $      | 8,793,440  |    |   | 36.7 | % | $ | 8,770,254 |   |   | 38.6 | % |
| Condominiums |   |   | 15,183,566 |    |   | 63.3 | % |   | 13,977,684 |   |   | 61.4 | % |
| Total        |   | $      | 23,977,006 |    |   | 100.0 | % | $ | 22,747,938 |   |   | 100.0 | % |

|                         |   | 2010   |       | 2009   |   |
|------------------------------|--------|--------|------------|--------|--------|
| Balance, beginning of period |   | $      | 28,392,938 |   | $      | 13,727,634 |   |
| Provision                    |   |   | 337,068    |   |   | 8,176,942 |   |
| Recovery of bad debts        |   |   | —    |   |   | — |   |
| Charge-off                   |   |   | —    |   |   | (241,521 | ) |
| Balance, end of period       |   | $      | 28,730,006 |   | $      | 21,663,055 |   |

----

|                                                         |   | 2010   |       | 2009   |   |
|--------------------------------------------------------------|--------|--------|------------|--------|--------|
| Manufactured home subdivision development, Ione, California  |   | $      | 549,132    |   | $      | 549,132 |   |
| Commercial building, Roseville, California                   |   |   | 204,803    |   |   | 380,924 |   |
| Two improved residential lots, West Sacramento, California   |   |   | 510,944    |   |   | 510,944 |   |
| Office/retail complex, Hilo, Hawaii                          |   |   | 1,666,121  |   |   | 1,666,121 |   |
| Office condominium complex (16 units), Roseville, California |   |   | 7,777,812  |   |   | 7,745,153 |   |
|                                                         |   | $      | 10,708,812 |   | $      | 10,852,274 |   |

----

|                                                                                                         |   | 2010   |       | 2009   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Light industrial building, Paso Robles, California                                                           |   | $      | 1,572,343  |   | $      | 1,581,898 |   |
| Commercial buildings, Roseville, California                                                                  |   |   | 630,784    |   |   | 636,849 |   |
| Retail complex, Greeley, Colorado (held within 720 University, LLC)                                          |   |   | 12,929,806 |   |   | 13,009,843 |   |
| Undeveloped land, Madera County, California                                                                  |   |   | 1,225,000  |   |   | 1,225,000 |   |
| Manufactured home subdivision development, Lake Charles, Louisiana (held within Dation, LLC)                 |   |   | 2,170,001  |   |   | 2,180,780 |   |
| Undeveloped land, Marysville, California                                                                     |   |   | 594,610    |   |   | 594,610 |   |
| Golf course, Auburn, California (held within DarkHorse Golf Club, LLC)                                       |   |   | 2,528,636  |   |   | 2,519,036 |   |
| 75 improved, residential lots, Auburn, California, (held within Baldwin Ranch Subdivision, LLC)              |   |   | 10,950,684 |   |   | 10,950,684 |   |
| Undeveloped land, San Jose, California                                                                       |   |   | 3,025,992  |   |   | 3,025,992 |   |
| Undeveloped land, Half Moon Bay, California                                                                  |   |   | 2,190,989  |   |   | 2,175,357 |   |
| Storage facility, Stockton, California                                                                       |   |   | 5,214,489  |   |   | 5,238,981 |   |
| Undeveloped, residential land, Coolidge, Arizona                                                             |   |   | 2,099,816  |   |   | 2,099,816 |   |
| Eight townhomes, Santa Barbara, California (held within Anacapa Villas, LLC)                                 |   |   | 10,480,658 |   |   | 10,566,383 |   |
| Marina with 30 boat slips and 11 RV spaces, Oakley, California (held within The Last Resort and Marina, LLC) |   |   | 467,934    |   |   | 470,718 |   |
| Nineteen condominium units, San Diego, California (held within 33rd Street Terrace, LLC)                     |   |   | 1,479,456  |   |   | 1,479,380 |   |
| Golf course, Auburn, California (held withinLone Star Golf, LLC)                                             |   |   | 2,035,039  |   |   | 2,043,718 |   |
| Industrial building, Sunnyvale, California (held within Wolfe Central, LLC)                                  |   |   | 3,391,430  |   |   | 3,414,619 |   |
| 133 condominium units, Phoenix, Arizona (held within 54th Street Condos, LLC)                                |   |   | 5,794,250  |   |   | 5,822,598 |   |
|                                                                                                         |   | $      | 68,781,917 |   | $      | 69,036,262 |   |

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|                           |   | 2010   |       |   | 2009   |   |
|--------------------------------|--------|--------|------------|--------|--------|--------|
| Land                           |   | $      | 35,119,719 |   |   | $      | 35,112,002 |   |
| Buildings                      |   |   | 32,379,103 |   |   |   | 32,358,648 |   |
| Improvements                   |   |   | 5,996,202  |   |   |   | 5,936,153 |   |
| Other                          |   |   | 17,925     |   |   |   | 17,925 |   |
|                           |   |   | 73,512,949 |   |   |   | 73,424,728 |   |
| Less: Accumulated depreciation |   |   | (4,731,032 | )      |   |   | (4,388,466 | ) |
|                           |   | $      | 68,781,917 |   |   | $      | 69,036,262 |   |

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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) |
| 2010                   |                                               |                                                                                                                                                                            |   |   |
| Nonrecurring:          |                                               |                                                                                                                                                                            |   |   |
| Impaired loans         | $  49,978,580                            | —                                                                                                                                                                         | — | $  49,978,580 |
| Real estate properties | $  27,733,449                            | —                                                                                                                                                                         | — |    $  27,733,449 |
|                   |                                               |                                                                                                                                                                            |   |   |
| 2009                   |                                               |                                                                                                                                                                            |   |   |
| Nonrecurring:          |                                               |                                                                                                                                                                            |   |   |
| Impaired loans         | $  39,034,387                            |                             — |                            — |       $  39,034,387 |
| Real estate properties | $       480,000 | —                                                                                                                                                                         | — |       $       480,000 |

|                                                                | ImpairedLoans                                                                      |   | Real Estate Properties                                                                                                           |
|---------------------------------------------------------------------|------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
| Balance, January 1, 2010                                            |     $    38,581,158                             |   |      $  27,733,449                                                                            |
| Total realized and unrealized gains and losses:                     |                                                                               |   |                                                                                                                             |
| Included in net income                                              |           (1,229,068)                 |   |                    —             |
| Transfers in and/or out of Level 3                                  |          12,626,490                   |   |                    —        |
| Balance, March 31, 2010                                             |      $  49,978,580                              |   |     $  27,733,449                                                                                  |
|                                                                |                                                                               |   |                                                                                                                             |
| Balance, January 1, 2009                                            | $  23,978,649                                                            |   | $             —                                                |
| Total realized and unrealized gains and losses:Included in net loss |      (7,856,942)                                               |   |                 —                               |
| Foreclosures                                                        |              (480,000) |   |             480,000                                                  |
| 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 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 $574,000 and $498,000 for the three months ended March 31, 2010 and 2009, 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. Servicing fees amounted to approximately $132,000 and $161,000 for the three months ended March 31, 2010 and 2009, 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 $32,000 and $983,000 on loans originated or extended of approximately $800,000 and $22,835,000 for the three months ended March 31, 2010 and 2009, respectively. Approximately $633,000 of the fees during the quarter ended March 31, 2009 were back-end fees earned by the General Partner as of March 31, 2009 that will not be collected until the related loans are paid in full. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 $128,000 and $13,000 for the three months ended March 31, 2010 and 2009, 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 $4,000 and $5,000 for the three months ended March 31, 2010 and 2009, 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 $16,000 and $22,000 during the three months ended March 31, 2010 and 2009, 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, 2010, 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, 2010 and 2009, respectively. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | the amount of borrowing to finance mortgage loan investments, and the Partnership’s cost of funds on such borrowing; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 mortgage loans; |
|--------------------|-----------------------------------------------|

| ·   | 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, |        |
|-----------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                          |   | 2010                         |        | 2009 |   |
|                                                                                          |   |                         |        |   |   |   |   |
| Total revenues                                                                                |   | $                            | 4,242,635   |   | $ | 5,965,759 |   |
| Total expenses                                                                                |   |                         | 3,761,254   |   |   | 10,888,149 |   |
|                                                                                          |   |                         |        |   |   |   |   |
| Net income (loss)                                                                             |   | $                            | 481,381     |   | $ | (4,922,390 | ) |
|                                                                                          |   |                         |        |   |   |   |   |
| Less: Net income attributable to noncontrolling interest                                      |   |                         | (181        | ) |   | (1,864 | ) |
|                                                                                          |   |                         |        |   |   |   |   |
| Net income (loss) attributable to Owens Mortgage Investment Fund                              |   | $                            | 481,200     |   | $ | (4,924,254 | ) |
|                                                                                          |   |                         |        |   |   |   |   |
| Net income (loss) allocated to limited partners                                               |   | $                            | 476,188     |   | $ | (4,876,676 | ) |
|                                                                                          |   |                         |        |   |   |   |   |
| Net income (loss) allocated to limited partners per weighted average limited partnership unit |   | $                            | .002        |   | $ | (.019 | ) |
|                                                                                          |   |                         |        |   |   |   |   |
| Annualized rate of return to limited partners (1)                                             |   |                         | 0.8%        |   |   | (7.4)% |   |
|                                                                                          |   |                         |        |   |   |   |   |
| Distribution per partnership unit (yield) (2)                                                 |   |                         | 1.1%        |   |   | 4.2% |   |
|                                                                                          |   |                         |        |   |   |   |   |
| Weighted average limited partnership units                                                    |   |                         | 241,576,000 |   |   | 264,185,000 |   |

|   | (1) | The annualized rate of return to limited partners is calculated based upon the net income (loss) allocated to limited partners per weighted average limited partnership unit as of March 31, 2010 and 2009 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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|                            |   | 2010   |        | 2009   |   |
|---------------------------------|--------|--------|-------------|--------|--------|
| By Property Type:               |   |   |        |   |   |   |   |
| Commercial                      |   | $      | 99,830,820  |   | $      | 100,400,765 |   |
| Condominiums                    |   |   | 59,299,158  |   |   | 59,470,752 |   |
| Apartments                      |   |   | 4,325,000   |   |   | 4,325,000 |   |
| Single family homes (1-4 Units) |   |   | 326,136     |   |   | 327,127 |   |
| Improved and unimproved land    |   |   | 47,277,912  |   |   | 47,260,116 |   |
|                            |   |   |        |   |   |   |   |
|                            |   | $      | 211,059,026 |   | $      | 211,783,760 |   |
| By Deed Order:                  |   |   |        |   |   |   |   |
| First mortgages                 |   | $      | 189,384,505 |   | $      | 189,642,783 |   |
| Second and third mortgages      |   |   | 21,674,521  |   |   | 22,140,977 |   |
|                            |   |   |        |   |   |   |   |
|                            |   | $      | 211,059,026 |   | $      | 211,783,760 |   |

|                         |   | 2010   |       | 2009   |   |
|------------------------------|--------|--------|------------|--------|--------|
| Balance, beginning of period |   | $      | 28,392,938 |   | $      | 13,727,634 |   |
| Provision                    |   |   | 337,068    |   |   | 8,176,942 |   |
| Recovery of bad debts        |   |   | —    |   |   | — |   |
| Charge-off                   |   |   | —    |   |   | (241,521 | ) |
| Balance, end of period       |   | $      | 28,730,006 |   | $      | 21,663,055 |   |

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

| · | the Partnership’s historical loss experience; |
|--------|-----------------------------------------------------|

| · | 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; |
|--------|--------------------------------|

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| · | 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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| ·   | The withdrawing limited partner is required to provide written notice of withdrawal to the General Partner, and the distribution to the withdrawing limited partner will not be made until 61 to 91 days deliver of such notice of withdrawal. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | No withdrawal of capital with respect to Units is permitted until the expiration of one year from the date of purchase of such Units, other than Units received under the Partnership’s Reinvested Distribution Plan. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| ·   | No more than 10% of the aggregate capital accounts of limited partners can be paid to limited partners through any combination of distributions of net proceeds and withdrawals during any calendar year, except upon a plan of dissolution of the Partnership. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  31.1            |      Section 302 Certification of William C. Owens     |
|-----------------------|----------------------------------------------------------------------------|
|  31.2            |      Section 302 Certification of Bryan H. Draper      |
|  32    |      Certifications Pursuant to 18 U.S.C. Section 1350 |

| Dated:           May 17, 2010 |   | OWENS MORTGAGE INVESTMENT FUND,a California Limited Partnership |
|--------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|
|                                                                                 |   |                                                            |
|                                                                                 |   | By:                                                             | OWENS FINANCIAL GROUP, INC., GENERAL PARTNER |
|                                                                                 |   |                                                            |   |
| Dated:           May 17, 2010 |   | By:                                                        |  /s/ William C. Owens |
|                                                                                 |   |                                                            | William C. Owens, President |
|                                                                                 |   |                                                            |   |
| Dated:           May 17, 2010 |   | By:                                                        |  /s/ Bryan H. Draper |
|                                                                                 |   |                                                            | Bryan H. Draper, Chief Financial Officer |
|                                                                                 |   |                                                            |   |
| Dated:           May 17, 2010 |   | By:                                                        |  /s/ Melina A. Platt |
|                                                                                 |   |                                                            | Melina A. Platt, Controller |

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