SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM l0-Q

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

                        For Quarter Ended March 31, 2002

                         Commission file number O-17248


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


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


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


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


        Indicate by check mark whether the  registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes   X     No_________


<PAGE>




PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND,
                        a California Limited Partnership

                           Consolidated Balance Sheets

                      March 31, 2002 and December 31, 2001


                                                                            (UNAUDITED)
                                                                             March 31             December 31
                                                                               2002                  2001

                                     ASSETS

<S>                                                                     <C>                    <C>
Cash and cash equivalents                                               $    34,082,658        $    41,431,108
Loans secured by trust deeds, net of allowance for
  losses of $3,610,000 in 2002 and $4,425,000 in 2001                       216,302,051            209,278,469
Interest and other receivables                                                2,374,989              2,253,322
Due from affiliate                                                              192,647                128,215
Real estate held for sale, net of allowance for losses
  of $634,000 in 2002 and 2001                                               17,108,201             14,134,961
Real estate held for investment, net of accumulated depreciation
  and amortization of $406,102 in 2002 and $339,088 in 2001                  14,332,643             14,064,664
                                                                            -----------            -----------
                                                                           $284,393,189           $281,290,739
                                                                            ===========            ===========


                        LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
Accrued distributions payable                                           $       631,095         $      625,645
Due to general partner                                                          689,762              1,272,042
Accounts payable and accrued liabilities                                         80,164                 78,829
Note payable                                                                  7,172,200              6,919,829
                                                                              ---------              ---------
     Total Liabilities                                                        8,573,221              8,896,345

Minority interest                                                                94,124                107,680

PARTNERS' CAPITAL (units subject to redemption):
General partner                                                               2,706,018              2,677,867
Limited partners                                                            273,019,826            269,608,847
                                                                            -----------            -----------
     Total partners' capital                                                275,725,844            272,286,714
                                                                            -----------            -----------
                                                                           $284,393,189           $281,290,739
                                                                            ===========            ===========
</TABLE>

The accompanying notes are an integral part of these financial statements

<PAGE>


<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND,
                        a California Limited Partnership

                        Consolidated Statements of Income

         For the Three Months Ended March 31, 2002 and 2001 (Unaudited)

                                                                                      For the Three Months Ended
                                                                                    March 31              March 31
                                                                                      2002                  2001
REVENUES:
     <S>                                                                          <C>                   <C>
     Interest income on loans secured by trust deeds                              $   6,293,549         $   6,057,192
     Gain on sale of real estate, net                                                   733,698               975,350
     Rental and other income from real estate properties                                784,109               621,749
     Other income                                                                       136,379               114,390
                                                                                      ---------             ---------
       Total revenues                                                                 7,947,735             7,768,681

EXPENSES:
     Management fees to general partner                                                 762,403               473,632
     Servicing fees to general partner                                                  139,982               142,917
     Carried interest to general partner                                                 12,563                25,921
     Administrative                                                                       9,900                 7,875
     Legal and accounting                                                                82,636                14,630
     Rental and other expenses on real estate properties                                621,229               423,569
     Interest expense                                                                    94,294               127,868
     Minority interest                                                                  (13,556)                 (423)
     Provision for loan losses                                                          420,000                    --
     Other                                                                               25,644                80,174
                                                                                      ---------             ---------
       Total expenses                                                                 2,155,095             1,296,163
                                                                                      ---------             ---------
       Net income                                                                 $   5,792,640         $   6,472,518
                                                                                      =========             =========
       Net income allocated to general partner                                    $      57,306         $      63,558
                                                                                      =========             =========
Net income allocated to limited partners                                          $   5,735,334         $   6,408,960
                                                                                      =========             =========
Net income allocated to limited partners
    per weighted average limited partnership unit
    (272,241,000 and 240,931,000 average units)                                            $.02                  $.03
                                                                                           ====                  ====
</TABLE>

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




<PAGE>

<TABLE>
<CAPTION>

                         OWENS MORTGAGE INVESTMENT FUND,
                        a California Limited Partnership

                      Consolidated Statements of Cash Flows

               For the Three Months Ended March 31, 2002 and 2001
                                   (UNAUDITED)
                                                                              March 31                March 31
                                                                                2002                    2001
CASH FLOWS FROM OPERATING ACTIVITIES:
     <S>                                                                   <C>                    <C>
     Net Income                                                            $   5,792,640          $    6,472,518
     Adjustments to reconcile net income
     to net cash provided by operating activities:
     Gain on sale of real estate properties                                     (733,698)               (975,350)
     Provision for loan losses                                                   420,000                      --
     Depreciation and amortization                                                67,013                  55,889
     Changes in operating assets and liabilities:
       Interest and other receivables                                           (121,667)                 62,440
       Due from affiliate                                                        (64,432)                     --
       Accounts payable and accrued liabilities                                    1,335                 (19,435)
       Due to general partner                                                   (582,280)                (43,174)
                                                                               ---------               ---------
          Net cash provided by operating activities                            4,778,911               5,552,888
                                                                               ---------               ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of loans secured by trust deeds                               (31,977,325)            (47,296,370)
     Principal collected on loans                                                312,438                 282,503
     Loan payoffs                                                             22,531,305              44,863,317
     Investment in real estate properties                                     (2,039,333)                (62,771)
     Net proceeds from disposition of real estate properties                   1,154,799               3,075,676
     Minority interest in limited liability company                              (13,556)                   (423)
     Proceeds from maturities of certificates of deposit                              --                  50,000
                                                                              ----------              ----------
         Net cash (used in) provided by investing activities                 (10,031,672)                911,932
                                                                              ----------              ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from sale of partnership units                                   1,865,241               5,693,968
     Accrued distributions payable                                                 5,450                 (15,760)
     Advances on note payable                                                    252,371                      --
     Partners' cash distributions                                             (1,899,767)             (1,903,087)
     Partners' capital withdrawals                                            (2,318,984)             (3,512,300)
                                                                               ---------               ---------
         Net cash (used in) provided by financing activities                  (2,095,689)                262,821
                                                                               ---------               ---------

Net (decrease) increase in cash and cash equivalents                          (7,348,450)              6,727,641

Cash and cash equivalents at beginning of period                              41,431,108               6,234,479
                                                                              ----------              ----------
Cash and cash equivalents at end of period                              $     34,082,658        $     12,962,120
                                                                              ==========              ==========

Supplemental Disclosures of Cash Flow Information
     Cash paid during the period for interest                                     92,982                 134,853
                                                                              ==========              ==========
</TABLE>

See notes 2 and 3 for supplemental disclosure of non-cash investing activities.
The accompanying notes are an integral part of these financial statements.
<PAGE>

                         OWENS MORTGAGE INVESTMENT FUND,
                        a California Limited Partnership

                   Notes to Consolidated Financial Statements

                                 March 31, 2002


    (1)  Summary of Significant Accounting Policies

         In the opinion of the management of the Partnership, the accompanying
         unaudited financial statements contain all adjustments, consisting of
         normal, recurring adjustments, necessary to present fairly the
         financial information included therein. These financial statements
         should be read in conjunction with the audited financial statements
         included in the Partnership's Form 10-K for the fiscal year ended
         December 31, 2001 filed with the Securities and Exchange Commission.
         The results of operations for the three month period ended March 31,
         2002 are not necessarily indicative of the operating results to be
         expected for the full year.

         Basis of Presentation

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

    (2)  Loans Secured by Trust Deeds and Allowance for Loan Losses

         The Partnership's investment in loans delinquent greater than ninety
         days was $20,004,000 and $18,604,000 as of March 31, 2002 and December
         31, 2001, respectively. The Partnership's investment in delinquent
         loans consisted of 11 and 9 loans as of March 31, 2002 and December 31,
         2001, respectively. As of March 31, 2002, $4,242,000 of the delinquent
         loans has a specific related allowance for credit losses totaling
         $810,000. There is a non-specific allowance for credit losses of
         $2,800,000 for the remaining delinquent balance and for other current
         loans. The Partnership has discontinued the accrual of interest on all
         loans that are delinquent greater than ninety days.

         As of March 31, 2002 and December 31, 2001, loans past maturity totaled
         approximately $39,579,000 and $40,927,000, respectively. Of the past
         maturity loans at March 31, 2002, $7,920,000 represent loans for which
         interest payments are delinquent more than ninety days.

         During the three months ended March 31, 2002 and 2001, the Partnership
         refinanced loans totaling $4,574,000 and $1,900,000, respectively.

         Changes in the  allowance  for loan losses for the three  months  ended
         March 31, 2002 and 2001 were as follows:
<TABLE>
<CAPTION>

                                                                 2002                2001
                                                               -------             --------
              <S>                                             <C>                 <C>
              Balance, beginning of period                    $ 4,425,000         $ 4,000,000
                  Provision                                       420,000                  --
                  Charge-off to real estate held for sale      (1,235,000)                 --
                                                               ----------           ---------
              Balance, end of period                          $ 3,610,000         $ 4,000,000
                                                               ==========           =========

</TABLE>
<PAGE>





    (2)  Loans Secured by Trust Deeds and Allowance for Loan Losses, Continued

         The General Partner believes that the allowance for estimated loan
         losses is appropriate as of March 31, 2002. The allowance for loan
         losses is evaluated on a regular basis by management and is based upon
         management's periodic review of the collectibility of the loans in
         light of historical experience, the nature and volume of the loan
         portfolio, adverse situations that may affect the borrower's ability to
         repay, estimated value of any underlying collateral and prevailing
         economic conditions. This evaluation is inherently subjective as it
         requires estimates that are susceptible to significant revision as more
         information becomes available. Impairment is measured on a loan by loan
         basis by either the present value of expected future cash flows
         discounted at the loan's effective interest rate, the loan's obtainable
         market price, or the fair value of the underlying collateral.

(3)   Real Estate Held for Sale and Investment

         During the quarter ended March 31,2002, the Partnership foreclosed on a
         first mortgage loan secured by a hotel located in Phoenix, Arizona in
         the amount of $2,925,000 and obtained the property via the trustee's
         sale. The Partnership paid $334,532 in delinquent property taxes at the
         time of foreclosure which were capitalized to the basis of the
         property. The Partnership then wrote down the basis of the property by
         $1,235,000 to its estimated fair market value of approximately
         $2,025,000 as of March 31, 2002.

         During the quarter ended March 31, 2002, a commercial parcel located in
         Vallejo, California that was acquired by the Partnership through
         foreclosure in 1994 was sold for $1,095,000, resulting in a gain to the
         Partnership of approximately $734,000.

         Investment in Limited Partnership

         During the year ended December 31, 2001, the Partnership entered into a
         limited partnership, University Hills, L.P. (University Hills) with two
         unrelated developers for the purpose of developing, leasing and selling
         an apartment complex on 5.3 acres of undeveloped land located in Reno,
         Nevada (which was acquired through foreclosure by the Partnership in
         1996). As of December 31, 2001, the land had not been contributed into
         University Hills by the Partnership. During the quarter ended March 31,
         2002, University Hills was dissolved. The Partnership intends to
         develop the property on its own. During the quarter ended March 31,
         2002, approximately $41,000 of costs previously advanced to University
         Hills were written off by the Partnership. The Partnership's total net
         basis in the property is $357,000 as of March 31, 2002.


<PAGE>



(3)   Real Estate Held for Sale and Investment, Continued

         Investment in Limited Liability Companies

         Oregon Leisure Homes, LLC

         During 2001, a new entity named Oregon Leisure Homes, LLC (OLH) was
         formed between the Partnership and an unrelated developer for the
         purpose of developing and selling eight condominium units located in
         Lincoln City, Oregon, which were acquired by the Partnership via a deed
         in lieu of foreclosure. The Partnership is co-manager of OLH and is to
         receive 70% of the profits. The assets, liabilities, income and
         expenses of OLH have been consolidated into the accompanying
         consolidated balance sheet and income statement of the Partnership.
         During the quarter ended March 31, 2002, the Partnership advanced an
         additional $108,000 to OLH for continued development and marketing of
         the condominium units that are currently for sale. The net loss to the
         Partnership was approximately $37,000 for the quarter ended March 31,
         2002.

         Dation, LLC

         During 2001, a new entity named Dation, LLC (Dation) was formed between
         the Partnership and an unrelated developer for the purpose of
         developing and selling lots in a mobile home park located in Lake
         Charles, Louisiana, which were acquired by the Partnership via a deed
         in lieu of foreclosure. The Partnership is advancing funds to Dation as
         needed under the terms of the loan to the original borrower and may
         provide additional financing. The Partnership is co-manager of Dation
         and is to receive 50% of the profits and losses. The net loss to the
         Partnership was approximately $33,000 during the quarter ended March
         31, 2002. The Partnership also recognized $64,000 in interest income
         from its loan to Dation. The Partnership's total investment in Dation
         was approximately $2,036,000 as of March 31, 2002.

         720 University, LLC

         The Partnership has an investment in a limited liabilty company, 720
         University, LLC (720 University), which owns a commercial retail
         property located in Greeley, Colorado. The Partnership receives 65% of
         the profits and losses in 720 University after priority return on
         partner contributions is allocated at the rate of 10% per annum. The
         assets, liabilities, income and expenses of 720 University have been
         consolidated into the accompanying consolidated balance sheet and
         income statement of the Partnership. The net loss to the Partnership
         was approximately $23,000 during the quarter ended March 31, 2002. The
         minority interest of the joint venture partner of approximately $94,000
         as of March 31, 2002 is reported in the accompanying consolidated
         balance sheet.

         Investment in Real Estate Joint Venture

         The Partnership has a construction loan made on a housing development
         located in Hayward, California. The loan is reported in the financial
         statements as an investment in real estate held for sale to account for
         the investment pursuant to accounting guidelines for acquisition,
         development and construction arrangements. The Partnership is to
         receive interest on its advances to the joint venture at the rate of
         10.25% per annum and is to receive 30% of the net profits within the
         joint venture once all units have been sold. The Partnership advanced
         an additional $1,829,000 to the joint venture and received repayment of
         advances in the amount of $656,000 during the quarter ended March 31,
         2002. The Partnership's investment in the joint venture was
         approximately $7,684,000 as of March 31, 2002.
<PAGE>



    (4)  Transactions with Affiliates

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

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

         OFG, at its sole discretion may, on a monthly basis, adjust the
         management and servicing fees as long as they do not exceed the
         allowable limits calculated on an annual basis. Even though the fees
         for a particular month may exceed one-twelfth of the maximum limits, at
         the end of the calendar year the sum of the fees collected for each of
         the twelve months may not exceed the stated limits. Management fees
         amounted to approximately $762,000 and $474,000 for the three months
         ended March 31, 2002 and 2001, respectively. Service fee payments to
         OFG approximated $140,000 and $143,000 for the three months ended March
         31, 2002 and 2001, respectively.

         The maximum servicing fees were paid to the General Partner during the
         three months ended March 31, 2002. If the maximum management fees had
         been paid to the General Partner during the three months ended March
         31, 2002, the management fees would have been $1,540,000 (increase of
         $778,000), which would have reduced net income allocated to limited
         partners by approximately 13.4% and net income allocated to limited
         partners per weighted average limited partner unit by the same
         percentage to $.018. In determining the management fees and hence the
         yield to the partners, OFG may consider a number of factors, including
         current market yields, delinquency experience, uninvested cash and real
         estate activities. OFG expects that the management fees that it
         receives from the Partnership will vary in amount and percentage from
         period to period, and it is highly likely that OFG will again receive
         less than the maximum management fees in the future. However, if OFG
         chooses to take the maximum allowable management fees in the future,
         the yield paid to limited partners may be reduced.

 (5)     Note Payable

         The Partnership has a note payable with a bank through its investment
         in 720 University, which is secured by a retail development in Greeley,
         Colorado. The note requires monthly interest payments with the balance
         of unpaid principal and interest due on May 22, 2003. The interest rate
         on the note is variable based on the LIBOR rate plus 2.75% (5.4% at
         March 31, 2002). Interest expense for the quarter ended March 31, 2002
         and 2001 was approximately $94,000 and $128,000, respectively. The
         principal balance on the note as of March 31, 2002 and December 31,
         2001 was approximately $7,172,000 and $6,920,000, respectively. The
         Company drew an additional $252,000 on the note during the quarter
         ended March 31, 2002. The note contains certain covenants, which the
         Company has complied with as of March 31, 2002.



<PAGE>


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

Forward Looking Statements

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

Results of Operations

Three Months Ended March 31, 2002 Compared to 2001

The net income decrease of $680,000 (10.5%) for 2002 compared to 2001, was due
to:

o     a decrease in gain on sale of real estate of $241,000;

o     a net increase in the provision for loan losses of $420,000;

o     an increase in management fees to the general partner of $289,000;

o     an increase in rental and other  expenses  on real  estate  properties  of
      $198,000; and

o     an increase in legal and accounting expenses of $68,000.

The net income decrease in 2002 as compared to 2001, was offset by:

o     an  increase  in  interest  income  on loans  secured  by  trust  deeds of
      $236,000;

o     an  increase  in rental  and other  income on real  estate  properties  of
      $162,000; and

o     a decrease in interest expense of $34,000.

         Gain on sale of real estate decreased by $241,000 (24.8%) for the
quarter ended March 31, 2002, as compared to the same period in 2001 due to the
sale of three properties during the quarter ended March 31, 2001, which resulted
in a net gain of $975,000. Only one property was sold during the quarter ended
March 31, 2002, which resulted in a gain of $734,000.

         The net increase in the provision for loan losses of $420,000 (100%)
was made as a result of increased delinquencies in the loan portfolio. See
"Financial Condition - Loan Portfolio" below.

         Management fees to the General Partner are paid pursuant to the
Partnership Agreement and are determined at the sole discretion of the General
Partner. The increase in management fees of $289,000 (61.0%) during the quarter
ended March 31, 2002 as compared to 2001 was primarily a result of an increase
in interest income collected on delinquent loans during the quarter.

         In determining the management fees and hence the yield to the partners,
the General Partner may consider a number of factors, including current market
yields, delinquency experience, uninvested cash and real estate activities. The
General Partner expects that the management fees that it receives from the
Partnership will vary in amount and percentage from period to period, and it is
highly likely that the General Partner will again receive less than the maximum
management fees in the future. However, if the General Partner chooses to take
the maximum allowable management fees in the future, the yield paid to limited
partners may be reduced.

         If the maximum management fees had been paid to the General Partner
during the quarter ended March 31, 2002, the management fees would have been
$1,540,000 (increase of $778,000), which would have reduced net income allocated
to limited partners by approximately 13.4%, and net income allocated to limited
partners per weighted average limited partner unit by the same percentage to
$.018.

         The increase in rental and other expenses on real estate properties of
$198,000 (46.7%) and the increase in rental and other income on real estate
properties of $162,000 (26.1%) was primarily the result of the foreclosure and
subsequent operation of a hotel located in Phoenix, Arizona, the acquisition of
a commercial building located in Roseville, California through foreclosure in
the last half of 2001, and the loss incurred from the Partnership's investment
in Oregon Leisure Homes, LLC during the quarter ended March 31, 2002. See
further discussion under "Real Estate Properties Held for Sale and Investment"
below.

         The increase in legal and accounting expenses of $68,000 (464.8%) was
due to professional fees incurred in the first quarter of 2002 as a result of a
new S-11 filing with the Securities and Exchange Commission in January 2002 and
the S-11 Post-Effective Amendment filing in April 2002.

         Interest income on loans secured by trust deeds increased $236,000
(3.9%) for the quarter ended March 31, 2002, as compared to the same period in
2001. This increase was a result of an increase in the weighted average yield of
the loan portfolio from 11.6% for the quarter ended March 31, 2001 to 11.9% for
the quarter ended March 31, 2002. The increased income resulting from the growth
in the weighted average yield was offset by a decrease in the total loan
portfolio of 2.1% during the period and an increase in loans greater than 90
days delinquent in payments as of March 31, 2002 as compared to March 31, 2001.
See "Financial Condition - Loan Portfolio" below.

         The decrease in interest expense of $34,000 (26.3%) for the quarter
ended March 31, 2002 as compared to 2001 was the result of a lower interest rate
on the note payable within the Greeley, Colorado limited liability company (720
University), even though the average balance on the note had increased since
March 2001. The interest rate on the note is variable based on the LIBOR rate
plus 2.75% (5.4% as of March 31, 2002). General market interest rates decreased
significantly during 2001.

Financial Condition

March 31, 2002 and December 31, 2001

Loan Portfolio

         The number of Partnership mortgage investments decreased from 97 to 96,
and the average loan balance increased from $2,203,000 to $2,291,000 between
December 31, 2001 and March 31, 2002. The average loan balance in the
Partnership's portfolio has been steadily increasing for several years. This is
due to the fact that there are more lenders competing for short-term bridge
financing at loan levels of $1,000,000 and less, and many of these lenders have
the financial capabilities of funding these loans at more competitive rates.
However, the current opportunities for maximizing the return to the Partnership
are greater for larger loan amounts.

         Approximately $20,004,000 (9.1%) and $18,604,000 (8.7%) of the loans
invested in by the Partnership were more than 90 days delinquent in payment as
of March 31, 2002 and December 31, 2001, respectively. Of these amounts,
approximately $3,827,000 (1.7%) and $5,327,000 (2.5%), respectively, were in the
process of foreclosure, and approximately $10,682,000 (4.9%) and $6,182,000
(2.9%), respectively, involved loans to borrowers who were in bankruptcy.

         Loans in the process of foreclosure as of December 31, 2001 consisted
of three loans, of which one was foreclosed on by the Partnership in January
2002 (see "Real Estate Properties Held for Sale and Investment" below), one is
no longer in foreclosure because the Partnership signed a modification agreement
with the borrower during the quarter, and one is still delinquent and in
foreclosure. In addition, another delinquent loan entered into foreclosure
during the quarter ended March 31, 2002.

         Loans to borrowers who were in bankruptcy increased by $4,500,000
(72.8%) due to two delinquent loans, the borrowers of which entered into
bankruptcy proceedings during the quarter ended March 31, 2002.

         As of March 31, 2002 and December 31, 2001, the Partnership held the
following types of mortgages:
<TABLE>
<CAPTION>

                                                  March 31,               December 31,
                                                    2002                      2001
                                                 ------------            -------------
         <S>                                    <C>                     <C>
         1st Mortgages                          $  212,632,673          $  205,139,594
         2nd Mortgages                               7,279,378               8,563,875
                                                 -------------           -------------
         Total                                  $  219,912,051          $  213,703,469
                                                 =============           =============

         Income Producing Properties            $  181,109,113          $  180,506,295
         Construction                               21,684,032              14,773,984
         Unimproved Land                            15,359,561              15,360,822
         Residential                                 1,759,345               3,062,368
                                                 -------------           -------------
            Total                               $  219,912,051          $  213,703,469
                                                 =============           =============
</TABLE>


         As of March 31, 2002 and December 31, 2001, approximately 50% and 54%
of the Partnership's mortgage loans are secured by real property located in
Northern California.

         The Partnership's investment in residential loans decreased by
$1,303,000 (42.5%) since December 31, 2001 due to partial repayments received on
one residential loan during the quarter ended March 31, 2002. All of the
residential loans are first trust deeds.

 The Partnership's investment in construction loans increased by $6,910,000
(46.8%) since December 31, 2001. This increase was primarily due to additional
construction advances made on existing loans during the quarter ended March 31,
2002.

         Changes in the allowance for loan losses for the quarter ended March
31, 2002 and 2001 were as follows:
<TABLE>
<CAPTION>

                                                                 2002                 2001
                                                               ---------            ---------
              <S>                                             <C>                  <C>
              Balance, beginning of period                    $ 4,425,000          $ 4,000,000
                  Provision                                       420,000                   --
                  Charge-off to real estate held for sale      (1,235,000)                  --
                                                               ----------            ---------
              Balance, end of period                          $ 3,610,000          $ 4,000,000
                                                               ==========            =========
</TABLE>

Real Estate Properties Held for Sale and Investment

           The Partnership currently holds title to thirteen properties that
were foreclosed on or purchased by the Partnership since 1994 in the amount of
$31,441,000 (including properties held in three limited liability companies and
one real estate joint venture), net of allowance for losses of $634,000. As of
March 31, 2002, properties held for sale total $17,108,000 and properties held
for investment total $14,333,000. When the Partnership acquires property by
foreclosure, it typically earns less income on those properties than could be
earned on mortgage loans and may not be able to sell the properties in a timely
manner.

         During the quarter ended March 31,2002, the Partnership foreclosed on a
first mortgage loan secured by a hotel located in Phoenix, Arizona in the amount
of $2,925,000 and obtained the property via the trustee's sale. The Partnership
paid $334,532 in delinquent property taxes at the time of foreclosure which were
capitalized to the basis of the property. The Partnership then wrote down the
basis of the property by $1,235,000 to its estimated fair market value of
$2,025,000 as of March 31, 2002.

         During the quarter ended March 31, 2002, a commercial parcel located in
Vallejo, California that was acquired by the Partnership through foreclosure in
1994 was sold for $1,095,000, resulting in a gain to the Partnership of
approximately $734,000.

         During the year ended December 31, 2001, the Partnership entered into a
limited partnership, University Hills, L.P. (University Hills) with two
unrelated developers for the purpose of developing, leasing and selling an
apartment complex on 5.3 acres of undeveloped land located in Reno, Nevada
(which was acquired through foreclosure by the Partnership in 1996). As of
December 31, 2001, the land had not been contributed into University Hills by
the Partnership. During the quarter ended March 31, 2002, University Hills was
dissolved. The Partnership intends to develop the property on its own. During
the quarter ended March 31, 2002, approximately $41,000 of costs previously
advanced to University Hills were written off by the Partnership. The
Partnership's total net basis in the property is $357,000 as of March 31, 2002.

         During 2001, a new entity named Oregon Leisure Homes, LLC (OLH) was
formed between the Partnership and an unrelated developer for the purpose of
developing and selling eight condominium units located in Lincoln City, Oregon,
which were acquired by the Partnership via a deed in lieu of foreclosure. The
Partnership is co-manager of OLH and is to receive 70% of the profits. The
assets, liabilities, income and expenses of OLH have been consolidated into the
balance sheet and income statement of the Partnership. During the quarter ended
March 31, 2002, the Partnership advanced an additional $108,000 to OLH for
continued development and marketing of the condominium units that are currently
for sale. The net loss to the Partnership was approximately $37,000 for the
quarter ended March 31, 2002.

         During 2001, a new entity named Dation, LLC (Dation) was formed between
the Partnership and an unrelated developer for the purpose of developing and
selling lots in a mobile home park located in Lake Charles, Louisiana, which
were acquired by the Partnership via a deed in lieu of foreclosure. The
Partnership is advancing funds to Dation as needed under the terms of the loan
to the original borrower and may provide additional financing. The Partnership
is co-manager of Dation and is to receive 50% of the profits and losses. The net
loss to the Partnership was approximately $33,000 during the quarter ended March
31, 2002. The Partnership also recognized $64,000 in interest income from its
loan to Dation. The Partnership's total investment in Dation was approximately
$2,036,000 as of March 31, 2002.

         Four of the Partnership's thirteen properties do not currently generate
revenue. Expenses from rental properties have increased from approximately
$424,000 to $621,000 (46.7%) for the quarter ended March 31, 2001 and 2002,
respectively, and revenues associated with these properties have increased from
$622,000 to $784,000 (26.1%), respectively, thus generating a net income from
real estate of $163,000 and $198,000 during the quarters ended March 31, 2002
and 2001, respectively. The increases in income and expenses are primarily a
result of the foreclosure and subsequent operation of the hotel located in
Phoenix, Arizona (discussed above), the acquisition of a commercial building
through foreclosure in the last half of 2001, and the loss incurred from the
Partnership's investment in OLH during the quarter ended March 31, 2002.

Cash and Cash Equivalents

           Cash and cash equivalents and commercial paper decreased from
approximately $41,431,000 as of December 31, 2001 to $34,083,000 as of March 31,
2002 ($7,348,000 or 17.7%) due primarily to a greater amount of loans funded or
purchased than repayments on loans received during the quarter ended March 31,
2002.

Interest and Other Receivables

         Interest and other receivables increased from approximately $2,253,000
as of December 31, 2001 to $2,375,000 as of March 31, 2002 ($122,000 or 5.4%)
due primarily to the increase in the average loan portfolio, offset by the
increase in loans greater than 90 days delinquent in payments (see "Financial
Condition - Loan Portfolio" above). Interest income is not being accrued on
these delinquent loans as of March 31, 2002.

Due to General Partner

         Due to General Partner decreased from approximately $1,272,000 as of
December 31, 2001 to $690,000 as of March 31, 2002 ($582,000 or 45.8%) due to
decreased management fees owed to the General Partner as of March 31, 2002
pursuant to the Partnership Agreement (see "Results of Operations" above).

Note Payable

         Note payable increased from approximately $6,920,000 as of December 31,
2001 to $7,172,000 ($252,000 or 3.6%) as of March 31, 2002 due to additional
advances made on the note payable securing the Greeley, Colorado retail to
complete improvements to the property. There is an additional $221,000 to be
advanced from the note for construction and tenant improvements.

                                  Asset Quality

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

         The conclusion that a Partnership loan may become uncollectible, in
whole or in part, is a matter of judgment. Although lenders such as banks and
savings and loans are subject to regulations that require them to perform
ongoing analyses of their loan portfolios (including analyses of loan to value
ratios, reserves, etc.), and to obtain current information regarding its
borrowers and the securing properties, the Partnership is not subject to these
regulations and has not adopted these practices. Rather, management of the
General Partner, in connection with the quarterly closing of the accounting
records of the Partnership and the preparation of the financial statements,
evaluates the Partnership's mortgage loan portfolio. The allowance for loan
losses is established through a provision for loan losses based on the General
Partner's evaluation of the risk inherent in the Partnership's loan portfolio
and current economic conditions. Such evaluation, which includes a review of all
loans on which full collectibility may not be reasonably assured, considers
among other matters:

o     prevailing economic conditions;

o     historical experience;

o     the types and dollar amounts of the loans in the portfolio;

o     borrowers'  financial condition and adverse situations that may affect the
      borrowers' ability to pay;

o     evaluation of industry trends;

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

o     estimated net realizable value or fair value of the underlying collateral.

         Based upon this evaluation, a determination is made as to whether the
allowance for loan losses is adequate to cover potential losses of the
Partnership. Additions to the allowance for loan losses are made by charges to
the provision for loan losses. Loan losses deemed to be uncollectible are
charged against the allowance for loan losses. Recoveries of previously charged
off amounts are credited to the allowance for loan losses. There was a loss
recognized upon foreclosure of a loan in the amount of $1,235,000 during the
quarter ended March 31, 2002. There was a total loss of $614,000 realized on two
Partnership loans during the year ended December 31, 2001. There were no losses
incurred on loans by the Partnership during the years ended December 31, 2000,
1999 and 1998. However, the Partnership realized a loss on real estate in the
amount of $712,000 from the sale of a foreclosed property to the General Partner
at its fair market value during 1998. As of March 31, 2002, management believes
that the allowance for loan losses of $3,610,000 is adequate.

                         Liquidity and Capital Resources

         Sales of Units to investors and portfolio loan payoffs provide the
capital for new mortgage investments. If general market interest rates were to
rise substantially, investors might turn to interest-yielding investments other
than Partnership Units, which would reduce the liquidity of the Partnership and
its ability to make additional mortgage investments to take advantage of the
generally higher interest rates. In contrast, a significant increase in the
dollar amount of loan payoffs and additional limited partner investments without
the origination of new loans of the same amount would increase the liquidity of
the Partnership. This increase in liquidity could result in a decrease in the
yield paid to limited partners as the Partnership would be required to invest
the additional funds in lower yielding, short term investments.

         There was little variation in the percentage of capital withdrawals to
total capital invested by the limited partners between 1994 and 2002, excluding
regular distributions of net income to limited partners. Withdrawal percentages
have been 7.37%, 6.11%, 7.85%, 6.63%, 7.33%, 7.99%, 6.64%, 5.45%, and 3.40%
(annualized) for the years ended December 31, 1994, 1995, 1996, 1997, 1998,
1999, 2000 and 2001, and the quarter ended March 31, 2002, respectively. These
percentages are the annual average of the limited partners' capital withdrawals
in each calendar quarter divided by the total limited partner capital as of the
end of each quarter.

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

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

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

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

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

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

         In March 2001, the Partnership amended its Limited Partnership
Agreement, with the consent of a majority of limited partners, to allow the
Partnership to incur indebtedness for the purpose of investing in mortgage
loans. The total amount of indebtedness incurred by the Partnership cannot
exceed the sum of 50% of the aggregate fair market value of all Partnership
loans. The Partnership finalized a line of credit agreement with a bank in
August 2001, which provides interim financing on mortgage loans invested in by
the Partnership. The amount of credit available under this line of credit is
$20,000,000. There was no balance outstanding on the line of credit as of March
31, 2002.

                              Contingency Reserves

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


                           Current Economic Conditions

         The current economic climate in Northern California and the Western
United States has shown increasing signs of a slowdown. Interest rates have
continued to decline and several key indices are at the lowest levels in
decades. Despite the Partnership's historical ability to purchase mortgage loans
with relatively strong yields, increased competition by other mortgage lenders
or changes in the economy could have the effect of reducing mortgage yields in
the future. Present loans with relatively high yields could be replaced with
loans with lower yields, which in turn could reduce the net yield paid to the
limited partners. In addition, if there is less demand by borrowers for loans
and, thus, fewer loans for the Partnership to invest in, the Partnership may be
required to invest its excess cash in short-term alternative investments
yielding considerably less than investments in mortgage loans.

         The Partnership Agreement permits the General Partner to purchase
delinquent loans from the Partnership as long as certain criteria are met.
Although the General Partner has purchased some delinquent loans from the
Partnership in the past, it is not required to do so; therefore, the Partnership
could sustain losses with respect to loans secured by properties located in
areas of declining real estate values. This could result in a reduction of the
net income of the Partnership for a year in which those losses occur.





<PAGE>


Item 3. Quantitative and Qualitative Disclosures About Market Risk

         The following table contains information about the cash held in money
market accounts, commercial paper, loans held in the Partnership's portfolio and
a note payable securing a real estate property owned by the Partnership as of
March 31, 2002. The presentation, for each category of information, aggregates
the assets and liabilities by their maturity dates for maturities occurring in
each of the years 2003 through 2007 and separately aggregates the information
for all maturities arising after 2007. The carrying values of these assets and
liabilities approximate their fair values as of March 31, 2002.
<TABLE>
<CAPTION>

            Interest Earning Assets and Interest Bearing Liabilities,
                           Aggregated by Maturity Date
                          Twelve Months Ended March 31,

                          2003           2004           2005          2006           2007        Thereafter       Total
<S>                     <C>           <C>            <C>            <C>            <C>         <C>             <C>
Interest earning
assets:
Money market
  accounts              $ 33,704,657        -              -             -              -              -       $ 33,704,657

Average interest                1.5%        -              -             -              -              -               1.5%
rate
Loans secured by
  trust deeds           $134,944,320   $ 32,627,888  $ 33,957,896   $ 651,602      $ 293,783   $ 17,436,562    $219,912,051

Average interest               12.3%          12.1%          10.8%       11.7%          10.0%          11.6%          11.9%
rate

Interest bearing
liabilities:
Note payable to bank                   $  7,172,200        -             -              -              -        $ 7,172,200
                                   -
Average interest                               5.4%        -             -              -              -               5.4%
rate                               -
</TABLE>

Market Risk

         Market risk is the exposure to loss resulting from changes in interest
rates, equity prices and real estate values. The Partnership's note payable
bears interest at a variable rate, tied to the LIBOR rate of interest. As a
result, the Partnership's primary market risk exposure is to changes in interest
rates, which will affect the interest cost of outstanding amounts on the note
payable.

         The majority of the Partnership's mortgage loans (84.5% as of March 31,
2002) earn interest at fixed rates. Changes in interest rates may also affect
the value of the Partnership's investment in mortgage loans and the rates at
which the Partnership reinvests funds obtained from loan repayments and new
capital contributions from limited partners. As interest rates increase,
although the interest rates the Partnership obtains from reinvested funds will
generally increase, the value of the Partnership's existing loans at fixed rates
will generally tend to decrease. As interest rates decrease, the amounts
becoming available to the Partnership for investment due to repayment of
Partnership loans may be invested at lower rates than the Partnership had been
able to obtain in prior investments, or than the rates on the repaid loans.

         The Partnership does not hedge or otherwise seek to manage interest
rate risk. The Partnership does not enter into risk sensitive instruments for
trading purposes.


<PAGE>


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

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


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

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


<PAGE>



                                   SIGNATURES

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


Dated:   May 14, 2002         OWENS MORTGAGE INVESTMENT FUND,
                              a California Limited Partnership

                              By:  Owens Financial Group, Inc., General Partner


Dated:   May 14, 2002         By: /s/ William C. Owens
                                  William C. Owens, President


Dated:   May 14, 2002         By: /s/ Bryan H. Draper
                                  Bryan H. Draper, Chief Financial Officer


Dated:   May 14, 2002         By: /s/ Melina A. Platt
                                  Melina A. Platt, Controller