| [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]          |

----

|   TABLE OF    CONTENTS                      |
|-------------------------------------------------------|
|                                                  |   |   |   |
|                                                  |   |   |   |
|   PART I – FINANCIAL      INFORMATION |
|                                                  |   |   |  Page |
|  Item      1.                          |  Financial      Statements     |   |  4 |
|                                                  |   |   |   |
|  Item      2.                     |  Management’s Discussion and Analysis of      Financial Condition and Results of      Operations |   |  28 |
|                                                  |   |   |   |
|  Item 4.                                         |  Controls and Procedures   |   |  45 |
|                                                  |   |   |   |
|   PART II – OTHER      INFORMATION    |
|                                                  |   |   |   |
|  Item 1.                               |  Legal Proceedings |   |  45 |
|                                                  |   |   |   |
|  Item 1A.                                        |  Risk Factors |   |  45 |
|                                                  |   |   |   |
|  Item 4.                                         |  Submission of Matters to a Vote of Security      Holders |   |  48 |
|                                                  |   |   |   |
|  Item 6.                                         |  Exhibits |   |  48 |
|                                                  |   |   |   |

----

 Part I - Item 1. FINANCIALSTATEMENTS

|                                                                                                                                     |   | September      30, |        | December      31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|-------------------|--------|
|                                                                                                                                     |   | 2009               |        | 2008              |   |
| ASSETS                                                                                                                                   |   |               |        |              |   |   |   |
| Cash      and cash equivalents                                                                                                           |   | $                  | 9,018,693   |              | $      | 2,800,123 |   |
| Restricted      cash                                                                                                                     |   |               | 1,000,000   |              |   | 1,000,000 |   |
| Certificates      of deposit                                                                                                             |   |               | 1,946,161   |              |   | 2,229,601 |   |
| Loans      secured by trust deeds, net of allowance for losses of $24,772,324 in 2009      and $13,727,634 in 2008                       |   |               | 218,452,144 |              |   | 248,508,567 |   |
| Due      from general partner                                                                                                            |   |               | --          |              |   | 44,162 |   |
| Interest      and other receivables, net of allowance for doubtful receivable of      $674,679 in 2008                                   |   |               | 4,407,659   |              |   | 3,643,774 |   |
| Vehicles,      equipment and furniture, net of accumulated depreciation of $227,989 in      2009 and $119,281 in 2008                    |   |               | 701,195     |              |   | 566,640 |   |
| Other      assets, net of accumulated amortization of $579,835 in 2009 and $516,649      in 2008                                         |   |               | 433,776     |              |   | 432,898 |   |
| Investment      in limited liability company                                                                                             |   |               | 2,169,229   |              |   | 2,176,883 |   |
| Real      estate held for sale                                                                                                           |   |               | 12,475,651  |              |   | 11,413,760 |   |
| Real      estate held for investment, net of accumulated depreciation and      amortization of $4,087,738 in 2009 and $3,305,857 in 2008 |   |               | 61,698,738  |              |   | 47,014,812 |   |
|    Total      Assets                                                                                                      |   | $                  | 312,303,246 |              | $      | 319,831,220 |   |
|                                                                                                                                     |   |               |        |              |   |   |   |
| LIABILITIES AND PARTNERS’      CAPITAL                                                                                             |   |               |        |              |   |   |   |
| LIABILITIES:                                                                                                                             |   |               |        |              |   |   |   |
| Accrued      distributions payable                                                                                                       |   | $                  | 375,911     |              | $      | 562,740 |   |
| Due      to general partner                                                                                                              |   |               | 474,631     |              |   | -- |   |
| Accounts      payable and accrued liabilities                                                                                            |   |               | 2,210,436   |              |   | 1,703,917 |   |
| Deferred      gain                                                                                                                       |   |               | 861,253     |              |   | 878,509 |   |
| Notes      payable                                                                                                                       |   |               | 11,091,504  |              |   | 10,500,000 |   |
| Line      of credit payable                                                                                                              |   |               | 39,446,000  |              |   | 32,914,000 |   |
| Total      Liabilities                                                                                                                   |   |               | 54,459,735  |              |   | 46,559,166 |   |
|                                                                                                                                     |   |               |        |              |   |   |   |
| PARTNERS’      CAPITAL (units subject to redemption):                                                                              |   |               |        |              |   |   |   |
| General      partner                                                                                                                     |   |               | 2,653,363   |              |   | 2,781,730 |   |
| Limited      partners                                                                                                                    |   |               | 255,146,003 |              |   | 270,421,679 |   |
| Total      Owens Mortgage Investment Fund partners’ capital                                                                        |   |               | 257,799,366 |              |   | 273,203,409 |   |
| Noncontrolling      interest                                                                                                             |   |               | 44,145      |              |   | 68,645 |   |
|    Total      partners’ capital                                                                                     |   |               | 257,843,511 |              |   | 273,272,054 |   |
|    Total      Liabilities and Partners’ Capital                                                                     |   | $                  | 312,303,246 |              | $      | 319,831,220 |   |

----

|                                                                                                    |   | For      the Three Months Ended |        | For      the Nine Months Ended |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------|-------------|--------------------------------|--------|
|                                                                                                    |   | September      30,2009          |        | September      30, 2008        |   | September      30, 2009 |   | September      30, 2008 |   |
| REVENUES:                                                                                               |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Interest      income on loans secured by trust deeds                                                    |   | $                               | 3,091,026   |                           | $      | 8,730,598 |   | $ | 11,834,223 |   | $ | 19,656,933 |   |
| Gain      on sale of real estate                                                                        |   |                            | 5,745       |                           |   | 1,144,565 |   |   | 67,613 |   |   | 1,144,533 |   |
| Rental      and other income from real estate properties                                                |   |                            | 1,919,252   |                           |   | 1,459,510 |   |   | 4,464,371 |   |   | 3,760,155 |   |
| Income      from investment in limited liability company                                                |   |                            | 36,025      |                           |   |  30,688 |   |   | 104,346 |   |   | 30,688 |   |
| Other      income                                                                                       |   |                            | 3,563       |                           |   | 51,654 |   |   | 36,641 |   |   | 188,315 |   |
| Total      revenues                                                                                     |   |                            | 5,055,611   |                           |   | 11,417,015 |   |   | 16,507,194 |   |   | 24,780,624 |   |
| EXPENSES:                                                                                               |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Management      fees to general partner                                                                 |   |                            | 623,606     |                           |   | 4,422,610 |   |   | 1,645,200 |   |   | 4,422,610 |   |
| Servicing      fees to general partner                                                                  |   |                            | 152,951     |                           |   | 522,847 |   |   | 473,516 |   |   | 522,847 |   |
| Administrative                                                                                          |   |                            | 15,000      |                           |   | 15,000 |   |   | 45,000 |   |   | 45,000 |   |
| Legal      and accounting                                                                               |   |                            | 139,311     |                           |   | 103,477 |   |   | 525,881 |   |   | 346,258 |   |
| Rental      and other expenses on real estate properties                                                |   |                            | 1,977,052   |                           |   | 1,398,978 |   |   | 4,935,734 |   |   | 3,701,265 |   |
| Interest      expense                                                                                   |   |                            | 715,653     |                           |   | 566,238 |   |   | 1,855,698 |   |   | 1,709,701 |   |
| Environmental      remediation expense                                                                  |   |                            | —     |                           |   | 709 |   |   | — |   |   | 762,035 |   |
| Provision      for loan losses                                                                          |   |                            | 2,309,206   |                           |   | 1,252,212 |   |   | 13,429,151 |   |   | 2,963,134 |   |
| Losses      on real estate properties                                                                   |   |                            | —     |                           |   | — |   |   | 356,045 |   |   | — |   |
| Other                                                                                                   |   |                            | 19,395      |                           |   | 30,219 |   |   | 148,506 |   |   | 137,226 |   |
| Total      expenses                                                                                     |   |                            | 5,952,174   |                           |   | 8,312,290 |   |   | 23,414,731 |   |   | 14,610,076 |   |
|                                                                                                    |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Net      (loss) income                                                                                  |   |                            | (896,563    | )                              |   | 3,104,725 |   |   | (6,907,537 | ) |   | 10,170,548 |   |
| Less:      Net income (loss) attributable to non-controlling interest                                   |   |                            | (5,591      | )                              |   | (739 | ) |   | (5,965 | ) |   | (5,266 | ) |
| Net      (loss) income attributable to Owens Mortgage Investment    Fund                                |   | $                               | (902,154    | )                              | $      | 3,103,986 |   | $ | (6,913,502 | ) | $ | 10,165,282 |   |
|                                                                                                    |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Net      (loss) income allocated to general partner                                                     |   | $                               | (9,264      | )                              | $      | 31,613 |   | $ | (66,662 | ) | $ | 102,074 |   |
|                                                                                                    |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Net      (loss) income allocated to limited partners                                                    |   | $                               | (892,890    | )                              | $      | 3,072,373 |   | $ | (6,846,840 | ) | $ | 10,063,208 |   |
|                                                                                                    |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Net      (loss) income allocated to limited partners per weighted average limited      partnership unit |   | $                               | (.004       | )                              | $      | .01 |   | $ | (.03 | ) | $ | .04 |   |
|                                                                                                    |   |                            |        |                           |   |   |   |   |   |   |   |   |   |
| Weighted      average limited partnership units                                                         |   |                            | 256,809,000 |                           |   | 287,576,000 |   |   | 259,961,000 |   |   | 291,438,000 |   |

----

|                                                                                               |   | September      30, |        | September      30, |   |
|----------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------------------|--------|
|                                                                                               |   | 2009               |        | 2008               |   |
| CASH      FLOWS FROM OPERATING      ACTIVITIES:                                               |   |               |        |               |   |   |   |
| Net      (loss) income attributable to Owens Mortgage Investment    Fund                           |   | $                  | (6,913,502  | )                  | $      | 10,165,282 |   |
| Adjustments      to reconcile net (loss) income to net cash provided by operating      activities: |   |               |        |               |   |   |   |
| Gain      on sale of real estate properties                                                        |   |               | (67,613     | )                  |   | (1,144,533 | ) |
| Income      from investment in limited liability company                                           |   |               | (104,346    | )                  |   | (30,688 | ) |
| Provision      for loan losses                                                                     |   |               | 13,429,151  |               |   | 2,963,134 |   |
| Losses      on real estate properties                                                              |   |               | 356,045     |               |   | -- |   |
| Depreciation      and amortization                                                                 |   |               | 957,774     |               |   | 606,610 |   |
| Changes      in operating assets and liabilities:                                                  |   |               |        |               |   |   |   |
| Due      from general partner                                                                      |   |               | 44,162      |               |   | -- |   |
| Interest      and other receivables                                                                |   |               | (1,384,844  | )                  |   | 349,787 |   |
| Other      assets                                                                                  |   |               | (42,871     | )                  |   | -- |   |
| Accounts      payable and accrued liabilities                                                      |   |               | 497,794     |               |   | 713,615 |   |
| Due      to general partner                                                                        |   |               | 474,631     |               |   | 2,250,201 |   |
| Net      cash provided by operating activities                                                     |   |               | 7,246,381   |               |   | 15,873,408 |   |
|                                                                                               |   |               |        |               |   |   |   |
| CASH      FLOWS FROM INVESTING      ACTIVITIES:                                               |   |               |        |               |   |   |   |
| Investment      in loans secured by trust deeds                                                    |   |               | (15,771,838 | )                  |   | (86,453,828 | ) |
| Principal      collected on loans                                                                  |   |               | 16,907,669  |               |   | 84,938,722 |   |
| Sales      of loans to third parties                                                               |   |               | --          |               |   | 5,000,000 |   |
| Investment      in real estate properties                                                          |   |               | (689,592    | )                  |   | (1,304,097 | ) |
| Net      proceeds from disposition of real estate properties                                       |   |               | 467,643     |               |   | 4,732,313 |   |
| Purchases      of vehicles, equipment and furniture                                                |   |               | (167,263    | )                  |   | (313,757 | ) |
| Maturity      of certificates of deposit                                                           |   |               | 283,440     |               |   | -- |   |
| Distribution      received from investment in limited liability company                            |   |               | 112,000     |               |   | -- |   |
| Net      cash provided by investing activities                                                     |   |               | 1,142,059   |               |   | 6,599,353 |   |
|                                                                                               |   |               |        |               |   |   |   |
| CASH      FLOWS FROM FINANCING      ACTIVITIES:                                               |   |               |        |               |   |   |   |
| Proceeds      from sale of partnership units                                                       |   |               | 100,040     |               |   | 6,393,625 |   |
| Advances      on line of credit payable                                                            |   |               | 15,546,438  |               |   | 77,742,000 |   |
| Repayments      on line of credit payable                                                          |   |               | (9,014,438  | )                  |   | (75,357,000 | ) |
| Noncontrolling      interest in limited liability company                                          |   |               | (24,500     | )                  |   | (31,244 | ) |
| Partners’      income distributions                                                     |   |               | (3,667,404  | )                  |   | (5,169,710 | ) |
| Partners’      capital withdrawals                                                           |   |               | (5,110,006  | )                  |   | (19,261,313 | ) |
| Net      cash used in financing activities                                                         |   |               | (2,169,870  | )                  |   | (15,683,642 | ) |
|                                                                                               |   |               |        |               |   |   |   |
| Net      increase in cash and cash equivalents                                                     |   |               | 6,218,570   |               |   | 6,789,119 |   |
|                                                                                               |   |               |        |               |   |   |   |
| Cash      and cash equivalents at beginning of period                                              |   |               | 2,800,123   |               |   | 9,159,033 |   |
|                                                                                               |   |               |        |               |   |   |   |
| Cash      and cash equivalents at end of period                                                    |   | $                  | 9,018,693   |               | $      | 15,948,152 |   |
| Supplemental Disclosures of Cash Flow      Information                                             |   |               |        |               |   |   |   |
| Cash      paid during the period for interest                                                      |   | $                  | 1,733,992   |               | $      | 1,723,634 |   |

----

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

----

----

----

|                                 |   | 2009   |        | 2008   |   |
|--------------------------------------|--------|--------|-------------|--------|--------|
| By Property Type:                    |   |   |        |   |   |   |   |
| Commercial                           |   | $      | 119,253,712 |   | $      | 118,156,590 |   |
| Condominiums                         |   |   | 72,558,052  |   |   | 93,460,019 |   |
| Apartments                           |   |   | 4,325,000   |   |   | 4,325,000 |   |
| Single      family homes (1-4 Units) |   |   | 327,616     |   |   | 331,810 |   |
| Improved      and unimproved land    |   |   | 46,760,088  |   |   | 45,962,782 |   |
|                                 |   |   |        |   |   |   |   |
|                                 |   | $      | 243,224,468 |   | $      | 262,236,201 |   |
| By Deed Order:                       |   |   |        |   |   |   |   |
| First      mortgages                 |   | $      | 221,226,194 |   | $      | 235,010,203 |   |
| Second      and third mortgages      |   |   | 21,998,274  |   |   | 27,225,998 |   |
|                                 |   |   |        |   |   |   |   |
|                                 |   | $      | 243,224,468 |   | $      | 262,236,201 |   |

----

|                           |   | Fixed    |        | Variable |   |       |   |
|--------------------------------|--------|----------|-------------|----------|--------|------------|--------|
|                           |   | Interest |        | Interest |   |       |   |
|                           |   | Rate     |        | Rate     |   | Total      |   |
| Year      ending September 30: |   |     |        |     |   |       |   |   |   |   |
| 2009      (past maturity)      |   | $        | 174,973,565 |     | $      | —    |   | $ | 174,973,565 |   |
| 2010                           |   |     | 46,697,625  |     |   | 21,349     |   |   | 46,718,974 |   |
| 2011                           |   |     | 7,206,263   |     |   | —    |   |   | 7,206,263 |   |
| 2012                           |   |     | —     |     |   | —    |   |   | — |   |
| 2013                           |   |     | —     |     |   | —    |   |   | — |   |
| 2014                           |   |     | —     |     |   | 9,000,000  |   |   | 9,000,000 |   |
| Thereafter      (through 2017) |   |     | 77,616      |     |   | 5,248,050  |   |   | 5,325,666 |   |
|                           |   | $        | 228,955,069 |     | $      | 14,269,399 |   | $ | 243,224,468 |   |

----

|          |   | September      30, 2009 |        | Portfolio  |    | December      31, 2008 |   | Portfolio   |   |
|---------------|--------|-------------------------|-------------|------------|---------|------------------------|--------|-------------|--------|
|          |   | Balance                 |        | Percentage |    | Balance                |   | Percentage  |   |
| Arizona       |   | $                       | 29,836,339  |       | 12.27%  |                   | $      | 31,580,323  |   | 12.04% |   |
| California    |   |                    | 129,790,034 |       | 53.36%  |                   |   | 148,522,264 |   | 56.65% |   |
| Colorado      |   |                    | 15,346,277  |       | 6.31%   |                   |   | 13,999,402  |   | 5.34% |   |
| Florida       |   |                    | 26,257,121  |       | 10.80%  |                   |   | 23,482,581  |   | 8.96% |   |
| Idaho         |   |                    | 2,200,000   |       | 0.90%   |                   |   | 2,200,000   |   | 0.84% |   |
| Nevada        |   |                    | 8,359,650   |       | 3.44%   |                   |   | 10,357,000  |   | 3.95% |   |
| New      York |   |                    | 10,500,000  |       | 4.32%   |                   |   | 10,500,000  |   | 4.00% |   |
| Oregon        |   |                    | 77,616      |       | 0.03%   |                   |   | 81,810      |   | 0.03% |   |
| Pennsylvania  |   |                    | 1,320,057   |       | 0.54%   |                   |   | 1,320,057   |   | 0.50% |   |
| Texas         |   |                    | 2,635,000   |       | 1.08%   |                   |   | 2,635,000   |   | 1.00% |   |
| Utah          |   |                    | 4,038,741   |       | 1.66%   |                   |   | 5,305,262   |   | 2.02% |   |
| Washington    |   |                    | 12,863,633  |       | 5.29%   |                   |   | 12,252,502  |   | 4.67% |   |
|          |   | $                       | 243,224,468 |       | 100.00% |                   | $      | 262,236,201 |   | 100.00% |   |

----

----

|         |   | September      30, 2009 |       | December      31, 2008 |   |
|--------------|--------|-------------------------|------------|------------------------|--------|
|         |   | Amount                  |       | Percent                |   | Amount |   | Percent |   |
| Commercial   |   | $                       | 2,629,715  |                   |   | 14.8 | % | $ | 2,382,422 |   |   | 37.1 | % |
| Condominiums |   |                    | 15,138,609 |                   |   | 85.2 | % |   | 4,032,212 |   |   | 62.9 | % |
| Total        |   | $                       | 17,768,324 |                   |   | 100.0 | % | $ | 6,414,634 |   |   | 100.0 | % |

|                                                               |   | Three      Months Ended September 30, |       | Nine      Months Ended September 30, |   |
|--------------------------------------------------------------------|--------|---------------------------------------|------------|--------------------------------------|--------|
|                                                               |   | 2009                                  |       | 2008                                 |   | 2009 |   | 2008 |   |
| Balance,      beginning of period                                  |   | $                                     | 22,463,118 |                                 | $      | 6,434,000 |   | $ | 13,727,634 |   | $ | 5,042,000 |   |
| Provision                                                          |   |                                  | 2,309,206  |                                 |   | 1,252,212 |   |   | 13,429,151 |   |   | 2,963,134 |   |
| Recovery      of bad debts                                         |   |                                  | —    |                                 |   | — |   |   | — |   |   | — |   |
|          Charge-offs/transfers to real estate owned |   |                                  | —    |                                 |   | (532,828 | ) |   | (2,384,461 | ) |   | (851,750 | ) |
| Balance,      end of period                                        |   | $                                     | 24,772,324 |                                 | $      | 7,153,384 |   | $ | 24,772,324 |   | $ | 7,153,384 |   |

----

|                                                                                                |   | 2009   |       | 2008   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Manufactured      home subdivision development, Ione, California                                    |   | $      | 673,400    |   | $      | 745,570 |   |
| Commercial      buildings, Roseville, California                                                    |   |   | 380,924    |   |   | 380,924 |   |
| Two      improved residential lots, West Sacramento, California                                     |   |   | 510,944    |   |   | 510,944 |   |
| Office/retail      complex, Hilo, Hawaii                                                            |   |   | 1,666,121  |   |   | 1,655,647 |   |
| Office      condominium complex (16 units), Roseville, California                                   |   |   | 7,745,154  |   |   | 8,120,675 |   |
| Condominium      complex (19 units), San Diego, California held within 33rd      Street Terrace LLC |   |   | 1,499,108  |   |   | — |   |
|                                                                                                |   | $      | 12,475,651 |   | $      | 11,413,760 |   |

----

----

|                                                                                                                   |   | 2009   |       | 2008   |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Light      industrial building, Paso Robles, California                                                                |   | $      | 1,593,824  |   | $      | 1,625,770 |   |
| Commercial      buildings, Roseville, California                                                                       |   |   | 642,913    |   |   | 659,531 |   |
| Retail      complex, Greeley, Colorado (held within 720 University,    LLC)                                            |   |   | 13,122,568 |   |   | 13,440,143 |   |
| Undeveloped      land, Madera County, California                                                                       |   |   | 1,225,000  |   |   | 1,225,000 |   |
| Manufactured      home subdivision development, Lake Charles, Louisiana (held within Dation,      LLC)                 |   |   | 2,192,897  |   |   | 1,960,000 |   |
| Undeveloped      land, Marysville, California                                                                          |   |   | 594,610    |   |   | 594,610 |   |
| Golf      course, Auburn, California (held within DarkHorse Golf Club,      LLC)                                       |   |   | 2,842,432  |   |   | 2,830,568 |   |
| 75      improved, residential lots, Auburn, California, (held within Baldwin Ranch      Subdivision LLC)               |   |   | 13,752,070 |   |   | 13,898,890 |   |
| Undeveloped      land, San Jose, California                                                                            |   |   | 3,025,992  |   |   | 3,025,992 |   |
| Undeveloped      land, Half Moon Bay, California                                                                       |   |   | 2,159,117  |   |   | 2,110,809 |   |
| Storage      facility, Stockton, California                                                                            |   |   | 5,269,490  |   |   | 5,643,499 |   |
| Undeveloped,      residential land, Coolidge, Arizona                                                                  |   |   | 2,099,816  |   |   | — |   |
| Eight      townhomes, Santa Barbara, California (held within Anacapa Villas,      LLC)                                 |   |   | 10,652,108 |   |   | — |   |
| Marina      with 30 boat slips and 11 RV spaces, Oakley, California (held within The      Last Resort and Marina, LLC) |   |   | 473,503    |   |   | — |   |
| Golf      course, Auburn, California (held withinLone Star Golf,    LLC)                                               |   |   | 2,052,398  |   |   | — |   |
|                                                                                                                   |   | $      | 61,698,738 |   | $      | 47,014,812 |   |

----

|                                |   | 2009   |       |   | 2008   |   |
|-------------------------------------|--------|--------|------------|--------|--------|--------|
| Land      and land improvements     |   | $      | 34,598,124 |   |   | $      | 29,564,886 |   |
| Buildings                           |   |   | 25,832,518 |   |   |   | 15,459,666 |   |
| Improvements                        |   |   | 5,337,909  |   |   |   | 5,285,690 |   |
| Other                               |   |   | 17,925     |   |   |   | 10,427 |   |
|                                |   |   | 65,786,475 |   |   |   | 50,320,669 |   |
| Less:      Accumulated depreciation |   |   | (4,087,738 | )      |   |   | (3,305,857 | ) |
|                                |   | $      | 61,698,738 |   |   | $      | 47,014,812 |   |

----

----

----

----

| Notes      payable as of September 30, 2009 and December 31, 2008 is comprised of the      following: |
|-------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                       |   | 2009   |       |   | 2008   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Note      payable secured by 720 University, LLC real property at 5.07% interest.      Due March 1, 2015 (see below)                                                                                       |   | $      | 10,500,000 |   |   | $      | 10,500,000 |   |
|                                                                                                                                                                                                       |   |   |       |   |   |   |   |   |
| Note      payable for purchase of junior lender’s interest in loan secured by trust      deed. Interest at 10% if note not paid by maturity date. Paid in full on      October 20, 2009 (see Note 2) |   |   | 591,504    |   |   |   | — |   |
|                                                                                                                                                                                                       |   | $      | 11,091,504 |   |   | $      | 10,500,000 |   |

----

----

|                                      |   | General |      | Limited      partners |   | TotalPartners’ |   |
|-------------------------------------------|--------|---------|-----------|-----------------------|--------|----------------------|--------|
|                                      |   | partner |      | Units                 |   | Amount               |   | capital |   |
|                                      |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      December 31, 2007          |   | $       | 2,960,604 |                  |   | 295,979,046          |   | $ | 295,783,026 |   | $ | 298,743,630 |   |
|                                      |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Net      income                           |   |    | 102,074   |                  |   | 10,063,208           |   |   | 10,063,208 |   |   | 10,165,282 |   |
| Sale      of partnership units            |   |    | 410,759   |                  |   | 5,982,866            |   |   | 5,982,866 |   |   | 6,393,625 |   |
| Partners’      capital withdrawals  |   |    | (410,759  | )                     |   | (18,850,554          | )      |   | (18,850,554 | ) |   | (19,261,313 | ) |
| Partners’      income distributions |   |    | (155,647  | )                     |   | (5,037,964           | )      |   | (5,037,964 | ) |   | (5,193,611 | ) |
|                                      |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      September 30, 2008         |   | $       | 2,907,031 |                  |   | 288,136,602          |   | $ | 287,940,582 |   | $ | 290,847,613 |   |
|                                      |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      December 31, 2008          |   | $       | 2,781,730 |                  |   | 270,617,699          |   | $ | 270,421,679 |   | $ | 273,203,409 |   |
| Net      loss                             |   |    | (66,662   | )                     |   | (6,846,840           | )      |   | (6,846,840 | ) |   | (6,913,502 | ) |
| Sale      of partnership units            |   |    | —   |                  |   | 100,040              |   |   | 100,040 |   |   | 100,040 |   |
| Partners’      capital withdrawals  |   |    | —   |                  |   | (5,110,006           | )      |   | (5,110,006 | ) |   | (5,110,006 | ) |
| Partners’      income distributions |   |    | (61,705   | )                     |   | (3,418,870           | )      |   | (3,418,870 | ) |   | (3,480,575 | ) |
|                                      |   |    |      |                  |   |                 |   |   |   |   |   |   |   |
| Balances,      September 30, 2009         |   | $       | 2,653,363 |                  |   | 255,342,023          |   | $ | 255,146,003 |   | $ | 257,799,366 |   |

----

|                         |                               | Fair      Value Measurements Using                                      |
|------------------------------|------------------------------------|-------------------------------------------------------------------------|
|                         | Carrying      Value                | Quoted      Prices In Active Markets for Identical Assets(Level      1) | Significant      Other Observable Inputs(Level      2) | Significant      Unobservable Inputs(Level      3) |
| Recurring:                   |                               |                                                                    |   |   |
| Certificates      of deposit | $    1,946,161 | —                                                                 | $  1,946,161 | — |
|                         |                               |                                                                    |   |   |
| Nonrecurring:                |                               |                                                                    |   |   |
| Impaired      loans          | $  57,114,282            | —                                                                 | — | $  57,114,282 |
| Real      estate properties  | $    8,565,400 | —                                                                 | — | $    8,565,400 |

----

|                                                                          | ImpairedLoans                                                     |   | Real      Estate Properties                                                            |
|-------------------------------------------------------------------------------|-------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|
| Balance,      January 1, 2009                                                 | $  23,978,649                                           |   | $             — |
| Total      realized and unrealized gains and losses:Included      in net loss |   (13,738,151)                                          |   |   (356,045)                                                                  |
| Foreclosures                                                                  |          (2,592,000) |   |        2,592,000                                    |
| Transfers      in and/or out of Level 3                                       |   49,465,784                                            |   |   6,329,445                                                                  |
| Balance,      September 30, 2009                                              | $57,114,282                                                       |   | $8,565,400                                                                             |

----

----

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

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| ·   | Management      Fees - In consideration of the management services rendered to the      Partnership, the General Partner is entitled to receive from the      Partnership a management fee payable monthly, subject to a maximum of      2.75% per annum of the average unpaid balance of the Partnership’s      mortgage loans at the end of each month in the calendar year. Management fees      amounted to approximately $624,000 and $4,423,000 for the three months      ended September 30, 2009 and 2008,respectively. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Servicing      Fees – All of the Partnership’s loans are serviced by the General      Partner, in consideration for which the General Partner is entitled to      receive from the Partnership a monthly fee, which, when added to all other      fees paid in connection with the servicing of a particular loan, does not      exceed the lesser of the customary, competitive fee in the community where      the loan is placed or up to 0.25% per annum of the unpaid principal      balance of the loans at the end of each month. Service fees      amounted to approximately $153,000 and $523,000 for the three months ended      September 30, 2009 and 2008,respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | 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 $72,000      and $709,000 on loans originated or extended of approximately $2,406,000      and $25,331,000 for the three months ended September 30, 2009 and 2008,      respectively. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 $5,000 and $576,000 for the three      months ended September 30, 2009 and 2008,  respectively. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other      Miscellaneous Fees - The Partnership remits other miscellaneous      fees to the General Partner, which are collected from loan payments, loan      payoffs or advances from loan principal (i.e. funding, demand and partial      release fees). Such fees remitted to OFG totaled approximately $9,000 and      $14,000 for the three months ended September 30, 2009 and 2008,      respectively. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Partnership      Expenses – The General Partner is entitled to be reimbursed by the      Partnership for the actual cost of goods and materials used for or by the      Partnership and obtained from unaffiliated entities and the actual cost of      services of non-management and non-supervisory personnel related to the      administration of the Partnership (subject to certain limitations in the      Partnership Agreement).  The amounts      reimbursed to the General Partner by the Partnership were approximately      $15,000 and $36,000 during the three months ended September 30, 2009 and      2008, respectively. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Carried      Interest and Contributed Capital – The General Partner is required      to contribute capital to the Partnership in the amount of 0.5% of the      limited partners’ aggregate capital accounts and, together with its      carried interest; the General Partner has an interest equal to 1% of the      limited partners’ capital accounts. This carried interest of the General      Partner of up to 1/2 of 1% is recorded as an expense of the Partnership      and credited as a contribution to the General Partner’s capital account as      additional compensation. As of September 30, 2009, the General Partner has      made cash capital contributions of $1,496,000 to the Partnership. The      General Partner is required to continue cash capital contributions to the      Partnership in order to maintain its required capital balance. There was no      carried interest expense charged to the Partnership for the three months      ended September 30, 2009 and 2008,respectively. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

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

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

----

----

|                                                                                                    |   | Three      Months Ended September 30, |        | Nine      Months Ended September 30, |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------|-------------|--------------------------------------|--------|
|                                                                                                    |   | 2009                                  |        | 2008                                 |   | 2009 |   | 2008 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Total      revenues                                                                                     |   | $                                     | 5,055,611   |                                 | $      | 11,417,015 |   | $ | 16,507,194 |   | $ | 24,780,624 |   |
| Total      expenses                                                                                     |   |                                  | 5,952,174   |                                 |   | 8,312,290 |   |   | 23,414,731 |   |   | 14,610,076 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Net      (loss) income                                                                                  |   | $                                     | (896,563    | )                                    | $      | 3,104,725 |   | $ | (6,907,537 | ) | $ | 10,170,548 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Less:      Net income (loss) attributable to non-controlling interest                                   |   |                                  | (5,591      | )                                    |   | (739 | ) |   | (5,965 | ) |   | (5,266 | ) |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Net      (loss) income attributable to Owens Mortgage Investment    Fund                                |   | $                                     | (902,154    | )                                    | $      | 3,103,986 |   | $ | (6,913,502 | ) | $ | 10,165,282 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Net      (loss) income allocated to limited partners                                                    |   | $                                     | (892,890    | )                                    | $      | 3,072,373 |   | $ | (6,846,840 | ) | $ | 10,063,208 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Net      (loss) income allocated to limited partners per weighted average limited      partnership unit |   | $                                     | (.004       | )                                    | $      | .01 |   | $ | (.03 | ) | $ | .04 |   |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Annualized      rate of return to limitedpartners      (1)                                              |   |                                  | (1.4)       | %                                    |   | 4.3 | % |   | (3.5) | % |   | 4.6 | % |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Distribution      per partnership unit (yield) (2)                                                      |   |                                  | 2.2         | %                                    |   | 6.8 | % |   | 1.9 | % |   | 6.9 | % |
|                                                                                                    |   |                                  |        |                                 |   |   |   |   |   |   |   |   |   |
| Weighted      average limited partnership units                                                         |   |                                  | 256,809,000 |                                 |   | 287,576,000 |   |   | 259,961,000 |   |   | 291,438,000 |   |

| (1) | The      annualized rate of return to limited partners is calculated based upon the      net (loss) income allocated to limited partners per weighted average      limited partnership unit as of September 30, 2009 and 2008 divided by the      number of months during the period and multiplied by twelve      (12) months. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

----

|                                 |   | 2009   |        |   | 2008   |   |
|--------------------------------------|--------|--------|-------------|--------|--------|--------|
| By Property Type:                    |   |   |        |   |   |   |
| Commercial                           |   | $      | 119,253,712 |   |   | $      | 118,156,590 |   |
| Condominiums                         |   |   | 72,558,052  |   |   |   | 93,460,019 |   |
| Apartments                           |   |   | 4,325,000   |   |   |   | 4,325,000 |   |
| Single      family homes (1-4 units) |   |   | 327,616     |   |   |   | 331,810 |   |
| Improved      and unimproved land    |   |   | 46,760,088  |   |   |   | 45,962,782 |   |
|                                 |   | $      | 243,224,468 |   |   | $      | 262,236,201 |   |
| By Deed Order:                       |   |   |        |   |   |   |   |   |
| First      mortgages                 |   | $      | 221,226,194 |   |   | $      | 235,010,203 |   |
| Second      and third mortgages      |   |   | 21,998,274  |   |   |   | 27,225,998 |   |
|                                 |   | $      | 243,224,468 |   |   | $      | 262,236,201 |   |

----

|                              |   | 2009   |       | 2008   |   |
|-----------------------------------|--------|--------|------------|--------|--------|
| Balance,      beginning of period |   | $      | 13,727,634 |   | $      | 5,042,000 |   |
| Provision                         |   |   | 13,429,151 |   |   | 2,963,134 |   |
| Recovery      of bad debts        |   |   | —    |   |   | — |   |
| Charge-off                        |   |   | (2,384,461 | )      |   | (851,750 | ) |
| Balance,      end of period       |   | $      | 24,772,324 |   | $      | 7,153,384 |   |

----

----

----

----

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

----

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

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

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

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

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

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

----

| · | 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

PART I -Item 4. CONTROLS AND PROCEDURES

Item 1. Legal Proceedings

Item 1A.Risk Factors

| ·   | prevent      defaults under senior loans or discharge them entirely if that becomes      necessary to protect the Partnership’s interests;  or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | assist      in the development or operation of any real property, which the      Partnership has taken over as a result of a  default. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | You      must give a written request to withdraw at least 60 days prior to the      withdrawal; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | Payments      only return all or the requested portion of your capital account and are      not affected by the value of the Partnership’s assets, except upon final      liquidation of the Partnership; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Payments      are made only to the extent the Partnership has available      cash; |
|--------------------|------------------------------------------------------------------------------------|

| ·   | There      is no reserve fund for repurchases; |
|--------------------|------------------------------------------------|

| ·   | You      may withdraw a maximum of $100,000 during any calendar      quarter; |
|--------------------|-------------------------------------------------------------------------------|

| ·   | The      total amount withdrawn by all limited partners during any calendar year,      combined with the total amount of net proceeds distributed to limited      partners during that year cannot exceed 10% of the aggregate capital      accounts of the limited partners, except upon final liquidation of the      Partnership; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Any      withdrawal that reduces a limited partners’ capital account below $2,000      may lead to the General Partner distributing all remaining amounts in the      account to close it out; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Withdrawal      requests are honored in the order in which they are received;      and |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | Payments      are only made by the Partnership on the last day of any    month. |
|--------------------|---------------------------------------------------------------------------------|

----

Item 4.Submission of Matters to a Vote of Security Holders

Item 6.Exhibits

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

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

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

----

| Dated:           November      13, 2009 |   | OWENS      MORTGAGE INVESTMENT FUND,a      California Limited Partnership |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                                                           |   |                                                                      |
|                                                                                           |   | By:                                                                       | OWENS      FINANCIAL GROUP, INC., GENERAL PARTNER |
|                                                                                           |   |                                                                      |   |
| Dated:           November      13, 2009 |   | By:                                                                  |  /s/      William C. Owens |
|                                                                                           |   |                                                                      | William      C. Owens, President |
|                                                                                           |   |                                                                      |   |
| Dated:           November      13, 2009 |   | By:                                                                  |  /s/      Bryan H. Draper |
|                                                                                           |   |                                                                      | Bryan      H. Draper, Chief Financial Officer |
|                                                                                           |   |                                                                      |   |
| Dated:           November      13, 2009 |   | By:                                                                  |  /s/      Melina A. Platt |
|                                                                                           |   |                                                                      | Melina      A. Platt, Controller |

----