**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

**FORM        l0-Q**

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

**For        the Quarterly Period Ended June 30, 2007**

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

**For        the transition period from ________ to __________**

**OWENS        MORTGAGE INVESTMENT FUND,**

**a        California Limited Partnership**

| 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                      |   |                                                  |

**NOT        APPLICABLE**

| Large                  accelerated filer [   ] | Accelerated                  filer [   ] | Non-accelerated                  filer [X] |
|---------------------------------------------------------------|---------------------------------------------------------|--------------------------------------------|

----

|                      | **TABLE                  OF CONTENTS**                                                                  |     |
|---------------------------|---------------------------------------------------------------------------------------------------------|----------|
|                      |                                                                                                    |     |
|                      | **PART                  I – FINANCIAL INFORMATION**                                               |     |
|                      |                                                                                                    | **Page** |
|                      |                                                                                                    |     |
| Item                  1.  | Financial                  Statements                                                                   | 3        |
|                      |                                                                                                    |     |
| Item                  2.  | Management’s                  Discussion and Analysis of Financial                  Condition and |     |
|                      | Results                  of Operations                                                                  | 17       |
|                      |                                                                                                    |     |
| Item                  3.  | Quantitative                  and Qualitative Disclosures About Market                  Risk            | 28       |
|                      |                                                                                                    |     |
| Item                  4.  | Controls                  and Procedures                                                                | 29       |
|                      |                                                                                                    |     |
|                      |                                                                                                    |     |
|                      | **PART                  II – OTHER INFORMATION**                                                  |     |
|                      |                                                                                                    |     |
| Item                  1.  | Legal                  Proceedings                                                                      | 29       |
|                      |                                                                                                    |     |
| Item                  1A. | Risk                  Factors                                                                           | 29       |
|                      |                                                                                                    |     |
| Item                  6.  | Exhibits                                                                                                | 29       |

----

**PART        I – FINANCIAL INFORMATION**

**Item        1. Financial Statements**

**OWENS        MORTGAGE INVESTMENT FUND,**

|                                                                                                                                                             |   |  **June                  30****2007** |        | **December                  31****2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|-------------|------------------------------------------|--------|
| **ASSETS**                                                                                                                                                       |   |                                       |        |                                     |   |   |   |
| Cash                  and cash equivalents                                                                                                                       |   | $                                          | 7,250,963   |                                     | $      | 23,283,770 |   |
| Restricted                  cash                                                                                                                                 |   |                                       | 1,000,000   |                                     |   | 1,000,000 |   |
| Loans                  secured by trust deeds, net of allowance for losses of $4,670,000                  in 2007                  and $4,225,000 in 2006        |   |                                       | 263,787,947 |                                     |   | 245,918,631 |   |
| Interest                  and other receivables                                                                                                                  |   |                                       | 3,992,073   |                                     |   | 3,988,644 |   |
| Due                  from general partner                                                                                                                        |   |                                       | 280,263     |                                     |   | — |   |
| Real                  estate held for sale, net of allowance for losses of $0 in 2007                  and                  $405,388 in 2006                     |   |                                       | 12,470,518  |                                     |   | 12,754,703 |   |
| Real                  estate held for investment, net of accumulated depreciation and                  amortization of $2,671,193 in 2007 and $2,345,871 in 2006 |   |                                       | 22,161,956  |                                     |   | 16,945,692 |   |
|                                                                                                                                                             |   | $                                          | 310,943,720 |                                     | $      | 303,891,440 |   |
|                                                                                                                                                             |   |                                       |        |                                     |   |   |   |
| **LIABILITIES                  AND PARTNERS’ CAPITAL**                                                                                                     |   |                                       |        |                                     |   |   |   |
| LIABILITIES:                                                                                                                                                     |   |                                       |        |                                     |   |   |   |
| Accrued                  distributions payable                                                                                                                   |   | $                                          | 568,194     |                                     | $      | 573,908 |   |
| Due                  to general partner                                                                                                                          |   |                                       | —     |                                     |   | 231,439 |   |
| Accounts                  payable and accrued liabilities                                                                                                        |   |                                       | 753,499     |                                     |   | 726,525 |   |
| Deferred                  gain on sale of real estate                                                                                                            |   |                                       | 914,905     |                                     |   | 914,905 |   |
| Note                  payable                                                                                                                                    |   |                                       | 10,500,000  |                                     |   | 10,500,000 |   |
| Line                  of credit payable                                                                                                                          |   |                                       | 7,384,000   |                                     |   | — |   |
| Total                  Liabilities                                                                                                                               |   |                                       | 20,120,598  |                                     |   | 12,946,777 |   |
|                                                                                                                                                             |   |                                       |        |                                     |   |   |   |
| Minority                  interest                                                                                                                               |   |                                       | 121,735     |                                     |   | 140,385 |   |
|                                                                                                                                                             |   |                                       |        |                                     |   |   |   |
| PARTNERS’                  CAPITAL (units subject to redemption):                                                                                          |   |                                       |        |                                     |   |   |   |
| General                  partner                                                                                                                                 |   |                                       | 2,856,892   |                                     |   | 2,866,930 |   |
| Limited                  partners                                                                                                                                |   |                                       | 287,844,495 |                                     |   | 287,937,348 |   |
| Total                  Partners’ Capital                                                                                                                   |   |                                       | 290,701,387 |                                     |   | 290,804,278 |   |
|                                                                                                                                                             |   | $                                          | 310,943,720 |                                     | $      | 303,891,440 |   |

----

**OWENS        MORTGAGE INVESTMENT FUND,**

|                                                                                                                     |   | **For                  the Three Months Ended** |        | **For                  the Six Months Ended** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|-------------|-----------------------------------------------|--------|
|                                                                                                                     |   | **June                  30,****2007**           |        | **June                  30,****2006**         |   | **June                  30,****2007** |   | **June                  30,****2006** |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| REVENUES:                                                                                                                |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Interest                  income on loans secured by trust deeds                                                         |   | $                                               | 6,231,154   |                                          | $      | 8,101,783 |   | $ | 13,151,913 |   | $ | 15,374,187 |   |
| Gain                  on sale of real estate                                                                             |   |                                            | 112,592     |                                          |   | 54,563 |   |   | 187,707 |   |   | 76,959 |   |
| Rental                  and other income from real estate properties                                                     |   |                                            | 869,744     |                                          |   | 900,196 |   |   | 1,737,867 |   |   | 1,806,525 |   |
| Other                  income                                                                                            |   |                                            | 120,160     |                                          |   | 90,883 |   |   | 265,507 |   |   | 172,832 |   |
| Total                  revenues                                                                                          |   |                                            | 7,333,650   |                                          |   | 9,147,425 |   |   | 15,342,994 |   |   | 17,430,503 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| EXPENSES:                                                                                                                |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Management                  fees to general partner (reversal)                                                           |   |                                            | (266,261    | )                                             |   | 2,754,521 |   |   | 690,080 |   |   | 3,924,816 |   |
| Servicing                  fees to general partner                                                                       |   |                                            | 182,703     |                                          |   | 170,022 |   |   | 365,695 |   |   | 352,268 |   |
| Carried                  interest to general partner                                                                     |   |                                            | —     |                                          |   | 1,097 |   |   | — |   |   | 4,416 |   |
| Administrative                                                                                                           |   |                                            | 12,000      |                                          |   | 12,000 |   |   | 24,000 |   |   | 24,000 |   |
| Legal                  and accounting                                                                                    |   |                                            | 73,174      |                                          |   | 58,855 |   |   | 202,363 |   |   | 146,633 |   |
| Rental                  and other expenses on real estate properties                                                     |   |                                            | 674,878     |                                          |   | 657,262 |   |   | 1,269,757 |   |   | 1,254,245 |   |
| Interest                  expense                                                                                        |   |                                            | 674,583     |                                          |   | 475,622 |   |   | 1,137,498 |   |   | 1,130,461 |   |
| Minority                  interest                                                                                       |   |                                            | 1,137       |                                          |   | (336 | ) |   | 4,822 |   |   | 8,862 |   |
| Provision                  for loan losses                                                                               |   |                                            | 1,647,515   |                                          |   | — |   |   | 1,823,515 |   |   | — |   |
| Recovery                  of losses on real estate held for sale                                                         |   |                                            | —     |                                          |   | — |   |   | (349,224 | ) |   | — |   |
| Other                                                                                                                    |   |                                            | 22,973      |                                          |   | 20,240 |   |   | 27,873 |   |   | 34,990 |   |
| Total                  expenses                                                                                          |   |                                            | 3,022,702   |                                          |   | 4,149,283 |   |   | 5,196,379 |   |   | 6,880,691 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  income from continuing operations                                                                   |   | $                                               | 4,310,948   |                                          | $      | 4,998,142 |   | $ | 10,146,615 |   | $ | 10,549,812 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  loss from discontinued operations                                                                   |   |                                            | —     |                                          |   | (154,761 | ) |   | — |   |   | (216,365 | ) |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                              |   | $                                               | 4,310,948   |                                          | $      | 4,843,381 |   | $ | 10,146,615 |   | $ | 10,333,447 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  income allocated to general partner                                                                 |   | $                                               | 42,811      |                                          | $      | 47,970 |   | $ | 100,642 |   | $ | 102,335 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  income allocated to limited partners                                                                |   | $                                               | 4,268,137   |                                          | $      | 4,795,411 |   | $ | 10,045,973 |   | $ | 10,231,112 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Net                  income allocated to limited partners per weighted average limited                  partnership unit |   | $                                               | .02         |                                          | $      | .02 |   | $ | .04 |   | $ | .04 |   |
|                                                                                                                     |   |                                            |        |                                          |   |   |   |   |   |   |   |   |   |
| Weighted                  average limited partnership units                                                              |   |                                            | 285,736,000 |                                          |   | 286,575,000 |   |   | 285,799,000 |   |   | 286,568,000 |   |

----

**OWENS        MORTGAGE INVESTMENT FUND,**

|                                                                                                                |   | **June                  30** |         | **June                  30** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------------|------------------------------|--------|
|                                                                                                                |   | **2007**                     |         | **2006**                     |   |
| CASH                  FLOWS FROM OPERATING ACTIVITIES:                                                              |   |                         |         |                         |   |   |   |
| Net                  Income                                                                                         |   | $                            | 10,146,615   |                         | $      | 10,333,447 |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities: |   |                         |         |                         |   |   |   |
| Gain                  on sale of real estate properties                                                             |   |                         | (187,707     | )                            |   | (76,959 | ) |
| Gain                  on sale of discontinued operation                                                             |   |                         | —      |                         |   | (4,048 | ) |
| Provision                  for loan losses                                                                          |   |                         | 1,823,515    |                         |   | — |   |
| Recovery                  of losses on real estate held for sale                                                    |   |                         | (349,224     | )                            |   | — |   |
| Depreciation                  and amortization                                                                      |   |                         | 344,347      |                         |   | 370,617 |   |
| Changes                  in operating assets and liabilities:                                                       |   |                         |         |                         |   |   |   |
| Interest                  and other receivables                                                                     |   |                         | (255,944     | )                            |   | (1,470,023 | ) |
| Due                  from general partner                                                                           |   |                         | (280,263     | )                            |   | — |   |
| Accounts                  payable and accrued liabilities                                                           |   |                         | 26,974       |                         |   | (463,030 | ) |
| Due                  to general partner                                                                             |   |                         | (231,439     | )                            |   | 2,126,369 |   |
| Interest                  payable to general partner                                                                |   |                         | —      |                         |   | 27,223 |   |
| Net                  cash provided by operating activities                                                          |   |                         | 11,036,874   |                         |   | 10,843,596 |   |
|                                                                                                                |   |                         |         |                         |   |   |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES:                                                              |   |                         |         |                         |   |   |   |
| Investment                  in loans secured by trust deeds                                                         |   |                         | (106,871,417 | )                            |   | (102,337,414 | ) |
| Principal                  collected on loans                                                                       |   |                         | 69,632,576   |                         |   | 89,360,668 |   |
| Sales                  of loans to third parties                                                                    |   |                         | 12,348,525   |                         |   | 23,000,000 |   |
| Investment                  in real estate properties                                                               |   |                         | (111,596     | )                            |   | (570,857 | ) |
| Net                  proceeds from disposition of real estate properties                                            |   |                         | 822,101      |                         |   | 777,673 |   |
| Minority                  interest in limited liability companies                                                   |   |                         | (18,650      | )                            |   | (3,738 | ) |
| Net                  cash (used in) provided by investing activities                                                |   |                         | (24,198,461  | )                            |   | 10,226,332 |   |
|                                                                                                                |   |                         |         |                         |   |   |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES:                                                              |   |                         |         |                         |   |   |   |
| Proceeds                  from sale of partnership units                                                            |   |                         | 1,614,000    |                         |   | 129,832 |   |
| Proceeds                  from origination of note payable                                                          |   |                         | —      |                         |   | — |   |
| Net                  advances (repayments) on line of credit                                                        |   |                         | 7,384,000    |                         |   | (11,724,000 | ) |
| Partners’                  cash distributions                                                                 |   |                         | (3,408,133   | )                            |   | (3,291,524 | ) |
| Partners’                  capital withdrawals                                                                |   |                         | (8,461,087   | )                            |   | (6,866,071 | ) |
| Net                  cash used in financing activities                                                              |   |                         | (2,871,220   | )                            |   | (21,751,763 | ) |
|                                                                                                                |   |                         |         |                         |   |   |   |
| Net                  decrease in cash and cash equivalents                                                          |   |                         | (16,032,807  | )                            |   | (681,835 | ) |
|                                                                                                                |   |                         |         |                         |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                   |   |                         | 23,283,770   |                         |   | 6,139,028 |   |
|                                                                                                                |   |                         |         |                         |   |   |   |
| Cash                  and cash equivalents at end of period                                                         |   | $                            | 7,250,963    |                         | $      | 5,457,193 |   |
|                                                                                                                |   |                         |         |                         |   |   |   |
| Supplemental                  Disclosures of Cash Flow Information                                                  |   |                         |         |                         |   |   |   |
| Cash                  paid during the period for interest                                                           |   | $                            | 1,024,574    |                         | $      | 1,076,236 |   |

----

**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

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

***Management        Estimates***

**Income        Taxes**

**Partners’        Capital**

----

**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        2 - LOANS SECURED BY TRUST DEEDS AND ALLOWANCE FOR LOAN        LOSSES**

|                                             |   | **2007** |        |   | **2006** |   |
|--------------------------------------------------|--------|----------|-------------|--------|----------|--------|
| By                  Property Type:               |   |     |        |   |     |   |
| Commercial                                       |   | $        | 140,839,012 |   |     | $      | 112,355,502 |   |
| Condominiums                                     |   |     | 74,467,397  |   |     |   | 61,110,134 |   |
| Apartments                                       |   |     | 5,773,893   |   |     |   | 11,416,257 |   |
| Single                  family homes (1-4 Units) |   |     | 650,000     |   |     |   | 650,000 |   |
| Improved                  and unimproved land    |   |     | 46,727,645  |   |     |   | 64,611,738 |   |
|                                             |   |     |        |   |     |   |   |   |
|                                             |   | $        | 268,457,947 |   |     | $      | 250,143,631 |   |
|                                             |   |     |        |   |     |   |   |   |
| By                  Deed Order:                  |   |     |        |   |     |   |   |   |
| First                  mortgages                 |   | $        | 259,284,438 |   |     | $      | 231,040,770 |   |
| Second                  mortgages                |   |     | 9,173,509   |   |     |   | 19,102,861 |   |
|                                             |   |     |        |   |     |   |   |   |
|                                             |   | $        | 268,457,947 |   |     | $      | 250,143,631 |   |

----

**OWENS                MORTGAGE INVESTMENT                FUND,**

|                                       |   | **Fixed****Interest****Rate** |        |   | **Variable****Interest****Rate** |   |       | **Total** |   |
|--------------------------------------------|--------|-------------------------------|-------------|--------|----------------------------------|--------|------------|-----------|--------|
|                                       |   |                          |        |   |                             |   |       |      |   |   |   |   |
| Year                  ending June 30:      |   |                          |        |   |                             |   |       |      |   |   |   |   |
| 2007                  (past maturity)      |   | $                             | 65,438,488  |   |                             | $      | 1,600,000  |      |   | $ | 67,038,488 |   |
| 2008                                       |   |                          | 147,032,489 |   |                             |   | —    |      |   |   | 147,032,489 |   |
| 2009                                       |   |                          | 24,736,605  |   |                             |   | —    |      |   |   | 24,736,605 |   |
| 2010                                       |   |                          | 6,934,506   |   |                             |   | —    |      |   |   | 6,934,506 |   |
| 2011                                       |   |                          | —     |   |                             |   | 61,643     |      |   |   | 61,643 |   |
| 2012                                       |   |                          | —     |   |                             |   | —    |      |   |   | — |   |
| Thereafter                  (through 2016) |   |                          | 726,540     |   |                             |   | 21,927,676 |      |   |   | 22,654,216 |   |
|                                       |   |                          |        |   |                             |   |       |      |   |   |   |   |
|                                       |   | $                             | 244,868,628 |   |                             | $      | 23,589,319 |      |   | $ | 268,457,947 |   |

|                      |   | **June                  30, 2007****Balance** |        | **Portfolio****Percentage** |    | **December                  31, 2006****Balance** |   | **Portfolio****Percentage** |   |
|---------------------------|--------|-----------------------------------------------|-------------|-----------------------------|---------|---------------------------------------------------|--------|-----------------------------|--------|
|                      |   |                                          |        |                        |    |                                              |   |                        |   |   |   |
| Arizona                   |   | $                                             | 13,178,116  |                        | 4.91%   |                                              | $      | 29,382,542                  |   | 11.75% |   |
| California                |   |                                          | 164,575,359 |                        | 61.30%  |                                              |   | 141,737,933                 |   | 56.66% |   |
| Colorado                  |   |                                          | 14,000,000  |                        | 5.21%   |                                              |   | 14,000,000                  |   | 5.60% |   |
| Florida                   |   |                                          | 26,694,442  |                        | 9.94%   |                                              |   | —                     |   | —% |   |
| Hawaii                    |   |                                          | 1,300,000   |                        | 0.48%   |                                              |   | 1,300,000                   |   | 0.52% |   |
| Idaho                     |   |                                          | 3,362,804   |                        | 1.25%   |                                              |   | 3,245,264                   |   | 1.30% |   |
| Nevada                    |   |                                          | 1,753,206   |                        | 0.65%   |                                              |   | 19,534,922                  |   | 7.81% |   |
| New                  York |   |                                          | 9,420,000   |                        | 3.51%   |                                              |   | —                     |   | —% |   |
| Tennessee                 |   |                                          | 9,567,303   |                        | 3.56%   |                                              |   | 7,769,947                   |   | 3.11% |   |
| Texas                     |   |                                          | 2,635,000   |                        | 0.98%   |                                              |   | 2,635,000                   |   | 1.05% |   |
| Utah                      |   |                                          | 5,088,893   |                        | 1.90%   |                                              |   | 13,516,257                  |   | 5.40% |   |
| Virginia                  |   |                                          | 2,230,000   |                        | 0.83%   |                                              |   | 2,230,000                   |   | 0.89% |   |
| Washington                |   |                                          | 14,652,824  |                        | 5.46%   |                                              |   | 14,791,766                  |   | 5.91% |   |
|                      |   |                                          |        |                        |    |                                              |   |                        |   |   |   |
|                      |   | $                                             | 268,457,947 |                        | 100.00% |                                              | $      | 250,143,631                 |   | 100.00% |   |

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**OWENS              MORTGAGE INVESTMENT              FUND,**

|   | As                  of June 30, 2007 and December 31, 2006, the Partnership had thirteen                  and                  eight impaired loans, respectively, that were delinquent in monthly                  payments greater than ninety days totaling approximately $43,105,000                  and                  $18,835,000, respectively.  In addition, as of June 30, 2007 and                  December 31, 2006, the Partnership had eleven and eleven loans,                  respectively, that were past maturity (delinquent in principal)                  but                  current in monthly payments totaling approximately $32,563,000                  and                  $55,682,000, respectively (combined total of delinquent loans of                  $75,668,000 and $74,517,000, respectively). Of these loans, approximately                  $20,926,000 and $0, respectively, were in the process of foreclosure                  and                  $1,600,000 and $8,176,000, respectively, involved borrowers who                  were in                  bankruptcy as of June                  30, 2007                  and December 31, 2006. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In                  July 2007 (subsequent to quarter end), the Partnership began foreclosure                  proceedings by filing notices of default on two delinquent loans                  with                  aggregate principal balances totaling approximately $10,500,000                  as of June                  30, 2007.  In August 2007, the Partnership foreclosed on a                  $3,268,000 first mortgage loan secured by a mixed-use retail building                  in                  the process of rehabilitation located in Sacramento, California                  and                  unimproved land located in Marysville, California and obtained                  the                  properties via the trustee’s sale. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**OWENS              MORTGAGE INVESTMENT              FUND,**

|                                          |   | **Three                  Months Ended June 30,** |       | **Six                  Months Ended June 30,** |   |
|-----------------------------------------------|--------|--------------------------------------------------|------------|------------------------------------------------|--------|
|                                          |   | **2007**                                         |       | **2006**                                       |   | **2007** |   | **2006** |   |
| Balance,                  beginning of period |   | $                                                | 4,401,000  |                                           | $      | 4,150,000 |   | $ | 4,225,000 |   | $ | 4,150,000 |   |
| Provision                                     |   |                                             | 1,647,515  |                                           |   | — |   |   | 1,823,515 |   |   | — |   |
| Recovery                  of bad debts        |   |                                             | —    |                                           |   | — |   |   | — |   |   | — |   |
| Charge-off                                    |   |                                             | (1,378,515 | )                                              |   | — |   |   | (1,378,515 | ) |   | — |   |
| Balance,                  end of period       |   | $                                                | 4,670,000  |                                           | $      | 4,150,000 |   | $ | 4,670,000 |   | $ | 4,150,000 |   |

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**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        3 - REAL ESTATE HELD FOR SALE**

|                                                                                                                                                                                     |   | **2007** |       | **2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| Manufactured                  home subdivision development,  Ione, California                                                                                                  |   | $        | 857,346    |     | $      | 869,450 |   |
| Undeveloped                  land, Gresham, Oregon, net of valuation allowance of $0 in 2007                  and                  $250,000 in 2006                                      |   |     | 1,524,048  |     |   | 1,374,048 |   |
| Undeveloped                  land, San Jose, California                                                                                                                                  |   |     | 3,025,992  |     |   | 3,025,992 |   |
| Industrial                  land and buildings, Santa Clara, California                                                                                                                  |   |     | 4,258,407  |     |   | 4,258,407 |   |
| Three                  condominium units, Lincoln City, Oregon, net of valuation allowance                  of                  $155,388 in 2006 (held within Oregon Leisure Homes, LLC) |   |     | —    |     |   | 415,338 |   |
| Manufactured                  home subdivision development, Lake Charles, Louisiana (held within                  Dation,                  LLC)                                          |   |     | 2,804,725  |     |   | 2,811,468 |   |
|                                                                                                                                                                                     |   | $        | 12,470,518 |     | $      | 12,754,703 |   |

|                                          |   | **Three                  Months Ended June 30,** |    | **Six                  Months Ended June 30,** |   |
|-----------------------------------------------|--------|--------------------------------------------------|---------|------------------------------------------------|--------|
|                                          |   | **2007**                                         |    | **2006**                                       |   | **2007** |   | **2006** |   |
| Balance,                  beginning of period |   | $                                                | — |                                           | $      | 660,000 |   | $ | 405,388 |   | $ | 660,000 |   |
| Provision                                     |   |                                             | — |                                           |   | — |   |   | — |   |   | — |   |
| Recovery                  of bad debts        |   |                                             | — |                                           |   | — |   |   | (405,388 | ) |   | — |   |
| Charge-off                                    |   |                                             | — |                                           |   | — |   |   | — |   |   | — |   |
| Balance,                  end of period       |   | $                                                | — |                                           | $      | 660,000 |   | $ | — |   | $ | 660,000 |   |

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**OWENS              MORTGAGE INVESTMENT              FUND,**

*Oregon        Leisure Homes, LLC*

*Dation,        LLC*

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**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        4 - REAL ESTATE HELD FOR INVESTMENT**

|                                                             |   | **2007** |       |   | **2006** |   |
|------------------------------------------------------------------|--------|----------|------------|--------|----------|--------|
| Land                                                             |   | $        | 9,799,063  |   |     | $      | 4,349,063 |   |
| Buildings                                                        |   |     | 10,122,730 |   |     |   | 10,108,411 |   |
| Improvements                                                     |   |     | 4,181,282  |   |     |   | 4,134,381 |   |
| Other                                                            |   |     | 730,074    |   |     |   | 699,708 |   |
|                                                             |   |     | 24,833,149 |   |     |   | 19,291,563 |   |
| Less:                  Accumulated depreciation and amortization |   |     | (2,671,193 | )      |     |   | (2,345,871 | ) |
|                                                             |   | $        | 22,161,956 |   |     | $      | 16,945,692 |   |

*Bayview        Gardens, LLC*

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**OWENS              MORTGAGE INVESTMENT              FUND,**

*720        University, LLC*

**NOTE        5 - TRANSACTIONS WITH AFFILIATES**

|   | In                  consideration of the management services rendered to the Partnership,                  Owens Financial Group, Inc. (“OFG”), 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        6 - NOTE PAYABLE**

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**OWENS              MORTGAGE INVESTMENT              FUND,**

**NOTE        7 - LINE OF CREDIT PAYABLE**

**NOTE        8 - COMMITMENTS AND CONTINGENCIES**

**Construction/Rehabilitation        Loans**

**Legal        Proceedings**

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**PART        I – Item 2.**

**MANAGEMENT’S        DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND        RESULTS OF OPERATIONS**

**Forward        Looking Statements**

**Related        Parties**

| ·   | ***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 $(266,000) and $2,755,000 for the three                  months                  ended June 30, 2007 and 2006, respectively (reflecting reversal                  of prior                  quarter’s management fees during the quarter ended June 30,                  2007). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | ***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 $183,000 and $170,000 for the three months                  ended                  June 30, 2007 and 2006,                  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 |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | ***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 $17,000                  and                  $262,000 for the three months ended June 30, 2007 and 2006,                  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 $8,000 and $39,000 for the three months ended June                  30, 2007                  and 2006, 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 $12,000                  and                  $12,000 during the three months ended June 30, 2007 and 2006,                  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 June 30, 2007, the General Partner                  has made                  cash capital contributions of $1,445,000 to the Partnership. The                  General                  Partner is required to continue cash capital contributions to the                  Partnership in order to maintain its required capital                  balance.** **The carried interest expense charged to the                  Partnership was $0 and $1,000 for the three months ended June 30,                  2007 and                  2006, respectively. |
|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Results        of Operations**

***Overview***

----

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

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

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

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

|   | · | the                  level of delinquencies on mortgage                  loans; |
|--------|--------|---------------------------------------------------------------------------------|

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

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

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***Summary        of Financial Results***

|                                                                                                                     |   | **Three                  Months Ended June 30,** |        | **Six                  Months Ended June 30,** |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|-------------|------------------------------------------------|--------|
|                                                                                                                     |   | **2007**                                         |        | **2006**                                       |   | **2007** |   | **2006** |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Total                  revenues                                                                                          |   | $                                                | 7,333,650   |                                           | $      | 9,147,425 |   | $ | 15,342,994 |   | $ | 17,430,503 |   |
| Total                  expenses                                                                                          |   |                                             | 3,022,702   |                                           |   | 4,149,283 |   |   | 5,196,379 |   |   | 6,880,691 |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Net                  income from continuing operations                                                                   |   | $                                                | 4,310,948   |                                           | $      | 4,998,142 |   | $ | 10,146,615 |   | $ | 10,549,812 |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Net                  loss from discontinued operations                                                                   |   |                                             | —     |                                           |   | (154,761 | ) |   | — |   |   | (216,365 | ) |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                              |   | $                                                | 4,310,948   |                                           | $      | 4,843,381 |   | $ | 10,146,615 |   | $ | 10,333,447 |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Net                  income allocated to limited partners                                                                |   | $                                                | 4,268,137   |                                           | $      | 4,795,411 |   | $ | 10,045,973 |   | $ | 10,231,112 |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Net                  income allocated to limited partners per weighted average limited                  partnership unit |   | $                                                | .02         |                                           | $      | .02 |   | $ | .04 |   | $ | .04 |   |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Annualized                  rate of return to limitedpartners                  (1)                                       |   |                                             | 6.0         | %                                              |   | 6.7 | % |   | 7.0 | % |   | 7.1 | % |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Distribution                  per partnership unit (yield) (2)                                                           |   |                                             | 7.7         | %                                              |   | 7.5 | % |   | 7.7 | % |   | 7.5 | % |
|                                                                                                                     |   |                                             |        |                                           |   |   |   |   |   |   |   |   |   |
| Weighted                  average limited partnership units                                                              |   |                                             | 285,736,000 |                                           |   | 286,575,000 |   |   | 285,799,000 |   |   | 286,568,000 |   |

| (1) | The                  annualized rate of return to limited partners is calculated based                  upon the                  net income allocated to limited partners per weighted average limited                  partnership unit as of June 30, 2007 and 2006 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Three        and Six Months Ended June 30, 2007 Compared to Three and Six Months Ended        June        30, 2006***

*Total        Revenues*

----

*Total        Expenses*

----

*Net        Income from Rental and Other Real Estate Properties*

*Net        Loss from Discontinued Operations*

**Financial        Condition**

***June        30, 2007 and December 31, 2006***

**Loan        Portfolio**

----

|                                             |   | **2007** |        |   | **2006** |   |
|--------------------------------------------------|--------|----------|-------------|--------|----------|--------|
| By                  Property Type:               |   |     |        |   |     |   |
| Commercial                                       |   | $        | 140,839,012 |   |     | $      | 112,355,502 |   |
| Condominiums                                     |   |     | 74,467,397  |   |     |   | 61,110,134 |   |
| Apartments                                       |   |     | 5,773,893   |   |     |   | 11,416,257 |   |
| Single                  family homes (1-4 units) |   |     | 650,000     |   |     |   | 650,000 |   |
| Improved                  and unimproved land    |   |     | 46,727,645  |   |     |   | 64,611,738 |   |
|                                             |   |     |        |   |     |   |   |   |
|                                             |   | $        | 268,457,947 |   |     | $      | 250,143,631 |   |
|                                             |   |     |        |   |     |   |   |   |
| By                  Deed Order:                  |   |     |        |   |     |   |   |   |
| First                  mortgages                 |   | $        | 259,284,438 |   |     | $      | 231,040,770 |   |
| Second                  mortgages                |   |     | 9,173,509   |   |     |   | 19,102,861 |   |
|                                             |   |     |        |   |     |   |   |   |
|                                             |   | $        | 268,457,947 |   |     | $      | 250,143,631 |   |

|   | Changes                  in the allowance for loan losses for the six months ended June                  30, 2007                  and 2006 were as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | **2007** |       | **2006** |   |
|-----------------------------------------------|--------|----------|------------|----------|--------|
| Balance,                  beginning of period |   | $        | 4,401,000  |     | $      | 4,150,000 |   |
| Provision                                     |   |     | 1,823,515  |     |   | — |   |
| Recovery                  of bad debts        |   |     | —    |     |   | — |   |
| Charge-off                                    |   |     | (1,378,515 | )        |   | — |   |
| Balance,                  end of period       |   | $        | 4,670,000  |     | $      | 4,150,000 |   |

**Real        Estate Properties Held for Sale and Investment**

----

|                                          |   | **2007** |     | **2006** |   |
|-----------------------------------------------|--------|----------|----------|----------|--------|
| Balance,                  beginning of period |   | $        | 405,388  |     | $      | 660,000 |   |
| Provision                                     |   |     | —  |     |   | — |   |
| Recovery                  of losses           |   |     | (405,388 | )        |   | — |   |
| Balance,                  end of period       |   | $        | —  |     | $      | 660,000 |   |

**Cash        and Cash Equivalents**

**Due        to/from General Partner**

**Line        of Credit Payable**

**Asset        Quality**

----

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

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

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

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

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

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

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

----

**Liquidity        and Capital Resources**

----

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

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

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

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

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

**Contingency        Reserves**

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**PART        I - Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES        ABOUT MARKET RISK**

**Interest        Earning Assets and Interest Bearing Liabilities**

**Aggregated        by Maturity Date**

**Twelve        Months Ended June 30,**

|                                                 | **2008** | **2009**     | **2010** | **2011**    | **2012** | **Thereafter** | **Total** |
|------------------------------------------------------|----------|--------------|----------|-------------|----------|----------------|-----------|
| ***Interest                  earning assets:***      |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| Money                  market accounts               |     | $6,970,955   |     | —     |     | —        |      | — |   | — |   | — |   | $6,970,955 |
| Average                  interest rate               |     | 4.9%         |     | —     |     | —        |      | — |   | — |   | — |   | 4.9% |
| Loans                  secured by trust deeds        |     | $214,070,977 |     | $24,736,604 |     | $6,934,506     |      | $61,644 |   | — |   | $22,654,216 |   | $268,457,947 |
| Average                  interest rate               |     | 10.7%        |     | 10.4%       |     | 11.5%          |      | 11.0% |   | — |   | 9.7% |   | 10.6% |
|                                                 |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| ***Interest                  bearing liabilities:*** |     |         |     |        |     |           |      |   |   |   |   |   |   |   |
| Note                  payable to bank                |     | —      |     | —     |     | $37,519        |      | $154,911 |   | $162,950 |   | $10,144,620 |   | $10,500,000 |
| Average                  interest rate               |     | —      |     | —     |     | —        |      | 5.1% |   | 5.1% |   | 5.1% |   | 5.1% |
| Line                  of credit payable              |     | $7,384,000   |     | —     |     | —        |      | — |   | — |   | — |   | $7,384,000 |
| Average                  interest rate               |     | 8.3%         |     | —     |     | —        |      | — |   | — |   | — |   | 8.3% |

***Market        Risk***

----

**PART        I - Item 4. CONTROLS AND        PROCEDURES**

**PART        II. OTHER INFORMATION**

**Item        1. Legal Proceedings**

**Item        1A. Risk Factors**

**Item        6. Exhibits**

|   | 10.1Modification                  to Credit Agreement dated July 20,                  2007 |
|--------|--------------------------------------------------------------------------------------------|

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

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

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

----

| Dated:                      August                  14, 2007 |   | **OWENS                  MORTGAGE INVESTMENT FUND,****a                  California Limited Partnership** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |   |                                                                                                      |
|                                                                                                                                                                       |   | **By:**                                                                                                   | **OWENS                  FINANCIAL GROUP, INC., GENERAL PARTNER** |
|                                                                                                                                                                       |   |                                                                                                      |   |
| Dated:                      August                  14, 2007 |   | By:                                                                                                  |  /s/                  William C. Owens |
|                                                                                                                                                                       |   |                                                                                                      | William                  C. Owens, President |
|                                                                                                                                                                       |   |                                                                                                      |   |
| Dated:                      August                  14, 2007 |   | By:                                                                                                  |  /s/                  Bryan H. Draper |
|                                                                                                                                                                       |   |                                                                                                      | Bryan                  H. Draper, Chief Financial Officer |
|                                                                                                                                                                       |   |                                                                                                      |   |
| Dated:                      August                  14, 2007 |   | By:                                                                                                  |  /s/                  Melina A. Platt |
|                                                                                                                                                                       |   |                                                                                                      | Melina                  A. Platt, Controller |

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