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<BODY><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><FONT size=4>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR></FONT><FONT size=3>Washington, D.C. 20549</FONT></B> </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=5><B>FORM 8-K </B></FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CURRENT REPORT</B> </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B> </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Date of Report (Date of earliest event reported): January 19, 2006 </B></FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; <B><FONT size=5>OWENS MORTGAGE INVESTMENT FUND,<BR></FONT><FONT size=3>a California Limited Partnership</FONT></B> </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2><B>California</B></FONT></TD>
<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2><B>000-17248</B></FONT></TD>
<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2><B>68-0023931</B></FONT></TD></TR>
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<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2>(State or other jurisdiction<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of incorporation) </FONT></TD>
<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2>(Commission <BR>&nbsp;File Number) </FONT></TD>
<TD align=center width=250><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;(IRS Employer<BR>Identification No.) </FONT></TD></TR>
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<TD align=left width=500><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;2221 Olympic Boulevard<BR>&nbsp;&nbsp;&nbsp;Walnut Creek, California</B> </FONT></TD>
<TD align=right width=250><FONT face="Times New Roman, Times, Serif" size=2><B>94595</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<TD align=left width=500><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;(Address of principal executive offices) </FONT></TD>
<TD align=right width=250><FONT face="Times New Roman, Times, Serif" size=2>(Zip Code)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Registrant&#146;s telephone number, including area code: <B><U>(925) 935-3840</U></B> </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Not Applicable</B></FONT> </P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Former name or former address, if changed since last report.) </FONT></P>

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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
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<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><U><FONT size=3>TABLE OF CONTENTS</FONT></U></B> </FONT></P>

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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2><B>Section 2 &#150; Financial Information</B> </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2><U>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</U> </FONT></TD></TR>
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<TD align=right width=60><FONT face="Times New Roman, Times, Serif" size=2>(a) </FONT></TD>
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<TD align=left width=775><FONT face="Times New Roman, Times, Serif" size=2><U>Direct Financial Obligation</U> </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On January 13, 2006, the Registrant entered into a new line of credit agreement with a bank, as a lender and as agent for other participating lender banks, pursuant to which they have agreed to provide up to $10,000,000, as revolving loans, as and when requested by the Registrant, until July 31, 2006 (unless extended), to provide interim financing for the acquisition of mortgage loans by the Registrant. This new line of credit supplements an existing $40,000,000 line of credit agreement with a group of banks, entered into as of August 31, 2001, which has been previously reported by the Registrant, most recently on its Form 10-Q for the period ended September 30, 2005, filed on November 15, 2005, and in its Post-Effective Amendment No. 5 to Form S-11, filed on April 18, 2005, both of which are
incorporated herein by reference. The combined borrowings by the Registrant under the two lines of credit cannot at any time exceed $50,000,000. As of the date of this Form 8-K, the total outstanding principal amount of the loans outstanding was $29,900,000, of which $6,600,000 is under the new line of credit. </FONT></TD></TR>
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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings under the two lines of credit bear interest at the bank&#146;s prime rate, which was 7.25% as of the date of this Form 8-K. The interest rates on both lines of credit will be increased by 2% upon an event of default of the Registrant. All assets of the Registrant are pledged as security for the lines of credit pursuant to financing statements. The new line of credit expires on July 31, 2006 and the existing line of credit expires on July 31, 2007. </FONT></TD></TR>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>SIGNATURES </B></FONT></P>

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<TD width=50><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
<TD width=800><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></TD></TR>
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<TD align=left width=375><FONT face="Times New Roman, Times, Serif" size=2><BR><BR><BR><BR><BR><BR>Dated: January 19, 2006</FONT></TD>
<TD align=left width=375><FONT face="Times New Roman, Times, Serif" size=2>OWENS MORTGAGE INVESTMENT FUND,<BR>a California Limited Partnership<BR><BR>By: Owens Financial Group, Inc., General Partner<BR><BR><BR>By: <U>/s/ Bryan H. Draper</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bryan H. Draper, Chief Financial Officer </FONT></TD></TR>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 19, 2006
OWENS MORTGAGE INVESTMENT FUND,
a California Limited Partnership
(Exact name of registrant as specified in its charter)
California
000-17248
68-0023931
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2221 Olympic Boulevard
Walnut Creek, California
94595
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(925) 935-3840
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Section 2 – Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
(a)
Direct Financial Obligation
On January 13, 2006, the Registrant entered into a new line of credit agreement with a bank, as a lender and as agent for other participating lender banks, pursuant to which they have agreed to provide up to $10,000,000, as revolving loans, as and when requested by the Registrant, until July 31, 2006 (unless extended), to provide interim financing for the acquisition of mortgage loans by the Registrant. This new line of credit supplements an existing $40,000,000 line of credit agreement with a group of banks, entered into as of August 31, 2001, which has been previously reported by the Registrant, most recently on its Form 10-Q for the period ended September 30, 2005, filed on November 15, 2005, and in its Post-Effective Amendment No. 5 to Form S-11, filed on April 18, 2005, both of which are
incorporated herein by reference. The combined borrowings by the Registrant under the two lines of credit cannot at any time exceed $50,000,000. As of the date of this Form 8-K, the total outstanding principal amount of the loans outstanding was $29,900,000, of which $6,600,000 is under the new line of credit.
Borrowings under the two lines of credit bear interest at the bank's prime rate, which was 7.25% as of the date of this Form 8-K. The interest rates on both lines of credit will be increased by 2% upon an event of default of the Registrant. All assets of the Registrant are pledged as security for the lines of credit pursuant to financing statements. The new line of credit expires on July 31, 2006 and the existing line of credit expires on July 31, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: January 19, 2006
OWENS MORTGAGE INVESTMENT FUND,
a California Limited Partnership
By: Owens Financial Group, Inc., General Partner
By:
/s/ Bryan H. Draper
Bryan H. Draper, Chief Financial Officer