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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><b>UNITED STATES<BR>
                                        SECURITIES AND EXCHANGE COMMISSION<BR>
                                              Washington, D.C. 20549</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 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): <u>October 6, 2004</u></b> </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><b>OWENS MORTGAGE INVESTMENT FUND,</b></font><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=4><b>a California Limited Partnership</b></font>
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</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>
</TABLE>
<BR>


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<TR VALIGN="TOP">
     <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>
</TABLE>


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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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<BR><BR>

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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>
</TABLE>
<BR>

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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>
[
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  </FONT></TD>
</TR>
</TABLE>
<BR>

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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>
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  </FONT></TD>
</TR>
</TABLE>
<BR>

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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>
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))  </FONT></TD>
</TR>
</TABLE>
<BR>

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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>
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))  </FONT></TD>
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</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b><u>TABLE OF CONTENTS </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>
<u><A HREF="#Item101">Item 1.01 Entry into a Material Definitive Agreement</A><BR>
<A HREF="#Item901">Item 9.01 Financial Statements and Exhibits</A><BR>
<A HREF="#Signatures">Signatures</A><BR>
<A HREF="omif8kex10-1.htm">Exhibit 10.1 Assignment Agreement and Releas</A>e<BR>
<A HREF="omif8kex10-2.htm">Exhibit 10.2 Amended and Restated Purchase Agreement</A></u> </FONT></TD>
</TR>
</TABLE>
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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
1 &#150; Registrant&#146;s Business and Operations</b>  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=800><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

<A NAME="Item101"></A>
<b><i>Item
1.01 Entry into a Material Definitive Agreement</i></b>  </FONT></TD>
</TR>
</TABLE>
<BR>



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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On
September 27, 2004, Owens Mortgage Investment Fund, a California Limited Partnership (the
&#147;Partnership&#148;), Vestin Fund I, LLC and Vestin Fund II, LLC (collectively, the &#147;Sellers&#148;),
signed an Assignment Agreement and Release (the &#147;Assignment&#148;) with MGI, LLC (the &#147;Assignor&#148;)
and Station Casinos, Inc. (the &#147;Assignee&#148;). In addition, on September 27, 2004, the
Sellers signed an Amended and Restated Purchase Agreement (the &#147;Amended Agreement&#148;) with
Station Casinos, Inc. or its assigns (the &#147;Buyer&#148;).  By their terms, these two agreements
were not to become effective until the closing of the specified transactions through
escrow on October 1, 2004.  </FONT></TD>
</TR>
</TABLE>
<BR>


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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
Sellers were the co-owners of real property and improvements formerly known as the
Castaways Hotel, Casino and Bowling Center located in Las Vegas, Nevada (the &#147;Property&#148;).
 The Sellers obtained joint interests in the Property in February 2004 upon foreclosure
of the deed of trust on the Property in the total amount of $22,200,000.  The Partnership
participates in ownership of deeds of trust with Vestin Fund I, LLC and Vestin Fund II,
LLC, but is otherwise unrelated to these entities.  The Partnership is unrelated to the
Buyer/Assignee and the Assignor. </FONT></TD>
</TR>
</TABLE>
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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On
June 4, 2004, the Sellers had entered into a Purchase Agreement with the Assignor,
whereby the Assignor would purchase the Property from the Sellers at a price of
$21,600,000 secured by a note for the full purchase price.  The note was to bear interest
at 8% per annum payable monthly and be due in two years.  The Assignment (Exhibit 10.1)
signed on September 27, 2004 assigned the right, title and interest in the Purchase
Agreement from the Assignor to the Assignee for a price of $11,982,972 in cash or
immediately available funds. The Assignment was executed concurrently with the Amended
Agreement on September 27, 2004. </FONT></TD>
</TR>
</TABLE>
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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
Amended Agreement (Exhibit 10.2) replaced the Purchase Agreement and provided that the
Buyer would purchase the Property for $21,767,028 from the Sellers. Although it was
signed on September 27, 2004, both it and the Assignment provided that they did not
become effective until the close of escrow on October 1, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>


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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On
October 1, 2004, escrows for the related transactions were closed and the Assignment and
Amended Agreement were made effective.  The Partnership received approximately
$13,239,000 as its portion of the net sales proceeds (62.5%), which resulted in a book
loss to the Partnership of approximately $83,000. </FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>


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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
9 &#150; Financial Statements and Exhibits</b> </FONT></TD>
</TR>
</TABLE>
<BR>

<A NAME="Item901"></A>
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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><i>Item
9.01 Financial Statements and Exhibits</I></b> </FONT></TD>
</TR>
</TABLE>
<BR>


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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>(c)
   Exhibits </b></FONT></TD>
</TR>
</TABLE>
<BR>

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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>
10.1
    Assignment Agreement and Release </FONT></TD>
</TR>
</TABLE>
<BR>

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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>
10.2
    Amended and Restated Purchase Agreement </FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>


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<BR><BR>
<A NAME="Signatures"></A>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>SIGNATURES </b></FONT></P>
<BR>

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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;&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>
</TABLE>
<BR><BR>



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<TR VALIGN="TOP">
     <TD ALIGN=LEFT WIDTH=375><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR><BR><BR><BR>Dated:   October 6, 2004</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/ William C. Owens</u><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William C. Owens, President
</FONT></TD></TR>
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{"company-data": {"conformed-name": "OWENS MORTGAGE INVESTMENT FUND A CALIF LTD PARTNERSHIP", "cik": "0000841501", "assigned-sic": "6221", "irs-number": "680023931", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17248", "film-number": "041067757"}, "business-address": {"street1": "2221 OLYMPIC BLVD", "street2": "P O BOX 2308", "city": "WALNUT CREEK", "state": "CA", "zip": "94595", "phone": "925-280-5393"}, "mail-address": {"street1": "2221 OLYMPIC BLVD", "street2": "P O BOX 2308", "city": "WALNUT CREEK", "state": "CA", "zip": "94595"}, "former-company": [{"former-conformed-name": "OWENS MORTGAGE INVESTMENT FUND", "date-changed": "19940902"}, {"former-conformed-name": "OWENS MORTGAGE INVESTMENT FUND II", "date-changed": "19920703"}]}
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):
October 6, 2004
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
Item 1.01 Entry into a Material Definitive Agreement
Item 9.01 Financial Statements and Exhibits
Signatures
Exhibit 10.1 Assignment Agreement and Releas
e
Exhibit 10.2 Amended and Restated Purchase Agreement
Section
1 – Registrant's Business and Operations
Item
1.01 Entry into a Material Definitive Agreement
On
September 27, 2004, Owens Mortgage Investment Fund, a California Limited Partnership (the
"Partnership"), Vestin Fund I, LLC and Vestin Fund II, LLC (collectively, the "Sellers"),
signed an Assignment Agreement and Release (the "Assignment") with MGI, LLC (the "Assignor")
and Station Casinos, Inc. (the "Assignee"). In addition, on September 27, 2004, the
Sellers signed an Amended and Restated Purchase Agreement (the "Amended Agreement") with
Station Casinos, Inc. or its assigns (the "Buyer").  By their terms, these two agreements
were not to become effective until the closing of the specified transactions through
escrow on October 1, 2004.
The
Sellers were the co-owners of real property and improvements formerly known as the
Castaways Hotel, Casino and Bowling Center located in Las Vegas, Nevada (the "Property").
 The Sellers obtained joint interests in the Property in February 2004 upon foreclosure
of the deed of trust on the Property in the total amount of $22,200,000.  The Partnership
participates in ownership of deeds of trust with Vestin Fund I, LLC and Vestin Fund II,
LLC, but is otherwise unrelated to these entities.  The Partnership is unrelated to the
Buyer/Assignee and the Assignor.
On
June 4, 2004, the Sellers had entered into a Purchase Agreement with the Assignor,
whereby the Assignor would purchase the Property from the Sellers at a price of
$21,600,000 secured by a note for the full purchase price.  The note was to bear interest
at 8% per annum payable monthly and be due in two years.  The Assignment (Exhibit 10.1)
signed on September 27, 2004 assigned the right, title and interest in the Purchase
Agreement from the Assignor to the Assignee for a price of $11,982,972 in cash or
immediately available funds. The Assignment was executed concurrently with the Amended
Agreement on September 27, 2004.
The
Amended Agreement (Exhibit 10.2) replaced the Purchase Agreement and provided that the
Buyer would purchase the Property for $21,767,028 from the Sellers. Although it was
signed on September 27, 2004, both it and the Assignment provided that they did not
become effective until the close of escrow on October 1, 2004.
On
October 1, 2004, escrows for the related transactions were closed and the Assignment and
Amended Agreement were made effective.  The Partnership received approximately
$13,239,000 as its portion of the net sales proceeds (62.5%), which resulted in a book
loss to the Partnership of approximately $83,000.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
(c)
   Exhibits
10.1
    Assignment Agreement and Release
10.2
    Amended and Restated Purchase Agreement
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:   October 6, 2004
OWENS MORTGAGE INVESTMENT FUND,
a California Limited Partnership
By:  Owens Financial Group, Inc., General Partner
By:
/s/ William C. Owens
William C. Owens, President