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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE
COMMISSION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington, D.C.
20549</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">_______________</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT REPORT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to Section&#160;13 or 15(d)
of the Securities Exchange Act of 1934</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported): <font style="DISPLAY: inline; TEXT-DECORATION: underline">October 13,
2009</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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            <td align="left" colspan="9" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td colspan="9" valign="top" width="72%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: times new roman">OWENS
      MORTGAGE INVESTMENT FUND,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">a
      California Limited Partnership</font></div>
            </td>
          </tr><tr>
            <td colspan="9" valign="top" width="72%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr><tr>
            <td colspan="9" valign="top" width="72%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact
      name of registrant as specified in its charter)</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="5" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">California</font></div>
            </td>
            <td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" colspan="9" valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission</font></div>
            </td>
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      </font></td>
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      Employer</font></div>
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          </tr><tr>
            <td valign="top" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of
      incorporation)</font></div>
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      Number)</font></div>
            </td>
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      </font></td>
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            <td align="left" colspan="5" valign="bottom" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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            <td align="left" colspan="5" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2221
      Olympic Boulevard</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="5" valign="top" width="57%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Walnut
      Creek, California</font></div>
            </td>
            <td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" colspan="2" valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">94595</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="9" valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="5" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address
      of principal executive offices)</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" colspan="3" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Zip
      Code)</font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code: <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">(925)&#160;935-3840</font></font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
            <td valign="bottom" width="72%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Not
      Applicable</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="72%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Former
      name or former address, if changed since last
  report.)</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">____________________________________________________________________________________________________________________________________________</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">____________________________________________________________________________________________________________________________________________</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Written communications pursuant to Rule&#160;425 under the Securities Act (17
CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ]
Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">TABLE OF
CONTENTS</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 1.01 Entry into a
Material Definitive Agreement</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 2.04 Triggering Events
That Accelerate or Increase a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 8.01 Other
Events</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 9.01 Financial
Statements and Exhibits</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Signatures</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10 &#8211; Modification to
Credit Agreement (Owens Mortgage Investment Fund)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.1 &#8211; Modification
to Credit Agreement (Owens Financial Group)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 20 &#8211; Prospectus
Supplement No. 2 dated October 19, 2009</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1 &#8211; Registrant&#8217;s Business and Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification to Credit
Agreement of Owens Mortgage Investment Fund</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owens
Mortgage Investment Fund, a California Limited Partnership (&#8220;the Partnership&#8221;)
has a line of credit agreement with a group of banks (&#8220;the Lenders&#8221;), which
provides interim financing on mortgage loans invested in by the Partnership. All
assets of the Partnership are pledged as security for the line of credit. The
line of credit is guaranteed by Owens Financial Group, Inc., the General Partner
of the Partnership. The line of credit matured by its terms on July 31, 2009. On
August 4, 2009, the Partnership received a letter from the Agent for the Lenders
(&#8220;the Agent&#8221;) that stated that the Partnership&#8217;s obligations under the credit
agreement had matured and all principal and accrued interest thereunder was due
and owing. The letter also stated that the Partnership would not be permitted to
receive any further advances under the line of credit. While the letter did not
demand any actions by the Partnership regarding the outstanding line of credit
balance, the letter reserved all of the Lenders&#8217; contractual and legal rights
against the Partnership. As previously reported in a Current Report on Form 8-K
filed August 10, 2009, the General Partner sought to negotiate for the
Partnership a short-term extension of the maturity of the line of
credit.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 13, 2009, a Modification to Credit Agreement (the &#8220;Modification&#8221;) was
executed by the Partnership and the Lenders.&#160;&#160;The Modification
provides for the extension of the line of credit&#8217;s maturity date to March 31,
2010, during which period the Lenders are not required to advance any additional
amounts. Additionally, the Modification requires the Partnership, by October 30,
2009, to:</font></div>
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<tr valign="top">
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deliver
      to the Agent deeds of trust on real property owned by the Partnership
      and/or assignments of promissory notes and related assignments of deeds of
      trusts (collectively, &#8220;Assignments&#8221;) for current performing note
      receivables. The total value of the real estate encumbered by the deeds of
      trust and the value of the notes receivable for which Assignments are
      provided must be at least 200% of the principal balance of the line of
      credit (which balance is currently $39,446,000).&#160;&#160;Such security
      will be removed at the rate of 200% of any principal payments on the line
      of credit.</font></div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provide
      the Agent with title insurance for the deeds of trust delivered to the
      Agent.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Modification also makes other significant modifications to the credit agreement,
including the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
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            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      unpaid principal amount on the line of credit will bear interest prior to
      maturity at a rate per annum equal to 1.50% in excess of the prime rate in
      effect from time to time but in no event will interest accrue at less than
      7.50% per annum.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Partnership&#8217;s &#8220;Profitability&#8221; financial covenant is deleted and replaced
      with a &#8220;Maximum Outstanding Principal to Asset Value Ratio&#8221; financial
      covenant requiring the Partnership not to permit the outstanding principal
      balance on the line of credit to exceed 65% of the sum of (a) the value of
      the Partnership&#8217;s real estate and (b) the principal balance due on the
      Partnership&#8217;s non-delinquent notes
receivable.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      proceeds (less reasonable costs) to the Partnership from liquidating any
      real estate or other investment asset, and all principal payments received
      by the Partnership on notes receivable other than the currently due
      installment (other than at maturity), shall be paid to Lenders for
      application to the outstanding principal balances on the line of
      credit.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Partnership will not be allowed to redeem or repurchase any interest in
      the Partnership or make any distribution of assets to its partners,
      whether cash, property or securities, except that the Partnership may make
      distributions to its partners up to a 3.0% annual return on their
      investment in any one year, provided that no event of default under the
      credit agreement is pending or would be caused by the
      distribution.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
unavailability of further advances on the line of credit, increased interest
rate and other terms and conditions of the Modification reduce the amount of
cash available to the Partnership, for purposes such as Partnership investments,
distributions to limited partners and other expenditures. In order to cause
these restrictions on the Partnership to expire, the Partnership intends to
retire the entire outstanding balance on the line of credit as soon as
practicable and no later than its extended maturity date of
March&#160;31,&#160;2010.&#160;&#160;The Partnership anticipates that it will
have sufficient funds to retire the line of credit, using sales proceeds from
three owned properties currently in contract to be sold and additional
anticipated loan payoffs.&#160;&#160;However, there can be no assurance that
such property sale transactions will be completed promptly, or that such loan
payoffs will be received. On October 15, 2009, subsequent to the Modification
being executed, the Partnership paid the line of credit down by approximately
$8,176,000 with the proceeds of a loan payoff. The balance on the line of credit
is now approximately $31,270,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the execution of the
Modification. Prospectus Supplement No.&#160;2 was sent to the Partnership&#8217;s
limited partners on October 19, 2009, and is included with this report as
Exhibit&#160;20.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification to Credit
Agreement of Owens Financial Group, Inc.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owens
Financial Group, Inc. (the &#8220;General Partner&#8221;) has a line of credit agreement
with the same group of banks that are the Lenders under the Partnership&#8217;s credit
agreement.&#160;&#160;In order to obtain a waiver of financial covenant
violations under the General Partner&#8217;s credit agreement, the General Partner
agreed to have its line of credit frozen as of March 27,
2009.&#160;&#160;Additionally, the General Partner&#8217;s line of credit matured by
its terms on July 31, 2009 and, on August 4, 2009, the General Partner received
a letter from the Agent for the Lenders that stated that all principal and
accrued interest thereunder was due and owing and reserved all of the banks&#8217;
contractual and legal rights against the General Partner.&#160;&#160;The
principal balance of the General Partner&#8217;s line of credit is currently
$13,978,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 13, 2009, a Modification to Credit Agreement (the &#8220;GP Modification&#8221;) was
executed by the General Partner and the Lenders. The GP Modification provides
for the extension of the maturity date of the General Partner&#8217;s line of credit
to July 30, 2010, during which period the Lenders are not required to advance
any additional amounts.&#160;&#160;Additionally, the GP Modification requires
the General Partner, by October&#160;30,&#160;2009, to deliver deeds of trust on
parcels of real property owned by the General Partner and assignments of
promissory notes and related assignments of deeds of trust for notes receivable
in favor of the General Partner to be selected by the Agent in its absolute
discretion, and to provide title insurance for the deeds of trust delivered to
the Agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The GP
Modification also makes other significant modifications to the credit agreement,
including the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      unpaid principal amount on the line of credit will bear interest prior to
      maturity at a rate per annum equal to 1.50% in excess of the prime rate in
      effect from time to time but in no event will interest accrue at less than
      7.50% per annum.</font></div>
            </td>
          </tr></table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      General Partner&#8217;s financial covenants regarding &#8220;Minimum Tangible Net
      Worth&#8221; and &#8220;Total Funded Debt to Tangible Net Worth Ratio&#8221; were modified,
      and the &#8220;Profitability&#8221; financial covenant was deleted and replaced with a
      &#8220;Cash Flow Coverage&#8221; covenant.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      General Partner will not be allowed to purchase or redeem any shares of
      its stock, declare or pay any dividends thereon, make any distributions to
      stockholders or set aside any funds for any such purpose and not prepay,
      purchase or redeem any subordinated debt prior to
  maturity.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 36pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      proceeds (less reasonable costs) to the General Partner from liquidating
      any real estate or other investment asset, and all principal payments
      received by the General Partner on notes receivable other than the
      currently due installment (other than at maturity), shall be paid to
      Lenders for application to the outstanding principal balances on the line
      of credit.</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<tr valign="top">
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              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      General Partner will not be allowed to incur or permit to exist any new
      indebtedness.</font></div>
            </td>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Partnership depends on the General Partner for the conduct of all Partnership
business including, but not limited to, the origination of and accounting for
all mortgage loans and the management of all Partnership assets including
mortgage loans and real estate.&#160;&#160;As a result of the unavailability of
further advances on the line of credit and other terms and conditions of the GP
Modification, the General Partner will continue to experience restricted
liquidity and primarily will fund its operating cash requirements from its
collection of management and servicing fees from the Partnership. Should the
General Partner&#8217;s liquidity problem continue or worsen, the General Partner
might be required to reduce the number of its employees or make other
operational changes that could negatively impact the
Partnership.&#160;&#160;Additionally, the General Partner guarantees the
Partnership&#8217;s bank line of credit, and under its terms, if the General Partner
were to become insolvent or bankrupt, that would constitute an event of default
under the Partnership&#8217;s credit agreement.&#160;&#160;In order to protect the
Partnership from these impacts, the Partnership may have to elect a new General
Partner that may or may not have comparable experience in managing assets such
as those held by the Partnership.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the execution of the GP
Modification. Prospectus Supplement No.&#160;2 was sent to the Partnership&#8217;s
limited partners on October 19, 2009, and is included with this report as
Exhibit&#160;20.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2 &#8211; Financial Information</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="000"><br></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
discussion in Item 1.01 above regarding Modification to Credit Agreement of
Owens Mortgage Investment Fund and Modification to Credit Agreement of Owens
Financial Group, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8 &#8211; Other Events</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
8.01 Other Events.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
October 13, 2009, the General Partner adopted amendments to the Partnership&#8217;s
Sixth Amended and Restated Limited Partnership Agreement, dated March 13,
2001.&#160;&#160;The General Partner adopted the Partnership&#8217;s Seventh Amended
and Restated Limited Partnership Agreement, dated October&#160;13,&#160;2009, in
order to reflect the amendments, in accordance with the General Partner&#8217;s
receipt of the approval of the amendments by limited partners holding a majority
of the Partnership&#8217;s outstanding Units.&#160;&#160;The limited partners&#8217;
approval of the amendments was sought in a Consent Solicitation Statement sent
to the Partnership&#8217;s limited partners on or about
July&#160;1,&#160;2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
principal effect of the adoption of the amendments is to place an annual
aggregate limit of 10% of the Partnership&#8217;s capital on distributions authorized
by the General Partner and withdrawals by limited partners.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the adoption of these
amendments and the resulting modification of the Partnership&#8217;s
Units.&#160;&#160;Prospectus Supplement No.&#160;2 was sent to the Partnership&#8217;s
limited partners on October 19, 2009, and is included with this report as
Exhibit&#160;20.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9 &#8211; Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
9.01 Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
            <td style="WIDTH: 27pt; TEXT-ALIGN: left">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10 &#8211; Modification to
Credit Agreement (Owens Mortgage Investment Fund)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 10.1 &#8211; Modification
to Credit Agreement (Owens Financial Group)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit 20 &#8211; Prospectus
Supplement No. 2 dated October 19, 2009</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="001">SIGNATURES</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>OWENS MORTGAGE INVESTMENT
FUND,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>a California Limited
Partnership</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>By:&#160;&#160;Owens Financial Group,
Inc., General Partner</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;
October 19,
2009&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By:&#160;
<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ William C.
Owens</font></font></div>
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President</font></div><br>
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form8k.htm
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 13,
2009
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
(Commission
(IRS
      Employer
of
      incorporation)
File
      Number)
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 2.04 Triggering Events
That Accelerate or Increase a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement.
Item 8.01 Other
Events
Item 9.01 Financial
Statements and Exhibits
Signatures
Exhibit 10 – Modification to
Credit Agreement (Owens Mortgage Investment Fund)
Exhibit 10.1 – Modification
to Credit Agreement (Owens Financial Group)
Exhibit 20 – Prospectus
Supplement No. 2 dated October 19, 2009
Section
1 – Registrant's Business and Operations
Item
1.01 Entry into a Material Definitive Agreement.
Modification to Credit
Agreement of Owens Mortgage Investment Fund
Owens
Mortgage Investment Fund, a California Limited Partnership ("the Partnership")
has a line of credit agreement with a group of banks ("the Lenders"), which
provides interim financing on mortgage loans invested in by the Partnership. All
assets of the Partnership are pledged as security for the line of credit. The
line of credit is guaranteed by Owens Financial Group, Inc., the General Partner
of the Partnership. The line of credit matured by its terms on July 31, 2009. On
August 4, 2009, the Partnership received a letter from the Agent for the Lenders
("the Agent") that stated that the Partnership's obligations under the credit
agreement had matured and all principal and accrued interest thereunder was due
and owing. The letter also stated that the Partnership would not be permitted to
receive any further advances under the line of credit. While the letter did not
demand any actions by the Partnership regarding the outstanding line of credit
balance, the letter reserved all of the Lenders' contractual and legal rights
against the Partnership. As previously reported in a Current Report on Form 8-K
filed August 10, 2009, the General Partner sought to negotiate for the
Partnership a short-term extension of the maturity of the line of
credit.
On
October 13, 2009, a Modification to Credit Agreement (the "Modification") was
executed by the Partnership and the Lenders.  The Modification
provides for the extension of the line of credit's maturity date to March 31,
2010, during which period the Lenders are not required to advance any additional
amounts. Additionally, the Modification requires the Partnership, by October 30,
2009, to:
·
Deliver
      to the Agent deeds of trust on real property owned by the Partnership
      and/or assignments of promissory notes and related assignments of deeds of
      trusts (collectively, "Assignments") for current performing note
      receivables. The total value of the real estate encumbered by the deeds of
      trust and the value of the notes receivable for which Assignments are
      provided must be at least 200% of the principal balance of the line of
      credit (which balance is currently $39,446,000).  Such security
      will be removed at the rate of 200% of any principal payments on the line
      of credit.
·
Provide
      the Agent with title insurance for the deeds of trust delivered to the
      Agent.
The
Modification also makes other significant modifications to the credit agreement,
including the following:
·
The
      unpaid principal amount on the line of credit will bear interest prior to
      maturity at a rate per annum equal to 1.50% in excess of the prime rate in
      effect from time to time but in no event will interest accrue at less than
      7.50% per annum.
·
The
      Partnership's "Profitability" financial covenant is deleted and replaced
      with a "Maximum Outstanding Principal to Asset Value Ratio" financial
      covenant requiring the Partnership not to permit the outstanding principal
      balance on the line of credit to exceed 65% of the sum of (a) the value of
      the Partnership's real estate and (b) the principal balance due on the
      Partnership's non-delinquent notes
receivable.
·
All
      proceeds (less reasonable costs) to the Partnership from liquidating any
      real estate or other investment asset, and all principal payments received
      by the Partnership on notes receivable other than the currently due
      installment (other than at maturity), shall be paid to Lenders for
      application to the outstanding principal balances on the line of
      credit.
·
The
      Partnership will not be allowed to redeem or repurchase any interest in
      the Partnership or make any distribution of assets to its partners,
      whether cash, property or securities, except that the Partnership may make
      distributions to its partners up to a 3.0% annual return on their
      investment in any one year, provided that no event of default under the
      credit agreement is pending or would be caused by the
      distribution.
The
unavailability of further advances on the line of credit, increased interest
rate and other terms and conditions of the Modification reduce the amount of
cash available to the Partnership, for purposes such as Partnership investments,
distributions to limited partners and other expenditures. In order to cause
these restrictions on the Partnership to expire, the Partnership intends to
retire the entire outstanding balance on the line of credit as soon as
practicable and no later than its extended maturity date of
March 31, 2010.  The Partnership anticipates that it will
have sufficient funds to retire the line of credit, using sales proceeds from
three owned properties currently in contract to be sold and additional
anticipated loan payoffs.  However, there can be no assurance that
such property sale transactions will be completed promptly, or that such loan
payoffs will be received. On October 15, 2009, subsequent to the Modification
being executed, the Partnership paid the line of credit down by approximately
$8,176,000 with the proceeds of a loan payoff. The balance on the line of credit
is now approximately $31,270,000.
The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the execution of the
Modification. Prospectus Supplement No. 2 was sent to the Partnership's
limited partners on October 19, 2009, and is included with this report as
Exhibit 20.
Modification to Credit
Agreement of Owens Financial Group, Inc.
Owens
Financial Group, Inc. (the "General Partner") has a line of credit agreement
with the same group of banks that are the Lenders under the Partnership's credit
agreement.  In order to obtain a waiver of financial covenant
violations under the General Partner's credit agreement, the General Partner
agreed to have its line of credit frozen as of March 27,
2009.  Additionally, the General Partner's line of credit matured by
its terms on July 31, 2009 and, on August 4, 2009, the General Partner received
a letter from the Agent for the Lenders that stated that all principal and
accrued interest thereunder was due and owing and reserved all of the banks'
contractual and legal rights against the General Partner.  The
principal balance of the General Partner's line of credit is currently
$13,978,000.
On
October 13, 2009, a Modification to Credit Agreement (the "GP Modification") was
executed by the General Partner and the Lenders. The GP Modification provides
for the extension of the maturity date of the General Partner's line of credit
to July 30, 2010, during which period the Lenders are not required to advance
any additional amounts.  Additionally, the GP Modification requires
the General Partner, by October 30, 2009, to deliver deeds of trust on
parcels of real property owned by the General Partner and assignments of
promissory notes and related assignments of deeds of trust for notes receivable
in favor of the General Partner to be selected by the Agent in its absolute
discretion, and to provide title insurance for the deeds of trust delivered to
the Agent.
The GP
Modification also makes other significant modifications to the credit agreement,
including the following:
·
The
      unpaid principal amount on the line of credit will bear interest prior to
      maturity at a rate per annum equal to 1.50% in excess of the prime rate in
      effect from time to time but in no event will interest accrue at less than
      7.50% per annum.
·
The
      General Partner's financial covenants regarding "Minimum Tangible Net
      Worth" and "Total Funded Debt to Tangible Net Worth Ratio" were modified,
      and the "Profitability" financial covenant was deleted and replaced with a
      "Cash Flow Coverage" covenant.
·
The
      General Partner will not be allowed to purchase or redeem any shares of
      its stock, declare or pay any dividends thereon, make any distributions to
      stockholders or set aside any funds for any such purpose and not prepay,
      purchase or redeem any subordinated debt prior to
  maturity.
·
All
      proceeds (less reasonable costs) to the General Partner from liquidating
      any real estate or other investment asset, and all principal payments
      received by the General Partner on notes receivable other than the
      currently due installment (other than at maturity), shall be paid to
      Lenders for application to the outstanding principal balances on the line
      of credit.
·
The
      General Partner will not be allowed to incur or permit to exist any new
      indebtedness.
The
Partnership depends on the General Partner for the conduct of all Partnership
business including, but not limited to, the origination of and accounting for
all mortgage loans and the management of all Partnership assets including
mortgage loans and real estate.  As a result of the unavailability of
further advances on the line of credit and other terms and conditions of the GP
Modification, the General Partner will continue to experience restricted
liquidity and primarily will fund its operating cash requirements from its
collection of management and servicing fees from the Partnership. Should the
General Partner's liquidity problem continue or worsen, the General Partner
might be required to reduce the number of its employees or make other
operational changes that could negatively impact the
Partnership.  Additionally, the General Partner guarantees the
Partnership's bank line of credit, and under its terms, if the General Partner
were to become insolvent or bankrupt, that would constitute an event of default
under the Partnership's credit agreement.  In order to protect the
Partnership from these impacts, the Partnership may have to elect a new General
Partner that may or may not have comparable experience in managing assets such
as those held by the Partnership.
The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the execution of the GP
Modification. Prospectus Supplement No. 2 was sent to the Partnership's
limited partners on October 19, 2009, and is included with this report as
Exhibit 20.
Section
2 – Financial Information
Item
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement.
See
discussion in Item 1.01 above regarding Modification to Credit Agreement of
Owens Mortgage Investment Fund and Modification to Credit Agreement of Owens
Financial Group, Inc.
Section
8 – Other Events
Item
8.01 Other Events.
Effective
October 13, 2009, the General Partner adopted amendments to the Partnership's
Sixth Amended and Restated Limited Partnership Agreement, dated March 13,
2001.  The General Partner adopted the Partnership's Seventh Amended
and Restated Limited Partnership Agreement, dated October 13, 2009, in
order to reflect the amendments, in accordance with the General Partner's
receipt of the approval of the amendments by limited partners holding a majority
of the Partnership's outstanding Units.  The limited partners'
approval of the amendments was sought in a Consent Solicitation Statement sent
to the Partnership's limited partners on or about
July 1, 2009.
The
principal effect of the adoption of the amendments is to place an annual
aggregate limit of 10% of the Partnership's capital on distributions authorized
by the General Partner and withdrawals by limited partners.
The
Partnership has supplemented its Prospectus with respect to its offering of
Units of Limited Partnership Interests, as set forth in Prospectus Supplement
No. 2 dated October 19, 2009, in order to reflect the adoption of these
amendments and the resulting modification of the Partnership's
Units.  Prospectus Supplement No. 2 was sent to the Partnership's
limited partners on October 19, 2009, and is included with this report as
Exhibit 20.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
(c)
Exhibits
Exhibit 10 – Modification to
Credit Agreement (Owens Mortgage Investment Fund)
Exhibit 10.1 – Modification
to Credit Agreement (Owens Financial Group)
Exhibit 20 – Prospectus
Supplement No. 2 dated October 19, 2009
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 hereunto
duly authorized.
OWENS MORTGAGE INVESTMENT
FUND,
a California Limited
Partnership
By:  Owens Financial Group,
Inc., General Partner
Dated: 
October 19,
2009                                                      By:
/s/ William C.
Owens
William C. Owens,
President