SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* OWENS WILLIAM C (Last) (First) (Middle) 2221 OLYMPIC BLVD (Street) WALNUT CREEK CA 94595 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol OWENS MORTGAGE INVESTMENT FUND [ N/A ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Dir./Off. of General Partner
	3. Date of Earliest Transaction (Month/Day/Year) 07/31/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Units of Limited Partnership Interests	07/31/2003		P		3,005	A	$1	3,356,945	I	By Owens Financial Group, Inc.(1)(2)
Units of Limited Partnership Interests	07/31/2003		J(3)		3,005	A	$1	3,359,950	I	By Owens Financial Group, Inc.(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* OWENS WILLIAM C (Last) (First) (Middle) 2221 OLYMPIC BLVD (Street) WALNUT CREEK CA 94595 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Dir./Off. of General Partner

1. Name and Address of Reporting Person* DRAPER BRYAN H (Last) (First) (Middle) 2221 OLYMPIC BLVD (Street) WALNUT CREEK CA 94595 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Dir./Off. of General Partner

1. Name and Address of Reporting Person* DUTRA WILLIAM E (Last) (First) (Middle) 2221 OLYMPIC BLVD (Street) WALNUT CREEK CA 94595 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Dir./Off. of General Partner

1. Name and Address of Reporting Person* NAVONE ANDREW J (Last) (First) (Middle) 2221 OLYMPIC BLVD (Street) WALNUT CREEK CA 94595 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Dir./Off. of General Partner

Explanation of Responses:

1. Directors and Officers of General Partner: William C. Owens 56.098% ownership, authorized by the following other beneficial owners to sign this Form 4 Bryan H. Draper 14.634% ownership William E. Dutra 14.634% ownership Andrew J. Navone 14.634% ownership

2. Other Direct and Indirect ownership: For William C. Owens: Indirectly by Investor's Yield, Inc. - $130,259.00 Indirectly by Self as Trustee for Owens Trust Dated 2/24/98 - $6,085.00 Indirectly by Belmar, Limited Partnership - $38,584.05 Indirectly by Spouse - $24,469.00 For Bryan H. Draper: Indirectly by Investor's Yield, Inc. - $33,980.00 Indirectly by Draper Family Partnership - $103,940.50 Directly - $172,202.00 For William E. Dutra: Indirectly by Investor's Yield, Inc. - $33,980.00 Directly - $45,463.00 For Andrew J. Navone: Indirectly by Investor's Yield, Inc. - $33,980.00 Indirectly by Self as Trustee of Navone Family 2001 Revocable Trust - $148,565.00 Indirectly by Emilia Sera Navone, Child (Custodial Account) - $6,061.00 Indirectly by Gianna Mia Navone, Child (Custodial Account) - $15,941.00

3. Carried interest for services provided, paid in Units of Owens Mortgage Investment Fund, pursuant to Limited Partnership Agreement.

	William C. Owens	08/13/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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