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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001343196-11-000001.txt : 20110207
<SEC-HEADER>0001343196-11-000001.hdr.sgml : 20110207
<ACCEPTANCE-DATETIME>20110207160546
ACCESSION NUMBER:		0001343196-11-000001
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20110207
DATE AS OF CHANGE:		20110207
EFFECTIVENESS DATE:		20110207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OWNERS FUND L P
		CENTRAL INDEX KEY:			0001343196
		IRS NUMBER:				202919277
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-82721
		FILM NUMBER:		11578701

	BUSINESS ADDRESS:	
		STREET 1:		919 MILAM SUITE 1900
		STREET 2:		SUITE 1900
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		713-751-8831

	MAIL ADDRESS:	
		STREET 1:		919 MILAM SUITE 1900
		STREET 2:		SUITE 1900
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWNERS FUND, L.P.
		DATE OF NAME CHANGE:	20090209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWNERSsm FUND L P
		DATE OF NAME CHANGE:	20051102
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001343196</cik>
        <entityName>OWNERS FUND L P</entityName>
        <issuerAddress>
            <street1>919 MILAM SUITE 1900</street1>
            <street2>SUITE 1900</street2>
            <city>HOUSTON</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>77002</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>713-751-8831</issuerPhoneNumber>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>OWNERS FUND, L.P.</previousName>
            <previousName>OWNERSsm FUND L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carla</firstName>
                <lastName>Knobloch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>919 Milam</street1>
                <street2>Suite 1900</street2>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>77002</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Owners Fund Management LP is the general partner of the Issuer. The Owners Fund Advisors LLC is the general partner of The Owners Fund Management LP.  Carla Knobloch is the manager and member of The Owners Fund Advisors LLC.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$5,000,001 - $25,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001343196-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-09-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>14085000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>25</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager and affiliate of the Issuer is entitled to a management fee, the terms of which are fully described with the offering materials of the Issuer.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>OWNERS FUND L P</issuerName>
                <signatureName>Carla Knobloch</signatureName>
                <nameOfSigner>Carla Knobloch</nameOfSigner>
                <signatureTitle>Member and Manager of the GP of the GP of the Issuer</signatureTitle>
                <signatureDate>2011-02-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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