Russ Cochran shot a 7-under 65 on Friday at Del Monte for a share of the Pebble Beach Invitational lead with fellow Champions Tour player Kirk Triplett.
Triplett had a 69 at Del Monte to match Cochran at 9-under 135 in the tournament that features 81 players from the PGA, LPGA, Champions and Web.com tours.
John Mallinger, the 2010 winner, was a stroke back after a 69 at Spyglass Hill.
William McGirt and Robert Streb were 7 under. McGirt had a 71 at Spyglass, and Streb shot a 68 at Pebble Beach, the site of the final round Sunday.
Scott Stallings, the first-round leader after a 64 at Del Monte, had a 74 at Spyglass to drop into a group at 6 under with Tommy Gainey, Bryce Molder and Mark Brown.
Hall of Famer Annika Sorenstam was 5 under after a 69 at Spyglass.