-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 zyZ2NstGVy8RYVSwKmsiWA==

<SEC-DOCUMENT>0001263633-09-000004.txt : 20090310
<SEC-HEADER>0001263633-09-000004.hdr.sgml : 20090310
<ACCEPTANCE-DATETIME>20090309204519
ACCESSION NUMBER:		0001263633-09-000004
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)(7)
FILED AS OF DATE:		20090310
DATE AS OF CHANGE:		20090309
EFFECTIVENESS DATE:		20090310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TALON TOTAL RETURN QP PARTNERS LP
		CENTRAL INDEX KEY:			0001263633
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-58574
		FILM NUMBER:		09667606

	BUSINESS ADDRESS:	
		STREET 1:		C/O TTRP EQUITY PARTNERS LLC
		STREET 2:		ONE NORTH FRANKLIN STREET, SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-422-5400

	MAIL ADDRESS:	
		STREET 1:		C/O TTRP EQUITY PARTNERS LLC
		STREET 2:		ONE NORTH FRANKLIN STREET, SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001263633</cik>
        <entityName>TALON TOTAL RETURN QP PARTNERS LP</entityName>
        <issuerAddress>
            <street1>C/O TTRP EQUITY PARTNERS LLC</street1>
            <street2>ONE NORTH FRANKLIN STREET, SUITE 900</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60606</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-422-5400</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
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        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
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            <overFiveYears>true</overFiveYears>
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    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>TTRP Equity Partners LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One North Frankin Street, Suite 900</street1>
                <street2></street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Talon Total Return Managers LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Terry</firstName>
                <middleName>D.</middleName>
                <lastName>Diamond</lastName>
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            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bruce</firstName>
                <middleName></middleName>
                <lastName>Beerbower</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Evan</firstName>
                <middleName></middleName>
                <lastName>Dreyfuss</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edwin</firstName>
                <middleName>B.</middleName>
                <lastName>Ruthman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <middleName>R.</middleName>
                <lastName>Wilson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>E.</middleName>
                <lastName>Wolf</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName></middleName>
                <lastName>Kelson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName></middleName>
                <lastName>Wamp</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Talon Asset Management LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o TTRP Equity Partners LLC</street1>
                <street2>One North Franklin Street, Suite 900</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-020482</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2003-06-01</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>120770610</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>137</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>TALON TOTAL RETURN QP PARTNERS LP</issuerName>
                <signatureName>Bruce Beerbower</signatureName>
                <nameOfSigner>Bruce Beerbower</nameOfSigner>
                <signatureTitle>CFO and Member of the Manager of the General Partner</signatureTitle>
                <signatureDate>2009-03-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
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</TEXT>
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</SEC-DOCUMENT>
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