-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000892712-09-001054.txt : 20091125
<SEC-HEADER>0000892712-09-001054.hdr.sgml : 20091125
<ACCEPTANCE-DATETIME>20091125161427
ACCESSION NUMBER:		0000892712-09-001054
CONFORMED SUBMISSION TYPE:	D
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:		20091125
DATE AS OF CHANGE:		20091125
EFFECTIVENESS DATE:		20091125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M&I INVESTMENT PARTNERS TALF FUND, L.P.
		CENTRAL INDEX KEY:			0001370029
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			WI

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-92346
		FILM NUMBER:		091208600

	BUSINESS ADDRESS:	
		STREET 1:		111 EAST KILBOURN AVE SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-287-8430

	MAIL ADDRESS:	
		STREET 1:		111 EAST KILBOURN AVE SUITE 200
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	M&I INVESTMENT PARTNERS II L P
		DATE OF NAME CHANGE:	20060724
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001370029</cik>
        <entityName>M&amp;I INVESTMENT PARTNERS TALF FUND, L.P.</entityName>
        <issuerAddress>
            <street1>M&amp;I Investment Partners Management, LLC</street1>
            <street2>111 EAST KILBOURN AVENUE</street2>
            <city>MILWAUKEE</city>
            <stateOrCountry>WI</stateOrCountry>
            <zipCode>53202</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>414-287-8043</issuerPhoneNumber>
        <jurisdictionOfInc>WISCONSIN</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>M&amp;I INVESTMENT PARTNERS II L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>M&amp;I Investment Partners Management, LLC</firstName>
                <lastName>M&amp;I Investment Partners Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>M&amp;I Investment Management Corp.</firstName>
                <lastName>M&amp;I Investment Management Corp.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Adviser to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>D.</middleName>
                <lastName>Boritzke</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Lead Portfolio Mananger, Senior Vice President and Director of Fixed Income, M&amp;I Investment Management Corp., Investment Adviser to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <middleName>S.</middleName>
                <lastName>Dean</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Associate Portfolio Mananger, Vice President and Fund Analyst, M&amp;I Investment Management Corp., Investment Adviser to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dave</firstName>
                <middleName>M.</middleName>
                <lastName>Komberec</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Associate Portfolio Mananger, Vice President and Investment Manager, M&amp;I Investment Management Corp., Investment Adviser to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tommy</firstName>
                <middleName>O.</middleName>
                <lastName>Huie</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Oversight and Risk Management, President and Chief Investment Officer, M&amp;I Investment Management Corp., Investment Adviser to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>V.</middleName>
                <lastName>O'Connell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>111 East Kilbourn Avenue</street1>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Client Portfolio Manager and Vice President, M&amp;I Investment Management Corp., Investment Adviser to the Issuer</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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-11-12</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>N/A</street1>
                    <city>N/A</city>
                    <stateOrCountry>XX</stateOrCountry>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>25500000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>16</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>255000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The amount stated is an estimate of management fees for the next twelve months and does not include an annual performance-based fee, which is not determinable at this time.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>M&amp;I INVESTMENT PARTNERS TALF FUND, L.P.</issuerName>
                <signatureName>/s/ M. Gayle Robinson</signatureName>
                <nameOfSigner>M. Gayle Robinson</nameOfSigner>
                <signatureTitle>Secretary, M&amp;I Investment Partners Management, LLC</signatureTitle>
                <signatureDate>2009-11-25</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----