-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LCKeUf9KvIU1fBxHcUDzRprTCix4JpxWjTuU8dpLrnVk7msnt20u90j8UaE7aiRK
 cgVECzPyJ2UAIAIr6wq9FQ==

<SEC-DOCUMENT>0001459990-10-000006.txt : 20100308
<SEC-HEADER>0001459990-10-000006.hdr.sgml : 20100308
<ACCEPTANCE-DATETIME>20100305175832
ACCESSION NUMBER:		0001459990-10-000006
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100308
DATE AS OF CHANGE:		20100305
EFFECTIVENESS DATE:		20100308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELLONE MORTGAGE FUND LP
		CENTRAL INDEX KEY:			0001460042
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-128969
		FILM NUMBER:		10661880

	BUSINESS ADDRESS:	
		STREET 1:		6200 E CANYON RIM ROAD
		STREET 2:		SUITE 201
		CITY:			ANAHEIM HILLS
		STATE:			CA
		ZIP:			92807
		BUSINESS PHONE:		714-998-2290

	MAIL ADDRESS:	
		STREET 1:		6200 E CANYON RIM ROAD
		STREET 2:		SUITE 201
		CITY:			ANAHEIM HILLS
		STATE:			CA
		ZIP:			92807
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001460042</cik>
        <entityName>TELLONE MORTGAGE FUND LP</entityName>
        <issuerAddress>
            <street1>6200 E CANYON RIM ROAD</street1>
            <street2>SUITE 201</street2>
            <city>ANAHEIM HILLS</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>92807</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>714-998-2290</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>.</firstName>
                <lastName>Tellone Management Group, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6200 East Canyon Rim Road, Suite 201</street1>
                <city>Anaheim Hills</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92807</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General and Managing Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dean</firstName>
                <middleName>C.</middleName>
                <lastName>Tellone</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6200 East Canyon Rim Road, Suite 201</street1>
                <city>Anaheim Hills</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92807</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>true</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$50,000,001 - $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-012911</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1996-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Tellone Management Group, Inc.</recipientName>
                <recipientCRDNumber>111051</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6200 East Canyon Rim Road, Suite 201</street1>
                    <city>Anaheim Hills</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92807</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>125711675</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>35</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>393</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Not Applicable</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>All adjusted gross proceeds to issuer are allocated to portfolio investment in securities.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>TELLONE MORTGAGE FUND LP</issuerName>
                <signatureName>Dean C. Tellone</signatureName>
                <nameOfSigner>Dean Tellone</nameOfSigner>
                <signatureTitle>Executive Officer</signatureTitle>
                <signatureDate>2010-03-05</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----