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          <other otherDesc="Internal Identifier" value="3457239"/>
        </identifiers>
        <balance>3680132.30000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>3680132.30000000</valUSD>
        <pctVal>1.281814757416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D.E. Shaw Oculus Fund, LLC</name>
        <lei>N/A</lei>
        <title>D.E. Shaw Oculus Fund, LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3457683"/>
        </identifiers>
        <balance>33463866.80000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>33463866.80000000</valUSD>
        <pctVal>11.65568920021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D.E. Shaw Valence Fund, L.L.C.</name>
        <lei>N/A</lei>
        <title>D.E. Shaw Valence Fund, L.L.C.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="4179839"/>
        </identifiers>
        <balance>47677064.47000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>47677064.47000000</valUSD>
        <pctVal>16.60624125604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Axon Partners, LP</name>
        <lei>N/A</lei>
        <title>Axon Partners, LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="5224620"/>
        </identifiers>
        <balance>-0.26000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-0.26000000</valUSD>
        <pctVal>-0.00000009055</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Holocene Advisors Fund LP</name>
        <lei>N/A</lei>
        <title>Holocene Advisors Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="5768587"/>
        </identifiers>
        <balance>22209020.81000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>22209020.81000000</valUSD>
        <pctVal>7.735550871916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Axon Partners, LP</name>
        <lei>Q0I1D1LZT14X1H1YYA58</lei>
        <title>Axon Partners, LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="5826054"/>
        </identifiers>
        <balance>-53541.06000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-53541.06000000</valUSD>
        <pctVal>-0.01864871022</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schonfeld Fundamental Equity Fund LLC</name>
        <lei>N/A</lei>
        <title>Schonfeld Fundamental Equity Fund LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7240337"/>
        </identifiers>
        <balance>3996000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>3996000.00000000</valUSD>
        <pctVal>1.391833595394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burford Alternative Income Fund LP</name>
        <lei>N/A</lei>
        <title>Burford Alternative Income Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7255834"/>
        </identifiers>
        <balance>2647768.87000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>2647768.87000000</valUSD>
        <pctVal>0.922235652178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FourSixThree Domestic Fund, LLC</name>
        <lei>N/A</lei>
        <title>FourSixThree Domestic Fund, LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7606887"/>
        </identifiers>
        <balance>11943187.25000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11943187.25000000</valUSD>
        <pctVal>4.159892204864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Squarepoint Focus US Feeder LP</name>
        <lei>N/A</lei>
        <title>Squarepoint Focus US Feeder LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7976289"/>
        </identifiers>
        <balance>24816195.46000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>24816195.46000000</valUSD>
        <pctVal>8.643647285062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Broad Reach (US) Fund LP</name>
        <lei>N/A</lei>
        <title>Broad Reach (US) Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="8609656"/>
        </identifiers>
        <balance>12382852.18000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>12382852.18000000</valUSD>
        <pctVal>4.313030448180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aquatic Argo Fund LP</name>
        <lei>N/A</lei>
        <title>Aquatic Argo Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="8920787"/>
        </identifiers>
        <balance>7503003.91000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>7503003.91000000</valUSD>
        <pctVal>2.613346573652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Squarepoint Core US Feeder LP</name>
        <lei>N/A</lei>
        <title>Squarepoint Core US Feeder LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="8941227"/>
        </identifiers>
        <balance>29035082.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>29035082.00000000</valUSD>
        <pctVal>10.11311375691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viking Global Equities LP</name>
        <lei>N/A</lei>
        <title>Viking Global Equities LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9017497"/>
        </identifiers>
        <balance>16287501.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>16287501.00000000</valUSD>
        <pctVal>5.673045815021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Element Capital US Feeder Fund LLC</name>
        <lei>N/A</lei>
        <title>Element Capital US Feeder Fund LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9806812"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Alternative Investment Partners Absolute Return Fund</ncom:nameOfApplicant>
      <ncom:signature>James F Kirchner</ncom:signature>
      <ncom:signerName>James F Kirchner</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
