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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Two Sigma Spectrum U.S. Fund LP</name>
        <lei>UF5SXRT2PVLWJHYWPI49</lei>
        <title>Two Sigma Spectrum U.S. Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="2627973"/>
        </identifiers>
        <balance>18305021.03000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>18305021.03000000</valUSD>
        <pctVal>6.340820921005</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>Cerberus Partners, LP</name>
        <lei>1O4KCZLRVBPS7HJHCV39</lei>
        <title>Cerberus Partners, LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="2147104"/>
        </identifiers>
        <balance>4959375.33000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>4959375.33000000</valUSD>
        <pctVal>1.717917220419</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>BCIM Credit Opportunities, LP</name>
        <lei>N/A</lei>
        <title>BCIM Credit Opportunities, LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7240337"/>
        </identifiers>
        <balance>1582126.58000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1582126.58000000</valUSD>
        <pctVal>0.548045331480</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="5224620"/>
        </identifiers>
        <balance>-41779.89000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-41779.89000000</valUSD>
        <pctVal>-0.01447246633</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="10745"/>
        </identifiers>
        <balance>11182602.38000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11182602.38000000</valUSD>
        <pctVal>3.873630027858</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>Calibrate Feeder Fund</name>
        <lei>N/A</lei>
        <title>Calibrate Feeder Fund</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="10778"/>
        </identifiers>
        <balance>11265918.88000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11265918.88000000</valUSD>
        <pctVal>3.902490688843</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>26813559.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>26813559.00000000</valUSD>
        <pctVal>9.288160641562</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>3055320.71000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>3055320.71000000</valUSD>
        <pctVal>1.058356690582</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>Torus Feeder 2 LP</name>
        <lei>N/A</lei>
        <title>Torus Feeder 2 LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="11097996"/>
        </identifiers>
        <balance>23759497.80000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>23759497.80000000</valUSD>
        <pctVal>8.230240242604</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 II LP</name>
        <lei>N/A</lei>
        <title>Burford Alternative Income Fund II LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="11343524"/>
        </identifiers>
        <balance>1881075.24000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1881075.24000000</valUSD>
        <pctVal>0.651600520765</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>Eisler Capital Multi Strategy Fund LP</name>
        <lei>N/A</lei>
        <title>Eisler Capital Multi Strategy Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="10466"/>
        </identifiers>
        <balance>13479869.23000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>13479869.23000000</valUSD>
        <pctVal>4.669398450071</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>-0.25000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-0.25000000</valUSD>
        <pctVal>-0.00000008659</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>Alyeska Fund LP</name>
        <lei>N/A</lei>
        <title>Alyeska Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="11407226"/>
        </identifiers>
        <balance>19565364.18000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>19565364.18000000</valUSD>
        <pctVal>6.777401146730</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>Magnetar Capital Fund LP</name>
        <lei>22KSL2QRF8GBJUZ5KM18</lei>
        <title>Magnetar Capital Fund LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1968877"/>
        </identifiers>
        <balance>134442.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>134442.00000000</valUSD>
        <pctVal>0.046570427035</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>QVT Roiv Hldgs Onshore Ltd.</name>
        <lei>N/A</lei>
        <title>QVT Roiv Hldgs Onshore Ltd.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="8787592"/>
        </identifiers>
        <balance>25356.86000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>25356.86000000</valUSD>
        <pctVal>0.008783563160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QVT SLV Onshore Ltd.</name>
        <lei>N/A</lei>
        <title>QVT SLV Onshore Ltd.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3014371"/>
        </identifiers>
        <balance>238485.93000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>238485.93000000</valUSD>
        <pctVal>0.082611026331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>KY</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>2024-10-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Alternative Investment Partners Absolute Return Fund</ncom:nameOfApplicant>
      <ncom:signature>Francis J Smith</ncom:signature>
      <ncom:signerName>Francis J Smith</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
