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          <isLoanByFund>N</isLoanByFund>
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      </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>-45443.35000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-45443.35000000</valUSD>
        <pctVal>-0.01508171267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Olympus Peak Onshore LP</name>
        <lei>N/A</lei>
        <title>Olympus Peak Onshore LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="10745"/>
        </identifiers>
        <balance>1609536.72000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1609536.72000000</valUSD>
        <pctVal>0.534172114389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>12013681.73000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>12013681.73000000</valUSD>
        <pctVal>3.987093734225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>27924540.00000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>27924540.00000000</valUSD>
        <pctVal>9.267580161300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>2909162.76000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>2909162.76000000</valUSD>
        <pctVal>0.965491251801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>26858140.16000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>26858140.16000000</valUSD>
        <pctVal>8.913664000060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>1706054.07000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1706054.07000000</valUSD>
        <pctVal>0.566204236604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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="10466"/>
        </identifiers>
        <balance>11837947.56000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11837947.56000000</valUSD>
        <pctVal>3.928771179671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>1280636.60000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1280636.60000000</valUSD>
        <pctVal>0.425016933063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>19893663.91000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>19893663.91000000</valUSD>
        <pctVal>6.602297656036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>130114.73000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>130114.73000000</valUSD>
        <pctVal>0.043182401229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>1918072.27000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1918072.27000000</valUSD>
        <pctVal>0.636568714019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</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>207698.41000000</balance>
        <units>OU</units>
        <descOthUnits>Market Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>207698.41000000</valUSD>
        <pctVal>0.068930828011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="private fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</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>2025-05-20</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>
