# EDGAR Filing Document

**Accession Number:** 0001327228
**File Stem:** 0001410368-25-026651
**Filing Date:** 2025-11
**Character Count:** 28357
**Document Hash:** 5d29c88fda4978b9f5384fc8d9d35077
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-026651.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001410368-25-026651

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alternative Investment Partners Absolute Return Fund
- **CENTRAL INDEX KEY:** 0001327228

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21767
- **FILM NUMBER:** 251499123

**BUSINESS ADDRESS:**
- **STREET 1:** ONE TOWER BRIDGE, 100 FRONT STREET
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428-2881
- **BUSINESS PHONE:** 610-260-7600

**MAIL ADDRESS:**
- **STREET 1:** ONE TOWER BRIDGE, 100 FRONT STREET
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428-2881

## Nport-Ex

<u>ALTERNATIVE INVESTMENT PARTNERS</u> <u>Morgan Stanley</u>

**Alternative Investment Partners Absolute Return Fund**

**Schedule of Investments (Unaudited)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **First**<br>**Acquisition**<br>**Date** |<br>**Cost** |<br>**Fair**<br>**Value** | **Percent**<br>**of Net**<br>**Assets** |
| Investments in Investment Funds |  |  |  |  |
| Commodity Trading Advisors - Managed Futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Squarepoint Core US Feeder LP | 7/1/2020 | $18500000 | $28075272 | 10.10% |
| Total Commodity Trading Advisors - Managed Futures |  | 18500000 | 28075272 | 10.10 |
| Distressed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cerberus Partners, LP | 11/1/2009 | 1191862 | 4393586 | 1.58 |
| &nbsp;&nbsp;&nbsp;Cerberus SPV, LLC | 11/1/2009 | 736311 | 3733666 | 1.34 |
| Total Distressed |  | 1928173 | 8127252 | 2.92 |
| Equity Long/Short - High Hedge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alyeska Fund LP | 6/1/2022 | 14250000 | 22098570 | 7.95 |
| &nbsp;&nbsp;&nbsp;Calibrate Fund Limited | 5/1/2024 | 10400000 | 12680368 | 4.56 |
| &nbsp;&nbsp;&nbsp;Holocene Advisors Fund LP | 4/1/2017 | 9212119 | 21587929 | 7.76 |
| &nbsp;&nbsp;&nbsp;Night Squared Onshore LP | 8/1/2025 | 8500000 | 8608502 | 3.10 |
| &nbsp;&nbsp;&nbsp;North Reef Capital LP | 11/1/2022 | 8204328 | 10197465 | 3.67 |
| Total Equity Long/Short - High Hedge |  | 50566447 | 75172834 | 27.04 |
| Equity Long/Short - Opportunistic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Axon Partners, LP | 10/1/2007 | 4310455 | 1381260 | 0.50 |
| &nbsp;&nbsp;&nbsp;Viking Global Equities LP | 7/1/2023 | 13425000 | 16595365 | 5.97 |
| Total Equity Long/Short - Opportunistic |  | 17735455 | 17976625 | 6.47 |

---

<u>ALTERNATIVE INVESTMENT PARTNERS</u> <u>Morgan Stanley</u>

**Alternative Investment Partners Absolute Return Fund**

**Schedule of Investments (Unaudited) (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **First**<br>**Acquisition**<br>**Date** |<br>**Cost** |<br>**Fair**<br>**Value** | **Percent**<br>**of Net**<br>**Assets** |
| Investments in Investment Funds (continued) |  |  |  |  |
| Event Driven Credit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FourSixThree Domestic Fund, LLC | 8/1/2023 | $10000000 | $12952346 | 4.66% |
| &nbsp;&nbsp;&nbsp;Olympus Peak Onshore LP | 8/1/2020 | 373291 | 434230 | 0.16 |
| Total Event Driven Credit |  | 10373291 | 13386576 | 4.82 |
| Fixed Income Arbitrage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Elan Feeder Fund Ltd. | 12/1/2023 | 6433749 | 7394791 | 2.66 |
| &nbsp;&nbsp;&nbsp;LMR Alpha Rates Trading Fund Ltd. | 8/1/2022 | 7909870 | 10275911 | 3.70 |
| Total Fixed Income Arbitrage |  | 14343619 | 17670702 | 6.36 |
| Macro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Broad Reach (US) Fund LP | 2/1/2020 | 6536665 | 14126125 | 5.08 |
| &nbsp;&nbsp;&nbsp;D.E. Shaw Oculus Fund, L.L.C. | 11/1/2006 | 4174287 | 28051100 | 10.09 |
| Total Macro |  | 10710952 | 42177225 | 15.17 |
| Multi-Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eisler Capital Multi Strategy Fund LP | 2/1/2024 | 10237500 | 10332151 | 3.72 |
| &nbsp;&nbsp;&nbsp;Magnetar Capital Fund LP | 1/1/2008 | 51323 | 133842 | 0.05 |
| &nbsp;&nbsp;&nbsp;QVT SLV Onshore Ltd. | 3/1/2012 | 113939 | 203396 | 0.07 |
| Total Multi-Strategy |  | 10402762 | 10669389 | 3.84 |

---

<u>ALTERNATIVE INVESTMENT PARTNERS</u> <u>Morgan Stanley</u>

**Alternative Investment Partners Absolute Return Fund**

**Schedule of Investments (Unaudited) (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **First**<br>**Acquisition**<br>**Date** |<br>**Cost** |<br>**Fair**<br>**Value** | **Percent**<br>**of Net**<br>**Assets** |
| Investments in Investment Funds (continued) |  |  |  |  |
| Other Directional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BCIM Credit Opportunities, LP | 10/1/2014 | $169335 | $772097 | 0.28% |
| &nbsp;&nbsp;&nbsp;Burford Alternative Income Fund LP | 12/19/2018 | 155835 | 2708835 | 0.98 |
| &nbsp;&nbsp;&nbsp;Burford Alternative Income Fund II LP | 7/1/2022 | 392692 | 1066459 | 0.38 |
| Total Other Directional |  | 717862 | 4547391 | 1.64 |
| Statistical Arbitrage |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aquatic Argo Fund LP | 11/1/2023 | 8500000 | 7966033 | 2.87 |
| &nbsp;&nbsp;&nbsp;D.E. Shaw Valence Fund, L.L.C. | 1/1/2015 | 8162177 | 41017015 | 14.75 |
| &nbsp;&nbsp;&nbsp;Squarepoint Focus US Feeder LP | 9/1/2019 | 12190000 | 24644262 | 8.86 |
| &nbsp;&nbsp;&nbsp;Torus Feeder 2 LP | 5/1/2022 | 13907740 | 24718418 | 8.89 |
| &nbsp;&nbsp;&nbsp;Two Sigma Spectrum U.S. Fund, LP | 5/1/2011 | 4462538 | 12935466 | 4.65 |
| Total Statistical Arbitrage |  | 47222455 | 111281194 | 40.02 |
| Total Investments in Investment Funds |  | $182501016 | $329084460 | 118.38% |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Premier Class 3.23% |  | $2703794 | $2703794 | 0.97% |
| Total Short-Term Investments |  | $2703794 | $2703794 | 0.97% |
| Total Investments in Investment Funds and Short-Term Investments |  | $185204810 | 331788254 | 119.35% |
| Liabilities in excess of Other Assets |  |  | (53782745) | (19.35) |
| Total Net Assets |  |  | $278005509 | 100.00% |

---

<u>ALTERNATIVE INVESTMENT PARTNERS</u> <u>Morgan Stanley</u>

**Alternative Investment Partners Absolute Return Fund**

**Schedule of Investments (Unaudited) (continued)**

**September 30, 2025**

---

| | |
|:---|:---|
| <br>**Strategy Allocation** | **Percent of**<br>**Net**<br>**Assets** |
| Statistical Arbitrage | 40.02% |
| Equity Long/Short - High Hedge | 27.04 |
| Macro | 15.17 |
| Commodity Trading Advisors - Managed Futures | 10.10 |
| Equity Long/Short - Opportunistic | 6.47 |
| Fixed Income Arbitrage | 6.36 |
| Event Driven Credit | 4.82 |
| Multi-Strategy | 3.84 |
| Distressed | 2.92 |
| Other Directional | 1.64 |
| Short-Term Investments | 0.97 |
| Total Investments in Investment Funds and Short-Term Investments | 119.35% |

---

**Notes to Schedule of Investments**

**Portfolio Valuation**

The Board of Trustees (the "Board") of Alternative Investment Partners Absolute Return Fund (the "Fund") has approved procedures pursuant to which the Fund values its investments in Investment Funds at fair value, which ordinarily will be the amount equal to the Fund's pro rata interest in the net asset value of each such Investment Fund ("NAV"), as such value is supplied by, or on behalf of, the Investment Fund's investment manager from time to time, usually monthly. Values received from, or on behalf of, the Investment Funds' respective investment managers are typically estimates only, subject to subsequent revision by such investment managers. Such values are generally net of management fees and performance incentive fees or allocations payable to the Investment Funds' managers or general partners, pursuant to the Investment Funds' operating agreements. The Investment Funds value their underlying investments in accordance with policies established by each Investment Fund, as described in each of their financial statements or offering memoranda. The Fund's investments in Investment Funds are subject to the terms and conditions of the respective operating agreements and offering memoranda, as appropriate.

The Fund may receive distributions in-kind from Investment Funds, which could include publicly traded common stocks. Common stock, preferred stock, and equity or debt securities ("Direct Investments") listed or traded on a securities exchange are valued at the last known price on that exchange on or prior to the valuation date. When quoted prices are not available, fair value is determined based on other valuation approaches as determined by the Adviser in conjunction with the Valuation Committee.

The Fund's investment adviser (the "Adviser") has designed ongoing due diligence processes with respect to Investment Funds and their investment managers, which assist the Adviser in assessing the quality of information provided by, or on behalf of, each Investment Fund and in determining whether such information continues to be reliable or whether further investigation is necessary. Such investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied by, or on behalf of, such Investment Fund and to determine independently the fair value of the Fund's interest in such Investment Fund, consistent with the Fund's fair valuation procedures.

Where no value is readily available from an Investment Fund or where a value supplied by an Investment Fund is deemed by the Adviser not to be indicative of its fair value, the Adviser will determine the fair value of the Investment Fund. In order to determine the fair value of these Investment Funds, the Adviser has established the Fund of Hedge Funds Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for determining and implementing the Fund's valuation policies and procedures, which have been adopted by the Board, and are subject to Board supervision. The Valuation Committee consists of voting members from Morgan Stanley's accounting, financial reporting and risk management groups, and non-voting members from portfolio management, legal and compliance groups. A member of the portfolio management team may attend each Valuation Committee meeting to provide knowledge, insight, and recommendations on valuation issues. The portfolio management team will recommend to the Valuation Committee a fair value for an investment using valuation techniques such as a market approach or income approach. In applying these valuation techniques, the portfolio management team uses their knowledge of the Investment Fund, industry expertise, information obtained through communication with the Investment Fund's investment manager, and available relevant information as it considers material. After consideration of the portfolio management team's recommendation, the Valuation Committee will determine, in good faith, the fair value of the Investment Fund. The Valuation Committee shall meet at least annually to analyze changes in fair value measurements. Because of the inherent uncertainty of valuation, the fair values of the Fund's investments may differ significantly from the values that would have been used had a ready market for these Investment Funds held by the Fund been available.

**Notes to Schedule of Investments (continued)**

**Short-Term Investments**

Short-term investments are invested in a money market fund. Investments in money market funds are valued at fair value using the net asset value as the price.

**Fair Value of Financial Instruments**

The fair value of the Fund's assets and liabilities that qualify as financial instruments approximates the carrying amounts presented in the Schedule of Investments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund uses a three-tier hierarchy to distinguish between (a) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the fair value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

The inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical investments

● Level 2 – other significant observable inputs (including quoted prices for similar investments) or short-term investments that are valued at amortized cost

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The units of account that are valued by the Fund are its interests in the Investment Funds or other financial instruments and not the underlying holdings of such Investment Funds or other financial instruments. Thus, the inputs used by the Fund to value its investments in each of the Investment Funds or other financial instruments may differ from the inputs used to value the underlying holdings of such Investment Funds or other financial instruments.

The following is a summary of the inputs used for investment tranches as of September 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investments in Investment Funds** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Investments measured**<br>**at NAV** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Commodity Trading Advisors |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Managed Futures | $- | $- | $- | $28075272 | $28075272 |
| &nbsp;&nbsp;&nbsp;Distressed |  |  |  | 8127252 | 8127252 |
| &nbsp;&nbsp;&nbsp;Equity Long/Short - High Hedge |  |  |  | 75172834 | 75172834 |
| &nbsp;&nbsp;&nbsp;Equity Long/Short - Opportunistic |  |  |  | 17976625 | 17976625 |
| &nbsp;&nbsp;&nbsp;Event Driven Credit |  |  |  | 13386576 | 13386576 |
| &nbsp;&nbsp;&nbsp;Fixed Income Arbitrage |  |  |  | 17670702 | 17670702 |
| &nbsp;&nbsp;&nbsp;Macro |  |  |  | 42177225 | 42177225 |
| &nbsp;&nbsp;&nbsp;Multi-Strategy |  |  | 203396 | 10465993 | 10669389 |
| &nbsp;&nbsp;&nbsp;Other Directional |  |  |  | 4547391 | 4547391 |
| &nbsp;&nbsp;&nbsp;Statistical Arbitrage | - | - | - | 111281194 | 111281194 |
| **Total Investments in Investment Funds** | $**-** | $- | $**203396** | $**328881064** | $**329084460** |
| **Short-Term Investments** | $**2703794** | $- | $**-** | $**-** | $**2703794** |

---

**Fair Value of Financial Instruments (continued)**

The following is a reconciliation of Level 3 investment tranches for the period ended September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investment Funds** | **Balance,**<br>**January 1, 2025** | **Transfers**<br>**into Level 3** | **Transfers**<br>**out of Level 3** |<br>**Purchases** | **Sales/**<br>**Distributions** | **Net realized**<br>**gain (loss)** | **Net change in unrealized**<br>**appreciation/depreciation** | **Balance,**<br>**September 30, 2025** |
| &nbsp;&nbsp;&nbsp;Multi-Strategy | $200652 | $- | $- | $- | $- | $- | $2744 | $203396 |
| &nbsp;&nbsp;&nbsp;Private Placement | 2699178 | - | - | - | (2764589) | 2501912 | (2436501) | - |
| **Total Investment Funds** | $**2899830** | $**-** | $**-** | $**-** | $**(2764589)** | $**2501912** | $**(2433757)** | $**203396** |

---

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br>**9/30/2025** | <br>**Valuation technique(s)** | <br>**Unobservable input** |<br>**Range (weighted avearge)** |
| **Investment Funds** |  |  |  |  |
| Multi-Strategy | $203396 | Market approach | Discount for lack of marketability | 10% |
| **Total Investment Funds** | $203396 |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Alternative Investment Partners Absolute Return Fund

- **b. Investment Company Act file number:** 811-21767

- **c. CIK number of Registrant:** 0001327228

- **d. LEI of Registrant:** 549300PFU5CJFCKK4L55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE TOWER BRIDGE, 100 FRONT STREET

  - **City:** WEST CONSHOHOCKEN

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428-2881

  - **Telephone number:** 610-260-7600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Alternative Investment Partners Absolute Return Fund

- **c. LEI of Series:** 549300PFU5CJFCKK4L55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $373155331.02

**Total Liabilities:** $89449718.17

**Net Assets:** $283705612.85

**Cash Not Reported:** $3327221.95

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.99%               | 0.82%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8961982.73              | $-11056069.09                              |
| Month 2  | $1722.66                 | $-3064342.80                               |
| Month 3  | $0.00                    | $1765333.92                                |

### Schedule of Portfolio Investments

| Name                                  | Title                                 | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| D.E. Shaw Valence Fund, L.L.C.        | D.E. Shaw Valence Fund, L.L.C.        | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  41017015 | OU      | $41017015.44  | 14.46%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Holocene Advisors Fund LP             | Holocene Advisors Fund LP             | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  21587929 | OU      | $21587928.93  | 7.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Squarepoint Focus US Feeder LP        | Squarepoint Focus US Feeder LP        | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  24644262 | OU      | $24644262.36  | 8.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cerberus SPV LLC                      | Cerberus SPV LLC                      | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   3733666 | OU      | $3733665.61   | 1.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Axon Partners, LP                     | Axon Partners, LP                     | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   1331676 | OU      | $1331676.29   | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LMR Alpha Rates Trading Fund Limited  | LMR Alpha Rates Trading Fund Limited  | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | KY        |  10275911 | OU      | $10275911.37  | 3.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Calibrate Feeder Fund                 | Calibrate Feeder Fund                 | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | KY        |  12680368 | OU      | $12680368.15  | 4.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| North Reef Capital LP                 | North Reef Capital LP                 | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  10197465 | OU      | $10197464.82  | 3.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| D.E. Shaw Composite Fund LLC          | D.E. Shaw Composite Fund LLC          | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |         0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| QVT Roiv Hldgs Onshore Ltd.           | QVT Roiv Hldgs Onshore Ltd.           | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | KY        |         0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Broad Reach (US) Fund LP              | Broad Reach (US) Fund LP              | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  14126124 | OU      | $14126124.43  | 4.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Viking Global Equities LP             | Viking Global Equities LP             | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  16595365 | OU      | $16595365.00  | 5.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| D.E. Shaw Oculus Fund, LLC            | D.E. Shaw Oculus Fund, LLC            | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  28051100 | OU      | $28051100.11  | 9.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Eisler Capital Multi Strategy Fund LP | Eisler Capital Multi Strategy Fund LP | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  13776201 | OU      | $13776201.05  | 4.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Two Sigma Spectrum U.S. Fund LP       | Two Sigma Spectrum U.S. Fund LP       | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  12935466 | OU      | $12935465.67  | 4.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Night Squared Onshore LP              | Night Squared Onshore LP              | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   8608502 | OU      | $8608501.55   | 3.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Elan Feeder Fund Ltd.                 | Elan Feeder Fund Ltd.                 | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | KY        |   7394791 | OU      | $7394790.88   | 2.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cerberus Partners, LP                 | Cerberus Partners, LP                 | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   4393586 | OU      | $4393585.90   | 1.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BCIM Credit Opportunities, LP         | BCIM Credit Opportunities, LP         | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |    772097 | OU      | $772097.23    | 0.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Olympus Peak Onshore LP               | Olympus Peak Onshore LP               | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |    434230 | OU      | $434230.33    | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Aquatic Argo Fund LP                  | Aquatic Argo Fund LP                  | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   7966033 | OU      | $7966033.03   | 2.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FourSixThree Domestic Fund, LLC       | FourSixThree Domestic Fund, LLC       | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  12952346 | OU      | $12952346.21  | 4.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Squarepoint Core US Feeder LP         | Squarepoint Core US Feeder LP         | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  28075272 | OU      | $28075272.00  | 9.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Burford Alternative Income Fund II LP | Burford Alternative Income Fund II LP | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   1066459 | OU      | $1066459.13   | 0.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Torus Feeder 2 LP                     | Torus Feeder 2 LP                     | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  24718418 | OU      | $24718417.96  | 8.71%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Burford Alternative Income Fund LP    | Burford Alternative Income Fund LP    | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |   2708835 | OU      | $2708835.20   | 0.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Element Capital US Feeder Fund LLC    | Element Capital US Feeder Fund LLC    | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |         0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Magnetar Capital Fund LP              | Magnetar Capital Fund LP              | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |    133842 | OU      | $133842.00    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Alyeska Fund LP                       | Alyeska Fund LP                       | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  22098570 | OU      | $22098570.35  | 7.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Voloridge Fund, LP                    | Voloridge Fund, LP                    | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | US        |  12068305 | OU      | $12068304.83  | 4.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| QVT SLV Onshore Ltd.                  | QVT SLV Onshore Ltd.                  | CUSIP: 000000000<br>LEI: N/A | Long             |  | PF                | KY        |    203396 | OU      | $203395.63    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Alternative Investment Partners Absolute Return Fund

**Signature:** Francis J Smith

**Name of Signer:** Francis J Smith

**Title:** Principal Financial Officer