January 20, 2017

Supplement

SUPPLEMENT DATED JANUARY 20, 2017 TO THE STATEMENTS OF ADDITIONAL INFORMATION OF
Alternative Investment Partners Absolute Return Fund, dated April 30, 2016
Alternative Investment Partners Absolute Return Fund STS, dated April 30, 2016
AIP Long/Short Fund A, dated April 30, 2016
AIP Long/Short Fund P, dated April 30, 2016
AIP Macro Registered Fund A, dated April 30, 2016
AIP Macro Registered Fund P, dated April 30, 2016
AIP Multi-Strategy Fund A, dated April 30, 2016
AIP Multi-Strategy Fund P, dated April 30, 2016
(each, a "Fund")

Patricia Maleski joined the Board of Trustees of each Fund as an Independent Trustee effective January 1, 2017. In addition, Ms. Maleski has been appointed to the Compliance and Insurance Committee, the Investment Committee and the Liquidity and Alternatives Sub-Committee of the Investment Committee of the Morgan Stanley Funds.

The following is hereby added as the last row in the section of each Fund's Statement of Additional Information entitled "Management of the Fund—Independent Trustees":

Name, Age and
Address		   Position(s)
Held with
Registrant		   Length
of
Time
Served*		   Principal
Occupation(s)
During Past 5 Years
and Other Relevant
Professional
Experience		   Number of
Portfolios
Overseen in
Fund Complex		   Other
Trusteeships/
Directorships
Held Outside
the Fund
Complex During
 Past 5 Years**		  

Independent Trustees

  
Patricia Maleski (56)
c/o Perkins Coie LLP
Counsel to the Independent Trustees
30 Rockefeller Plaza
New York, NY 10112		  

Trustee

   Since
January
2017		  

Management Director, JPMorgan Asset Management (2013-2016); President, JPMorgan Funds (2010-2013),Chief Administrative Officer, JPMorgan Funds (2004-2010),Treasurer, JPMorgan Funds (2003-2004, 2008-2010), and Vice President and Board Liaison, JPMorgan Funds (2001-2004); Managing Director, JPMorgan Investment Management (2001-2013); Vice President of Finance, Pierpont Group (1996-2001); Vice President, Bank of New York (1995-1996); Senior Audit Manager, Price Waterhouse, LLP (1982-1995).

  

91

  

None.

  

The following is hereby added as the penultimate paragraph in the section of each Fund's Statement of Additional Information entitled "Management of the Fund—Experience, Qualifications and Attributes":

Ms. Maleski has over 30 years of experience in the financial services industry and extensive experience with registered investment companies. Ms. Maleski began her career as a certified public accountant at Price Waterhouse LLP and was a member of PW's Investment Company Practice. After a brief stint at the Bank of New York, Ms. Maleski began her affiliation with the JPMorgan Funds, first at the Pierpont Group then from 2001 with JPMorgan Investment Management (JPMIM). From 2001-2013, Ms. Maleski held roles with increasing responsibilities, from Vice President and Board Liaison, Treasurer and Principal Financial Officer, Chief Administrative Officer and finally President and Principal Executive Officer for the JPMorgan Fund Complex. Between 2013 and 2016, Ms. Maleski served as Global Head of Oversight and Control of JPMorgan Asset Management and then as Head of JPMorgan Chase's Fiduciary and Conflicts of Interest Program. Ms. Maleski has extensive experience in the management and operation of funds in addition to regulatory and accounting and valuation matters.

The row of the table in each Fund's Statement of Additional Information entitled "Management of the Fund—Officers" with respect to Ms. Stefanie Chang Yu is hereby deleted and replaced with the following:

Name, Age and Address   Position(s)
Held with
Registrant		   Length of
Time
Served*		  
Principal Occupation(s) During
Past 5 Years		  

Officers**

  
Timothy J. Knierim (57)
522 Fifth Avenue
New York, NY 10036		  

Chief Compliance Officer

  

Since December 2016

  

Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds and the Adviser (since December 2016) and Chief Compliance Officer of Morgan Stanley AIP GP LP (since 2014). Formerly, Managing Director and Deputy Chief Compliance Officer of the Adviser (2014-2016); and formerly, Chief Compliance Officer of Prudential Investment Management, Inc. (2007-2014).

  

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.