January 8, 2015

Supplement

SUPPLEMENT DATED JANUARY 8, 2015 TO THE STATEMENTS OF ADDITIONAL INFORMATION OF

Alternative Investment Partners Absolute Return Fund, dated April 30, 2014
Alternative Investment Partners Absolute Return Fund STS, dated April 30, 2014
AIP Macro Registered Fund A, dated April 30, 2014
AIP Macro Registered Fund P, dated April 30, 2014
AIP Multi-Strategy Fund A, dated April 30, 2014
AIP Multi-Strategy Fund P, dated April 30, 2014
AIP Long/Short Fund A, dated April 30, 2014
AIP Long/Short Fund P, dated April 30, 2014
(collectively, the "Funds")

Nancy C. Everett and Jakki L. Haussler joined the Board of Trustees of each Fund as Independent Trustees effective January 1, 2015. As a result, all references to 10 Trustees are hereby deleted and replaced with 12 Trustees.

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

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

Ms. Everett has over 35 years of experience in the financial services industry, including roles with both registered investment companies and registered investment advisers. By serving on the boards of other registered funds, such as GMAM Absolute Return Strategies Fund, LLC and Emerging Markets Growth Fund, Inc., Ms. Everett has acquired significant experience with financial, accounting, investment and regulatory matters. Ms. Everett is also a Chartered Financial Analyst.

With more than 30 years of experience in the financial services industry, including her years of entrepreneurial and managerial experience in the development and growth of Opus Capital Group, Ms. Haussler brings a valuable perspective to the Fund's Board. Through her role at Opus Capital and her service as a director of several venture capital funds and other boards, Ms. Haussler has gained valuable experience dealing with accounting principles and evaluating financial results of large corporations. She is a certified public accountant (inactive), a licensed attorney in the State of Ohio (inactive), and an audit committee financial expert under SEC regulations.

The first and second paragraphs in the section of each Fund's Statement of Additional Information entitled "Management of the Fund—Compensation" are hereby deleted and replaced with the following:

Effective January 1, 2015, each Trustee (except for the Chairperson of the Boards) receives an annual retainer fee of $240,000 ($230,000 prior to January 1, 2015) for serving as a Trustee of the Morgan Stanley Funds.

The Chairperson of the Audit Committee receives an additional annual retainer fee of $78,750 and the Investment Committee Chairperson receives an additional annual retainer fee of $63,000. Other Committee and Sub-Committee Chairpersons (except for the Chairperson of the Closed-End Fund Committee) receive an additional annual retainer fee of $31,500. The aggregate compensation paid to each Trustee is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds/portfolios of the Morgan Stanley Funds based on the relative net assets of each of the funds/portfolios. Michael E. Nugent receives a total annual retainer fee of $480,000 ($460,000 prior to January 1, 2015) for his services as Chairperson of the Boards of the Morgan Stanley Funds and for administrative services provided to each Board.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.