ALTERNATIVE INVESTMENT PARTNERS ABSOLUTE RETURN FUND II A (THE “FUND”)
SUPPLEMENT
DATED OCTOBER 1, 2009
to the Prospectus Dated May 1, 2009 (the “Prospectus”)
Effective November 1, 2009, the minimum initial subscription amount has been changed from $100,000 to $50,000 and the minimum balance requirement has been changed from $75,000 to $50,000. In connection with such changes, the Prospectus is hereby supplemented as follows:
| 1. | On the inside front cover of the Prospectus, the figure of “$100,000” in the second sentence of the paragraph titled “Eligible Investors” is hereby deleted and replaced with “$50,000.” |
| 2. | On page 9 of the Prospectus, the figure of “$100,000” at the end of the first sentence of the first paragraph adjacent to “Purchase of Shares” in the “Summary of Terms” section is hereby deleted and replaced with “$50,000.” |
| 3. | On page 17 of the Prospectus, the “Example” in the “Summary of Fees and Expenses” section is hereby deleted and replaced with the following: |
“ EXAMPLE:
You would pay the following fees and expenses on a $1,000 investment, assuming a 5% annual return:†
| 1 year†† |
3 years†† |
5 years†† |
10 years†† | |||
| $70 | $215 | $370 | $795 |
Actual expenses may be greater or lesser than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the Example.
| † | On an investment of $50,000 the Example would be as follows: |
EXAMPLE:
You would pay the following fees and expenses on a $50,000 investment, assuming a 5% annual return:
| 1 year†† |
3 years†† |
5 years†† |
10 years†† | |||
| $3,489 | $10,770 | $18,475 | $39,761 |
| 4. | On page 54 of the Prospectus, the figure of “$100,000” in the first sentence of the fourth paragraph in the “Purchase of Shares—Purchase Terms” section is hereby deleted and replaced with “$50,000.” |
| 5. | On page 54 of the Prospectus, the figure of “$75,000” at the end of the last sentence of the fourth paragraph in the “Purchase of Shares—Purchase Terms” section is hereby deleted and replaced with “$50,000.” |
| 6. | On page 57 of the Prospectus, the figure of “$75,000” in the first sentence of the ninth paragraph in the “Repurchases and Transfers of Shares—Repurchases of Shares” section is hereby deleted and replaced with “$50,000.” |
| 7. | On page 57 of the Prospectus, the figure of “$75,000” at the end of the first sentence of the second paragraph in the “Repurchases and Transfers of Shares—Transfers of Shares” section is hereby deleted and replaced with “$50,000.” |
| 8. | On page 62 of the Prospectus, the figure of “$100,000” at the end of the first sentence of the third paragraph in the “Plan of Distribution” section is hereby deleted and replaced with “$50,000.” |
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.