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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001002493-10-000003.txt : 20100211
<SEC-HEADER>0001002493-10-000003.hdr.sgml : 20100211
<ACCEPTANCE-DATETIME>20100211111621
ACCESSION NUMBER:		0001002493-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100211
DATE AS OF CHANGE:		20100211
EFFECTIVENESS DATE:		20100211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AP OPPORTUNITIES FUND LP
		CENTRAL INDEX KEY:			0001002493
		IRS NUMBER:				133847285
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-127600
		FILM NUMBER:		10590178

	BUSINESS ADDRESS:	
		STREET 1:		360 MADISON AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-201-0500

	MAIL ADDRESS:	
		STREET 1:		360 MADISON AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001002493</cik>
        <entityName>AP OPPORTUNITIES FUND LP</entityName>
        <issuerAddress>
            <street1>360 MADISON AVENUE, 20TH FLOOR</street1>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10017</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-201-0500</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alfred</firstName>
                <middleName>J.</middleName>
                <lastName>Shuman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>360 MADISON AVENUE, 20TH FLOOR</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Alfred Shuman is the Managing Member of A.P. Management LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>S.</middleName>
                <lastName>Pignatelli, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>360 MADISON AVENUE, 20TH FLOOR</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Joseph S. Pignatelli, Jr. is the President of A.P. Management LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>R.</middleName>
                <lastName>Parker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>360 MADISON AVENUE, 20TH FLOOR</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>David R. Parker is the Chief Operating Officer of A.P. Management LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName>J.</middleName>
                <lastName>Small</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>360 MADISON AVENUE, 20TH FLOOR</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Andrew J. Small is the Chief Financial Officer of A.P. Management LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-014410</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1995-01-10</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Morgan Keegan and Company, Inc.</recipientName>
                <recipientCRDNumber>4161</recipientCRDNumber>
                <associatedBDName>Morgan Keegan and Company, Inc.</associatedBDName>
                <associatedBDCRDNumber>4161</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Fifty Front Street, Morgan Keegan Tower</street1>
                    <city>Memphis</city>
                    <stateOrCountry>TN</stateOrCountry>
                    <zipCode>38103-9980</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>581585548</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Responses in Items #13 and #14 are estimates.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>225</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>517784</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Estimate is based upon a percentage of the portion of the AUM contributed through the sales efforts of Morgan Keegan an Company, Inc. from the inception of the Fund through next year. Prior to 05', the fees were paid by the Fund,...CONTINUED ON ITEM #16</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>CONTINUED FROM ITEM #15...and thereafter the fees were paid by A.P. Management Company, LLC, the Investment Manager of the Issuer.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AP OPPORTUNITIES FUND LP</issuerName>
                <signatureName>Joseph S. Pignatelli, Jr.</signatureName>
                <nameOfSigner>Joseph S. Pignatelli, Jr.</nameOfSigner>
                <signatureTitle>See the above Clarification Box in Item #3</signatureTitle>
                <signatureDate>2010-02-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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