-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 DYzGunquTR3P/qodSDEWfg==

<SEC-DOCUMENT>0001455083-09-000004.txt : 20091208
<SEC-HEADER>0001455083-09-000004.hdr.sgml : 20091208
<ACCEPTANCE-DATETIME>20091208102656
ACCESSION NUMBER:		0001455083-09-000004
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091208
DATE AS OF CHANGE:		20091208
EFFECTIVENESS DATE:		20091208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AAM ABSOLUTE RETURN FUND PLC
		CENTRAL INDEX KEY:			0001455083
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-126434
		FILM NUMBER:		091227771

	BUSINESS ADDRESS:	
		STREET 1:		1 GEORGE'S QUAY PLAZA
		STREET 2:		GEORGE'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		353-1-436-3600

	MAIL ADDRESS:	
		STREET 1:		1 GEORGE'S QUAY PLAZA
		STREET 2:		GEORGE'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001455083</cik>
        <entityName>AAM ABSOLUTE RETURN FUND PLC</entityName>
        <issuerAddress>
            <street1>1 GEORGE'S QUAY PLAZA</street1>
            <city>George's Quay, DUBLIN</city>
            <stateOrCountry>L2</stateOrCountry>
            <zipCode>2</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>353-1-436-3600</issuerPhoneNumber>
        <jurisdictionOfInc>IRELAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Limited Liability Investment Company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Boyce</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AAM Absolute Return Fund plc</street1>
                <street2>1 George's Quay Plaza</street2>
                <city>George's Quay, Dublin</city>
                <stateOrCountry>L2</stateOrCountry>
                <zipCode>2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harold</firstName>
                <lastName>James-Olsen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AAM Absolute Return Fund plc</street1>
                <street2>1 George's Quay Plaza</street2>
                <city>George's Quay, Dublin</city>
                <stateOrCountry>L2</stateOrCountry>
                <zipCode>2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Adrian</firstName>
                <lastName>Waters</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AAM Absolute Return Fund plc</street1>
                <street2>1 George's Quay Plaza</street2>
                <city>George's Quay, Dublin</city>
                <stateOrCountry>L2</stateOrCountry>
                <zipCode>2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>188062</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>31937000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>10</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Customary advisory fees are paid by the issuer to the Manager as provided for in the issuer's offering material.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AAM ABSOLUTE RETURN FUND PLC</issuerName>
                <signatureName>Michael Boyce</signatureName>
                <nameOfSigner>Michael Boyce</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2009-12-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----