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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NHVTTGSC89IGDYgWZBpTK1wxlQf00CjNsilT1Z5bTAGYustClui3bPZQgpepraSF
 Btua2GR/f1XqrLB6MVoqvw==

<SEC-DOCUMENT>0001472224-09-000002.txt : 20091002
<SEC-HEADER>0001472224-09-000002.hdr.sgml : 20091002
<ACCEPTANCE-DATETIME>20091002163448
ACCESSION NUMBER:		0001472224-09-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091002
DATE AS OF CHANGE:		20091002
EFFECTIVENESS DATE:		20091002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APM - Paulson Advantage Plus Fund, L.P.
		CENTRAL INDEX KEY:			0001472224
		IRS NUMBER:				270540907
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134793
		FILM NUMBER:		091102908

	BUSINESS ADDRESS:	
		STREET 1:		1202 BERGEN PARKWAY SUITE 212
		CITY:			EVERGREEN
		STATE:			CO
		ZIP:			80439
		BUSINESS PHONE:		3036741328

	MAIL ADDRESS:	
		STREET 1:		1202 BERGEN PARKWAY SUITE 212
		CITY:			EVERGREEN
		STATE:			CO
		ZIP:			80439
</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>0001472224</cik>
        <entityName>APM - Paulson Advantage Plus Fund, L.P.</entityName>
        <issuerAddress>
            <street1>1202 BERGEN PARKWAY SUITE 212</street1>
            <city>EVERGREEN</city>
            <stateOrCountry>CO</stateOrCountry>
            <zipCode>80439</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>3036741328</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>none</firstName>
                <lastName>APM Funds</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1202 Bergen Parkway Suite 212</street1>
                <city>Evergreen</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80439</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jon</firstName>
                <middleName>C</middleName>
                <lastName>Sundt</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1200 Prospect Street Suite 400</street1>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92037</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>J</middleName>
                <lastName>Amedeo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1202 Bergen Parkway Suite 212</street1>
                <city>Evergreen</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80439</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>VP of General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <middleName>C</middleName>
                <lastName>Osborne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1200 Prospect Street Suite 400</street1>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92037</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>VP of General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>G</middleName>
                <lastName>Pfister</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1200 Prospect Street Suite 400</street1>
                <city>La Jolla</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92037</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>VP of General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$1 - $5,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001472224-09-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>more than 5</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Altegris Investments, Inc.</associatedBDName>
                <associatedBDCRDNumber>8258</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Prospect Street Suite 400</street1>
                    <city>La Jolla</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92037</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1150000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>APM - Paulson Advantage Plus Fund, L.P.</issuerName>
                <signatureName>Robert J. Amedeo</signatureName>
                <nameOfSigner>Robert J. Amedeo</nameOfSigner>
                <signatureTitle>VP of GP</signatureTitle>
                <signatureDate>2009-10-02</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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