Evanston Investments, Inc., dba Evanston Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
A T & T Corp	COM	00206R102	258	7,927	SH		SOLE		0	0	7,927
Aflac Inc	COM	001055102	5,977	102,813	SH		SOLE		19,584	0	83,229
Alaska Air Group Inc.	COM	011659109	6,726	84,651	SH		SOLE		16,210	0	68,441
Alon USA Energy Inc	COM	020520102	2,366	130,920	SH		SOLE		33,761	0	97,159
Apple Computer Inc	COM	037833100	5,969	54,118	SH		SOLE		10,166	0	43,952
Bed Bath & Beyond	COM	075896100	5,447	95,536	SH		SOLE		18,354	0	77,182
Boeing Co	COM	097023105	5,964	45,543	SH		SOLE		8,605	0	36,937
Calpine Corp	COM NEW	131347304	5,430	371,947	SH		SOLE		71,737	0	300,210
Cardinal Health Inc	COM	14149Y108	5,482	71,361	SH		SOLE		13,713	0	57,648
Chambers St Properties	COM	157842105	2,320	357,400	SH		SOLE		90,467	0	266,933
Chubb Corp	COM	171232101	6,708	54,695	SH		SOLE		10,443	0	44,252
Cisco Systems Inc	COM	17275R102	6,090	231,998	SH		SOLE		44,215	0	187,783
Clorox Company	COM	189054109	6,443	55,770	SH		SOLE		10,661	0	45,108
Coca Cola Company	COM	191216100	241	6,013	SH		SOLE		0	0	6,013
Commerce Bancshares Inc	COM	200525103	6,235	136,850	SH		SOLE		26,099	0	110,752
EMC Corp	COM	268648102	6,286	260,165	SH		SOLE		49,857	0	210,308
Emerson Electric Co	COM	291011104	5,619	127,223	SH		SOLE		24,398	0	102,824
Exxon Mobil Corp	COM	30231G102	1,022	13,748	SH		SOLE		0	0	13,748
Flextronics Intl Ltd	ORD	Y2573F102	5,987	568,040	SH		SOLE		110,373	0	457,667
Garmin Ltd	SHS	H2906T109	240	6,700	SH		SOLE		0	0	6,700
General Electric Company	COM	369604103	365	14,464	SH		SOLE		0	0	14,464
General Mills Inc	COM	370334104	6,062	108,005	SH		SOLE		20,724	0	87,282
Gilead Sciences Inc	COM	375558103	5,855	59,633	SH		SOLE		10,721	0	48,912
Guggenheim Bulletshares 2015 Corp	GUGG CRP BD 2015	18383M563	10,042	464,266	SH		SOLE		74,459	0	389,807
Guggenheim Bulletshares 2016 Corp	GUGG CRP BD 2016	18383M555	13,833	623,402	SH		SOLE		93,344	0	530,058
Guggenheim Bulletshares 2017 Corp	GUGG CRP BD 2017	18383M548	14,775	651,175	SH		SOLE		94,407	0	556,768
Guggenheim Bulletshares 2018 Corp	GUG BULL2018 E	18383M530	14,759	695,680	SH		SOLE		100,944	0	594,736
Guggenheim Bulletshares 2019 Corp	GUG BULL2019 E	18383M522	14,554	688,467	SH		SOLE		101,133	0	587,334
Guggenheim Bulletshares 2020 Corp	GUG BULL2020 E	18383M514	3,301	155,123	SH		SOLE		24,368	0	130,755
Healthsouth Corp	COM NEW	421924309	2,374	61,869	SH		SOLE		15,292	0	46,577
Home Depot Inc	COM	437076102	6,452	55,864	SH		SOLE		10,470	0	45,394
Ishares Silver Trust	ISHARES	46428Q109	708	51,070	SH		SOLE		5,471	0	45,599
Johnson & Johnson	COM	478160104	369	3,954	SH		SOLE		0	0	3,954
Kroger Co	COM	501044101	6,042	167,510	SH		SOLE		32,314	0	135,196
Marathon Petroleum Corp	COM	56585A102	5,906	127,473	SH		SOLE		24,493	0	102,980
Minnesota Mining & Mfg	COM	88579Y101	503	3,550	SH		SOLE		0	0	3,550
NetApp Inc	COM	64110D104	5,788	195,541	SH		SOLE		37,792	0	157,750
Omnicom Group Inc	COM	681919106	5,698	86,470	SH		SOLE		16,666	0	69,805
Pfizer Inc	COM	717081103	5,906	188,044	SH		SOLE		34,823	0	153,222
Powershares Db Commodity Index	UNIT BEN INT	73935S105	388	25,607	SH		SOLE		1,989	0	23,618
Powershares Senior Loan Portfolio	SENIOR LN PORT	73936Q769	16,814	729,760	SH		SOLE		101,278	0	628,482
Powershs Agriculture ETF	PS DB AGRICUL FD	73936B408	3,129	149,842	SH		SOLE		22,039	0	127,803
Powershs Base Metals ETF	DB BASE METALS	73936B705	2,380	187,268	SH		SOLE		29,101	0	158,167
Powershs Energy ETF	DB ENERGY FUND	73936B101	4,097	300,398	SH		SOLE		45,681	0	254,717
Reinsurance Group of America Inc	COM NEW	759351604	5,996	66,184	SH		SOLE		12,631	0	53,554
Sanderson Farms Inc	COM	800013104	2,431	35,454	SH		SOLE		8,881	0	26,573
Sanmina Corp	COM	801056102	2,743	128,359	SH		SOLE		32,821	0	95,538
Scripps Networks Interactive Inc	CL A COM	811065101	5,485	111,501	SH		SOLE		21,140	0	90,361
Shenandoah Telecomm Co	COM	82312B106	3,048	71,209	SH		SOLE		18,261	0	52,948
Sonoco Products Co	COM	835495102	5,667	150,164	SH		SOLE		28,991	0	121,173
SPDR Gold Trust	GOLD SHS	78463V107	2,273	21,271	SH		SOLE		2,599	0	18,672
Tenneco Inc	COM	880349105	2,419	54,035	SH		SOLE		13,681	0	40,354
UIL Holdings Corp	COM	902748102	2,836	56,408	SH		SOLE		14,138	0	42,269
Valero Energy Corp	COM	91913Y100	6,049	100,648	SH		SOLE		19,904	0	80,744
Verizon Communications Inc	COM	92343V104	5,694	130,867	SH		SOLE		25,317	0	105,550
Voya Financial Inc.	COM	929089100	5,491	141,640	SH		SOLE		26,828	0	114,812
Wabash Natl Corp	COM	929566107	2,210	208,669	SH		SOLE		52,563	0	156,106
Worthington Industries Inc.	COM	981811102	2,677	101,098	SH		SOLE		25,441	0	75,657
Xilinx Inc	COM	983919101	6,140	144,818	SH		SOLE		28,316	0	116,502