Evanston Alternative Opportunities Fund NPORT-P Evanston Alternative Opportunities Fund (Dec 2020 report)

Evanston Alternative Opportunities Fund

Schedule of Investments

(Unaudited)

December 31, 2020

Investments in Portfolio Funds*	First Acquisition Date		Cost		Fair Value		Percentage of Net Assets		Liquidity**
Event Driven(a)
Redwood Opportunity Offshore Fund, Ltd.		7/1/2020	$	1,500,000	$	1,727,545		3.98  %		Quarterly
Silver Point Capital Offshore Fund, Ltd.		1/1/2016		2,130,612		2,962,033		6.83		Annually
Total Event Driven				3,630,612		4,689,578		10.81
Global Asset Allocation(b)
Rokos Global Macro Fund Limited		11/1/2015		2,489,839		4,101,547		9.45		Monthly
Total Global Asset Allocation				2,489,839		4,101,547		9.45
Long-Short(c)
Biomedical Offshore Value Fund, Ltd.		3/1/2019		1,500,000		1,875,750		4.32		Quarterly
Eversept Global Healthcare Offshore Fund, Ltd.		12/1/2020		1,650,000		1,699,455		3.92		Quarterly
Matrix Capital Management Fund (Offshore) Ltd.		7/1/2014		788,842		2,036,586		4.69		Quarterly
Oxbow Fund (Offshore) Limited		9/1/2015		1,000,753		2,033,895		4.69		Quarterly
Pelham Global Financials Fund Ltd***		7/1/2018		1,675,800		2,286,026		5.27		Quarterly
Pleiad Asia Offshore Feeder Fund		12/1/2014		937,410		1,582,521		3.65		Quarterly
The Adelphi Europe Fund		7/1/2014		1,274,045		2,061,612		4.75		Quarterly
Whale Rock Flagship Fund Ltd.		7/1/2014		838,672		2,529,493		5.83		Quarterly
Total Long-Short				9,665,522		16,105,338		37.12
Relative Value(d)
Iguazu Investors (Cayman), SPC		7/1/2014		1,278,071		1,921,002		4.42		Quarterly
Pine River Fixed Income Fund Ltd.		7/1/2014		4,193		2,572		0.01		N/A*****
Steelhead Pathfinder Fund Ltd.		1/1/2020		1,800,000		1,977,503		4.56		Monthly
Triton Fund, Ltd.***		7/1/2014		303,088		155,213		0.36		N/A*****
Total Relative Value				3,385,352		4,056,290		9.35
Multi-Discipline(e)
Anchorage Capital Partners Offshore, Ltd.		7/1/2014		2,099,708		2,385,655		5.50		Annually
Castle Hook Offshore Fund Ltd.		1/1/2017		1,076,043		1,597,285		3.68		Quarterly
Crake Global Feeder Fund ICAV****		10/1/2019		2,000,000		3,068,541		7.07		Monthly
Diameter Offshore Fund LP		9/1/2017		2,250,000		3,213,256		7.41		Quarterly
Sachem Head Offshore Ltd.		7/1/2014		788,894		1,594,216		3.67		Quarterly
TIG Zebedee Focus Fund Limited		7/1/2014		1,492,465		1,998,027		4.60		Monthly
Total Multi-Discipline				9,707,110		13,856,980		31.93
Total investments in Portfolio Funds			$	28,878,435		42,809,733		98.66
Remaining assets less liabilities						580,580		1.34
Net assets					$	43,390,313		100.00 %

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Evanston Alternative Opportunities Fund

Schedule of Investments (continued)

(Unaudited)

December 31, 2020

Investments by Strategy (as a percentage of total investments)

Event Driven	10.95 %
Global Asset Allocation	9.58
Long-Short	37.62
Relative Value	9.48
Multi-Discipline	32.37
Total	100.00 %

* Investments in Portfolio Funds are non-income producing. All Portfolio Funds are domiciled in the Cayman Islands, unless otherwise noted.

** Available frequency of redemptions after initial lock-up period, if any. Different tranches may have different liquidity terms and may be subject to investor level gates. Redemption notice periods range from 30 to 120 days. If applicable, the lock up period is 12 months.

*** These Portfolio Funds are domiciled in Bermuda.

**** This Portfolio Fund is domiciled in Ireland.

***** These Portfolio Funds are not redeemable; rather the Fund receives distributions through the liquidation of the underlying assets of these Portfolio Funds.

(a) Event driven strategies involve investing in opportunities created by significant transaction events, such as spin-offs, mergers and acquisitions, and reorganizations. These strategies include but are not limited to risk arbitrage, distressed situations investing, special situations, and opportunistic investing.

(b) Global asset allocation strategies seek to exploit opportunities in various global markets. Portfolio Funds employing these strategies have a broad mandate to invest in those markets and instruments which they believe provide the best opportunity. Portfolio Funds employing a global asset allocation strategy may take positions in currencies, sovereign bonds, global equities and equity indices, or commodities.

(c) Long-short strategies seek to profit by taking positions in equities and generally involve fundamental analysis in the investment decision process. Portfolio Fund Managers in these strategies tend to be “stock pickers” and typically manage market exposure by shifting allocations between long and short investments depending on market conditions and outlook. Long-short strategies may comprise investments in one or multiple countries, including emerging markets and one or multiple sectors.

(d) Relative value strategies seek to profit by exploiting pricing inefficiencies between related instruments while remaining long-term neutral to directional price movements in any one market. Relative value strategies consist of an exposure to some second order aspect of the market.

(e) Multi-discipline managers employ a combination of any of the above mentioned strategies.

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Evanston Alternative Opportunities Fund

Fair Value Measurement

In accordance with Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), investments in Portfolio Funds valued at NAV are not required to be included in the fair value hierarchy. As such, investments in Portfolio Funds with a fair value of $42,809,733 are excluded from the fair value hierarchy as of December 31, 2020.

Federal Income Tax Information

As of December 31, 2020, gross unrealized appreciation and depreciation of the Fund’s investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	38,574,999
Gross unrealized appreciation	$	4,384,230
Gross unrealized depreciation		(149,496)
Gross unrealized appreciation/(depreciation) on investments	$	4,234,734

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