Evanston Alternative Opportunities Fund NPORT-P Evanston Alternative Opportunities Fund (Jun 2022 report)

Evanston Alternative Opportunities Fund

Schedule of Investments

(Unaudited)

June 30, 2022

Investments in Portfolio Funds*	First Acquisition Date		Cost		Fair Value			Percentage of Net Assets			Liquidity**
Event Driven(a)
Hein Park Offshore Investors Ltd		1/1/2022	$	4,250,000	$	3,575,459			3.47	%		Quarterly
Redwood Opportunity Offshore Fund, Ltd.		7/1/2020		3,500,000		3,527,000			3.43			Quarterly
Silver Point Capital Offshore Fund, Ltd.		1/1/2016		7,180,612		9,099,574			8.84			Annually
Total Event Driven				14,930,612		16,202,033			15.74
Global Asset Allocation(b)
Rokos Global Macro Fund Limited		11/1/2015		7,312,448		7,453,350			7.24			Monthly
Total Global Asset Allocation				7,312,448		7,453,350			7.24
Long-Short(c)
12 West Capital Fund Ltd		3/1/2022		3,600,000		2,573,164			2.50			Annual
Eversept Global Healthcare Offshore Fund, Ltd.		12/1/2020		3,150,000		3,497,551			3.40			Quarterly
Glenernie Long/Short Fund Ltd		1/1/2022		4,500,000		3,557,925			3.46			Quarterly
Matrix Capital Management Fund (Offshore) Ltd.		7/1/2014		5,638,842		4,787,897			4.65			Quarterly
Oxbow Fund (Offshore) Limited		9/1/2015		3,550,753		4,384,294			4.26			Quarterly
Pelham Global Financials Fund Ltd***		7/1/2018		3,825,800		3,053,126			2.97			Quarterly
Pleiad Asia Offshore Feeder Fund		12/1/2014		4,937,410		5,004,974			4.86			Quarterly
Soroban Decarbonization Beneficiaries Cayman Fund Ltd		4/1/2022		4,200,000		3,505,734			3.41			Quarterly
Whale Rock Flagship Fund Ltd.		7/1/2014		2,688,672		2,417,122			2.35			Quarterly
Total Long-Short				36,091,477		32,781,787			31.86
Relative Value(d)
Boundary Creek Fund Offshore Ltd		7/1/2021		3,500,000		3,601,899			3.50			Quarterly
Dark Forest Global Equity Offshore Fund Ltd		4/1/2021		5,250,000		5,657,279			5.50			Quarterly
Iguazu Investors (Cayman), SPC		7/1/2014		1,278,071		2,331,019			2.27			Quarterly
Pine River Fixed Income Fund Ltd.		7/1/2014		2,240		1,199			0.00			N/A*****
Steelhead Pathfinder Fund Ltd.		1/1/2020		4,650,000		4,890,516			4.75			Monthly
Triton Fund, Ltd.***		7/1/2014		72,608		31,792			0.03			N/A*****
Total Relative Value				14,752,919		16,513,704			16.05
Multi-Discipline(e)
140 Summer Partners Offshore Ltd.		2/1/2022		4,500,000		4,194,137			4.07			Quarterly
Anchorage Capital Partners Offshore, Ltd.		7/1/2014		362,290		501,016			0.49			Annually
Castle Hook Offshore Fund Ltd.		1/1/2017		2,876,043		5,105,550			4.96			Quarterly
Crake Global Feeder Fund ICAV****		10/1/2019		2,000,000		3,066,413			2.98			Monthly
FourSixThree Overseas Fund, Ltd.		1/1/2022		5,700,000		5,512,174			5.36			Quarterly
Sachem Head Offshore Ltd.		7/1/2014		4,788,894		5,102,101			4.96			Quarterly
TIG Zebedee Focus Fund Limited		7/1/2014		8,259,088		9,186,381			8.93			Monthly
Total Multi-Discipline				28,486,315		32,667,772			31.75
Total investments in Portfolio Funds			$	101,573,771		105,618,646			102.64
Remaining assets less liabilities						(2,717,916	)		(2.64	)
Net assets					$	102,900,730			100.00	%

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Evanston Alternative Opportunities Fund

Schedule of Investments (continued)

(Unaudited)

June 30, 2022

Investments by Strategy (as a percentage of total investments)
Event Driven	15.34	%
Global Asset Allocation	7.06
Long-Short	31.04
Relative Value	15.63
Multi-Discipline	30.93
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 180 days. If applicable, the lock up period is 24 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 $105,618,646 are excluded from the fair value hierarchy as of June 30, 2022.

Federal Income Tax Information

As of June 30, 2022, gross unrealized appreciation and depreciation of the Fund’s investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	119,140,721
Gross unrealized appreciation	$	9,813,308
Gross unrealized depreciation		(23,335,383	)
Net unrealized appreciation/(depreciation) on investments	$	(13,522,075	)

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