Evanston Alternative Opportunities Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number          811-22904                            

                               Evanston Alternative Opportunities Fund                              

(Exact name of registrant as specified in charter)

1560 Sherman Avenue, Suite 960

                                       Evanston, Illinois 60201                                      

(Address of principal executive offices) (Zip code)

Scott Zimmerman

1560 Sherman Avenue, Suite 960

                                       Evanston, Illinois 60201                                      

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (847)328-4961

Date of fiscal year end:   March 31

Date of reporting period:   March 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Evanston Alternative Opportunities Fund

Financial Statements

For the period July 1, 2014 (commencement of operations)

through March 31, 2015

with Report of Independent Registered Public Accounting Firm

Evanston Alternative Opportunities Fund

Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

Contents

Report of Independent Registered Public Accounting Firm	1
Statement of Assets and Liabilities	2
Schedule of Investments	3
Statement of Operations	5
Statement of Changes in Net Assets	6
Statement of Cash Flows	7
Notes to Financial Statements	8
Supplemental Information (Unaudited)	15

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of Evanston Alternative Opportunities Fund

We have audited the accompanying statement of assets and liabilities of Evanston Alternative Opportunities Fund (the Fund), including the schedule of investments, as of March 31, 2015, and the related statements of operations, changes in net assets, and cash flows and the financial highlights for the period July 1, 2014 (commencement of operations) through March 31, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with management or administrators of the portfolio funds. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Evanston Alternative Opportunities Fund at March 31, 2015, the results of its operations, changes in its net assets, its cash flows and the financial highlights for the period July 1, 2014 (commencement of operations) through March 31, 2015, in conformity with U.S. generally accepted accounting principles.

Chicago, IL

May 22, 2015

1

Evanston Alternative Opportunities Fund

Statement of Assets and Liabilities

March 31, 2015

Assets
Cash	$	46,974
Investments in Portfolio Funds, at fair value (cost $31,604,213)		32,784,661
Prepaid investment in Portfolio Funds		700,000
Due from Adviser		496,635
Receivable from investments in Portfolio Funds		284,332
Other assets		4,037
Total assets		34,316,639
Liabilities
Management fees payable, net of waiver		191,602
Accounts payable and accrued liabilities		160,069
Trustees fees payable		45,000
Total liabilities		396,671
Net assets	$	33,919,968
Net assets comprised of:
Paid in capital	$	33,122,500
Accumulated net investment loss		(297,816	)
Accumulated net realized loss		(85,164	)
Accumulated net unrealized appreciation on investments		1,180,448
Net assets	$	33,919,968
Net asset value per share (15,000,000.000 Shares authorized; 3,326,563.701 Shares issued and outstanding)	$	10.20

See accompanying notes to financial statements.

2

Evanston Alternative Opportunities Fund

Schedule of Investments

March 31, 2015

Investments in Portfolio Funds	Cost		Fair Value		Percentage of Net Assets			Next Available Redemption Date**	Liquidity***
Event driven (a)
Ionic Event Driven Fund Ltd.	$	1,300,000	$	1,305,231		3.85	%	4/1/15	Quarterly
Total event driven		1,300,000		1,305,231		3.85
Global asset allocation (b)
Absolute Return Cayman, Limited		1,193,874		1,204,253		3.55		4/1/15	Monthly
Element Capital Feeder Fund Limited		1,325,000		1,370,177		4.04		4/1/15	Quarterly
Total global asset allocation		2,518,874		2,574,430		7.59
Long-short (c)
Matrix Capital Management Fund (Offshore) Ltd.		1,100,000		1,221,183		3.60		7/1/15	Quarterly
North Tide Capital Offshore, Ltd.		1,700,000		1,591,960		4.69		4/1/15	Quarterly
Pleiad Asia Offshore Feeder Fund		1,500,000		1,624,698		4.79		4/1/15	Quarterly
Soroban Cayman Fund Ltd		500,000		528,903		1.56		4/1/15	Quarterly
Southpoint Qualified Offshore Fund, Ltd.		565,339		621,863		1.83		7/1/15	Quarterly
The Adelphi Europe Fund		1,600,000		1,775,563		5.23		4/1/15	Quarterly
Wellington Management Investors (Bermuda), Ltd.*		1,500,000		1,553,930		4.58		7/1/15	Semi-annually
Whale Rock Flagship Fund Ltd.		1,100,000		1,168,984		3.45		4/1/15	Quarterly
Total long-short		9,565,339		10,087,084		29.73
Relative value (d)
Iguazu Investors (Cayman), SPC		1,400,000		1,435,830		4.23		7/1/15	Quarterly
Ionic Capital International Ltd.		1,000,000		988,841		2.92		4/1/15	Quarterly
Palmetto Fund, Ltd.*		635,000		670,858		1.98		7/1/15	Quarterly
Pine River Fixed Income Fund Ltd.		2,000,000		2,065,311		6.09		10/1/15	Quarterly
Seer Capital Partners Offshore Fund Ltd.		1,100,000		1,141,382		3.36		7/1/15	Quarterly
Triton Fund, Ltd.*		635,000		682,327		2.01		7/1/15	Quarterly
Total relative value		6,770,000		6,984,549		20.59
Multi-discipline (e)
Anchorage Capital Partners Offshore, Ltd.		2,500,000		2,533,108		7.47		7/1/15	Annually
Corvex Offshore II Ltd.		1,600,000		1,689,586		4.98		4/1/15	Quarterly
Greywolf Capital Overseas Fund		1,600,000		1,503,703		4.43		10/1/15	Quarterly
North Run Offshore Partners, Ltd.		1,550,000		1,519,296		4.48		7/1/15	Quarterly
Sachem Head Offshore Ltd.		1,450,000		1,705,500		5.03		4/1/15	Quarterly
Senator Global Opportunity Offshore Fund II Ltd		1,250,000		1,346,882		3.97		4/1/15	Quarterly
Zebedee Focus Fund Limited		1,500,000		1,535,292		4.53		4/1/15	Monthly
Total multi-discipline		11,450,000		11,833,367		34.89
Total investments in Portfolio Funds	$	31,604,213		32,784,661		96.65
Remaining assets less liabilities				1,135,307		3.35
Net assets			$	33,919,968		100.00	%

3

Evanston Alternative Opportunities Fund

Schedule of Investments (continued)

* These Portfolio Funds are domiciled in Bermuda. All other Portfolio Funds are domiciled in the Cayman Islands.

** Investment in Portfolio Funds may be comprised of multiple tranches. The Next Available Redemption Date relates to the earliest date after March 31, 2015 that a redemption from a tranche is available (and may or may not be subject to a redemption fee).

*** Available frequency of redemptions after initial lock-up period, if any. Different tranches may have different liquidity terms. Tranches may be subject to investor level gates. Redemption notice periods range from 15 to 90 days. If applicable, the lock-up period is 12 months.

(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 macro 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.

See accompanying notes to financial statements.

4

Evanston Alternative Opportunities Fund

Statement of Operations

For the period July 1, 2014 (commencement of operations) through March 31, 2015

Investment income
Interest income	$	10
Expenses
Professional fees		269,517
Management fees		255,470
Administration and custody fees		136,426
Other expenses		106,916
Trustees fees		90,000
Total expenses		858,329
Less: expenses waived and/or reimbursed by Adviser (Note 5)		(560,503	)
Net expenses		297,826
Net investment loss		(297,816	)
Realized and unrealized gain (loss) on investments in Portfolio Funds
Net realized loss on investments in Portfolio Funds		(85,164	)
Net unrealized appreciation on investments in Portfolio Funds		1,180,448
Net realized and unrealized gain on investments in Portfolio Funds		1,095,284
Net increase in net assets resulting from operations	$	797,468

See accompanying notes to financial statements.

5

Evanston Alternative Opportunities Fund

Statement of Changes in Net Assets

For the period July 1, 2014 (commencement of operations) through March 31, 2015

Net increase in net assets resulting from operations
Net investment loss	$	(297,816	)
Net realized loss on investments in Portfolio Funds		(85,164	)
Net unrealized appreciation on investments in Portfolio Funds		1,180,448
Net increase in net assets resulting from operations		797,468
Shareholders’ transactions
Capital subscriptions (3,302,705.956 shares)		33,022,500
Reinvestment of distributions (13,857.745 shares)		136,887
Distributions to shareholders		(136,887	)
Net increase in net assets resulting from shareholders’ transactions (3,316,563.701 shares)		33,022,500
Change in net assets		33,819,968
Net assets, beginning of period		100,000
Net assets, end of period	$	33,919,968
Accumulated net investment loss, end of period	$	(297,816	)

See accompanying notes to financial statements.

6

Evanston Alternative Opportunities Fund

Statement of Cash Flows

For the period July 1, 2014 (commencement of operations) through March 31, 2015

Operating activities
Net increase in net assets resulting from operations	$	797,468
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in Portfolio Funds		(34,845,000	)
Withdrawals from Portfolio Funds		2,171,291
Investments in short-term investments		(2,757,500	)
Withdrawals from short-term investments		2,757,500
Net realized and unrealized gain on investments in Portfolio Funds		(1,095,284	)
Increase in due from Adviser		(496,635	)
Increase in other assets		(4,037	)
Increase in management fees payable, net of waiver		191,602
Increase in accounts payable and accrued liabilities		160,069
Increase in trustees fees payable		45,000
Net cash used in operating activities		(33,075,526	)
Financing activities
Capital subscriptions		33,022,500
Net cash provided by financing activities		33,022,500
Net change in cash		(53,026	)
Cash, beginning of period		100,000
Cash, end of period	$	46,974
Supplemental disclosure of cash flow information:
Non-cash distributions fully reinvested	$	136,887

See accompanying notes to financial statements.

7

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

1. Organization

Evanston Alternative Opportunities Fund (the “Fund”) was formed on October 16, 2013, as a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end, non-diversified, management investment company and commenced operations on July 1, 2014. The Fund’s investment objective is to seek attractive long-term risk adjusted returns. The Fund is a “fund of funds” formed to invest substantially all of its assets in investment vehicles often referred to as hedge funds (“Portfolio Funds”) that are managed by independent investment managers (“Portfolio Fund Managers”).

Evanston Capital Management, LLC (the “Adviser”), a Delaware limited liability company, serves as the Fund’s investment adviser and is responsible for the day-to-day management of the Fund and for investing the Fund’s assets in various Portfolio Funds, subject to policies adopted by the Board of Trustees of the Fund (the “Board”). The Board provides broad oversight over the operations and affairs of the Fund. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

2. Significant Accounting Policies

Basis of Accounting — The financial statements are prepared in accordance with U.S generally accepted accounting principles (“US GAAP”). The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 – Financial Services – Investment Companies.

Offering and Organizational Costs — The costs incurred in connection with the Fund’s offering and organization, which totaled approximately $450,000, were paid by the Adviser on behalf of the Fund and are not subject to reimbursement by the Fund.

Income Recognition and Expenses — All investment transactions are recorded on the trade date. Realized gains and losses on investments in Portfolio Funds are determined using the average cost method. Interest income is recognized on an accrual basis. Expenses are recognized on an accrual basis.

Use of Estimates — The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Taxes — The Fund is classified as a corporation for federal income tax purposes and qualifies to be taxed as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Fund generally invests its assets in foreign corporations that are classified as passive foreign investment companies (“PFICs”). The Fund has elected to have a tax year end of October 31. The Fund intends to distribute to its Shareholders all of its distributable net investment income and net realized gains on investments in Portfolio Funds. In addition, the Fund intends to make distributions as required to avoid excise taxes. Accordingly, no provision for U.S. federal income or excise tax has been recorded in these financial statements.

8

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

2. Significant Accounting Policies (continued)

FASB ASC Topic 740, Income Taxes, provides guidance on how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion based on the largest benefit that is more than 50 percent likely to be realized. The Fund has not taken any tax positions that do not meet the more-likely-than-not threshold.

All tax years remain subject to examination by the Internal Revenue Service and taxes associated with state and foreign jurisdictions remain subject to examination based on varying statutes of limitations.

As of March 31, 2015, gross unrealized appreciation and depreciation of the Fund’s investments, based on cost for federal income tax purposes were as follows:

Cost of investments	$	31,862,512
Gross unrealized appreciation	$	1,168,349
Gross unrealized depreciation		(246,200	)
Gross unrealized appreciation/(depreciation) on investments	$	922,149

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

The tax basis of distributable earnings as of October 31, 2014, the Fund’s last tax year, shown below represent distribution requirements met by the Fund subsequent to the fiscal tax year end in order to satisfy income tax regulations and losses the Fund may be able to offset against income and gains realized in future years. The capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character and must be utilized prior to the utilization of the loss carryforward subject to expiration that are described above. The capital loss carryforward will reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax:

Undistributed Ordinary Income	Capital Loss Carryforward*	Net Unrealized Appreciation/ (Depreciation)
$         136,887	$        (6,130)	$        (374,976)
*Short term $(6,130) Long term $0

The Fund did not have any permanent book-to-tax basis differences requiring any reclassification of amounts as of October 31, 2014, the Fund’s tax year end, between accumulated net investment loss, accumulated net realized loss from investments in Portfolio Funds and paid in capital reported on the Fund’s Statement of Assets and Liabilities as of March 31, 2015.

9

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

2. Significant Accounting Policies (continued)

Dividend Reinvestment Plan — Pursuant to the Fund’s Dividend Reinvestment Plan (“DRP”), each Shareholder will automatically be a participant under the DRP and all dividend, income and capital gains distributions will automatically be reinvested in the Fund. Shareholders who affirmatively choose not to participate in the DRP will receive any dividend, income and capital gains distributions in cash.

Distribution of Income and Gains — The Fund declares and distributes dividends from net investment income and net realized gains, if any, on an annual basis. The tax character of distributions paid during the year ended December 31, 2014 was as follows:

Ordinary income $ 136,887

Net Asset Value Determination — The net asset value (“NAV”) of the Fund is determined as of the close of business on the last day of each month in accordance with the valuation principles, or as determined from time to time in accordance with policies established by the Board.

Investments in Portfolio Funds — The Fund values investments in Portfolio Funds at fair value in good faith, generally at the Fund’s pro rata interest in the net assets of these entities. Investments held by these Portfolio Funds are valued at prices that approximate fair value. The fair value of certain of the investments held by these Portfolio Funds, which may include private placements and other securities for which values are not readily available, are determined in good faith by the Portfolio Fund Managers of the respective Portfolio Funds. The estimated fair values may differ significantly from the values that would have been used had a ready market existed for these investments, and these differences could be material. Net asset valuations are provided monthly by these Portfolio Funds. Gain (loss) on investments in Portfolio Funds is net of all fees and allocations payable to the Portfolio Fund Managers of the Portfolio Funds.

3. Investments by the Fund

The Fund has the ability to liquidate its investments periodically depending on the provisions of the respective Portfolio Fund’s governing documents. The Portfolio Fund Managers of the Portfolio Funds may, in accordance with such Portfolio Funds’ governing documents, suspend redemptions, pay redemption proceeds in-kind or invoke a “gate” provision. As of March 31, 2015, the Adviser estimates that none of the Fund’s NAV was subject to these liquidity restrictions.

Portfolio Fund Managers, who operate Portfolio Funds in which the Fund invests, receive fees for their services. The fees include management and incentive fees or allocations based upon the net asset value of the Fund’s investment. These fees are deducted directly from the Portfolio Fund’s assets in accordance with the governing documents of the Portfolio Fund. During the period July 1, 2014 (commencement of operations) through March 31, 2015, the fees for these services range from 1.0% to 2.5% per annum for management fees and 15% to 35% for incentive fees or allocations. In certain cases, the incentive fees or allocations may be subject to a hurdle rate.

Based on the information the Adviser typically receives from the Fund’s Portfolio Funds, the Fund is unable to determine on a look-through basis if any investments held by the Portfolio Funds represent greater than 5% of the Fund’s net assets.

The Fund has no unfunded capital commitments to Portfolio Funds as of March 31, 2015.

10

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

4. Share Capital

The Fund offered shares of beneficial interests (“Shares”) to investors at an initial price of $10.00 per Share. Foreside Fund Services, LLC (the “Distributor”) acts as the distributor of the Shares, on a best efforts basis, subject to various conditions. Shares of the Fund may be purchased from the Fund or through advisers, brokers and dealers that have entered into selling agreements with the Distributor. It is expected that Shares will be offered and may be purchased on a monthly basis.

After the initial offering of Shares, the Shares are sold at the current NAV per Share as of the date on which the purchase is accepted. Each investor will be required to represent that they are acquiring Shares directly or indirectly for the account of an eligible investor, which includes any accredited investor as defined in Regulation D under the Securities Act of 1933, as amended. The minimum initial investment in the Fund is $50,000, and the minimum additional investment in the Fund is $10,000. The Fund may accept investments for a lesser amount under certain circumstances, as determined by the Adviser. Certain selling brokers or dealers and financial advisors may impose higher minimum investment levels, or other requirements. A sales load of up to 3% is charged on purchases of Shares but may be waived at the discretion of the Adviser.

Because the Fund is a closed-end fund, Shareholders do not have the right to require the Fund to repurchase any or all of their Shares. At the discretion of the Board, the Fund intends to provide a limited degree of liquidity to Shareholders by conducting repurchase offers generally quarterly. In determining whether the Fund should repurchase Shares from Shareholders pursuant to written tenders, the Board will consider a variety of factors. The Fund intends to conduct its first tender offer during the fifth calendar quarter after the commencement of the Fund’s operations. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV per share as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each, a “Valuation Date”). The expiration date of the repurchase offer (the “Expiration Date”) will be a date set by the Board occurring no sooner than twenty (20) business days after the commencement date of the repurchase offer and at least ten (10) business days from the date that notice of an increase or decrease in the percentage of the securities being sought or consideration offered is first published, sent or given to Shareholders. The Expiration Date may be extended by the Board in its sole discretion. The Fund generally will not accept any repurchase request received by it or its designated agent after the Expiration Date. Each repurchase offer ordinarily will be limited to the repurchase of approximately 5-25% of the Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be approximately 95 days prior to the date of repurchase by the Fund.

If the interval between the date of purchase of Shares and the date in which Shares are repurchased is less than one year then such repurchase will be subject to a 3.00% early withdrawal fee payable to the Fund. In determining whether the repurchase of Shares is subject to an early withdrawal fee, the Fund will repurchase those Shares held longest first.

11

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

5. Management Fee and Related Party Transactions

In consideration of the management services the Adviser provides to the Fund, the Fund pays the Adviser a quarterly fee (the “Management Fee”) computed at an annual rate of 1.20% of the aggregate value of its outstanding Shares determined as of the last calendar day of each month and payable quarterly (before any repurchases of Shares and prior to the Management Fee being calculated). The Adviser has contractually agreed to waive a portion of the Management Fee (the “Management Fee Waiver”) through the first anniversary of the Fund’s commencement of operations such that the Management Fee shall equal 0.90% per annum of the aggregate value of the Fund’s outstanding Shares determined as of the last calendar day of each month (before any repurchases of Shares and prior to the Management Fee being calculated). The Management Fee Waiver may be terminated only upon approval of the Board. For the period July 1, 2014 (commencement of operations) through March 31, 2015, Management Fees waived by the Adviser were $63,868.

The Adviser has contractually agreed to limit the total annualized operating expenses of the Fund (exclusive of any borrowing and investment-related costs and fees, taxes, extraordinary expenses and the fees and expenses associated with the underlying Portfolio Funds) to 1.70% through the first anniversary of the Fund’s commencement of operations (prior to the impact of the Management Fee Waiver described above). Thereafter, the Expense Limitation Agreement shall automatically renew for one-year terms and may be terminated by the Adviser or the Fund upon thirty (30) days’ prior written notice to the other party. In addition, the Adviser is permitted to recover from the Fund expenses it has borne (whether through reduction of its management fee or otherwise) in later periods to the extent that the Fund’s expenses fall below the annual rate of 1.70%. The Fund, however, is not obligated to pay any such amount more than three years after the end of the fiscal year in which the Adviser deferred a fee or reimbursed an expense. Any such recovery by the Adviser will not cause the Fund to exceed the annual limitation rate set forth above. For the period July 1, 2014 (commencement of operations) through March 31, 2015, operating expenses reimbursed by the Adviser were $496,635, but are subject to recapture.

6. Administrative Services and Custody Agreements

Compensation to the Trustees of the Fund during the period July 1, 2014 (commencement of operations) through March 31, 2015 was $90,000. No fees were paid by the Fund to the Interested Trustee or Officers. As of March 31, 2015, the Adviser and affiliates/employees of the Adviser held Shares in the Fund that comprise 66% of total net assets.

BNY Mellon Investment Servicing (US) Inc. provides certain administrative services to the Fund.

The Bank of New York Mellon (the “Custodian”) serves as the Fund’s custodian and maintains custody of the Fund’s assets which are registered in the name of the Custodian (or its nominees), which includes all Portfolio Funds and cash.

7. Securities Transactions

Aggregate purchases and proceeds from sales of Portfolio Funds for the period July 1, 2014 (commencement of operations) through March 31, 2015 amounted to $34,145,000 and $2,455,623, respectively.

12

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

8. Fair Value Measurement

In May 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), modifying ASC 820, Fair Value Measurement. Under the ASU, investments in affiliated and private investment funds valued at NAV are no longer required to be included in the fair value hierarchy. The Fund elected to early adopt ASU 2015-07 for the period ended March 31, 2015. As a result of adopting ASU 2015-07, investments in Portfolio Funds with a fair value of $32,784,661 are excluded from the fair value hierarchy as of March 31, 2015.

During the period July 1, 2014 (commencement of operations) through March 31, 2015, the Fund held no investments other than Portfolio Funds valued at NAV.

9. Derivative Financial Instruments and Concentrations of Credit Risk

As of March 31, 2015, the Fund had no direct commitments to purchase or sell securities, financial instruments or commodities relating to derivative financial instruments. The Fund may have indirect commitments that arise through positions held by Portfolio Funds in which the Fund invests. However, as a shareholder in these Portfolio Funds, the Fund’s risk is limited to the current value of its investment, which is reflected in the Statement of Assets and Liabilities and the Schedule of Investments.

The Adviser has no knowledge of any financial institution, brokerage firm or other counterparty with which the Fund had a concentration of direct credit risk as of March 31, 2015.

13

Evanston Alternative Opportunities Fund

Notes to Financial Statements

For the period July 1, 2014 (commencement of operations) through March 31, 2015

10. Financial Highlights

	For the period July 1, 2014 (commencement of operations) through March 31, 2015
Net asset value per share, beginning of period	$	10.00
Net income (loss) from investment operations*:
Net investment loss		(0.10	)
Net realized and unrealized gain on investments in Portfolio Funds		0.35
Total from investment operations		0.25
Distributions paid
Net investment income		(0.05	)
Net asset value per share, end of period	$	10.20
Total return **		2.50%
Ratios/Supplemental Data:
Net assets, end of period (in 000s)	$	33,920
Portfolio turnover		9.04%
Ratio of expenses to average net assets before expense waiver and reimbursement***		4.05%
Ratio of expenses to average net assets after expense waiver and reimbursement***		1.40%
Ratio of net investment loss to average net assets***		(1.40%	)

* Per share data of income (loss) from investment operations is computed using the total of monthly income and expense divided by average beginning of month shares.

** The total return is not annualized.

*** The ratios of expenses and net investment loss to average net assets do not include the impact of expenses and incentive fees or allocations related to the Portfolio Funds or the impact of any sales load paid by a Shareholder. The ratios are annualized for a period less than one year.

11. Subsequent events

Management has evaluated the impact of all subsequent events of the Fund through the date the financial statements were issued and noted that no subsequent events needed to be recorded or disclosed.

14

Evanston Alternative Opportunities Fund

Supplemental Information (Unaudited)

Trustees’ and Officers’ Biographical Data

The identity of, and brief biographical information regarding, each Independent Trustee is set forth below. The business address of each Trustee is care of Evanston Capital Management, LLC, 1560 Sherman Avenue, Suite 960, Evanston, Illinois 60201.

INDEPENDENT TRUSTEES ***
Name and Age	Position(s) with the Fund and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex*  Overseen By Trustee	Other Directorships Held by Trustee During the Last Five Years
Robert Moyer Age: 68	Trustee since  February 2014	Retired. Formerly President and Chief Executive Officer of Driehaus Capital Management, Inc. (an investment adviser) and Driehaus Securities Corporation (a mutual fund distributor).	1	Ox-Bow School of Art (since 2006); Windy City Habitat for Humanity (since 2006)
John Rowsell Age: 57	Trustee since February 2014	Partner, Canyon Road Capital (Feb. 2012-present); Managing Director, Man Group Plc (June 2001-Feb. 2012)	1	Nephila Capital Ltd. (until Nov. 2011); GLG Inc. (Oct. 2010-Dec. 2011); Man Long Short Fund (2010-2012); Man Glenwood Lexington (2003-2011); Teach For America - Chicago (2008-present); Virginia Tech Foundation (2011-present).
Ingrid Stafford Age: 61	Trustee since February 2014	Vice President for Financial Operations and Treasurer, Northwestern University (2006-present)	1	Wintrust, Inc. (1998-present); North Shore Community Bank (1994-present).

* “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. There are no other funds in the Fund Complex.

15

Evanston Alternative Opportunities Fund

Supplemental Information (Unaudited)

Trustees’ and Officers’ Biographical Data (continued)

INTERESTED TRUSTEE AND OFFICERS ***
Name and Age	Position(s) with the Fund and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen By Trustee	Other Directorships Held by Trustee During the Last Five Years
Kenneth A. Meister **     Age: 46	Trustee since 2014, President and Principal Executive Officer since 2013	President (since January 2013) and Chief Operating Officer of Evanston Capital Management, LLC	1	N/A
Ryan Cahill Age: 46	Treasurer and Principal Financial Officer since 2013	Chief Financial Officer of Evanston Capital Management, LLC	N/A	N/A
Scott Zimmerman Age: 38	Secretary and Chief Legal Officer since 2013	General Counsel of Evanston Capital Management, LLC	N/A	N/A
Melanie Lorenzo Age: 35	Chief Compliance Officer since 2013	Associate General Counsel and Chief Compliance Officer of Evanston Capital Management, LLC (since December 2010); Associate at Sidley Austin LLP (from August 2007-November 2010)	N/A	N/A

* “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. There are no other funds in the Fund Complex.

** An Interested Trustee is a Trustee of the Fund who is an “interested person” as defined by the 1940 Act.

*** Additional information about the Trustee and Officers is available in the Fund’s Statement of Additional Information, which can be obtained upon request and without charge by writing to the Fund at Evanston Alternative Opportunities Fund, c/o BNY Mellon Investment Servicing (US) Inc., 400 Bellevue Parkway, Wilmington, Delaware 19809, by calling the Fund at 1-877-356-6316, or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

16

Evanston Alternative Opportunities Fund

Supplemental Information (Unaudited)

Additional Information

PROXY VOTING

A description of the Fund’s proxy voting policies and procedures and the Fund’s portfolio securities voting record for the period July 1, 2013 through June 30, 2014 is available without charge, upon request, by calling the Fund at 1-877-356-6316 and on the SEC web site at http://www.sec.gov.

FILING OF QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS (“FORM N-Q”)

The Fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. The Fund’s Forms N-Q will be available on the SEC’s web site at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

17

Item 2. Code of Ethics.

    (a) The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer.

    (b) No item to be disclosed pursuant to this paragraph.

    (c) During the period covered by this report, the Registrant did not amend provisions of its Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. A copy of the Registrant’s Code of Ethics is filed herewith.

    (d) The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

    (e) Not applicable

    (f) The Registrant’s Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer is attached hereto as Exhibit (a)(1) pursuant to Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the Registrant’s board of trustees has determined that Ingrid Stafford is qualified to serve as an audit committee financial expert serving on its audit committee and that she is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

    (a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $0 for 2014 and $37,500 for 2015.

Audit-Related Fees

    (b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2014 and $0 for 2015. This represents the review of the semi-annual financial statements.

Tax Fees

    (c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2014 and $20,000 for 2015.

All Other Fees

    (d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2014 and $0 for 2015.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Audit Committee has adopted an Audit and Non-Audit Services Pre-Approval Policy (“Policy”). This Policy describes how the Audit Committee oversees the services the independent registered public accounting firm (“Auditor”) provides to the Registrant, and the pre-approval of the Auditor’s audit, audit-related, and non-audit services to assure that such services do not impair the Auditor’s independence.

The Policy states that the Audit Committee may either generally pre-approve, or require specific pre-approval of, audit and non-audit services. The Registrant’s annual audit services engagement scope and terms require the Audit Committee’s specific pre-approval, and audit services performed thereafter require general pre-approval. Audit-related services, as well as tax services that do not impair the Auditor’s independence are subject to the Audit Committee’s general pre-approval. The Policy prohibits certain non-audit services; non-audit services that are not prohibited under the Policy require specific pre-approval, and are permitted if they are routine and recurring services that would not impair the Auditor’s independence and are consistent with the Sarbanes-Oxley Act of 2002 and rules relating thereto.

The Audit Committee is not required to pre-approve de minimis fees relating to non-audit services to the Registrant that were not recognized as non-audit services at the time of the Auditor’s engagement, and which are promptly brought to the Audit Committee’s attention and approved prior to the audit’s completion. “De Minimis” fees are those fees that are less than 5% of the total fees the Auditor receives in a fiscal year for its services to the Registrant.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b)  N/A

(c)  N/A

(d)  N/A

    (f) The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

    (g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant was $49,225 for 2014 and $106,000 for 2015.

    (h) The Registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Registrant has delegated to the Adviser the voting of proxies relating to the Registrant’s portfolio securities. A summary of the Adviser’s Proxy Voting Policies and Procedures follows:

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (“Advisers Act”) addresses investment advisers’ fiduciary obligation to their clients when these advisers have the authority to vote proxies of securities in client accounts. Evanston Capital Management, LLC (“Adviser”) has implemented Proxy Voting Policies and Procedures (the “Proxy Policy”) that are reasonably designed to ensure that the Adviser votes client securities in its clients’ best interests in accordance with its fiduciary duties.

In its capacity as a manager of funds of investment funds, the Adviser rarely, if ever, is requested to vote the proxies of traditional operating companies. None of the funds of funds advised by the Adviser (the “Funds”) has been formed for the purpose of holding publicly traded securities, and the securities of unregistered private funds (“Portfolio Funds”) securities generally will not have voting rights. Rather, from time to time, the Adviser may be requested to vote on behalf of its Funds in their capacities as Portfolio Fund investors, and such proxies generally involve Portfolio Fund term and structure changes. In all cases, the Adviser will consider how its vote could affect the Funds, and will be guided by general fiduciary principles. The Adviser will exercise voting or consent rights in a manner it believes to be in a Fund’s best interests, and consistent with efforts to achieve the Fund’s stated objective, including maximizing portfolio value.

The Adviser’s Investment Committee (“Committee”) votes proxies as well as other votes it is requested to make on the Registrant’s behalf. The Adviser’s general policy is to vote in accordance with the recommendation of a Portfolio Fund’s management on routine and administrative matters, unless the Adviser has a particular reason to vote to the contrary. With respect to non-recurring or extraordinary matters, the Adviser will vote on a case-by-case basis in accordance with the goals of achieving the Registrant’s stated objective. The Adviser’s Chief Compliance Officer or her delegate will be responsible for monitoring and submitting any and all corporate actions in a timely manner.

The Registrant may purchase non-voting securities of, or irrevocably waive or limit contractually the right to vote in respect of, Portfolio Funds in order to prevent the Registrant from becoming an “affiliated person” of the Portfolio Fund for purposes of the Investment Company Act of 1940, as amended (“Company Act”) and becoming subject to the prohibitions on transactions

with affiliated persons contained in the Company Act. Consequently, the Registrant may not be able to vote to the full extent of its economic interest, including matters that could adversely affect the Registrant’s investment. The Adviser will make the determination to waive voting rights pursuant to policies adopted by the Registrant’s Board of Trustees. Entering into voting waivers is expected to allow the Registrant to purchase interests in Portfolio Funds that represent attractive investment opportunities, which the Registrant might otherwise be restricted from holding pursuant to the prohibitions on transactions with affiliated persons under the Company Act.

If the Adviser determines that a conflict or potential conflict exists between the Adviser’s and the Funds’ interests, the Adviser may vote proxies despite the existence of the conflict. If the Adviser determines that a conflict or potential conflict of interest is material, the Adviser’s Chief Compliance Officer will work with appropriate personnel to agree upon a method to resolve such conflict before voting proxies affected by the conflict.

Form N-PX will contain the Registrant’s complete proxy voting record for the twelve months ended June 30, and will be filed annually no later than August 31. The Registrant’s Form PX is available without charge, upon request, by calling the Registrant at (847) 328-4676, or by visiting the Securities and Exchange Commission’s website (http://www.sec.gov).

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1)  The following information is as of March 31, 2015:

Adam B. Blitz, CFA. Mr. Blitz is the Chief Executive Officer, Chief Investment Officer, a Principal and a member of the Investment Committee of Evanston Capital Management, LLC (the “Adviser”). He has over fifteen years of institutional investment management experience with an emphasis in quantitative analysis, trading and risk management.

Don Fehrs, Ph.D. Mr. Fehrs is a Principal – Risk Management and Research and a member of the Investment Committee of the Adviser. He joined the firm in May 2006. Mr. Fehrs’ responsibilities include oversight of the portfolio risk management function and evaluation of existing and potential Portfolio Funds.

Kristen VanGelder, CFA. Ms. VanGelder is a Principal – Director of Research and a member of the Investment Committee of the Adviser. She joined the firm in August 2003 and is primarily responsible for investment research, including the sourcing, evaluation, and due diligence of prospective investments as well as the ongoing monitoring of existing investments. She also assists in the Adviser’s portfolio construction and risk management processes.

(a)(2)(i-iii)

PORTFOLIO MANAGERS

Other Accounts Managed Table

(As of March 31, 2015)

	Registered Investment      Companies (1)		Other Pooled  Investment Vehicles		Other Accounts
Portfolio Manager	Number  of  Accounts	Total  Assets of  Accounts  Managed  ($ million)	Number  of  Accounts	Total  Assets of  Accounts  Managed  ($ million)	Number  of  Accounts	Total  Assets of    Accounts  Managed  ($  million)
Adam B. Blitz	0	$0	9	$5,439	1	$31
Don Fehrs	0	$0	9	$5,439	1	$31
Kristen VanGelder	0	$0	9	$5,439	1	$31

(1)  This chart does not include information with respect to the Registrant.

Performance-Based Fee Accounts Information Table

(As of March 31, 2015)

	Registered Investment      Companies (1)		Other Pooled  Investment Vehicles		Other Accounts
Portfolio Manager	Number  of  Accounts	Total  Assets of  Accounts  Managed  ($ million)	Number  of  Accounts	Total  Assets of  Accounts  Managed  ($ million)	Number  of  Accounts	Total  Assets of    Accounts  Managed  ($  million)
Adam B. Blitz	0	$0	9	$5,439	1	$31
Don Fehrs	0	$0	9	$5,439	1	$31
Kristen VanGelder	0	$0	9	$5,439	1	$31

(1)   This chart does not include information with respect to the Registrant.

(a)(2)(iv)

The portfolio managers, in performing their duties with the Adviser, manage accounts other than the Registrant. In addition, they may carry on investment activities for their own accounts and the accounts of family members (collectively with other accounts managed by the Adviser and its affiliates, “Other Accounts”). The Registrant has no interest in these activities. As a result of the foregoing, the portfolio managers will be engaged in substantial activities other than on behalf of the Registrant and may have differing economic interests in respect of such activities and may have conflicts of interest in allocating investment opportunities, and their time, between the Registrant and Other Accounts.

There may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of their assets to an investment opportunity than the percentage of the Registrant’s assets they commit to such investment. There also may be circumstances under

which the Adviser purchases or sells an investment for Other Accounts and does not purchase or sell the same investment for the Registrant, or purchases or sells an investment for the Registrant and does not purchase or sell the same investment for one or more Other Accounts. However, it is the policy of the Adviser that investment decisions for the Registrant and Other Accounts be made based on a consideration of their respective investment objectives and policies, and other needs and requirements affecting each account that they manage; and investment transactions and opportunities be fairly allocated among clients over time, including the Registrant. Therefore, there may be situations where the Adviser does not invest the Registrant’s assets in certain private investment vehicles in which Other Accounts may invest or in which the Registrant may otherwise invest.

The Adviser and its affiliates may have interests in Other Accounts they manage that differ from their interests in the Registrant and may manage such accounts on terms that are more favorable to them (e.g., may receive higher fees or performance allocations) than the terms on which they manage the Registrant. In addition, the Adviser may charge fees to Other Accounts and be entitled to receive performance-based incentive allocations from Other Accounts that are lower than the fees to which the Registrant is subject.

(a)(3) The following information is as of March 31, 2015:

Portfolio managers at the Adviser are compensated through a number of different methods. First, a base salary is paid to all of the portfolio managers. Secondly, an objective related bonus is paid annually and reflects the level of achievement the portfolio manager has made regarding the investment activities of the Adviser in respect of its accounts for that period with the overall bonus pool which is based upon the profitability of the Adviser as a whole. There are no other special compensation schemes for the portfolio managers.

(a)(4)

Name of Portfolio Manager or Team Member	Dollar ($) Range of Fund Shares Beneficially Owned as of March 31, 2015
Adam B. Blitz	Over $1,000,000
Don Fehrs	$100,001-$500,000
Kristen VanGelder	None

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

    (a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

    (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Code of Ethics that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 (12.other) Not applicable.

                    SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                              Evanston Alternative Opportunities Fund

By (Signature and Title)*	/s/ Kenneth A. Meister
	Kenneth A. Meister, President and Principal Executive Officer
	(principal executive officer)

Date     May 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Kenneth A. Meister
	Kenneth A. Meister, President and Principal Executive Officer
	(principal executive officer)

Date     May 28, 2015

By (Signature and Title)*	/s/ Ryan Cahill
	Ryan Cahill, Treasurer and Principal Financial Officer
	(principal financial officer)

Date     May 28, 2015

* Print the name and title of each signing officer under his or her signature.