NPORT-P
    false
    
      
      
        
          0001589390
          XXXXXXXX
        
      
      
      
      
      
    
  
  
    
      Evanston Alternative Opportunities Fund
      811-22904
      0001589390
      5493003LZ0D84WKLJ903
      1560 Sherman Aveune
      Suite 960
      Evanston
      
      60201
      847-328-4961
      Evanston Alternative Opportunities Fund
      5493003LZ0D84WKLJ903
      2023-03-31
      2022-06-30
      N
    
    
      109030394.610000000000
      6129664.570000000000
      102900730.040000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      3283734.580000000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
    
    
      
        12 West Capital Fund Ltd
        N/A
        12 West Capital Fund Ltd
        999999999
        
          
        
        3799.2447669782
        NS
        USD
        2573163.9
        2.5006274484
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        140 Summer Partners Offshore Ltd.
        N/A
        140 Summer Partners Offshore Ltd.
        999999999
        
          
        
        4441.7982319111
        NS
        USD
        4194137.45
        4.0759064084
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Anchorage Capital Partners Offshore, Ltd.
        N/A
        Anchorage Capital Partners Offshore, Ltd.
        999999999
        
          
        
        366.8227805136
        NS
        USD
        501016.02
        0.4868925807
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Boundary Creek Fund Offshore Ltd
        N/A
        Boundary Creek Fund Offshore Ltd
        999999999
        
          
        
        3499.9999900252
        NS
        USD
        3601898.86
        3.5003627852
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Castle Hook Offshore Fund Ltd.
        N/A
        Castle Hook Offshore Fund Ltd.
        999999999
        
          
        
        2698.1689021659
        NS
        USD
        5105549.87
        4.9616264802
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Crake Global Feeder Fund ICAV
        213800G12BJ785ZCTK71
        Crake Global Feeder Fund ICAV
        999999999
        
          
        
        20000
        NS
        USD
        3066413
        2.9799720554
        Long
        EC
        PF
        IE
        N
        N/A
        
          N
          N
          N
        
      
      
        Dark Forest Global Equity Offshore Fund Ltd
        N/A
        Dark Forest Global Equity Offshore Fund Ltd
        999999999
        
          
        
        5257.3264845998
        NS
        USD
        5657278.67
        5.4978022681
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Eversept Global Healthcare Offshore Fund, Ltd.
        N/A
        Eversept Global Healthcare Offshore Fund, Ltd.
        999999999
        
          
        
        3051.4116222333
        NS
        USD
        3497550.69
        3.3989561480
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        FourSixThree Overseas Fund, Ltd.
        N/A
        FourSixThree Overseas Fund, Ltd.
        999999999
        
          
        
        5691.6785719714
        NS
        USD
        5512173.6
        5.3567876514
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Glenernie Long/Short Fund Ltd
        5493009GV8WPFRFGZ296
        Glenernie Long/Short Fund Ltd
        999999999
        
          
        
        5389.3828918699
        NS
        USD
        3557925.32
        3.4576288415
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Hein Park Offshore Investors Ltd
        N/A
        Hein Park Offshore Investors Ltd
        999999999
        
          
        
        4250
        NS
        USD
        3575459.49
        3.4746687303
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Iguazu Investors (Cayman), SPC
        N/A
        Iguazu Investors (Cayman), SPC
        999999999
        
          
        
        559.5743777642
        NS
        USD
        2331019
        2.2653085154
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Matrix Capital Management Fund (Offshore) Ltd.
        N/A
        Matrix Capital Management Fund (Offshore) Ltd.
        999999999
        
          
        
        2642.7457567204
        NS
        USD
        4787896.72
        4.6529278443
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Oxbow Fund (Offshore) Limited
        N/A
        Oxbow Fund (Offshore) Limited
        999999999
        
          
        
        2242.2314992979
        NS
        USD
        4384294.31
        4.2607028233
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Pelham Global Financials Fund Ltd
        5493009NZUURXGPBOI55
        Pelham Global Financials Fund Ltd
        999999999
        
          
        
        30536.5723974029
        NS
        USD
        3053126.78
        2.9670603686
        Long
        EC
        PF
        BM
        N
        N/A
        
          N
          N
          N
        
      
      
        Pine River Fixed Income Fund Ltd.
        N/A
        Pine River Fixed Income Fund Ltd.
        999999999
        
          
        
        2.2403005763
        NS
        USD
        1199
        0.0011652007
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Pleiad Asia Offshore Feeder Fund
        N/A
        Pleiad Asia Offshore Feeder Fund
        999999999
        
          
        
        4485.3312950353
        NS
        USD
        5004973.65
        4.8638854633
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Redwood Opportunity Offshore Fund, Ltd.
        N/A
        Redwood Opportunity Offshore Fund, Ltd.
        999999999
        
          
        
        3101.7282312689
        NS
        USD
        3526999.51
        3.4275748176
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Rokos Global Macro Fund Limited
        N/A
        Rokos Global Macro Fund Limited
        999999999
        
          
        
        47271.651015319
        NS
        USD
        7453349.74
        7.2432428197
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Sachem Head Offshore Ltd.
        N/A
        Sachem Head Offshore Ltd.
        999999999
        
          
        
        3038.359988467
        NS
        USD
        5102100.58
        4.9582744243
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Silver Point Capital Offshore Fund, Ltd.
        N/A
        Silver Point Capital Offshore Fund, Ltd.
        999999999
        
          
        
        524.3269507292
        NS
        USD
        9099574
        8.8430606823
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Soroban Decarbonization Beneficiaries Cayman Fund Ltd
        N/A
        Soroban Decarbonization Beneficiaries Cayman Fund Ltd
        999999999
        
          
        
        4278.8267304697
        NS
        USD
        3505733.79
        3.4069085697
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Steelhead Pathfinder Fund Ltd.
        N/A
        Steelhead Pathfinder Fund Ltd.
        999999999
        
          
        
        4304.9698779441
        NS
        USD
        4890516.41
        4.7526547266
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        TIG Zebedee Focus Fund Limited
        213800TROG6IWDLH8Z84
        TIG Zebedee Focus Fund Limited
        999999999
        
          
        
        24509.7022614275
        NS
        USD
        9186380.96
        8.9274205892
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
      
        Triton Fund, Ltd.
        N/A
        Triton Fund, Ltd.
        999999999
        
          
        
        61.1790982677
        NS
        USD
        31792
        0.0308957964
        Long
        EC
        PF
        BM
        N
        N/A
        
          N
          N
          N
        
      
      
        Whale Rock Flagship Fund Ltd.
        549300C4V8TQKM1GKV14
        Whale Rock Flagship Fund Ltd.
        999999999
        
          
        
        2228.166725292
        NS
        USD
        2417122.95
        2.3489852298
        Long
        EC
        PF
        KY
        N
        N/A
        
          N
          N
          N
        
      
    
    
      2022-08-09
      Evanston Alternative Opportunities Fund
      Kenneth Meister
      Evanston Alternative Opportunities Fund
      Principal Executive Officer
    
  
  XXXX




Evanston Alternative Opportunities Fund

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  
        

 

 

   

 

 

   

 

1

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.

 

2

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
  

 

 

 

 

3