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      <registrantType>RMIC</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001589390</cik>
          <ccc>XXXXXXXX</ccc>
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      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <investmentCompanyType>N-2</investmentCompanyType>
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      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>Evanston Multi-Alpha Fund</name>
        <phoneNumber>847-328-4961</phoneNumber>
        <address>
          <com:street1>1560 SHERMAN AVENUE</com:street1>
          <com:street2>SUITE 960</com:street2>
          <com:city>EVANSTON</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60201</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>The Corporation Trust Company</name>
        <address>
          <com:street1>Corporation Trust Center</com:street1>
          <com:street2>1209 Orange Street</com:street2>
          <com:city>Wilmington</com:city>
          <com:stateOrCountry>DE</com:stateOrCountry>
          <com:zipCode>19801</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>FUND NOTICE REPORT</reportType>
      </reportInfo>
      <fileNumber>811-22904</fileNumber>
      <reportingSecFileNumber>333-288975</reportingSecFileNumber>
      <leiNumber>5493003LZ0D84WKLJ903</leiNumber>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
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    <signaturePage>
      <reportingPerson>Evanston Multi-Alpha Fund</reportingPerson>
      <txSignature>Ian Martin</txSignature>
      <txPrintedSignature>Ian Martin</txPrintedSignature>
      <txTitle>President</txTitle>
      <txAsOfDate>08/03/2026</txAsOfDate>
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