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Evanston
Multi-Alpha Fund |
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Schedule
of Investments (Unaudited) |
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June
30, 2026 |
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Investments in Portfolio Funds* |
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First Acquisition Date |
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Shares |
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Cost |
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Fair Value |
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Percentage of Net Assets |
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Liquidity(1) |
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Event Driven(a) |
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Hein Park Offshore Investors Ltd. |
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1/1/2022 |
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3,188 |
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$3,187,500 |
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$3,221,493 |
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2.97% |
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Quarterly(2) |
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Redwood Opportunity Offshore Fund, Ltd. |
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7/1/2020 |
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1,764 |
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2,000,100 |
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2,763,692 |
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2.55% |
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Quarterly |
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Silver Point Capital Offshore Fund, Ltd. |
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1/1/2016 |
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327 |
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4,663,074 |
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8,109,742 |
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7.48% |
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Annually(2) |
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Total Event Driven |
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9,850,674 |
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14,094,927 |
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13.00% |
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Global Asset Allocation(b) |
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Agave Global Macro Fund Ltd. |
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8/1/2025 |
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2,486 |
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2,500,000 |
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2,606,862 |
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2.41% |
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Quarterly(2) |
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Castle Hook Offshore Fund Ltd. |
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1/1/2017 |
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1,021 |
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1,507,676 |
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7,380,061 |
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6.81% |
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Quarterly(2) |
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Rokos Global Macro Fund Limited |
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11/1/2015 |
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20,182 |
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2,851,677 |
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7,560,713 |
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6.98% |
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Monthly(2) |
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TIG Zebedee Core Fund Limited |
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1/1/2024 |
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27,292 |
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4,397,860 |
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5,683,004 |
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5.24% |
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Monthly |
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Total Global Asset Allocation |
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11,257,213 |
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23,230,640 |
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21.44% |
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Long-Short(c) |
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59 North Offshore Partners, Ltd. |
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5/1/2024 |
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2,766 |
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3,750,000 |
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4,274,194 |
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3.94% |
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Quarterly(2) |
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Alamut Feeder Fund Ltd. |
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7/1/2025 |
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35,000 |
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3,500,000 |
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3,336,087 |
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3.08% |
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Quarterly(2) |
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Dellora Investments Offshore Fund Ltd. |
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4/1/2026 |
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3,250 |
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3,250,000 |
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3,619,191 |
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3.34% |
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Quarterly(3) |
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Hill City Capital Offshore Fund Ltd. |
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7/1/2023 |
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4,814 |
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2,559,767 |
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6,594,046 |
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6.08% |
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Quarterly(2) |
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Matrix Capital Management Fund (Offshore) Ltd. |
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7/1/2014 |
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304 |
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327,402 |
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357,338 |
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0.33% |
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Quarterly(4) |
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Oxbow Fund (Offshore) Limited |
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9/1/2015 |
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1,513 |
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2,515,346 |
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9,538,362 |
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8.80% |
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Quarterly(2) |
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Soroban Long Only Equity Cayman Fund Ltd |
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4/1/2024 |
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3,433 |
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3,433,120 |
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4,702,716 |
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4.34% |
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Quarterly(2) |
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Whale Rock Flagship Fund Ltd. |
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7/1/2014 |
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21 |
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121,291 |
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281,540 |
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0.26% |
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N/A(5) |
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XN Exponent Offshore Fund, LP |
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7/1/2024 |
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2,625,000 |
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3,930,218 |
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3.63% |
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Quarterly(6) |
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Total Long-Short |
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22,081,926 |
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36,633,692 |
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33.80% |
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Relative Value(d) |
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Foreword Capital Offshore Fund, LP |
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7/1/2024 |
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3,531,504 |
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4,000,750 |
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3.69% |
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Quarterly(2) |
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Iguazu Investors (Cayman), SPC |
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7/1/2014 |
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1,810 |
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2,528,071 |
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3,593,665 |
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3.32% |
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Quarterly |
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Steelhead Pathfinder Fund Ltd. |
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1/1/2020 |
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2,792 |
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3,658,905 |
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4,643,536 |
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4.28% |
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Monthly |
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Total Relative Value |
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9,718,480 |
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12,237,951 |
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11.29% |
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Multi-Discipline(e) |
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140 Summer Partners Offshore Ltd. |
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2/1/2022 |
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2,601 |
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3,625,000 |
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5,358,421 |
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4.94% |
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Quarterly |
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Anchorage Capital Partners Offshore, Ltd. |
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7/1/2014 |
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93 |
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88,903 |
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138,153 |
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0.13% |
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N/A(5) |
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Crake Global Feeder Fund ICAV** |
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10/1/2019 |
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26,268 |
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3,000,000 |
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7,978,814 |
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7.36% |
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Monthly |
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Sachem Head Offshore Ltd. |
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7/1/2014 |
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788 |
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2,026,349 |
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5,925,416 |
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5.47% |
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Quarterly(2) |
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Total Multi-Discipline |
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8,740,252 |
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19,400,804 |
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17.90% |
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Total Investments in Portfolio Funds |
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$61,648,545 |
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$105,598,014 |
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97.43% |
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Short-Term Investments |
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Money Market Funds(f) |
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State Street Institutional Treasury Money Market Fund, Institutional Shares, 3.56% |
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3,082,112 |
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3,082,112 |
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3,082,112 |
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2.84% |
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Total Short-Term Investments |
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3,082,112 |
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3,082,112 |
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2.84% |
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Total Investments in Portfolio Funds and Short-Term Investments |
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$64,730,657 |
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$108,680,126 |
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100.27% |
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Liabilities in excess of Remaining Assets |
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(289,649) |
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(0.27%) |
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Net assets |
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$108,390,477 |
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100.00% |
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* Investments in Portfolio Funds are non-income producing. All Portfolio Funds are domiciled in the Cayman Islands, unless otherwise noted. |
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** This Portfolio Fund is domiciled in Ireland. |
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(1) 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 90 days. If applicable, the lock up period is 12-24 months. |
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(2) Subject to 25% investor level quarterly gate. |
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(3) Subject to 50% investor level quarterly gate. |
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(4) Fund is liquidating and voluntary withdrawal and redemptions are suspended effective September 30, 2024. |
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(5) This Portfolio Fund is not redeemable; rather the Fund receives distributions through the liquidation of the underlying assets of this Portfolio Fund. |
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(6) Subject to 12.5% investor level quarterly gate. |
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(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. |
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(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. |
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(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. |
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(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. |
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(e) Multi-discipline managers employ a combination of any of the above mentioned strategies. |
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(f) Rate
disclosed is the seven day effective yield as of June 30, 2026. |
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