# EDGAR Filing Document

**Accession Number:** 0001589390
**File Stem:** 0000910472-25-005261
**Filing Date:** 2025-12
**Character Count:** 14880
**Document Hash:** 3212f60a891c852b123b58fb070d3370
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005261.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005261

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Square Evanston Multi-Alpha Fund
- **CENTRAL INDEX KEY:** 0001589390

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22904
- **FILM NUMBER:** 251537484

**BUSINESS ADDRESS:**
- **STREET 1:** 1560 SHERMAN AVENUE
- **STREET 2:** SUITE 960
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201
- **BUSINESS PHONE:** 847-328-4961

**MAIL ADDRESS:**
- **STREET 1:** 1560 SHERMAN AVENUE
- **STREET 2:** SUITE 960
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Evanston Alternative Opportunities Fund
- **DATE OF NAME CHANGE:** 20131016

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** North Square Evanston Multi-Alpha Fund

- **b. Investment Company Act file number:** 811-22904

- **c. CIK number of Registrant:** 0001589390

- **d. LEI of Registrant:** 5493003LZ0D84WKLJ903

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** North Square Evanston Multi-Alpha Fund

- **c. LEI of Series:** 5493003LZ0D84WKLJ903

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $93228525.09

**Total Liabilities:** $342835.47

**Net Assets:** $92885689.62

**Cash Not Reported:** $190876.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C299222208 | 1.09%                | 0.39%                | 1.59%                |
| Class ID C299222109 | 1.16%                | 0.45%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.03                   | $1110848.63                                |
| Month 2  | $-0.01                   | $503470.94                                 |
| Month 3  | $19955.71                | $1599964.91                                |

### Schedule of Portfolio Investments

| Name   | Title                                                                                 | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A    | 59 North Offshore Partners Ltd. Series B-1                                            | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2016 | NS      | $3294424.00   | 3.55%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Rokos Global Macro Fund Limited Class A UR NV/ 1                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |     24373 | NS      | $8011549.07   | 8.63%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Hill City Capital Offshore Fund Ltd. Class 1                                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2905 | NS      | $4881066.10   | 5.25%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Crake Global Feeder Fund ICAV Sub-Class A Shares                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | IE        |      6983 | NS      | $1928878.00   | 2.08%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Castlehook Offshore Fund Ltd. Class A/U NV, Series 1                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       420 | NS      | $1831395.70   | 1.97%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Soroban Long Only Equity Cayman Fund Ltd. Class 2-E, Series 1                         | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2433 | NS      | $3477634.72   | 3.74%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Hein Park Offshore Investors Ltd. Class A                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      3188 | NS      | $3154277.83   | 3.40%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Cassiopeia Fund Ltd. Class B Series 01Oct2023                                         | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | BM        |         8 | NS      | $10195.00     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Silver Point Capital Offshore Fund Ltd. H-551                                         | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       327 | NS      | $7568122.18   | 8.15%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | 140 Summer Partners Offshore Ltd. Founders Sub-Class A Shar                           | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2015 | NS      | $3851495.70   | 4.15%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | TIG Zebedee Focus Fund Limited Sub Class B Non Voting USD, Series 5/25                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      5000 | NS      | $540451.20    | 0.58%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Dark Forest Global Equity Offshore Fund Ltd. Class F, Series 1 E 08-2023  T0922       | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1500 | NS      | $1658592.01   | 1.79%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Blackrock Liquidity Funds T-Fund Institutional Shares                                 | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        |        20 | NS      | $19.80        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Tribune Investment Group Offshore Fund Ltd. Class B, Discount E Series July 2024      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1500 | NS      | $1572164.57   | 1.69%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | TIG Zebedee Focus Fund Limited Class B USD - Non- Voting Shares                       | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |     27087 | NS      | $5351821.18   | 5.76%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | XN Exponent Offshore Fund LP                                                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |     29694 | NS      | $3532619.69   | 3.80%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Alamut Feeder Fund Ltd. Class F USD UR Sep25                                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      5000 | NS      | $477714.82    | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Oxbow Fund (Offshore) Limited Series B Non-Restricted I000084043                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1513 | NS      | $5203347.93   | 5.60%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Tribune Investment Group Offshore Fund Ltd. Class B, Discount E Series December 2024  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       500 | NS      | $502461.26    | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | 140 Summer Partners Offshore Ltd. Founders Sub-Class A, Series 33 January 2025        | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1000 | NS      | $1119288.10   | 1.21%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Redwood Opportunity Offshore Fund Ltd. Non-Voting Shares                              | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1764 | NS      | $2870240.84   | 3.09%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Steelhead Pathfinder Fund Ltd. Default Class                                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2512 | NS      | $3862150.76   | 4.16%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Anchorage Capital Partners Offshore, Ltd.                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       104 | NS      | $151587.07    | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Whale Rock Flagship Fund Ltd. Class A-1, Initial Series                               | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       108 | NS      | $212770.87    | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Matrix Capital Management Fund (Offshore) Ltd. Class I-T1, Series 11 07 14            | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       224 | NS      | $620928.25    | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Castlehook Offshore Fund Ltd. Class F -A/U NV, Series 1                               | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       601 | NS      | $2953197.46   | 3.18%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Tribune Investment Group Offshore Fund Ltd. Class B, Discount E Series November 2024  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       500 | NS      | $511351.06    | 0.55%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Sachem Head Offshore Ltd. Common, Series NR 09-2013                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       884 | NS      | $4591967.64   | 4.94%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Tribune Investment Group Offshore Fund Ltd. Class B, Discount E Series September 2024 | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       500 | NS      | $510643.45    | 0.55%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Alamut Feeder Fund Ltd. Class F USD UR Jul25                                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |     20000 | NS      | $1925425.74   | 2.07%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Dark Forest Global Equity Offshore Fund Ltd. Class F, Series 1 E 08-2023  T0522       | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      1000 | NS      | $1110039.82   | 1.20%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Iguazu Investors (Cayman) SPC Class A1                                                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       560 | NS      | $2318743.71   | 2.50%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Foreword Capital Offshore Fund LP                                                     | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |     19882 | NS      | $2291003.72   | 2.47%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Agave Global Macro Fund Ltd. Class A-1 Non Restricted Shares                          | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |      2000 | NS      | $2012174.40   | 2.17%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | STIT- Treasury Portfolio                                                              | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        |   3125545 | NS      | $3125545.34   | 3.36%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Crake Global Feeder Fund ICAV Sub-Class B Shares                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | IE        |     19286 | NS      | $5083330.00   | 5.47%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Dark Forest Global Equity Offshore Fund Ltd. Class F, Series 1 E 08-2023  T0421       | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | KY        |       572 | NS      | $685381.57    | 0.74%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** North Square Evanston Multi-Alpha Fund

**Signature:** Ian Martin

**Name of Signer:** Ian Martin

**Title:** President