Risks

Investing involves risk, including the possible loss of your entire investment. There is no guarantee the Fund’s investment objective will be achieved. The Fund is a continuously-offered, non-diversified, registered closed-end fund. Investing in tender offer funds may be speculative, involve a high degree of risk, and provide limited liquidity. The Fund does not currently intend to list its shares for trading on any national securities exchange and does not expect any secondary trading market in the shares to develop. The shares are, therefore, not readily marketable. Even though the Fund may make periodic tender offers to repurchase a portion of the shares to try to provide limited liquidity to shareholders, there is no guarantee that an investor will be able to sell all the shares the investor desires to sell in the tender offer. You should consider the shares to be illiquid.

The Fund seeks to achieve its objective by investing substantially all of its assets in Portfolio Funds, i.e., investment vehicles often referred to as “hedge funds”, managed by portfolio fund managers. The fund’s portfolio managers may, in some cases, be recently organized or may manage Portfolio Funds that are recently organized and have no or a very limited operating and performance history. The Portfolio Funds are selected by the Sub-Adviser, and the Fund’s success will depend, in large part, on the Sub-Adviser’s skill and expertise. The Portfolio Funds are not registered under the 1940 Act, and therefore are not subject to the 1940 Act’s restrictions and protections, such as fee limitations, asset coverage requirements, and reporting requirements. The portfolio fund managers may use investment strategies and techniques, including portfolio leverage, that are not generally permissible for registered investment companies, and Portfolio Funds may be less transparent in providing portfolio holding and valuation information.

The Fund relies on the valuation of the Portfolio Funds to value its shares. Fair value estimates may prove to be inaccurate and may be subject to later adjustments from time to time. Similarly, inaccurate or delayed information could adversely affect the Fund’s ability to accurately value its shares. The Fund relies on estimates received from Portfolio Funds in calculating the Fund’s net asset value for, among other things, reporting the performance data reflected herein. Portfolio Funds are typically audited on an annual basis. The Fund may borrow money for portfolio management and other purposes. Leverage increases return volatility and magnifies a fund’s potential return and its risks. The Fund’s shares are not guaranteed or endorsed by any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation.

Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. The investment objective of the Fund is to seek attractive long-term risk adjusted returns. There can be no assurance that the Fund will achieve its investment objective, and you could lose some or all of your investment. An investment in this Fund presents a number of risks and is not suitable for all investors. Investors should carefully review the Prospectus and consider potential risks before investing. These and other risk considerations are described in more detail in the Fund’s Prospectus and Statement of Additional Information (“SAI”), each of which can be found on the SEC’s website at www.sec.gov or the Fund’s web page at xainvestments.com.

Distributed by PINE Distributors LLC, which is not affiliated with Evanston Multi-Alpha Fund, XA Investments LLC or Evanston Capital Management, LLC.

EVNST-5844-08/26

Before investing, you should consider carefully the Fund’s investment objectives, limited liquidity, risks, charges, and expenses. The Prospectus contains this and other information about this investment company. You can obtain a copy of the Prospectus by calling 888-903-3358 or by visiting the Fund’s website at xainvestments.com. Please read the Prospectus carefully before you invest.

Footnotes

¹Distributions will be paid at least annually in an amount representing substantially all of the net investment income and net capital gains, if any, earned each year. The Fund is not a suitable investment for any investor requiring routine distributions of income. Each shareholder will automatically be a participant in the Fund’s Dividend Reinvestment Plan (“DRIP”) and have all income dividends and/or capital gains distributions automatically reinvested in shares. Election not to participate in the DRIP and to receive all income dividends and/or capital gain distributions, if any, in cash may be made by notice to a shareholder’s broker or other intermediary (who should be directed to inform the Fund).

²The Adviser and Sub-Adviser have agreed to limit the Fund’s expenses via an Operating Expense Limitation Agreement (the “Operating Expense Cap”). Under the Operating Expense Cap, the Adviser and Sub-Adviser have agreed to waive a portion of the management fees or reimburse the Fund for certain operating expenses so that the expenses of the Fund, exclusive of certain excluded expenses, do not exceed 0.50% annualized of the assets of the Fund’s Class I shares and 1.25% annualized of the assets of the Fund’s Class A shares, respectively, through August 13, 2027 (the “Operating Expense Cap Period”). The Operating Expense Cap supersedes the Fund’s prior operating expense cap. For three years following a waiver or reimbursement during the Operating Expense Cap Period, respectively, the Adviser and Sub-Adviser may recoup amounts waived and/or reimbursed to the Fund only if the recoupment would not cause the total annual operating expenses, excluding certain “excluded expenses,” to exceed the (i) expense ratio at the time the reimbursement was made, and (ii) the expense limitation at the time of the recoupment. “Excluded expenses” include management fees, taxes, leverage interest and borrowing costs, direct or indirect investment expenses (including, without limitation, acquired fund fees and expenses, brokerage commissions and other trading expenses), and extraordinary expenses, including expenses incurred in connection with any merger or reorganization, certain proxy expenses, and litigation expenses.

³The Fund’s performance data quoted represents past performance (as described below) and is presented net of the Fund’s fees and expenses. All performance data is unaudited. The Fund’s 2027 audited financials will be delivered to Fund investors no later than 60 days after the Fund’s 3/31 fiscal year-end. An investment’s return and principal value will fluctuate so that a Fund shareholder’s shares, if and when repurchased in a tender offer, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. Where applicable, all returns shown reflect the reinvestment of all distributions of income and capital gains. Class I: For the period from July 1, 2014 through June 30, 2015, performance is based on a reduced management fee of 0.90% per annum per the management fee waiver. Class I’s performance would be lower without the management fee waiver during such period. From July 1, 2015 through December 31, 2018, Class I’s management fee was 1.20% per annum; effective January 1, 2019, the management fee is 1.0% per annum. Class I is not subject to a sales load. Class A: Performance shown prior to Class A’s inception date (06/01/2015) is based on the performance of Class I Shares, adjusted to reflect Class A’s fees and expenses. Class A’s net performance shown reflects a distribution and service fee of 0.75% per annum, and a management fee of 1.20% per annum through December 31, 2018. Effective January 1, 2019, Class A’s management fee is 1.0% per annum. Class A’s performance was not reduced by the maximum sales load of 3% of the investment amount. If the sales load were reflected, Class A’s performance would be reduced. The Fund’s Class I and Class A net performance reflects expense reimbursements that are in effect until August 13, 2027. Performance would have been lower without the expense reimbursements that are currently in effect. Neither Class I nor Class A’s performance was reduced by the early withdrawal fee of 3% that is payable to the Fund for shares the Fund repurchased within 12 months of issuance. If the early withdrawal fee were reflected, performance would be reduced.

⁴HFRI FOF Composite Index is a global, equal-weighted performance benchmark that tracks the performance of international and domestic hedge funds of funds. It is produced by Hedge Fund Research, Inc. (HFR) and measures the performance of hedge fund of funds constituents — investment vehicles that allocate capital across multiple underlying hedge funds — based on reported net-of-fees monthly returns. The index includes over 100 fund of funds constituents that report their performance to HFR. HFRI FOF Composite Index returns are based on preliminary data and subject to revision, which may be material. It is not possible to invest directly in this index.

⁵As of August 1, 2026. Holdings and allocation percentages are subject to change, and may be significantly different than those set forth above at the time of your investment. This list excludes the managers of the investment vehicles in which the Fund invests (“Portfolio Funds”) where (i) the Portfolio Fund is in the process of winding up its operations, (ii) the Fund has submitted a full redemption request but retains an investment in such Portfolio Fund with respect to side pockets at the Portfolio Fund level, and/or (iii) the Fund has requested a full or partial redemption and such Portfolio Fund has paid part or all of the redemption proceeds to the Fund in-kind in the form of shares or interests in a special purpose vehicle (collectively, “Excluded Funds”). The Fund’s unaudited net return includes investments in Excluded Funds. Excluded Funds are estimated to represent approximately 0.4% of the Fund’s net asset value as of August 1, 2026. “Cash” includes cash, cash equivalents and redemption proceeds payable to the Fund from Portfolio Funds but not yet received (excluding side pocket and other illiquid investments at the Portfolio Fund level). Excess cash is substantially invested in treasury money market mutual funds. Total amounts may not sum to 100% due to rounding.

⁶As of August 1, 2026. All exposures shown herein represent Evanston Capital’s subjective assessment of the Fund’s Portfolio Funds. All exposures exclude investments in Excluded Funds as well as cash and cash equivalents held at the Fund level. Style allocations are subject to change. Total amounts may not sum to 100% due to rounding.

⁷As of August 1, 2026. All exposures shown herein represent Evanston Capital subjective assessment of the Fund’s Portfolio Funds. All exposures exclude investments in Excluded Funds as well as cash and cash equivalents held at the Fund level. Geographic allocations are subject to change. Japan/Developed Asia includes exposures to Japan, Hong Kong, Singapore, Australia, and New Zealand. Total amounts may not sum to 100% due to rounding.