UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-23856

Emery Partners Income Credit Strategies Fund

(Exact name of registrant as specified in charter)

53 State Street, 23rd Floor

Boston, MA 02109

(Address of principal executive offices) (Zip code)

Richard Blair

Emery Partners LLC

c/o Emery Partners Income Credit Strategies Fund

53 State Street, 23rd Floor

Boston, MA 02109

(Name and address of agent for service)

With Copies To:

John F. Ramirez

Practus, LLP

11300 Tomahawk Creek Pkwy, Suite 310

Leawood, KS 66211

Registrant's telephone number, including area code: (617) 762-0090

Date of fiscal year end: June 30

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

Emery Partners Income Credit Strategies Fund

Annual Report
June 30, 2026

Emery Partners Income Credit Strategies Fund

TABLE OF CONTENTS

Emery Partners Income Credit Strategies Fund

Letter to Shareholders
June 30, 2026 (Unaudited)

Dear Shareholder,

Emery Partners LLC is pleased to provide the annual report for Emery Partners Income Credit Strategies Fund (the “Fund” or “EPICX”) for the fiscal year ended June 30, 2026.

Over the period between July 1, 2025 and June 30, 2026, EPICX returned +13.42%, which outpaced the Fund’s benchmark, Bloomberg US Aggregate Index, which returned +3.79% over the same period. Since inception of the strategy, EPICX has delivered a net annualized total return of 7.47% relative to the Bloomberg US Aggregate Index return of -0.21% over the same period.¹ Outperformance over benchmark for the prior year and since inception periods was driven primarily by current income, loan originations, warrant appreciation, and secondary loan participation purchases at discounts to fair value. At the end of the period, the Fund maintained allocations to niche illiquid and semi-illiquid market segments spanning asset-backed and specialty finance strategies. In particular, the Fund has been rotating away from businesses that Management expects may correlate to the traditional business cycle and into domestic government and sovereign-related credit investments. Examples of these investments include loans collateralized by research and development tax credits and loans to companies with identifiable government contract revenues.

We are pleased with the Fund’s performance during the current period of elevated interest rates, historically tight credit spreads, and ongoing geopolitical tensions. Against a backdrop of lofty equities valuations and narrow credit spreads, the current environment underscores the ongoing importance of active credit selection. We continue to see compelling opportunities both in terms of credit quality and higher coupons in sectors that traditional bank lenders are not able or willing to access and that are typically too small or non-core for the Fund’s traditional direct lending peers. We believe our focus on short duration, self-liquidating, and strong structure quality (covenants, interest rate floors, overcollateralization, etc.) will result in long-term positive uncorrelated returns over a full market cycle. The Fund’s new investment pipeline remains highly attractive, and we look forward to sourcing new opportunities through portfolio rotation and new shareholder subscriptions over time.

We have recently completed our first full year of operation under management by Emery Partners, LLC, and five and a half years of total operation, inclusive of our predecessor limited partnership track record. We are thankful for your continued support and honored by your confidence in our investment program.

Sincerely,

Richard Blair, Portfolio Manager/President

John Bosco, Treasurer/CFO

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Emery Partners Income Credit Strategies Fund

Fund Performance

For the year ended June 30, 2026 (Unaudited)

The Fund’s investment objective is to seek to provide current income and, secondarily, long-term capital appreciation.

The Fund’s performance* for the one year, three years and since inception periods ended June 30, 2026, compared to its benchmark:

2

Emery Partners Income Credit Strategies Fund

Schedule of Investments

June 30, 2026

See accompanying notes to financial statements.

3

Emery Partners Income Credit Strategies Fund

Schedule of Investments

June 30, 2026 (Continued)

See accompanying notes to financial statements.

4

Emery Partners Income Credit Strategies Fund

SCHEDULE OF INVESTMENTS

June 30, 2026 (Continued)

Additional information on restricted securities is as follows:

See accompanying notes to financial statements.

5

Emery Partners Income Credit Strategies Fund

Schedule of Open Futures Contracts

June 30, 2026

See accompanying notes to financial statements.

6

Emery Partners Income Credit Strategies Fund

Statement of Assets and Liabilities

June 30, 2026

See accompanying notes to financial statements.

7

Emery Partners Income Credit Strategies Fund

Statement of Operations

For the Year Ended June 30, 2026

See accompanying notes to financial statements.

8

Emery Partners Income Credit Strategies Fund

Statements of Changes in Net Assets

See accompanying notes to financial statements.

9

Emery Partners Income Credit Strategies Fund

Statement of Cash Flows

For the Year Ended June 30, 2026

Non cash financing activities not included herein consist of $1,898,445 of reinvested dividends.

Cash paid for interest on credit facility during the period was $263,006.

See accompanying notes to financial statements.

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Emery Partners Income Credit Strategies Fund

Financial Highlights

Per share operating performance.
For a capital share outstanding throughout each period.

See accompanying notes to financial statements.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements

June 30, 2026

Emery Partners Income Credit Strategies Fund (formerly known as, SKK Access Income Fund) (the “Fund”) was organized as a Delaware limited partnership on October 20, 2020 and converted to a Delaware statutory trust on March 14, 2023. The Fund operates as a non-diversified, closed-end management investment company. Prior to February 5, 2026, the Fund offered its shares only to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933 (the “Securities Act”) and Shares were issued solely in private placement transactions that did not involve any “public offering” within the meaning of Section 4(2) of the Securities Act and analogous exemptions under state securities laws. Effective as of February 5, 2026, shares of the Fund are registered under the Securities Act and are publicly offered to non-accredited investors. On July 25, 2025, Fund shareholders approved the transfer of the investment management of the Fund from Shepherd Kaplan Krochuk, LLC to Emery Partners LLC (“Emery”) and Emery commenced serving as the Fund’s investment adviser (the “Adviser”) on August 1, 2025. The Fund’s Declaration of Trust (the “Declaration of Trust”) authorizes the issuance of an unlimited number of full and fractional shares of beneficial interest of the Fund (“Shares”), each of which represents an equal proportionate interest in the Fund with each other Share. Currently, the Fund offers one class of Shares. The Declaration of Trust provides that the Board may create additional classes of Shares. The primary investment objective of the Fund is to seek to provide current income and, secondarily, long-term capital appreciation. The investment objective of the Fund is non- fundamental and, therefore, may be changed without the approval of the shareholders of the Fund (the “Shareholders”).

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Fund’s investment adviser to make investment decisions, and the results of the operations, as shown on the Statement of Operations and the Financial Highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The Fund’s investment adviser is deemed to be the Chief Operating Decision Maker with respect to the Fund’s investment decisions.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of these financial statements. The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services – Investment Companies”. The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates.

The Board of Trustees (the “Board”) of the Fund has adopted pricing and valuation procedures (the “Valuation Procedures”) to ensure investments are valued in a manner consistent with GAAP as required by the Investment Company Act of 1940, as amended (the “1940 Act”), and pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform the fair valuation determinations for investments held by the Fund. In performing these determinations, the Valuation Designee utilizes a Valuation Committee comprised of individuals assigned by the Fund’s investment adviser. The Valuation Designee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund’s outside legal counsel or other third-party consultants in their discussions and deliberations. In addition, the Fund may engage an independent third-party valuation specialist to assist in valuing such securities in certain circumstances where a market price is not readily available.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

Public Investments are generally valued using prices provided by independent pricing services or obtained from other sources, such as broker-dealer quotations. Exchange-traded instruments generally are valued at the last reported sales price or official closing price on an exchange, if available. Independent pricing services typically value non-exchange traded instruments utilizing a range of market-based inputs and assumptions, including market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. Debt instruments are typically valued based on such market quotations. In validating market quotations, the Valuation Committee considers different factors such as the source and the nature of the quotation in order to determine whether the quotation represents fair value. The Valuation Committee makes use of reputable financial information providers in order to obtain the relevant quotations. Short-term debt securities, which have a maturity date of 60 days or less, and of sufficient credit quality, are valued at amortized cost.

Underlying private investments are valued based on the Valuation Designee’s assessment and valuation determination of the underlying private investments. These underlying private investments generally will be valued using the “practical expedient,” in accordance with ASC 820, based on the valuation provided to the Valuation Designee by the underlying private investments, provided that such values will be adjusted for any other relevant information available at the time, including capital activity and material events. Otherwise, the Valuation Designee will determine fair value under the ASC 820 hierarchy using its own proprietary valuation methodology (level 3). See Note 4 below for more information on valuation and ASC 820.

In pricing certain instruments, particularly less liquid and lower quality securities, the pricing services may consider information about a security, its issuer or market activity provided by the Fund’s investment adviser.

Investment transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses are calculated on a specific identified cost basis.

The Fund recognizes income from underlying private investments based upon distributions from such investments. Distributions reflect underlying investment income recognized as earned. The Fund recognizes income on the accrual methodology for public investments. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date.

The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each NAV period. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Fund may invest in foreign currency denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

The Fund has and intends to continue to comply with the requirements of Subchapter M of the Code applicable to regulated investment companies and to distribute substantially all its taxable income to its Shareholders. Therefore, no provision for federal income tax is required. The Fund will file tax returns with the U.S. Internal Revenue Service and various states. The Fund may be subject to taxes imposed by countries which it invests. Such taxes are generally based on income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statement of Operations.

At June 30, 2026, gross unrealized appreciation and depreciation on investments owned by the Fund, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of June 30, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

Income distributions and capital gain distributions are determined in accordance with the Fund’s distribution policies and income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund’s annual financial statements presented under U.S. GAAP. If the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify Shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Final determination of a distribution’s tax character will be provided to Shareholders when such information is available. Distributions classified as a tax basis return of capital at the Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

The tax character of distributions paid during the fiscal years ended June 30, 2026 and June 30, 2025 were as follows:

As of June 30, 2026, the Fund had net capital loss carryovers not subject to expiration as follows:    

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings as follows:

Pursuant to the dividend reinvestment plan established by the Fund (the “DRIP”), participation in the DRIP is not automatic. Shareholders must affirmatively elect on a Subscription Agreement to participate in the DRIP. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Under the DRIP, the Fund’s distributions to Shareholders are reinvested in full and fractional shares.

The Fund, from time to time, may provide liquidity to Shareholders by offering to repurchase Shares pursuant to written tenders by Shareholders (“Repurchase Offers”). Repurchase Offers will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. Shareholders tendering Shares for repurchase must do so by a date specified in the notice describing the terms of the Repurchase Offer, which will precede the date that the Shares to be repurchased are valued by the Fund. Shareholders that elect to tender their Shares in the Fund will not know the price at which such Shares will be repurchased until such valuation date.

The Fund’s investment adviser will recommend to the Board (subject to the Board’s discretion) that the Fund offer to repurchase Shares from Shareholders generally on a semi-annual basis. The Fund’s investment adviser expects that, generally, it will recommend to the Board that each semi-annual Repurchase Offer should apply to no more than 5% of the net assets of the Fund, although the Fund’s investment adviser may recommend that a greater or lesser amount be repurchased at their discretion. The Fund’s investment adviser also may recommend that the Board approve repurchases of Fund Shares more frequently than semi-annually.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

The results of the repurchase offers conducted for the year ended June 30, 2026 are as follows:

The Fund may accept direct orders for initial and additional purchase of shares. Good order purchases are effective as of the first business day of each calendar quarter.

Under the Fund’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations and that provide general indemnifications. The Fund’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Fund. However, management expects the risk of loss to be remote.

On June 26, 2025, the Fund entered into a secured revolving credit facility (the “Facility”), with Avidbank Holdings, Inc. (the “Lender”). The Facility provides for borrowings on a committed basis in an aggregate principal amount up to $15,000,000. The Facility matures on June 24, 2027. In connection with the Facility, the Fund has made certain customary representations and warranties and is required to comply with various customary covenants, reporting requirements and other requirements. The Facility contains events of default customary for similar financing transactions, including but not limited to: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Fund; (iii) a change of control of the Fund; or (iv) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lender may declare the outstanding advances and all other obligations under the Facility immediately due and payable. For the year ended June 30, 2026, the average balance outstanding, maximum borrowing amount, interest rate at period end and weighted average interest rate were $4,252,876, $9,000,000, 6.75%, and 7.02%, respectively. The interest expense during the year ended June 30, 2026 was $263,006.

The Fund was party to an investment advisory agreement with the Adviser beginning on August 1, 2025, and the Fund’s investment advisory agreement with Shepherd Kaplan Krochuk, LLC (the former investment adviser to the Fund) ended on July 31, 2025. The Fund pays the Adviser a Management Fee, accrued daily and payable monthly, at the annual rate of 0.85% of the average daily Managed Assets of the Fund. “Managed Assets” includes the value of all securities, loans and the amount of any leverage (portfolio or structural) the Fund may have, minus operating expenses of the Fund. Effective August 1, 2025, the Adviser increased its management fee from 0.65% to 0.85% and waived 0.25% of the management fee until January 31, 2026. For the year ended June 30, 2026, the Fund incurred a Management Fee of $685,549, which includes $104,409 in Management Fees waived.

UMB Fund Services, Inc. (or its designee) (“Fund Administrator”) serves as the Fund’s administrator, fund accountant, and transfer agent and performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Fund Administrator a fee based on the average net assets of the Fund (subject to certain minimums) and will reimburse the Fund Administrator for out-of-pocket expenses.

Fifth Third Bank, National Association, serves as the Fund’s custodian.

CCO Technology, LLC d/b/a Joot (“Joot”) provides compliance consulting services, including an external Chief Compliance Officer role. Under a compliance consulting agreement, Joot is paid a fixed monthly fee for its services.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

Investments will be carried at fair value. The fair value of the Fund’s assets and liabilities that qualify as financial instruments approximates the carrying amounts presented in the Statement of Assets and Liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund uses a three-tier hierarchy to distinguish between (a) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the fair value of the Fund’s investments.

The inputs are summarized in the three broad levels listed below:

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The Valuation Procedures provide that the Fund will value its investments in Private Markets Investment Funds and direct private equity investments at fair value. The fair value of such investments as of each Determination Date ordinarily will be the capital account value of the Fund’s interest in such investments as provided by the relevant Private Markets Investment Fund manager as of or prior to the relevant Determination Date; provided that such values will be adjusted for any other relevant information available at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Private Markets Investment Fund manager’s valuations and the relevant Determination Date.

A meaningful input in the Fund’s Valuation Procedures will be the valuations provided by the Private Markets Investment Fund managers. Specifically, the value of the Fund’s investment in Private Markets Investment Funds generally will be valued using the “practical expedient,” in accordance with Accounting Standards Codification (ASC) Topic 820, based on the valuation provided to the Fund’s investment adviser by the Private Markets Investment Fund in accordance with the Private Markets Investment Fund’s own valuation policies. Generally, Private Markets Investment Fund managers value investments of their Private Markets Investment Funds at their market price if market quotations are readily available. In the absence of observable market prices, Private Markets Investment Fund managers value investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. The determination of fair value by Private Markets Investment Fund managers is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for nonperformance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties or certain debt positions.

The actual returns realized by a Private Markets Investment Fund on the disposition of its investments, and thus the returns realized by the Fund on its investment in such Private Markets Investment Fund, will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the Private Markets Investment Fund manager’s valuations are based. The Fund’s investment adviser and the Fund have no oversight or control over the implementation of a Private Markets Investment Fund manager’s valuation process.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

In reviewing the valuations provided by Private Markets Investment Fund managers, the Valuation Procedures require the consideration of all relevant information reasonably available at the time the Fund values its portfolio. The Fund’s investment adviser will consider such information and may conclude in certain circumstances that the information provided by the Private Markets Investment Fund manager does not represent the fair value of a particular Private Markets Investment Fund or direct private equity.

In accordance with the Valuation Procedures, the Fund’s investment adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests based on the net asset value reported by the relevant Private Markets Investment Fund manager, or whether to adjust such value to reflect a premium or discount to such NAV. Any such decision will be made in good faith, and subject to the review and supervision of the Board.

The following is a summary of the inputs used as of June 30, 2026 in valuing the Fund’s investments carried at fair value:

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2026:

The following is the fair value measurement of investments that are measured at the Fund’s pro rata NAV (or its equivalent) as a practical expedient:

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

The Fund may buy or sell futures to increase exposure to the market, hedge market exposure of an existing portfolio, or decrease overall market exposure. The Fund may invest in futures in this way to achieve a desired portfolio exposure. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker) and are recorded within Deposit with Brokers on the Statement of Assets and Liabilities. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the fund’s Statement of Operations.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statement of Assets and Liabilities as of June 30, 2026, for the Fund was as follows:

For the year ended June 30, 2026, financial derivative instruments had the following effect on the Statement of Operations for the Fund:

For the year ended June 30, 2026, purchases and sales of investments, excluding short-term investments and futures contracts, were $23,433,360 and $10,581,233, respectively.

Associated Risks - The Fund’s investments expose it to various risks. For further information on the Fund’s risks, please refer to the Fund’s prospectus and statement of additional information.

Investment in the Fund is speculative and involves substantial risks, including the risk of loss of a Shareholder’s entire investment. No guarantee or representation is made that the Fund will achieve its investment objective, and investment results may vary substantially from year to year.

Restrictions on Transferability and Resale - Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom and subject to the restrictions described in the Fund’s prospectus. Shares will not be listed on a public exchange. An investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.

Sector Risk - To the extent the Fund focuses its investments, from time to time, in a particular sector, the Fund will be subject to a greater degree to the risks specific to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector to a greater extent than if the Fund’s investments were diversified across different sectors.

Market Disruption and Geopolitical Events - Geopolitical and other events, such as war, terrorist attacks, natural disasters, epidemics, or pandemics could result in unplanned or significant securities market closures, volatility or declines. Russia’s recent military invasion of Ukraine and the resulting broad-ranging economic sanctions imposed by the United States and other countries may continue to disrupt securities markets and adversely affect global economies and companies, thereby decreasing the value of the Fund’s investments. Additionally, sudden or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, industries, or companies, which could reduce the value of the Fund’s investments.

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Emery Partners Income Credit Strategies Fund

Notes to Financial Statements
June 30, 2026 (Continued)

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for annual periods of public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted.

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund’s financial position or the results of its operations.

The Fund noted no subsequent events that require disclosure in or adjustment to the Financial Statements.

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Emery Partners Income Credit Strategies Fund

Report of Independent Registered Public Accounting Firm

Board of Trustees of
Emery Partners Income Credit Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Emery Partners Income Credit Strategies Fund (formerly, SKK Access Income Fund) (the “Fund”), including the schedule of investments, as of June 30, 2026, the related statement of operations and the statement of cash flows for the year ended June 30, 2026, the statement of changes in net assets for each of the two years ended June 30, 2026 and the financial highlights for each of the three years ended June 30, 2026 and for the period March 14, 2023 (commencement of operations) through June 30, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations, the change in its net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund’s auditor since 2023.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodians, issuers of the private investments and broker. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania
August 28, 2026

23

Emery Partners Income Credit Strategies Fund

Supplemental Information

June 30, 2026 (Unaudited)

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 711- 9164 and on the SEC website www.sec.gov. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request, by calling (800) 711- 9164, on the SEC’s website www.sec.gov.

Quarterly Portfolio Schedule

The Fund also files a complete schedule of portfolio holdings with the SEC for the Fund’s first and third fiscal quarters on Form N- PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov.

Qualified Dividend Income

For the year ended June 30, 2026, 0% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, is designated as qualified dividend income.

Corporate Dividends Received Deduction

For the year ended June 30, 2026, 0% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, qualifies for the dividends received deduction available to corporate shareholders.

Long-Term Capital Gain Designation

For the year ended June 30, 2026, the Fund designates $147,395 as a 20% rate gain distribution for purposes of the dividends paid deduction.     

INVESTMENT ADVISER

Emery Partners, LLC
53 State Street, 23rd Floor
Boston, MA 02109

LEGAL COUNSEL

Practus, LLP
11300 Tomahawk Creek Pkwy, Ste 310
Leawood, KS 66211

ADMINISTRATOR, ACCOUNTANT, AND TRANSFER AGENT

UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212

CUSTODIAN

Fifth Third Bank, N.A.
38 Fountain Square Plaza
Cincinnati, OH 45202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102

24

Emery Partners Income Credit Strategies Fund

Supplemental Information

June 30, 2026 (Unaudited) (Continued)

Set forth below are the names, years of birth, position with the Fund and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee or officer of the Fund. There is no stated term of office for the Trustees and officers of the Fund. Unless otherwise noted, the business address of each Trustee or officer is, as applicable, Emery Partners Income Credit Strategies Fund, 53 State Street, 23rd Floor, Boston, MA 02109.

Interested Trustees

Independent Trustees

Officers

Please note that additional information about the trustees is included in the Statement of Additional Information.

25

Item 2. Code of Ethics.

Item 3. Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the year ended June 30, 2026. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” refer to professional services rendered by principal accountant for its review of the Fund’s registration statement filed with the SEC and the issuance of consents for such filing. The following table presents fees paid by the Fund for professional services rendered by Tait, Weller & Baker LLP for the years ended June 30, 2026 and June 30, 2025.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP for the years ended June 30, 2026 and June 30, 2025, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the report to shareholders filed under Item 1(a) of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Fund is required to file Form N-PX with its complete proxy voting record for the twelve months ended June 30, 2026, no later than August 31 of each year. The Fund did not vote any proxies during the period July 1, 2025 through June 30, 2026.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Compensation. Compensation for Mr. Blair comprises a base salary with bonuses. The base salary is consistent with industry standards for his level. Base salary is reviewed annually during performance reviews. All bonuses are based upon individual performance and overall business profitability.

Fund Shares Owned by the Portfolio Managers. The Fund is required to show the dollar amount range of each portfolio manager’s “beneficial ownership” of Shares of the Fund as of the end of the most recently completed year. Dollar amount ranges disclosed are established by the SEC. “Beneficial ownership” is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the “1934 Act”).

Other Accounts. In addition to the Fund, Mr. Blair may also be responsible for the day-to-day advisement of certain other accounts, as indicated by the following table (“Other Accounts”). The information below is provided as June 30, 2026, and excludes accounts where they have advisory but not discretionary authority. 

Conflicts of Interests. Adviser-advised accounts may have overlapping investment objectives and strategies with the Fund and will invest in private markets investments similar to those targeted by the Fund. In addition, certain Adviser employees may face conflicts in their time management and commitments as well as in the allocation of investment opportunities to all clients, including the Fund. The Adviser uses reasonable efforts to ensure fairness and transparency in the allocation of limited capacity in primary partnership, secondary partnership and direct portfolio company private equity investments. The Adviser has designed the allocation process and policy to be clear and objective with the intent of limiting subjective judgment. The policy focuses on eligibility, priority, materiality, and transparency.

Notwithstanding the generality of the foregoing, when allocating any particular investment opportunity among the Fund and Other Accounts, the Adviser will take into account relevant factors, such as: (1) a client’s investment objectives and model portfolio guidelines and targets, including minimum and maximum investment size requirements, (2) the composition of a client’s portfolio, (3) the nature of any requirements or constraints placed on an investment opportunity (e.g., conditions imposed by a GP of an underlying fund), (4) transaction sourcing or an investor’s relationship with a GP, (5) the amount of capital available for investment by a client, (6) a clients’ liquidity, (7) tax implications and other relevant legal, contractual or regulatory considerations, (8) the availability of other suitable investments for a client, and (9) any other relevant limitations imposed by or set forth in the applicable offering and organizational documents of the client. There can be no assurance that the factors set forth above will result in a client, including the Fund, participating in all investment opportunities that fall within its investment objectives. In fact, until the Fund has obtained co-investment exemptive relief, only those investment opportunities that are not determined to be appropriate for Other Accounts will be made available to the Fund. 

Richard Blair, CFA®, CAIA®

Senior Vice President, Research

Rich Blair is Managing Partner and CEO of Emery Partners LLC. With over 10 years of experience in investment research and management, Rich is responsible for overseeing all aspects of the firm’s investment process, including, but not limited to, origination, due diligence, underwriting, execution, and portfolio monitoring. Rich serves as the Portfolio Manager of Emery Partners Income Credit Strategies (EPICS). Rich also serves as Senior Vice President of Research for Shepherd Kaplan Krochuk, LLC, with primary responsibility for developing investment strategy, manager selection, and alternative investment research. Prior to these roles, Rich served on the research team for the Amherst College Investment Office. Rich is a graduate of the University of Delaware and is a CFA and CAIA charter holder.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

Item 16. Controls and Procedures.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Emery Partners Income Credit Strategies Fund

Date: September 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: September 4, 2026

Date: September 4, 2026

ATTACHMENTS / EXHIBITS

fp0099489-1_ex99code.htm

fp0099489-1_ex99cert.htm

fp0099489-1_ex99906cert.htm