# EDGAR Filing Document

**Accession Number:** 0001830926
**File Stem:** 0001398344-25-017876
**Filing Date:** 2025-9
**Character Count:** 127582
**Document Hash:** 56694995a76bbdcd98be8d731c7faeed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017876.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017876

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMERY PARTNERS INCOME CREDIT STRATEGIES FUND
- **CENTRAL INDEX KEY:** 0001830926

**ORGANIZATION NAME:**
- **EIN:** 921556891
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23856
- **FILM NUMBER:** 251301030

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-762-0090

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SKK Access Income Fund
- **DATE OF NAME CHANGE:** 20230317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SKK Access Income Fund LP
- **DATE OF NAME CHANGE:** 20201102

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 <u>811-23856</u>

<u>Emery Partners Income Credit Strategies Fund</u>

(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: <u>(617) 762-0090</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Report to Shareholders is attached herewith.

![](fp0095153-1_i.jpg)

**SKK Access Income Fund** 

**Annual Report<br> June 30, 2025** 

**SKK Access Income Fund**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
| Letter to Shareholders  | 1 |
| Fund Performance (Unaudited)  | 2 |
| Schedule of Investments  | 3 |
| Schedule of Open Futures Contracts  | 6 |
| Statement of Assets and Liabilities  | 7 |
| Statement of Operations  | 8 |
| Statements of Changes in Net Assets  | 9 |
| Financial Highlights  | 10 |
| Notes to Financial Statements  | 11 |
| Report of Independent Registered Public Accounting Firm  | 21 |
| Supplemental Information (Unaudited)  | 22 |

---

**SKK Access Income Fund** 

**Letter to Shareholders**<br> June 30, 2025 (Unaudited)

Dear Shareholder,

We are pleased to provide the annual financial statements for the SKK Access Income Fund (the "Fund", "SAIF") for the fiscal year ended June 30, 2025.

Over the fiscal year period ended June 30, 2025, SAIF returned +4.14%. This return lagged the Fund's liquid fixed income benchmark, Bloomberg US Aggregate Index, which returned +6.08% over the same period. Since inception, SAIF has delivered a net annualized total return of 6.36%<sup>1</sup>, as compared to -1.09% for the benchmark over the same period. The Fund has been able to deliver excess returns over the benchmark while realizing lower volatility of returns since inception. Though below our target for the trailing 12-month period, we are pleased with the Fund's resilience amid the current period of ongoing geopolitical tensions, elevated interest rates, volatile inflation, and slowing economic growth. Net assets under management ended the year at approximately $75mm. As the Fund continues to evolve, we expect to onboard new investors, grow our asset base, rotate, and deploy capital into compelling market opportunities over time.

The Fund's performance has benefited from allocations to niche lending strategies across asset-backed and specialty finance strategies, including payables/receivables financing, trade finance, and bridge lending in particular. During the fourth and second quarters, the Fund experienced mark-to-market losses concentrated to underperforming R&D tax credit positions and a preferred equity position held within a specialty finance fund in the portfolio. These mark-downs were offset by positive attribution across the broader portfolio, which resulted in a positive return and yield for the 12-month period. We continue to be pleased with the Fund's ability to protect investor capital through diversification across sectors, managers, asset types, and credits.

We believe our primary focus on short duration, high-quality, self-liquidating credit strategies will result in long-term positive uncorrelated returns over the market cycle. As banks and traditional lenders have retrenched from capital markets, we continue to see compelling opportunities both in terms of credit quality and higher expected returns specifically in sectors that traditional lenders are not able or willing to access. These sectors include asset-backed and specialty finance strategies, including payables/receivables financing, trade finance, bridge lending, and government-related financing among others. While the macro environment continues to present uncertainty, we believe the Fund is well-insulated from volatility associated with traditional equity and fixed income markets.

We are thankful for your continued support and confidence in our investment program.

Sincerely,

Richard Blair, Portfolio Manager/President

David Shepherd, Portfolio Manager

John Bosco, Treasurer/CFO

<sup>1</sup> Performance is representative of SAIF, as a registered investment company under the Investment Company Act of 1940 as of March 14, 2023, as well as its prior performance as a privately offered limited partnership (the "LP"). For periods where the performance of the LP is shown, the current management fee and fund expenses have been retroactively applied. Investor level performance may vary from what is shown as a result of the period in which an investor entered the Fund, the management fee paid by an investor, or both. 

**SKK Access Income Fund** 

**Fund Performance** 

For the year ended June 30, 2025 (Unaudited)

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

The Fund's performance\* one year and since inception periods ended June 30, 2025, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since <br> Inception** |
| SKK Access Income Fund | 4.14% | 14.56% |
| Bloomberg US Aggregate Bond Index\*\* | 6.08% | 10.70% |

---

---

| | |
|:---|:---|
| \* | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. |
| \*\* | The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). The index cannot be invested in directly and does not reflect fees and expenses. |

---

**SKK Access Income Fund** 

**Schedule of Investments** 

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount ($)** | **Security Description** | **Coupon<br> Rate (%)** | **Fair Value** |
|  | **PRIVATE FINANCING — 9.8%** |  |  |
|  | *SPECIALTY FINANCE — 9.8%* |  |  |
| 11,205,184 AUD | &nbsp;&nbsp;&nbsp;Oceana Australian Fixed Income Trust, Class B Notes — 9/27/2028 <sup>(a)(b)</sup> | 12.25 | $7374257 |
|  | **TOTAL PRIVATE FINANCING - (Cost $7,514,276)** |  | **7374257** |
| **Units** |  |  |  |
|  | **PRIVATE FUNDS — 89.9%** |  |  |
|  | *SPECIALTY FINANCE — 73.6%* |  |  |
| 5109339 | &nbsp;&nbsp;&nbsp;BasePoint Income Solutions Evergreen Fund, L.P. <sup>(a)</sup> |  | 5582785 |
| 1894972 | &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. <sup>(a)(c)</sup> |  | 1953780 |
| 2061021 | &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (D.2 Class) <sup>(a)(c)</sup> |  | 2632385 |
| 2143389 | &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (K.1 Class) <sup>(a)(c)</sup> |  | 1331895 |
| 396446 | &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (V, X, & S2 V.II) <sup>(a)(c)</sup> |  | 483885 |
| 262909 | &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (V.II, X, & S2 V.II) <sup>(a)(c)</sup> |  | 332599 |
| 3693004 | &nbsp;&nbsp;&nbsp;Delgatto Diamond Finance Fund QP, L.P. <sup>(a)</sup> |  | 3012510 |
| 2500000 | &nbsp;&nbsp;&nbsp;Evolution Credit Partners Trade Finance, L.P. <sup>(a)(c)</sup> |  | 2560334 |
| 2100983 | &nbsp;&nbsp;&nbsp;Orthogon Partners III, L.P. <sup>(a)(c)</sup> |  | 1245515 |
| 2040000 | &nbsp;&nbsp;&nbsp;Siguler Guff Brazil Special Situations Fund III, LP <sup>(a)(c)</sup> |  | 2687473 |
| 2131813 | &nbsp;&nbsp;&nbsp;Sound Point Discovery Fund, LLC <sup>(a)(c)</sup> |  | 2530300 |
| 11099607 | &nbsp;&nbsp;&nbsp;SP Credit Fund, LP - Series C-AIF <sup>(a)(c)</sup> |  | 11608376 |
| 6000000 | &nbsp;&nbsp;&nbsp;Sundance Debt Partners, LP <sup>(a)</sup> |  | 6000000 |
| 8176762 | &nbsp;&nbsp;&nbsp;Treville Credit Fund, LP <sup>(a)</sup> |  | 7579928 |
| 3265156 | &nbsp;&nbsp;&nbsp;VICOF II Feeder, L.P. <sup>(a)(c)</sup> |  | 4165041 |
| 1353795 | &nbsp;&nbsp;&nbsp;YieldPoint Stable Value Fund, L.P. - Founders Series B Interests <sup>(a)</sup> |  | 1390291 |
| 132118 | &nbsp;&nbsp;&nbsp;YieldPoint Stable Value Fund, L.P. - SP-1 Series B1.5 <sup>(a)(c)</sup> |  | 106417 |
|  |  |  | **55203514** |
|  | *SPECIAL PURPOSE VEHICLES — 16.3%* |  |  |
| 11581210 | &nbsp;&nbsp;&nbsp;Piratella HM-RPA, LLC <sup>(a)(c)</sup> |  | 12198342 |
|  |  |  | **12198342** |
|  | **TOTAL PRIVATE FUNDS - (Cost $65,942,524)** |  | **67401856** |

---

**SKK Access Income Fund** 

**Schedule of Investments** 

June 30, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Coupon<br> Rate (%)** | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
|  | *MONEY MARKET FUNDS — 2.4%* |  |  |
| 1831234 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Class | 4.17 <sup>(d)</sup> | $1831234 |
|  | **TOTAL SHORT-TERM INVESTMENTS - (Cost $1,831,234)** |  | **1831234** |
|  | **TOTAL INVESTMENTS — 102.0% - (Cost $75,288,034)** |  | 76607347 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%** |  | (1582932) |
|  | **NET ASSETS — 100.0%** |  | $**75024415** |

---

AUD - Australian Dollar

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the total market value of 144A securities is $74,776,113 or 99.7% of net assets.

(b) Value was determined using significant unobservable inputs.

(c) Non-income producing security.

(d) Rate disclosed is the seven day effective yield as of June 30, 2025.

**SKK Access Income Fund** 

**SCHEDULE OF INVESTMENTS**<br> June 30, 2025 (Continued)

**Additional information on restricted securities is as follows:** 

---

| | | |
|:---|:---|:---|
| **Security** | **First<br> Acquisition<br> Date** | **Cost** |
| &nbsp;&nbsp;&nbsp;BasePoint Income Solutions Evergreen Fund, L.P. | 3/14/2023 | $5109339 |
| &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. | 3/14/2023 | 1894972 |
| &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (D.2 Class) | 3/14/2023 | 2061021 |
| &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (K.1 Class) | 3/14/2023 | 2143389 |
| &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (V, X, & S2 V.II) | 9/27/2024 | 396446 |
| &nbsp;&nbsp;&nbsp;Brevet Direct Lending - Short Duration Fund, L.P. (V.II, X, & S2 V.II) | 9/27/2024 | 262909 |
| &nbsp;&nbsp;&nbsp;Delgatto Diamond Finance Fund QP, L.P. | 3/14/2023 | 3693004 |
| &nbsp;&nbsp;&nbsp;Evolution Credit Partners Trade Finance, L.P. | 1/1/2024 | 2500000 |
| &nbsp;&nbsp;&nbsp;Orthogon Partners III, L.P. | 5/1/2023 | 2100983 |
| &nbsp;&nbsp;&nbsp;Siguler Guff Brazil Special Situations Fund III, LP | 11/8/2024 | 2040000 |
| &nbsp;&nbsp;&nbsp;Sound Point Discovery Fund | 4/3/2023 | 2131813 |
| &nbsp;&nbsp;&nbsp;SP Credit Fund, LP - Series C-AIF | 2/14/2024 | 11099607 |
| &nbsp;&nbsp;&nbsp;Sundance Debt Partners, LLC | 3/14/2023 | 6000000 |
| &nbsp;&nbsp;&nbsp;Treville Credit Fund, LP | 10/25/2024 | 8176762 |
| &nbsp;&nbsp;&nbsp;VICOF II Feeder, L.P. | 6/18/2024 | 3265156 |
| &nbsp;&nbsp;&nbsp;YieldPoint Stable Value Fund, L.P. - Founders Series B Interests | 3/14/2023 | 1353795 |
| &nbsp;&nbsp;&nbsp;YieldPoint Stable Value Fund, L.P. - SP-1 Series B1.5 | 6/1/2024 | 132118 |
| &nbsp;&nbsp;&nbsp;Piratella HM-RPA, LLC | 11/20/2024 | 11581210 |
|  |  | $65942524 |

---

See accompanying notes to financial statements.

**SKK Access Income Fund** 

**Schedule of Open Futures Contracts** 

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value & <br> Unrealized<br> Appreciation/ <br> (Depreciation)** |
| **SALE CONTRACTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australian Dollar Futures - September 2025 <sup>(a)</sup> | (118) | 9/17/2025 | $(7713896) | $(61654) |
| &nbsp;&nbsp;&nbsp;Brazilian Dollar Futures - August 2025 <sup>(a)</sup> | (140) | 8/20/2025 | (2501100) | (58800) |
| **TOTAL SALES CONTRACTS** |  |  | $(10214996) | $(120454) |
| **TOTAL FUTURES CONTRACTS** |  |  | $(10214996) | $(120454) |

---

(a) Chicago Mercantile Exchange (''CME'') futures contracts settle on their respective maturity date. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts.

See accompanying notes to financial statements.

**SKK Access Income Fund** 

**Statement of Assets and Liabilities** 

June 30, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $75,288,034) | $76607347 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5235 |
| &nbsp;&nbsp;&nbsp;Cash held by broker for futures contracts | 689241 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables for investments sold | 2010814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 81366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Funds purchased in advance | 52000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 41831 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 12342 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 79500176 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open futures contracts | 120454 |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 3949337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory fees | 261597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fees | 80373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 2500 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 15500 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4475761 |
| **Net Assets** | $75024415 |
| **Commitments and Contingencies (see Note 4)** |  |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $77995690 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (deficit) | (2971275) |
| **Net Assets** | $75024415 |
| **Number of Shares Outstanding (unlimited number of shares authorized)** | 7816397 |
| **Net asset value per Share** | $9.60 |

---

See accompanying notes to financial statements.

**SKK Access Income Fund** 

**Statement of Operations** 

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2066152 |
| &nbsp;&nbsp;&nbsp;Interest | 1018129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 3084281 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory fees | 551362 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 186933 |
| &nbsp;&nbsp;&nbsp;Legal Expense | 89202 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 72798 |
| &nbsp;&nbsp;&nbsp;Transfer agency fees and expenses | 51790 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 44329 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 32050 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 20500 |
| &nbsp;&nbsp;&nbsp;Custody fees | 12863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1061827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 2022454 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1927148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (61376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1865772 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (565268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (25464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | (590732) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 1275040 |
| **Net Increase in Net Assets from Operations** | $3297494 |

---

See accompanying notes to financial statements.

**SKK Access Income Fund**

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended<br> June 30,<br> 2025** | **For the <br> Year Ended<br> June 30,<br> 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment Income (loss) | $2022454 | $3334631 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and futures contracts | 1865772 | 1484132 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and futures contracts | (590732) | 1095966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Operations** | 3297494 | 5914729 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (5856604) | (6792438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Net Assets from distributions to Investors** | (5856604) | (6792438) |
| **Capital Share Transactions (see Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 4770786 | 23044693 |
| &nbsp;&nbsp;&nbsp;Reinvested distributions | 1680186 | 1699613 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (11799932) | (9442235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Net Assets from Capital Transactions** | (5348960) | 15302071 |
| **Total Increase (Decrease)** | (7908070) | 14424362 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 82932485 | 68508123 |
| &nbsp;&nbsp;&nbsp;End of year | $75024415 | $82932485 |
| **Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 480872 | 2323914 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 174004 | 172009 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (1214930) | (959436) |
| Net increase (decrease) in shares | (560054) | 1536487 |
| **Shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 8376451 | 6839964 |
| &nbsp;&nbsp;&nbsp;End of year | 7816397 | 8376451 |

---

**SKK Access Income Fund**

<br> **Financial Highlights** 

*Per share operating performance.<br> For a capital share outstanding throughout each period.* 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> June 30, 2025** | **For the <br> Year Ended <br> June 30, 2024** | **For the Period <br> March 14, 2023\* <br> through <br> June 30, 2023** |
| **Net Asset Value, Beginning of Period** | $9.90 | $10.02 | $10.00 |
| **Income from investment operations:** |  |  |  |
| &nbsp;&nbsp;Net investment gain (loss) <sup>(1)</sup> | 0.25 | 0.42 | 0.20 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 0.27 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations: | 0.40 | 0.69 | 0.26 |
| **Less Distributions to Investors from:** |  |  |  |
| &nbsp;&nbsp;Net investment income | (0.69) | (0.81) | (0.20) |
| &nbsp;&nbsp;Return of capital |  |  | (0.04) |
| &nbsp;&nbsp;Realized capital gain  | (0.01) |  |  |
| Total Distribution | (0.70) | (0.81) | (0.24) |
| **Net Asset Value, End of Period** | $9.60 | $9.90 | $10.02 |
| **Total Return** | 4.14% | 7.22% | 8.70%<sup>(2)</sup> |
| Net assets, end of period (in thousands) | $75024 | $82932 | $68508 |
| Net investment gain (loss) to average net assets <sup>(4)</sup> | 2.51% | 4.26% | 6.61%<sup>(3)</sup> |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.32% | 1.48% | 1.41%<sup>(3)</sup> |
| Portfolio turnover rate | 19.33% | 25.30% | 5.69%<sup>(2)</sup> |

---

\* Commencement of Operations

<sup>(1)</sup> Based on average shares outstanding for the period.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> These ratios exclude the impact of expenses of the underlying investment companies holdings as represented in the Schedule of Investments.

See accompanying notes to financial statements.

**SKK Access Income Fund** 

**Notes to Financial Statements** 

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Organization** 

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 that offers its shares to "accredited investors" within the meaning of Regulation D under the Securities Act of 1933 (the "Securities Act"). Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the Securities Act and analogous exemptions under state securities laws. Shepherd Kaplan Krochuk, LLC ("SKK") served as the Fund's investment adviser (the "Adviser") during the period covered by this report. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Portfolio Valuation* 

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.

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

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

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. For these private investments, the Valuation Designee may use practical expedient or determine fair value under ASC 820 hierarchy determine its own proprietary valuation (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Investment Transactions* 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Income Recognition* 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Foreign Currency Translation* 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Income Taxes* 

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.

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

At June 30, 2025, gross unrealized appreciation and depreciation on investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $79613457 |
| Gross unrealized appreciation | 3623154 |
| Gross unrealized depreciation | (6629264) |
| Net unrealized appreciation (depreciation) on investments | $(3006110) |

---

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, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $343696 |
| Undistributed long-term capital gains |  |
| Accumulated capital and other losses | (188407) |
| Unrealized appreciation (depreciation) on investments | (3006110) |
| Unrealized appreciation (depreciation) on futures | (120454) |
| Total distributable earnings | $(2971275) |

---

As of June 30, 2025, the Fund had net capital loss carryovers not subject to expiration as follows:

---

| | |
|:---|:---|
| Short-term | $188407 |
| Long-term |  |
| Total Capital Loss Carryforwards | $188407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Distribution of Income and Gains* 

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

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (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, 2025 and June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp; Ordinary income | $5856604 | $6792438 |
| &nbsp;&nbsp; Return of Capital |  |  |
| Total distributions paid | $5856604 | $6792438 |

---

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, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total accumulated deficit as follows:

---

| | |
|:---|:---|
| **Increase (Decrease)** | **Increase (Decrease)** |
| **Paid-in Capital** | **Total Accumulated Deficit** |
| $228081 | $(228081) |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Repurchase Offers* 

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.

The results of the repurchase offers conducted for the year ended June 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br> Commencement <br> Date** | **Repurchase <br> Request <br> Deadline** | **Net Asset <br> Value as of <br> Repurchase <br> Offer Date** | **Shares <br> Repurchased** | **Amount <br> Repurchased** |
| September 3, 2024 | October 1, 2024 | $9.77 | 803541 | $7850595 |
| March 3, 2025 | March 31, 2025 | 9.60 | 411389 | 3949337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Purchase Offers* 

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.

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Indemnifications* 

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.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Agreements** 

The Fund was a party to an Investment Advisory Agreement with the Adviser during the period covered by this report. In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund paid the Adviser a management fee (the "Management Fee") at the annual rate of 0.65% 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. During the year ended June 30, 2025, the Fund incurred a Management Fee of $551,362.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Fair Value of Investments** 

Investments may be carried at fair value, to the extent necessary. 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:

● Level 1 – quoted prices in active markets for identical investments

● Level 2 – quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not considered active; observable inputs other than observable quoted prices for the asset or liability; or inputs derived principally from or corroborated by observable market data

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) that reflect the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, developed based on the best information available given the circumstances

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.

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

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.

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, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Classification <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Investments<br> Valued at<br> NAV<sup>(c)</sup>** | **Total** |
| **Assets** |  |  |  |  |  |
| **Investments** |  |  |  |  |  |
| &nbsp;&nbsp;Private Financing | $— | $— | $7374257 | $— | $7374257 |
| &nbsp;&nbsp;Private Funds |  |  |  | 67401856 | 67401856 |
| &nbsp;&nbsp;Short-Term Investments <sup>(b)</sup> | 1831234 |  |  |  | 1831234 |
| **Total Investments** | $1831234 | $— | $7374257 | $67401856 | $76607347 |
| **Other Financial Instruments**<sup>(d)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | $(120454) | $— | $— | $— | $(120454) |

---

<sup>(a)</sup> As of the year ended June 30, 2025, the Fund held one security that was considered to be a "Level 3" security (those valued using significant unobservable inputs).

<sup>(b)</sup> All money market funds held in the Fund are Level 1 securities. For a detailed break-out of security by industry, please refer to the Schedule of Investments.

<sup>(c)</sup> The Fund's investments in underlying funds are measured using NAV as a practical expedient and not categorized within the fair value hierarchy.

<sup>(d)</sup> Other financial instruments are derivative instruments, such as futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

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

---

| | |
|:---|:---|
|  | **Private Financing** |
| Balance as of July 1, 2024 | $7483383 |
| Purchases |  |
| Sales |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) | (109126)<sup>(a)</sup> |
| Transfers in |  |
| Transfers out |  |
| Balance as of June 30, 2025 | $7374257 |

---

<sup>(a)</sup> Securities are valued at cost. Unrealized appreciation (depreciation) is based on fx gain (loss) on currency translation.

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Valuation Technique<sup>(s)</sup>** | **Unobservable Inputs** | **Range of Input** |
| Private Financing | 7374257 <sup>(a)</sup> | Cost | Net Asset Value per Share | AU$1.00 |

---

<sup>(a)</sup> The investment is denominated in Australian Dollars (AUD). As such, the valuation reflects the cost of the security converted from AUD to US Dollars, which results in fluctuations in the Fair Value.

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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Investment <br> Category** | **Cost** | **Fair Value** | **Unfunded <br> Commitments** | **Redemption <br> Frequency** | **Redemption Lock-<br> up Period** | **Fund Term** |
| BasePoint Income Solutions Evergreen Fund, L.P. | Private Funds | $5109339 | $5582785 | $**—** | Quarterly | Withdrawals are permitted quarterly, subject to a 2-year lockup period. Withdrawal notification is 90 days | Indefinite |
| Brevet Direct Lending - Short Duration Fund, L.P. | Private Funds | 1894972 | 1953780 |  | Quarterly | Withdrawals are permitted quarterly, subject to a 1-year "soft" lockup period. Withdrawal notification is 90 days | Indefinite |
| Brevet Direct Lending - Short Duration Fund, L.P. (D.2 Class) | Private Funds | 2061021 | 2632385 |  | Semi-Annual | Withdrawals are permitted semi-annually, subject to a 2-year lockup period. Withdrawal notification is 90 days | Indefinite |
| Brevet Direct Lending - Short Duration Fund, L.P. (K.1 Class) | Private Funds | 2143389 | 1331895 |  |  |  | Indefinite |
| Brevet Direct Lending - Short Duration Fund, L.P. (V, X, & S2 V.II) | Private Funds | 396446 | 483885 |  |  |  | Indefinite |

---

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Investment <br> Category** | **Cost** | **Fair Value** | **Unfunded <br> Commitments** | **Redemption <br> Frequency** | **Redemption Lock-<br> up Period** | **Fund Term** |
| Brevet Direct Lending - Short Duration Fund, L.P. (V.II, X, & S2 V.II) | Private Funds | $262909 | $332599 | $**—** |  |  | Indefinite |
| Delgatto Diamond Finance Fund QP, L.P. | Private Funds | 3693004 | 3012510 |  | Quarterly | Withdrawals are permitted quarterly, subject to a 1-year lockup period. Withdrawal notification is 90 days | Indefinite |
| Evolution Credit Partners Trade Finance, L.P. | Private Funds | 2500000 | 2560334 |  | Quarterly | Withdrawals are permitted quarterly, subject to a 1-year lockup period. Withdrawal notification is 90 days | Indefinite |
| Orthogon Partners III, L.P. | Private Funds | 2100983 | 1245515 | 970059 |  |  | 7 years following the initial close with subject to two one-year extensions |
| Piratella HM-RPA, LLC | Private Funds | 11581210 | 12198342 |  |  |  | Indefinite |
| Siguler Guff Brazil Special Situations Fund III, LP | Private Funds | 2040000 | 2687473 | 2160000 |  |  | 8 years following the final close with subject to two one-year extensions |
| Sound Point Discovery Fund | Private Funds | 2131813 | 2530300 |  | Quarterly | No lock-up. Withdrawals are permitted quarterly with 60 days' notice | Indefinite |
| SP Credit Fund, LP - Series C-AIF | Private Funds | 11099607 | 11608376 |  | Annually | Withdrawals are permitted annually, subject to a 2-year lock up period with a 33.33% investor level gate applied. | Indefinite |
| Sundance Debt Partners, LLC | Private Funds | 6000000 | 6000000 |  | Quarterly | Withdrawals are permitted quarterly, subject to a 2-year lockup period. Withdrawals are processed via tender process. | Indefinite |
| Treville Credit Fund, LP | Private Funds | 8176762 | 7579928 |  | Quarterly | Withdrawals are permitted quarterly, subject to a 1-year "soft" lockup period. Withdrawal notification is 90 days | Indefinite |
| VICOF II Feeder, L.P. | Private Funds | 3265156 | 4165041 | 1775655 |  |  | 8 years following the final close with subject to two one-year extensions |

---

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Investment <br> Category** | **Cost** | **Fair Value** | **Unfunded <br> Commitments** | **Redemption <br> Frequency** | **Redemption Lock-<br> up Period** | **Fund Term** |
| YieldPoint Stable Value Fund, L.P. - Founders Series B Interests | Private Funds | $1353795 | $1390291 | $— | Quarterly | No lock-up. Withdrawals are permitted quarterly with 45 days' notice | Indefinite |
| YieldPoint Stable Value Fund, L.P. - SP-1 Series B1.5 | Private Funds | 132118 | 106417 |  |  |  | Indefinite |
| **Total** |  | $**65942524** | $**67401856** | $**4905714** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Derivative Transactions** 

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 monthly 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.

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, 2025, for the Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value** | **Fair Value** | |
| <br>**Type of Derivative** | <br>**Commodity Risk** | **Asset Derivatives** | **Liability <br> Derivatives** | <br>**Average Quarterly Notional Value <br> During the Year Ended <br> June 30, 2025 <sup>(a)</sup>** |
| Future Contracts | &nbsp;&nbsp;Unrealized appreciation/depreciation of open future contracts | $— | $120454 | $(8926298) |

---

<sup>(a)</sup> The Fund considers the average quarterly notional amounts during the year, categorized by primary underlying risk, to be representative of its derivate activities for the year ended June 30, 2025.

For the year ended June 30, 2025, financial derivative instruments had the following effect on the Statement of Operations for the Fund:

---

| | | |
|:---|:---|:---|
| **Type of Derivative** | **Realized Gain/<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Future Contracts | $(61376) | $(25464) |
| Total | $(61376) | $(25464) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Investment Transactions and Associated Risks** 

For the year ended June 30, 2025, purchases and sales of investments, excluding short-term investments and futures contracts, were $15,342,241 and $27,748,470, 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.

**SKK Access Income Fund** 

**Notes to Financial Statements** <br> June 30, 2025 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Risks and Uncertainties** 

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.

**Investor Eligibility and Restrictions on Transferability and Resale** - Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the Securities Act and analogous exemptions under state securities laws. Investment in the Fund may be made only by entities that are "accredited investors" within the meaning of Regulation D under the Securities Act. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **New Accounting Pronouncement** 

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Subsequent Events** 

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. 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"), along with an increase in the annual investment advisory fee rate from 0.65% to 0.85%, provided that Emery waive 0.25% of the investment advisory fee for the first 6 months following the effectiveness of the investment advisory agreement between Emery and the Fund. Additionally, effective August 1, 2025, the Fund changed its name to Emery Partners Income Credit Strategies Fund. There were no other events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**SKK Access Income Fund** 

**Report of Independent Registered Public Accounting Firm** 

**Board of Trustees of<br> SKK Access Income Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of SKK Access Income Fund (the "Fund"), including the schedule of investments, as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years ended June 30, 2025 and the financial highlights for each of the two years ended June 30, 2025 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, 2025, 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, 2025 by correspondence with the custodian, issuers of the private investments and broker. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0095153-1_21.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania<br> August 29, 2025** 

**SKK Access Income Fund** 

**Supplemental Information** **(Unaudited)**

June 30, 2025

**Disclosure Regarding the Board of Trustees' Approval of the Investment Advisory Agreement for the Fund** 

At a meeting held on March 19, 2025 (the "March Meeting"), the Board considered the renewal of the Investment Advisory Agreement between Shepherd Kaplan Krochuk, LLC ("SKK") and the Fund (the "Advisory Agreement"). Among other things, the Board reviewed their fiduciary duties and responsibilities in reviewing and approving the Advisory Agreement. The Board also reviewed the types of information and factors that should be considered by the Board to make an informed decision regarding the approval of the Advisory Agreement and noted that such factors include, but are not limited to, the following: (i) the nature, extent, and quality of the services to be provided to the Fund; (ii) the investment performance of the Fund and SKK; (iii) the costs of the services to be provided and profits to be realized by SKK and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of the Fund's investors.

The Board, including the Independent Trustees, considered a variety of factors and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Fund's Advisory Agreement; (2) SKK's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Advisory Agreement; (3) SKK's Form ADV disclosures; (4) information describing the nature, quality and extent of services that SKK is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to SKK for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses and performance relative to the fees and expenses of other comparable funds; (7) a copy of the Fund's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of SKK. Based on their review of the materials and information presented at the March Meeting, the Trustees came to the following conclusions.

*The Nature, Extent, and Quality of Services.* The Trustees reviewed the materials regarding the nature, extent, and quality of SKK's services to the Fund, including the process for formulating investment recommendations and assuring compliance with the Fund's investment objectives and limitations; and the efforts of SKK to promote the Fund and grow assets. The Trustees also considered SKK's staffing, personnel, and methods of operating; the education and experience of its personnel; and its compliance program, policies, and procedures reflecting its management of the Fund. The Trustees also considered the financial condition of SKK. The Trustees reviewed SKK's Form ADV and considered the qualifications, background, and responsibilities of the members of SKK's portfolio management team who oversee the daily investment management of the Fund. The Trustees also considered SKK's research, compliance, and operations resources. Based on the above considerations, the Trustees conclude that the nature, extent, and quality of SKK's services under the Advisory Agreement were reasonable.

*Performance.* The Trustees considered certain comparative information prepared by Broadridge regarding the Fund's performance relative to the performance of other funds with similar investment objectives and strategies. Representatives of SKK and Broadridge discussed the peer group universe and information presented. They provided additional detail on the peers and their investment strategies and structures. They discussed the size of the various peers, noting that several of the funds in the peer group are significantly larger than the Fund. They noted that some of the funds in the peer group also have a line of credit which provides them additional flexibility around liquidity. In response to a question from the Board, SKK discussed how much of their time SKK's personnel devote to the Fund. SKK then discussed their efforts to grow and market the Fund.

*Fees and Expenses.* The Trustees next considered certain comparative information prepared by Broadridge regarding the Fund's expense ratio and management fee relative to its peer group. The Trustees noted that the Fund's management fee was lower than the average and median of the peer group. The Trustees further noted that the Fund's overall net expense ratio for the Fund was higher than the average and median expense ratios for the funds in the peer group, but still within a reasonable range. SKK noted that the Fund's higher overall net expense ratio was primarily due to acquired fund fees and expenses, which SKK was making efforts to reduce. The Trustees noted that the Fund's net expense ratio was lower than the highest net expense ratio in the peer group. The Trustees also considered the size and structure of the peer group, and noted that most of the funds in it had considerably larger asset levels.

In light of the foregoing, and in their business judgment, the Trustees found that the management fee was reasonable given the nature, extent, and quality of SKK's services to the Fund.

**SKK Access Income Fund** 

**Supplemental Information** **(Unaudited)** 

June 30, 2025 (Continued)

*Profitability.* The Trustees considered SKK's profitability. Representatives of SKK discussed SKK's profitability overall, including specifically for the Fund, noting that the business continues to be healthy overall.

*Economies of Scale.* The Trustees considered whether SKK would realize economies of scale with respect to its management of the Fund. The Trustees noted that the management fee does not include any breakpoints. The Trustees noted that economies of scale were not a relevant consideration at this time and SKK would revisit whether economies of scale exist in the future once the Fund has achieved sufficient scale.

*Conflicts of Interest and Fall-out Benefits.* In evaluating the possibility for conflicts of interest, the Trustees considered such matters as: the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund; the method for bunching of portfolio securities transactions; the substance and administration of SKK's Codes of Ethics; and other relevant policies described in SKK's Form ADV and Compliance Program, such as personal conduct policies, personal trading policies, risk management and internal controls. The Trustees also considered potential benefits to SKK in managing the Fund and noted that SKK may benefit from operational efficiencies related to the management of smaller client accounts. Following further consideration and discussion, the Trustees concluded that SKK's standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by SKK from managing the Fund, were satisfactory. Representatives of SKK confirmed that SKK does not manage any separately managed accounts with strategies similar to the Fund.

*Conclusion.* The Trustees, having requested and received such information from SKK as they believed reasonably necessary to evaluate the terms of the Advisory Agreement, with the Independent Trustees having met in executive session with counsel, determined that renewal of the Advisory Agreement is in the best interests of the Fund and its future shareholders.

<u><u>*New Advisory Agreement*</u></u>

At a meeting held on June 17, 2025 (the "June Meeting"), the Board considered the approval of the Investment Advisory Agreement between Emery Partners LLC ("Emery") and the Fund (the "New Advisory Agreement") for an initial two-year term. Among other things, the Board reviewed their fiduciary duties and responsibilities in reviewing and approving the Advisory Agreement. The Board also reviewed the types of information and factors that should be considered by the Board to make an informed decision regarding the approval of the New Advisory Agreement and noted that such factors include, but are not limited to, the following: (i) the nature, extent, and quality of the services to be provided to the Fund; (ii) the investment performance of the Fund and Emery; (iii) the costs of the services to be provided and profits to be realized by Emery and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of the Fund's investors.

The Trustees then considered the proposed New Advisory Agreement between Emery and the Fund. The Board, including the Independent Trustees, considered a variety of factors and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board, including the Independent Trustees, evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Fund's New Advisory Agreement; (2) Emery's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the New Advisory Agreement; (3) Emery's Form ADV disclosures; (4) information describing the nature, quality and extent of services that Emery is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to Emery for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses and performance relative to the fees and expenses of other comparable funds; (7) a copy of the Fund's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of Emery. Based on their review of the materials and information presented at this Meeting, the Trustees came to the following conclusions.

*The Nature, Extent, and Quality of Services.* The Trustees reviewed the materials regarding the nature, extent, and quality of Emery's proposed services to the Fund, including the process for formulating investment recommendations and assuring compliance with the Fund's investment objectives and limitations. The Board analyzed the nature, extent, and quality of the services to be provided to the Fund by Emery and, given that the portfolio manager and other members of management would continue to provide management of the Fund, the services that SKK has provided to the Fund since its inception. In particular, the Board reviewed the Fund's prior investment performance and considered the potential benefits of Emery's investment advisory services to the Fund. The Trustees reviewed the materials provided by Emery regarding the nature, extent, and quality of Emery's proposed services to the Fund, including the process for formulating investment recommendations and assuring compliance

**SKK Access Income Fund** 

**Supplemental Information** **(Unaudited)** 

June 30, 2025 (Continued)

with the Fund's investment objectives and limitations; and the anticipated efforts of Emery to promote the Fund and grow assets. The Trustees also considered Emery's staffing, personnel, and methods of operating; the education and experience of its personnel; and its compliance program, policies, and procedures reflecting its proposed management of the Fund. The Trustees also considered the financial condition of Emery. The Trustees reviewed Emery's Form ADV and considered the qualifications, background, and responsibilities of the portfolio manager who would oversee the daily investment management of the Fund. The Trustees also considered Emery's research, compliance, and operations resources. The Board concluded that the nature and quality of the services to be provided by Emery are appropriate and that the Fund will benefit from the services provided under the New Advisory Agreement.

*Performance.* The Trustees considered certain comparative information prepared by Broadridge regarding the Fund's performance relative to the performance of other funds with similar investment objectives and strategies. Emery and Broadridge discussed the peer group universe and information presented. Representatives of Emery and Broadridge provided additional detail on the peers and their investment strategies and structures. They discussed the size of the various peers, noting that several of the funds in the peer group are significantly larger than the Fund. They noted that some of the funds in the peer group also have a line of credit which provides them additional flexibility around liquidity. The Trustees concluded that Emery had the expertise and experience necessary to fulfill the Fund's investment objective and execute its investment strategy.

*Fees and Expenses.* The Trustees next considered certain comparative information prepared by Broadridge regarding the Fund's expense ratio and management fee relative to its peer group, including the proposal for an increase in the management fee under the New Advisory Agreement. The Trustees noted that the Fund's proposed management fee would remain lower than the average and median of the peer group. The Trustees also considered that Emery was proposing a fee waiver for six months from the date shareholders approve the New Advisory Agreement. The Trustees further noted that the Fund's overall net expense ratio for the Fund was higher than the average and median expense ratios for the funds in the peer group, but still within a reasonable range. Emery noted that the Fund's higher overall net expense ratio was primarily due to acquired fund fees and expenses, which Emery would make efforts to reduce. The Trustees noted that the Fund's net expense ratio was lower than the highest net expense ratio in the peer group. The Trustees also considered the size and structure of the peer group, and noted that most of the funds in it had considerably larger asset levels.

In light of the foregoing, and in their business judgment, the Trustees found that the proposed management fee under the New Advisory Agreement was reasonable given the nature, extent, and quality of Emery's proposed services to the Fund.

*Profitability.* The Trustees considered Emery's expected profitability. Representatives of Emery discussed Emery's expected profitability overall, including specifically for the Fund. In response to a question from the Board, Emery discussed its financial resources.

*Economies of Scale.* The Trustees considered whether Emery would realize economies of scale with respect to its management of the Fund. The Trustees noted that the management fee does not include any breakpoints. The Trustees noted that economies of scale were not a relevant consideration at this time and Emery would revisit whether economies of scale exist in the future once the Fund has achieved sufficient scale. The Board compared the Fund's proposed management fee to the comparative data provided and discussed potential economies of scale. The Board concluded that the proposed management fee under the New Advisory Agreement is reasonable given the Fund's current asset size.

*Conflicts of Interest and Fall-out Benefits.* In evaluating the possibility for conflicts of interest, the Trustees considered such matters as: the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund; the method for bunching of portfolio securities transactions; the substance and administration of Emery's Codes of Ethics; and other relevant policies described in Emery's Form ADV and Compliance Program, such as personal conduct policies, personal trading policies, risk management and internal controls. The Trustees also considered potential benefits to Emery in managing the Fund and noted that Emery may benefit from operational efficiencies related to the management of smaller client accounts. Following further consideration and discussion, the Trustees concluded that Emery's standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Emery from managing the Fund, were satisfactory. The Board also considered, among other things: the uncertainty of obtaining the requisite vote of shareholders to approve the New Advisory Agreement; the uncertainty regarding the outcome of the shareholder vote and the impact on the Fund's capital raising efforts; the attention and time that the shareholder vote on the New Advisory Agreement will require from the personnel of Emery which could potentially distract from investment management duties.

**SKK Access Income Fund** 

**Supplemental Information** **(Unaudited)** 

June 30, 2025 (Continued)

*Conclusion.* The Trustees, having requested and received such information from Emery as they believed reasonably necessary to evaluate the terms of the New Advisory Agreement, with the Independent Trustees having met in executive session with counsel, determined that approval of the New Advisory Agreement for an initial two-year term is in the best interests of the Fund and its shareholders.

**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.

**Results of Shareholder Meeting** 

A Special Meeting of Shareholders of the Fund was held on July 25, 2025 at the offices of the Fund, 53 State Street, 23rd Floor, Boston, MA, pursuant to notice given to all shareholders of record of the Fund at the close of business on June 23, 2025. At the Special Meeting, shareholders were asked to approve the following proposal, and the tabulation of the shareholder votes rendered the following results:

---

| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Votes For** | **Votes Against** | **Abstained** |
| For shareholders of the Fund to approve a new investment advisory agreement between the Fund and Emery Partners LLC including a proposed increase in the annual investment advisory fee rate from 0.65% to 0.85%. | 4074990 | 516794 | 95712 |

---

**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.

**INVESTMENT ADVISER (as of June 30, 2025)** 

Shepherd Kaplan Krochuk, LLC<br> 53 State Street, 23rd Floor<br> Boston, MA 02109

**LEGAL COUNSEL** 

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

**ADMINISTRATOR, ACCOUNTANT, AND TRANSFER AGENT** 

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

**CUSTODIAN** 

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

 **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**SKK Access Income Fund** 

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**<br> June 30, 2025

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, SKK Access Income Fund, 53 State Street, 23rd Floor, Boston, MA 02109.

***Interested Trustees*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and <br> Length of Time Served** | **Principal Occupations in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| Richard Blair (1988) | &nbsp;&nbsp;Chairman of the Board; Indefinite; Since 2024 | &nbsp;&nbsp;Senior Vice President of Shepherd Kaplan Krochuk, LLC (2018 to present). |  |

---

***Independent Trustees***

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and <br> Length of Time Served** | **Principal Occupations in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| Thomas Mann (1950) | &nbsp;&nbsp;Trustee: Indefinite; Since Inception | &nbsp;&nbsp;Private Investor (2018 to Present) | &nbsp;&nbsp;US Bank Total Fund Solution Series Trust Independent Trustee (2021 to present); Hatteras Closed End Funds Independent Director (2002 to present); Trust for Advisor Solutions (mutual fund) Independent Director (2016 to 2019) |
| Gregory Sellers (1959) | &nbsp;&nbsp;Trustee: Indefinite; Since Inception | &nbsp;&nbsp;Chief Financial Officer, Chief Operating Officer, Tandem Senior Living Advisors, Inc., a sales marketing firm in the senior housing industry (2015 to present). | &nbsp;&nbsp;Hatteras Closed End Funds Independent Director (2002 to present); Trust for Advisor Solutions (mutual fund) Independent Director (2016 to 2019) |

---

***Officers***

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and <br> Length of Time Served** | **Principal Occupations in the Past 5 Years** |
| Richard Blair (1988) | &nbsp;&nbsp;President and Chief Executive Officer; Since 2024 | &nbsp;&nbsp;Senior Vice President of the Adviser (2018 to present). |
| John Bosco (1992) | &nbsp;&nbsp;Chief Financial Officer and Treasurer; Since 2024 | &nbsp;&nbsp;Vice President of Shepherd Kaplan Krochuk, LLC (2021 to present). Investment Manager/Analyst of Lake Street Advisors (2017-2021). |
| Danielle Kulp (1981) | &nbsp;&nbsp;Secretary; Since Inception | &nbsp;&nbsp;Director of Legal Administration, Fintech Law, LLC (3/2023 – Present), Senior Consultant, Fund Governance Solutions, The Northern Trust Company (2/2022 - 3/2023); Paralegal, Strauss Troy Co., LPA (11/2020 - 2/2022); Paralegal, Practus, LLP (05/2019 - 11/2020); Self-employed Compliance Consultant (10/2018 - 05/2019); Director, Fund Governance Services, Foreside Financial Group (11/2016 - 10/2018). |
| Jessica Roeper (1981) | &nbsp;&nbsp;Chief Compliance Officer; Indefinite; Since Inception | &nbsp;&nbsp;Senior Compliance Officer, Joot, a compliance service provider (2021 to present). |

---

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

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As
of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing
 and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full,
fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance
with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability
for adherence to the code.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments:
During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers:
During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of
the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
Code of Ethics is not posted Registrant' website.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A
copy of the code of ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The
Registrant's board of trustees has determined that Mr. Sellers is audit committee financial expert, as defined in Item 3
of Form N-CSR. Mr. Sellers is independent for purposes of this Item 3.

**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, 2025. "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, 2025 and June 30, 2024.

---

| | | |
|:---|:---|:---|
| <br>**Fee Category** | **2025**<br>**Fees** | **2024**<br>**Fees** |
| (a) Audit Fee | $17500 | $17000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | 3000 | 3000 |
| (d) All Other Fees | - | - |
| Total Fees | $20500 | $20000 |

---

(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, 2025 and June 30, 2024, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | **FYE 6/30/2025** | **FYE 6/30/2024** |
| **Audit-Related Fees** | 0% | 0% |
| **Tax Fees** | 0% | 0% |
| **All Other Fees** | 0% | 0% |

---

(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

---

| | | |
|:---|:---|:---|
| **Non-Audit Related Fees** | **FYE 6/30/2025** | **FYE 6/30/2024** |
| Registrant | 0 | 0 |
| Registrant's Investment Adviser | 0 | 0 |

---

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments
 in securities in unaffiliated issuers are included as part of the financial statements
 filed under Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

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

Not applicable.

**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, 2025, no later than August 31 of each year. The Fund did not vote any proxies during the period July 1, 2024 through June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund is managed by Richard Blair as the portfolio manager who has ultimate responsibility
 for the Fund's investment system and how it operates and who is, therefore, primarily
 responsible for the management of the Fund's portfolio, including information about
 other accounts he manages, the dollar range of Fund Shares he owns, and how he is compensated.

**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, 2025, and excludes accounts where they have advisory but not discretionary authority.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | **Number of <br> Accounts** | **Total Assets<br> (in millions)** | **Number of <br> Accounts** | **Total Assets<br> (in millions)** | **Number of <br> Accounts** | **Total Assets<br> (in millions)** |
| Richard Blair | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | $0 | 0 | $0 |

---

 

**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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) None.

**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.**

Vote of security holders is included under item 1.

**Item 16. Controls and Procedures.**

(a) The
 registrant's principal executive officer and principal financial officer have reviewed
 the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing date of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that
 information required to be disclosed in this report is appropriately recorded, processed,
 summarized, and reported and made known to them by others within the registrant and by
 the registrant's service providers.

(b) There
 were no changes in the registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this
 report that has materially affected, or is reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

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

(a) Not applicable.

(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 of Form N-CSR. Filed herewith.](fp0095153-3_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](fp0095153-3_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith](fp0095153-3_ex99906cert.htm)

SIGNATURES<br>

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

---

| | |
|:---|:---|
| By: | /s/ Richard Blair |
|  | Richard Blair |
|  | President |

---

Date: September 8, 2025

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.

---

| | |
|:---|:---|
| By: | /s/ Richard Blair |
|  | Richard Blair |
|  | President (Principal Executive Officer) |

---

Date: September 8, 2025

---

| | |
|:---|:---|
| By: | /s/ John Bosco |
|  | John Bosco |
|  | Treasurer (Principal Financial Officer) |

---

Date: September 8, 2025

## Ex-99.Code

**SKK Access Income Fund** 

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective: March 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for the SKK Access Income Fund (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment adviser (the "investment adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

● each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment adviser and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advice of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

● the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

● any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment adviser's and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion

## Ex-99.Cert

**Emery Partners Income Credit Strategies Fund**

I, Richard Blair, certify that:

1. I
 have reviewed this report on Form N-CSR of Emery Partners Income Credit Strategies Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | September 8, 2025 |
| By: | /s/ Richard Blair |
|  | Richard Blair |
|  | President (Principal Executive Officer) |

---

**Emery Partners Income Credit Strategies Fund**

I, John Bosco, certify that:

1. I
 have reviewed this report on Form N-CSR of Emery Partners Income Credit Strategies Fund;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | September 8, 2025 |
| By: | /s/ John Bosco |
|  | John Bosco |
|  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**Emery Partners Income Credit Strategies Fund**

I, Richard Blair, hereby certify that to the best of my knowledge:

1. The
 report on Form N-CSR of Emery Partners Income Credit Strategies Fund for the year ended
 June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of Emery Partners Income Credit Strategies Fund.

Date: September 8, 2025

---

| |
|:---|
| /s/ Richard Blair |
| Richard Blair |
| President (Principal Executive Officer) |

---

I, John Bosco, hereby certify that to the best of my knowledge:

1. The
report on Form N-CSR of Emery Partners Income Credit Strategies Fund for the year ended June 30, 2025 fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of Emery Partners Income Credit Strategies Fund.

Date: September 8, 2025

---

| |
|:---|
| /s/ John Bosco |
| John Bosco |
| Treasurer (Principal Financial Officer) |

---