¹ Diversification does not assure a profit nor protect against loss in a declining market.

² Duration refers to a measure of the effect of interest rate changes on the price of a fixed income asset or portfolio. Duration is defined in years (eg. a three year duration means the value of the bond could rise about 3% if interest rates fall by 1%).

³ There can be no assurance that the amounts realized by liquidating collateral will be sufficient to offset any potential defaults.

⁴ Please refer to the Prospectus for a detailed outline of the fees and expenses of the Fund. “2 & 20” refers to a typical hedge fund fee structure that consists of a 2% annual management fee on total assets under management and a 20% performance fee (or 'carried interest') on realized profits.

⁵ Returns are net total returns. Between January 2021 and March 2023, performance is quoted for the SKK Access Income Fund, LP, the predecessor private fund that converted into Emery Partners Income Credit Strategies Fund (EPICX). The predecessor private fund track record was adjusted to reflect estimated fees and expenses of EPICX. The Fund’s investment objective and strategies are, in all material respects, substantially identical to those of the predecessor fund. The Fund’s investment program is managed in substantially the same manner, and by the same investment professionals, as the predecessor fund.

⁶ The Fund is not obligated to redeem any shares, and approval is at the Board of Trustees’ discretion. The share redemption plan is subject to 5% of the Fund’s outstanding shares on a semi-annual basis and to other limitations, and the Board may modify, suspend or terminate the plan. Please see the Prospectus for a full discussion regarding liquidity/share repurchase limitations.

EPICX is a continuously-offered, non-diversified, registered closed-end fund with limited liquidity. There is no guarantee the Fund will achieve its objective. An investment in the Fund should only be made by investors who understand the risks involved, who are able to withstand the loss of the entire amount invested and who can bear the risks associated with the limited liquidity of Shares.

Before investing, you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Prospectus, which may be obtained by calling 866-509-1893 or by contacting us. Please read the Prospectus carefully before you invest.

Shares are an illiquid investment. You should not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs. Although the Fund is required to implement a Share repurchase program only a limited number of Shares will be eligible for repurchase by the Fund. An investment in the Fund is speculative, involves substantial risks, including the risk that the entire amount invested may be lost, and should not constitute a complete investment program. The Fund may leverage its investments by borrowing, use of swap agreements, options or other derivative instruments. The Fund is a newly-organized closed-end investment company that has limited operating history and no public trading of its shares. The Fund is a non-diversified investment company, meaning it may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the fund is subject to investment related risks of the underlying funds, general economic and market condition risk.

Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. The Fund’s investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and strategies. Such allocation could result in the Fund holding asset classes or investments that perform poorly or underperform. Investments and investment transactions are subject to various counterparty risks. The counterparties to transactions in over the-counter markets are typically subject to lesser credit evaluation and regulatory oversight compared to members of "exchange-based" markets. This may increase the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer losses. The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity.

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