Metrics Income Opportunities Trust Announces Unaudited Net Tangible Asset Value of $2.1568 Per Unit as of July 23, 2026

Overview of Metrics Income Opportunities Trust Structure and Investment Goals

The Metrics Income Opportunities Trust is a managed investment scheme with a clear mandate centered on income generation and capital preservation. The Trust Company (RE Services) Limited acts as the responsible entity, managing the trust on behalf of unitholders under Australian Financial Services Licence (AFSL: 235150) and Australian Business Number (ABN: 45 003 278 831). As a member of the Perpetual group, the responsible entity integrates institutional governance and compliance frameworks in managing investor funds.

The trust’s investment objective is to deliver monthly cash income, preserve capital, and manage investment risks while pursuing potential upside gains. This balanced income-and-growth approach targets investors seeking regular cash flow rather than solely capital appreciation. The trust acknowledges that its investment objective is aspirational and may not be achieved due to market uncertainties.

Diversified Investment Strategy Encompassing Private Credit and Alternative Assets

The Metrics Income Opportunities Trust employs a diversified strategy extending beyond traditional bonds and equities into alternative asset classes. It invests in private credit instruments, which often offer higher yields than public fixed-income markets, alongside structured products such as warrants, options, and preference shares. This multi-asset approach is designed to support the trust’s monthly income distributions, a key value proposition for unitholders.

The trust’s portfolio includes equity investments in addition to income-focused private credit and preference shares, aiming to combine regular cash flow with capital appreciation opportunities. The use of warrants and options—derivative instruments providing leveraged exposure—enables potential upside capture, while private credit and preference shares offer steady income. Diversification across these asset classes helps manage investment and concentration risks.

Net Tangible Asset Backing Per Unit Reported at $2.1568

As of 23 July 2026, the unaudited Net Tangible Asset (NTA) backing per unit of the Metrics Income Opportunities Trust was $2.1568. This figure represents the net value of the trust’s tangible assets divided by the number of units outstanding, giving unitholders a per-unit measure of the fund’s underlying asset value. Investors commonly use the NTA metric to determine if a fund is trading at a premium or discount to its net asset value; however, this announcement provides only the NTA figure without accompanying unit price data.

For reporting purposes, the company clarifies that NAV (Net Asset Value) and NTA (Net Tangible Assets) hold the same value here. The amounts are presented in Australian dollars (AUD) and are unaudited, meaning external verification is pending. The responsible entity offers daily NTA estimates to ensure consistent market transparency regarding the trust’s underlying value.

Perpetual Group’s Role as Responsible Entity and Trustee

The Trust Company (RE Services) Limited operates within the Perpetual group, one of Australia’s largest institutional financial services providers. Perpetual’s core operations include funds management, financial advisory, and trustee services. Its role as responsible entity for the Metrics Income Opportunities Trust brings robust compliance, governance, and operational infrastructure to investor capital management.

As trustee and fund manager, Perpetual complies with Australian regulations such as the Corporations Act 2001 (Cth), maintaining necessary financial services licences and professional indemnity insurance. The group’s scale and institutional standing provide assurance regarding administration, custody, and safekeeping of trust assets. Investors benefit from established risk management and compliance frameworks designed to safeguard unitholder interests and ensure proper governance.

Monthly Cash Income Distribution Model for Investors

A defining feature of the Metrics Income Opportunities Trust is its commitment to monthly cash income distributions. This income-oriented model distinguishes the trust from growth-focused funds and appeals to investors seeking steady cash flow rather than capital gains or annual dividends. The monthly distribution aligns with the trust’s goal of consistent income generation while preserving capital, making it attractive to retirees and income-focused investors.

Monthly distributions depend on income generated from interest on private credit, dividends from equity and preference shares, and premiums from options. The diversified asset base is structured to provide multiple income streams across varying market cycles. However, distribution timing and sustainability rely on the performance of underlying investments and market conditions, which remain subject to economic and credit cycles.

Capital Preservation Emphasized Within a Diversified Investment Framework

Capital preservation is a core objective alongside income generation, reflecting a risk-managed fund management approach. The trust strives to balance current income needs with protecting unitholder capital from significant losses due to investment or credit risks. Portfolio management includes risk controls, diversification, and credit assessment to manage counterparty risk across private credit and other holdings.

Preference shares and structured credit provide downside protection relative to pure equity exposure, as they typically have senior claims on issuer assets in default scenarios. Nonetheless, equity and derivative holdings carry higher volatility, meaning capital preservation is a goal rather than a guarantee. The company acknowledges that adverse market or credit conditions could lead to capital erosion despite risk management efforts.

Regulatory Licensing and Compliance Standards

The Trust Company (RE Services) Limited holds AFSL 235150, authorizing it to provide financial services including fund management and trustee roles. Regulated by the Australian Securities and Investments Commission (ASIC), the licence mandates compliance with financial services laws, professional standards, and risk management protocols. The responsible entity must maintain adequate financial resources and professional indemnity insurance appropriate to the funds managed.

These regulatory requirements ensure the Metrics Income Opportunities Trust operates transparently and protects investor interests. The responsible entity must provide regular unitholder reporting, maintain detailed transaction and valuation records, and segregate trust assets from corporate assets. Non-compliance can lead to enforcement actions, licence suspension, or penalties, incentivizing rigorous adherence.

Performance Disclaimers and Forward-Looking Considerations

The company explicitly states that "historical performance is not a reliable indicator of the future performance of the Fund." This disclaimer aligns with financial services regulations to manage investor expectations and prevent misleading claims. Past investment results do not guarantee future outcomes due to evolving market, interest rate, credit, and economic conditions.

This caution is especially important for income-focused products like the Metrics Income Opportunities Trust, where investors might expect recent distributions to continue. The sustainability of monthly income depends on portfolio earnings capacity, influenced by interest rates, equity markets, credit spreads, and borrower creditworthiness. Investment decisions should consider current portfolio composition, risks, and objectives rather than historical returns alone.

Commitment to Ongoing Valuation Transparency for Investors

The responsible entity provides daily NTA estimates for the Metrics Income Opportunities Trust, offering unitholders frequent, up-to-date valuations of the fund’s net asset value per unit. This practice enhances transparency and allows investors to monitor their investment’s underlying value without waiting for periodic reports. Daily NTA figures also support accurate pricing and settlement for unit transactions and redemptions.

Daily valuations require robust pricing systems, especially for private credit and alternative assets that lack public market prices. Valuation methods typically include comparable transactions, discounted cash flow analysis, or independent third-party appraisals. The unaudited daily NTA estimates are preliminary and subject to adjustment, with final audited valuations published in annual financial statements. Investors should recognize these estimates as management figures pending verification.