Metrics Master Income Trust Announces Daily NTA of $2.0125 Per Unit as of 23 July 2026

Overview of Metrics Master Income Trust’s Structure and Investment Goals

The Metrics Master Income Trust is a managed investment vehicle aiming to deliver monthly cash income distributions to unitholders while minimizing capital loss risk and ensuring portfolio diversification. This is achieved through active management of diversified loan portfolios, primarily targeting Australia’s bank-dominated corporate loan market. This strategic positioning enables the trust to access lending opportunities that offer attractive risk-adjusted returns while emphasizing capital preservation for investors.

The trust employs an active loan portfolio management approach, distinguishing itself from passive investment strategies. By engaging directly in corporate loan markets, it seeks to balance delivering targeted returns with capital protection. This conservative dual-focus approach suits investors seeking steady income streams with lower volatility compared to equity-based investments.

The Trust Company and Perpetual Group’s Role as Responsible Entity

The Trust Company (RE Services) Limited, holding AFSL 235150 and ABN 45 003 278 831, acts as the Responsible Entity for the Metrics Master Income Trust. It manages the trust in compliance with its constitution and the Corporations Act, overseeing investment decisions and regulatory adherence. Responsibilities include calculating daily NTA and providing regular performance reports to unitholders.

Operating under the Perpetual group, a prominent Australian financial services provider, The Trust Company benefits from extensive institutional resources and operational support. Perpetual’s presence across funds management, financial advisory, and trustee services enhances the trust’s management capabilities and regulatory compliance, offering unitholders the security of a well-established financial institution.

Details of Latest NTA Valuation and Unit Asset Backing

On 24 July 2026, The Trust Company released the daily NTA estimate for the Metrics Master Income Trust at $2.0125 per unit, as of 23 July 2026. This regular valuation provides investors with transparent insight into the tangible asset backing per unit, a critical metric for monitoring the trust’s value and asset position. Publishing daily NTA estimates aligns with industry standards for managed investment schemes, enabling investors to track unit value in real time.

The NTA per unit is derived by dividing the trust’s total net tangible assets by the number of units on issue, reflecting the tangible asset value attributable to each unit. For income trusts like Metrics Master Income Trust, this figure helps determine if units trade at a premium or discount relative to underlying assets. The company confirms that Net Asset Value (NAV) and NTA are equivalent for reporting consistency.

Active Loan Portfolio Management Within Australia’s Corporate Lending Sector

The trust’s investment strategy centers on actively managing diversified loan portfolios within Australia’s corporate lending market, which is traditionally dominated by banks. This active approach enables the trust to optimize returns through selective loan origination, portfolio composition, and continuous credit monitoring. It allows adaptation to evolving market conditions and credit opportunities.

By participating in a market largely controlled by major banks, the Metrics Master Income Trust accesses lending opportunities beyond typical bank channels. Diversification across loan portfolios reduces concentration risk while maintaining exposure to income-generating corporate loans. This aligns with the trust’s goal of balancing target returns with capital preservation.

Focus on Monthly Income Distribution and Capital Preservation

A primary objective of the Metrics Master Income Trust is to provide monthly cash income to unitholders, catering to investors seeking regular cash flow. The trust’s loan portfolios generate consistent interest income, enabling monthly distributions.

Capital preservation is a key secondary goal, reflecting a conservative investment philosophy. The Trust Company’s active management balances achieving target returns with protecting investor capital, aiming to maintain principal value and return it intact at investment maturity. This approach offers a defensive risk profile compared to growth-focused investments.

Regulatory Compliance and Operational Framework

The Trust Company (RE Services) Limited operates under AFSL 235150 granted by ASIC and holds ABN 45 003 278 831, authorizing it to provide financial services and trustee functions in Australia. As Responsible Entity, it complies with the Corporations Act 2001, which governs managed investment schemes, investor protection, disclosure, and fund administration.

Australian regulatory requirements mandate regular investor reporting, including daily or periodic NTA valuations and annual financial statements. The Trust Company’s disclosure of daily NTA estimates exemplifies adherence to best-practice reporting standards, ensuring transparency. The regulatory framework also enforces prudent investment practices, conflict management, and fee disclosures to safeguard investor interests.

Target Return Objectives and Performance Oversight

While the specific target return was not disclosed, the trust’s managers emphasize active strategies designed to balance achieving this return with capital preservation. Performance is monitored continuously, with portfolio adjustments made in response to market and credit conditions, and regular reporting to unitholders on progress against objectives.

The trust prioritizes returns within an acceptable risk framework rather than maximizing income at all costs. Investors should consider historical performance cautiously, as it does not guarantee future results.

Diversification Strategy Across Loan Portfolios and Market Segments

Diversification is a core investment objective, achieved by actively managing multiple loan portfolios across various counterparties, sectors, and credit profiles. This approach mitigates concentration risk and limits exposure to borrower defaults or sector downturns.

The portfolio spans Australia’s corporate loan market, including investment-grade and sub-investment-grade credits. Active management enables strategic loan selection, exposure adjustments, and portfolio rebalancing to maintain risk controls and support capital preservation.

Perpetual Group’s Financial Services Support and Infrastructure

The Trust Company operates within the Perpetual group, a diversified financial services organization with expertise in funds management, financial advisory, and trustee services across Australia. This affiliation provides institutional resources, investment expertise, compliance infrastructure, and operational capabilities essential for managing complex trusts and regulatory compliance.

Perpetual’s integrated platform enhances investment analysis, risk management, compliance, and reporting functions, strengthening The Trust Company’s ability to effectively manage the Metrics Master Income Trust while maintaining clear business segment separation.

Investor Guidance and Monitoring Recommendations

Investors should regularly review daily NTA valuations to evaluate the trust’s stability and alignment with loan portfolio performance. Fluctuations in NTA per unit reflect loan portfolio outcomes and distributable income accumulation, impacting investment returns. Monitoring distribution payments and comparing returns against target objectives is crucial for assessing performance.

Standard risk disclosures apply, noting that past performance is not indicative of future results. Investors should be aware of risks related to credit, interest rates, and market conditions that may influence returns and capital preservation. Given the trust’s exposure to Australia’s corporate lending market, macroeconomic factors affecting Australian businesses and credit availability are important considerations for future outlook assessments.