Metrics Master Income Trust Announces NTA of $2.0119 Per Unit as of 22 July 2026

Daily NTA Valuation Details for Metrics Master Income Trust

On 22 July 2026, the Metrics Master Income Trust disclosed its daily Net Tangible Asset backing, with the NTA per unit calculated at $2.0119. This unaudited per-unit valuation provides investors with a crucial metric to monitor their holdings. Regular publication of daily NTA estimates enables investors to track the underlying asset value of their units and assess the trust's performance relative to its investment goals. The NTA per unit is derived by dividing the trust's total net tangible assets by the number of units outstanding.

The trust follows a disciplined valuation and reporting approach, ensuring transparency for unit holders regarding the composition and value of their investments. Daily NTA estimates are a common practice among Australian managed funds, allowing ongoing performance assessment. Unlike audited annual or interim reports, the daily NTA is unaudited, serving as a timely reference for investors to evaluate the current worth of their units and support informed decision-making.

Investment Goals and Income Strategy of the Trust

The Metrics Master Income Trust is designed with the clear objective of providing monthly cash income to investors while minimizing capital loss risk and achieving portfolio diversification. The trust accomplishes this by actively managing diversified loan portfolios within Australia's corporate lending market. This strategy focuses on generating steady income distributions for unit holders while emphasizing capital preservation throughout market cycles. By concentrating on loan-based assets rather than equities, the trust aims to offer more predictable income streams and reduced volatility compared to traditional equity investments.

The manager employs active strategies to balance target returns with capital preservation, reflecting a prudent approach where income generation does not involve excessive risk. The trust's involvement in Australia's bank-dominated corporate loan market positions it in a sector historically known for stable, interest-based returns. Diversification across multiple loan portfolios mitigates concentration risk and protects unit holders from the effects of any single borrower default. Monthly cash income distributions align with investor preferences for regular income rather than less frequent payouts.

The Trust Company and Perpetual Group as Responsible Entity

The Trust Company (RE Services) Limited acts as the Responsible Entity for the Metrics Master Income Trust, operating under Australian Financial Services Licence (AFSL 235150) and holding ABN 45 003 278 831. It is part of Perpetual Limited, a leading Australian financial services group offering funds management, financial advisory, and trustee services. Perpetual's involvement provides investors with institutional-grade governance and compliance, backed by extensive expertise in portfolio management and trust administration across various asset classes.

Perpetual's organisational structure and regulatory licences demonstrate the operational rigour and compliance underpinning the trust's management. As Responsible Entity, The Trust Company (RE Services) Limited ensures the trust complies with its trust deed, the Corporations Act 2001 (Cth), and Australian Securities and Investments Commission (ASIC) regulations. Having a major financial services group as Responsible Entity reduces operational and custodial risks for unit holders. Perpetual's strong reputation and track record enhance investor confidence in the governance and stewardship of trust assets.

Active Management of Loan Portfolios in Australia's Corporate Lending Market

The trust's investment approach centers on actively managing diversified loan portfolios within Australia's corporate lending market, traditionally dominated by banks and financial institutions. By directly engaging in corporate loan origination and management, the trust accesses interest income from lending to Australian businesses. This loan-based strategy offers greater predictability compared to equity markets, as loan returns are typically fixed or floating at a spread over benchmark rates. Acting as a non-bank lender, the trust captures lending spreads while maintaining diversification across borrowers and industries.

Active portfolio management involves continuous monitoring, evaluating, and adjusting exposures to borrowers, sectors, and loan structures. This hands-on method allows the manager to identify capital deployment opportunities, assess credit quality, and respond tactically to economic or borrower changes. Diversification reduces the impact of any individual default on overall portfolio performance. Australia's corporate lending market historically provides stable investment returns, with borrowers in infrastructure, commercial real estate, and general business lending. The trust's positioning offers exposure to corporate credit risk with potential attractive yields, balancing between high-yield fixed income and traditional bank deposits.

Capital Preservation and Risk Management Framework

Capital preservation is a fundamental objective for the Metrics Master Income Trust, aiming to minimize capital loss risk while delivering income returns. The trust achieves this through selecting high-credit-quality loan assets, diversifying across borrowers and industries, and actively monitoring portfolio credit metrics. The manager's active strategies balance target returns with capital protection, reflecting a disciplined risk management and portfolio construction approach.

Focusing on loan-based assets rather than equities provides greater capital stability, as loans have fixed maturities and contractual repayments, ensuring more predictable cash flows. Participation in Australia's regulated corporate lending market means borrowers adhere to financial reporting and credit standards. The monthly income distribution model supports capital preservation by regularly distributing cash income instead of allowing it to compound, reducing the risk of capital losses offsetting gains. This approach suits investors seeking Australian credit market exposure with emphasis on income and capital security.

Monthly Cash Income Distribution to Unit Holders

The Metrics Master Income Trust offers monthly cash income distributions, providing unit holders with frequent and predictable income streams compared to quarterly or annual payouts common in many managed funds. This monthly distribution aligns with investor expectations and facilitates cash flow planning. The trust's loan-based assets generate regular interest payments, enabling consistent monthly income. This frequency offers investors flexibility for reinvestment or covering living expenses.

Maintaining monthly distributions requires disciplined cash management to ensure loan portfolio inflows support payouts. In cases of loan prepayments or defaults, the manager balances distributable income with scheduled payments to unit holders. The monthly payout model enhances transparency, as unit holders receive regular updates on fund performance and income generation. Coupled with the capital preservation focus, the trust serves as an income-oriented option for investors prioritizing steady cash returns over capital growth.

Regulatory Compliance and AFSL Authorization

The Trust Company (RE Services) Limited operates under Australian Financial Services Licence number 235150, authorizing it to manage the Metrics Master Income Trust in compliance with Australian financial services regulations. This AFSL confirms the responsible entity meets ASIC's standards for competence, integrity, and financial resources. The trust adheres to the Corporations Act 2001 (Cth) and related laws governing fund management, unit certificate distribution, and investor disclosures. This regulatory framework offers statutory protections and remedies for unit holders in cases of misconduct.

The responsible entity's ABN (45 003 278 831) and AFSL registration are publicly verifiable via the Australian Business Register and ASIC's financial services register. The trust operates under its trust deed, outlining the rights and obligations of the responsible entity and unit holders. Depending on size and structure, annual or interim audits ensure independent verification of financial statements. ASIC oversight and the trust deed collectively establish governance designed to safeguard unit holder interests and ensure transparency.

Performance Monitoring and Historical Performance Disclaimer

The Metrics Master Income Trust's update includes a standard disclaimer that past performance is not a reliable indicator of future results. This regulatory requirement emphasizes that investment returns cannot be guaranteed. Unit holders should evaluate the trust's merits considering its investment objectives, manager track record, market conditions, and personal risk tolerance. The daily NTA per unit provides a current valuation metric but does not guarantee future performance.

Investors typically compare NTA trends against benchmarks like bank bill rates or corporate loan spread indices to gauge manager effectiveness. Daily NTA disclosures facilitate ongoing performance tracking and informed holding decisions. The absence of long-term performance data in this update reflects the focus on current valuation. For comprehensive analysis, investors should review the trust's periodic financial reports or fact sheets, which are not included here.

Investor Resources and Further Information

The Metrics Master Income Trust offers a dedicated website at www.metrics.com.au, where investors can find product disclosure statements, fact sheets, historical performance data, and other resources. The Perpetual group’s site at www.perpetual.com.au provides additional information on its investment solutions and services. These platforms support investor due diligence, understanding of investment philosophy, and education on loan-based income strategies. Publicly accessible information promotes informed decision-making for current and prospective unit holders.

For detailed inquiries about the trust’s strategy, fees, tax implications, or recent performance, investors should consult the current product disclosure statement and investor fact sheet. The responsible entity is legally required to provide clear, concise information to facilitate understanding of the trust’s operations. For personalized advice or specific questions, investors should contact The Trust Company (RE Services) Limited directly or seek guidance from a financial adviser. The combination of online resources, regulatory disclosures, and direct access to the responsible entity ensures investors have multiple avenues to obtain necessary information for sound investment decisions.