METRICS MASTER INCOME TRUST — Net Asset Value 2024

May 12, 2024

APRIL 2024

METRICS MASTER INCOME TRUST (ASX:MXT)

FUND PERFORMANCE[(3)]

TRUST INFORMATION

Trust

Metrics Master Income Trust (MXT) ARSN 620 465 090

Responsible Entity

The Trust Company (RE Services) Limited ACN 003 278 831; AFSL 235 150

Manager

Metrics Credit Partners Pty Ltd (Metrics) ACN 150 646 996; AFSL 416 146. Metrics is an alternative asset manager with expertise in fixed income, private credit, equity and capital markets. Metrics has significant experience in corporate and institutional lending and currently manages assets in excess of $18 billion.

Investment Objective

Provide monthly cash income, low risk of capital loss and portfolio diversification by actively managing diversified loan portfolios and participating in Australia’s bank-dominated corporate loan market.

Investment Strategy

Provide exposure reflecting activity in the Australian corporate loan market with diversification by borrower, industry and credit quality. Metrics seeks to implement active strategies designed to balance delivery of the Target Return, while preserving investor capital.

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1 mth 3 mth 1 yr 3 yr 5 yr Incep [(4)]
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	Net Return (%)	0.73	2.14	9.48	7.00	6.20	6.05
	Target Return (%)	0.62	1.89	7.71	5.62	4.90	4.90
	Distribution (%)	0.74	2.15	9.50	7.02	6.22	6.05
	RBA Cash Rate (%)	0.36	1.08	4.28	2.26	1.56	1.55
	Spread to RBA (%)	0.38	1.07	5.22	4.76	4.66	4.50

NOTE: Past performance is not a reliable indicator of future performance. Assumes participation in Distribution Reinvestment Plan (DRP). Target Return: RBA Cash Rate +3.25% p.a. net of fees.

TRAILING 12-MONTHS NET RETURNS[(3)(10)]

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PORTFOLIO CONSTRUCTION[(5)]

Industry Diversification[(6)]

Target Return

RBA Cash Rate +3.25% p.a. net of fees.

Investment Highlights

• Experienced and active management team with proven track record

• Monthly cash income* from floating rate Australian direct lending

• Portfolio diversification in Australian corporate fixed income

• Attractive fee structure and historically stable Net Asset Value (NAV) backing

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• ASX market liquidity

Credit Quality[(7)]

UNIT PRICE AND NAV[(1)]

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ASX Ticker Code MXT
Price / NAV (share) [(2)] $2.05 / $2.00
Market Cap. / NAV [(2)] $2.17b / $2.12b
Unit Pricing Daily
Distributions Monthly
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PLATFORMS

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AMP North AMP Portfolio Care AMP WealthView
Asgard BT Panorama CFS FirstWrap
Clearstream HUB24 IOOF eXpand
Macquarie Wrap MLC Navigator^ MLC Wrap^
Netwealth Powerwrap Præmium
^IDPS Only
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OTHER FUND SETTINGS

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Number of Individual Investments [(5)] 300
New / Exited Investments 9 / 5
Investment Grade (%) [(7)] 53%
Interest Duration (days) [(8)] 34
Credit Duration (years) [(9)] 1.4
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www.linkedin.com/company/metrics-credit-partners

1300 010 311

invest@metrics.com.au

www.metrics.com.au

APRIL 2024

METRICS MASTER INCOME TRUST (ASX:MXT)

FUND RETURNS (NET)[(3)(10)]

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(%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
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2024	0.77	0.71	0.69	0.73									2.90
2023	0.71	0.64	0.73	0.69	0.74	0.74	0.83	0.81	0.74	0.82	0.76	0.78	8.99
2022	0.36	0.32	0.37	0.35	0.42	0.44	0.47	0.54	0.52	0.63	0.63	0.68	5.73
2021	0.33	0.33	0.43	0.31	0.36	0.32	0.31	0.34	0.34	0.34	0.37	0.38	4.14
2020	0.45	0.41	0.43	0.43	0.39	0.40	0.50	0.44	0.38	0.38	0.40	0.40	5.03
2019	0.48	0.47	0.54	0.54	0.52	0.33	0.43	0.43	0.38	0.42	0.42	0.43	5.41
2018	0.38	0.32	0.43	0.38	0.38	0.45	0.50	0.49	0.45	0.49	0.47	0.52	5.27
2017										0.46	0.35	0.41	1.23

DISTRIBUTIONS

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(cents/Unit) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
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2024	1.55	1.44	1.35	1.49									5.83
2023	1.44	1.29	1.44	1.40	1.49	1.50	1.57	1.69	1.49	1.62	1.56	1.52	18.01
2022	0.74	0.67	0.72	0.72	0.86	0.90	0.87	1.11	1.05	1.26	1.28	1.35	11.53
2021	0.72	0.65	1.00	0.64	0.76	0.65	0.59	0.67	0.64	0.68	0.74	0.77	8.51
2020	1.05	0.85	0.86	0.89	0.79	0.87	0.86	0.87	0.72	0.74	0.79	0.70	9.98
2019	1.08	0.96	1.13	1.00	0.87	0.99	0.77	0.78	0.79	0.88	0.82	0.79	10.86
2018	0.81	0.73	0.81	0.78	0.81	0.93	0.91	0.96	0.79	0.90	1.20	0.89	10.52
2017										-	-	2.19	2.19

TOTAL RETURNS[(11)]

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(%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
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2024	1.26	0.23	1.65	(0.22)									2.93
2023	1.74	1.15	(1.80)	0.96	1.26	(0.79)	4.17	2.61	0.74	1.80	0.29	1.75	13.88
2022	(1.55)	0.83	(0.13)	0.36	(0.06)	(3.24)	1.71	1.06	(4.25)	0.63	3.54	0.93	(0.17)
2021	(1.12)	1.32	0.99	(0.17)	0.38	0.82	0.79	1.31	(0.65)	1.80	(1.07)	1.85	6.26
2020	(1.42)	(0.57)	(15.07)	12.28	(0.40)	(3.30)	7.08	2.77	0.87	0.37	0.90	2.86	6.38
2019	0.06	1.44	(2.28)	(0.96)	0.93	0.99	1.86	0.39	0.39	(0.53)	(0.08)	1.38	3.59
2018	0.89	(2.98)	0.40	2.37	(0.08)	1.44	0.46	0.48	0.39	0.93	1.08	0.92	6.30
2017										5.00	(1.43)	1.58	5.15

ENQUIRIES

Notes: Past performance is not a reliable indicator of future performance. *The payment of monthly cash income is a goal of the Trust only and neither the Manager or the Responsible Entity provide any representation or warranty (whether express or implied) in relation to the payment of any monthly cash income. (1) As at close of business month end (2) Ex-distribution (3) Based on NAV unit price, annualised if over one year (4) IPO October 2017 (5) MXT invests in underlying Metrics funds which engage in direct lending activities, metrics based on underlying funds (6) MSCI and Standard & Poor’s Global Industry Classification Standard (7) Rated by Metrics including where not rated by public rating agencies (8) Weighted average to next interest rate roll on underlying loans and cash (9) Weighted average to final maturity on underlying loans and cash (10) RBA Cash Rate currently 435bps p.a. (11) Calculation includes monthly change in traded unit price plus distributions.

Unit Registry

1300 816 157 metrics@automicgroup.com.au

General 1300 010 311 invest@metrics.com.au

DISCLAIMER

The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) is the responsible entity of Metrics Master Income Trust (the Trust). This monthly report is authorised for release by Perpetual and has been prepared by Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics), the investment manager of the Trust. The information is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider obtaining professional investment advice that takes into account your personal circumstances and should read the current product disclosure statement (PDS), Target Market Determination (TMD) and any ASX announcements of the Trust. The PDS for the Trust is available from invest@metrics.com.au and the TMD for the Trust is available at www.metrics.com.au. Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Trust. All opinions and estimates included in this report constitute judgments of Metrics as at the date of the report and are subject to change without notice. Past performance is not a reliable indicator of future performance. Whilst Metrics believes the information contained in these materials are based on reliable information, no warranty is given to its accuracy and persons relying on this information do so at their own risk. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.