This notice has been superseded by the update of 12 October 2026. ASX reinstated MXT and MOT to quotation on 5 October 2026. IIR’s ratings on MXT, MOT and MDIF remain under review and are not reaffirmed, and IIR expects its Investment Committee to consider them in early November 2026. Read the 12 October rating-status notice. The 2 October text below is retained for the record.
Rating-status update — 2 October 2026
IIR has placed its ratings on Metrics Master Income Trust (ASX: MXT), Metrics Income Opportunities Trust (ASX: MOT) and Metrics Direct Income Fund (MDIF) under review. The previous ratings — Recommended Plus for MXT, Recommended for MOT and Recommended Plus for MDIF — are not reaffirmed and are held pending Investment Committee review. The MXT and MOT reviews were issued on 7 August 2025; the MDIF review was published in September 2025.
Late-afternoon audit update — 2 October 2026. MXT, MOT and MRE have lodged their financial reports for the year ended 30 June 2026, each with an unqualified KPMG audit opinion. The responsible entity and Metrics said they continue to consider the audit findings and whether additional steps are needed. Sources: MXT audited accounts; MOT audited accounts and correction; MRE audited accounts.
MOT also corrected the categories of two adjustments in its 28 September announcement: a reduction of 13 cents per unit, or 6.24% of NTA, relates to commercial real estate equity and equity-like investments; a reduction of 5 cents, or 2.12%, relates to private equity. MOT said there was no other material change to that announcement.
The annual reports still disclose the temporary cessation of applications and redemptions in underlying funds, preventing the listed funds from acquiring or redeeming units in those underlying funds while the cessation remains. Lodgement does not itself establish a resumption of trading: ASX determines reinstatement. These filings do not establish completion of MDIF’s audit or reopening of MDIF.
IIR’s ratings on MXT, MOT and MDIF remain under review; the previous ratings are not reaffirmed. IIR does not rate MRE. Completion of these audits does not recertify the historical August performance figures in earlier IIR publications.
Earlier announcements and rating context
In announcements on 28 September 2026, the responsible entity said net tangible asset backing at 30 June 2026 was expected to be A$1.96 per unit for MXT, compared with A$2.00 previously disclosed, and A$1.93 for MOT, compared with A$2.15. These expected figures remained subject to completion of the audit. They are not September valuations. Sources: MXT announcement; MOT announcement.
On 30 September, the responsible entity said KPMG could not provide its audit opinion by that date. Publication of net asset values and applications and redemptions in the underlying funds had been temporarily suspended. Those announcements provided no revised reporting date. Sources: MXT update; MOT update.
ASX notices dated 1 October 2026 confirmed continued suspension of MXT and MOT under Listing Rule 17.5 because audited financial statements had not been lodged. Reinstatement requires lodgement and ASX being satisfied that reinstatement is otherwise appropriate. Sources: ASX Supervision notices for MXT and MOT.
MDIF has a separate suspension. Equity Trustees’ notice dated 30 September states that unit issues, redemptions and determination of redemption prices were suspended effective 29 September 2026, including applications under distribution reinvestment. The notice says MDIF’s NTA at 30 June was expected to be A$1.0124 per unit, compared with A$1.0326 previously disclosed, with the audit incomplete. MDIF and MXT invest through MCP Wholesale Investments Trust. The suspension will be reviewed by the responsible entity; no fixed reopening date is given.
The disclosed valuation and provision adjustments should not be described as confirmed realised losses. August performance figures in earlier IIR publications are historical issuer-reported observations. They have not been adjusted or recertified here following the subsequent announcements and should not be read as current valuations or evidence of an ability to transact.
The ratings remain under review pending Investment Committee assessment of the audited financial reports and other relevant information. Availability of audited accounts will not itself reaffirm the previous ratings. IIR does not rate Metrics Real Estate Multi-Strategy Fund (ASX: MRE).
IIR’s earlier commissioned research reports contain their own fee and relationship disclosures: MXT, MOT and MDIF. This notice is general information and does not take account of an investor’s objectives, financial situation or needs.