Independent Investment Research has initiated coverage of MCP Master Income Trust (ASX:MXT), a listed investment trust that invests in a diversified portfolio of loans to Australian companies. It does so through investments in several wholesale funds managed by Metrics Credit Partners (MCP), an Australian debt-specialist fund manager with significant direct lending expertise in the Australian corporate loan market. MCP is the Manager for the trust, and is targeting a return equal to the RBA Cash Rate plus 3.25% per annum net of fees (4.75% p.a. based on current rates) with monthly cash distributions. Read our full report for more details including our rating for MXT.