Royal Bank of Canada (WELPM) reports 9.19% stake in Wisconsin Electric 3.6% preferred

Rhea-AI Filing Summary

Royal Bank of Canada, through its subsidiary RBC Capital Markets, LLC, reports beneficial ownership of Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock. The position totals 23,906 shares, representing 9.19% of this preferred class. All of these shares are reported with shared voting and shared dispositive power, with no sole voting or dispositive authority. RBC Capital Markets, LLC is identified as a broker-dealer registered under section 15 of the Securities Exchange Act and as an investment adviser, and the filing is signed by a Royal Bank of Canada director on August 13, 2026.

Key Figures

Beneficially owned shares: 23,906 shares Percent of class: 9.19% Shared voting power: 23,906 shares +2 more

5 metrics

Beneficially owned shares 23,906 shares 3.6% Serial Preferred Stock of Wisconsin Electric Power Company

Percent of class 9.19% Portion of 3.6% Serial Preferred Stock class beneficially owned by Royal Bank of Canada

Shared voting power 23,906 shares Shares of 3.6% Serial Preferred Stock over which RBC has shared voting power

Sole voting power 0 shares Shares of 3.6% Serial Preferred Stock over which RBC has sole voting power

Shared dispositive power 23,906 shares Shares of 3.6% Serial Preferred Stock over which RBC has shared dispositive power

Key Terms

beneficially owned, sole voting power, shared voting power, shared dispositive power, +2 more

6 terms

beneficially owned financial

"Amount beneficially owned: 23,906 (b) | Percent of class: 9.19 %"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 0"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared voting power financial

"Shared power to vote or to direct the vote: 23,906"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared power to dispose or to direct the disposition of: 23,906"

parent holding company financial

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

broker-dealer financial

"RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act"

A broker-dealer is a licensed firm or individual that both executes trades on behalf of clients (acting as a broker) and buys or sells securities for its own account (acting as a dealer). Investors care because broker-dealers provide the plumbing of markets — they place orders, hold or move cash and securities, offer research or advice, and their stability and fees directly affect trade execution, costs, and the safety of client funds; think of them as a combined travel agent and taxi for your investments.

FAQ

What stake does Royal Bank of Canada report in Wisconsin Electric Power (WELPM)?

Royal Bank of Canada reports beneficial ownership of 23,906 shares of Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock, representing 9.19% of that class, with all shares held with shared voting and shared dispositive power.

Which class of Wisconsin Electric Power (WELPM) securities is covered in this Schedule 13G/A?

The filing covers Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock, identified by CUSIP 976656306. Royal Bank of Canada, via RBC Capital Markets, LLC, reports beneficial ownership and related voting and dispositive powers for this specific preferred stock class.

How much voting power does Royal Bank of Canada have over WELPM preferred shares?

Royal Bank of Canada reports 0 shares with sole voting power and 23,906 shares with shared voting power in Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock, indicating all reported voting authority is shared, not held individually.

Which subsidiary of Royal Bank of Canada holds the WELPM preferred stock?

The securities are attributed to RBC Capital Markets, LLC, identified as a broker-dealer registered under section 15 of the Exchange Act and as an investment adviser, acting as the relevant subsidiary for the reported ownership position.

What is the percentage of class Royal Bank of Canada owns in WELPM’s 3.6% Serial Preferred Stock?

Royal Bank of Canada reports that the 23,906 shares of 3.6% Serial Preferred Stock it beneficially owns represent 9.19% of that class, indicating a sub-10% but notable minority stake in this preferred security.

When was the Schedule 13G/A for Wisconsin Electric Power (WELPM) signed by Royal Bank of Canada?

The Schedule 13G/A was signed on August 13, 2026 by /s/ Avinash Sawant, identified as Director, Head of US Regulatory Services at Royal Bank of Canada, formally certifying the reported ownership information.

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Available on EDGAR 08/13/2026 - 03:31 PM Accepted by SEC EDGAR 08/13/2026 - 03:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Wisconsin Electric Power Company

(Name of Issuer)

3.6% Serial Preferred Stock

(Title of Class of Securities)

976656306

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 976656306

1

Names of Reporting Persons

Royal Bank of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 23,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,906.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.19 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Wisconsin Electric Power Company
(b)	Address of issuer's principal executive offices: 231 West Michigan Street, Milwaukee, WI, 53201
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: 3.6% Serial Preferred Stock
(e)	CUSIP No.: 976656306
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 23,906
(b)	Percent of class: 9.19 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 23,906
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 23,906
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act (15 U.S.C 78o) and an investment adviser in accordance with ss. 240.13d-1(b)(1)(ii)(E).

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Royal Bank of Canada

Signature:	/s/ Avinash Sawant
Name/Title:	Director, Head of US Regulatory Services
Date:	08/13/2026

Exhibit Information

99.1 Power of Attorney