Royal Bank of Canada files 13G on Wisconsin Electric Preferred

Rhea-AI Filing Summary

Royal Bank of Canada filed a Schedule 13G reporting a 6.28% stake in Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock (CUSIP 976656306) as of 09/30/2025. The filing discloses beneficial ownership of 16,329 shares.

RBC reports 0 shares with sole voting and dispositive power and 16,329 shares with shared voting and shared dispositive power. The filing classifies RBC as a parent holding company (HC), noting relevant subsidiaries including RBC Capital Markets, LLC and City National Rochdale, LLC. RBC certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Wisconsin Electric Power Company

(Name of Issuer)

3.6% Serial Preferred Stock

(Title of Class of Securities)

976656306

(CUSIP Number)

09/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 16,329.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,329.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,329.00

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)

6.28 %

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: 16,329
(b)	Percent of class: 6.28 %
(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: 16,329
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 16,329
Item 5.	Ownership of 5 Percent or Less of a Class.
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). City National Rochdale, LLC, an investment advisor registered under Section 203 of the Investment Advisers Act of 1940. RBC Trust Company (Delaware) Limited, a corporation which beneficially owns less than one percent of the reported securities.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

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/ Terry Fallon
Name/Title:	Managing Director
Date:	11/12/2025

Exhibit Information

99.1 Power of Attorney https://www.sec.gov/Archives/edgar/data/1000275/000121465925015105/ex99_1.htm

FAQ

What did WELPM disclose in this Schedule 13G?

It reports that Royal Bank of Canada beneficially owns 16,329 shares of Wisconsin Electric’s 3.6% Serial Preferred Stock, representing 6.28% of the class.

What is the ownership breakdown reported by RBC for WELPM?

RBC reports 0 shares with sole voting/dispositive power and 16,329 shares with shared voting and shared dispositive power.

What is the date tied to RBC’s ownership of WELPM?

The Date of Event Which Requires Filing is 09/30/2025.

How is Royal Bank of Canada classified in the filing?

RBC is classified as HC (parent holding company).

Which subsidiaries are identified in connection with the reported securities?

Subsidiaries include RBC Capital Markets, LLC (broker-dealer), City National Rochdale, LLC (investment adviser), and RBC Trust Company (Delaware) Limited.

Does RBC intend to influence control of Wisconsin Electric (WELPM)?

RBC certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.

What security class does WELPM refer to here?

Wisconsin Electric Power Company’s 3.6% Serial Preferred Stock (CUSIP 976656306).