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MAPF Performance: September, 2026

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close September 30, 2026, was $10.7006 after a distribution of $0.152273.

Fund returns were adversely affected by MFC.PR.B (-9.92% after adjusting a bad quote supplied by the Toronto Stock Exchange, following two months of outperformance), SLF.PR.D (-7.97% following last month’s underperformance) and PWF.PF.A (-7.68%) but benefitted from good performance by ENB.PF.K (-0.55%), CM.PR.S (-0.47% following last month’s outperformance) and BN.PR.B (+7.67% after adjusting a bad quote supplied by the Toronto Stock Exchange, following last month’s underperformance); small holdings are not considered for individual mention here.

FixedResets continue to yield more than PerpetualDiscounts; on September 30, I reported median YTWs of 6.49% and 6.10%, respectively, for these two indices; compare with mean Current Yields of 5.75% and 6.04%, respectively.

Returns to September 30, 2026
Period	MAPF	TXPR* Total Return	CPD – according to RBCGAM
One Month	-2.81%	-2.53%	-2.6%
Three Months	-0.32%	+0.03%	-0.1%
One Year	+10.68%	+8.32%	+7.8%
Two Years (annualized)	+15.37%	+11.98%	N/A
Three Years (annualized)	+22.25%	+17.47%	+16.8%
Four Years (annualized)	+16.29%	+11.55%	N/A
Five Years (annualized)	+8.33%	+5.90%	+5.3%
Six Years (annualized)	+14.89%	+9.02%	N/A
Seven Years (annualized)	+12.73%	+8.10%	N/A
Eight Years (annualized)	+7.91%	+5.60%	N/A
Nine Years (annualized)	+8.16%	+5.55%	N/A
Ten Years (annualized)	+9.78%	+6.59%	+6.0%
Eleven Years (annualized)	+9.70%	+6.77%
Twelve Years (annualized)	+6.71%	+4.27%
Thirteen Years (annualized)	+6.93%	+4.36%
Fourteen Years (annualized)	+6.33%	+3.97%
Fifteen Years (annualized)	+6.74%	+4.14%
Sixteen Years (annualized)	+6.49%	+4.21%
Seventeen Years (annualized)	+7.00%	+4.48%
Eighteen Years (annualized)	+9.49%	+4.73%
Nineteen Years (annualized)	+8.75%	+4.02%
Twenty Years (annualized)	+8.36%
Twenty-One Years (annualized)	+8.24%
Twenty-Two Years (annualized)	+8.19%
Twenty-Three Years (annualized)	+8.50%
Twenty-Four Years (annualized)	+9.39%
Twenty-Five Years (annualized)	+8.78%
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
All fund and ETF returns shown below are after all fees and expenses
Figures for NBI Preferred Equity Income Fund, Series F [NBC780] (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are -2.25%, -0.21% and +7.54%, respectively, according to National Bank Investments after all fees & expenses. Three year performance is +18.24%; five year is +6.53%; ten year is +7.82%. Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for ~~Horizons~~ GlobalX Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are -2.30%, +0.26% & +9.81%, respectively. Three year performance is +19.25%, five-year is +7.04%, ten year is +7.41%
Figures for NBI Preferred Equity Fund Series F [NBC710] (formerly Altamira Preferred Equity Fund) are -2.34%, +0.11% and +9.55% for one-, three- and twelve months, respectively. Three year performance is +19.44%; five-year is +7.24%; ten-year is +7.68% Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO Laddered Preferred Share Index ETF (ZPR) is +13.32% for the past twelve months. Two year performance is +15.88%, three year is +20.57%, five year is +7.86%, ten year is +7.99% Note that analysis of ZPR shows some doubt as to whether this fund is either "laddered" or an "index fund". However, there was a remarkable improvement in the laddering in the six months following the publication of my analysis.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) are not available as the fund has been terminated. This is as per an announcement by the bank on 2024-5-28. The last performance report for this awful fund was as of July 31, 2024.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are no longer available since the fund has been terminated. Performance was last reported for the fund to month-end, March 2023
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR). Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are -1.0%, +0.1% and +5.1% for the past one, three and twelve months, respectively. Three year performance is +14.5%, five-year is +4.7%, ten-year is +5.5%.
Figures for the Desjardins Canadian Preferred Share Fund F Class (F Class), as reported by the company are -2.38%, -0.22% and +7.91% for the past one, three and twelve months, respectively. Two year performance is +11.50%, three-year is +17.12%, five-year is +5.72%, ten-year is +6.18%
Figures for the RBC Canadian Preferred Share ETF (RPF) are reported as -1.2%, +1.7% and +13.6% for the past one, three and twelve months, respectively. Three-year performance is +21.2%, five-year is +7.3%, ten-year is +7.7%.
Figures for the Dynamic Active Preferred Shares ETF (DXP) are -2.6%, -0.5% and +7.6% for the past one, three and twelve months, respectively. Three-year performance is +18.1%; five-year is +7.3%
Figures for the Purpose Canadian Preferred Share Fund (Class F) are -1.32%, +0.90% and +9.63% for the past one, three and twelve months, respectively. Three-year performance is +17.84%; four-year is +11.97%; five-year is +6.15%; seven-year is +10.02%; ten-year is +6.85%.
Figures for the TD Active Preferred Share ETF (TPRF) are -2.51%, +0.38% and +10.87% for the past one, three and twelve months, respectively. Two-year performance is +14.11%, three-year is +19.83%; five-year is +7.97%. Note that “The TD ETF may also hold common shares, government and corporate bonds, and other income-producing securities. … The TD ETF may invest in foreign securities to an extent that will vary from time to time but is not typically expected to exceed 5% of its assets at the time that foreign securities are purchased. The non-preferred share components of the portfolio are relatively minor – as of their year-end 2023 report, they had $1.6-million in Canadian Natural Resources Limited common, $1.8-million in RBC common, $1.6-million in SLF common, and $1.75-million in Fortis common, totalling $6.75-million in a $220-million portfolio. I take the view that the purpose of this mandate is to destroy, or at least deprecate, comparability. Banks hate comparability.

So at the time of initial writing (2026-10-07) three of the comparator funds have not published returns to September month-end. I will, as usual, have to attempt to fill in the blanks prior to publishing the October PrefLetter. Remember, readers, if you want customer service, you have to go to a big firm like Hymas Investment Management Inc. – if you go to some tiny outfit like National Bank, you’ll find that they simply do not have the resources to publish returns promptly after each applicable month-end. They have published their prices and distributions, most of them: updating the performance numbers to reflect these data would be trivial programming work – if they cared to do it.

The five-year Canada yield was virtually unchanged over the month, with the five-year Canada yield (“GOC-5”) moving from 3.34% at August month-end to 3.71% at September month-end and 3-month bills moving from 2.27% to 2.40% over the month.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 250bp on 2026-09-30, a spectacular widening from the 200bp on 2026-9-2 (chart end-date 2026-09-11)

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly (despite recent narrowing) from its 2021-11-10 low of 344bp to a level of 475bp (as of 2026-09-30)… (chart end-date 2026-09-11):

…while at the same time the interest-equivalent spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to -51bp (as of 2026-09-02) from its 2021-7-28 level of +170bp (chart end-date 2026-08-14):

There is no correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets for the Pfd-2 Group but the Pfd-3 Group issues show relationships (18% and 12%) both with and without the inclusion of BPO issues.

There is a correlation for the Pfd-2 group (47%) but not for the Pfd-3 group between the Issue Reset Spread and 3-month performance for discounted FixedResets.

There is no correlations for either the Pfd-2 Group or the Pfd-3 Group for Term-to-Reset vs. 1-Month returnsL

… and the three-month returns vs. Term to Reset show no correlation for either the Pfd-2 Group or the Pfd-3 Group.

It should be noted that to some extent a dependence (of performance on term-to-reset) can be justified as the nearer-term issues will receive the benefit (adverse effects) of higher (lower) projected dividend rates sooner as a result of higher GOC-5 yields and therefore, perhaps, for longer. Equations for the relationship between correlation slope and change in GOC-5 were derived in the August 2022 PrefLetter.

Downward-sloping correlations of Performance vs. Term are to be expected when GOC-5 increases.

I keep talking about ‘Sustainable Income’ when discussing the fund’s income projections. This is because Sustainable Income is the average yield-to-worst (YTW) of the portfolio when the YTW is calculated to perpetuity (or to redemption, of course, if the yield to redemption is lower), including resets at the current GOC-5 rate. The sharp increase in GOC-5 in the past few years caused the difference between YTW and Current Yield to skyrocket, but these two values have become much closer. We have to wait for the reset date of the MAPF portfolio securities before we see a change in actual cash receipts – and, of course, there is no guarantee whatsoever that the rate used for estimation purposes now will be used for the actual calculation in the future (chart prepared as of 2026-09-11).

I will note that the fund’s current holdings of FixedResets are now paying dividends based on their previous reset at an average GOC-5 rate of 2.99% (for discounted FixedResets only, weighted by shares held), about 60bp below the current rate used for projections.

Calculation of MAPF Sustainable Income Per Unit
Month	NAVPU	Portfolio Average YTW	Leverage Divisor	Securities Average YTW	Capital Gains Multiplier	Sustainable Income per Current Unit
June, 2007	9.3114	5.16%	1.03	5.01%	1.552	0.3006
September	9.1489	5.35%	0.98	5.46%	1.552	0.3219
December, 2007	9.007	5.53%	0.942	5.87%	1.552	0.3407
March, 2008	8.8512	6.17%	1.047	5.89%	1.552	0.3359
June	8.3419	6.03%	0.952	6.34%	1.552	0.3407
September	8.1886	7.11%	0.969	7.34%	1.552	0.387
December, 2008	8.0464	9.24%	1.008	9.17%	1.552	0.4752
Mar, 2009	$8.83	8.60%	0.995	8.80%	1.552	0.5009
June	10.9846	7.05%	0.999	7.06%	1.552	0.4995
September	12.3462	6.03%	0.998	6.04%	1.552	0.4806
December, 2009	10.5662	5.74%	0.981	5.85%	1.306	0.4734
March, 2010	10.2497	6.03%	0.992	6.08%	1.306	0.4771
June	10.577	5.96%	0.996	5.98%	1.306	0.4846
September	11.3901	5.43%	0.98	5.54%	1.306	0.4832
December, 2010	10.7659	5.37%	0.993	5.41%	1.207	0.4824
March, 2011	11.056	6.00%	0.994	5.96%	1.207	0.5463
June	11.1194	5.87%	1.018	5.98%	1.207	0.5505
September	10.2709	6.10%	1.001	6.11%	1.207	0.5196
December, 2011	10.0793	5.63%	1.031	5.81%	1.172	0.4992
March, 2012	10.3944	5.13%	0.996	5.11%	1.172	0.4531
June	10.2151	5.32%	1.012	5.38%	1.172	0.4693
September	10.6703	4.61%	0.997	4.62%	1.172	0.421
December, 2012	10.8307	4.24%	0.989	4.29%	1.172	0.3962
March, 2013	10.9033	3.87%	0.996	3.89%	1.172	0.3615
June	10.3261	4.81%	0.998	4.80%	1.172	0.4229
September	10.0296	5.62%	0.996	5.64%	1.172	0.4829
December, 2013	9.8717	6.02%	1.008	5.97%	1.172	0.503
March, 2014	10.2233	5.55%	0.998	5.56%	1.172	0.4851
June	10.5877	5.09%	0.998	5.10%	1.172	0.4607
September	10.4601	5.28%	0.997	5.30%	1.172	0.4727
December, 2014	10.5701	4.83%	1.009	4.79%	1.172	0.4317
March, 2015	9.9573	4.99%	1.001	4.99%	1.172	0.4235
June	9.4181	5.55%	1.002	5.54%	1.172	0.4451
September	7.814	6.98%	0.999	6.99%	1.172	0.4658
December, 2015	8.1379	6.85%	0.997	6.87%	1.172	0.4771
March, 2016	7.4416	7.79%	0.998	7.81%	1.172	0.4956
June	7.6704	7.67%	1.011	7.59%	1.172	0.4965
September	8.059	7.35%	0.993	7.40%	1.172	0.509
December, 2016	8.5844	7.24%	0.99	7.31%	1.172	0.5356
March, 2017	9.3984	6.26%	0.994	6.30%	1.172	0.505
June	9.5313	6.41%	0.998	6.42%	1.172	0.5224
September	9.7129	6.56%	0.998	6.57%	1.172	0.5447
December, 2017	10.0566	6.06%	1.004	6.04%	1.172	0.5179
March, 2018	10.2701	6.22%	1.007	6.18%	1.172	0.5413
June	10.2518	6.22%	0.995	6.25%	1.172	0.5468
September	10.2965	6.62%	1.018	6.50%	1.172	0.5713
December, 2018	8.6875	7.16%	0.997	7.18%	1.172	0.5324
March, 2019	8.4778	7.09%	1.007	7.04%	1.172	0.5093
June	8.0896	7.33%	0.996	7.36%	1.172	0.5079
September	7.7948	7.96%	0.998	7.98%	1.172	0.5305
December, 2019	8.09	6.03%	0.995	6.06%	1.172	0.4183
March	5.5596	7.04%	1.006	7.00%	1.172	0.332
June	6.3568	6.10%	0.99	6.16%	1.172	0.3342
September	7.2852	5.32%	1	5.32%	1.172	0.3307
December, 2020	8.3947	4.46%	0.999	4.46%	1.172	0.3197
March, 2021	9.6473	4.48%	0.996	4.50%	1.172	0.3703
June	10.3712	3.92%	0.985	3.98%	1.172	0.3522
September	10.7572	4.08%	1.017	4.01%	1.172	0.3682
December, 2021	10.7432	4.31%	0.999	4.31%	1.172	0.3954
March, 2022	10.504	5.53%	1.004	5.51%	1.172	0.4937
June	9.3115	7.04%	0.993	7.09%	1.172	0.5633
September	8.4093	8.10%	0.997	8.12%	1.172	0.5829
December, 2022	7.9921	8.47%	0.996	8.50%	1.172	0.5799
March, 2023	8.0788	7.90%	0.997	7.92%	1.172	0.5462
June	8.0197	9.19%	1.003	9.16%	1.172	0.627
September	7.9922	9.86%	0.997	9.89%	1.172	0.6744
December, 2023	8.4715	8.14%	1.002	8.12%	1.172	0.5872
March,2024	9.5892	7.60%	1.006	7.56%	1.172	0.6181
June	9.8516	7.32%	0.999	7.33%	1.172	0.6159
September	10.3641	6.55%	0.99	6.62%	1.172	0.5851
December, 2024	11.0142	6.44%	0.992	6.49%	1.172	0.6101
March,2025	10.8891	6.22%	0.993	6.26%	1.172	0.582
June	11.4529	6.10%	0.997	6.12%	1.172	0.5979
September	11.7912	5.78%	1.002	5.77%	1.172	0.5803
December, 2025	10.5056	5.61%	1.016	5.52%	1	0.5801
March, 2026	10.4455	5.59%	1.002	5.58%	1	0.5827
June	10.8873	5.13%	0.999	5.140%	1	0.5596
September, 2026	10.7006	5.34%	0.992	5.38%	1	0.5760
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains. Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00% The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99 Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings. The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested. Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis. The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks. In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end	GOC-5	3-Month Bill
September, 2015	0.78%	0.40%
December, 2015	0.71%	0.46%
March, 2016	0.70%	0.44%
June	0.57%	0.47%
September	0.58%	0.53%
December, 2016	1.16%	0.47%
March, 2017	1.08%	0.55%
June	1.35%	0.69%
September	1.79%	0.97%
December, 2017	1.83%	1.00%
March, 2018	2.06%	1.08%
June	1.95%	1.22%
September	2.33%	1.55%
December, 2018	1.88%	1.65%
March, 2019	1.46%	1.66%
June	1.34%	1.66%
September	1.41%	1.66%
December, 2019	1.68%	1.68%
March, 2020	0.57%	0.21%
June	0.37%	0.21%
September	0.35%	0.14%
December, 2020	0.42%	0.08%
March, 2021	0.94%	0.09%
June	0.93%	0.13%
September	1.07%	0.13%
December, 2021	1.31%	0.16%
March, 2022	2.44%	0.53%
June	3.24%	2.11%
September	3.45%	3.60%
December, 2022	3.37%	4.35%
March, 2023	2.93%	4.44%
June	3.74%	5.00%
September	4.31%	5.21%
December, 2023	3.21%	5.13%
March, 2024	3.55%	5.06%
June	3.41%	4.71%
September	2.74%	3.94%
December, 2024	3.02%	3.19%
March, 2025	2.64%	2.66%
June	2.85%	2.68%
September	2.75%	2.45%
December, 2025	2.93%	2.18%
March, 2026	3.13%	2.33%
June	3.01%	2.27%
September, 2026	3.71%	2.40%

New Issues

New Issue: PVS 7-Year SplitShare, 5.30%

Partners Value Split Corp. has announced (but not on their website because they’re lazy):

that it has entered into an agreement to sell 5,000,000 Class AA Preferred Shares, Series 18 (the “Series 18 Preferred Shares”) to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 18 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $125,000,000. The Series 18 Preferred Shares will carry a fixed coupon of 5.30% and will have a final maturity of September 29, 2033. The Series 18 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to make distributions to the holder of the Company’s capital shares.

The Company has granted the underwriters an option, exercisable in whole or part prior to closing, to purchase up to an additional 1,000,000 Series 18 Preferred Shares at the same offering price, which, if exercised in full, would increase the gross offering size to $150,000,000. Closing of the offering is expected to occur on or about October 15, 2026.

The Company owns a portfolio consisting of approximately 179 million Class A Limited Voting Shares of Brookfield Corporation and approximately 25 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities.

DBRS has assigned:

a provisional credit rating of (P) Pfd-2 to the Class AA Preferred Shares, Series 18 (the Series 18 Preferred Shares) to be issued by Partners Value Split Corp. (the Company). The Series 18 Preferred Shares will rank pari passu with the existing Class AA Preferred Shares, Series 10; the Class AA Preferred Shares, Series 12; the Class AA Preferred Shares, Series 13; the Class AA Preferred Shares, Series 14; the Class AA Preferred Shares, Series 15; the Class AA Preferred Shares, Series 16; and the Class AA Preferred Shares, Series 17 (collectively, the Class AA Preferred Shares).

The Series 18 Preferred Shares will be entitled to a fixed quarterly cumulative preferential dividend of [$] per share to yield [%] per annum on the issue price of $25.00. The maturity date for the Series 18 Preferred Shares will be September 29, 2033. Prior to the issuance of the Series 18 Preferred Shares, the Company will subdivide the existing Capital Shares, so that after the closing of the offering, the aggregate number of preferred shares (Class AA Preferred Shares and Junior Preferred Shares) outstanding and the aggregate number of Capital Shares outstanding will be equal.

The Company’s investment objective is to hold a portfolio (the Portfolio) of Class A Limited Voting Shares of Brookfield Corporation (the BN Class A Shares; Brookfield Corporation’s Issuer Rating is “A” with a Stable trend, and the credit rating on its Preferred Shares is Pfd-2 with a Stable trend). Brookfield Corporation was formerly known as Brookfield Asset Management Inc. (Brookfield). On December 9, 2022, Brookfield completed its public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. (BAM) by way of a plan arrangement. As a result of this plan arrangement, the Company received one Class A Limited Voting Share of BAM (the BAM Class A Shares, collectively with the BN Class A Shares, the Brookfield Shares) for every four BN Class A Shares it held. Currently, the Company holds 179,417,173 BN Class A Shares and 24,902,862 BAM Class A Shares.

On May 26, 2026, BN and Brookfield Wealth Solutions Ltd. (BWS) announced that their respective boards of directors approved a transaction (the Transaction) pursuant to which the businesses of BN and BWS will be consolidated under one company (Brookfield Corporation Ltd.). Pursuant to the Transaction, holders of BN shares will exchange each of their BN shares for (1) one Class A Share of Brookfield Corporation Ltd. (the Brookfield Corporation Ltd. Class A Shares), (2) one exchangeable share of Brookfield Canada Corporation (the Brookfield Canada Corporation Exchangeable Shares), which will be exchangeable at any time on a one-to-one basis for one Brookfield Corporation Ltd. Class A Share, or (3) a combination of the foregoing. The Brookfield Corporation Ltd. Class A Shares and the Brookfield Canada Corporation Exchangeable Shares will have the same voting and economic entitlements as the BN Shares and will receive quarterly distributions equivalent to the distributions currently paid by BN on the BN Shares. The Transaction is expected to close by year-end, subject to receipt of all applicable regulatory approvals.

Dividends received from the Portfolio are used to fund the payment of interest on the debentures to the extent that any have been issued and to fund the payment of dividends on the Class AA Preferred Shares. There are currently no debentures outstanding.

The Company has issued a limited number of Class A Restricted Voting Shares and Class B Restricted Voting Shares that rank senior to the Class AA Preferred Shares in respect of capital upon the dissolution, wind-up, or insolvency of the Company. There are currently 100 Class A Restricted Voting Shares outstanding with a book value of USD 8,000 and 1,000 Class B Restricted Voting Shares outstanding with a book value of USD 800.

Each series of Class AA Preferred Shares ranks pari passu with all other Class AA Preferred Shares and senior to the following:
— the Class AAA Preferred Shares;
— the Junior Preferred Shares, which currently consists of the Junior Preferred Shares, Series 5; and
— the Capital Shares, with respect to payment of dividends and repayment of principal.

There are currently no Class AAA Preferred Shares outstanding. The Junior Preferred Shareholders are entitled to receive quarterly noncumulative cash distributions at an annual rate of 5% when declared by the Board. There is $150 million worth of Junior Preferred Shares currently outstanding. The Company’s Capital Shareholders will only receive excess dividend income after interest on the debentures, Class AA Preferred Share distributions, Junior Preferred Share distributions, and other Company expenses have been paid, provided that the net asset value (NAV) per unit (one unit comprises one Capital Share and either one Class AA Preferred Share or one Junior Preferred Share) exceeds $36.00.

Any capital appreciation of the Brookfield Shares will benefit the Capital Shareholders, which rank junior to all preferred shares of any class or series.

Following the issuance of the Series 18 Preferred Shares, the downside protection available to the Class AA Preferred Shares is expected to be approximately 88.4%, and the dividend coverage ratio is expected to be higher than 1.0 times (x; based on the Canadian dollar and U.S. dollar exchange rate as of October 1, 2026). If the underwriters’ overallotment option is exercised, the downside protection is expected to be 88.1% and the dividend coverage is expected to exceed 1.0x. Because of the excess-only nature of both Junior Preferred Shares and Capital Share dividends, there is no grind on the Portfolio.

As the Brookfield Shares receive dividends in U.S. dollars, the Company is exposed to foreign currency risk relating to the Canadian-U.S. exchange rate, specifically the appreciation of the Canadian dollar versus the U.S. dollar. This may have a negative impact on the dividend coverage ratio of the Class AA Preferred Shares as these dividends (except for the dividends on the Series 16 Preferred Shares and the Series 17 Preferred Shares) are paid in Canadian dollars. In the event of a shortfall, the Company may sell some of the Portfolio’s securities, engage in security lending, or write covered call options to generate sufficient income to satisfy its obligations to pay the Class AA Preferred Shares’ dividends. If the Company chooses to lend its holdings, the Portfolio would be exposed to potential losses should a borrower default on its obligation to return the borrowed securities. The Class AA Preferred Shares, excluding the Series 16 Preferred Shares and the Series 17 Preferred Shares, are exposed to currency risk for the return of their principal at maturity. However, this risk is mitigated by the current level of downside protection of 88.4%.

The main constraints to the credit rating are the following:
— The downside protection available to the Class AA Preferred Shareholders depends solely on the market value of the Brookfield Shares held in the Portfolio, which will fluctuate over time.
— There is a lack of diversification, as the Portfolio is entirely made up of Brookfield Shares.
— Changes in the dividend policy of Brookfield Corporation and BAM may result in reductions in the Class AA Preferred Shares’ dividend coverage.
— As the Brookfield Shares receive dividends in U.S. dollars, the Company is exposed to foreign currency risk relating to the Canadian-U.S. exchange rate, specifically the appreciation of the Canadian dollar versus the U.S. dollar. This may have a negative impact on the dividend coverage ratio of the Class AA Preferred Shares as these dividends (except for the dividends on the Series 16 Preferred Shares and the Series 17 Preferred Shares) are paid in Canadian dollars.
— The Class AA Preferred Shares, excluding the Series 16 Preferred Shares and the Series 17 Preferred Shares, are exposed to currency risk for the return of their principal at maturity. However, this risk is mitigated by the current level of downside protection of 88.4%.

Morningstar DBRS’ credit rating on the Series 18 Preferred Shares addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the quarterly fixed cumulative preferential dividends and the return of principal on the maturity date.

Morningstar DBRS’ credit rating does not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations.

Update, 2026-10-09: The prospectus is now available on SEDARPlus, but of course not conveniently because the regulators, in their infinite wisdom, have decided that these public documents are TOP SECRET and must be protected from the hoi polloi. You have to search for “Partners Value Split Corp. / Partners Value Split Corp. (000016555) Prospectus (non pricing) supplement (other than ATM) – English.pdf 08 Oct 2026 19:26 EDTOctober 08 2026 at 19:26:20 Eastern Daylight Time Ontario 558 KB Generate URL”.

The prospectus is also not available yet on Partners Values Split’s Preferred Share information page because, of course, management there is incompetent and lazy.

So anyway, snippets of interest from the prospectus are:

Holders of the Series 18 Preferred Shares will be entitled to receive quarterly fixed cumulative preferential dividends of $0.33125 per Series 18 Preferred Share. On an annualized basis, this would represent a yield on the offering price of the Series 18 Preferred Shares of 5.30%. Quarterly dividends on the Series 18 Preferred Shares will be paid by the Company on or about the 7th day of March, June, September and December in each year. Based on the anticipated closing date of October 15, 2026, the initial dividend (which covers the period from closing to February 28, 2027) is expected to be $0.4973 per Series 18 Preferred Share, and is expected to be paid on or about March 7, 2027 to holders of record on February 19, 2027.
…
The Series 18 Preferred Shares may be surrendered for retraction at any time. … A holder retracting Series 18 Preferred Shares will receive per Series 18 Preferred Share retracted, as payment for such shares, a number of debentures (the “Series 16 Debentures”) determined by dividing the holder’s aggregate Preferred Share Retraction Price (as defined below) by $25.00, being the principal amount of the Series 16 Debenture.
…
Series 18 Preferred Shares may be redeemed by the Company at any time on or after September 29, 2031 and prior to September 29, 2033 (the “Series 18 Redemption Date”) at a price (the “Series 18 Preferred Share Redemption Price”), which, prior to September 29, 2032 will equal $25.50 per share plus accrued and unpaid dividends and which will decline by $0.50 on September 29, 2032. All Series 18 Preferred Shares outstanding on the Series 18 Redemption Date will be redeemed for a cash amount equal to the lesser of $25.00 plus any accrued and unpaid dividends, and the Net Asset Value per Unit. Notwithstanding the first sentence of this paragraph, the Company may redeem Series 18 Preferred Shares prior to September 29, 2031 for $26.00 per share plus accrued and unpaid dividends if, and will not redeem Series 18 Preferred Shares prior to September 29, 2031 unless: (i) Capital Shares have been retracted; or (ii) there is a take-over bid for the BN Shares (or, following the completion of the Transaction, the Class A Shares) and the board of directors of the Company determines that such bid is in the best interest of the holders of the Capital Shares.
…
The Series 18 Preferred Shares will rank prior to the Capital Shares, the Class AAA Preferred Shares and the Junior Preferred Shares (as defined herein) and on a pari passu basis with all other Preferred Shares (other than the Class AAA Preferred Shares and the Junior Preferred Shares) with respect to the payment of dividends, distributions upon a redemption, retraction or return of capital and distribution upon a dissolution, liquidation or winding-up of the Company.

Market Action

October 7, 2026

The New York Fed has released the September Survey of Consumer Expectations:

September Survey: Inflation Expectations Up at Short- and Medium-Term, Unchanged at Longer-Term Horizons; Labor Market Expectations Mostly Improve

Median inflation expectations increased by 0.3 percentage point (ppt) at the one-year horizon and by 0.1 ppt at the three-year horizon, to 3.9 percent and 3.3 percent, respectively. This is the highest reading for one-year-ahead inflation expectations since May 2023. Expectations remained unchanged at the five-year-ahead horizon at 3.0 percent.
Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—decreased by 0.5 ppt to 43.9 percent but remained above the 12-month trailing average of 42.4 percent. The mean perceived probability of losing one’s job in the next twelve months decreased by 0.3 ppt to 13.5 percent, the lowest reading since December 2024.
The median expected growth in household income increased by 0.1 ppt to 3.1 percent, the highest reading since February 2025. Median one-year-ahead nominal household spending growth expectations increased by 0.3 ppt to 5.5 percent, above the 12-month trailing average of 5.0 percent and the highest reading of the series since May 2023.
Perceptions and expectations about households’ financial situations both deteriorated, with larger shares of households reporting a worse financial situation compared to a year ago and expecting a worse financial situation a year from now.

PerpetualDiscounts now yield 5.96%, equivalent to 7.75% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.44% on 2026-10-07. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 230bp from the 250bp reported September 30.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,777.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	5,230.1
Floater	5.28 %	5.31 %	29,848	15.00	2	0.0000 %	3,014.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1598 %	3,611.1
SplitShare	4.68 %	5.29 %	50,048	1.34	4	-0.1598 %	4,312.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1598 %	3,364.8
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.1942 %	2,980.5
Perpetual-Discount	5.87 %	5.96 %	47,641	13.89	32	0.1942 %	3,207.1
FixedReset Disc	5.73 %	6.28 %	87,898	13.24	24	0.3033 %	3,345.6
Insurance Straight	5.78 %	5.86 %	65,664	14.13	19	0.3744 %	3,113.3
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.3033 %	4,085.0
FixedReset Prem	6.00 %	5.09 %	80,557	1.98	24	0.0486 %	2,629.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3033 %	3,419.9
FixedReset Ins Non	5.62 %	5.74 %	52,818	13.79	13	0.4534 %	3,240.0

Performance Highlights
Issue	Index	Change	Notes
NA.PR.E	FixedReset Prem	-3.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.53 Evaluated at bid price : 24.59 Bid-YTW : 6.24 %
ENB.PR.B	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 22.26 Evaluated at bid price : 23.02 Bid-YTW : 6.59 %
ENB.PR.H	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.50 Evaluated at bid price : 23.84 Bid-YTW : 6.17 %
BN.PF.E	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-04-01 Maturity Price : 25.00 Evaluated at bid price : 24.35 Bid-YTW : 6.09 %
BN.PR.Z	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 5.20 %
BN.PR.R	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 22.57 Evaluated at bid price : 23.52 Bid-YTW : 6.17 %
CCS.PR.C	Insurance Straight	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.86 %
SLF.PR.C	Insurance Straight	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 5.61 %
GWO.PR.M	Insurance Straight	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.88 %
CU.PR.G	Perpetual-Discount	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.88 %
MFC.PR.Q	FixedReset Ins Non	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.64 Evaluated at bid price : 24.92 Bid-YTW : 6.20 %
GWO.PR.R	Insurance Straight	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.93 %
MFC.PR.F	FixedReset Ins Non	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 21.36 Evaluated at bid price : 21.66 Bid-YTW : 5.74 %
IFC.PR.A	FixedReset Ins Non	3.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.09 Evaluated at bid price : 23.58 Bid-YTW : 5.67 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.L	FixedReset Ins Non	232,938	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.20 Evaluated at bid price : 24.41 Bid-YTW : 5.95 %
FTS.PR.H	FixedReset Disc	150,484	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.04 %
NA.PR.S	FixedReset Prem	110,725	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.73 %
CU.PR.E	Perpetual-Discount	100,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.95 %
SLF.PR.D	Insurance Straight	76,960	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 5.63 %
BN.PF.G	FixedReset Disc	56,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 6.28 %
There were 21 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
MFC.PR.B	Insurance Straight	Quote: 20.65 – 22.79 Spot Rate : 2.1400 Average : 1.2142 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.69 %
PWF.PR.F	Perpetual-Discount	Quote: 22.54 – 23.98 Spot Rate : 1.4400 Average : 0.8700 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 22.27 Evaluated at bid price : 22.54 Bid-YTW : 5.93 %
POW.PR.B	Perpetual-Discount	Quote: 22.91 – 24.13 Spot Rate : 1.2200 Average : 0.7420 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 22.67 Evaluated at bid price : 22.91 Bid-YTW : 5.86 %
PWF.PR.H	Perpetual-Discount	Quote: 24.40 – 25.40 Spot Rate : 1.0000 Average : 0.6238 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 6.00 %
NA.PR.E	FixedReset Prem	Quote: 24.59 – 25.59 Spot Rate : 1.0000 Average : 0.6572 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 23.53 Evaluated at bid price : 24.59 Bid-YTW : 6.24 %
MFC.PR.F	FixedReset Ins Non	Quote: 21.66 – 22.90 Spot Rate : 1.2400 Average : 0.9320 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-07 Maturity Price : 21.36 Evaluated at bid price : 21.66 Bid-YTW : 5.74 %

Issue Comments

CU & EMA to Merge, Probably

Canadian Utilities has announced:

Emera and Canadian Utilities will combine in a merger of equals to form a Top 20 North American utility, with approximately $72 billion in combined enterprise value2, $45 billion in rate base3 and six million customers.
Creating a Canadian champion with greater financial strength, operating capabilities and investment capacity, the combined company is expected to benefit from improved credit rating thresholds, providing greater financial flexibility to better support its customers and communities.
The combined company plans to execute on a $32 billion capital plan through 2030, supporting expected average annual rate base growth of 7% to 8%, while continuing to pursue investments in growth opportunities driven by electrification, transmission, energy security and other major energy infrastructure needs across Canada, the United States and Australia.
Emera shareholders are expected to own approximately 60% of a substantially larger and more diversified company, with the transaction expected to be accretive to adjusted EPS in the first full year following closing, enhancing the combined company’s credit profile and supporting long-term earnings and dividend growth.
Canadian Utilities’ shareholders will receive approximately 40% ownership in the $72 billion larger combined company, while benefiting from an approximately 20% expected increase in dividend income.4
Both Canadian Utilities and Emera will benefit from greater geographic and regulatory diversification, enhanced financial flexibility and continued exposure to two of the fastest growth jurisdictions in North America – Florida and Alberta.
The combined company will operate as Emera and maintain its public company headquarters in Halifax and Canadian Utilities’ corporate and operational headquarters in Calgary, Edmonton and Perth, Australia. Emera CEO, Scott Balfour, will serve as CEO of the combined company and Canadian Utilities Executive Chair, Nancy Southern, will serve as Co-Chair of the Board with current Chair, Karen Sheriff.
In connection with the transaction, ATCO will spin off into a new publicly-traded industrial services leader made up of housing, defence and investments, including ports and retail energy. ATCO Chair and CEO, Nancy Southern, will serve as Chair and CEO of the new entity.
ATCO shareholders will receive an interest in both the combined energy company, Emera and the purpose-built New ATCO with dedicated leadership, capital and strategic focus in both companies.

ATCO’s controlling shareholder, Sentgraf Enterprises Ltd., has signed a voting support agreement to support the transaction.
The transaction was approved following comprehensive reviews by all three Boards, including independent Special Committees for ATCO and Canadian Utilities, supported by independent financial and legal advice.

…
Voting support agreements

Sentgraf, which holds approximately 27% of the outstanding non-voting shares and all outstanding voting shares of ATCO, has entered into a voting support agreement pursuant to which it has irrevocably agreed to vote its ATCO shares in favour of the transaction, and against any competing acquisition proposals.

In addition, each of the directors and executive officers of ATCO, have entered into voting support agreements agreeing to vote their ATCO shares in favour of the continuance and the transaction.

ATCO, which holds approximately 37% of the outstanding non-voting shares and all outstanding voting shares of Canadian Utilities, has entered into a voting support agreement pursuant to which it has agreed to vote its Canadian Utilities shares in favour of the transaction, and against any competing acquisition proposals. In addition, each of the other directors and executive officers of Canadian Utilities, have entered into voting support agreements agreeing to vote their Canadian Utilities shares in favour of the transaction.

All directors and executive officers of Emera have entered into voting and support agreements pursuant to which they have agreed to vote their Emera shares in favour of the transaction.

Timing and conditions to closing

Completion of the transaction is subject to the satisfaction of customary conditions, including applicable shareholder, court and regulatory approvals. The transaction is expected to close in the third or fourth quarter of 2027.

Shareholder approvals

The transaction will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act. The arrangement will require approvals from ATCO and Canadian Utilities securityholders at special meetings to be called in connection with the transaction. On each such resolution, all applicable ATCO and Canadian Utilities securityholders (including holders of non-voting shares, options and SARs) are entitled to one vote for each security held. In order to proceed, the arrangement must be approved by:

at least two-thirds of the votes cast by holders of ATCO Class I and Class II shares, voting together as a single class;
at least two-thirds of the votes cast by holders of ATCO Class I and Class II shares, ATCO options and ATCO SARs, voting together as a single class;
at least two-thirds of the votes cast by holders of Canadian Utilities Class A shares;
at least two-thirds of the votes cast by holders of Canadian Utilities Class B shares;
at least two-thirds of the votes cast by holders of Canadian Utilities Class A and Class B shares, Canadian Utilities options and Canadian Utilities SARs, voting together as a single class;
a simple majority of the votes cast by the holders of Canadian Utilities Class A shares, excluding votes required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions; and
a simple majority of the votes cast by Emera shareholders for the issuance of Emera shares in connection with the transaction

in each case by applicable holders present or represented by proxy at the applicable meeting, and such other approvals as may be required under applicable securities laws or by the Court of King’s Bench of Alberta in connection with the arrangement.

Fitch Ratings has announced:

Fitch Ratings has affirmed ATCO Ltd.’s (ATCO) Long-Term Issuer Default Ratings (IDR) at ‘BBB+’ and Canadian Utilities Limited (CUL)’s and CU Inc.’s Long-Term IDRs at ‘A-‌’‌. Fitch has placed ATCO’s and CUL’s Long-Term IDRs on Rating Watch Negative (RWN). CU Inc.’s Rating Outlook is Stable.

The RWN reflects Fitch’s expectation that ATCO and CUL will become intermediate holding companies when Emera Incorporated (BBB/Stable) and CUL complete their merger through all-share acquisitions of ATCO’s and CUL’s minority shares. Both companies will have limited or no independent access to external capital. Fitch expects to equalize their ratings with Emera’s.

CU Inc.’s Stable Outlook reflects Fitch’s expectation that its rating will remain above Emera’s consolidated credit profile. This reflects CU Inc.’s wholly regulated Alberta electricity and natural gas transmission and distribution operations and continued access to external debt markets. The ratings also reflect constructive regulatory environments in Alberta and Australia, which support credit metrics during an elevated capital expenditure cycle centered on the Yellowhead pipeline project.

At the same time, Fitch has placed ATCO’s unsecured notes rated ‘BBB+’ and fixed-to-floating subordinated notes rated ‘BBB-‌’ on RWN. Fitch has placed CUL’s senior unsecured debt rated ‘A-‌’‌, cumulative redeemable preferred shares and junior subordinated notes rated ‘BBB’, Short-Term IDR rated ‘F2’ and commercial paper (CP) program rated ‘F2’ on RWN. Fitch has affirmed CU Inc.’s senior unsecured debt at ‘A’, cumulative redeemable preferred shares rated ‘BBB+’, Short-Term IDR rated ‘F2’ and CP program rated ‘F2’.

Fitch expects to resolve the Rating Watch when the transaction closes. Given the expected closing timeline, the RWN may remain in place for more than six months.

S&P affirmed Emera:

Halifax, Nova Scotia-based Emera Inc. announced today it entered a definitive agreement to merge with Calgary, Alberta-based Canadian Utilities Ltd. (CUL) in an almost-all-share-backed transaction. Emera will remain the existing entity.
S&P Global Ratings expects the transaction will close by the end of 2027, pending approval from Emera and CUL shareholders, and U.S., Canadian, and Australian federal and provincial regulatory approvals.
We expect the merger to create a larger entity with enhanced regulatory and operating diversity and a group credit profile consistent with that for Emera.
We affirmed all our ratings on Emera, including the ‘BBB’ issuer credit rating, and the ‘BBB-’ rating on subsidiary Nova Scotia Power Inc. (NSPI) and ‘BBB+’ rating on subsidiary Tampa Electric Co. (TEC).
The stable outlook reflects our expectation that the combined entity’s financial measures will reflect funds from operations (FFO) to debt averaging 12% in fiscal years 2028 and 2029.

Several years ago, S&P withdrew their ratings on CU & CIU:

TORONTO (S&P Global Ratings) July 12, 2023–S&P Global Ratings withdrew its ‘BBB+’ long-term issuer credit ratings (ICRs) and all related debt issue ratings on ATCO Ltd. (ATCO) and subsidiary Canadian Utilities Ltd. (CUL) at their request. At the same time, we also withdrew our ‘A-‘ ICR and all related debt issue ratings on ATCO’s subsidiary CU Inc. (CUI) at their request. At the time of the withdrawal, the outlooks on the ratings on ATCO and subsidiaries were stable.

Moody’s affirmed Emera:

Moody’s Ratings (Moody’s) today affirmed Emera Inc.’s (Emera) Baa3 senior unsecured and Issuer ratings following the company’s announcement of an all-share combination with Canadian Utilities Limited (CUL). At the same time, we affirmed the ratings of Tampa Electric Company (Tampa Electric), including its A3 senior unsecured and Issuer ratings and P-2 short-term rating for commercial paper. The rating outlooks for both companies are stable.

We also affirmed the Baa3 senior unsecured ratings of Emera US Finance LP, Emera US Finance, LLC, and TECO Finance, Inc., along with the Ba1 junior subordinated ratings of Emera US Finance, LLC and EUSHI Finance, Inc. All of these entities’ debt obligations are guaranteed by Emera. The rating outlooks for these companies are stable.

So, it looks like we’re going to lose an investment-grade name. Again. But fear not, investment fans!

“Our goal is to create a Canadian champion,” said Scott Balfour, Emera’s chief executive officer, in an interview. He said the merger will create a company with the scale and financial strength needed to build networks that support projects such as data centres, new natural gas pipelines and integrated provincial electrical grids.

A “Canadian champion”, as far as I have ever been able to tell, is a company that gets lots of government financial and regulatory support, routed through schemes including networks that support projects such as data centres, new natural gas pipelines and integrated provincial electrical grids. A Canadian champion makes good money for its shareholders (and officers) through government protection shielding them from domestic competition, so they can more effectively rip off consumers by doing barely acceptable work for premium charges. The Toronto Stock Exchange, for example, is a Canadian champion. So are the banks, telecoms and airlines. The petite bourgeoisie whose opinion matters think it’s great because they’re all invested up to their eyeballs in these companies. It’s Canada’s version of state capitalism.

Affected issues are: CIU.PR.A, CIU.PR.C, CU.PR.C, CU.PR.D, CU.PR.E, CU.PR.F, CU.PR.G, CU.PR.H, CU.PR.J, CU.PR.K, EMA.PR.A, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J & EMA.PR.L,

Update, 2026-10-08: ATCO & CU under Review-Developing by DBRS:

DBRS Limited (Morningstar DBRS) placed Canadian Utilities Limited’s (CUL) Issuer Rating and Unsecured Debentures credit rating of “A,” Fixed-to-Fixed Rate Subordinated Notes credit rating of BBB (high), Commercial Paper credit rating of R-1 (low), and Cumulative Preferred Shares credit rating of Pfd-2 Under Review with Developing Implications. Concurrently, Morningstar DBRS placed ATCO Ltd.’s (ATCO) Issuer Rating and Senior Notes credit rating of A (low), as well as its Fixed-to-Floating Rate Subordinated Notes credit rating of BBB, Under Review with Developing Implications. These credit rating actions follow the October 6, 2026, announcement that Emera Inc. (Emera), CUL, and ATCO have entered into a definitive agreement for Emera to acquire CUL and ATCO (the Transaction), under which Emera will acquire all of CUL’s and ATCO’s issued and outstanding shares. ATCO’s nonutility businesses will be spun off into New ATCO, while the remaining businesses will become part of the combined Emera group. The Transaction is expected to close in Q3 2027 or Q4 2027, subject to customary approvals.

The Under Review with Developing Implications status reflects uncertainty regarding the Transaction’s ultimate impact on ATCO’s and CUL’s overall credit risk profiles. Morningstar DBRS expects the Transaction to result in significant changes to ATCO’s and CUL’s ownership, corporate, and financing structures. That said, at this juncture, Morningstar DBRS does not have sufficient information regarding the postmerger legal and financing structures, including the treatment of existing debt obligations and other capital instruments, to determine the Transaction’s ultimate impact on the companies’ credit risk profiles.

Morningstar DBRS expects to resolve the Under Review with Developing Implications status when there is sufficient clarity regarding ATCO’s and CUL’s post-Transaction corporate and financing structures. In its review, Morningstar DBRS will focus on (1) the allocation of ATCO’s assets and liabilities between New ATCO and the Emera group; (2) CUL’s role within the post-Transaction corporate structure, including whether it will remain a stand-alone financing entity; and (3) the treatment of ATCO’s and CUL’s existing debt obligations and other capital instruments. Morningstar DBRS will review additional information as it becomes available and provide an update if there is greater clarity in the direction of the credit ratings.

Market Action

October 6, 2026

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.1019 %	2,777.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1019 %	5,230.1
Floater	5.28 %	5.32 %	29,294	14.99	2	0.1019 %	3,014.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0100 %	3,616.9
SplitShare	4.67 %	4.87 %	46,343	1.34	4	-0.0100 %	4,319.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0100 %	3,370.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.5719 %	2,974.7
Perpetual-Discount	5.88 %	5.97 %	47,663	13.90	32	0.5719 %	3,200.8
FixedReset Disc	5.75 %	6.34 %	88,166	13.24	24	-0.1127 %	3,335.5
Insurance Straight	5.80 %	5.86 %	67,935	14.11	19	0.4078 %	3,101.7
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.1127 %	4,072.6
FixedReset Prem	6.00 %	4.78 %	79,423	1.98	24	0.0486 %	2,628.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1127 %	3,409.5
FixedReset Ins Non	5.65 %	5.78 %	52,069	13.83	13	0.1320 %	3,225.4

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.Q	FixedReset Ins Non	-3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.49 Evaluated at bid price : 24.57 Bid-YTW : 6.30 %
IFC.PR.A	FixedReset Ins Non	-3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.06 Evaluated at bid price : 22.70 Bid-YTW : 5.88 %
BN.PF.G	FixedReset Disc	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.03 Evaluated at bid price : 24.35 Bid-YTW : 6.45 %
ENB.PF.G	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.44 Evaluated at bid price : 23.15 Bid-YTW : 6.70 %
PWF.PR.P	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 6.09 %
BN.PF.E	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.96 Evaluated at bid price : 24.10 Bid-YTW : 6.19 %
GWO.PR.R	Insurance Straight	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.05 %
ENB.PR.A	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.91 Evaluated at bid price : 24.15 Bid-YTW : 5.76 %
IFC.PR.F	Insurance Straight	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 5.77 %
FTS.PR.F	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.83 %
PWF.PR.L	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 5.96 %
IFC.PR.G	FixedReset Ins Non	1.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.17 %
GWO.PR.H	Insurance Straight	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.95 %
GWO.PR.Y	Insurance Straight	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.89 %
GWO.PR.Z	Insurance Straight	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 24.11 Evaluated at bid price : 24.50 Bid-YTW : 5.85 %
NA.PR.C	FixedReset Prem	1.56 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.18 Bid-YTW : 2.02 %
ENB.PR.B	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.80 Evaluated at bid price : 23.47 Bid-YTW : 6.46 %
CM.PR.S	FixedReset Prem	3.46 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.17 %
PWF.PR.Z	Perpetual-Discount	5.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.94 %
MFC.PR.K	FixedReset Ins Non	6.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.69 Evaluated at bid price : 25.27 Bid-YTW : 5.85 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.S	FixedReset Prem	139,142	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.17 %
MFC.PR.L	FixedReset Ins Non	130,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.20 Evaluated at bid price : 24.40 Bid-YTW : 5.95 %
CU.PR.C	FixedReset Prem	82,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.09 %
BMO.PR.E	FixedReset Prem	72,745	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.66 Bid-YTW : 3.95 %
BN.PF.B	FixedReset Disc	50,822	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 5.95 %
MFC.PR.Q	FixedReset Ins Non	41,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.49 Evaluated at bid price : 24.57 Bid-YTW : 6.30 %
There were 20 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
IFC.PR.A	FixedReset Ins Non	Quote: 22.70 – 24.35 Spot Rate : 1.6500 Average : 1.0334 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 22.06 Evaluated at bid price : 22.70 Bid-YTW : 5.88 %
PWF.PR.K	Perpetual-Discount	Quote: 21.10 – 22.36 Spot Rate : 1.2600 Average : 0.7833 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.99 %
FTS.PR.F	Perpetual-Discount	Quote: 21.30 – 22.70 Spot Rate : 1.4000 Average : 0.9686 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.83 %
CU.PR.E	Perpetual-Discount	Quote: 20.81 – 21.83 Spot Rate : 1.0200 Average : 0.6043 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.97 %
POW.PR.A	Perpetual-Discount	Quote: 23.35 – 24.76 Spot Rate : 1.4100 Average : 1.0342 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 6.02 %
PWF.PR.S	Perpetual-Discount	Quote: 20.35 – 21.35 Spot Rate : 1.0000 Average : 0.6934 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.02 %

Market Action

October 5, 2026

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.0679 %	2,774.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0679 %	5,224.7
Floater	5.29 %	5.32 %	52,641	15.00	2	-0.0679 %	3,011.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1994 %	3,617.3
SplitShare	4.67 %	4.73 %	46,218	1.35	4	-0.1994 %	4,319.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1994 %	3,370.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.4383 %	2,957.8
Perpetual-Discount	5.92 %	6.00 %	47,984	13.84	32	-0.4383 %	3,182.6
FixedReset Disc	5.75 %	6.25 %	91,823	13.19	24	-0.1899 %	3,339.2
Insurance Straight	5.83 %	5.92 %	66,324	14.02	19	-0.0393 %	3,089.1
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.1899 %	4,077.2
FixedReset Prem	6.01 %	4.64 %	73,571	1.98	24	-0.1748 %	2,627.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1899 %	3,413.4
FixedReset Ins Non	5.66 %	5.68 %	48,259	13.31	13	-0.2217 %	3,221.2

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.K	FixedReset Ins Non	-3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.31 Evaluated at bid price : 23.65 Bid-YTW : 6.33 %
PWF.PR.Z	Perpetual-Discount	-3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.26 %
CM.PR.S	FixedReset Prem	-3.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 24.24 Evaluated at bid price : 24.60 Bid-YTW : 6.18 %
CCS.PR.C	Insurance Straight	-2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 5.97 %
CU.PR.K	Perpetual-Discount	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.24 Evaluated at bid price : 23.55 Bid-YTW : 6.01 %
ENB.PR.B	FixedReset Disc	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 22.26 Evaluated at bid price : 23.02 Bid-YTW : 6.58 %
MFC.PR.L	FixedReset Ins Non	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.15 Evaluated at bid price : 24.28 Bid-YTW : 5.98 %
ENB.PF.G	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 22.62 Evaluated at bid price : 23.50 Bid-YTW : 6.59 %
SLF.PR.G	FixedReset Ins Non	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.81 %
GWO.PR.Y	Insurance Straight	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 5.97 %
POW.PR.A	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 6.01 %
PWF.PR.G	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 24.23 Evaluated at bid price : 24.52 Bid-YTW : 6.13 %
MFC.PR.N	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.06 Evaluated at bid price : 24.33 Bid-YTW : 5.93 %
GWO.PR.Z	Insurance Straight	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.78 Evaluated at bid price : 24.15 Bid-YTW : 5.93 %
GWO.PR.R	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 5.98 %
FTS.PR.H	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.02 %
BN.PR.N	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 6.11 %
SLF.PR.H	FixedReset Ins Non	2.30 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.89 Bid-YTW : 5.68 %
BN.PF.G	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.72 %
MFC.PR.Q	FixedReset Ins Non	3.90 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.76 %
GWO.PR.G	Insurance Straight	4.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.92 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.C	FixedReset Prem	64,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.21 Bid-YTW : 3.48 %
FFH.PR.K	FixedReset Prem	56,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 3.13 %
PWF.PR.P	FixedReset Disc	31,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.01 %
NA.PR.K	FixedReset Prem	20,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.01 Bid-YTW : 3.32 %
BILP.PR.A	FixedReset Prem	19,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 5.76 %
SLF.PR.D	Insurance Straight	15,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.65 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
PWF.PR.Z	Perpetual-Discount	Quote: 21.00 – 22.98 Spot Rate : 1.9800 Average : 1.2032 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.26 %
MFC.PR.K	FixedReset Ins Non	Quote: 23.65 – 25.70 Spot Rate : 2.0500 Average : 1.4723 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.31 Evaluated at bid price : 23.65 Bid-YTW : 6.33 %
BN.PF.C	Perpetual-Discount	Quote: 19.86 – 21.20 Spot Rate : 1.3400 Average : 0.7807 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 6.16 %
CM.PR.S	FixedReset Prem	Quote: 24.60 – 25.60 Spot Rate : 1.0000 Average : 0.5833 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 24.24 Evaluated at bid price : 24.60 Bid-YTW : 6.18 %
SLF.PR.E	Insurance Straight	Quote: 19.99 – 21.10 Spot Rate : 1.1100 Average : 0.7449 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 5.67 %
ENB.PR.T	FixedReset Disc	Quote: 24.30 – 25.39 Spot Rate : 1.0900 Average : 0.8652 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.17 Evaluated at bid price : 24.30 Bid-YTW : 6.40 %

MAPF

MAPF Portfolio Composition: September, 2026

Turnover picked up to 9% in September, mostly towards the end of the month during a period of excitement and rising global bond market yields. Liquidity is generally very low and spreads on quotations are high.

Sectoral distribution of the MAPF portfolio on September 30, 2026, was:

MAPF Sectoral Analysis 2026-09-30
HIMI Indices Sector	Weighting	YTW	ModDur
Ratchet	0%	N/A	N/A
FixFloat	0%	N/A	N/A
Floater	11.7%	5.54%	14.64
OpRet	0%	N/A	N/A
SplitShare	0%	N/A	N/A
Interest Rearing	0%	N/A	N/A
PerpetualPremium	0%	N/A	N/A
PerpetualDiscount	12.2%	6.01%	13.83
Fixed-Reset Discount	8.6%	6.40%	10.47
Insurance – Straight	23.4%	5.76%	14.29
FloatingReset	0%	N/A	N/A
FixedReset Premium	27.7%	4.29%	1.26
FixedReset Bank non-NVCC	0%	N/A	N/A
FixedReset Insurance non-NVCC	1.4%	5.95%	14.20
Scraps – Ratchet	0%	N/A	N/A
Scraps – FixedFloater	0%	N/A	N/A
Scraps – Floater	0%	N/A	N/A
Scraps – OpRet	0%	N/A	N/A
Scraps – SplitShare	6.8%	4.57%	3.09
Scraps – PerpPrem	0%	N/A	N/A
Scraps – PerpDisc	0%	N/A	N/A
Scraps – FR Discount	7.4%	6.44%	13.62
Scraps – Insurance Straight	0%	N/A	N/A
Scraps – FloatingReset	0%	N/A	N/A
Scraps – FR Premium	0%	N/A	N/A
Scraps – Bank non-NVCC	0%	N/A	N/A
Scraps – Ins non-NVCC	0%	N/A	N/A
Cash	+0.8%	0.00%	0.00
Total	100%	5.34%	9.40
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers. Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others. The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 3.71%, a constant 3-Month Bill rate of 2.40% and a constant Canada Prime Rate of 4.45%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2026-9-30
DBRS Rating	MAPF Weighting
Pfd-1	0
Pfd-1(low)	0
Pfd-2(high)	35.0%
Pfd-2	32.6%
Pfd-2(low)	17.3%
Pfd-3(high)	6.0%
Pfd-3	4.0%
Pfd-3(low)	4.2%
Pfd-4(high)	0%
Pfd-4	0%
Pfd-4(low)	0%
Pfd-5(high)	0%
Pfd-5	0%
Cash	+0.8%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2026-9-30
Average Daily Trading	MAPF Weighting
<$50,000	13.1%
$50,000 – $100,000	46.4%
$100,000 – $200,000	33.5%
$200,000 – $300,000	3.0%
>$300,000	3.2%
Cash	+0.8%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range	MAPF Weight
<100bp	0%
100-149bp	7.4%
150-199bp	0%
200-249bp	16.9%
250-299bp	2.8%
300-349bp	14.3%
350-399bp	3.8%
400-449bp	0%
450-499bp	0%
500-549bp	0%
550-599bp	0%
>= 600bp	0%
Undefined	54.9%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range	MAPF Weight
Currently Floating	12.5%
0-1 Year	3.8%
1-2 Years	22.3%
2-3 Years	10.7%
3-4 Years	8.7%
4-5 Years	1.4%
5-6 Years	0%
>6 Years	0%
Not Floating Rate	40.8%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

Market Action

October 2, 2026

The US jobs number came out today:

The US labor market hit a soft patch in September as the economy added just 29,000 jobs and the unemployment rate increased to 4.2%, new Bureau of Labor Statistics data showed Friday.
…
The annual rate of wage growth slowed for the fourth month in a row, landing at 3% in September, which is the lowest since May 2021.
…
Healthcare, buoyed by an aging population in need of more medical services, has driven much of the employment gains in recent years and continued to do so in September. Healthcare and social assistance added 23,000 jobs, a modest uptick for a sector that added 57,000 jobs per month last year.
…
The construction sector notched employment gains for the seventh month in a row, adding 11,000 jobs. The bulk of the gains came from the non-residential side, a likely reflection of the massive investment in AI-related infrastructure such as data centers.

So bonds did well:

The weaker-than-anticipated data pulled down expectations for a rate hike of at least 25 basis points from the Fed at its meeting at the ‌end of October to 22.7 per cent, according to CME FedWatch, from 24.4 per cent in the prior session and 64.2 per cent a week earlier.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.8766 %	2,776.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8766 %	5,228.3
Floater	5.21 %	5.32 %	29,798	15.01	3	0.8766 %	3,013.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.3401 %	3,624.5
SplitShare	4.66 %	4.26 %	52,574	0.40	4	0.3401 %	4,328.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3401 %	3,377.2
Perpetual-Premium	5.84 %	5.88 %	70,791	14.08	9	0.8754 %	2,970.8
Perpetual-Discount	5.92 %	5.98 %	43,150	13.86	21	0.5366 %	3,196.6
FixedReset Disc	5.69 %	6.40 %	79,299	13.25	21	0.3106 %	3,345.6
Insurance Straight	5.82 %	5.89 %	64,880	14.08	19	0.4168 %	3,090.3
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.3106 %	4,085.0
FixedReset Prem	6.00 %	5.00 %	78,159	2.08	27	-0.1125 %	2,631.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3106 %	3,419.9
FixedReset Ins Non	5.64 %	5.78 %	48,280	13.57	13	0.5492 %	3,228.3

Performance Highlights
Issue	Index	Change	Notes
BN.PF.G	FixedReset Prem	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.03 Evaluated at bid price : 24.35 Bid-YTW : 6.49 %
SLF.PR.H	FixedReset Ins Non	-2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.92 Evaluated at bid price : 24.33 Bid-YTW : 5.90 %
POW.PR.G	Perpetual-Discount	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 6.08 %
BIP.PR.E	FixedReset Prem	-1.29 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 5.95 %
PWF.PR.H	Perpetual-Premium	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 %
PWF.PR.F	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.14 Evaluated at bid price : 22.42 Bid-YTW : 5.95 %
PWF.PR.R	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.13 Evaluated at bid price : 23.39 Bid-YTW : 5.98 %
GWO.PR.Y	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.89 %
CU.PR.K	Perpetual-Premium	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.70 Evaluated at bid price : 24.05 Bid-YTW : 5.88 %
POW.PR.B	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.59 Evaluated at bid price : 22.84 Bid-YTW : 5.87 %
GWO.PR.M	Insurance Straight	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.95 %
CCS.PR.C	Insurance Straight	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.78 %
POW.PR.I	Perpetual-Premium	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.93 Evaluated at bid price : 24.30 Bid-YTW : 5.82 %
FTS.PR.J	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.78 %
GWO.PR.L	Insurance Straight	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.99 %
MFC.PR.J	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.47 %
GWO.PR.N	FixedReset Ins Non	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.75 %
ENB.PR.P	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.17 Evaluated at bid price : 24.21 Bid-YTW : 6.40 %
POW.PR.A	Perpetual-Discount	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.94 %
PWF.PR.Z	Perpetual-Discount	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.99 %
POW.PR.C	Perpetual-Premium	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.33 Evaluated at bid price : 24.64 Bid-YTW : 5.90 %
POW.PR.H	Perpetual-Premium	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 %
BN.PR.B	Floater	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.32 %
ENB.PF.G	FixedReset Disc	3.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.91 Bid-YTW : 6.51 %
IFC.PR.G	FixedReset Ins Non	6.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.86 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.H	Insurance Straight	113,265	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.02 %
ENB.PR.J	FixedReset Disc	13,310	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.21 Evaluated at bid price : 24.30 Bid-YTW : 6.45 %
POW.PR.H	Perpetual-Premium	11,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 %
IFC.PR.A	FixedReset Ins Non	11,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.09 Evaluated at bid price : 23.58 Bid-YTW : 5.72 %
TD.PF.I	FixedReset Prem	11,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.11 %
PWF.PR.H	Perpetual-Premium	10,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 %
There were 0 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
GWO.PR.H	Insurance Straight	Quote: 20.31 – 22.00 Spot Rate : 1.6900 Average : 1.2589 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.02 %
PWF.PR.O	Perpetual-Premium	Quote: 24.40 – 25.26 Spot Rate : 0.8600 Average : 0.5015 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 6.05 %
FTS.PR.F	Perpetual-Discount	Quote: 21.13 – 22.25 Spot Rate : 1.1200 Average : 0.7757 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.87 %
ENB.PR.T	FixedReset Disc	Quote: 24.46 – 25.39 Spot Rate : 0.9300 Average : 0.6186 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.23 Evaluated at bid price : 24.46 Bid-YTW : 6.40 %
PWF.PR.S	Perpetual-Discount	Quote: 20.35 – 21.35 Spot Rate : 1.0000 Average : 0.6940 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.01 %
NA.PR.K	FixedReset Prem	Quote: 27.76 – 28.89 Spot Rate : 1.1300 Average : 0.8282 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.76 Bid-YTW : 3.69 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FTS.PR.H	FixedReset Disc	122,610	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-08 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 6.05 %
BILP.PR.A	FixedReset Prem	62,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.72 %
PWF.PF.A	Perpetual-Discount	51,079	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-08 Maturity Price : 19.49 Evaluated at bid price : 19.49 Bid-YTW : 5.89 %
FTS.PR.M	FixedReset Disc	36,929	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 5.22 %
MFC.PR.I	FixedReset Ins Non	32,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.46 Bid-YTW : 4.35 %
MFC.PR.M	FixedReset Ins Non	30,477	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-20 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 4.97 %
There were 7 other index-included issues trading in excess of 10,000 shares.

PrefBlog

PrefBlog

October 9, 2026

October 8, 2026

MAPF Performance: September, 2026

New Issue: PVS 7-Year SplitShare, 5.30%

October 7, 2026

CU & EMA to Merge, Probably

October 6, 2026

October 5, 2026

MAPF Portfolio Composition: September, 2026

October 2, 2026

Archives

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