John Carswell Announces Holdings in Canso Credit Income Fund

• John Carswell via Lysander Funds Limited disposed of Class A Units in Canso Credit Income Fund (TSX: PBY.UN) on May 26, 2026.
• Ownership reduced from approximately 10.22% to 10.01% following the disposition of 18,567 units.
• This follows a series of disposals by Lysander in April and May 2026 (May 21, May 12, May 8, April 20).
• The transactions were executed via an Automatic Securities Disposition Plan (ASDP) at weighted average prices between $16.30 and $16.35 per unit.
• An Early Warning Report was filed with Canadian securities regulators pursuant to National Instrument 62-103.
• A separate proposal from March 26, 2026, outlines a plan to convert the fund into an Exchange-Traded Fund (ETF) named "Lysander-Canso Credit Income ActivETF".
• The ETF conversion vote is scheduled for June 4, 2026, with implementation anticipated around July 28, 2026.

• Routine Nature: The May 27 news represents a continuation of the established Automatic Securities Disposition Plan (ASDP). It does not constitute an unexpected market-moving event but rather confirms the execution of a pre-existing strategy.
• Stake Reduction: Lysander's stake has dropped from ~14% in April to just above 10% by late May. While still significant, crossing below the 10% threshold reduces their regulatory reporting burden and may signal a lack of conviction for further accumulation at current levels.
• ETF Proposal Context: The most recent news is overshadowed by the March proposal to convert to an ETF. This structural change remains pending shareholder approval in June. If approved, it could enhance liquidity; if rejected, the fund remains closed-end.
• Data Integrity Warning: The provided transcript context pertains to Prospect Capital (PSEC), not Canso Credit Income Fund (PBY.UN). Consequently, fundamental metrics from that transcript (NAV, NII, portfolio composition) cannot be applied to this analysis and represent a significant data mismatch risk.

• Company: Canso Credit Income Fund (TSX: PBY.UN).
• Structure: Closed-end investment fund investing primarily in credit income assets.
• Flagship Project/Strategy: The primary strategic initiative is the proposed conversion to an ETF ("Lysander-Canso Credit Income ActivETF") to improve market liquidity and trading efficiency for unitholders.
• Data Limitation: Due to the transcript mismatch (Prospect Capital vs. Canso), specific portfolio details, NAV per share, or yield metrics cannot be verified from the provided text. Investors must rely on fund fact sheets rather than the provided transcript for fundamental data.