Madison Covered Call and Equity Strategy Fund (MCN) Announces Correction to the Net Asset Value “NAV”

Rhea-AI Summary

The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) announced an administrative error leading to an overstatement of its Net Asset Value (NAV) by $0.04 for the period of June 15-21, 2022. The correct NAV values were lower than previously reported, with significant adjustments seen on June 15, 16, 17, and 21. The Fund aims to generate high current income and gains via covered call options and dividends. Market fluctuations can affect future dividend prospects. The Fund’s filings with the SEC disclose risk factors that may impact actual results versus projections.

Positive

• The Fund aims for high current income through covered call options and dividends.

Negative

• NAV overstated by $0.04 due to administrative error, affecting reported performance.

MADISON, Wis., June 22, 2022 (GLOBE NEWSWIRE) -- The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) (the “Fund”) announces that the NAV for the Fund was overstated $0.04 for the period June 15-21 due to an administrative error. The originally reported NAV’s and the correct NAV’s are as follows:

	Original		Corrected
	NAV		NAV
15-Jun	$6.88		$6.84
16-Jun	$6.69		$6.65
17-Jun	$6.69		$6.65
21-Jun	$6.80		$6.76

The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as significant decreases or increases in the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.madisonfunds.com.

Certain statements in this release are forward-looking. The Fund’s actual results may differ from current expectations or projections due to numerous factors, including but not limited to changes in the equity markets, changes in the portfolio’s value, economic and political conditions and other risks generally discussed in the Fund’s filings with the SEC. Neither the Fund nor Madison undertakes any obligation to publicly update or revise any forward-looking statements. 

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”), which also includes the Madison Scottsdale office. MAM and MIA are registered as investment advisers with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.

CONTACT: 
Madison
Greg Hoppe:  gregh@madisonadv.com
800-368-3195

FAQ

What caused the overstatement of MCN's NAV?

The overstatement of MCN's NAV by $0.04 was due to an administrative error for the period of June 15-21, 2022.

What are the corrected NAV values for MCN?

The corrected NAV values for MCN were lower than originally reported, with specific adjustments noted for June 15, 16, 17, and 21, 2022.

What is the investment strategy of the Madison Covered Call and Equity Strategy Fund?

The Fund aims to achieve high current income and capital gains by investing in common stocks and writing covered call options.

How do market actions affect MCN's dividend issuance?

Market actions can impact dividend issuance as significant changes in the Fund's total assets affect future dividend prospects.