Madison Covered Call and Equity Strategy Fund (MCN) Declares Quarterly Dividend

Rhea-AI Summary

The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) has declared a quarterly dividend of $0.18 per share, payable on March 31, 2021, to shareholders of record as of March 16, 2021. The ex-dividend date is set for March 15, 2021. The Fund aims for high current income and capital gains through investments in common stocks and by employing a covered call option strategy. Future dividend prospects may be influenced by market conditions affecting the Fund's total assets.

Positive

• Quarterly dividend of $0.18 per share announced.
• Focus on high current income and capital gains attracts investors.

Negative

• Dividend sustainability may be impacted by market conditions.
• Potential for fluctuating future dividend due to portfolio value changes.

MADISON, Wis., March 01, 2021 (GLOBE NEWSWIRE) -- The Madison Covered Call and Equity Strategy Fund (NYSE:MCN) (the “Fund”) declares its quarterly dividend of $0.18/share. The dividends will be payable March 31, 2021 to shareholders of record on March 16, 2021. The ex-dividend date will be March 15, 2021. If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days before the payable date. If a distribution rate is largely comprised of sources other than income, it may not reflect Fund performance.

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 is the dividend amount for MCN?

The dividend amount for Madison Covered Call and Equity Strategy Fund (MCN) is $0.18 per share.

When will the MCN dividend be paid?

The MCN dividend will be paid on March 31, 2021.

What is the ex-dividend date for MCN?

The ex-dividend date for MCN is March 15, 2021.

How often does MCN pay dividends?

MCN pays dividends quarterly.

What factors affect the dividend of MCN?

Market conditions and the Fund's total assets can significantly affect the dividend payments of MCN.