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 announced its quarterly dividend of $0.18 per share, payable on March 31, 2023, to shareholders of record on March 16, 2023. The ex-dividend date is set for March 15, 2023. This Fund aims to achieve high current income and capital gains by investing in common stocks and employing a covered call option strategy. The Fund's performance may depend on market conditions and changes in total assets, impacting future dividend prospects. Further details can be found on the Fund's website.

Positive

• Quarterly dividend of $0.18/share announced.
• Dividend payment expected to enhance shareholder income.

Negative

• Dividend sustainability concerns due to dependence on market action.
• High reliance on option writing strategies may introduce volatility.

MADISON, Wis., March 01, 2023 (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, 2023 to shareholders of record on March 16, 2023. The ex-dividend date will be March 15, 2023. 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 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 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 in March 2023?

The dividend amount for the Madison Covered Call and Equity Strategy Fund (MCN) is $0.18 per share for March 2023.

When is the dividend payable date for MCN?

The dividend for MCN will be payable on March 31, 2023.

What is the ex-dividend date for MCN?

The ex-dividend date for MCN is March 15, 2023.

What investment strategy does MCN employ?

The MCN Fund utilizes a covered call option strategy alongside investing in common stocks to generate income.

How does market action affect MCN’s dividends?

Market action can impact the Fund's total assets, which in turn affects future dividend prospects.