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. This dividend will be payable on June 30, 2022, to shareholders of record as of June 16, 2022, with an ex-dividend date of June 15, 2022. The Fund aims for high current income and capital gains, primarily through investing in common stocks and writing covered call options. However, the Fund’s future dividends may fluctuate based on market conditions and total asset levels.

Positive

• Quarterly dividend of $0.18/share announced.
• Dividend payable on June 30, 2022, reflects ongoing income generation strategy.
• Investment strategy includes writing covered call options, enhancing income potential.

Negative

• Future dividends may be impacted by market fluctuations and total asset levels.

MADISON, Wis., June 01, 2022 (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 June 30, 2022, to shareholders of record on June 16, 2022. The ex-dividend date will be June 15, 2022. 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 the Madison Covered Call and Equity Strategy Fund (MCN)?

The dividend amount is $0.18 per share.

When will the dividend for MCN be paid?

The dividend will be payable on June 30, 2022.

What is the ex-dividend date for MCN?

The ex-dividend date for MCN is June 15, 2022.

How does MCN generate income for shareholders?

MCN generates income by investing in common stocks and writing covered call options.

What are the risks associated with MCN's dividends?

Dividends may fluctuate based on changes in the equity markets and total asset levels.