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 September 30, 2022, to shareholders of record on September 16, 2022. The ex-dividend date is September 15, 2022. This fund aims for high current income and capital gains through a strategy of investing in common stocks and writing covered call options. It's important to note that market conditions can influence future dividend distributions, reflecting the fund's total assets.

Positive

• Declared quarterly dividend of $0.18/share, indicating income for shareholders.
• The fund's strategy focuses on generating current income and capital gains.

Negative

• Future dividends may be influenced by changing market conditions and asset values.

MADISON, Wis., Sept. 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 September 30, 2022 to shareholders of record on September 16, 2022. The ex-dividend date will be September 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 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?

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

When is the ex-dividend date for MCN?

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

When will the dividend be paid for MCN?

The dividend for MCN will be paid on September 30, 2022.

What is the investment strategy of MCN?

MCN aims for high current income and capital gains by investing in common stocks and utilizing a covered call option strategy.

How can market action affect MCN's dividends?

Market action can impact the dividend issuance as the fund’s total assets affect its future dividend prospects.