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 a quarterly dividend of $0.18 per share, payable on December 30, 2020. Shareholders of record as of December 16, 2020 will receive this dividend, with the ex-dividend date set for December 15, 2020. The Fund aims to provide high current income and capital gains through investments in common stocks and covered call options. Future dividend amounts may fluctuate based on changes in total assets and market conditions. For more information, visit www.madisonfunds.com.

Positive

• Declared quarterly dividend of $0.18/share, providing income for shareholders.
• Focus on high current income and capital gains demonstrates confidence in investment strategy.

Negative

• Dividend amounts may be affected by significant decreases or increases in total assets.
• Market action can impact future dividend issuance.

MADISON, Wis., Dec. 01, 2020 (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 December 30, 2020 to shareholders of record on December 16, 2020. The ex-dividend date will be December 15, 2020. 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 and when is it payable?

The dividend amount for Madison Covered Call and Equity Strategy Fund (MCN) is $0.18 per share, payable on December 30, 2020.

When is the ex-dividend date for MCN?

The ex-dividend date for MCN is December 15, 2020.

What factors could affect future dividends for MCN?

Future dividends for MCN could be affected by significant changes in total assets and market conditions.

What is the investment strategy of MCN?

MCN aims for high current income and capital gains primarily by investing in common stocks and writing covered call options.