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 June 30, 2020. Shareholders of record as of June 16, 2020 will receive the dividend, with the ex-dividend date set for June 15, 2020. The Fund aims to provide a high level of current income and capital gains through investments in common stocks and an option strategy, primarily involving covered call options. Market conditions will impact future dividend issuances.

Positive

• Quarterly dividend of $0.18 per share enhances income for shareholders.
• Fund's strategy includes potential for high current income and capital gains.

Negative

• Dividend sustainability may be affected by market conditions and asset fluctuations.

MADISON, Wis., June 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 June 30, 2020 to shareholders of record on June 16, 2020. The ex-dividend date will be June 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. Madison Asset Management, LLC (Madison), a subsidiary of Madison Investment Holdings, Inc., is the Fund’s investment adviser. The affiliates include Madison Investment Advisors, LLC, with which it shares all resources at our Madison, Wisconsin headquarters and Hansberger Growth Investors, LP, also in Madison, Wisconsin.

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
Greg Hoppe: gregh@madisonadv.com
800-368-3195

FAQ

What is the dividend amount for MCN for June 2020?

The dividend amount for MCN is $0.18 per share, payable on June 30, 2020.

When is the ex-dividend date for MCN?

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

Who are the advisers for the Madison Covered Call and Equity Strategy Fund?

Madison Asset Management, LLC is the investment adviser for the Fund.

What investment strategy does MCN employ?

MCN employs a covered call option strategy while investing in common stocks.

Is the dividend for MCN sustainable?

The sustainability of the dividend may vary based on market conditions and total assets.