Madison Covered Call Fund Proxy Solicitation

TL;DR

Madison Covered Call Fund is sending out proxy materials, likely for shareholder votes.

AI Summary

Madison Covered Call & Equity Strategy Fund filed a DEFA14A on July 11, 2024, indicating it is soliciting material under Section 14(a) of the Securities Exchange Act of 1934. The filing confirms no fee was required for this submission. The fund, previously known by other names, is incorporated in Delaware with its fiscal year ending December 31.

Why It Matters

This filing is a routine proxy statement, meaning shareholders will be asked to vote on matters related to the fund's governance or operations.

Risk Assessment

Risk Level: low — This is a standard regulatory filing for a public company, not indicating any immediate financial distress or unusual events.

Key Players & Entities

• Madison Covered Call & Equity Strategy Fund (company) — Registrant
• 0000892712-24-000091 (filing_id) — Accession Number
• 20240711 (date) — Filing Date
• DE (state) — State of Incorporation
• 1231 (fiscal_year) — Fiscal Year End

FAQ

Key Financial Figures

• $147 million — and Equity Strategy Fund (NYSE: MCN), a $147 million listed closed-end fund. Madison Investm
• $26 billion — was founded in 1974, has approximately $26 billion in assets under management as of March

Filing Documents

• mcndefa14a.htm (DEFA14A) — 28KB
• 0000892712-24-000091.txt ( ) — 29KB

From the Filing

SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ____) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)). o Definitive Proxy Statement o Definitive Additional Materials x Soliciting Material Pursuant to §240.14a-12 MADISON COVERED CALL & EQUITY STRATEGY FUND (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required. o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 240.0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 240.0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: o Fee paid previously with preliminary materials. o Check box if any part of the fee is offset as provided by Exchange Act Rule 240.0-11 and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Filed by Madison Covered Call & Equity Strategy Fund pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Madison Investments Enters into Partnership with XA Investments Expected to Accelerate Growth of Covered Call Equity Listed Closed-End Fund MADISON, Wisconsin – Madison Investments, a privately-held, independent investment management firm known for its expertise in actively managed, high-quality portfolios, today announced a strategic partnership with XA Investments (XAI). XAI is an alternative investment management and consulting firm. The agreement stipulates that XAI will become investment adviser to the Madison Covered Call and Equity Strategy Fund (NYSE: MCN), a $147 million listed closed-end fund. Madison Investments will maintain portfolio management responsibilities as sub-adviser to MCN. The partnership with XAI allows Madison Investments to focus on investment management and its strategic growth priorities, including an investment lineup of separately managed accounts, open-end mutual funds, and active ETFs while ensuring the best interests of MCN's shareholders are upheld. "We are excited to partner with XA Investments, a firm that shares our commitment to delivering institutional-caliber investment strategies to all investors," said Steven Carl, Chair of Madison's Executive Committee. "We expect to have a durable partnership with XAI and work with them to bring additional investment strategies and products to investors. We believe the combination of Madison Investments portfolio management capabilities and XAI's product design capabilities, especially around listed closed-end funds and interval funds, is a fantastic benefit for our clients." "I am pleased to welcome Madison Investments to the XAI closed-end fund platform," said Kimberly Flynn, President of XAI. I am confident that XAI can help accelerate the growth of the Madison Covered Call and Equity Strategy Fund in its role as investment adviser to MCN. Our extensive experience in the closed-end marketplace enables us to share and implement best practices to improve the secondary market trading for MCN." Introduced in 2004, MCN was the first covered call fund available to investors in a closed-end structure. Its 20-year track record underscores the team's experience in navigating market cycles. XAI's appointment as investment adviser to MCN, and Madison Asset Management's appointment as sub-adviser to MCN, is subject to shareholder approval. A special meeting of the shareholders of MCN is scheduled for October 15, 2024, at which shareholders will be asked to consider and vote on a new investment advisory agreement between MCN and XAI, a new subadvisory agreement between MCN, XAI and Madison, and a new slate of trustees. Shareholders of MCN will receive a proxy statement with additional information about the special shareholder meeting and each of these proposals. MCN's Board of Trustees approved these proposals at a meeting held on July 10, 2024. Berkshire Global Advisors served as exclusive financial advisor to Madison Investments. About Madison Investments Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $26 billion in assets under managemen

View Full Filing

View this DEFA14A filing on SEC EDGAR