Madison Covered Call & Equity Strategy Fund: shareholders approve XAI as adviser; new board
Shareholders of the Madison Covered Call & Equity Strategy Fund (NYSE: MCN) approved a new investment advisory agreement with XA Investments LLC (XAI) and a new sub-advisory agreement with Madison Asset Management, LLC at a special meeting on October 15, 2024. The fund also elected five trustees, including one current trustee, who are expected to replace the current board at the closing of the transaction in December 2024. The fund says its investment strategy and fee structure will not change, and it will be renamed XAI Madison Equity Premium Income Fund while keeping the MCN ticker.
Key points
- Shareholders elected five trustees: Danielle Cupps, Gregory Dingens, Philip G. Franklin, Scott C. Jones and William Meyers
- XAI will handle overall management and investment strategy; Madison will continue day-to-day portfolio management
- The new agreements are expected to take effect on or around December 2, 2024, with the fund renamed in December 2024
- The fund says its investment strategy, fee structure and day-to-day portfolio management will not change
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 15, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.