Oct 15, 5:46 PM ET
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.
- 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