Madison Strategic Sector Premium Fund (MSP) and Madison Covered Call and Equity Strategy Fund (MCN) Declare Quarterly Dividen...
June 03 2013 - 12:05PM
Marketwired
The Madison Strategic Sector Premium Fund (NYSE: MSP) declares its
quarterly dividend of $0.26/share and the Madison Covered Call and
Equity Strategy Fund (NYSE: MCN) declares its quarterly dividend of
$0.18/share. The dividends will be payable June 28, 2013 to
shareholders of record on June 18, 2013. The ex-dividend dates will
be June 14, 2013. 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 funds'
respective 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.
At this time the funds are also notifying shareholders that
their Boards approved the unification of fund investment strategy
among all funds managed by Madison Asset Management, LLC with
covered call strategies with regard to investments in foreign
securities. Specially, MSP and MCN may each invest up to 15% in
foreign securities. Foreign securities are defined as securities
that are: (i) issued by companies organized outside the U.S. or
whose principal operations are outside the U.S., or issued by
foreign governments or their agencies or instrumentalities
("foreign issuers"); (ii) principally traded outside of the U.S.;
and (iii) quoted or denominated in a foreign currency ("non-dollar
securities").
Each 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. Both funds intend to pursue
their objectives 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 their portfolios 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 funds' total assets
affect the funds' future dividend prospects.
The funds provide additional information on their websites at
www.madisonfunds.com. Madison Asset Management, LLC (Madison), a
subsidiary of Madison Investment Holdings, Inc., is the funds'
investment adviser. Its affiliates include Madison Investment
Advisors, LLC, with which it shares all resources at our Madison,
Wisconsin headquarters, Madison Scottsdale, LC, Scottsdale,
Arizona, Concord Asset Management, LLC, Chicago, Illinois and
NorthRoad Capital Management LLC, New York City.
Certain statements in this release are forward-looking. The
funds' 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 portfolios' value,
economic and political conditions and other risks generally
discussed in the funds' filings with the SEC. Neither of the funds
nor Madison undertakes any obligation to publicly update or revise
any forward-looking statements.
CONTACT: Madison Larry Tabak Email Contact 800-368-3195
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