Fund Description: Madison Covered Call & Equity Strategy Fund, formerly the Madison/Claymore Covered Call & Equity Strategy Fund, formerly the Madison/Claymore Covered Call Fund, is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Madison Covered Call & Equity Strategy Fund seeks to provide a high level of current income and current gains, with a secondary objective of long-term capital appreciation. FUND STRATEGY: The Fund will pursue its investment objectives by investing in a portfolio consisting primarily of high-quality, large-capitalization common stocks that are, in the view of the Fund’s Investment Manager, selling at a reasonable price in relation to their long-term earnings growth rates. The Fund will, on an ongoing and consistent basis, sell covered call options to seek to generate a reasonably steady return from option premiums. The Fund will, under normal market conditions, allocate at least 80% of its total assets to an integrated investment strategy pursuant to which the Fund invests in a portfolio of equity securities and writes covered call options on a portion of the equity securities held in the Fund’s portfolio; pending investment in equity securities or as covered call options, the assets of the Fund allocated to its integrated investment strategy are held in cash or cash equivalents. The Fund will invest, under normal market conditions, at least 65% of its investments in equity securities in common stocks of large capitalization issuers that meet the Fund’s selection criteria. FUND MANAGEMENT: Madison Asset Management, LLC serves as the Investment Adviser to the Fund.