Madison Covered Call & Equity Strategy Fund (the Fund), formerly Madison/Claymore Covered Call & Equity Strategy Fund, is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income and current gains, with a secondary objective of long-term capital appreciation. The Fund invests primarily in large and mid-capitalization common stocks. The Fund has over 40 equity securities and unexpired covered call options, which are written against approximately 88.2% of its stock holdings. The Fund invests in various sectors, including information technology, healthcare, industrials, telecommunication services, financials, energy, consumer staples and consumer discretionary. Madison Asset Management, LLC is the investment advisor of the Fund.