Madison Covered Call & Equity Strategy Fund (the 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 will, under normal market conditions, pursue its primary investment objective by allocating at least 80% of total assets to an integrated investment strategy pursuant to which the Fund invests in a portfolio of equity securities consisting primarily of high quality, large capitalization common stocks that are selling at a reasonable price in relation to long-term earnings growth rates and writes (sells) covered call options against a portion of the equity securities held. The Fund may also invest in midcap stocks. Madison Asset Management, LLC serves as the investment manager.