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 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 approximately 42 equity securities and unexpired covered call options, which had been written against 86.7% of its stock holdings. Madison Asset Management, LLC is the investment manager of the Fund.