- Covered Call & Equity Income Fund
Fund Objective
Stock Investing With Partial Downside Protection
The Covered Call and Equity Income Fund seeks to provide consistent total return and, secondarily, to provide a high level of income and gains from option premiums.
Investment Strategies
The Covered Call and Equity Income Fund invests, under normal conditions, primarily in common stocks of large-and mid-capitalization issuers that are, in the view of the funds' investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates.
The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends.
Under normal market conditions, the fund will invest at least 80% of its net assets in common stocks, with at least 65% of those in large capitalization issuers. The fund may invest the remainder of its common stock investments in companies whose market capitalization is considered to be "mid-cap".
The fund will employ a strategy of writing covered call options on a substantial portion of the common stocks in the fund's portfolio, and may, to a lesser extent, pursue an option strategy that includes the writing of both put and call options.
Portfolio Management

Ray Di Bernardo, CFA
Ray is the lead portfolio manager for Madison's Covered Call portfolios and has more than 25 years of equity management experience. Prior to joining Madison in 2003 he was an equity analyst at Concord Trust in Chicago, and before that, an equity analyst and co-manager of international and emerging market portfolios at a Toronto-based international equity firm. Ray holds a BA from the University of Western Ontario.

Drew Justman, CFA
Drew serves as a portfolio manager on Madison’s Value Team. Prior to joining Madison, he worked with Merrill Lynch. Drew holds a BBA in Finance and Economics and an MS in Finance from the University of Wisconsin. He also graduated from the Applied Security Analysis Program.
Portfolio Highlights
Top Ten Fund Holdings | |
(as of December 31, 2022) | |
FISERV INC | 3.7% |
LAS VEGAS SANDS CORP | 3.2% |
T MOBILE US INC | 2.9% |
CVS HEALTH CORP | 2.9% |
BAKER HUGHES CO | 2.8% |
VISA INC CLASS A SHARES | 2.8% |
JPMORGAN CHASE + CO | 2.7% |
TRANSOCEAN LTD | 2.6% |
BLACKROCK INC | 2.6% |
MEDTRONIC PLC | 2.5% |
% of Fund in Top Ten Securities | 28.6% |
Net Assets (as of 12/31/22) | $146.2 Million |
Turnover (as of 10/31/22) | 99% |
Key Highlights
(as of Tuesday February 07, 2023) | |||||
Class A | Class C | Class Y | Class I | Class R6 | |
Daily Price | 9.77 | 8.76 | 10.19 | 10.19 | 10.38 |
Ticker Symbol | MENAX | MENCX | MENYX | MENIX | MENRX |
Inception Date | 10/30/09 | 7/31/12 | 10/30/09 | 2/28/2022 | 7/31/12 |
Expense Ratio | 1.31 | 2.06 | 1.06 | 1.01 | 0.93 |
Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information
19A Notice - Madison Covered Call & Equity Income Fund