• 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

Walter Dewey, CFA

Drew Justman, CFA

Portfolio Highlights

Top Ten Fund Holdings
(as of July 31, 2017)
T MOBILE US INC3.7%
LOWE S COS INC3.1%
DOW CHEMICAL CO/THE2.9%
GILEAD SCIENCES INC2.5%
QUALCOMM INC2.5%
BANK OF AMERICA CORP2.5%
BIOGEN INC2.4%
COSTCO WHOLESALE CORP2.3%
NRG ENERGY INC2.3%
CVS HEALTH CORP2.3%
% of Fund in Top Ten Securities26.4%

 

Net Assets (as of 6/30/17) $113.3 Million
Turnover (as of 10/31/16) 135%

 

Complete Holdings List

This schedule may not reflect certain portfolio transaction activity in a security if it is pending, but not completed, at the end of the period presented

Key Highlights

(as of Friday August 18, 2017)      
  Class A Class C Class Y Class R6
Daily Price 8.83 8.45 9.01 9.07
Ticker Symbol MENAX MENCX MENYX MENRX
Inception Date 10/30/09 7/31/12 10/31/09 7/31/12
Expense Ratio 1.28 2.03 1.03 0.90


Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information

Investment in the fund involves direct expenses and a proportional share of the expenses of the underlying funds — indirect expenses. The cost of this type of investment may be higher than generally experienced when investing in mutual funds that contain stocks and bonds. Please see prospectus for further details.