On February 15, 2018, Karpus Investment Management sent a letter containing a stockholder proposal for Madison Covered Call & Equity Strategy Fund’s 2018 annual meeting of shareholders that the shareholders of the Fund request that the trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (NAV). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund.