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MCN adopts share repurchase plan and appoints portfolio manager

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Madison/Claymore Covered Call & Equity Strategy Fund, a closed-end management investment company, has approved an open-market share repurchase plan and added an additional portfolio

Madison/Claymore Covered Call & Equity Strategy Fund, a closed-end management investment company, has approved an open-market share repurchase plan and added an additional portfolio manager.

Under the terms of the plan, the fund is authorized to purchase up to five per cent of its outstanding common shares in the open market on a quarterly basis, subject to applicable regulatory and legal restrictions and in consideration of certain operational and market factors, including the size of the market price discount to net asset value of the fund.

The amount and timing of repurchases will be at the discretion of the investment manager to the fund, and subject to market conditions and investment considerations.

The plan is intended to enhance shareholder value. The fund’s board of trustees has authorized the share repurchase programme in the belief that share repurchases may at times represent attractive investment opportunities for the fund.

There is no assurance that the fund will purchase shares at any particular discount levels or in any particular amounts. There is also no assurance that the market price of the fund’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases.

Ray Di Bernardo (pictured) will join Frank Burgess in the day-to-day portfolio management responsibilities for the fund. Di Bernardo brings over 15 years of equity management expertise to his role at Madison Asset Management. Prior to joining the Madison organisation in 2003, he was an equity analyst at Concord Trust in Chicago, and before that an equity analyst and co-manager of numerous international and emerging market mutual funds at a Toronto-based international equity firm.

Claymore Advisors, an affiliate of Claymore Securities, serves as the fund’s investment adviser.

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