Form NPORT-P Madison Covered Call & For: Mar 31

May 18, 2022 10:55 AM EDT

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    NPORT-P
    false
    
      
      
        
          0001289868
          XXXXXXXX
        
      
      
      
      
      
    
  
  
    
      Madison Covered Call & Equity Strategy Fund
      811-21582
      0001289868
      254900DMET709D189F74
      550 SCIENCE DRIVE
      MADISON
      
      53711
      608-274-0300
      Madison Covered Call & Equity Strategy Fund
      254900DMET709D189F74
      2022-12-31
      2022-03-31
      N
    
    
      164359347.08
      5625176.23
      158734170.85
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        Honeywell International, Inc.
        438516106
        
          
        
        25000.00000000
        NS
        USD
        4864500.00000000
        3.064557539155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -631.00000000
        NC
        USD
        -28710.50000000
        -0.01808715782
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                VanEck Gold Miners ETF
                VanEck Gold Miners ETF
                
                  
                  
                
              
            
            100.00000000
            40.00000000
            USD
            2022-04-14
            XXXX
            49142.42000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -91.00000000
        NC
        USD
        -546.00000000
        -0.00034397130
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                JPMorgan Chase & Co.
                JPMorgan Chase & Co.
                
                  
                  
                
              
            
            100.00000000
            165.00000000
            USD
            2022-04-14
            XXXX
            14231.49000000
          
        
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        BlackRock, Inc.
        09247X101
        
          
        
        5550.00000000
        NS
        USD
        4241143.50000000
        2.671852870298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -1215.00000000
        NC
        USD
        -182250.00000000
        -0.11481459790
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                AES Corp.
                AES Corp.
                
                  
                  
                
              
            
            100.00000000
            25.00000000
            USD
            2022-05-20
            XXXX
            -122750.73000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -285.00000000
        NC
        USD
        -131100.00000000
        -0.08259091240
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Jacobs Engineering Group, Inc.
                Jacobs Engineering Group, Inc.
                
                  
                  
                
              
            
            100.00000000
            135.00000000
            USD
            2022-04-14
            XXXX
            -67835.78000000
          
        
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy, Inc.
        65339F101
        
          
        
        43000.00000000
        NS
        USD
        3642530.00000000
        2.294735897440
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -620.00000000
        NC
        USD
        -18290.00000000
        -0.01152240875
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Las Vegas Sands Corp.
                Las Vegas Sands Corp.
                
                  
                  
                
              
            
            100.00000000
            50.00000000
            USD
            2022-05-20
            XXXX
            170177.17000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -110.00000000
        NC
        USD
        -59400.00000000
        -0.03742105413
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                FedEx Corp.
                FedEx Corp.
                
                  
                  
                
              
            
            100.00000000
            240.00000000
            USD
            2022-05-20
            XXXX
            -17369.12000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -1215.00000000
        NC
        USD
        -264262.50000000
        -0.16648116696
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                AES Corp.
                AES Corp.
                
                  
                  
                
              
            
            100.00000000
            24.00000000
            USD
            2022-05-20
            XXXX
            -198688.26000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -1130.00000000
        NC
        USD
        -57065.00000000
        -0.03595004131
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Nordstrom, Inc.
                Nordstrom, Inc.
                
                  
                  
                
              
            
            100.00000000
            32.50000000
            USD
            2022-05-20
            XXXX
            31290.20000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -99.00000000
        NC
        USD
        -4653.00000000
        -0.00293131590
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Home Depot, Inc.
                Home Depot, Inc.
                
                  
                  
                
              
            
            100.00000000
            325.00000000
            USD
            2022-04-14
            XXXX
            60884.78000000
          
        
        
          N
          N
          N
        
      
      
        3M Co
        LUZQVYP4VS22CLWDAR65
        3M Co.
        88579Y101
        
          
        
        12500.00000000
        NS
        USD
        1861000.00000000
        1.172400365992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Transocean Ltd
        529900QO4W5DQGBGEF32
        Transocean Ltd.
        000000000
        
          
        
        495000.00000000
        NS
        USD
        2262150.00000000
        1.425118478199
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030N101
        
          
        
        111500.00000000
        NS
        USD
        5220430.00000000
        3.288787771432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -365.00000000
        NC
        USD
        -37412.50000000
        -0.02356927925
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                PACCAR, Inc.
                PACCAR, Inc.
                
                  
                  
                
              
            
            100.00000000
            95.00000000
            USD
            2022-05-20
            XXXX
            20549.36000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -350.00000000
        NC
        USD
        -525.00000000
        -0.00033074164
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                TJX Cos., Inc.
                TJX Cos., Inc.
                
                  
                  
                
              
            
            100.00000000
            75.00000000
            USD
            2022-04-14
            XXXX
            150316.76000000
          
        
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic PLC
        000000000
        
          
        
        29300.00000000
        NS
        USD
        3250835.00000000
        2.047974284674
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -70.00000000
        NC
        USD
        -27650.00000000
        -0.01741905970
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                CME Group, Inc.
                CME Group, Inc.
                
                  
                  
                
              
            
            100.00000000
            250.00000000
            USD
            2022-05-20
            XXXX
            2396.01000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -811.00000000
        NC
        USD
        -75423.00000000
        -0.04751528898
        N/A
        DE
        
        CA
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Barrick Gold Corp.
                Barrick Gold Corp.
                
                  
                
              
            
            100.00000000
            26.00000000
            USD
            2022-06-17
            XXXX
            8937.48000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -125.00000000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                3M Co.
                3M Co.
                
                  
                  
                
              
            
            100.00000000
            195.00000000
            USD
            2022-04-14
            XXXX
            27372.19000000
          
        
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group, Inc.
        12572Q105
        
          
        
        7000.00000000
        NS
        USD
        1665020.00000000
        1.048936086719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PayPal Holdings Inc
        5493005X2GO78EFZ3E94
        PayPal Holdings, Inc.
        70450Y103
        
          
        
        29300.00000000
        NS
        USD
        3388545.00000000
        2.134729391822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -180.00000000
        NC
        USD
        -303300.00000000
        -0.19107417034
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                AmerisourceBergen Corp.
                AmerisourceBergen Corp.
                
                  
                  
                
              
            
            100.00000000
            140.00000000
            USD
            2022-05-20
            XXXX
            -235890.58000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -469.00000000
        NC
        USD
        -126161.00000000
        -0.07947942104
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                VanEck Gold Miners ETF
                VanEck Gold Miners ETF
                
                  
                  
                
              
            
            100.00000000
            37.00000000
            USD
            2022-05-20
            XXXX
            -56523.84000000
          
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies, Inc.
        550241103
        
          
        
        124000.00000000
        NS
        USD
        1397480.00000000
        0.880390146946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -205.00000000
        NC
        USD
        -119925.00000000
        -0.07555084035
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Visa, Inc.
                Visa, Inc.
                
                  
                  
                
              
            
            100.00000000
            230.00000000
            USD
            2022-05-20
            XXXX
            -17636.50000000
          
        
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa, Inc.
        92826C839
        
          
        
        20500.00000000
        NS
        USD
        4546285.00000000
        2.864087156316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VanEck Gold Miners ETF/USA
        54930031TORTKAM9TJ98
        VanEck Gold Miners ETF
        92189F106
        
          
        
        110000.00000000
        NS
        USD
        4218500.00000000
        2.657587825866
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baker Hughes Co
        N/A
        Baker Hughes Co.
        05722G100
        
          
        
        171000.00000000
        NS
        USD
        6226110.00000000
        3.922350157284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fiserv Inc
        GI7UBEJLXYLGR2C7GV83
        Fiserv, Inc.
        337738108
        
          
        
        62000.00000000
        NS
        USD
        6286800.00000000
        3.960583890875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp.
        03027X100
        
          
        
        13300.00000000
        NS
        USD
        3341226.00000000
        2.104919175315
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -355.00000000
        NC
        USD
        -66385.00000000
        -0.04182149290
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                APA Corp.
                APA Corp.
                
                  
                  
                
              
            
            100.00000000
            45.00000000
            USD
            2022-05-20
            XXXX
            1764.30000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -31.00000000
        NC
        USD
        -7936.00000000
        -0.00499955362
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Home Depot, Inc.
                Home Depot, Inc.
                
                  
                  
                
              
            
            100.00000000
            330.00000000
            USD
            2022-05-20
            XXXX
            14041.99000000
          
        
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        Stryker Corp.
        863667101
        
          
        
        17000.00000000
        NS
        USD
        4544950.00000000
        2.863246127574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adobe Inc
        FU4LY2G4933NH2E1CP29
        Adobe, Inc.
        00724F101
        
          
        
        9600.00000000
        NS
        USD
        4373952.00000000
        2.755520110495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrick Gold Corp
        0O4KBQCJZX82UKGCBV73
        Barrick Gold Corp.
        067901108
        
          
        
        233500.00000000
        NS
        USD
        5727755.00000000
        3.608394442941
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp.
        126650100
        
          
        
        43000.00000000
        NS
        USD
        4352030.00000000
        2.741709599574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -250.00000000
        NC
        USD
        -43750.00000000
        -0.02756180333
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Aflac, Inc.
                Aflac, Inc.
                
                  
                  
                
              
            
            100.00000000
            65.00000000
            USD
            2022-05-20
            XXXX
            -4005.54000000
          
        
        
          N
          N
          N
        
      
      
        PACCAR Inc
        KDTEY8BWE486IKZ3CC07
        PACCAR, Inc.
        693718108
        
          
        
        36500.00000000
        NS
        USD
        3214555.00000000
        2.025118462386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        TJX Cos., Inc.
        872540109
        
          
        
        56500.00000000
        NS
        USD
        3422770.00000000
        2.156290596833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -215.00000000
        NC
        USD
        -322.50000000
        -0.00020316986
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                TJX Cos., Inc.
                TJX Cos., Inc.
                
                  
                  
                
              
            
            100.00000000
            72.50000000
            USD
            2022-04-14
            XXXX
            42599.59000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -78.00000000
        NC
        USD
        -7137.00000000
        -0.00449619635
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Adobe, Inc.
                Adobe, Inc.
                
                  
                  
                
              
            
            100.00000000
            500.00000000
            USD
            2022-04-14
            XXXX
            53622.42000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -1524.00000000
        NC
        USD
        -104394.00000000
        -0.06576655766
        N/A
        DE
        
        CA
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Barrick Gold Corp.
                Barrick Gold Corp.
                
                  
                
              
            
            100.00000000
            26.00000000
            USD
            2022-05-20
            XXXX
            23255.06000000
          
        
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076102
        
          
        
        13000.00000000
        NS
        USD
        3891290.00000000
        2.451450736260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -226.00000000
        NC
        USD
        -10961.00000000
        -0.00690525546
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                JPMorgan Chase & Co.
                JPMorgan Chase & Co.
                
                  
                  
                
              
            
            100.00000000
            155.00000000
            USD
            2022-05-20
            XXXX
            24288.23000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -18.00000000
        NC
        USD
        -10845.00000000
        -0.00683217730
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Adobe, Inc.
                Adobe, Inc.
                
                  
                  
                
              
            
            100.00000000
            500.00000000
            USD
            2022-05-20
            XXXX
            3090.37000000
          
        
        
          N
          N
          N
        
      
      
        FedEx Corp
        549300E707U7WNPZN687
        FedEx Corp.
        31428X106
        
          
        
        11000.00000000
        NS
        USD
        2545290.00000000
        1.603492169562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -33.00000000
        NC
        USD
        -15675.00000000
        -0.00987500039
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                American Tower Corp.
                American Tower Corp.
                
                  
                  
                
              
            
            100.00000000
            250.00000000
            USD
            2022-04-14
            XXXX
            -7042.54000000
          
        
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        27231198.70000000
        NS
        USD
        27231198.70000000
        17.15522155952
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -45.00000000
        NC
        USD
        -6030.00000000
        -0.00379880398
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Honeywell International, Inc.
                Honeywell International, Inc.
                
                  
                  
                
              
            
            100.00000000
            210.00000000
            USD
            2022-05-20
            XXXX
            763.66000000
          
        
        
          N
          N
          N
        
      
      
        Nordstrom Inc
        549300S3IZB5P35KNV16
        Nordstrom, Inc.
        655664100
        
          
        
        113000.00000000
        NS
        USD
        3063430.00000000
        1.929912118856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APA Corp
        N/A
        APA Corp.
        03743Q108
        
          
        
        71000.00000000
        NS
        USD
        2934430.00000000
        1.848644173013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Analog Devices Inc
        GYVOE5EZ4GDAVTU4CQ61
        Analog Devices, Inc.
        032654105
        
          
        
        18500.00000000
        NS
        USD
        3055830.00000000
        1.925124239876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aflac Inc
        549300N0B7DOGLXWPP39
        Aflac, Inc.
        001055102
        
          
        
        25000.00000000
        NS
        USD
        1609750.00000000
        1.014116866822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -230.00000000
        NC
        USD
        -90275.00000000
        -0.05687181248
        N/A
        DE
        
        IE
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Medtronic PLC
                Medtronic PLC
                
                  
                
              
            
            100.00000000
            110.00000000
            USD
            2022-05-20
            XXXX
            -41061.95000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -185.00000000
        NC
        USD
        -18500.00000000
        -0.01165470541
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Analog Devices, Inc.
                Analog Devices, Inc.
                
                  
                  
                
              
            
            100.00000000
            175.00000000
            USD
            2022-04-14
            XXXX
            22647.65000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -310.00000000
        NC
        USD
        -38130.00000000
        -0.02402129282
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Fiserv, Inc.
                Fiserv, Inc.
                
                  
                  
                
              
            
            100.00000000
            110.00000000
            USD
            2022-05-20
            XXXX
            1850.75000000
          
        
        
          N
          N
          N
        
      
      
        Jacobs Engineering Group Inc
        549300CZ8QS1GE53O776
        Jacobs Engineering Group, Inc.
        469814107
        
          
        
        28500.00000000
        NS
        USD
        3927585.00000000
        2.474316008310
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AmerisourceBergen Corp
        AI8GXW8LG5WK7E9UD086
        AmerisourceBergen Corp.
        03073E105
        
          
        
        18000.00000000
        NS
        USD
        2784780.00000000
        1.754367055995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -430.00000000
        NC
        USD
        -215000.00000000
        -0.13544657640
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                NextEra Energy, Inc.
                NextEra Energy, Inc.
                
                  
                  
                
              
            
            100.00000000
            82.50000000
            USD
            2022-06-17
            XXXX
            -120788.06000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -620.00000000
        NC
        USD
        -50530.00000000
        -0.03183309537
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Las Vegas Sands Corp.
                Las Vegas Sands Corp.
                
                  
                  
                
              
            
            100.00000000
            45.00000000
            USD
            2022-05-20
            XXXX
            23261.54000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -63.00000000
        NC
        USD
        -10804.50000000
        -0.00680666295
        N/A
        DE
        
        IE
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Medtronic PLC
                Medtronic PLC
                
                  
                
              
            
            100.00000000
            115.00000000
            USD
            2022-05-20
            XXXX
            1289.60000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -170.00000000
        NC
        USD
        -62900.00000000
        -0.03962599839
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Stryker Corp.
                Stryker Corp.
                
                  
                  
                
              
            
            100.00000000
            270.00000000
            USD
            2022-04-14
            XXXX
            13424.65000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -310.00000000
        NC
        USD
        -86180.00000000
        -0.05429202769
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                T-Mobile U.S., Inc.
                T-Mobile U.S., Inc.
                
                  
                  
                
              
            
            100.00000000
            135.00000000
            USD
            2022-05-20
            XXXX
            23423.27000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -48.00000000
        NC
        USD
        -25200.00000000
        -0.01587559872
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                BlackRock, Inc.
                BlackRock, Inc.
                
                  
                  
                
              
            
            100.00000000
            800.00000000
            USD
            2022-04-14
            XXXX
            37050.34000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -210.00000000
        NC
        USD
        -8400.00000000
        -0.00529186624
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                T-Mobile U.S., Inc.
                T-Mobile U.S., Inc.
                
                  
                  
                
              
            
            100.00000000
            135.00000000
            USD
            2022-04-14
            XXXX
            42966.09000000
          
        
        
          N
          N
          N
        
      
      
        AES Corp/The
        2NUNNB7D43COUIRE5295
        AES Corp.
        00130H105
        
          
        
        243000.00000000
        NS
        USD
        6252390.00000000
        3.938906138810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -293.00000000
        NC
        USD
        -27542.00000000
        -0.01735102142
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                PayPal Holdings, Inc.
                PayPal Holdings, Inc.
                
                  
                  
                
              
            
            100.00000000
            145.00000000
            USD
            2022-05-20
            XXXX
            23252.47000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -140.00000000
        NC
        USD
        -126000.00000000
        -0.07937799361
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Travelers Cos., Inc.
                Travelers Cos., Inc.
                
                  
                  
                
              
            
            100.00000000
            175.00000000
            USD
            2022-04-14
            XXXX
            -83522.70000000
          
        
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        T-Mobile U.S., Inc.
        872590104
        
          
        
        52000.00000000
        NS
        USD
        6674200.00000000
        4.204639722033
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -310.00000000
        NC
        USD
        -60915.00000000
        -0.03837548000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Fiserv, Inc.
                Fiserv, Inc.
                
                  
                  
                
              
            
            100.00000000
            110.00000000
            USD
            2022-06-17
            XXXX
            9741.65000000
          
        
        
          N
          N
          N
        
      
      
        Travelers Cos Inc/The
        549300Y650407RU8B149
        Travelers Cos., Inc.
        89417E109
        
          
        
        14000.00000000
        NS
        USD
        2558220.00000000
        1.611637863669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Las Vegas Sands Corp
        549300DUOO1KXOHPM605
        Las Vegas Sands Corp.
        517834107
        
          
        
        124000.00000000
        NS
        USD
        4819880.00000000
        3.036447649671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -355.00000000
        NC
        USD
        -86087.50000000
        -0.05423375416
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                APA Corp.
                APA Corp.
                
                  
                  
                
              
            
            100.00000000
            40.00000000
            USD
            2022-04-14
            XXXX
            -23924.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -100.00000000
        NC
        USD
        -45000.00000000
        -0.02834928343
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                American Tower Corp.
                American Tower Corp.
                
                  
                  
                
              
            
            100.00000000
            260.00000000
            USD
            2022-05-20
            XXXX
            -16103.07000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -347.00000000
        NC
        USD
        -24116.50000000
        -0.01519301097
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                CVS Health Corp.
                CVS Health Corp.
                
                  
                  
                
              
            
            100.00000000
            110.00000000
            USD
            2022-05-20
            XXXX
            41801.56000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46625H100
        
          
        
        31700.00000000
        NS
        USD
        4321344.00000000
        2.722377908209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        Option
        000000000
        
          
        
        -205.00000000
        NC
        USD
        -21217.50000000
        -0.01336668713
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                Honeywell International, Inc.
                Honeywell International, Inc.
                
                  
                  
                
              
            
            100.00000000
            200.00000000
            USD
            2022-04-14
            XXXX
            22295.75000000
          
        
        
          N
          N
          N
        
      
      
        Gilead Sciences Inc
        549300WTZWR07K8MNV44
        Gilead Sciences, Inc.
        375558103
        
          
        
        66100.00000000
        NS
        USD
        3929645.00000000
        2.475613775507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-20
      Madison Covered Call & Equity Strategy Fund
      Greg Hoppe
      Greg Hoppe
      Chief Financial Officer
    
  
  XXXX



Madison Funds | March 31, 2022
Covered Call & Equity Strategy Fund Portfolio of Investments (unaudited)

SharesValue (Note 1)
COMMON STOCKS - 82.0%
Communication Services - 8.4%
Comcast Corp., Class A111,500$5,220,430
Lumen Technologies, Inc.124,0001,397,480
T-Mobile U.S., Inc. * (A)
52,0006,674,200
13,292,110
Consumer Discretionary - 9.6%
Home Depot, Inc. (A)13,0003,891,290
Las Vegas Sands Corp. * (A)124,0004,819,880
Nordstrom, Inc. (A)113,0003,063,430
TJX Cos., Inc. (A)56,5003,422,770
15,197,370
Energy - 7.2%
APA Corp. (A)71,0002,934,430
Baker Hughes Co.171,0006,226,110
Transocean Ltd. *495,0002,262,150
11,422,690
Financials - 9.1%
Aflac, Inc. (A)25,0001,609,750
BlackRock, Inc. (A)5,5504,241,143
CME Group, Inc. (A)7,0001,665,020
JPMorgan Chase & Co. (A)31,7004,321,344
Travelers Cos., Inc. (A)14,0002,558,220
14,395,477
Health Care - 11.9%
AmerisourceBergen Corp. (A)18,0002,784,780
CVS Health Corp. (A)43,0004,352,030
Gilead Sciences, Inc.66,1003,929,645
Medtronic PLC (A)29,3003,250,835
Stryker Corp. (A)17,0004,544,950
18,862,240
Industrials - 10.3%
3M Co. (A)12,5001,861,000
FedEx Corp. (A)11,0002,545,290
Honeywell International, Inc. (A)25,0004,864,500
Jacobs Engineering Group, Inc. (A)28,5003,927,585
PACCAR, Inc. (A)36,5003,214,555
16,412,930
Information Technology - 13.6%
Adobe, Inc. * (A)9,6004,373,952
Analog Devices, Inc. (A)18,5003,055,830
Fiserv, Inc. * (A)62,0006,286,800
PayPal Holdings, Inc. * (A)29,3003,388,545
Visa, Inc., Class A (A)20,5004,546,285
21,651,412
See accompanying Notes to Portfolios of Investments.
        1

Madison Funds | March 31, 2022
Covered Call & Equity Strategy Fund Portfolio of Investments (unaudited)

Materials - 3.6%
Barrick Gold Corp. (A)233,5005,727,755
Real Estate - 2.1%
American Tower Corp., REIT (A)13,3003,341,226
Utilities - 6.2%
AES Corp. (A)243,0006,252,390
NextEra Energy, Inc. (A)43,0003,642,530
9,894,920
Total Common Stocks
( Cost $144,297,424 )
130,198,130
EXCHANGE TRADED FUNDS - 2.7%
VanEck Gold Miners ETF (A)110,0004,218,500
Total Exchange Traded Funds
( Cost $4,301,041 )
4,218,500
SHORT-TERM INVESTMENTS - 17.1%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (B)27,231,19927,231,199
Total Short-Term Investments
( Cost $27,231,199 )
27,231,199
TOTAL INVESTMENTS - 101.8% ( Cost $175,829,664 )
161,647,829
TOTAL CALL OPTIONS WRITTEN - (1.7%)
(2,706,907)
NET OTHER ASSETS AND LIABILITIES - (0.1%)
(206,751)
TOTAL NET ASSETS - 100.0%
$158,734,171
*Non-income producing.
(A)All or a portion of these securities' positions, with a value of $115,380,816, represent covers (directly or through conversion rights) for outstanding options written.
(B)7-day yield.
ETFExchange Traded Fund.
PLCPublic Limited Company.
REITReal Estate Investment Trust.
Written Option Contracts Outstanding at March 31, 2022
DescriptionExercise PriceExpiration DateNumber of ContractsNotional AmountFair ValuePremiums Paid (Received)Unrealized Appreciation (Depreciation)
Call Options Written
3M Co.$195 4/14/22(125)$ (2,437,500)$$(27,372)$27,372 
Adobe, Inc.500.004/14/22(78)(3,900,000)(7,137)(60,759)53,622
Adobe, Inc.500.005/20/22(18)(900,000)(10,845)(13,935)3,090
AES Corp.24.005/20/22(1,215)(2,916,000)(264,263)(65,574)(198,688)
AES Corp.25.005/20/22(1,215)(3,037,500)(182,250)(59,499)(122,751)
Aflac, Inc.65.005/20/22(250)(1,625,000)(43,750)(39,744)(4,006)
American Tower Corp.250.004/14/22(33)(825,000)(15,675)(8,633)(7,043)
American Tower Corp.260.005/20/22(100)(2,600,000)(45,000)(28,897)(16,103)
AmerisourceBergen Corp.140.005/20/22(180)(2,520,000)(303,300)(67,409)(235,891)
Analog Devices, Inc.175.004/14/22(185)(3,237,500)(18,500)(41,148)22,648
APA Corp.40.004/14/22(355)(1,420,000)(86,088)(62,163)(23,924)
APA Corp.45.005/20/22(355)(1,597,500)(66,385)(68,149)1,764
Barrick Gold Corp.26.005/20/22(1,524)(3,962,400)(104,394)(127,649)23,255
See accompanying Notes to Portfolios of Investments.
        2

Madison Funds | March 31, 2022
Covered Call & Equity Strategy Fund Portfolio of Investments (unaudited)

Barrick Gold Corp.26.006/17/22(811)(2,108,600)(75,423)(84,361)8,938
BlackRock, Inc.800.004/14/22(48)(3,840,000)(25,200)(62,250)37,050
CME Group, Inc.250.005/20/22(70)(1,750,000)(27,650)(30,046)2,396
CVS Health Corp.110.005/20/22(347)(3,817,000)(24,116)(65,918)41,802
FedEx Corp.240.005/20/22(110)(2,640,000)(59,400)(42,031)(17,369)
Fiserv, Inc.110.005/20/22(310)(3,410,000)(38,130)(39,981)1,851
Fiserv, Inc.110.006/17/22(310)(3,410,000)(60,915)(70,657)9,742
Home Depot, Inc.325.004/14/22(99)(3,217,500)(4,653)(65,538)60,885
Home Depot, Inc.330.005/20/22(31)(1,023,000)(7,936)(21,978)14,042
Honeywell International, Inc.200.004/14/22(205)(4,100,000)(21,217)(43,513)22,296
Honeywell International, Inc.210.005/20/22(45)(945,000)(6,030)(6,794)764
Jacobs Engineering Group, Inc.135.004/14/22(285)(3,847,500)(131,100)(63,264)(67,836)
JPMorgan Chase & Co.165.004/14/22(91)(1,501,500)(546)(14,778)14,232
JPMorgan Chase & Co.155.005/20/22(226)(3,503,000)(10,961)(35,249)24,288
Las Vegas Sands Corp.45.005/20/22(620)(2,790,000)(50,530)(73,792)23,262
Las Vegas Sands Corp.50.005/20/22(620)(3,100,000)(18,290)(188,467)170,177
Medtronic PLC110.005/20/22(230)(2,530,000)(90,275)(49,213)(41,062)
Medtronic PLC115.005/20/22(63)(724,500)(10,804)(12,094)1,290
NextEra Energy, Inc.82.506/17/22(430)(3,547,500)(215,000)(94,212)(120,788)
Nordstrom, Inc.32.505/20/22(1,130)(3,672,500)(57,065)(88,355)31,290
PACCAR, Inc.95.005/20/22(365)(3,467,500)(37,413)(57,962)20,549
PayPal Holdings, Inc.145.005/20/22(293)(4,248,500)(27,542)(50,795)23,252
Stryker Corp.270.004/14/22(170)(4,590,000)(62,900)(76,325)13,425
T-Mobile U.S., Inc.135.004/14/22(210)(2,835,000)(8,400)(51,366)42,966
T-Mobile U.S., Inc.135.005/20/22(310)(4,185,000)(86,180)(109,603)23,423
TJX Cos., Inc.72.504/14/22(215)(1,558,750)(322)(42,922)42,600
TJX Cos., Inc.75.004/14/22(350)(2,625,000)(525)(150,842)150,317
Travelers Cos., Inc.175.004/14/22(140)(2,450,000)(126,000)(42,477)(83,523)
VanEck Gold Miners ETF40.004/14/22(631)(2,524,000)(28,711)(77,853)49,142
VanEck Gold Miners ETF37.005/20/22(469)(1,735,300)(126,161)(69,637)(56,524)
Visa, Inc.230.005/20/22(205)(4,715,000)(119,925)(102,289)(17,636)
Total Options Written, at Value$(2,706,907)$(2,655,493)$(51,414)


See accompanying Notes to Portfolios of Investments.
        3

MCN| Madison Covered Call & Equity Strategy Fund | March 31, 2022
Notes to Portfolio of Investments (unaudited)

1. Portfolio Valuation: Madison Covered Call & Equity Strategy Fund (the "Fund") values securities traded on a national securities exchange are valued at their closing sale price, except for securities traded on the National Association of Securities Dealers Automated Quotation System ("NASDAQ"), which are valued at the NASDAQ official closing price ("NOCP"). If no sale occurs, equities traded on a U.S. exchange or on NASDAQ are valued at the bid price. Options are valued at the mean between the best bid and best ask price across all option exchanges. Debt securities having maturities of 60 days or less are valued at amortized cost, which approximates market value. Debt securities having longer maturities are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services approved by the Fund. Mutual funds are valued at their net asset value ("NAV"). Securities for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures approved by the Board of Trustees.

At times, the Fund maintains cash balances at financial institutions in excess of federally insured limits. The Fund monitors this credit risk and has not experienced any losses related to this risk.

2. Fair Value Measurements: The Fund has adopted Financial Accounting Standards Board (the "FASB") applicable guidance on fair value measurements. Fair value is defined as the price that each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the Fund to measure fair value for the period ended March 31, 2022, maximized the use of observable inputs and minimized the use of unobservable inputs.

There were no transfers between classification levels during the period ended March 31, 2022. As of and during the period ended March 31, 2022, the Fund did not hold securities deemed as Level 3 securities.

The following is a summary of the inputs used as of March 31, 2022, in valuing the Fund's investments carried at fair value:

Description
Level 1
Level 2
Level 3
Value at
3/31/22
Assets:1
Common Stocks$130,198,130 $-
$
-$130,198,130 
Exchange Traded Funds4,218,500

--4,218,500
Short-Term Investments27,231,199

--27,231,199
$161,647,829 $-$-$161,647,829 

Liabilities:1
Options Written$(2,706,907)$-$-$(2,706,907)
1 Please see the Portfolio of Investments for a listing of all securities within each category.
Derivatives: The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a fund's financial position, and results of operations.

The following table presents the types of derivatives in the Fund and their effect:

        4

MCN| Madison Covered Call & Equity Strategy Fund | March 31, 2022
Notes to Portfolio of Investments (unaudited)

Liability Derivatives
FundDerivatives not accounted for as hedging instrumentsFair Value
Covered Call & Equity IncomeEquity contracts, options written$
(2,706,907)

3. Federal Income Tax Information: At March 31, 2022, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for the Fund was as follows:

Cost$175,829,664
Gross appreciation2,889,432
Gross depreciation(17,122,681)
Net depreciation$(14,233,249)
4. Securities Lending: The Board of Trustees has authorized the Fund to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the “Agreement”) and subject to the Fund's securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the Fund may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S.government securities, initially equal to at least 102% of the value of the domestic securities and 105% of non-domestic securities, based upon the prior days market value for securities loaned. The loaned securities and collateral are marked to market daily to maintain collateral at 102% of the total loaned portfolio. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statement of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The Fund does not have a master netting agreement.

Cash collateral received for securities on loan are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S. treasuries or government securities. As of March 31, 2022, the Fund did not have any securities on loan to brokers/dealers.

5. Discussion of Risks:
Equity Risk: The value of the securities held by the Fund may decline due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.
Derivatives Risk: The risk that loss may result from investments in options, forwards, futures, swaps and other derivatives instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations.
Option Risk: There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

As the writer of a covered call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but retains the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
When the Fund writes covered put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price. If the option is exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise. While the Fund's potential gain in writing a covered put option is limited to the interest earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire value of the stock.
Foreign Investment Risk: Investing in non-U.S. issuers may involve unique risks such as currency, political, and economic risks, as well as lower market liquidity, generally greater market volatility and less complete financial information than for U.S. issuers.
        5

MCN| Madison Covered Call & Equity Strategy Fund | March 31, 2022
Notes to Portfolio of Investments (unaudited)

Mid-Cap Company Risk: Mid-Cap companies often are newer or less established companies than larger companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent upon one or a few key people. The market movements of equity securities of mid-cap companies may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general.
Fund Distribution Risk: In order to make regular quarterly distributions on its common shares, the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment may not dictate such action. In addition, the Fund's ability to make distributions more frequently than annually from any net realized capital gains by the Fund is subject to the Fund obtaining exemptive relief from the SEC, which cannot be assured. To the extent the total quarterly distributions for a year exceed the Fund's net investment company income and net realized capital gain for that year, the excess will generally constitute a return of the Fund's capital to its common shareholders. Such return of capital distributions generally are tax-free up to the amount of a common shareholder's tax basis in the common shares (generally, the amount paid for the common shares). In addition, such excess distributions will decrease the Fund's total assets and may increase the Fund's expense ratio.
Financial Leverage Risk: The Fund is authorized to utilize leverage through the issuance of preferred shares and/ or the Fund may borrow or issue debt securities for financial leveraging purposes and for temporary purposes such as settlement of transactions. Although the use of any financial leverage by the Fund may create an opportunity for increased net income, gains and capital appreciation for common shares, it also results in additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with financial leverage proceeds are greater than the cost of financial leverage, the Fund's return will be greater than if financial leverage had not been used. Conversely, if the income or gain from the securities purchased with such proceeds does not cover the cost of financial leverage, the return to the Fund will be less than if financial leverage had not been used. Financial leverage also increases the likelihood of greater volatility of the NAV and market price of, and dividends on, the common shares than a comparable portfolio without leverage.

Industry Concentration Risk: To the extent that the Fund makes substantial investments in a single industry, the Fund will be more susceptible to adverse economic or regulatory occurrences affecting those sectors.
Cybersecurity Risk: The Fund is also subject to cybersecurity risk, which includes the risks associated with computer systems, networks and devices to carry out routine business operations. These systems, networks and devices employ a variety of protections that are designed to prevent cyberattacks. Despite the various cyber protections utilized by the Fund, the Adviser, and other service providers, their systems, networks, or devices could potentially be breached. The Fund, its shareholders, and the Adviser could be negatively impacted as a result of a cybersecurity breach. The Fund cannot control the cybersecurity plans and systems put in place by service providers or any other third parties whose operations may affect the Fund.
Additional Risks: While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Adviser seeks to appropriately address and manage the risks identified and disclosed to you in connection with the management of the securities in the Fund, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the Fund.

        6


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