PITTSFORD, N.Y., Sept. 29, 2017 /PRNewswire/ — Karpus Investment Management announces that it was successful in its recent proxy campaign to block the proposed merger of Madison Strategic Sector Premium Fund (NYSE: MSP) with and into Madison Covered Call & Equity Strategy Fund (NYSE: MCN), and the transactions contemplated by the proposed reorganization.

Brett Gardner, Karpus’ Sr. Corporate Governance Analyst and Portfolio Manager stated: “Combined with successful efforts to elect two independent trustees to the MSP Board of Directors, as well as the recent shareholder approval of a proposal asking the Trustees to promptly consider authorizing a self-tender offer for all outstanding common shares of MSP at or close to net asset value, we believe shareholders have spoken with a clear directive to the Board.”

He concluded: “We can find no logical reason why the Board continues to not act and implement something that shareholders have asked for at two consecutive annual meetings. The role of a closed-end fund board is to use independent judgment in acting as a fiduciary and to appropriately manage a fund’s adviser. With Mr. Blake retiring and Ms. Frank resigning and Messrs. Reige and Burgess being replaced, we hope the newly comprised MSP Board will finally engage in cooperative and productive conversations with shareholders to reach a solution close to that which has now been approved twice – not just continuing to rely on unfruitful discussions with officers of MSP, who are also officers of MSP’s Adviser, Madison Asset Management, LLC.”

Karpus Investment Management is a 31 year-old firm based in Pittsford, NY that practices conservative money management and has approximately $3 billion in assets under management. It is among the largest shareholders in both MSP and MCN.

Karpus Investment Management

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SOURCE Karpus Investment Management