Management’s
Discussion of Fund Performance
|
1
|
Portfolio
of Investments
|
4
|
Statement
of Assets and Liabilities
|
7
|
Statement
of Operations
|
8
|
Statements
of Changes in Net Assets
|
9
|
Financial
Highlights
|
10
|
Notes
to Financial Statements
|
11
|
Report
of Independent Registered Public Accounting Firm
|
16
|
Other
Information
|
17
|
Trustees
and Officers
|
18
|
Dividend
Reinvestment Plan
|
21
|
%
of net assets
|
|
Cisco
Systems, Inc.
|
5.08%
|
EMC
Corp.
|
4.02%
|
eBay
Inc.
|
3.73%
|
Apache
Corp.
|
3.60%
|
Bed
Bath & Beyond Inc.
|
3.37%
|
UnitedHealth
Group, Inc.
|
3.27%
|
Capital
One Financial Corp.
|
3.24%
|
Lowe's
Companies, Inc.
|
3.21%
|
Target
Corp.
|
3.02%
|
Transocean
Inc
|
2.99%
|
Number
of
Shares
|
Value
|
||
COMMON STOCKS:
96.5% of net assets
|
|||
CONSUMER
DISCRETIONARY: 16.3%
|
|||
33,100
|
American
Eagle Outfitters, Inc.
|
$ 562,038
|
|
70,000
|
Bed
Bath & Beyond Inc.*
|
2,704,100
|
|
30,100
|
Best
Buy Co., Inc.
|
1,187,746
|
|
30,300
|
Home
Depot Inc.
|
876,579
|
|
29,000
|
Kohls
Corp.*
|
1,563,970
|
|
110,000
|
Lowe’s
Companies, Inc.
|
2,572,900
|
|
28,500
|
Starbucks
Corp.*
|
657,210
|
|
50,000
|
Target
Corp.
|
2,418,500
|
|
25,000
|
Williams-Sonoma,
Inc.
|
519,500
|
|
CONSUMER
SERVICES: 7.2%
|
|||
127,000
|
eBay
Inc.*
|
2,989,580
|
|
60,000
|
Garmin
Ltd.
|
1,842,000
|
|
30,000
|
Intuit
Inc.*
|
921,300
|
|
ENERGY:
11.8%
|
|||
28,000
|
Apache
Corp.
|
2,888,760
|
|
22,000
|
Schlumberger
Ltd.
|
1,431,980
|
|
29,000
|
Transocean
Ltd.*
|
2,401,200
|
|
50,000
|
Weatherford
International Ltd.*
|
895,500
|
|
40,000
|
XTO
Energy Inc.
|
1,861,200
|
|
EXCHANGE
TRADED FUNDS: 4.1%
|
|||
35,000
|
Powershares
QQQ
|
1,607,200
|
|
15,000
|
SPDR
Trust Series 1
|
1,671,600
|
|
FINANCIALS:
14.1%
|
|||
16,300
|
Affiliated
Managers Group, Inc.*
|
1,097,805
|
|
61,867
|
Bank
of America Corp.
|
931,717.02
|
|
67,800
|
Capital
One Financial Corp.
|
2,599,452
|
|
190,000
|
Citigroup
Inc.
|
628,900
|
|
95,000
|
Marshall
& Ilsley Corp.
|
517,750
|
|
68,000
|
Morgan
Stanley
|
2,012,800
|
|
50,000
|
State
Street Corp.
|
2,177,000
|
|
50,000
|
Wells
Fargo & Co.
|
1,349,500
|
|
HEALTH
CARE: 21.6%
|
|||
43,100
|
Biogen
Idec*
|
2,305,850
|
|
36,000
|
Genzyme
Corp.*
|
1,764,360
|
|
45,000
|
Gilead
Sciences, Inc.*
|
1,947,600
|
|
35,000
|
Medtronic
Inc.
|
1,539,300
|
|
121,600
|
Mylan,
Inc.*
|
2,241,088
|
|
109,800
|
Pfizer
Inc.
|
1,997,262
|
|
Number
of
Shares
|
Value
|
||
86,000
|
UnitedHealth
Group, Inc.
|
$ 2,621,280
|
|
12,900
|
Waters
Corp.*
|
799,284
|
|
35,000
|
Zimmer
Holdings Inc.*
|
2,068,850
|
|
INSURANCE:
2.0%
|
|||
32,000
|
Aflac
Inc.
|
1,480,000
|
|
25,000
|
MGIC
Investment Corp.*
|
144,500
|
|
SOFTWARE:
1.7%
|
|||
700
|
Check
Point Software Technologies Ltd.*
|
23,716
|
|
75,000
|
Symantec
Corp.*
|
1,341,750
|
|
TECHNOLOGY:
17.7%
|
|||
40,000
|
Applied
Materials, Inc.
|
557,600
|
|
170,000
|
Cisco
Systems, Inc.*
|
4,069,800
|
|
100,000
|
Dell
Inc.*
|
1,436,000
|
|
184,400
|
EMC
Corp.*
|
3,221,468
|
|
260,000
|
Flextronics
International Ltd.*
|
1,900,600
|
|
38,100
|
Microsoft
Corp.
|
1,161,669
|
|
60,000
|
Yahoo!
Inc.*
|
1,006,800
|
|
30,000
|
Zebra
Technologies Corp.-Class A*
|
850,800
|
|
TOTAL
COMMON STOCKS
(Cost
$102,123,369)
|
$77,367,364
|
||
SHORT-TERM
INVESTMENTS:
|
|||
Repurchase
Agreement - 18.4%
|
|||
US
Bank issued 12/31/09 at 0.01%, due 1/4/10, collateralized by $15,033,612
in Fannie Mae MBS #555745 due 9/1/18. Proceeds at maturity are $14,738,629
(Cost
$14,738,613).
|
14,738,613
|
||
TOTAL
INVESTMENTS:
114.9%
of net assets (Cost $116,861,981)
|
$92,105,977
|
||
CASH
AND OTHER ASSETS LESS LIABILITIES: (7.1%)
|
(5,667,982)
|
||
TOTAL
CALL OPTIONS WRITTEN: (7.8%)
|
(6,259,815)
|
||
NET
ASSETS: 100%
|
$80,178,180
|
||
*Non-income
producing
|
Contracts
(100
shares
per
contract)
|
Call
Options Written
|
Expiration
Date
|
Exercise
Price
|
Market
Value
|
|
53.00
|
Affiliated
Managers Group, Inc.
|
January
2010
|
$50.00
|
$91,955
|
|
110.00
|
Affiliated
Managers Group, Inc.
|
March
2010
|
70.00
|
36,850
|
|
150.00
|
Aflac
Inc.
|
January
2010
|
30.00
|
244,500
|
|
170.00
|
Aflac
Inc.
|
May
2010
|
49.00
|
41,650
|
|
17.00
|
American
Eagle Outfitters, Inc.
|
January
2010
|
12.50
|
7,650
|
|
149.00
|
American
Eagle Outfitters, Inc.
|
January
2010
|
15.00
|
31,290
|
|
165.00
|
American
Eagle Outfitters, Inc.
|
May
2010
|
17.50
|
24,750
|
|
146.00
|
Apache
Corp.
|
April
2010
|
95.00
|
170,090
|
|
134.00
|
Apache
Corp.
|
April
2010
|
105.00
|
77,720
|
|
400.00
|
Applied
Materials, Inc.
|
January
2010
|
12.50
|
61,000
|
|
400.00
|
Bed
Bath & Beyond, Inc.
|
January
2010
|
30.00
|
346,000
|
|
50.00
|
Bed
Bath & Beyond, Inc.
|
January
2010
|
32.00
|
33,500
|
|
246.00
|
Bed
Bath & Beyond, Inc.
|
February
2010
|
38.00
|
50,430
|
|
3.00
|
Best
Buy Co., Inc.
|
January
2010
|
35.00
|
1,372
|
|
150.00
|
Best
Buy Co., Inc.
|
March
2010
|
39.00
|
39,300
|
|
148.00
|
Best
Buy Co., Inc.
|
June
2010
|
48.00
|
13,024
|
|
295.00
|
Biogen
Idec
|
January
2010
|
55.00
|
19,175
|
|
136.00
|
Biogen
Idec
|
July
2010
|
50.00
|
90,440
|
|
178.00
|
Capital
One Financial Corp.
|
March
2010
|
38.00
|
53,756
|
|
300.00
|
Capital
One Financial Corp.
|
June
2010
|
40.00
|
105,000
|
|
1,000.00
|
Cisco
Systems, Inc.
|
January
2010
|
20.00
|
397,500
|
|
400.00
|
Cisco
Systems, Inc.
|
April
2010
|
24.00
|
52,600
|
|
400.00
|
Dell
Inc.
|
January
2010
|
15.00
|
5,600
|
|
620.00
|
eBay
Inc.
|
January
2010
|
20.00
|
220,100
|
|
200.00
|
eBay
Inc.
|
April
2010
|
24.00
|
29,100
|
|
250.00
|
eBay
Inc.
|
July
2010
|
25.00
|
42,625
|
|
464.00
|
EMC
Corp.
|
January
2010
|
12.50
|
230,840
|
|
380.00
|
EMC
Corp.
|
January
2010
|
16.00
|
57,190
|
|
700.00
|
EMC
Corp.
|
July
2010
|
18.00
|
95,200
|
|
500.00
|
Flextronics
International Ltd.
|
January
2010
|
5.00
|
116,000
|
|
200.00
|
Garmin
Ltd.
|
January
2010
|
30.00
|
26,000
|
|
200.00
|
Garmin
Ltd.
|
April
2010
|
34.00
|
28,500
|
|
200.00
|
Garmin
Ltd.
|
July
2010
|
33.00
|
57,500
|
|
200.00
|
Genzyme
Corp.
|
January
2010
|
55.00
|
2,500
|
|
160.00
|
Genzyme
Corp.
|
April
2010
|
52.50
|
30,800
|
|
350.00
|
Gilead
Sciences, Inc.
|
February
2010
|
49.00
|
10,500
|
|
300.00
|
Home
Depot Inc.
|
February
2010
|
28.00
|
46,050
|
|
300.00
|
Intuit
Inc.
|
January
2010
|
27.50
|
96,000
|
|
290.00
|
Kohl’s
Corp.
|
January
2010
|
50.00
|
121,800
|
|
400.00
|
Lowe’s
Companies, Inc.
|
January
2010
|
24.00
|
8,000
|
|
700.00
|
Lowe’s
Companies, Inc.
|
July
2010
|
25.00
|
94,500
|
|
350.00
|
Medtronic
Inc
|
May
2010
|
46.00
|
73,500
|
|
381.00
|
Microsoft
Corp.
|
January
2010
|
25.00
|
210,503
|
|
300.00
|
Morgan
Stanley
|
July
2010
|
32.00
|
62,550
|
|
200.00
|
Morgan
Stanley
|
July
2010
|
34.00
|
28,700
|
|
666.00
|
Mylan,
Inc.
|
January
2010
|
12.50
|
399,600
|
|
250.00
|
Mylan,
Inc.
|
January
2010
|
15.00
|
86,250
|
Contracts
(100
shares
per
contract)
|
Call
Options Written
|
Expiration
Date
|
Exercise
Price
|
Market
Value
|
|
300.00
|
Mylan,
Inc.
|
April
2010
|
$17.50
|
$54,750
|
|
350.00
|
Powershares
QQQ
|
March
2010
|
47.00
|
42,350
|
|
150.00
|
Schlumberger
Ltd
|
February
2010
|
65.00
|
47,250
|
|
70.00
|
Schlumberger
Ltd
|
May
2010
|
65.00
|
40,075
|
|
150.00
|
SPDR
Trust Series 1
|
February
2010
|
114.00
|
30,150
|
|
285.00
|
Starbucks
Corp.
|
January
2010
|
12.50
|
302,100
|
|
100.00
|
State
Street Corp.
|
January
2010
|
55.00
|
500
|
|
200.00
|
State
Street Corp.
|
May
2010
|
46.00
|
60,000
|
|
200.00
|
State
Street Corp.
|
August
2010
|
47.00
|
72,000
|
|
500.00
|
Symantec
Corp.
|
January
2010
|
15.00
|
146,250
|
|
250.00
|
Symantec
Corp.
|
July
2010
|
18.00
|
40,625
|
|
200.00
|
Target
Corp.
|
January
2010
|
45.00
|
71,000
|
|
300.00
|
Target
Corp.
|
April
2010
|
49.00
|
74,700
|
|
290.00
|
Transocean
Ltd
|
February
2010
|
90.00
|
34,800
|
|
400.00
|
UnitedHealth
Group, Inc.
|
March
2010
|
30.00
|
94,600
|
|
200.00
|
UnitedHealth
Group, Inc.
|
June
2010
|
33.00
|
38,800
|
|
129.00
|
Waters
Corp.
|
January
2010
|
45.00
|
218,655
|
|
400.00
|
Weatherford
International Ltd
|
August
2010
|
20.00
|
64,000
|
|
300.00
|
Wells
Fargo & Co.
|
January
2010
|
30.00
|
2,850
|
|
200.00
|
Wells
Fargo & Co.
|
April
2010
|
29.00
|
27,300
|
|
250.00
|
Williams-Sonoma,
Inc.
|
February
2010
|
17.50
|
87,500
|
|
320.00
|
XTO
Energy Inc.
|
February
2010
|
44.00
|
105,600
|
|
80.00
|
XTO
Energy Inc.
|
May
2010
|
47.00
|
20,000
|
|
300.00
|
Yahoo!
Inc.
|
April
2010
|
19.00
|
9,000
|
|
300.00
|
Zebra
Technologies Corp. - Class A
|
February
2010
|
25.00
|
106,500
|
|
140.00
|
Zimmer
Holdings Inc.
|
January
2010
|
45.00
|
197,400
|
|
110.00
|
Zimmer
Holdings Inc.
|
March
2010
|
55.00
|
61,600
|
|
100.00
|
Zimmer
Holdings Inc.
|
June
2010
|
60.00
|
40,000
|
|
TOTAL
CALL OPTIONS WRITTEN (Premiums Received $4,874,874)
|
$6,259,815
|
ASSETS
|
|
Investments,
at value (Note 2)
|
|
Short
term investments
|
$14,738,613
|
Investment
securities
|
77,367,364
|
Total
investments (cost
$116,861,981)
|
92,105,977
|
Receivables
|
|
Investment
securities sold
|
1,282,420
|
Dividends
and interest
|
17,648
|
Total
assets
|
93,406,045
|
LIABILITIES
|
|
Options
written, at value (premiums received of $4,874,874)
|
6,259,815
|
Payables
|
|
Investment
securities purchased
|
6,948,103
|
Auditor
fees
|
15,200
|
Independent
trustee fees
|
4,500
|
Other
expenses
|
247
|
Total
liabilities
|
13,227,865
|
NET
ASSETS
|
$80,178,180
|
Net
assets consist of:
|
|
Paid
in capital
|
110,544,278
|
Accumulated
net realized loss on investments and options transactions
|
(4,225,153)
|
Accumulated
net unrealized depreciation on investments and options
transactions
|
(26,140,945)
|
Net
assets
|
$80,178,180
|
CAPITAL
SHARES ISSUED AND OUTSTANDING
|
|
An
unlimited number of capital shares authorized,$.01 par value per share
(Note 8)
|
5,798,291
|
NET
ASSETS VALUE PER SHARE
|
$13.83
|
INVESTMENT INCOME (Note
2)
|
|
Interest
income
|
$ 2,219
|
Dividend
income
|
668,699
|
Total
investment income
|
670,918
|
EXPENSES
(Note 3)
|
|
Investment
advisory
|
609,407
|
Interest
on loan
|
128,454
|
Administration
|
19,041
|
Fund
accounting
|
19,387
|
Auditor
fees
|
22,700
|
Independent
trustee fees
|
18,000
|
Other
|
47,771
|
Total
expenses
|
864,760
|
NET
INVESTMENT LOSS
|
(193,842)
|
REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
Net
realized gain (loss) on:
|
|
Investments
|
(7,684,228)
|
Options
|
3,459,075
|
Net
unrealized appreciation (depreciation) on:
|
|
Investments
|
30,828,452
|
Options
|
(1,907,470)
|
NET
GAIN ON INVESTMENTS AND OPTIONS TRANSACTIONS
|
24,695,829
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$24,501,987
|
Year
Ended December 31,
|
||
2009
|
2008
|
|
INCREASE
(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
||
Net
investment income (loss)
|
$ (193,842)
|
$ 170,259
|
Net
realized gain (loss) on investments and options
transactions
|
(4,225,153)
|
13,461,989
|
Net
unrealized appreciation (depreciation) on investments and options
transactions
|
28,920,982
|
(44,208,489)
|
Net
Increase (decrease) in net assets resulting from
operations
|
24,501,987
|
(30,576,241)
|
DISTRIBUTION
TO SHAREHOLDERS
|
||
From
net investment income
|
--
|
(170,259)
|
From
net capital gains
|
(6,656,638)
|
(8,527,177)
|
Total
distributions
|
(6,656,638)
|
(8,697,436)
|
CAPITAL
SHARE TRANSACTIONS
|
--
|
--
|
NET
INCREASE (DECREASE) IN NET ASSETS
|
17,845,349
|
(39,273,677)
|
NET
ASSETS
|
||
Beginning
of period
|
$62,332,831
|
$101,606,508
|
End
of period
|
$80,178,180
|
$ 62,332,831
|
Year
Ended December 31,
|
For
the Period April 27, 20051
through
December
31,
|
||||
2009
|
2008
|
2007
|
2006
|
2005
|
|
Net
asset value, beginning of period
|
$10.75
|
$17.52
|
$20.25
|
$19.87
|
$19.102
|
Investment
operations:
|
|||||
Net
investment income (loss)
|
(0.03)
|
0.03
|
0.28
|
0.06
|
0.03
|
Net
realized and unrealized gain (loss) on investments
and
options transactions
|
4.26
|
(5.30)
|
(1.21)
|
2.12
|
1.68
|
Total
from investment operations
|
4.23
|
(5.27)
|
(0.93)
|
2.18
|
1.71
|
Less
distributions from:
|
|||||
Net
investment income
|
--
|
(0.03)
|
(0.28)
|
(0.06)
|
(0.03)
|
Capital
gains
|
(1.15)
|
(1.47)
|
(1.52)
|
(1.74)
|
(0.87)
|
Total
distributions
|
(1.15)
|
(1.50)
|
(1.80)
|
(1.80)
|
(0.90)
|
Net
asset value, end of period
|
$13.83
|
$10.75
|
$17.52
|
$20.25
|
$19.87
|
Market
value, end of period
|
$12.23
|
$8.75
|
$15.53
|
$20.60
|
$20.28
|
Total
investment return
|
|||||
Net
asset value (%)
|
41.21
|
(31.94)
|
(5.07)
|
11.61
|
8.83
|
Market
value (%)
|
55.81
|
(36.18)
|
(16.85)
|
11.30
|
5.29
|
Ratios
and supplemental data
|
|||||
Net assets, end of
period
(thousands)
|
$80,178
|
$62,333
|
$101,607
|
$116,223
|
$111,507
|
Ratios
to Average Net Assets:
|
|||||
Total
expenses, excluding interest expense (%)
|
1.04
|
1.07
|
0.98
|
0.98
|
0.973
|
Total
expenses, including interest expense (%)
|
1.23
|
1.50
|
0.98
|
0.98
|
0.973
|
Net
investment income, including interest expense (%)
|
(0.27)
|
0.19
|
1.41
|
0.33
|
0.253
|
Ratios
to Average Managed Assets:4
|
|||||
Total
expenses, excluding interest expense (%)
|
0.97
|
0.96
|
--
|
--
|
--
|
Total
expenses, including interest expense (%)
|
1.13
|
1.35
|
--
|
--
|
--
|
Net
investment income, including interest expense (%)
|
(0.25)
|
0.17
|
--
|
--
|
--
|
Portfolio
turnover (%)
|
25
|
41
|
93
|
64
|
49
|
Senior
Indebtedness
|
|||||
Outstanding
balance, end of period (thousands)
|
--
|
10,000
|
--
|
--
|
--
|
Average
outstanding balance during the period (thousands)
|
5,671
|
9,706
|
--
|
--
|
--
|
Average
fund shares during the period (thousands)
|
5,798
|
5,798
|
--
|
--
|
--
|
Average
indebtedness per share
|
0.98
|
1.67
|
--
|
--
|
--
|
Asset
coverage per $1,000 of indebtedness
|
--
|
7,2335
|
--
|
--
|
--
|
|
Level
1: Quoted prices in active markets for identical
securities
|
|
Level
2: Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
|
|
Level
3: Significant unobservable inputs (including the Fund’s own assumptions
in determining the fair value of
investments)
|
Description
|
Level
1
|
Level
2
|
Level
3
|
Value
at 12/31/2009
|
Assets:
|
||||
Common
Stocks
|
$77,367,364
|
$ --
|
$ --
|
$77,367,364
|
Repurchase
Agreement
|
--
|
$14,738,613
|
$ --
|
14,738,613
|
Total
|
$77,367,364
|
$ --
|
$ --
|
$92,105,977
|
Liabilities:
|
||||
Written
optons
|
$ 6,259,815
|
$ --
|
$ --
|
$ 6,259,815
|
Total
|
$ 6,259,815
|
$ --
|
$ --
|
$ 6,259,815
|
Please
see Portfolio of Investments for common stock sector breakdown and listing
of all securities within each
caption.
|
Statement
of Asset & Liability Presentation of Fair Values of Derivative
Instruments
|
||||
Asset
Derivatives
|
Liability
Derivatives
|
|||
Derivatives
not accounted
for
as hedging instruments
|
Statement
of Assets and Liabilities Location
|
Fair
Value
|
Statement
of Assets
and
Liabilities Location
|
Fair
Value
|
Equity
contracts
|
--
|
--
|
Options
written
|
$6,259,815
|
Realized Gain on
Derivatives:
|
Change
in Unrealized Depreciation on Derivatives
|
|
Derivatives
not accounted
for
as hedging instruments
|
||
Equity
contracts – options
|
$3,459,075
|
$(1,907,470)
|
Aggregate
Cost
|
$117,233,372
|
Gross
unrealized appreciation
|
2,507,833
|
Gross
unrealized depreciation
|
(27,635,228)
|
Net
unrealized depreciation
|
$(25,127,395)
|
Accumulated
net realized losses
|
$ (3,853,762)
|
Net
unrealized depreciation on investments
|
(26,512,336)
|
$(30,366,098)
|
Number
of
Contracts
|
Premiums
Received
|
|
Options
outstanding
beginning
of period
|
26,595
|
$6,490,097
|
Options
written
|
33,290
|
8,585,553
|
Options
expired
|
(9,738)
|
(2,358,483)
|
Options
closed
|
(18,424)
|
(4,789,121)
|
Options
assigned
|
(11,388)
|
(3,053,172)
|
Options
outstanding end of period
|
20,335
|
$4,874,874
|
Name
and
Year
of Birth
|
Position(s)
and
Length of Time Served
|
Principal
Occupation(s)
During
Past Five Years
|
Other
Directorships/Trusteeships
|
Katherine
L. Frank1
1960
|
President,
2005 -
Present,
and Trustee, 2005- Present
|
Madison
Investment Advisors, Inc. (ÒMIAÓ), Managing Director and Vice President,
1986 - Present; Madison Asset Management, LLC (ÒMAMÓ), Director and Vice
President, 2004 - Present; Madison Mosaic, LLC, President, 1996 - Present;
Madison Mosaic Funds (13 funds) and Madison Strategic Sector Premium Fund
(closed end fund), President, 1996 - Present; Madison/Claymore Covered
Call and Equity Strategy Fund (closed end fund), Vice President, 2005 -
Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (19) (mutual
funds), President, 2009 - Present
|
Madison
Mosaic Funds (all but Equity Trust) and Madison Strategic Sector Premium
Fund, 1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund
(19), 2009 - Present
|
Frank
E. Burgess1
1942
|
Trustee
and Vice President, 2005 - Present
|
MIA,
Founder, President and Director, 1973 - Present; MAM, President and
Director, 2004 - Present; Madison Mosaic Funds (13 funds) and Madison
Strategic Sector Premium Fund, Vice President, 1996 - Present; MEMBERS
Mutual Funds (13) and Ultra Series Fund (19), Vice President, 2009 -
Present
|
Madison
Mosaic Funds (13), Madison Strategic Sector Premium Fund, and
Madison/Claymore Covered Call & Equity Strategy Fund, 1996 - Present;
Capitol Bank of Madison, WI, 1995 - Present; American Riviera Bank of
Santa Barbara, CA, 2006 - Present
|
Jay
R. Sekelsky
1959
|
Vice
President,
2005
- Present
|
MIA,
Managing Director and Vice President, 1990 - Present; MAM, Director, 2009
- Present; Madison Mosaic, LLC, Vice President, 1996 - Present; Madison
Mosaic Funds (13 funds) and Madison Strategic Sector Premium Fund, Vice
President, 1996 - Present; Madison/Claymore Covered Call & Equity
Strategy Fund, Vice President, 2004 - Present; MEMBERS Mutual Funds (13)
and Ultra Series Fund (19), Vice President, 2009 - Present
|
N/A
|
Paul
Lefurgey
1964
|
Vice
President,
2010
- Present
|
MIA,
Managing Director, Head of Fixed Income, 2005 - Present; Madison Mosaic
Funds (13 funds, including the Trust), Vice President, 2009 - Present;
Madison Strategic Sector Premium Fund, Vice President, 2010 - Present;
MEMBERS Capital Advisors, Inc. (ÒMCAÓ) (investment advisory firm),
Madison, WI, Vice President 2003 - 2005; MEMBERS Mutual Funds (13) and
Ultra Series Fund (19), Vice President, 2009 - Present
|
N/A
|
Ray
DiBernardo
1959
|
Vice
President,
2005
- Present
|
MIA,
Vice President - Present; Madison Strategic Sector Premium Fund, Vice
President, 2005 - Present
|
N/A
|
Greg
D. Hoppe
1969
|
Treasurer,
2009
- Present
Chief
Financial
Officer,
2005 -
2009
|
MIA,
Vice President, 1999 - Present; MAM, Vice President, 2009 - Present;
Madison Mosaic, LLC, Vice President, 1999 - Present; Madison Mosaic Funds
(13 funds), Treasurer, 2009 - Present; Chief Financial Officer, 1999 -
2009; Madison Strategic Sector Premium Fund, Treasurer, 2005 - Present;
Chief Financial Officer, 2005 - 2009; Madison/Claymore Covered Call &
Equity Strategy Fund, Vice President, 2008 - Present; MEMBERS Mutual Funds
(13) and Ultra Series Fund (19), Treasurer, 2009 - Present
|
N/A
|
Name
and
Year
of Birth
|
Position(s)
and
Length of
Time
Served
|
Principal
Occupation(s)
During
Past Five Years
|
Other
Directorships/Trusteeships
|
Holly
S. Baggot
1960
|
Secretary
and Assistant Treasurer, 2009 - Present
|
MAM,
Vice President, 2009 - Present; MCA, Director-Mutual Funds, 2008 - 2009;
Director-Mutual Fund Operations, 2006 - 2008; Operations Officer-Mutual
Funds, 2005 - 2006; Senior Manager-Product & Fund Operations, 2001 -
2005; Madison Mosaic Funds (13 funds), Secretary and Assistant Treasurer,
2009 - Present; Madison Strategic Sector Premium Fund, Secretary and
Assistant Treasurer, 2010 - Present; MEMBERS Mutual Funds (13) and Ultra
Series Fund (19), Assistant Treasurer, 2009 - Present; Secretary, 1999 -
Present; Treasurer, 2008 - 2009; Assistant Treasurer, 1997 -
2007
|
N/A
|
W.
Richard Mason
1960
|
Chief
Compliance Officer, 2005 - Present
Corporate
Counsel and Assistant Secretary, 2009 - Present
General
Counsel
and
Secretary,
2005
- 2009
|
MIA,
MAM, Madison Scottsdale, LC (an affiliated investment advisory firm of
MIA) and Madison Mosaic, LLC, General Counsel and Chief Compliance
Officer, 1996 - 2009; Chief Compliance Officer and Corporate Counsel, 2009
- Present; Mosaic Funds Distributor, LLC (an affiliated brokerage firm of
MIA), Principal, 1998 - Present; Concord Asset Management (ÒConcordÓ) (an
affiliated investment advisory firm of MIA), LLC, General Counsel, 1996 -
2009; Madison Mosaic Funds (13 funds) and Madison Strategic Sector Premium
Fund, General Counsel, Chief Compliance Officer, 1992 - 2009; Chief
Compliance Officer, Corporate Counsel, Secretary and Assistant Secretary,
2009 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (19),
Chief Compliance Officer, Corporate Counsel and Assistant Secretary, 2009
- Present
|
N/A
|
Pamela
M. Krill
1966
|
General
Counsel,
Chief
Legal Officer
and
Assistant Secretary,
2009
- Present
|
MIA,
MAM, Madison Scottsdale, LC, Madison Mosaic, LLC, Mosaic Funds
Distributor, and Concord, General Counsel and Chief Legal Officer, 2009 -
Present; Madison Mosaic Funds (13 funds), General Counsel, Chief Legal
Officer and Assistant Secretary, 2009 - Present; Madison Strategic Sector
Premium Fund, General Counsel, Chief Legal Officer and Assistant
Secretary, 2010 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund
(19), General Counsel, Chief Legal Officer and Assistant Secretary, 2009 -
Present; CUNA Mutual Insurance Society (insurance company with affiliated
investment advisory, brokerage and mutual fund operations), Madison, WI,
Managing Associate General Counsel-Securities & Investments, 2007 -
2009; Godfrey & Kahn, S.C. (law firm), Madison and Milwaukee, WI,
Shareholder, Securities Practice Group, 1994-2007
|
N/A
|
Name
and
Year
of Birth
|
Position(s)
and
Length of Time Served1
|
Principal
Occupation(s)
During
Past Five Years
|
Portfolios
Overseen
in
Fund
Complex2
|
Other
Directorships/Trusteeships
|
Philip
E. Blake
1944
|
Trustee,
2005 - Present
|
Retired
investor; Lee Enterprises, Inc (news and advertising publisher), Madison,
WI, Vice President, 1998 - 2001; Madison Newspapers, Inc., Madison, WI,
President and Chief Executive Officer, 1993 - 2000
|
46
|
Madison
Newspapers, Inc., 1993 - Present; Meriter Hospital & Health Services,
2000 - Present; Edgewood College, 2003 - Present; Madison Mosaic Funds (13
funds) and Madison Strategic Sector Premium Fund, 1996 - Present; MEMBERS
Mutual Funds (13) and Ultra Series Fund (19), 2009 -
Present
|
James
R Imhoff, Jr.
1944
|
Trustee,
2005 - Present
|
First
Weber Group (real estate brokers), Madison, WI, Chief Executive Officer,
1996 - Present
|
46
|
Park
Bank, 1978 - Present; Madison Mosaic Funds (13 funds) and Madison
Strategic Sector Premium Fund, 1996 - Present; Madison/Claymore Covered
Call and Equity Strategy Fund, 1996 - Present; MEMBERS Mutual Funds (13)
and Ultra Series Fund (19), 2009 - Present
|
Lorence
D. Wheeler
1938
|
Trustee,
2005 - Present
|
Retired
investor; Credit Union Benefits Services, Inc. (a provider of retirement
plans and related services for credit union employees nationwide),
Madison, WI, President, 1997 - 2001
|
46
|
Grand
Mountain Bank FSB and Grand Mountain Bancshares, Inc. 2003 - Present;
Madison Mosaic Funds (13 funds) and Madison Strategic Sector Premium Fund,
1996 - Present; Madison/Claymore Covered Call and Equity Strategy Fund,
1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (19), 2009
- Present
|
·
|
If
your shares are held in a Brokerage Account, contact your
Broker
|
·
|
If
you have physical possession of your shares in certificate form, contact
the Fund's Transfer Agent: Computershare Investor
Services, LLC, 2 North LaSalle Street, Chicago, Illinois 60602
781-575-4523
|
Types
of Accounts
|
Number
of Other Accounts Managed
|
Total
Assets in Accounts
|
Accounts
with Performance-Based Advisory Fees
|
Total
Assets in Accounts with Performance-Based Advisory Fees
|
Registered
Investment Companies
|
4
(including the Trust)
|
297
million
|
1
|
$6
million
|
Other
Pooled Investment Vehicles
|
0
|
$0
|
0
|
$0
|
Other
Accounts
|
0
|
$0
|
0
|
$0
|
Types
of Accounts
|
Number
of Other Accounts Managed
|
Total
Assets in Accounts
|
Accounts
with Performance-Based Advisory Fees
|
Total
Assets in Accounts with Performance-Based Advisory Fees
|
Registered
Investment Companies
|
4
(including the Trust)
|
297
million
|
1
|
$6
million
|
Other
Pooled Investment Vehicles
|
0
|
$0
|
0
|
$0
|
Other
Accounts
|
0
|
$0
|
0
|
$0
|
Name
of Manager
|
Name
of Registrant
|
Range
of Ownership Interest
|
Frank
Burgess
|
Madison
Strategic Sector Premium Fund
|
$100,001
- $500,000
|
Ray
DiBernardo
|
Madison
Strategic Sector Premium Fund
|
None
|