MCN - XAI Madison Equity Premium Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. March 6, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by XA Investments LLC. Part of the The XAI Funds fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $127 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 3% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 0.8% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 8 funds we follow that invest in shares and sell options on them, none charges a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $11 in the first year and about $134 over 10 years, assuming the holdings return 5% a year. As of Sept 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $6.48. The shares traded at $6.17, about 4.8% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: -0.5%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (92%), the rest cash and short-term holdings. About 92% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Cash and short-term - 7.8%
2. Transocean - 4.4%
3. Matador Resources - 4%
4. CVS Health - 3.9%
5. Danaher - 3.6%
6. PepsiCo - 3.6%
7. Apa - 3.4%
8. Archer-Daniels-Midland - 3.3%
9. Las Vegas Sands - 3.2%
10. CME Group - 3.2%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →