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MSP
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September 30, 2013
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Madison Strategic Sector Premium Fund Portfolio of Investments (unaudited)
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Nuance Communications Inc.
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300
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October 2013
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20.00
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6,750
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Oracle Corp.
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270
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October 2013
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33.00
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16,335
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Oracle Corp.
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180
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January 2014
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34.00
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19,170
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Panera Bread Co.
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25
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October 2013
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165.00
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5,350
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Powershares QQQ Trust Series 1
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150
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October 2013
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76.00
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49,950
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Powershares QQQ Trust Series 1
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150
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October 2013
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77.00
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37,200
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QUALCOMM Inc.
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310
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October 2013
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65.00
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87,110
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QUALCOMM Inc.
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50
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October 2013
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67.50
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6,025
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Schlumberger Ltd.
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200
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October 2013
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82.50
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125,000
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Schlumberger Ltd.
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80
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October 2013
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85.00
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33,200
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SPDR S&P 500 ETF Trust
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140
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October 2013
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167.00
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43,190
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T.Rowe Price Group Inc.
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110
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January 2014
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75.00
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19,140
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United Technologies Corp.
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100
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October 2013
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105.00
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38,000
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VISA Inc.
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60
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October 2013
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180.00
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71,400
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Total Call Options Written
( Premiums received $1,508,098 )
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$1,778,612
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Put Options Written
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Check Point Software Technologies Ltd.
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100
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October 2013
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49.00
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1,250
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Monsanto Co.
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90
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October 2013
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95.00
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2,835
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T. Rowe Price Group Inc.
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110
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October 2013
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70.00
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6,325
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United Technologies Corp.
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100
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October 2013
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97.50
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1,950
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VISA Inc.
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60
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October 2013
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165.00
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660
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Total Put Options Written
( Premiums received $115,977 )
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$13,020
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Total Value of Options Written
( Premiums received $1,624,075 )
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$1,791,632
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See accompanying Notes to Portfolios of Investments.
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5
MSP
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Madison Strategic Sector Premium Fund
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September 30, 2013
Notes to Portfolios of Investments (Unaudited)
1. Portfolio Valuation:
Securities traded on a national securities exchange are valued at their closing sale price, except for securities traded on NASDAQ which are valued at the NASDAQ official closing price ("NOCP") and options which are valued at the mean between the best bid and best ask price across all option exchanges. Securities having maturities of 60 days or less are valued at amortized cost, which approximates market value. Securities having longer maturities, for which quotations are readily available, are valued at their bid price. Mutual funds are valued at their Net Asset Value. 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.
2. Fair Value Measurements:
The Fund has adopted the Financial Accounting Standards Board (“FASB”) 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 in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
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•
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Level 1 – unadjusted quoted prices in active markets for identical investments
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•
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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.)
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•
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Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
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The valuation techniques used by the Fund to measure fair value for the period ended September 30, 2013, maximized the use of observable inputs and minimized the use of unobservable inputs. As of September 30, 2013, the Fund did not hold securities deemed as Level 3, and there were no transfers between classification levels.
The following is a summary of the inputs used as of September 30, 2013, in valuing the Fund’s investments carried at fair value (please see the Portfolio of Investments for a listing of all securities within each category):
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Quoted Prices in Active Markets for Identical Investments
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Significant Other Observable Inputs
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Significant Unobservable Inputs
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Value at
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Description
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(Level 1)
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(Level 2)
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(Level 3)
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9/30/2013
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Assets:
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Common Stocks
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$57,032,010
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$ -
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$ -
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$57,032,010
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Investment Companies
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4,718,900
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-
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-
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4,718,900
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U.S. Government and Agency Obligations
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-
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8,999,856
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-
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8,999,856
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Short-Term Investments
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14,304,319
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-
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-
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14,304,319
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$76,055,229
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$8,999,856
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$ -
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$85,055,085
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Liabilities:
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Written Options
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$1,791,632
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$ -
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$ -
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$1,791,632
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$1,791,632
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$ -
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$ -
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$1,791,632
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Please see Portfolio of Investments of common stock sector breakdown and listing of all securities within each caption
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See accompanying Notes to Portfolios of Investments.
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6
MSP
|
Madison Strategic Sector Premium Fund
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September 30, 2013
Derivatives:
The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and hedging activities and enable investors to understand: a) how and why a Fund used derivative investments, b) how derivative instruments and related hedge fund items are accounted for, and c) how derivative instruments and related hedge fund items affect a Fund’s financial position, results of operations and cash flows.
The following table presents the types of derivatives in the Fund and their effect:
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Asset Derivatives
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Liability Derivatives
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Derivatives not accounted
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Fair Value
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Derivatives not accounted
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Fair Value
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for as hedging instruments
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for as hedging instruments
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Equity contracts
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$-
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Options Written
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$1,791,632
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New Accounting Pronouncement:
In December 2011, the International Accounting Standards Board (IASB) and the FASB issued Accounting Standards Update (ASU) 2011-11 “Disclosures about Offsetting Assets and Liabilities.” These common disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a portfolio’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of Generally Accepted Accounting Principles in the United States (U.S. GAAP) and those entities that prepare their financial statements on the basis of International Financial Reporting Standard (IFRS). ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the financial position; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. In January 2013, FASB issued ASU 2013-01 entitled Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities which is intended to clarify the scope of ASU 2011-11, Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 limits the scope of ASU 2011-11’s disclosure requirements on offsetting to financial assets and financial liabilities related to derivatives repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions. ASU 2011-11 and ASU 2013-01 are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. Management has evaluated the implications of ASU 2011-11 and ASU 2013-01 and its impact on financial statements disclosures and adopted the disclosures required by these updates.
In June 2013, FASB issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services — Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. At this time, management is evaluating the implications of ASU 2013-08 and its impact to financial statements.
3. Discussion of Risks:
While investments in stocks and bonds have been keystones in wealth building and management for a hundred years, at times these investments have produced surprises for even the savviest investors. Those who enjoyed growth and income of their investments were rewarded for the risks they took by investing in the markets. When the rare calamity strikes, the word “security” itself seems a misnomer. Although the Investment 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, of course, 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 you must consider in connection with your investments in securities. Unforeseen events have the potential to upset the best laid plans, and could, under certain circumstances produce the material loss of the value of some or all of the securities we manage for you in the Fund.
Please see the Fund’s original prospectus for a discussion of risks associated with investing in the Fund.
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See accompanying Notes to Portfolios of Investments.
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7
MSP
|
Madison Strategic Sector Premium Fund
|
September 30, 2013
Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer determined that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") are effective, based on their evaluation of these controls and procedures within 90 days of the date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act. There were no significant changes in the Trust's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Madison Strategic Sector Premium Fund
By: (signature)
W. Richard Mason, CCO
Date: November 4, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: (signature)
Katherine L. Frank, Principal Executive Officer
Date: November 4, 2013
By: (signature)
Greg Hoppe, Principal Financial Officer
Date: November 4, 2013
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See accompanying Notes to Portfolios of Investments.
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8
Datto (NYSE:MSP)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Datto (NYSE:MSP)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024