-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Knr4mi0LGogITNde1PKHSMjGQ/QD3x3poolvzC7KhEyFc11LhTZvcv3wGfeoqoNw
 eqt6pYA8lhTdjg5NObBk7w==

<SEC-DOCUMENT>0001179110-06-019715.txt : 20061010
<SEC-HEADER>0001179110-06-019715.hdr.sgml : 20061009
<ACCEPTANCE-DATETIME>20061010162144
ACCESSION NUMBER:		0001179110-06-019715
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061005
FILED AS OF DATE:		20061010
DATE AS OF CHANGE:		20061010

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wheeler Lorence D
		CENTRAL INDEX KEY:			0001298068

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21582
		FILM NUMBER:		061138037

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		800-767-0300

	MAIL ADDRESS:	
		STREET 1:		550 SCIENCE DRIVE
		CITY:			MADISON
		STATE:			WI
		ZIP:			53711

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Madison/Claymore Covered Call Fund
		CENTRAL INDEX KEY:			0001289868
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
		BUSINESS PHONE:		630-505-3700

	MAIL ADDRESS:	
		STREET 1:		2455 CORPORATE WEST DRIVE
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Madison Claymore Covered Call Fund
		DATE OF NAME CHANGE:	20040714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Madison/Claymore Covered Call Strategy Fund
		DATE OF NAME CHANGE:	20040511
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-10-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001289868</issuerCik>
        <issuerName>Madison/Claymore Covered Call Fund</issuerName>
        <issuerTradingSymbol>MCN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001298068</rptOwnerCik>
            <rptOwnerName>Wheeler Lorence D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>135 GRAND COUNTY ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>TABERNASH</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80478</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Trustee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2006-10-05</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-10-05</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.59</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3230</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Nicholas Dalmaso by Power of Attorney</signatureName>
        <signatureDate>2006-10-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----