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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
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          <ccc>XXXXXXXX</ccc>
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      <investmentCompanyType>N-2</investmentCompanyType>
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    <generalInfo reportEndingPeriod="2025-09-30" isReportPeriodLt12="Y"/>
    <registrantInfo>
      <registrantFullName>XAI Madison Equity Premium Income Fund</registrantFullName>
      <investmentCompFileNo>811-21582</investmentCompFileNo>
      <registrantCik>0001289868</registrantCik>
      <registrantLei>254900DMET709D189F74</registrantLei>
      <registrantstreet1>321 North Clark Street Suite 2430</registrantstreet1>
      <registrantcity>Chicago</registrantcity>
      <registrantzipCode>60654</registrantzipCode>
      <registrantstate>US-IL</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>1-888-903-3358</registrantphoneNumber>
      <websites>
        <website webpage="www.xainvestments.com/mcn"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Computershare Investor Services, LLC</officeName>
          <officeAddress1>150 Royall Street</officeAddress1>
          <officeCity>Canton</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>02021</officeRecordsZipCode>
          <officePhone>7815752000</officePhone>
          <booksRecordsDesc>The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder </booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>XA Investments LLC</officeName>
          <officeAddress1>321 North Clark Street</officeAddress1>
          <officeAddress2>Suite 2430</officeAddress2>
          <officeCity>Chicago</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-IL"/>
          <officeRecordsZipCode>60654</officeRecordsZipCode>
          <officePhone>8889033358</officePhone>
          <booksRecordsDesc>The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder </booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>	 Madison Asset Management, LLC</officeName>
          <officeAddress1>550 Science Drive</officeAddress1>
          <officeCity>Madison</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-WI"/>
          <officeRecordsZipCode>53711</officeRecordsZipCode>
          <officePhone>8008776089</officePhone>
          <booksRecordsDesc>The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder </booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Paralel Technologies LLC</officeName>
          <officeAddress1>1700 Broadway</officeAddress1>
          <officeAddress2>Suite 1850</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
          <officeRecordsZipCode>80290</officeRecordsZipCode>
          <officePhone>3032264150</officePhone>
          <booksRecordsDesc>The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder </booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>U.S. Bank, N.A.</officeName>
          <officeAddress1>1555 N. River Center Drive</officeAddress1>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-WI"/>
          <officeRecordsZipCode>53212</officeRecordsZipCode>
          <officePhone>8008722657</officePhone>
          <booksRecordsDesc>The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder </booksRecordsDesc>
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      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="The XAI Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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        <director>
          <directorName>William Meyers</directorName>
          <crdNumber>002158345</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
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        <director>
          <directorName>Gregory Dingens</directorName>
          <crdNumber>002279672</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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        <director>
          <directorName>Danielle Cupps</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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          <directorName>Scott Jones</directorName>
          <crdNumber>N/A</crdNumber>
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          <directorName>Philip Franklin</directorName>
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      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Randi Roessler</ccoName>
          <crdNumber>005178959</crdNumber>
          <ccoStreet1>501 S Cherry Street</ccoStreet1>
          <ccoStreet2>Suite 610</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80246</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="PINE Advisors LLC" ccoEmployerId="82-3455885"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"/>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Co, LTD</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-OH"/>
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      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
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    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>XAI Madison Equity Premium Income Fund</mgmtInvFundName>
        <mgmtInvLei>254900DMET709D189F74</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>	 State Street Bank and Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <securitiesAgentRssdId>35301</securitiesAgentRssdId>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A" idemnityProviderRssdId="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>XA Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-110653</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000284005</investmentAdviserCrdNo>
            <investmentAdviserLei>254900KDVUJVAYLWIA60</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-IL" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Madison Asset Management, LLC</subAdviserName>
            <subAdviserFileNo>801-62992</subAdviserFileNo>
            <subAdviserCrdNo>000130874</subAdviserCrdNo>
            <subAdviserLei>254900D6QWLJ3WY5HB97</subAdviserLei>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-WI" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare Investor Services, LLC</transferAgentName>
            <transferAgentFileNo>N/A</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data LLC</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianRssdId>3009031</custodianRssdId>
            <custodianStateCountry custodianState="US-MN" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
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            <shareholderServiceAgentName>Computershare Trust Company, N.A.</shareholderServiceAgentName>
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            <shareholderServiceAgentRssdId>2600039</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>Paralel Technologies LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>XMS Capital Partners, LLC</brokerDealerName>
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            <brokerDealerCrdNo>000142871</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-IL" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
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            <brokerName>CAPITAL INSTITUTIONAL SERVICES, INC.</brokerName>
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            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>64454</grossCommission>
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          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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          <broker>
            <brokerName>WILLIAM BLAIR &amp; COMPANY</brokerName>
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        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>134509738</mnthlyAvgNetAssets>
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      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="MCN"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.59</managementFee>
      <netOperatingExpenses>0.81</netOperatingExpenses>
      <marketPricePerShare>6.17</marketPricePerShare>
      <netAssetValuePerShare>6.48</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="XAI Madison Equity Premium Income Fund" signedDate="2025-12-12" signature="Derek Mullins" title="Chief Financial Officer and Treasurer"/>
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