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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Options Clearing Corp</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MSFT US 05/16/25 C425</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MSFT 5 C425"/>
          <other otherDesc="OCC" value="MSFT  250516C00425000"/>
        </identifiers>
        <balance>-105.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16905.00000000</valUSD>
        <pctVal>-0.01283177922</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CAPITAL INSTITUTIONAL SVCS</counterpartyName>
              <counterpartyLei>54930061X8RDWFDJIS05</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>The Options Clearing Corp</issuerName>
                <issueTitle>OTHER</issueTitle>
                <identifiers>
                  <cusip value="594918104"/>
                  <isin value="US5949181045"/>
                  <ticker value="MSFT US"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>425.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>58375.02000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Options Clearing Corp</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>DHR US 06/20/25 C230</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DHR 6 C230"/>
          <other otherDesc="OCC" value="DHR   250620C00230000"/>
        </identifiers>
        <balance>-163.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-44417.50000000</valUSD>
        <pctVal>-0.03371520578</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CAPITAL INSTITUTIONAL SVCS</counterpartyName>
              <counterpartyLei>54930061X8RDWFDJIS05</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>The Options Clearing Corp</issuerName>
                <issueTitle>OTHER</issueTitle>
                <identifiers>
                  <cusip value="235851102"/>
                  <isin value="US2358511028"/>
                  <ticker value="DHR US"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>230.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>33652.73000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>XAI Madison Equity Premium Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Derek Mullins</ncom:signature>
      <ncom:signerName>Derek Mullins</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
