MZF Announces Adjournment of Annual Shareholder Meeting

  MZF Announces Adjournment of Annual Shareholder Meeting

Business Wire

LISLE, Ill. -- November 16, 2012

Managed Duration Investment Grade Municipal Fund (NYSE: MZF) (the “Fund”)
announces that the annual meeting of shareholders of the Fund held on November
7, 2012, has been adjourned to December 21, 2012, at 9:30 a.m. (Central time)
to provide shareholders of the Fund who have not yet cast their vote
additional time to do so. The proposal to be voted on at the meeting is the
election of a Class I Trustee by the Fund’s Preferred Shareholders, voting as
a separate class, and the election of a Class II Trustee by the Fund’s
Preferred Shareholders, voting as a separate class. The reconvened annual
meeting will be held at the offices of the Fund at 2455 Corporate West Drive,
Lisle, IL 60532. Shareholders who have already voted do not need to recast
their votes.

About Cutwater Investor Services Corporation

Cutwater Investor Services Corp. (“Cutwater”) serves as the Fund’s investment
adviser. Based in Armonk, New York, Cutwater, formerly known as MBIA Capital
Asset Management Corporation, was created in 1991 to provide fixed-income
investment products and services to institutional and retail clients.The firm
specializes in the management of fixed-income securities and provides
expertise in investment-grade municipal bond investing. Cutwater is a
wholly-owned subsidiary of MBIA, Inc., which is listed on the New York Stock
Exchange and is a component stock of the S&P 500 Index. Additional information
can be found at

About Guggenheim Investments

Guggenheim Investments represents the investment management division of
Guggenheim Partners (“Guggenheim”), which consists of investment managers with
approximately $137 billion in combined total assets*. Collectively, Guggenheim
Investments has a long, distinguished history of serving institutional
investors, ultra-high-net-worth individuals, family offices and financial
intermediaries. Guggenheim Investments offers clients a wide range of
differentiated capabilities built on a proven commitment to investment
excellence. Guggenheim Investments has offices in Chicago, New York City and
Santa Monica, along with a global network of offices throughout the United
States, Europe, and Asia.

Guggenheim Investments is comprised of several investment management entities
within Guggenheim Partners, which includes Guggenheim Funds Distributors, LLC
and Guggenheim Funds Investment Advisors, LLC (together, “Guggenheim Funds”).
Guggenheim Funds Distributors, LLC serves as Servicing Agent for MZF.

*The total asset figure is as of 09/30/2012 and includes $9.56B of leverage
for Assets Under Management and $0.83B of leverage for Serviced Assets. Total
assets include assets from Security Investors, LLC, Guggenheim Partners
Investment Management, LLC (“GPIM”, formerly known as Guggenheim Partners
Asset Management, LLC; GPIM assets also include all assets from Guggenheim
Investment Management, LLC which were transferred as of 06/30/2012),
Guggenheim Funds Investment Advisors and its affiliated entities, and some
business units including Guggenheim Real Estate, LLC, Guggenheim Aviation, GS
GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, Transparent Value
Advisors, LLC, and Guggenheim Partners India Management. Values from some
funds are based upon prior periods.

This information does not represent an offer to sell securities of the Fund
and it is not soliciting an offer to buy securities of the Fund. There can be
no assurance that the Fund will achieve its investment objectives. The net
asset value of the Fund will fluctuate with the value of the underlying
securities. It is important to note that closed-end funds trade on their
market value, not net asset value, and closed-end funds often trade at a
discount to their net asset value. Past performance is not indicative of
future performance. An investment in closed-end funds is subject to investment
risk, including the possible loss of the entire amount that you invest. Some
general risks and considerations associated with investing in a closed-end
fund include: Investment and Market Risk; Lower Grade Securities Risk; Equity
Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity
Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market
Disruption Risk; AMPS Risk and Leverage Risk. See
for a detailed discussion of fund-specific risks.

Investors should consider the investment objectives and policies, risk
considerations, charges and expenses of any investment before they invest. For
this and more information visit or contact a
securities representative or Guggenheim Funds Distributors, LLC 2455 Corporate
West Drive, Lisle, IL 60532, 800-345-7999.

                          Member FINRA/SIPC (11/12)


Guggenheim Investments
Analyst Inquiries
William T. Korver, 630.505.3700
Media Inquiries
Jeaneen Pisarra, 917.386.0387
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