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MZF Announces Adjournment Of Annual Shareholder Meeting

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 www.cutwater.com.

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.

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