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Managed Duration Investment Grade Municipal Fund Announces Board Approval of New Investment Advisory Agreement and Special Shareholder Meeting

NEW YORK, Oct. 31, 2014 (GLOBE NEWSWIRE) -- Managed Duration Investment Grade Municipal Fund (NYSE:MZF) (the "Fund") announced today that its Board of Trustees has approved a new investment advisory agreement with the Fund's current investment adviser, Cutwater Investor Services Corp. ("CISC"), subject to approval by the Fund's shareholders. A special shareholder meeting to consider this new agreement will be held at the offices of Guggenheim Partners, LLC, 227 West Monroe Street, Chicago, Illinois 60606 on Wednesday, December 10, 2014 at 10:00 a.m. Central Time.

The special meeting is being called as a result of the recent announcement by The Bank of New York Mellon that it had reached an agreement to acquire Cutwater Asset Management. Located in Armonk, NY, Cutwater Asset Management is currently a wholly-owned subsidiary of MBIA Inc. As part of this transaction the Fund's investment adviser, CISC, would become an indirect wholly owned subsidiary of The Bank of New York Mellon. The transaction is subject to standard regulatory approvals and certain other conditions and is expected to close by the beginning of the first quarter of 2015.

Under the Investment Company Act of 1940, as amended, consummation of the transaction will result in the automatic termination of the Fund's investment advisory agreement with CISC. Therefore, the Fund's Board of Trustees has approved a new investment advisory agreement between the Fund and CISC that is identical to the current investment advisory agreement in all material aspects, except for the dates of its execution, effectiveness and termination.

Proxy solicitation materials relating to the proposal are expected to be filed with the Securities and Exchange Commission and mailed to shareholders of record in the coming weeks. Investors and stockholders are advised to read the proxy statement when it becomes available because it will contain important information.

About the Fund

The Fund's investment objective is to provide its common shareholders with high current income exempt from regular federal income tax while seeking to protect the value of the Fund's assets during periods of interest-rate volatility.

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 objective. Investments in the Funds involve operating expenses and fees. 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 and Leverage Risk. In addition, MZF is subject to AMPS Risk. See www.guggenheiminvestments.com/mzf 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 www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim") which, includes Guggenheim Funds Distributors, LLC ("GFD"), the servicing agent to the referenced fund.

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE

Member FINRA/SIPC (10/14)

CONTACT: Analyst Inquiries William T. Korver cefs@guggenheimfunds.comSource: Guggenheim Investments Illinois