Managed Duration Investment Grade Municipal Fund Announces Election of Chief Executive Officer

Managed Duration Investment Grade Municipal Fund (the “Fund”)(NYSE: MZF) announced today the election by the Fund’s Board of Trustees of Mr. Clifford D. Corso as Chief Executive Officer. Mr. Corso, who currently also serves as an interested Trustee and President of the Fund, succeeds Mr. Kevin M. Robinson as Chief Executive Officer of the Fund. Mr. Robinson will remain the Chief Legal Officer of the Fund.

Clifford D. Corso joined Cutwater Asset Management in 1994, establishing the company's asset management platform and building it into a significant fixed income manager. With a staff of 120 people, Mr. Corso now oversees the investment of $34.2 billion in assets as of June 30, 2012, and directs the investment strategies of Cutwater's clients, including pension funds, global banks, corporations, Taft Hartley and insurance companies as well as hundreds of municipalities across the United States.

Prior to joining the firm, Mr. Corso served as senior portfolio manager and co-head of a fixed income division at Alliance Capital Management. In his twenty seven-year career, he has held positions as a credit analyst, restructuring specialist, trader and portfolio manager. He has managed a wide range of fixed income products, including corporate, asset-backed, government, mortgage, municipal, credit default swap and derivative securities. He has developed several unique conduit businesses including East-Fleet, a London based vehicle serving several global banks. He was also an early pioneer in the credit derivatives market, developing several investment programs starting in 2000, and expanding this area to create the MINTS funds, one of the most successful CDS funds ever created with over $1.6 billion in notional value under management.

Mr. Corso began his career in banking positions as an analyst, lender and trader, and has led several notable and large debt restructurings. His analytical skills combine mathematics, game theory, economics, psychology and investment theory.

Mr. Corso graduated from Yale University with a degree in economics and earned an MBA from Columbia University. He has lectured on topics from leadership to finance at many academic institutions, including Columbia University and New York University, where he taught a course on financial derivatives.

About Guggenheim Investments

Guggenheim Investments represents the investment management division of Guggenheim Partners (“Guggenheim”), which consists of investment managers with approximately $130 billion in combined total assets*. Guggenheim Investments is comprised of several investment management entities within Guggenheim, which includes Guggenheim Funds Distributors, LLC – the Fund’s’s Servicing Agent. 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.

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.

* The total asset figure is as of 6.30.2012 and includes $10.7B of leverage for assets under management and $0.8B of leverage for Serviced Assets. Total assets includes assets from Security Investors, Guggenheim Partners Asset Management, Guggenheim Investment Management, Guggenheim Funds and its affiliated entities, and some business units including Guggenheim Real Estate, Guggenheim Aviation, GS GAMMA Advisors, Guggenheim Partners Europe, Transparent Value Advisors, 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 and Leverage Risk and AMPS Risk. See www.guggenheimfunds.com/cef 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.guggenheimfunds.com or contact a securities representative or Guggenheim Funds Distributors, LLC 2455 Corporate West Drive, Lisle, IL, 60532, 800-345-7999.

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

Member FINRA/SIPC (8/12)

Managed Duration Investment Grade Municipal Fund (delisted) (NYSE:MZF)
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