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.

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 www.guggenheimfunds.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.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 VALUEMember FINRA/SIPC (11/12)

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