MZF Managed Duration Investment Grade Municipal Fund (delisted)

Managed Duration Investment Grade Municipal Fund (NYSE:MZF) (the "Fund") announced today that at a special meeting of shareholders of the Fund held on December 10, 2014, shareholders of the Fund approved a new investment advisory agreement (the "New Agreement") between the Fund and Cutwater Investor Services Corp., the Fund's investment adviser (the "Adviser").

The Fund previously announced that MBIA Inc. ("MBIA") and The Bank of New York Mellon ("BNY Mellon") had reached an agreement pursuant to which BNY Mellon will acquire MBIA's asset management business through the purchase of Cutwater Holdings, LLC ("CHL") (d/b/a Cutwater Asset Management) (the "Transaction"). The Adviser is a wholly-owned subsidiary of CHL, which is currently a wholly-owned subsidiary of MBIA. As a result of the Transaction, the Adviser would become an indirect wholly owned subsidiary of BNY Mellon. The Transaction is expected to close in the beginning of the first quarter of 2015. Because consummation of the Transaction will constitute a change in control of the Adviser, under the Investment Company Act of 1940, as amended (the "1940 Act"), the Transaction will result in the assignment and automatic termination of the Fund's current investment advisory agreement with the Adviser (the "Current Agreement"). Accordingly, the New Agreement was submitted to shareholders of the Fund for approval and the necessary percentage of shareholders has voted to approve the New Agreement. The Adviser will continue to provide services to the Fund pursuant to the Current Agreement until the New Agreement is executed upon the closing of the Transaction.

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 (12/14)

CONTACT: Analyst Inquiries
         William T. Korver
         cefs@guggenheimfunds.com