Managed Duration Investment Grade Municipal Fund Announces New Investment Advisory Agreement
06 Enero 2015 - 3:55PM
Managed Duration Investment Grade Municipal Fund (NYSE:MZF) (the
"Fund") today issued the following statement:
On January 5, 2015, The Bank of New York Mellon ("BNY Mellon")
announced the closing of its acquisition (the "Transaction") from
MBIA Inc. of Cutwater Holdings, LLC ("Cutwater") on January 2,
2015. Cutwater Investor Services Corp. is the Fund's investment
adviser (the "Adviser") and is a wholly-owned subsidiary of
Cutwater.
As a result of the Transaction, the Adviser became an indirect
wholly-owned subsidiary of BNY Mellon. Under the Investment Company
Act of 1940, as amended, the closing of the Transaction resulted in
the assignment and automatic termination of the Fund's investment
advisory agreement with the Adviser (the "Terminated Agreement").
In anticipation of the closing, the Fund's shareholders approved a
new investment advisory agreement (the "New Agreement") between the
Fund and the Adviser at a special meeting of the shareholders of
the Fund held on December 10, 2014. The New Agreement is identical
to the Terminated Agreement in all material aspects, except for the
dates of its execution and its termination, and became effective as
of the closing of the Transaction on January 2, 2015.
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. An investment in the Fund involves 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 (01/15)
CONTACT: Analyst Inquiries
William T. Korver
cefs@guggenheimfunds.com
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