Managed Duration Investment Grade Municipal Fund (NYSE:MZF) today announced that it has successfully completed a private placement of Variable Rate MuniFund Term Preferred Shares with a term redemption date of July 31, 2020 (“Series 2020 VMTP Shares”) pursuant to an offering exempt from registration under the Securities Act of 1933. Pepper Hamilton LLP served as counsel to the Fund on the VMTP issuance.

Totaling approximately $60 million, the proceeds from the VMTP issuance, along with cash on hand, will be used to redeem all of the Fund’s outstanding auction market preferred shares (“AMPS”), which is expected to occur in early August 2017. The Fund’s dividend disbursing and redemption and paying agent is Computershare Inc., P.O. Box 30170, College Station, Texas 77842.

The Fund is a diversified closed-end management investment company whose investment objective is to seek 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. Cutwater Investor Services Corp. (doing business as Insight Investment), the Fund’s investment adviser, provides fixed income asset management to a variety of institutional clients including corporations, governmental entities, employee benefit plans, private funds and registered investment companies.

ABOUT INSIGHTInsight Investment, a subsidiary of The Bank of New York Mellon, is responsible for the implementation and execution of the investment strategy on a day-to-day basis. Cutwater Investor Services Corp, part of Insight Investment is a SEC registered investment advisor. Insight Investment globally has $683 billion in assets under management as of December 31, 2016. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for all clients of Insight. Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Pareto Investment Management Limited (PIML), Cutwater Asset Management Corp. (CAMC), Cutwater Investor Services Corp. (CISC) and Insight North America LLC (INA), each of which provides asset management services. Figures shown in USD.

FORWARD LOOKING STATEMENTSCertain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments, including the successful sale of new preferred securities by the fund identified in this press release; legal and regulatory developments; and other additional risks and uncertainties. None of the Fund or Insight or its affiliates undertake a responsibility to update publicly or revise any forward-looking statements. This notice is being provided pursuant to Regulation FD (“Fair Disclosure”) to ensure that the Fund’s common and preferred shareholders have been informed of the fund’s private placement of Series 2020 VMTP Shares.

River CommunicationsDanny Casarella, 914-686-5599insight@riverinc.com

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