Market Overview

Managed Duration Investment Grade Municipal Fund Announces Timing of Liquidating Distribution to Shareholders

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Managed Duration Investment Grade Municipal Fund (the "Fund") (NYSE: MZF) today announced the timing of the payment of the liquidating
distribution to preferred shareholders. As previously announced, these
steps are being taken in connection with the liquidation of the Fund
pursuant to a Plan of Liquidation approved by shareholders on July 12,
2018.

The Fund will pay a liquidating distribution to preferred shareholders
consisting of the liquidation preference (plus all accumulated but
unpaid dividends and other distributions on such shares accumulated to
(but excluding) the liquidating distribution date) on August 6, 2018, to
shareholders of record as of August 3, 2018. All preferred shareholders
as of the close of business on August 3, 2018 are entitled to receive a
liquidating distribution. It is anticipated that trading on the New York
Stock Exchange in shares of the Fund's common stock will cease at the
close of the market on August 3, 2018 (i.e., the last day of trading
will be August 3, 2018). The Fund expects to make one or more
liquidating or other distributions to common shareholders in September
2018.

For tax purposes, shareholders will generally recognize a capital gain
or loss with respect to the liquidating distribution equal to the amount
received for their shares over their adjusted basis in such shares. In
addition, shareholders who hold shares of the Fund may receive a final
distribution of net income and capital gains earned by the Fund and not
previously distributed prior to liquidation, which may consist of
ordinary income, short term capital gain or long term capital gain. The
final tax status of distributions made by the Fund, including the
liquidating distribution, will be provided to shareholders with the
year-end tax reporting for the Fund (including any portion which may be
treated as a return of capital for tax purposes, reducing a
shareholder's basis in such shares).

FORWARD LOOKING STATEMENTS

Certain 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 adviser or its affiliates undertake a responsibility
to update publicly or revise any forward-looking statements.

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