NEW YORK--(BUSINESS WIRE)--The Managed Duration Investment Grade Municipal Fund (NYSE: MZF) (the “Fund”), announced today the results of the votes cast at the Fund’s Annual Meeting of Shareholders (the “Meeting”) held on November 16, 2016.
At the Meeting, the common shareholders and the preferred shareholders of the Fund, voting together as a single class, elected: Ellen D. Harvey and Suzanne P. Welsh as Class I Trustees, W. Thacher Brown as a Class II Trustee, and Clifford D. Corso and Thomas E. Spock as Class III Trustees.
In addition, following the Meeting, Ronald A. Nyberg (Class I Trustee) and Ronald E. Toupin, Jr. (Class II Trustee), each submitted a letter of resignation effective as of 12:01 a.m. on November 17, 2016. Prior to their resignations, the Board of Trustees of the Fund, including the newly elected trustees, designated Ms. Welsh and Mr. Spock to fill the vacancies resulting from their resignations and to be the two trustees elected by the holders of outstanding preferred shares of the Fund, to the exclusion of the holders of all other securities and classes of capital stock.
About the Fund
The Fund’s investment objective is to provide 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. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its total assets in municipal bonds of investment grade quality.
The Fund is a diversified, closed-end investment company that is managed by Cutwater Investor Services Corp. (“Cutwater”). Cutwater is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.
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 investment companies trade on their market value, not net asset value, and closed-end investment companies often trade at a discount to their net asset value. Past performance is not indicative of future performance.
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 http://www.insightinvestment.com/northamerica/individual/ or contact the Fund’s call center at 877-848-4140.