Managed Duration sells $60 million variable-rate munifund preferreds

By Susanna Moon

Chicago, July 13 – Managed Duration Investment Grade Municipal Fund said it closed a $60 million private placement of variable-rate munifund term preferred shares due July 31, 2020.

Proceeds will be used to help redeem all of the fund’s outstanding auction market preferred shares, which is expected to occur in early August, according to a notice.

The redemption and paying agent is Computershare Inc.

The New York-based fund is a diversified closed-end management investment company.

Insight Investment, a subsidiary of Bank of New York Mellon, is responsible for the implementation and execution of the investment strategy on a day-to-day basis.

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