MZF Declares Monthly Dividend

LISLE, Ill.--(Business Wire)--
MBIA Capital/Claymore Managed Duration Investment Grade Municipal
Fund (NYSE:MZF), a closed-end management investment company, has
declared its monthly dividend of $0.056 per share. This dividend
represents an annualized distribution rate of 5.59% based upon the
closing market price of $12.03 on August 29, 2008.

Since the Fund's inception on August 27, 2003, through August 31,
2008, the Fund generated an average annual total return, including
reinvestment of dividends, of 3.21% based on net asset value ("NAV")
and 0.75% based on market price. The Fund's one year total return, as
of August 31, 2008, was -0.02% based on NAV and 1.55% based on market
price. The Fund's five year total return, including reinvestment of
dividends, as of August 31, 2008, was 3.26% based on NAV and 0.76%
based on market price. Past performance does not guarantee future
results.

The September 2008 dividend will be paid on September 30, 2008 to
shareholders of record as of September 15, 2008 with an ex-dividend
date of September 11, 2008. If it is determined that a notification is
required pursuant to Section 19a-1 of the Investment Company Act of
1940, such notice will be posted to the Fund's website after the close
of business three business days prior to the payable date. If a
distribution rate is largely comprised of sources other than income,
it may not be reflective of the Fund's performance.

MBIA Capital Management Corp. is the Fund's Investment Adviser.
Based in Armonk, NY, MBIA specializes in the management of
fixed-income securities, with $63 billion in fixed-income assets under
management as of June 30, 2008. Founded in 1994, MBIA Capital
Management Corp. maintains a particular expertise in investment-grade
municipal bond investing, and is a wholly-owned subsidiary of MBIA
Inc.

Claymore Securities, Inc., the Fund's Servicing Agent, is a
privately-held financial services company offering unique investment
solutions for financial advisors and their valued clients. Claymore
entities have provided supervision, management, servicing and/or
distribution on approximately $18.4 billion in assets as of June 30,
2008. Claymore currently offers closed-end funds, unit investment
trusts and exchange-traded funds. To learn more about all of
Claymore's closed-end funds, please visit www.claymore.com/cefs.
Registered investment products are sold by prospectus only and
investors should read the prospectus carefully before investing.

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 objectives. 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 the Fund is subject to certain risks and other
considerations. Such risks and considerations include, but are not
limited to: Liquidity and Market Price of Shares Risk, Market Risk and
Selection Risk, Municipal Bond Market Risk, Interest Rate and Credit
Risk, Call and Redemption Risk, Private Activity Bonds Risk, Risks of
Tobacco-Related Municipal Bonds Risk, Leverage Risk, Inflation Risk,
Portfolio Strategies Risk, Derivatives Risk, Affiliated Insurers,
Anti-takeover Provisions Risk and Market Disruption Risk.

Investors should consider the investment objectives and policies,
risk considerations, charges and expenses of the Fund carefully before
they invest. For this and more information, please contact a
securities representative or Claymore Securities, Inc., 2455 Corporate
West Drive, Lisle, Illinois 60532, 800-345-7999.

Member FINRA/SIPC (9/08)

NOT FDIC-INSURED - NOT BANK-GUARANTEED - MAY LOSE VALUE

MBIA Capital Management Corp.
Press Inquiries:
Elizabeth James
914-765-3889
elizabeth.james@mbia.com
or
Claymore Securities, Inc.
Analyst Inquiries:
William T. Korver
630-505-3700
wkorver@claymore.com

Copyright Business Wire 2008