Investment Grade Managed Duration Income Fund (the Fund) is a closed-end investment fund. The Fund's investment objectives are to provide holders of Units (Unitholders) with a stable stream of monthly distributions; preserve the net asset value per Unit, and reduce the risk of rising interest rates by managing portfolio duration. The Fund focuses on reducing the risk of rising interest rates by managing the portfolio duration over time. The Fund invests in a portfolio of the United States and Canadian dollar denominated securities comprised primarily of the United States investment grade preferred securities and are priced at attractive relative valuations. The Fund focuses on the sectors, including industrials, consumer staples, utilities and materials. Nuveen Asset Management, LLC is the investment advisor of the Fund. Purpose Investments Inc. is the manager of the Fund.