Investment Grade Managed Duration Income Fund is a closed-end investment fund. The Fund's investment objectives are to provide holders of Units 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. It concentrates on reducing the risk of rising interest rates by managing the portfolio duration over time. It invests in a portfolio of the United States and Canadian dollar denominated securities comprised primarily of the United States investment grade preferred securities. The Fund focuses on the sectors, including industrials, consumer staples, utilities, and materials.