UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-PX

 ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT
 COMPANY


                  Investment Company Act file number: 811-21359

 Name of Registrant: MBIA Capital/Claymore Managed Duration Investment Grade
                     Municipal Fund

            Address of Registrant: 113 King Street, Armonk, NY 10504

            Name and address of agent for service: Clifford D. Corso,
                        113 King Street, Armonk, NY 10504


                           Copies to: John McDonnell,
                        2701 Renaissance Blvd., 4th Fl.,
                            King of Prussia, PA 19482

       Registrant's telephone number, including area code: (914) 273-4545

                        Date of fiscal year end: July 31

             Date of reporting period: July 1, 2003 - June 30, 2004

Form N-PX is to be used by a registered management investment company, other
than a small business investment company registered on Form N-5 (ss. ss. 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
August 31 of each year, containing the registrant's proxy voting record for the
most recent twelve-month period ended June 30, pursuant to section 30 of the
Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4).
The Commission may use the information provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-PX unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.






ITEM 1: Proxy Voting Record

The Fund held no voting securities during the period covered by this report. No
records are attached.





                                   Signatures

            Pursuant to the requirements of the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


BY: /s/ Michael R. Jacobson
- ---------------------------
    Michael R. Jacobson
    Secretary


Date: August 30, 2004