Common use of FUTURES AND OPTIONS TRANSACTIONS; FORWARD COMMITMENTS Clause in Contracts

FUTURES AND OPTIONS TRANSACTIONS; FORWARD COMMITMENTS. (a) For so long as any shares of RP are rated by S&P, the Trust will not purchase or sell futures contracts, write, purchase or sell options on futures contracts or write put options (except covered put options) or call options (except covered call options) on portfolio securities unless it receives written confirmation from S&P that engaging in such transactions will not impair the rating then assigned to such shares of RP by S&P, except that the Trust may purchase or sell futures contracts based on the Bond Buyer Municipal Bond Index (the Municipal Index) or on U.S. Treasury Bonds, Bills or Notes (Treasury Futures) and write, purchase or sell put and call options on such contracts (collectively S&P Hedging Transactions), subject to the following limitations: (A) the Trust will not engage in any S&P Hedging Transactions based on the Municipal Index (other than transactions which terminate a futures contract or option held by the Trust by the Trusts taking an opposition position thereto (Closing Transactions)), which would cause the Trust at the time of such transaction to own or have sold (1) 1,001 or more outstanding futures contracts based on the Municipal Index, (2) outstanding futures contracts based on the Municipal Index exceeding in number 25% of the quotient of the Market Value of the Trusts total assets divided by $100,000 or (3) outstanding futures contracts based on the Municipal Index exceeding in number 10% of the average daily open interest in futures contracts based on the Municipal Index in the thirty days preceding the time of effecting such transaction as reported by The Wall Street Journal;

FUTURES AND OPTIONS TRANSACTIONS; FORWARD COMMITMENTS. (a) For so long as any shares of RP are rated by S&P, the Trust will not purchase or sell futures contracts, write, purchase or sell options on futures contracts or write put options (except covered put options) or call options (except covered call options) on portfolio securities unless it receives written confirmation from S&P that engaging in such transactions will not impair the rating then assigned to such shares of RP by S&P, except that the Trust may purchase or sell futures contracts based on the Bond Buyer Municipal Bond Index (the Municipal Index) or on U.S. Treasury Bonds, Bills Bonds with remaining maturities often years or Notes more (Treasury FuturesBonds) and write, purchase or sell put and call options on such contracts (collectively S&P Hedging Transactions), subject to the following limitations: (A) the Trust will not engage in any S&P Hedging Transactions Transaction based on the Municipal Index (other than transactions which terminate a futures contract or option held by the Trust by the Trusts taking an opposition opposite position thereto (Closing Transactions)), which would cause the Trust at the time of such transaction to own or have sold (1) 1,001 or more outstanding futures contracts based on the Municipal Index, (2) outstanding futures contracts based on the Municipal Index and on Treasury Bonds exceeding in number 25% of the quotient of the Market Value of the Trusts total assets divided by $100,000 or (3) outstanding futures contracts based on the Municipal Index exceeding in number 10% of the average number of daily open interest in traded futures contracts based on the Municipal Index in the thirty days preceding the time of effecting such transaction as reported by The Wall Street Journal;