(1) In the case of any municipal security which has a scheduled maturity at date of issue of 731 days or less and which is issued at par value and pays interest at maturity, and which is not traded flat or in default as to principal or interest, the applicable percentages of the market value on the greater of the long or short position in each of the categories specified below are: (i) Less than 30 days to maturity............................................0% (ii) 30 days but less than 91 days to maturity............1/8 of 1% (iii) 91 days but less than 181 days to maturity..........1/4 of 1% (iv) 181 days but less than 271 days to maturity........3/8 of 1% (v) 271 days but less than 366 days to maturity.........1/2 of 1% (vi) 366 days but less than 456 days to maturity.........3/4 of 1% (vii) 456 days but less than 732 days to maturity.................... 1%