(a) The Achieving a Better Life Experience Program Trust.

1. (1) The Achieving a Better Life Experience Program Trust is comprised of an investment fund and an operating fund.

2. (2) Investment fund.

   1. (A) The investment fund initially receives all contributions to accounts established pursuant to Participation Agreements.
   2. (B) The investment fund is invested in underlying investments.
3. (3) Operating fund. The operating fund is comprised of the operating account and such subaccounts as may be established by the Achieving a Better Life Experience Program Committee from time to time.

(b) Portfolios.

1. (1) General.

   1. (A)

(i) The investment fund may be divided into one (1) or more portfolios and/or series of portfolios.

1. (ii) Each portfolio will represent a separate, segregated portfolio of underlying investments held in the investment fund.

   1. (B)

      1. (i) Contributions made to an account are invested in units of one (1) or more series of one (1) or more portfolios based on an election on the Account Application Form (or other appropriate form) made by an account owner.
      2. (ii) If an account owner is awarded a matching grant, the matching grant will be invested according to the portfolio’s or portfolios’ allocation instructions on file for the owner’s account.
      3. (iii) The terms, expenses, and sales charges, if any, as well as the availability of different portfolios (or series thereof) shall be as described in the then current plan disclosure documents.
   2. (C) The assets of each portfolio will be rebalanced periodically on an as-needed basis to conform each portfolio to the approved allocation.
   3. (D) The Achieving a Better Life Experience Program or the program manager has the right to alter the basis of assigning accounts to age-based options and, subject to receipt of reasonably satisfactory assurance that such reassignment would not disqualify the affected accounts or the Achieving a Better Life Experience Program from treatment, for federal tax purposes, as described in the then current plan disclosure documents and/or supplement, or any supplements thereto, to reassign existing accounts for any reason it deems appropriate.

2. (2) Change of designated beneficiary.

   1. (A) An account owner shall be the designated beneficiary of an account and have the right at any time to change the designated beneficiary of an account to an eligible individual who is a member of the family of the former designated beneficiary.
   2. (B) At the direction of an account owner, all or a portion of an account may be transferred to another account of which the designated beneficiary is a member of the family of the designated beneficiary of the transferee account if the transferee account was created by Arkansas Code § 20-3-109 et seq., or in accordance with ABLE.

3. (3) Subsequent portfolios and series. The committee shall have the authority to increase or decrease the number of age-based options or custom portfolio options and/or the number of series of each such portfolio and to create or terminate any additional portfolios or series the terms of which shall be as set forth in the then current plan disclosure documents provided.

   1. (c) Net asset value. The program manager, or its delegate, will calculate a net asset value for each portfolio (or series thereof) of the investment fund as described in the then current plan disclosure documents.