(a) The Arkansas Brighter Future Fund Plan Trust.

1. (1) The 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 made by account owners 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 Section 529 Plan Review 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 on behalf of a designated beneficiary 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) 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 program description.
   2. (C) The assets of each portfolio will be rebalanced periodically on an as-needed basis to conform each portfolio to the approved allocation.

2. (2) Change of designated beneficiary.

   1. (A) If an account owner changes the designated beneficiary for an account that has been assigned to an age-based option, the account may be reassigned to a new age-based option based on the age of the new designated beneficiary.
   2. (B) The Section 529 Plan Review Committee or the program manager has the right but not the obligation to reject any (or limit the frequency of) changes of a designated beneficiary that an account owner may make if it believes that the account owner has submitted a change request primarily to avoid the limitation on the number of changes in portfolio selection permitted in a calendar year under federal tax law.

3. (3) 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 program description, provided, however, that with respect to the direct-sold plan, in the event that the total number of portfolios exceeds six (6), the program manager may increase the management fee.

   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 program description.