(i) The term “asset class” shall mean domestic equities, international equities, fixed income products, commodities, insurance products, bank products, cash or cash equivalents or other product types.
(ii) The term “benchmark” shall mean an established index or a blended index that combines the benchmarks for each of the underlying mutual funds or other investments held by an investment option during the relevant time period weighted according to the allocations of those underlying mutual funds or other investments and adjusted to reflect any changes in the allocations and the benchmarks during the relevant time period.
(iii) The term “contributions” shall mean all deposits into the plan or investment option but shall not include reallocations.
(iv) The term “designated electronic format” shall mean the format specified in the Form G-45 Manual.
(v) The term “distributions” shall mean the withdrawal of funds from a plan or investment option, but shall not include reallocations.
(vi) The term “investment option” shall mean an option, as described in a plan disclosure document or supplement thereto, available to account owners in a plan to which funds may be allocated.
(vii) The term “marketing channel” shall mean the manner by which municipal fund securities that are not local government investment pools are sold to the public, such as through a broker, dealer or municipal securities dealer that has a selling agreement with an underwriter (commonly known as “advisor-sold”) or through a website, or toll-free telephone number or other direct means (commonly known as “direct-sold”).
(viii) The term “performance” shall mean total returns of the investment option expressed as a percentage, net of all generally applicable fees and costs.
(ix) The term “plan” shall mean a college savings plan or program established by a state, or agency or instrumentality of a state, to operate as a Qualified Tuition Program in accordance with Section 529 of the Internal Revenue Code.
(x) The term “program manager” shall mean an entity that enters into a contract directly with the trustee of the plan to provide, directly or indirectly through service providers, investment advisory and management services, administration and accounting functions, and/or marketing and other services related to the day-to-day operation of the plan.
(xi) The term “primary offering” shall mean an offering defined in Securities Exchange Act Rule 15c2-12(f)(7).
(xii) The term “reallocation” shall mean the withdrawal of funds from one investment option in a plan and deposit of the same funds into one or more investment options in the same plan, such as where an account owner selects a different investment option or funds are moved from one age-band to another as beneficiaries approach college age.
(xiii) The term “underlying investment” shall mean a registered investment company, unit investment trust, or other investment product in which an investment option invests.
(xiv) The term “underwriter” shall mean a broker, dealer or municipal securities dealer that is an underwriter, as defined in Securities Exchange Act Rule 15c2-12(f)(8), of municipal fund securities that are not local government investment pools.