Welcome to the Bright Start College Savings Program

              FOURTH SUPPLEMENT TO THE BRIGHT START® PROGRAM
DISCLOSURE STATEMENT AND PARTICIPATION AGREEMENT
DATED DECEMBER 1, 2005
This Fourth Supplement to the Bright Start Program Disclosure Statement and
Participation Agreement dated December 1, 2005 (this “Supplement”)
supplements and amends the Program Disclosure Statement and Participation
Agreement dated April 8, 2005 (the “Disclosure Statement”) relating to the
Bright Start College Savings Program (the “Program”). Terms not otherwise
defined in this Supplement shall have the meanings assigned to such terms in
the Disclosure Statement.
Any tax information contained in the Disclosure Statement is not intended to be
used, and cannot be used by any taxpayer, for the purpose of avoiding penalties
that may be imposed under the Internal Revenue Code. Any such information
was written to support the promotion or marketing of the Program. A taxpayer
should seek advice based on the taxpayer’s particular circumstances from an
independent tax advisor.
1. The annual gift tax exemption will increase to $12,000 in 2006 from
$11,000 in 2005. Accordingly, the paragraphs under the “Federal Gift and Estate
Taxes” heading of the section of the Disclosure Statement captioned “Tax
Matters” on page 53 of the Disclosure Statement are amended by substituting
“$12,000” for “$11,000,” substituting “$12,000” per year ($24,000 per married
couple)” for “$11,000 per year ($22,000 per married couple),” and substituting
“$60,000 ($120,000 per married couple)” for “$55,000 ($110,000 per married
couple).”
2. The paragraphs under the “Portfolio Investment” and “Fund Investment
Advisers” headings of the section of the Disclosure Statement captioned
“Management and Other Service Providers” on page 62 of the Disclosure
Statement are supplemented by the following information:
“Citigroup Inc. (“Citigroup”) has completed the sale of substantially all of
its worldwide asset management business to Legg Mason, Inc. (“Legg
Mason”). As part of the transaction, the Services Agreement has been
transferred by Citigroup Global Markets Inc. to CAM North America, LLC
and Legg Mason Investor Services, LLC, each of which is a wholly-owned
subsidiary of Legg Mason. As a result of the transfer, CAM North
America, LLC will perform the investment advisory functions described in
the Program Disclosure Statement previously performed by Citigroup
Global Markets Inc, and Legg Mason Investor Services, LLC will be
responsible for the administrative and recordkeeping functions described in
the Program Disclosure Statement previously performed by Citigroup
Global Markets Inc. In addition, Legg Mason Investor Services, LLC will
1