; and (ii) the total amount of allocations made to and reductions made in the account pursuant to paragraph (4); over (B) the amounts paid out of the account with respect to such individual under subsection (c). (3) Crediting of contributions Pursuant to regulations which shall be prescribed by the Executive Director, the Executive Director shall credit to each AO account the amounts paid into the American Opportunity Fund under section 102(d) which are attributable to the account holder of such account. (4) Allocation of earnings and losses The Executive Director shall allocate to each AO account an amount equal to the net earnings and net losses from each investment of sums in the American Opportunity Fund which are attributable, on a pro rata basis, to sums credited to such account, reduced by an appropriate share of the administrative expenses paid out of the net earnings, as determined by the Executive Director. (b) Eligible individual For purposes of this title— (1) In general The term eligible individual means any individual who— (A) was born after December 31, 2003; (B) has not yet attained the age of 18 years