; and (B) not less than one-third of such funds to award grants to carry out the activities described in section 729(c); and (2) may use the amount of funds remaining after the reservation required under paragraph (1) to award grants to carry out the activities described in subsections (b) and (c) of section 729. (c) Duration Grants under this part shall be awarded for a period not to exceed five years. (d) Limitation on number of awards The Secretary may not award more than one grant under this subpart in any fiscal year to any Asian American and Native American Pacific Islander-serving institutions. 728. Applications (a) Application Any eligible institution may apply for a grant under this subpart by submitting an application to the Secretary at such time and in such manner as the Secretary may require. Such application shall demonstrate how the grant funds will be used to improve postbaccalaureate education opportunities for Asian American and Native American Pacific Islander and low-income students. (b) Interaction with other grant programs No institution that is eligible for and receives an award under section 326, 512, 723, or 724 for a fiscal year shall be eligible to apply for a grant, or receive grant funds, under this section for the same fiscal year. 729. Use of funds (a) In general (1) Activities An eligible institution that receives a grant under this subpart shall use such funds to carry out— (A) one or more of the activities described in subsection (b)