Investments

(a) General Investment Standards and Objectives. The Trustee shall invest the funds on deposit in the Trust, together with any income thereon, in a manner that is reasonable and appropriate to achieve the objectives of the Trust, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Trustee shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within the Trust, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. In accordance with the standards established in sections 3-22h-1 to 3-22h-9, inclusive, of the Regulations of Connecticut State Agencies and in the Statute, the Trustee may invest, through the Trust or any investment manager, funds received pursuant to the Trust. Any such investment shall be made solely in the interest of the Account Owners and Beneficiaries and for the exclusive purposes of providing benefits to Beneficiaries for qualified higher educational expenses and defraying reasonable expenses of administering the Program. An Account Owner or Beneficiary shall not directly or indirectly direct the investment of any Contributions or Earnings of the Trust. (b) Delegation of Investment Discretion. The Trust may delegate to its duly appointed investment counselor authority to act in place of the Trust in the investment or reinvestment of all or part of the funds, and may also delegate to such counselor the authority to act in place of the Trust in the holding, purchasing, selling, assigning, transferring or disposing of any or all of the securities and investments in which such funds shall have been invested, as well as the proceeds of such investments and such monies. Such investment counselor shall be registered as an investment advisor with the United States Securities and Exchange Commission unless exempt from registration.