R.I. Gen. Laws § 35-24-4: Investment of funds in the trust.

Notwithstanding the provisions of §§ 35-10-12 — 35-10-14, inclusive, the general treasurer shall invest the amounts on deposit in the trust in a manner 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 general treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the portfolio within the trust, liquidity, the projected disbursements of the total portfolio within the trust, liquidity, the projected disbursements and expenditures and the expected payments, deposits, contributions, and gifts to be received. The general treasurer shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the general treasurer. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for eligible expenditures as defined by this chapter or expended on expenses incurred by the operations of the trust.