(1) The state treasurer shall invest and manage the trust fund assets as a prudent investor would, by: (a) considering the purposes, terms, distribution requirements, and other circumstances of the trust fund; and (b) exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.

(a) considering the purposes, terms, distribution requirements, and other circumstances of the trust fund; and

(b) exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.

(2) In determining whether or not the state treasurer has met the standard of care of a prudent investor, the judge or finder of fact shall: (a) consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action, and not by hindsight; and (b) evaluate the state treasurer's investment and management decisions respecting individual assets: (i) not in isolation, but in the context of a trust fund portfolio as a whole; and (ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the trust fund.

(a) consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action, and not by hindsight; and

(b) evaluate the state treasurer's investment and management decisions respecting individual assets: (i) not in isolation, but in the context of a trust fund portfolio as a whole; and (ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the trust fund.

(i) not in isolation, but in the context of a trust fund portfolio as a whole; and

(ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the trust fund.