Investments; reinvestments; delegation of authority to invest

1. A fiduciary may invest and reinvest, as the fiduciary deems advisable: (a) In stocks, common or preferred, bonds, debentures, notes, mortgages or other securities in or outside the United States; (b) In insurance contracts on the life of any beneficiary or of any person in whom a beneficiary has an insurable interest, or in annuity contracts for any beneficiary; (c) In any real or personal property; (d) In investment trusts; (e) In participations in common trust funds; (f) In securities of any corporation, trust, association or fund: (1) Which is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities; (2) Whose assets are invested principally in cash or in securities of other issuers; and (3) Which is registered as an investment company with the Securities and Exchange Commission; and (g) Generally in such property as the fiduciary deems advisable, even though the investment is not of the character approved by applicable law but for this section. 2. A fiduciary may delegate the authority to invest, but the fiduciary is not thereby relieved of any liability that exists in the absence of delegation.