Ill. Admin. Code tit. 23 § 2500.10
The Treasurer may establish and administer the Pool as a qualified State tuition program under section 529 of the Code. The Pool shall be structured to enable account owners to own an interest in a pool of assets, which may include, but need not be limited to, equities, bonds, money market instruments, financial institution deposits, or investment funds consisting primarily of those assets. The Treasurer, in a manner that is in compliance with federal and State securities laws, may issue interests in the Pool. The Treasurer may receive, hold, and invest moneys paid into the Pool in trust for the benefit of the account owners and designated beneficiaries and perform any other action the Treasurer deems necessary to administer the Pool. In order to qualify the Pool as a qualified state tuition program under section 529 of the Code and to so hold the assets of the Pool in trust, the Treasurer may create a trust by declaration of trust. The trust shall be an instrumentality of the State of Illinois. [15 ILCS 505/16.5(b) ]
Ill. Admin. Code tit. 23, § 2500.10