A person who creates a trust is entitled to give the trustees investment powers that are as broad or as narrow as the trust creator considers appropriate. A trust portfolio consisting only of assets identified in section 5 of the Trustee Act would be described as conservative and over the long term the return on such a portfolio would be significantly lower than the return that an investor could realize by applying ordinary principles of long-term prudent investment. This paper offers input on whether Alberta should replace the legal list approach with the prudent investor rule and also expands on a number of subordinate issue that would arise if the decision is made to do so. Background information is provided, and alternative approaches to nineteen separate issues relating to trustee investment are described. In each case, the discussion of each issue concludes either with a statement of the project committee’s preferred alternative or with a statement that the committee has not yet reached a consensus on the issue.