If the instrument that creates a trust does not expressly define the trustee’s powers, section 5 of the Trustee Act defines them. Known as the “legal list”, section 5 states which type of investments a trustee may purchase. The list of permitted investments aims to minimize risk. Many Commonwealth jurisdictions are replacing the legal list concept with the prudent investor approach, and a description of this evolution is included in Chapter 2. The prudent investor method encourages risk minimization through intelligent diversification rather than through a list of investment restrictions. The Report recommends that that the legal list concept be replaced by the prudent investor method and that it be applied to all trusts that incorporate the Trustee Act’s investment authority by reference and individuals acting under an enduring power of attorney. It also submits that as long as the prudent investor model is followed and a contrary intention in the trust’s creation instrument is not shown, that trustees should be permitted to invest in any type of property, not be held liable for investment losses, and that the trustee should be permitted to delegate investment authority to agents. Several other concerns are examined, such as whether or not a mutual fund constitutes a delegation of investment authority, rules regulating the registration of trust securities trustee’s name, and the liability of a trustee for the actions of an agent who has been granted investment authority by the trustee. Enactment provisions should be based on the Uniform Trustee Investments Act, 1997.