Alberta Heritage Savings Trust Fund (HSTF), established in 1976 by former Alberta Premier Peter Lougheed had three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans." The HSTF operates under the Alberta Heritage Savings Trust Fund Act and provides "prudent stewardship of the savings from Alberta’s non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans." The Heritage Savings Trust Fund used oil revenues to invest for the long term in such areas as health care, education and research and as a way of ensuring that the exploitation of non-renewable resources would be of long-term benefit to Alberta. As of 2012, the fund was invested in stocks,