This presentation will review the changes P&I has seen in pension fund asset allocations, why those changes occurred and a likely direction for the future. The changes in the past five years have been dramatic. Among corporate defined benefit plans, the changes are arguably more dramatic than at any time since railroads created the first pension program in the 19th century. A significant amount of the statistics presented here come from P&I’s annual plan sponsor survey. We have electronic records to the early 1990s, but dusted off print archives to show information to the mid-1980s.