Life assurance and pension funds (LAPFs) have become major vehicles for personal sector saving. In 1984, £17 billion was channelled into LAPFs, equivalent to nearly two thirds of personal sector saving. Net personal sector equity in LAPFs totalled £227 billion at end-1984. As large scale investors, the LAPFs collectively represent a major force in the securities markets. They hold about 50% of British government stocks outstanding and over 50% of the market value of the total ordinary share issue of UK companies quoted on the London Stock Exchange. The Bank has produced integrated stock flow data for LAPFs over the period 1962-85. This article uses that data to describe the development of the portfolios of funds in the private sector over the period 1962-84.