Abstract.-Predicting the ancestral sequences of a group of homologous sequences related by a phylogenetic tree has been the subject of many studies, and numerous methods have been proposed for this purpose. Theoretical results are available that show that when the substitution rates become too large, reconstructing the ancestral state at the tree root is no longer feasible. Here, we also study the reconstruction of the ancestral changes that occurred along the tree edges. We show that, depending on the tree and branch length distribution, reconstructing these changes (i.e., reconstructing the ancestral state of all internal nodes in the tree) may be easier or harder than reconstructing the ancestral root state. However, results from information theory indicate that for the standard Yule tree, the task of reconstructing internal node states remains feasible, even for very high substitution rates. Moreover, computer simulations demonstrate that for more complex trees and scenarios, this result still holds. For a large variety of counting, parsimony-and likelihood-based methods, the predictive accuracy of a randomly selected internal node in the tree is indeed much higher than the accuracy of the same method when applied to the tree root. Moreover, parsimony-and likelihood-based methods appear to be remarkably robust to sampling bias and model mis-specification. [Ancestral state prediction; character evolution; majority rule; Markov model; maximum likelihood; parsimony; phylogenetic tree.]A fundamental challenge in evolutionary biology is to understand how the traits we observe today in different species evolved from some common ancestral state. A phylogenetic tree linking the species in question provides the usual way to study this question (Liberles 2007). With a tree, one can attempt to reconstruct the evolution of the traits that we observe at the leaves of the tree by estimating the ancestral state at the root of the tree and at the other interior nodes. Typical questions of interest include: what the likely ancestral state was, whether a particular trait evolved just once in the tree or several times, and how reliable our estimates of ancestral states at internal nodes of the tree are. It is this last question that we are concerned with in this article. Using both mathematical and simulation-based analyses, we provide new results concerning the performance of various methods for predicting the ancestral states in a tree. Our work complements and builds on earlier work in this area (Maddison 1995;Zhang and Nei 1997;Mossel 2003;Li et al. 2008Li et al. , 2010Fischer and Thatte 2009;Gascuel and Steel 2010;Zhang et al. 2010) much of which has focused on the mathematical performance of maximum parsimony, with an emphasis on tree root prediction rather than on the global scenario of all changes along the tree. Two recent papers have further investigated the relative merits and limitations of various ancestral state reconstruction methods; RoyerCarenzi et al. (2013) show that the performance ranking of likelihood-ba...