In the saccus dorsalis of the rainbow trout, Salmo gairdneri Richardson, the activity of various enzymes (transferase, lyases, oxidoreductases, hydrolases) have been studied in detail. The results of this enzyme-cytochemical study firmly demonstrate that the organ is metabolically highly active. The epithelial cells have a strong energy metabolism. Energy production can take place under aerobic as well as under anaerobic conditions. Evidence is presented that glucose from blood is directly utilized for energy demands. The epithelial cells show also high synthetic activities. The moderate amino acid metabolism may participate in the synthesis of an acid mucopolysaccharide-protein complex, especially in the so-called dark cells. Lipid metabolism appears to be restricted to the mitochondria, indicating a high turnover of lipid moieties in the membranes. In contrast to the normal looking mitochondria, the macromitochondria--besides shape and localization--have an extremely high lipid and monoamine metabolism, which may point to a special function in the cellular economy. The high activity of enzymes involved in the degradation of monoamines and in the hydration of CO2 is of particular physiological interest. The significance of the observations is discussed in relation to formerly obtained indications on the involvement of the saccus dorsalis in fluid secretion, extrusion of organic substances of low molecular weight into the ventricular system and uptake of organic substances from the cerebrospinal fluid. The hypothesis of the saccus dorsalis being an analogue of the choroid plexus is supported by several relevant data.