Three forms of the Lactobacillus plantarum enzyme D-erythro-dihydroneopterin triphosphate synthetase, the first enzyme in folate biosynthesis, have been demonstrated by polyacrylamide gel electrophoresis. The enzyme forms designated the alpha prime, alpha and beta forms have been shown to be conformers with molecular weights of approx. 200 000. Study of the subunit structure of the beta enzyme species by sodium dodecylsulfate-polyacrylamide gel electrophoresis revealed a single protein with an estimated molecular weight of 20 000 which suggests that the enzyme molecule may be composed of ten polypeptide chains. 2. Of the three conformers only one form, the beta form, appears to be enzymatically active. The two other conformers must undergo conformational changes to the beta species before enzymatic activity can be demonstrated in reaction mixtures containing these enzyme forms. 3. The three enzyme species are interconvertible. The removal of phosphate ions from the enzymatically active beta form results in the formation of two inactive species which suggests that the conformation of the active enzyme is stabilized by non-covalently bound phosphate ions. Conversion of the inactive species to the beta enzyme form may be effected by the readdition of phosphate, substrate or certain nucleotides.