Glycogen concentrations in Richardson's ground squirrels of the weight-loss phase were 1/4-1/2 those in animals of the weight-gain phase. White adipose lipid content was similar in animals in the two phases when total body weight was similar. 2. Specific activity of 14C in muscle glycogen of fed, starved and refed ground squirrels in the weight-loss phase was similar to that in starved weight-gain phase animals. Activity in adipose lipids of fed, starved, and refed ground squirrels in the weight-gain phase was 5-8 times greater than that in the same nutritional states in weight-loss phase animals. 3. In addition to a voluntary reduction in food intake, a depressed synthetic activity in lipids and glycogen may account in part for the rapid decrease in body weight during the weight-loss phase of the circannual cycle.