In order to learn the internal conditions for the production of the various phenoloxidases produced by the Ascomycete Podospora anserina the wild strain has been grown under controlled conditions in a fermenter for a period of 34 days. Samples were withdrawn at regular intervals and assayed for mycelial yield and intra- and extracellular phenoloxidase production. Maximal yield was obtained at the following age of the culture: Mycelial production 9 d, tyrosinase 4 d, the high molecular weight laccase I between 9 and 19 d. The low molecular weight laccases II and III, initially present in medium concentrations, dropped to an early minimum after 4 days, followed by an increase with a maximum in the late autolytic phase. The changes in the phenoloxidase spectrum and the antiparallel production curve for the high molecular weight against the low molecular weight laccases are discussed in relation to the earlier observed genetical and physiological control of phenoloxidase synthesis and in relation to the possibility of laccase I being composed of active subunits of low molecular weight laccases.