The effect of drought stress (DS) on photosynthesis and photosynthesis-related enzyme activities was investigated in F. pringlei (C 3 ), F. floridana (C 3 -C 4 ), F. brownii (C 4 -like), and F. trinervia (C 4 ) species. Stomatal closure was observed in all species, probably being the main cause for the decline in photosynthesis in the C 3 species under ambient conditions. In vitro ribulose-1,5-bisphosphate carboxylase/oxygenase (RuBPCO) and stromal fructose 1,6-bisphosphatase (sFBP) activities were sufficient to interpret the net photosynthetic rates (P N ), but, from the decreases in P N values under high CO 2 (C a = 700 µmol mol -1 ) it is concluded that a decrease in the in vivo rate of the RuBPCO reaction may be an additional limiting factor under DS in the C 3 species. The observed decline in the photosynthesis capacity of the C 3 -C 4 species is suggested to be associated both to in vivo decreases of RuBPCO activity and of the RuBP regeneration rate. The decline of the maximum P N observed in the C 4 -like species under DS was probably attributed to a decrease in maximum RuBPCO activity and/or to decrease of enzyme substrate (RuBP or PEP) regeneration rates. In the C 4 species, the decline of both in vivo photosynthesis and photosynthetic capacity could be due to in vivo inhibition of the phosphoenolpyruvate carboxylase (PEPC) by a twofold increase of the malate concentration observed in mesophyll cell extracts from DS plants.Additional key words: bundle sheath cells; C 3 /C 4 metabolism; CO 2 compensation concentration; malic enzyme; NADP-malate dehydrogenase; phosphoenolpyruvate carboxylase; pyruvate-orthophosphate dikinase; RuBP; RuBPCO; stromal fructose 1,6-bisphosphatase; water potential.