The twist energy parameter (E T ) that governs the supercoiling free energy, and the linking difference (Δl) are measured for p30 δ DNA in solutions containing 0 to 40 w/v% ethylene glycol (EG). A plot of E T vs. −ln a w , where a w is the water activity, displays the full (reverse) sigmoidal profile of a discrete structural transition. A general theory for the effect of added osmolyte on a cooperative structural transition between two duplex states, 1□ 2, is formulated in terms of parameters applicable to individual base-pairs subunits. The resulting fraction of base-pairs in the 2-state ( ), is incorporated into expressions for the effective torsion and bending elastic constants, the effective twist energy parameter ( ), and the change in intrinsic twist (δl 0 ). Fitting the expression for to the measured E T -values yields reasonably unambiguous estimates of E T 1 and E T 2 , the midpoint value (ln a w ) 1/2 , and midpoint slope (∂E T /∂ln a w ) 1/2 , but does not yield unambiguous estimates of the equilibrium constant ( K 0 ), the difference in DNA-water preferential interaction coefficient (ΔΓ), or the inverse cooperativity parameter, J. Fitting a non-cooperative model (assumed J=1.0) to the data yields, K 0 = 0.067, and ΔΓ = − 30.0 per base-pair (bp). Essentially equivalent fits are provided by models with a wide range of correlated J, ΔΓ, and K 0 values. Other results favor ΔΓ in the range − 1.0 to 0, which then requires K 0 ≥ 0.914, and a cooperativity parameter, 1/J ≥ 30.0 bp. The measured δl 0 and circular dichroism (CD) at 272 nm are found to be compatible with curves predicted using the same -values that best-fit the E T -data. At least 7 to 10 % of the base-pairs are inferred to exist in the 2-state in 0.1 M NaCl in the complete absence of added osmolyte. Compared with the 1-state, the 2-state has a ~2.0-to 2.1-fold greater torsion elastic constant, a ~0.70-fold smaller bending elastic constant, a ~0.91-fold smaller E T -value, a ~0.2 % lower intrinsic twist, a somewhat lower CD near both 272 and 245 nm, and less water and/or more EG in its neighborhood. However, the relative change in preferential interaction coefficient associated with the transition is likely rather slight.