Leaf gas exchange, water potential, and specific leaf area of two tropical semi-deciduous tree species, Brosimum lactescens S. Moore and Tovomita schomburgkii Planch & Triana, were quantified to establish how these properties were affected by seasonal variations in rainfall and leaf canopy position. The study was conducted at a site near Sinop Mato Grosso, Brazil, which is located within the ecotone of savanna and tropical rain forest. Both species exhibited significant declines in leaf water potential (Ψ L ), specific leaf area, area-and mass-based light saturated photosynthesis and dark respiration, and maximum stomatal conductance during the dry-season, suggesting that leaf structural properties and gas exchange are significantly altered by drought that develops during the 4-month dry season. Internal leaf CO 2 concentrations (C i ) were consistently lower during the dry season suggesting that the decline in maximum photosynthesis was due in part to a decline in stomatal conductance. However, seasonal variations in leaf gas exchange were larger for upper-canopy leaves, indicating an important interaction between drought stress and canopy position. The seasonal variation in leaf gas exchange and morphology was presumably due to a combination of drought stress and leaf lifespan. The results of this study suggest that drought has important implications for the leaf physiology and morphology of semi-deciduous Amazonian forest trees.