The microanatomy of the yellow corpuscles (adrenocortical homologue, AH) in the holostean fish, Lepisosteus spp. was studied by serial sectioning, steroid histochemistry, and electron microscopy. The modification of this tissue to short-term ACTH treatment was also observed. The distribution of the AH within the renal tissue of the garpike phylogenetically represents a more advanced condition than that seen in its closest holostean relative, the bowfin, and appears to approximate that in teleosts. The homology of this tissue of vertebrate adrenocortical tissue was established by the positive identification of the enzyme, gamma 5-3 beta-hydroxysteroid dehydrogenase, and by the ultrastructural features of the cells before and after ACTH administration. The AH cells possess fine structural features characteristic of steroidogenic cells, namely, polymorphic mitochondria with tubular cristae, abundant tubules of smooth endoplasmic reticulum, a prominent Golgi complex, and lipid droplets. Other interesting features include the presence of annulate lamellae and a variety of dense bodies. Digitonin perfusion results in the deposition of presumed, cholesterol-digitonide crystalline spicules on the surface microplicae of the cells and as dense accumulations in association with smooth endoplasmic reticulum. ACTH administration results in swelling of mitochondria, a loss of their cristae, and a smooth decrease in electron density of their matrices. Alterations also occur in the smooth and rough endoplasmic reticulum, and large osmiophilic inclusions of irregular profile appear. Some of the ACTH-induced modifications are similar to those observed in the adrenocortical cells of other vertebrate groups following comparable stimulation.