In the oil containing spores of Bryum capillare, lipid breakdown occurs within three days after sowing. The periods of activity of acid, neutral and alkaline lipases are coincident. They start at the first day after sowing the spores. After 3 days of germination, when storage fats forming large globules are mobilised no lipase activity could be detected any longer in the glyoxysomes. Acid lipase is preferentially located in spherosomal membrane but is also present at the glyoxysomal membrane. Alkaline lipase is specifically located in the glyoxysomes and mitochondria. A cooperation presumably exists between acid and alkaline lipases in the hydrolysis of monoglycerides at the glyoxysomal level. Neutral lipase activity is localized at the spherosomal membrane, in the endoplasmic reticulum and in dictyosomes. It is absent from glyoxysomes.