1. The distribution of pepsin between particles of gelatin or coagulated egg albumin and the outside solution has been found to be equal to the distribution of chloride or bromide ion under the same conditions. This is the case from pH 1 to 7, and in the presence of a variety of salts. 2. Pepsin is therefore probably a monovalent anion. 3. Under certain conditions the enzyme may be adsorbed on the surface of the protein particles. This reaction is irreversible and is markedly influenced by the presence of low concentrations of electrolytes.