The "Manjuba" (Anchoviella hubbsi Hildebrand) of the season October 1954 to February 1955 has been analyzed in three different dates, with at least a month's interval in order to verify the variation of fat content in relation to time and place of fishery and yet the variation in the sample. The amplitude between the extreme values may reach in the same sample 7-9%. The extreme values observed in the total of samples were of ca. 2.5 and ca. 15.5%. 2. Males have, in general, a higher fat content than females. There is a significant difference between the average fat content of the specimens from Registro and those from Iguape. The difference was as high as 3% at the beginning of the season, falling to ca. 1% at the end of it. The samples from Iguape did not show any remarkable difference during the season. On the contrary, those from Registro showed that the average fat content increases gradually toward a limit as the months proceed. The dark meat located under the lateral silver band is much richer in fat content than the white meat.