SUMMARY.1. The predation‐balanced polymorphism ofCeriodaphnia cornuta(a small‐eyed horned form and a large‐eyed unhorned form) in Lake Gatun, Panama, is re‐examined approximately 12 years after the original study (Zaret, 1972a). We consider morphological variability, distribution and fecundity of the population inhabiting Laboratory Bay.2. The two morphological characters emphasized by Zaret, eye size and horn length, are studied in detail. TheC. cornutapopulation exhibits wide, yet continuous variation; coefficients of variation are 28% or eye diameter and range from 114% to 136% for horn and spine lengths. Phenotypic variation in the population is characterized by: (1) negative correlations between spine lengths and eye size; (2) positive correlations among spines from different body regions (anterior horn, lateral spines, and tail spine); and (3) weak correlations between body length and spine lengths.3. While the horned and unhorned forms continue to coexist in Laboratory Bay. the frequencies of horned forms have increased in the open water areas since the time of the original study. The increase in horned form frequencies may be due to changes in fish predation intensity. Did vertical distribution patterns of the forms remain very similar to each other.4. In contrast to previous laboratory findings, egg ratio calculations from field samples revealed similar clutch sizes for the horned and unhorned forms. The egg development time of the horned form, however, was found to be approximately 30% longer than that of the unhorned form, perhaps because of increased moulting difficulties produced by the presence of