The consequences of acclimation from shade to sun and vice versa for regulated photosynthetic metabolism were examined in H. annuus. A rapid-response gas exchange system was used to assess changes in carboxylation-related parameters (mesophyll conductance, assimilatory charge and CO₂ capacity) and to analyse oscillations in CO₂ fixation following transfer to high CO₂ concentration as a function of intercellular CO₂ concentration and light intensity. Data showed a two- to threefold change in all carboxylation-related parameters during acclimation in either direction. Dynamic regulation of carboxylation, indicated by changes in oscillatory response as a function of CO₂ concentration at light saturation, remained unchanged, consistent with concerted regulation of ribulose-1,5-bisphosphate carboxylase-oxygenase during acclimation. However, the light dependency of oscillations changed during acclimation from shade to sun, and the range of oscillation was closely tied to the maximum rate of steady-state photosynthesis at CO₂ saturation. These data imply that changes in the light-absorbing and electron transport components of the photosynthetic apparatus underlie the shift in regulatory behaviour during acclimation.