Annual catchment export of total phosphorus (TP), dissolved organic carbon (DOC), total iron (Fe), and dissolved organic nitrogen (DON) to seven lakes in central Ontario was measured between 1978 and 1998. Fluctuations in annual water discharge and total DOC load (including precipitation) to the lakes over the 20-year period were similar in the seven study lakes. DOC export to the lakes responded proportionally to changes in discharge, decreasing during drier and warmer years. There were similar but less accentuated variations in annual DOC lake concentrations. There were no clear regional trends evident during the 20-year period toward drier or wetter conditions, less DOC load, clearer lakes, etc., that could be interpreted as signaling a shift toward a different equilibrium state. The fraction of the DOC load retained by lakes (transferred to sediments and the atmosphere) increased during an extended dry period. Fe, TP, and DON export decreased more than DOC export during the extended dry period. Runoff appears to affect Fe, TP, and DON export first by controlling export of organic matter and second by affecting water table position and thus redox levels in the surface layer of peatlands. Permanently drier conditions with less runoff would likely lead to clearer lakes that are less productive. Conversely, increased runoff would lead to more colored and productive lakes. Both scenarios have implications for subsistence and sport fishing economies.