Microbiological transformation of benzaldehyde accomplished by the fungus Rhodotorula mucilaginosa immobilized in the ultrafiltration cell was studied. A polysulfone membrane formed on a sintered PVC support was used for the separation of the transformation product from the cellular material. Kinetic investigations have led to results which are typical of continuously fed stirred tank reactors (CFSTR)-the value of the maximum reaction rate (V(max)) and apparent Michaelis constant (K'(m)) are practically independent of the substrate retention time (calculated in terms of the flow intensity value). A strong relationship was found to occur between V(max) and biomass concentration in the reactor. Study of the apparent enzyme stability shows that the decrease in the biocatalyst activity is chiefly caused by penetration of the cells through the membrane. The experimental results were approximated in terms of the adopted mathematical model. Based on this model, the half-lives (t(1/2)) of enzyme activities were determined. The t(1/2) value varies from 35 to 82 days and depends both on the permeate flux through the membrane and on the separation properties of the membrane.