  By studying the invariant-mass distribution of the $e^+e^-$ in conversion
decays, it is possible to learn more about mesons structure and underlying
quark dynamics. At KLOE, the study of the $\phi \to \pi^0 e^+e^-$ process is
currently going to be finalized. At present, about 9000 events have been
selected from a data sample of 1.7 fb$^{-1}$ from 2004/2005 data taking
campaign. A very good agreement between data and Monte Carlo distributions has
been achieved for all interesting kinematical variables. A preliminary
invariant-mass spectrum of $e^{+}e^{-}$ is presented.
