Let G be a connected graph whose least eigenvalue λ(G) is minimal among the connected graphs of prescribed order and size. We show first that either G is complete or λ(G) is a simple eigenvalue. In the latter case, the sign pattern of a corresponding eigenvector determines a partition of the vertex set, and we study the structure of G in terms of this partition. We find that G is either bipartite or the join of two graphs of a simple form.