Three novel fernane-type triterpenoids, lobarialides A -C (1 -3, resp.), together with two known ones were isolated by antifungal bioassay-guided fractionation of the lichen Lobaria kurokawae. Their structures including configurations were established on the basis of extensive spectroscopic analyses, and that of 1 was confirmed by a single-crystal X-ray diffraction analysis. Antifungal tests of the five triterpenoids showed that the activity increased with the increment of the number of COO groups.Introduction. -Lichens, the symbiotic organisms of fungi and algae, are distributed worldwide and can survive in various harsh environmental conditions. They are also resistant to microorganism infection due to the production of large numbers of unique secondary metabolites such as depsides, depsidones, lactones, and dibenzofuran derivatives [1] [2]. Lobaria kurokawa Yoshim is a lichen which has been applied as a folk medicine for the treatment of hypopepsia, malnutritional stagnation, and abdominal distention in South China [3]. Previously, we have obtained six compounds from this species [4]. As a part of our continuous search for antifungal natural products from the bryophytes and lichens [5] [6], a TLC-bioautography screening [5] and the same bioassay-guided phytochemical investigation for the antifungal constituents was conducted and led to the isolation of lobarialides A -C (1 -3, resp.), three new triterpenoids with unprecedented hemiacetal, dilactone, and 25-norfernane structural features, respectively, together with the known retigeric acids A and B (4 and 5, resp.; cf. Scheme) [4]. Herein, we report the isolation, structure elucidation, and antifungal activity of these triterpenoids.