Abstract. The electron transport systems of 2 species of aquatic fungi, Leptomitus lacteus and Apodachlya punctata, contained cytochrome a-a3 (605 m,u), 2 b type cytochromes (564 and 557 mju), c type cytochrome (551 mg), and flavoprotein, but they appeared to lack cytochrome c.. Reduced-minus-oxidized difference spectra and difference spectra in the presence of antimycin A or cyanide were used to characterize these systems. Studies with the electron microscope revealed that hyphae of Leptomitus lacteus contained numerous, oonspicuous mitochondria with tubular cristae.