Two yellow substances were isolated from culture filtrates of the fungus Sepedoniuna chrysospermunz Fries. One of these, named sepedonin, predominates in growing cultures and is believed t o be the direct product of metabolism. The second, an anhydro derivative of sepedonin, was probably formed spontaneously in the culture filtrate, and during the isolation process, by chemical dehydration. Sepedonin, C1lH1205 with one C-methyl group, gave two dimethyl ethers with diazomethane and has the spectral characteristics of a substituted tropolone. Dehydration under mild conditions afforded anhydrosepedonin, from which a monomethyl ether and two dimethyl ethers were prepared. One of the latter was unstable and rearranged slowly to a third dimethyl ether. By fusion with alkali, anhydrosepedonin was converted to a mixture from which two substituted benzoic acids and a product formulated as 6-hydroxy-4-methyltropolone were separated. The bathochromic displacement of the peaks in the ultraviolet spectrum of anhydrosepedonin compared with those in sepedonin indicated a n unsaturated group conjugated to the tropolone ring, confirmed by catalytic reduction to a dihydro derivative. By careful oxidation of one of the dimethyl ethers of anhydrosepedonin with permanganate a substance believed to be a tropolone containing ester and carboxyl substituents was obtained, together with a second product formulated as the 3,4-cyclic anhydride. From these results and supporting n.m.r. and spectral evidence anhydrosepedonin is considered to be a 6-hydroxytropolone with a 2'-methylpyran ring fused a t the 4,5,4',5'-positions. Sepedonin differs only by having a 2'-hydroxy-2'-methyldihydropyran ring as the heterocyclic moiety.Sepedoniz~m chrysospermz~m (Bull.) Fr., the iinperfect stage of Hypomyces chrysospermus (Bull.) Tul., has been isolated froin soils in Europe and the Ainerican continent and is a coxnnlon parasite of the fleshy fungi. The strain used in the present work was isolated from Boletz~s luridus. Cultures of this hypholnycete developed a yellow color in the broth and the surface inyceliuin showed patches of orange-yellow color after approxiinately 10 days undisturbed growth on Raulin-Thom or Czapek-Dox media. The color of the culture fluid later deepened and, in addition, gave an increasingly strong greenish-brown reaction with ferric chloride. Spectrophotoilletric exaxnination of the solution showed that these changes corresponded with the appearance of a strong absorption peak a t 250-275 n~p and weaker absorption in the region between 300 and 360 n~p . The wavelengths a t which the lnaxixna appeared varied with the pH of the culture filtrate. The