Electron microscopy of 8 strains of Sporothrix schenckii and 1 strain each of Ceratocystis stenoceras, C. pluriannulata, C. ulmi, and C. minor revealed the presence of unusual osmiophilic structures (EOB) which appeared as normal organellar components of young cells of these fungi. In S. schenckii and C. stenoceras, these structures were markedly osmiophilic, reacted strongly with thiocarbohydrazide, could be partially solubilized with the lipid solvent sodium methoxide, and appeared to possess lipase activity. On subsequent cellular ageing, lipid bodies were commonly seen in intimate association with the EOB. Eventually, the EOB underwent degeneration and extensive vacuolization. It is suggested that these structures are composed in part of lipoidal material in possible association with a protein matrix, and may be in some manner involved with lipid metabolism of mechanisms of lipid storage.