SUMMARY1.A new fungus regarded provisionally asArachniotus aureus(Eidam) Schröter, was found on pellets apparently regurgitated by buzzards.2.Upon comparison with Nannizzi's species by the same name, there was found to be no concurrence between the characters of the two fungi.3.A preliminary study of the development showed:(a)a true sexual process to occur, and(b)crosier formation accompanied by conjugate nuclear division in the formation of asci.The stages are compared with figures drawn but not interpreted by Dale (1903).4.Study of single ascospore cultures along with the cytological findings now available show that this species is probably monoecious and self-fertile.5.The significance and importance of the occurrence of croziers and monoeciousness in this and related organisms is emphasized.6.The naming of this apparently new fungus is being left until a more comprehensive study of the family is presented.