An account is given of a flora of submerged aquatic Hyphomycetes growing on decaying leaves of alder and willow in a stream. The flora consists of sixteen species belonging to thirteen genera. The majority of these fungi produce conidia which are branched, and in most of these species the conidium consists of four divergent arms. In three species, belonging to different genera, an elongated spore with a three-dimensional curvature is produced. Only in one species is the spore more or less spherical. The following fungi, already known to science, are members of the flora: Lemonniera aquatica De Wild., Clavariopsis aquatica De Wild., Varicosporium Elodeae Kegel, and Tetracladium Marchalianum De Wild., although a more restricted definition is proposed for the last species. Tridentaria setigera Grove is reported, but it is suggested that this species should be removed to the genus Tetracladium and the binomial T. setigerum (Grove) n.comb. is suggested. The relationship between the genera Titaea and Tetracladium is discussed, and it is pointed out that Titaea maxilliformis Rostr. should be regarded as a species of Tetracladium . Of the three species with elongated spores the only one which seems to be referable to a known species is Fusarium longissimum Sacc. & Syd. (= F. elongatum De Wild.). It is pointed out that this species cannot be regarded as belonging to Fusarium , and the name Anguillospora longissima (Sacc. & Syd.) n.comb., is proposed. The remaining ten species belonging to seven genera appear to be new to science. These are as follows: Margaritispora aquatica , n.gen., n.sp., Articulospora tetracladia n.gen., n.sp., Tetrachaetum elegans n.gen., n.sp., Tricladium splendens n.gen., n.sp., T. angulatum n.sp., Heliscus aquaticus n.sp., H. longibrachiatus n.sp., Alatospora acuminata n.gen., n.sp., Lunulospora curvula n.gen., n.sp., and Flagellospora curvula n.gen., n.sp. Of the sixteen alder-leaf Hyphomycetes, all except three ( Tetracladium setigerum, Heliscus longibrachiatus and Flagellospora curvula ) have been grown in pure culture on malt agar and oatmeal agar. In some genera ( Clavariopsis, Tetracladium, Articulospora, Tetrachaetum, Tricladium, Lunulospora and Anguillospora ) the spore form on which the genus is based is an aleuriospore, while in others ( Lemonniera, Margaritispora, Heliscus, Alatospora and Flagellospora ) it is a phialospore. In Varicosporium the spore is probably best regarded as a radulaspore. The possible biological value of the branched spore and of the long, curved spore is discussed, and it is suggested that this value may lie in the ease with which these spores become entangled in the decaying leaves of the stream-bed. It is suggested that in fitting these fungi into the recent scheme of classification of Hyphomycetes proposed by Wakefield and Bisby (1941) , the best plan is to place them in the Gloiosporae, and to extend the definition of that group to include not only genera based on śslime spores’ but also genera founded on ‘aquatic spores’ produced, liberated and normally dispersed below water.