Aspects of the fine structure as well as electron cytochemical localization studies of certain hydrolytic enzymes were examined by electron microscopy of ultrathin sections of the vegatative hyphae and conidia of the phycomycetous fungus, Entomophthora coronata. This entomogenous fungal organism is of interest since it has been increasingly implicated as the etiologic agent of phycomycosis of man and animals. On thin section, hyphal cells were frequently observed with septa while the cytoplasm was multinucleate. The conidium was bound by a multilayered cell wall. The cytoplasm of ungerminated conidia characteristically contained large numbers of a class of cytoplasmic organelle found in loose aggregates with lipid storage bodies. Similar organelles were observed in the cytoplasm of hyphal cells from 7-day old cultures. This round to oval to slightly reniform structure was bound by a single limiting membrane and composed of an electron dense, slightly granular matrix without evidence of crystalloid formation. The limiting membrane of the lipid storage bodies was observed to be intimately associated with that of one or more of these microbody-like organelles. This intimate association of the two cytoplasmic organelles suggests that the microbody-like organelle may be involved in some manner with lipid metabolism during the life cycle of the fungus. Cautious interpretations of electron cytochemical localization studies suggested that lipase, nonspecific esterase, and possibly aryl sulfatase were associated with the microbody-like organelles. Neither peroxidatic nor acid phosphatase activity could be demonstrated with these organelles of the conidial cytoplasm.