Cell walls isolated from two strains of Blastomyces dermatitidis were examined. Whereas strain Ga-1 was practically avirulent for mice, strain KL-1 produced death by 21 days in 50% of the mice inoculated. Analyses of the trypsin-treated cell walls of the two strains revealed a higher chitin and protein content in strain KL-1, whereas a higher polysaccharide content was observed in the cell walls of strain Ga-1. Extraction of the walls with 1 n NaOH revealed a threefold difference in the amount of alkali-soluble cell wall material present. The alkali-soluble material could be further fractionated into a water-soluble and a water-insoluble fraction. Previous reports have indicated that the water-insoluble fraction of B. dermatitidis consists of an alpha-linked glucan; however, we report that in addition a phospholipid moiety is covalently bound to the polysaccharide. Furthermore, on the basis of organic phosphorus content, considerably more phospholipid is associated with the alpha-linked glucan of the more virulent KL-1 strain. These results suggest that this cell wall constituent might be one of the factors related to the virulence of this fungus.