A single gene encodes two forms of the IgM heavy chain (mu) in vertebrates: one (microseconds) present in serum as secreted IgM and the other (microns) as the antigen receptor form of IgM present on the B-lymphocyte membrane. The mRNAs encoding microseconds and microns are derived from a single primary transcript by alternate pathways of RNA processing. In all vertebrates so far examined, with the exception of teleosts, microns mRNA is produced by splicing the transmembrane (TM) encoding exon 1 into a cryptic donor site near the 3' end of the C mu 4 exon. In contrast, teleost species splice the TM exon 1 into the regular splice donor site at the 3' boundary of the C mu 3 exon. We have examined micron mRNAs in two species of primitive bony fish, the holostean bowfin and the longnose gar. These fish utilize both the C mu 3 to TM1 (teleost) pathway and the typical cryptic C mu 4 to TM1 pathway. In addition the bowfin possesses a cryptic splice donor site near the middle of C mu 3. This is used in the production of a third species of microns-encoding mRNA, but does not participate in the production of an alternate form of the microseconds mRNA. The structure and patterns of expression of their mu genes suggest that the gar and bowfin may be more closely related than implied by the current view of fish evolution.