Seasonal variation and distribution of fungi from two freshwater ponds were studied for a period of one year employing ‘sector analysis’ method, baiting and plating techniques. A marked seasonal variation in mycoflora of the two pond waters has been found. Many species of aquatic fungi (Mastigomycotina) were obtained by baiting boiled hemp seeds, maize grains and grass leaves and also by sector analysis. Extra-aquatic fungi were isolated by plating organic detritus on PSA+strepto-penicillin medium. Fungi have been divided into monsoon, winter, summer and constant types based on their occurrence and periodicity. In all 36 species of fungi belonging to 23 genera were isolated from the two ponds. Pond A, which was slightly acidic (pH 5·8–6·2), supported many species of fungi than pond B, whose pH ranged between 7·6 and 8·2.Achlya, followed byPythium andAllomyces, formed the dominant genera.