Five new cyclic sesquiterpenes, hirsutanols A (6), B (7), C (8), hirsutanol D (9), and ent-gloeosteretriol (10) and a new diketopiperazine (14) were isolated from salt water cultures of two fungi. Sesquiterpenes 6 - 8 and 10 were obtained from an unidentified fungus separated from an Indo-Pacific sponge Haliclona sp. while 9 and 14 were produced by the terrestrial fungus Coriolus consors cultured under both sea water and deionized water media. Hirsutanol A (6) and ent-gloeosteretriol (10) were found to be anti-microbial (Bacillus subtilis) active. All structures were elucidated by spectroscopic methods.