Fermentations of the marine fungus Hypoxylon oceanicum (LL-15G256) were found to have potent antifungal activity. Isolation and purification of the antifungal agents provided two classes of compounds, macrocyclic polylactones and the lipodepsipeptides 15G256 gamma (1), 15G256 delta (2) and 15G256 epsilon (3). The isolation and structure elucidation of the lipodepsipeptides, all containing D-glutamate, L-serine, and the rare amino acid beta-ketotryptohan, are described in this paper.