Ultrastructural studies of Maedi-Visna virus (MVV) particles isolated from tissue culture fluids of MVV-infected cells as well as cultured cells infected with MVV were performed. MVV particles aree bounded by an envelope with projections loosely attached to its surface. Virions contain a core (sometimes two or more) of conical or ovoid shape enclosing an electron-dense nucleoid which is much smaller in diameter than the core and which can only be seen in ultrathin sections. A distinct core shell is to be found in most of the ultrasectioned particles. Cores, liberated from the virions by detergent treatment, exhibited the same shape as their enveloped counterparts. Budding structures with crescents underlying the cell membrane without an intermediate space seem to be bordered on their cell side by an electron-dense thin layer. Particles obviously representing intervenig stages of viral maturation showing parts of the crescents at the viral membrane and empty core shells could be found in single cases.