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The aim of the study was an assessment of the antioxidant, antifungal and cytotoxic potentials of L. betulinus/ and T. hirsuta/ mycelia extracts and the effect of selenium on these activities. Extracts of L. betulinus/ were twice as efficient in DPPH• scavenging as those of T. hirsuta/. The phenol content in Se-enriched L. betulinus/ extracts was higher than in non-enriched extracts, in contrast to the effect of Se-enrichment on T. hirsuta/ extracts, and a direct correlation between the amount and DPPH• scavenging effect was observed. Ethanol extracts exhibited fungistatic but not fungicidal activity against a range of micromycetes, and mycelium enrichment with selenium inhibited this effect. Although the extracts showed low cytotoxic activity against HeLa and LS174 cells, T. hirsuta/ extracts, especially those enriched with selenium, had better potential. L. betulinus/s extracts showed better antioxidant and antifungal activity than T. hirsuta extracts which were more active cytotoxic agents. The presence of selenium stimulated antioxidant and cytotoxic, and inhibited antifungal activity in L. betulinus/, while in T. hirsuta/ its effect was slight.