The distribution and ecological impacts of plant-associated fungi is determined in large part by their degree of specificity for particular host species or environmental conditions. Here we evaluate the host and habitat preferences among the Aphyllophorales, a guild of wood-decay basidiomycete fungi usually considered to be host generalists. We determined the patterns of host association in three well-defined, floristically distinct, tropical wetlands -- freshwater forested wetlands, saltwater mangrove forests, and peatlands with scattered trees -- on the islands of Kosrae and Pohnpei in the Federated States of Micronesia. Of 33 fungal species, 20 were locally rare. Of the 11 species sufficiently common to evaluate habitat specificity, nine showed significant habitat preferences. Of eight species common enough to evaluate within-habitat host specificity, six showed strong host preferences. All except one of the nine habitat-specialized fungi showed either statistically significant host specificity or strong numerical biases toward single host species. Our results suggest that host preferences may be important in shaping the assemblages of wood-decay fungi, and that the effect of environment on the distribution of susceptible plant species, rather on the fungi themselves, may ultimately drive the apparent habitat specificity of many fungi.