Two guinea pig myelin basic protein preparations which differed markedly in their contents of high pH electrophoretic or chromatographic forms were studied in an attempt to elucidate the causes of their microheterogeneity. Both total preparations and components isolated therefrom were examined for their amino acid compositions, NH2-terminal and COOH-terminal residues, total phosphorus contents, amd contents of phosphamino acids. The results showed that the five components differed sequentially by a single charge and that the microgeterogeneity arose as a result of secondary modifications of a single secies (Component 1) Of basic protein. Two modifications were demonstrated; viz. phosphorylation of serine and threonine and loss of COOH-terminal arginine. These two modifications were insufficient to account completely for the observed microheterogeneity; an additional cause, deamidation, was postulated. From the relationship between the number of components present in the total basic protein, the phosphorus and phosphoamino acid contents of the components, and the changes in relative electrophoretic mobility of the components which accompanied their phosphorylation and dephosphorylation we conclude that in the native basic protein no more than two sites in any polypeptide chain are phosphorylated.