A procedure is described by which the 38,000-dalton a subunit of native eukarfotic peptide initiation factor 2 (eIF-2) can be cleaved by trypsin to yield a 34,000-dalton fragment and a peptide of about 4,000 daltons after elimination of the (3 subunit. Under nondenaturingconditions the 4,000-dalton peptide remains bound to the modified eIF-2 and still can be phosphorylated by the heme-controlled eIF-2a Idnase from reticulocytes. All of the phosphorylation sites for this protein Idnase are located on the 4,000-dalton peptide. The ability ofeIF-2 to form a ternary complex with GTP and Met-tRNAf and the ability to promote binding of Met-tRNAf to 40S ribosomal subunits are lost differentially during the proteolysis. Loss of the latter activity occurs rapidly and appears to be correlated with loss of the (3 subunit. Loss of activity for ternary complex formation is correlated with the appearance of the 4,000-dalton peptide.