Considerable information on the structure and antibody activity of IgM globulins has been obtained recently. Miller and Metzger (1) and Lamm and Small (2) proposed that the IgM molecule is composed of five 7S subunits, each of which is probably linked by a single disulfide bond to the adjacent subunit (3). Ultrastructural studies of human and rabbit IgM confirmed this five subuuit model (4, 5) and showed that subunits joined in a central ring structure form a circular pentamer. 10 potential combining sites have been predicted from polypeptide chain construction studies (2, 3, 7) and analyses of trypsin digestion fragments of IgM (6). IgM antibodies to a tetrasaccharide antigen of Salmonella typhi and a hapten were recently reported (8, 9) to have valences of 10. Other investigators (10-12) have however been unable to demonstrate more than five effective valences. Recent ultrastructural studies (13) also indicated that the human IgM subunits were univalent.IgG is cleaved by papaha into three distinct fragments: two Fab fragments, each containing one light chain and part of a heavy chain and one Fc fragment containing the remainder of the heavy chains (14). IgM molecules can also be degraded by papain into molecules of lower molecular weight (15-21). Deutsch et at. (15), using papain activated by 0.01 ~ cysteine, obtained no Fc-like fragments, while Onone et al. (18) reported that papain digestion of reduced IgM subunits resulted in a small yield of Fc-like fragments. Recently papain cleavage of intact IgM has yielded small amounts of larger Fc/z fragments (16,17,(19)(20)(21). All these studies indicate, that unlike the stability of the Fc fragment of IgG, its counterpart of both human and rabbit IgM is rather rapidly hydrolyzed to dialyzable peptides.The cleavage of IgM globulins by pepsin has been investigated recently (22-24). A dimeric F(ab")~ fragment was obtained only under mild conditions of proteolysis. The pepsin digestion proceeded rapidly over a monomeric Fab'/z fragment to a complete conversion into small peptides within 48 hr. The C-terminal portion of the #-chains in the IgM molecule corresponding to the papain Fc/z fragment was rapidly digested into small peptides.