The major 68,000-dalton protein present in cycled microtubule preparations from bovine brain can be isolated in a rapidly sedimenting fraction consisting of filaments 10 nm in diameter. This 68,000-dalton protein remains in the filament fraction after gel filtration, phosphocellulose chromatography, or salt extraction of microtubule protein. Microtubule protein devoid of 10-nm filaments contains ring structures under depolymerizing conditions, and it polymerizes into microtubules with a characteristically low critical concentration, although all of the 68,000-dalton protein has been removed from it. When cycled microtubule protein is subjected to chromatography on phosphocellulose, the tubulin fraction (PC-tubulin) assembles into microtubules only at concentrations greater than 2 mg/mL. The other fraction, eluted from phosphocellulose at high ionic strength, contains the major 68,000-dalton protein and can be further resolved into two components by centrifugation. The supernatant, which consists mainly of high molecular weight microtubule-associated proteins, stimulates low concentrations of PC-tubulin to assemble. The pellet contains all of the 68,000-dalton protein, consists of 10-nm filaments, and does not stimulate assembly of PC-tublin. Boiling of purified filaments, however, releases several proteins, including the 68,000-dalton protein, and these released proteins stimulate the assembly of PC-tubulin. The morphology and protein composition of the filaments isolated from microtubule preparations by these techniques are very similar to those of mammalian neurofilaments. These results suggest that the major 68,000-dalton protein in cycled microtubule preparations, which may correspond to tubulin assembly protein [Lockwood, A.H. (1978) Cell 13, 613--627], is a constituent of neurofilaments.