The biologically active fraction of human transfer factor (Sephadex G-25, fraction III) has been separated by exclusion chromatography into two component fractions (IIIa and IIIb). Fraction IIIa transferred donor reactivities to PPD or KLH into 9 of 9 recipients. Fraction IIIb did not transfer donor reactivities (0 of 8 transfers) but did produce both antigen-independent and antigen-dependent dermal reactions in recipients. Fractionation by electrofocusing and high pressure reverse phase chromatography revealed that IIIa has a major UV254 absorbing component and that fraction IIIb has at least three major and three minor UV absorbing components. The major component of IIIa was isolated by preparative electrofocusing, had an isoelectric point of 1.6, and transferred KLH reactivity to four of five recipients.