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1. In further studies on the biosynthesis of components of fraction I, an acidic glycoprotein-containing fraction from guinea-pig serum, an investigation was made of the substances bound to liver microsomes that had earlier been implicated to participate in the synthesis of components of fraction I present in serum. These substances were normally liberated by ultrasonic vibrations. Antisera to subfractions of fraction I were used for characterization. 2. At pH8.6, most of the microsome-bound substances showed electrophoretic mobilities lower than components of fraction I but similar to components of sialic acid-free fraction I. 3. The sialic acid/protein ratios of immune precipitates formed by microsome extracts were similar to those of precipitates formed by sialic acid-free fraction I. 4. On chromatography on Sephadex G-150, most of the microsomal substances were eluted at an essentially similar volume to the main components of fraction I. 5. It was concluded that most of the microsome-bound substances lack sialic acid residues, and, as appreciable degradation of completed molecules is unlikely, these substances appear to be precursors of serum glycoprotein molecules with incomplete prosthetic groups. 6. Evidence was obtained on the submicrosomal localization of incomplete and complete serum glycoprotein molecules.