The presence of degradation products of the myelin/oligodendrocyte glycoprotein (MOG) and a new myelin/oligodendrocyte associated protein, FD1, defined by a monoclonal antibody was established in a subfraction (the floating fraction, or FF) of adult rabbit CNS. The histochemical distribution of FD1 was determined by indirect immunofluorescense using conventional and confocal microscopy. FD1 was found to be present in oligodendrocytes, and at the outer rim of CNS myelin sheaths. Strong antibody reactivity was noted at nodes of Ranvier, as well as in regions with a high nodal density. No staining of compact myelin was seen. In the PNS, inner and outer cytoplasmic compartments of the Schwann cells as well as their cell bodies were stained, with no staining of compact myelin. The FF has previously been shown to be highly enriched in Marchi-positive bodies. These structures are situated paranodally in the CNS of myelinated nerve fibers, and their presence has been interpreted as reflections of myelin breakdown and turnover occurring in association with myelin sheath segments situated close to nodes at Ranvier in adult, normal vertebrate CNS. The present findings extend previous observations of partially degraded myelin-associated proteins in the FF, and give further results indicating that Marchi-positive bodies are aspects of intermediate stages in myelin catabolism.