Using an assay that measures the transfer of phosphatidyl-[3H]inositol from rat liver microsomes to liposomes consisting of phosphatidylcholine (98 mole %) and phosphatidylinositol (2 mole %), two proteins have been isolated from homogenates of bovine brain cortical tissue which specifically stimulate the above phospholipid exchange. Protein I, purified 508-fold, has a molecular weight of approximately 29,000 and an isoelectric point of 5.2, and protein II, purified 426-fold, has a molecular weight of approximately 30,000 and an isoelectric point of 5.5. Among the phospholipids examined in various transfer systems, both proteins exhibited a marked preference for phosphatidylinositol transfer; phosphatidylcholine, but not phosphatidylethanolamine, could also be transferred between membranes. The capacities to transfer phosphatidylinotisol and phosphatidylcholine were inhibited simultaneously by tryptic degradation of each protein; however, protein II was significantly more sensitive to this treatment than protein I. The effects of membrane concentration (microsomal protein or liposomal phospholipid) on relative rates of phosphatidylinositol transfer have been determined. Estimations of Km and V with respect to each membrane have been made. These properties of the brain phospholipid transfer proteins are discussed in relationship to those of other proteins which function in the redistribution of phospholipid between membranes.