The postsynaptic density (PSD) fraction from canine cerebral cortex was found to contain an endogenous cyclic nucleotide-phosphodiesterase activity that was dependent on Mn 2+ and/or Mg" but not on Ca t + . Maximal activity was obtained at 1 gm Mn" . This cyclic nucleotide phosphodiesterase activity was not decreased upon removal of the calmodulin from the PSD fraction, nor was it increased by the addition of calmodulin to a postsynaptic density fraction deficient in calmodulin . The enzymatic activity could be extracted by sonication, with the soluble enzyme having properties similar to those found in the native structure. Two peaks of cyclic nucleotide phosphodiesterase activities could be obtained after S-300 Sephacryl column chromatography of this soluble fraction : fraction I (excluded peak) and fraction II (215,000 mol wt) . The fraction I activity preferred cyclic AMP over cyclic GMP and was not activated by calmodulin . The fraction II activity had an approximately fourfold lower K,n for cyclic GMP over cyclic AMP. This fraction II activity was activatable by calmodulin, which increased the Vmsx and decreased the Km in the case of both cyclic nucleotides. We conclude that two activities are present in the PSD, one activatable, and one not activatable, by Calmodulin .The postsynaptic density (PSD) is a prominent structure, of unknown function, in central nervous system synapses (1). As observed by electron microscopy, the PSD appears as a densely staining thickening which lies along the cytoplasmic side of the postsynaptic membrane (1) . Recently, we have isolated from canine cerebral cortex a PSD fraction that has been found to contain some 10 major and at least 20 minor proteins (10). Of the enzymatic activities tested, there are no Mg" or Cat +-ATPase (10) nor adenylate cyclase (18) activities, and very small amounts of cytochrome c oxidase (10) or 5'-nucleotidase (10) activities. However, two protein kinase activities are present, one activatable by cyclic AMP (4, 45) and one activatable by Ca" and calmodulin (7,18,20,21) ; the protein substrates, proteins Ia and Ib, which are phosphorylated by the former kinase (4, 45) and the protein substrates, the major 51,000 Mr protein and a 62,000 M, protein, which are phosphorylated by the latter kinase (7,18,20,21) are also found in the PSD preparation .Immunochemistry has been used to confirm the presence of proteins Ia and Ib in the PSD (6) . Other proteins identified to be intrinsic constituents are actin (5, 27), the alpha and beta subunits of tubulin (5,27,35,36,48) and a major M, = 51,000