and 11-myo-inosito1 1,3,4,S-tetrakisphosphate [Ins( l,3,4,5)P4] are metabolised stepwise to inositol.Ins (l,4,5)P3 is rapidly dephosphorylated to D-myo-inositol 1,4-bisphosphate then to D-myo-inositol 4-phosphate and finally inositol. In soluble extracts Ins( 1 ,3,4,5)P4 is dephosphorylated to D-myoinositol 1,3,4-trisphosphate then sequentially to D-WZyO-inOsitOl 3,4-bisphosphate, u-myo-inositol 3-phosphate and inositol, while in particulate extracts D-mZ~O-inOsitol 1,3-bisphosphate is the predominant inositol bisphosphate formed. Dephosphorylation of these inositol polyphosphates is Mg2+ dependent and inhibited by ~-2,3-bisphosphoglyceric acid. Ins( 1,4,5)P, is also phosphorylated to form Ins(1 ,3,4,5)P4 in soluble extracts by Ins(l,4,5)P, 3-kinase. Ins(1 ,4,S)P3 3-kinase activity is Mgz+ and ATP dependent and is stimulated by Ca2+ and calmodulin. Particulate (sarcotubular) inositol polyphosphate 5-phosphatase (5-phosphatase) is found in membranes which are intimately involved in excitation-contraction coupling and the generation of the primary Ca2+ signal of muscle cells. Particulate 5-phosphatase had the highest specific activity in the transverse-tubule membrane, when compared to the terminal cisternae and longitudinal-tubule membranes of the sarcoplasmic reticulum. Particulate Ins( 1 ,3,4,5)P4-3-phosphatase activity was alfo detected after fractionation of solubilised sarcotubular membranes by DEAE-Sephacel. Particulate 5-phosphatase activity was punfied 25600-fold to a specific activity of 25.6 pmol Ins(1,4,5)P3 hydrolysed . min-' . mg protein-', after DEAE-Sephacel and novel affinity chromatography using ~-2,3-bisphosphoglycerate/agarose and Sepharose-4 B-immobilised Ins( 1 ,4,5)P3-analog matrices. Purified particulate 5-phosphatase had apparent K , of 46.3 pM and 1.9 pM and V,,, of 115 and 0.046 pmol substrate hydrolysed . min-' . mg protein-', for Ins(1,4,5)P, and Ins(1 ,3,4,5)P4, respectively. In contrast, purified soluble type I 5-phosphatase had apparent K,,, of 8.9 pM and 1.1 pM and V,,, of 3.55 and 0.13 pmol substrate hydrolysed . min ' . mg protein-', for Ins(1,4,5)P, and Ins(1,3,4,5)P4, respectively. As in other cells, muscle 5-phosphatases have a lower affinity, but a higher capacity to metabolise Ins( 1,4,S)P, than Ins(1,3,4,S)P4. Soluble type I 5-phosphatase may have a functional role in the metabolism of both inositol polyphosphates, while particulate 5-phosphatasc may primarily metabolise Ins(1,4,S)P3. Purified Ins(1,4,5)P3 3-kinase had an apparent K, of 0.42 pM and a V,,,,, of 4.12 nmol Ins(l,4,5