In a wide variety of cell types D-myo-inositol 1,4,5-trisphosphate (Ins(1,4,5)P 3 ) 1 and 1,2-diacylglycerol are generated from phosphatidylinositol 4,5-bisphosphate (PtdIns(4,5)P 2 ) by receptor-mediated activation of phospholipase C (for review, see Refs. 1 and 2). Ins(1,4,5)P 3 mobilizes intracellular calcium from internal stores generating calcium signals to control many cellular processes: smooth muscle contraction, secretion, sensory perception, neuronal signaling, and cell growth (2). Ins(1,4,5)P 3 can be dephosphorylated by a 5-phosphatase to produce Ins(1,4)P 2 and phosphorylated by a 3-kinase to produce Ins(1,3,4,5)P 4 (3-5) (for review, see Refs. 2, 6, and 7). Some evidence supports a role for Ins(1,3,4,5)P 4 in the regulation of intracellular free calcium concentration in concert with Ins(1,4,5)P 3 (for review, see Refs. 7 and 8). Recently, a specific Ins(1,3,4,5)P 4 -binding protein has been isolated and identified as a member of the GAP1 family, suggesting a connection between phospholipase C-derived signals and a proliferative cascade involving Ras (9).A 75-kDa inositol polyphosphate 5-phosphatase was initially identified in human platelet lysates (10). cDNAs encoding the enzyme have been isolated from human cDNA libraries (11,12). When expressed in COS cells, it shows Ins(1,4,5)P 3 , Ins(1,3,4,5)P 4 , PtdIns(4,5)P 2 , and PtdIns(3,4,5)P 3 5-phosphatase activities (13,14). A protein identified due to its deficiency in the Lowe's oculocerebrorenal syndrome has been shown to be homologuous to the 75-kDa inositol polyphosphate 5-phosphatase (15). Expression of a truncated form of the protein demonstrates Ins(1,4,5)P 3 , Ins(1,3,4,5)P 4 , and PtdIns(4,5)P 2 5-phosphatase activities (13). In brain, Type I 43-kDa Ins(1,4,5)P 3 5-phosphatase is the major enzyme hydrolyzing the calcium-mobilizing second messenger Ins(1,4,5)P 3 . It hydrolyzes both Ins(1,4,5)P 3 and Ins(1,3,4,5)P 4 with higher affinity for Ins(1,3,4,5)P 4 but lower velocity (16). PtdIns(4,5)P 2 and PtdIns(3,4,5)P 3 are not substrates (14,17). cDNAs encoding Type I Ins(1,4,5)P 3 5-phosphatase have been isolated from several dog and human cDNAs libraries (18 -20).Arginyl residues are known to act as anionic binding sites in proteins and may thus assist in the binding of substrates or enzyme catalysis. Covalent and irreversible modification with amino acid specific reagents has been used successfully to identify lysyl or arginyl residues in the substrate binding domain in many enzymes, such as tyrocidine synthetase 1 (21), Ca 2ϩ /ATPase (22), 6-phosphofructo-2-kinase (23), and Ins(1,4,5)P 3 3-kinase (24). In addition, two arginyl residues were shown using site-directed mutagenesis to be critical to bind the C-2 phospho group of fructose 2,6-bisphosphate in rat * This work was supported by grants of the FRSM, Boehringer Ingelheim, and the Belgian Programme on Interuniversity Poles of Attraction initiated by the Belgian State, Prime Minister's Office, Federal Service for Science, Technology and Culture. The costs of publication of this article ...