We have examined the regulation of repressible acid phosphatase (APase; orthophosphoric-monoester phosphohydrolase [ Phosphorus metabolism in Saccharomyces cerevisiae involves five principal enzymes for the acquisition and metabolic integration of Pi.These enzymes regulate intracellular concentrations of Pi by a cyclic pathway of polyphosphate (polyP) synthesis and degradation (18, 47). The polyP is sequestered into vacuoles and forms the most abundant phosphate compounds in yeasts. The majority is an acid-insoluble polymer of 240,000 daltons, whereas the remainder consists of short-chain-length acid-soluble residues (42).Both a phosphate permease (39) and acid phosphatase (APase) (41) participate in phosphorus acquisition. APase (orthophosphoricmonoester phosphohydrolase [acid optimum], EC 3.1.3.2) is an exocellular enzyme active on a broad spectrum of phosphoester substrates (41).Incorporation of Pi as a monovalent anion occurs by an energy-dependent permease transport mechanism (9, 39). Intracellular Pi is converted via ATP to polyP by the unique enzyme, polyP kinase, which transfers the terminal phosphoryl group of ATP to polyP. Degradation of polyP, on the other hand, is catalyzed by several enzymes, including polyP kinase. However, the direct interconversion of polyP to ATP by polyP kinase does not occur in vivo. Rather, polyP is sequentially hydrolyzed to smaller-chain-length