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An extracellular lipolytic enzyme active at low temperature was purified from the culture filtrate of the snow mold fungus, Typhula ishikariensis group III, strain 6-1-1. The molecular mass of enzyme was approximately 83 kDa (SDS-PAGE). The lipolytic enzyme was most active for p-nitrophenyl palmitate at 30 –C (pH 9.0). The lipolytic activity was 23.4% of the maximum at 4 –C, the temperature of culture. Thus, the isolated T. ishikariensis lipolytic enzyme is thought to represent a new member of a group of enzymes active at low temperature.