RNase P activity from Schizosaccharomyces pombe co-purifies with two RNA species. These RNAs are associated with enzyme activity as judged by titrated micrococcal nuclease inactivation experiments. The two RNAs, K1- and K2-RNA, are 285 and 270 nucleotides long, respectively. Both RNAs are transcribed from one gene, present in a single copy in the haploid genome. The primary and a secondary structure of K RNAs have been determined and compared with M1 RNA, their counterpart from Escherichia coli. Very limited sequence homology was observed, and this agrees with the finding that no cross-hybridization with M1 RNA can be detected in a Southern analysis with yeast genomic DNA. However, the secondary structures of K RNA and M1 RNA show the same basic organization and one conserved local motif, the sequence GUG--AGGPu in an exposed hairpin loop.