A protein complex that contains a phosphatidylinositol-3-phosphate 5-kinase subunit (Fab1p in yeast; PIKfyve in mammals), a kinase activator, and a phosphatase, and may also contain additional proteins; it is involved in regulating the synthesis and turnover of phosphatidylinositol 3,5-bisphosphate. In mammals the complex is composed of PIKFYVE, FIG4 and VAC14. In yeast it is composed of Atg18p, Fig4p, Fab1p, Vac14p and Vac7p.