Although Ca(2+)/calmodulin has been suggested to play a role during endocytosis, it remains unknown if binding of Ca(2+) to calmodulin is essential for initiating endocytosis or if this interaction only has a modulatory effect on endocytosis. In this study, using time-resolved capacitance measurements at the rat calyx of Held synapse, the role of calmodulin in endocytosis was examined. Our results demonstrate that blocking calmodulin with an inhibitory peptide, which interfers with the binding of calmodulin to downstream targets, slowed the rate of endocytosis, but only when accompanied by high Ca(2+) influx. In response to a short train of action potential-like stimulation, blocking calmodulin had no effect on endocytosis. Furthermore, we have identified conditions in which inhibition of calmodulin fails to affect the rate of endocytosis, but nevertheless retards recruitment of synaptic vesicles to the fast-releasing vesicle pool responsible for synchronous release. The results indicate that calmodulin facilitates endocytosis in an activity-dependent manner but is not mandatory for endocytosis, and suggest that calmodulin modulates an endocytotic intermediate process, which in turn affects synaptic vesicle recruitment and membrane fission.