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Six and five-port direct conversion receivers have demonstrated being an interesting alternative since their design is simple and they can he calibrated to operate in a wide range of frequencies. We present in this paper a novel architecture based on the five-port principle suitable for direct up-and-down conversion between baseband and RF signals. In addition, a realization of the proposed architecture in GaAs for the 1.8 - 5.5 GHz band is described. The performance of the transceiver is demonstrated through measurement results.