Objective: To investigate the effects of oral estradiol valerate (EV) EM-652, a new-generation selective estrogen receptor modulator: and both agents on central and peripheral beta-endorphin (beta-EP) and allopregnanolone levels in fertile and ovariectomized rats. Design: Prospective study. Setting: Animal laboratory in an academic research environment. Animals: Thirteen groups of eight Wistar female rats received oral EV (0.01 or 0.05 mg/kg of body weight daily), EM-652 (0.1, 1, or 5 mg/kg daily). or EV (0.05 mg/kg daily) and EM-652 (0.1, 1, or 5 mg/kg/daily) for 14 days. Intervention(s): beta-Endorphin levels content in the hypothalamus, hippocampus. anterior and neurointermediate pituitary. and plasma were measured. Allopregnanolone levels in the hypothalamus, hippocampus, anterior pituitary. adrenal glands, and serum were measured. Main Outcome Measure(s): beta-Endorphin and allopregnanolone levels. Result(s): In ovariectomized rats, administration of EV or EM-652 reverses changes in beta-EP and allopregnanolone levels induced by ovariectomy. Administration of EM-652 plus EV prevents the increase in beta-EP and allopregnanolone levels induced by EV in the hippocampus, hypothalamus, and pituitary but not in the adrenal glands and serum. Conclusions: In variectomized rats, EM-652 has an estrogen-like action that becomes antiestrogenic in the presence of EV administration. In fertile animals, EM-652 exerts estrogen-like or slight antiestrogenic effects. (Fertil Steril(R) 2002:77:1018-27. (C) 2002 by American Society for Reproductive Medicine).