Whole-body levels of ACTH, -MSH and cortisol in eggs and larvae of the common carp (Cyprinus carpio) were determined periodically up until 168 h after fertilisation. ACTH, -MSH and cortisol immunoreactivity was detected in unfertilised eggs, and endogenous production of ACTH and -MSH was observed 24 h after fertilisation and that of cortisol 36 h after fertilisation. ACTH immunoreactivity reached peak levels before hatching (56-72 h after fertilisation) and remained relatively stable thereafter, while -MSH immunoreactivity started to increase after hatching. At 36 h after fertilisation, wholebody cortisol levels increased rapidly reaching peak levels at the end of hatching (72 h after fertilisation), remaining stable until the end of the experiment. From 50 h after fertilisation onwards, embryos and larvae increased their whole-body cortisol levels when subjected to handling (mechanical pressure during egg stage or netting during the larval stage). It is concluded that the pituitaryinterrenal axis in carp is fully functional at the time of hatching. No indications of a stress non-responsive period after hatching were observed.To characterise ACTH and -MSH immunoreactivities in carp larvae, whole-body homogenates were analysed by HPLC, with pituitary homogenates of adult carp serving as a reference. ACTH and -MSH immunoreactivity in carp larvae homogenates consisted of three and two products respectively. HPLC of adult carp pituitaries revealed the presence of two ACTH immunoreactive products, which may represent a phosphorylated and a non-phosphorylated ACTH variant, while the three -MSH peaks most likely represent des-acetylated, mono-acetylated and di-acetylated -MSH, the latter being the predominant form. In carp larvae, however, one of the ACTH immunoreactive products co-eluted with the non-phosphorylated ACTH, while the two -MSH products identified co-eluted with des-acetylated and mono-acetylated -MSH, indicating that POMC processing at this stage of development is different from prohormone processing in adult fish.