Previous studies indicate that the menstrual cycles of older reproductive age women are characterized by a selective elevation of FSH associated with early development and ovulation of a dominant follicle. Several intraovarian hormones and growth factors have been identified that appear to serve important paracrine roles. The purpose of this study was to examine follicular fluid (FF) hormones and growth factors in the dominant follicle of unstimulated cycles of older, ovulatory women. We aspirated FF from the preovulatory dominant follicle in natural menstrual cycles of older subjects (age, 40 -45 yr; n ϭ 20) and younger controls (age, 20 -25 yr; n ϭ 19). FF was analyzed for estradiol, progesterone, testosterone, androstenedione, inhibin A and B, total activin A, total follistatin, insulin-like growth factor I (IGF-I), IGF-II, IGF-binding protein-2 (IGFBP-2), IGFBP-3, and vascular endothelial growth factor (VEGF) concentrations. We found that the dominant follicles from older women contain normal concentrations of steroids, inhibin A and B, IGF-II, IGFBP-2, and IGFBP-3; increased concentrations of follistatin, activin A, and VEGF; and decreased concentrations of IGF-I. Therefore, under the influence of elevated FSH, the dominant follicle in older women is highly competent in terms of hormone and growth factor secretion. We postulate that elevated FF activin may be related to the early ovulation observed in older women, whereas elevated VEGF may be related to the meiotic spindle abnormalities observed in the oocytes of older reproductive age women. (J Clin Endocrinol Metab 85: 4520 -4525, 2000) T O CHARACTERIZE early age-related changes in the hypothalamic-pituitary-ovarian axis, we have conducted a series of studies in normal, ovulatory women, aged 40 -45 yr. These studies have demonstrated 1) a monotropic rise in FSH throughout the menstrual cycle (1); 2) accelerated dominant follicle development and early ovulation, but otherwise normal follicle growth and ovarian steroid secretion (1, 2); and 3) disorganization of the oocyte meiotic spindle (3, 4). We were unable to detect any changes in the bioactivity of the FSH molecule (1) or changes in GnRH pulsatility (5). In the current study we continue to characterize the agerelated changes in the hypothalamic-pituitary-ovarian axis through a more detailed analysis of the follicular fluid (FF) contents of hormones and growth factors in the dominant follicle.Inhibin and activin are glycoprotein dimers produced by granulosa cells that are defined by their ability to suppress (inhibin) (6, 7) and stimulate (activin) (6, 8) FSH synthesis and secretion. Follistatin is a single chain polypeptide that is also an inhibitor of FSH (6), but primarily functions as a potent binding protein of both activin and inhibin (9). The net effect of these hormones is dependent on the relative amounts present, the amount of bioavailable ligand, and the available receptors. After the development of specific, two-site ELISAs for dimeric inhibin, it was demonstrated that serum inhi...