Transcapillary fluid dynamics in the follicular and luteal phase in women without symptoms of premenstrual syndrome were studied. Interstitial colloid osmotic pressure was measured by the "wick" method and interstitial hydrostatic pressure by the "wick-in-needle" method in subcutaneous tissue on the thorax and ankle. From follicular to luteal phase, the following changes were observed: Colloid osmotic pressures were significantly reduced, both in plasma (mean 2.5 mm Hg) and in the interstitium (thorax mean 1.9 mm Hg and ankle mean 2.0 mm Hg). The interstitial hydrostatic pressures did not change. There were no significant changes in serum albumin, hemoglobin, or hematocrit. A slight, but significant, weight gain was observed (mean 0.7 kg). The reduced plasma and interstitial colloid osmotic pressures in the luteal phase may be due to water retention, but the observed reductions in colloid osmotic pressures are probably not fully explained by simple dilution. A reduction in total protein mass in the luteal phase is suggested.