1. Serum cortisol levels were measured throughout an annual cycle in male European ground squirrels, Citellus citellus L. 2. A circannual rhythm of these levels in euthermic animals was found: the highest being in late October, November and December, the lowest in May, early October and March. 3. The levels varied in the hibernating period as well: strongly reduced during the first part (October-December) and significantly elevated in the second one (January-March). 4. A significant elevation of the cortisol levels was marked 18-20 hr after full arousal from hibernation in October.