The affinity and the number of receptor sites for the synthetic steroid triamcinolone acetonide were studied in the livers of foetal rabbits. Twenty-two-, 24- and 29-day-old control and 29-day-old foetuses decapitated on day 22 were used to determine whether a change in steroid receptors occurs in the liver when it accumulates glycogen, and whether decapitation impairs such a change. Steroid receptors were found as early as day 22, when they were as numerous (0.091 pmol/mg protein) as on days 24 (0.098 pmol/mg) and 29 (0.104 pmol/mg). The binding affinity was found to be slightly higher on day 24 than on day 22 and it remained the same on days 24 and 29. The binding affinity of the receptors was the same in decapitated foetuses as in 29-day-old controls but the number of sites was slightly lower. The labelled steroid was transferred to the nucleus of the liver cells in vivo. It seems unlikely that steroid receptors are the limiting factor preventing the accumulation of glycogen in the liver of the rabbit foetus before day 26 or after decapitation.