Adult rats produce two distinct types of ultrasonic vocalizations referred to as 22- and 50-kHz calls, respectively. Emission of the respective calls represents signaling a negative or positive state of the rat organism. The signaling has an adaptive value for survival and/or well-being of rats and their social groups. Literature is reviewed from studies on cats and rats, which indicates that the positive or negative states constitute a complex and integrated set of somatic, autonomic, endocrine, affective, and cognitive correlates. The basic states and their correlates are initiated, integrated, and maintained by activity of the subsets of the ascending cholinergic and dopaminergic systems originating from the reticular brainstem core. The cholinergic and dopaminergic systems interact mutually to form a dynamic balance, which is involved in a decision-making process of initiating and maintaining one or the other of these states. Activation of the relevant portion of the ascending cholinergic system invariably induces the negative state and releases 22-kHz calls while activation of the ascending dopaminergic system induces the positive state with 50-kHz calls. The 22- and 50-kHz calls have distinct and mostly non-overlapping acoustic parameters, which ensure unambiguous recognition of the calls and thus, the state of the emitter. The animal may only signal one of the states at any given time and emission of 22- or 50-kHz calls is mutually exclusive. It is postulated, therefore, that these two main types of ultrasonic calls are reliable indicator variables of two opposing states of the adult rat organism: negative or positive.