In females, estrogens play a key role in reproduction and have beneficial e
ffects on the skeletal, cardiovascular, and central nervous systems. Most e
strogenic responses are mediated by estrogen receptors (ERs), either ER alp
ha or ER beta, which are members of the nuclear receptor superfamily of lig
and-dependent transcription factors. Selective estrogen receptor modulators
(SERMs) are ER ligands that in some tissues act like estrogens, but block
estrogen action in others. Thus, SERMs may exhibit an agonistic or antagoni
stic biocharacter depending on the context in which their activity is exami
ned. For example, the SERMs tamoxifen and raloxifene both exhibit ER antago
nist activity in breast and agonist activity in bone, but only tamoxifen ma
nifests agonist activity in the uterus. Numerous studies have examined the
molecular basis for SERM selectivity. Collectively they indicate that diffe
rent ER ligands induce distinct structural changes in the receptor that inf
luence its ability to interact with other proteins (e.g., coactivators or c
orepressors) critical for the regulation of target gene transcription. The
relative expression of coactivators and corepressors, and the nature of the
ER and of its target gene promoter affect SERM biocharacter. Taken togethe
r, SERM selectivity reflects the diversity of ER forms and coregulators, ce
ll type differences in their expression, and the diversity of ER target gen
es. This model provides a basis for understanding the molecular mechanisms
of SERM action, and should help identify new SERMs with enhanced tissue or
target gene selectivity.