Previous immunocytochemical studies at the light microscopic level have demonstrated serotonin immunoreactivity in rat adrenal epinephrine-containing cells. In this study we have used electron microscopic immunocytochemical methods to study the subcellular distribution of serotonin and the enzyme responsible for epinephrine biosynthesis, phenylethanolamine-N-methyltransferase (PNMT). The distribution of the immunostaining was compared in adjacent serial thin sections using a post-embedding method in conjunction with peroxidase-antiperoxidase (PAP) immunocytochemistry. Serotonin immunoreactivity was associated with the limiting membrane as well as with the core of the chromaffin vesicles. In adjacent sections PNMT immunoreactivity was also seen in the serotonin-containing vesicles. However, its intravesicular distribution was different from that of serotonin; PNMT occupied the eccentric zone of the vesicles between the serotonin immunoreactive sites. These results are interpreted to be in support of biochemical studies claiming a serotonin uptake and storage capacity of adrenal chromaffin vesicle fractions as well as those which suggest serotonin is synthesized by chromaffin cells. The relative contribution of uptake and synthesis to the pool of serotonin that is stored in the vesicles is an open question. The co-localization of serotonin and PNMT in the same vesicle is suggestive of a capacity for co-release of serotonin and epinephrine by the adrenal medulla.