This paper examines the factors associated with depressive symptoms during the perimenopausal transition, to increase the understanding about the etiology of perimenopausal depression. Method: Seventy-six peri- and early postmenopausal women with or without current depressive symptoms were recruited (mean, 49.5 years; standard deviation, 4.3). Participants completed a series of questionnaires relating to depression (Beck Depression Inventory-II), perimenopausal symptoms (Greene Climacteric Scale), social support, life events, history of mood disorders, exercise regime, and questions regarding lifestyle and well-being. Findings: Univariate relationships between predictors and depression scores were assessed. All significant variables at this level (history of depression, history of premenstrual syndrome, recent negative life events, aerobic exercise, social support, and somatic symptoms) were then analyzed via multiple regression. The presence of recent negative life events, a history of depression, and severity of somatic symptoms of perimenopause were all found to predict unique variance in depression scores. There was also a trend toward a protective role of aerobic exercise. Conclusions: This study confirmed the role of negative life events, previous depression history, and somatic complaints in the development of depressive symptoms during perimenopause. Further exploration of this relationship is warranted. ? 2013.