Raloxifene will increase endogenous testosterone and E2 levels secondary to raising LH/FSH.
Ralox actually increases HDL, it is known for having a positive effect on lipids via it's estrogenic effect on the liver.
Ralox is an estrogen at the liver and bone and an anti-estrogen in breast tissue.
But to answer the original question, it should have no significant effect on routine TRT blood work, you might see better HDL/LDL ratio and tighter nips