To investigate the relationship between maternal exercise and fetal circulatory responses in humans during the third trimester of pregnancy, changes in uterine, umbilical and fetal cerebral circulations were measured by pulsed-Doppler ultrasound method in 14 healthy volunteer pregnant women before and just after a moderate non-exhaustive exercise. Maternal heart rate increased significantly reaching 80% of the theoretical maximal heart rate (TMHR) while uterine resistance indices did not change. The fetal heart rate and umbilical mean velocity were unchanged while umbilical resistance index decreased slightly (0.58 +/- 0.06 versus 0.62 +/- 0.07, P < 0.05). The fetal internal carotid artery mean velocity increased (23.2 +/- 5.3 versus 20.4 +/- 4.1 cm/s, P < 0.02) and the cerebral resistance index decreased (0.71 +/- 0.11 versus 0.80 +/- 0.10, P < 0.01). We conclude that submaximal maternal exercise at 80% of TMHR does not significantly alter uterine perfusion but involves a slight fetal cerebral vasodilation which could be due to a moderate fetal hemoglobin desaturation.