The effect of exogenous cortisol on glycogen deposition in a number of fetal tissues was investigated in chronically catheterized fetal pigs between 80 and 95 d of gestation (term 114 d). Intravascular infusion of cortisol for 48 h increased the fetal plasma concentration of cortisol 4-fold to a value similar to that observed in piglets near to term. After infusion of cortisol, the concentration of glycogen in the lung was lower while the levels in skeletal muscle and liver were higher than those found in unoperated fetuses. There were no detectable changes in either skin or cardiac muscle glycogen after cortisol infusion. High endogenous cortisol concentrations were observed in some of the catheterized control fetuses and in two unoperated fetuses adjacent to the site of cortisol infusion. These fetuses also had detectable changes in lung, liver and skeletal muscle glycogen. When the data from all the fetuses, whether infused, control catheterized or unoperated, were combined there was a significant positive correlation between both liver and skeletal muscle glycogen concentrations and log plasma cortisol (r = 0.70 and 0.72 respectively, P less than 0.01). Lung glycogen levels were inversely related to log plasma cortisol (r = -0.67, P less than 0.01). No relation between either cardiac or skin glycogen concentration and fetal plasma cortisol could be detected. These observations demonstrate that cortisol has a marked effect on tissue glycogen levels in the immature fetal pig and suggest that the changes in glycogen concentrations observed in the liver, lung and skeletal muscle before term may be due to the pre-partum surge in fetal cortisol.