Maternal-fetal effects of cycle ergometer conditioning (heart rate of 145 beats/min at 25 min/day for 3 days/wk) were studied during the second and third pregnancy trimesters. Subjects were 22 previously sedentary women and 16 nonexercising pregnant control women. Fetal heart rate (FHR) characteristics were studied before, during, and after 15 min of upright cycling at a maternal heart rate target of 145 beats/min at the end of both the second and third trimesters. Despite higher cycling power outputs in the exercised group, mean FHR responses were similar in both groups and conformed to 1) gradual increase in FHR baseline during exercise, 2) normal variability, and 3) normal reactivity. Fetal bradycardia was observed during (n = 1) and after (n = 2) exercise in three isolated tests. The timing of these events suggested that the likelihood of significant fetal hypoxia is highest in the immediate postexercise period. These results also support the hypothesis that physically conditioned women can perform at higher exercise power outputs than sedentary women without inducing fetal hypoxic stress. Further study is recommended to examine possible fetal and placental adaptations to maternal aerobic conditioning.