Many investigations have been made on the metabolic exchanges during pregnancy, both in women and in lower animals. The most important of these have recently been reviewed by Newton (1952). Although all the problems examined remain, to a greater or less extent, incompletely answered, the most notoriously refractory problems of metabolism in pregnancy are those of energy and water exchange. While it is generally accepted that the energy expenditure of the pregnant organism increases during pregnancy, is the increase due to the event of pregnancy or is it simply a reflexion of increasing tissue mass (that is, roughly, body weight) and changes in food intake (that is, roughly, specific dynamic action)? Again, does the pregnant organism normally retain water in excess of that required for the formation of tissue and fluids of the conceptus, and of new maternal tissue in the uterus, mammary glands and elsewhere?The present investigation was designed to contribute something towards the solution of these problems, by measurement, in the rat, of the total energy exchange over prolonged periods, as opposed to short-period basal studies, and by simultaneous measurement of the total water exchange with direct measurement of the water balance.Earlier studies on the energy expenditure of pregnancy have been confined, with one or two exceptions, to short-period measurements of basal metabolism from time to time throughout pregnancy. Only in Dewar's (1953) work on the mouse have data been available to examine the total energy metabolism during pregnancy. Neither, until Dewar's (1953) work, has there been any direct estimation of water balance during pregnancy. The belief that water retention is a general phenomenon of pregnancy has been inferred exclusively from indirect evidence, the main lines of which have been reviewed by Chesley (1944). Dewar (1953) was, however, primarily interested in the part played by the placenta in the control of pregnancy, so all his results, including