The Perinatal Research Society is an honorary society composed of perinatal investigators primarily from North America but increasingly from around the world in three disciplines, obstetrics, pediatrics, and basic sciences. Its purpose is to encourage communication and collaboration between young investigators and those more established and to provide active and productive interchange between scientists of different disciplines who share a common research interest in perinatal biology. In its 28 years, the Society has been highly successful at meeting these goals. Today it is the world's premier research society in perinatal investigation. The Society is led by imaginative leaders, is well managed, and has responded effectively to the challenges of the late 1990's in terms of remaining viable and vital. It has expanded its resource based to include industrial partners, voluntary funding agencies, and its own membership. The Society is reaching abroad for more support, and it can comfortably declare that it is financially sound. The Society is ready to lead perinatal investigation into the 21st Century. One of the most attractive features of the Society, and it top-priority service program, is its support of young investigators to attend its annual meeting. The Society, through NICHD support, funds 70 percent of the transportation and hotel costs of 21 young investigators to attend its annual meeting. The remaining 30 percent is funded by the awardee's department. This program has received generous support from NICHD over most of the past twelve years, and this request for 11,000 dollars p.a. is to sustain this highly successful program for another five years at the true cost of funding the program. Renewal of this program by NICHD will assure the continued encouragement and development of young investigators in perinatal biology into the next century.