The fetal vascularisation of the most peripheral three generations of stem villi has been studied by means of semithin serial sectioning and scanning electron microscopy of vessel casts in 50 human term placentas. The vessel types have been classified according to the structure of the vessel walls. Stem villi with a diameter of 200-400 microns are characterized by one smaller artery and one small vein, some arterioles and venules and capillaries of the paravascular net. Stem villi of about 150 microns diameter contain arterioles and muscular venules besides the paravascular capillary network. The last generation of stem villi measuring 80 to 100 microns in diameter exhibit a terminal arteriole and a collecting venule as well as up to ten paravascular capillaries. The luminal width of the arterial and venous stem vessels is considerably smaller than described for other vascular beds. This may partly be due to postpartal vascoconstriction. The capillaries of the paravascular net normally to not show sinusoidal dilation. They are arranged as long, hairpin-like, poorly branched loops connecting the arterial and venous stem vessels to each other.