Two groups of adults classified with depressed mood (10% highest scores on the Profile of Mood States-Short Form Depression scale) were contrasted on changes in POMS Depression scores over 10 weeks. The exercise group (n = 26) was given a moderate cardiovascular exercise program of 3x/week for 20 to 30 min. per session. The control group (n=24) did not participate in exercise. Significant reductions in POMS Depression scores over 10 weeks were noted for the exercise group in between-group (d=-.88) and within-group (d=-1.32) analyses. Significantly more participants in the exercise group scored in the normal range at Week 10 (62%) than in the control group (29%). Neither changes in cardiorespiratory function (VO2 max) nor initial POMS Depression scores were significantly correlated with changes in POMS Depression scores after 10 weeks. Methodological improvements, limitations, and practical application of findings after replication were discussed.