Bovine pituitary intraglandular colloid is formed by the cyclic degeneration of marginal cells lining the intermediate lobe and is housed in the intraglandular lumen (residual lumen). The lumen communicates with the subarachnoid cerebrospinal fluid space by well defined channels. Electrophoresis in acrylamide gel shows bovine pituitary intraglandular colloid as having double protein bands identical to the protein in bovine and human cerebrospinal fluid. These studies demonstrate two distinct bands in the gamma region for colloid, not apparent in the normal bovine or human cerebrospinal fluid due to the low concentration of gamma globulins. We conclude that pituitary colloid, laden with immunoreactive fragments of various pituitary hormones, is discharged from the hypophyseal intraglandular space, directly into the subarachnoid cerebrospinal fluid space.