The incidence, sites and dimensions of cysts in a series of sellar and pharyngeal hypophyses are reported. Most cysts in the sellar hypophysis are Rathke cysts. The possible modes of development of cysts in the pharyngeal hypophysis are discussed and it is concluded that a common control mechanism determines the accumulation of colloid in adenohypophysial tissue. It is suggested that a local, possibly developmental, factor determines the site of cyst formation. The incidence, sites and dimensions of cysts in a series of sellar and pharyngeal hypophyses are reported. Most cysts in the sellar hypophysis are Rathke cysts. The possible modes of development of cysts in the pharyngeal hypophysis are discussed and it is concluded that a common control mechanism determines the accumulation of colloid in adenohypophysial tissue. It is suggested that a local, possibly developmental, factor determines the site of cyst formation.