Nerve fibers which enter from the neural lobe were found in the pars intermedia of the toad Bufo arenarum. Many of the mentioned fibers showed button-like endings between the cells located in the vicinity of capillaries. Degenerative changes were obtained in the axons of the pars intermedia of hypothalamus-transectioned animals. Neurosecretory substance appeared in close contact with the colloid-like vesicles of the pars intermedia cells. The neurosecretory droplets were always found near the intermediate-neural lobe junction. It is assumed that in Bufo arenarum there exists a morphological basis for admitting a direct axonal control from the hypothalamus to the pars intermedia.