Freeze-fracture images of exocytosis and endocytosis were studied in various kinds of secretory cells of the anterior pituitary of mice and rabbits. Exocytotic figures are frequently observed in thin section of the anterior pituitary cells. In freeze-fracture images, small elevated membrane areas without membrane particles are often seen on the PF of the plasma membrane of the secretory cells. There is a secretory granule in the cytoplasm just beneath the particle-free membrane area, and limiting membrane of the granule is also devoid of the membrane particles at the part facing the plasma membrane. The fusion of membranes for exocytosis may occur at this particle-free area. The limiting membrane of the granule which is continuous with the plasma membrane is almost always coated after release of the granule core. This invagination of coated membrane may be an initiation site for the membrane retrieval after exocytosis. In freeze-fracture images, this depressed region with an accumulation of the membrane particles is observed on the PF of the plasma membrane. This particle-rich depressed region is thought to correspond to the coated area of the plasma membrane observed in thin section. It is thought that the membrane retrieval by pinocytosis initiates at the particle-rich depressed region of the plasma membrane.