Hypopituitarism is a relatively rare condition with a varying presentation, which depends upon the underlying etiology and the pattern of hormone insufficiency. A 42-year-old man with panhypopituitarism secondary to Rathkes cleft cyst, who sought treatment for pleural and pericardial effusions, is reported. Both effusions responded promptly to anterior pituitary hormone replacement therapy. (The Endocrinologist 2003;13: 91-94) From the *Division of Endocrinology and Metabolism, the †Division of Neurosurgery, and the ‡Department of Pathology, Dalhousie University, Halifax, Canada.