Final answer:
The posterior pituitary gland stores and releases oxytocin and antidiuretic hormone (ADH), which are produced by the hypothalamus, and are essential for functions like childbirth, lactation, and water balance regulation.
Step-by-step explanation:
The function of the posterior pituitary gland, which is part of the neurohypophysis, is not the production of hormones, but rather the storage and release of hormones produced by the hypothalamus. This includes two important hormones: oxytocin and antidiuretic hormone (ADH), also called vasopressin.
Oxytocin is involved in various functions such as childbirth and lactation, while ADH plays a crucial role in regulating water balance in the body by concentrating urine and reducing water loss. Signals from the hypothalamus trigger the release of these hormones into the bloodstream from their storage sites in the axon terminals of the posterior pituitary.