Thanks for the ideas. Let's see... Richard--I don't think this is the problem, as the fel is tucked in and in addition to noticing the fluid missing from the resevoir, I noticed a decrease in performance of the loader. Markie, no I have not added any hydraulic implements. Dance--I'll check all the connections carefully. I think you may be right here. I've "picked" (more like ripped) a couple of saplings out that have lodged themselves in and this may be the problem. Interestingly, I now remember that my dealer said he had to add a gallon of hydraulic fluid before delivery which seems odd since the tractor just sat in his lot for 6 months. I'll add some fluid, keep an eye on it and take it in for its 50 hour service and have it checked out. Will also check the crankcase, just in case. Thanks to all.