Cerebral Peduncle
The cerebral peduncles are paired structures, present on the ventral side of cerebral aqueduct, and they further carry tegmentum on the dorsal side and cresta or pes on the ventral side, and both of them accommodate the corticospinal tract fibres, from the internal capsule (i.e. ascending + descending tracts = longitudinal tract.) the middle part of cerebral peduncles carry substantia nigra (also called "Black Matter") which is a type of basal nucleus. It is the only part of the brain that carries melanin pigment.
Between the peduncles is the interpeduncular fossa, which is a cistern filled with cerebrospinal fluid. The oculomotor nerve comes out between the peduncles, and the trochlear nerve is visible wrapping around the outside of the peduncles. The oculomotor is responsible for pupil constriction (parasympathetic) and certain eye movements.
Read more about this topic: Midbrain