Light and electron microscopic study of the pyramidal tract of the laboratory rat at a midbulbar level revealed the total number of myelinated fibers on one side to be about 200,000. They ranged from 0.2 micron to more than 5 microns, but clustered strongly in the neighborhood of 1.0 micron (mode of 0.9 micron and mean of 1.2 micron), forming the highly skewed fiber spectrum so familiar for mammalian pyramidal tracts and other central fiber pathways. Numerous small clusters of unmyelinated axons were found scattered throughout the tract, adding another 100,000 axons to the estimated number. Not only were the fibers exceedingly small, but also the degree of myelination relative to axon diameter varied widely, suggesting that conduction speed within the tract is not optimal for all fibers. In fact, about half of the fibers in the pyramidal tract would, in theory, conduct faster if they had no myelin wrapping.