Ligamentum arteriosum and the fossa ovalis. That is to say the arterial ligament and the oval depression (found in the left ventricle).
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Patent Ductus Arteriosus
Ductos Arteriosus and Foramen ovale
In the fetal heart, the foramen ovale (or ostium secundum of Born) allows blood to enter the left atrium from the right atrium. It is one of two shunts, the other being the ductus arteriosus, that allows blood entering the right atrium to bypass the pulmonary circulation. Another similar adaptation in the fetus is the ductus venosus. In most individuals, the foramen ovale (pronounced /fɒˈreɪmən oʊˈvɑːli/) closes at birth. It later forms the fossa ovalis. Source: http://en.wikipedia.org/wiki/Foramen_ovale_(heart) In the fetal heart, the foramen ovale (or ostium secundum of Born) allows blood to enter the left atrium from the right atrium. It is one of two shunts, the other being the ductus arteriosus, that allows blood entering the right atrium to bypass the pulmonary circulation. Another similar adaptation in the fetus is the ductus venosus. In most individuals, the foramen ovale (pronounced /fɒˈreɪmən oʊˈvɑːli/) closes at birth. It later forms the fossa ovalis. Source: http://en.wikipedia.org/wiki/Foramen_ovale_(heart)
It is the remnant of ductus arteriosus a blood vessel which bypassed the blood to the heart in foetus as the lungs are not functioning till the child is born. After birth once the lungs start functioning, it starts to close and is completely closed by second month.
The main point of both of these structures is to bypass the pulmonary circulation. You want to bypass pulmonary circulation because the fetus does not need the lungs yet to get oxygen. There is no oxygen in the womb for the baby to breath. It gets its oxygen from the mother at this point. Both of these structures will naturally close after birth but there are some instances where they don't and that's when doctors will have to fix the problem if it turns out it is causing issues.