Which part of a human ovary contains developing follicles?

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In the human ovary, developing follicles are located within the outer layer known as the cortex.1

At the beginning of each menstrual cycle, these follicles enlarge and migrate from the cortex toward the outer surface of the ovary to undergo maturation. While the ovary also contains an inner medulla—which houses blood vessels, nerves, and fibrous tissue—the follicles and oocytes are specifically contained within the cortex.21