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Hermaphroditism most commonly occurs in invertebrates, although it is also found in some fish, and to a lesser degree in other vertebrates.
This is in contrast with simultaneous hermaphrodites, in which an individual may possess fully functional male and female gonads. Sequential hermaphroditism is common in fish (particularly teleost fish), many gastropods, and most flowering plants. While some sequential hermaphrodites can change sex multiple times, most can only change sex once. Sequential hermaphrodism is important in understanding behavioral ecology and life history theory.
Source: Wikipedia > Hermaphrodite
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