Which of the following is NOT one of the mutual fund services?

The correct answer highlights that direct purchases of individual stocks are not a service typically offered by mutual funds. Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities managed by professionals. The primary focus of mutual funds is on collective investment strategies, rather than facilitating direct transactions in individual stocks.

In contrast, the other options represent common services provided by mutual funds. Automatic reinvestment for dividends allows investors to reinvest any dividends received back into the fund, which can enhance growth through compounding. Systematic withdrawal plans enable investors to set up regular cash withdrawals from their mutual fund investments, which can be particularly useful during retirement for generating income. The exchange privilege refers to the ability to switch investments between different funds within the same family of mutual funds without incurring additional costs, providing flexibility based on changing financial goals or market conditions.