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The fluid that exchanges nutritive materials with cells in return for waste products is interstitial fluid. This clear, colorless fluid surrounds the cells and is derived from blood plasma. It acts as a medium through which nutrients, oxygen, and other substances can be transported to the cells, while simultaneously collecting waste products that are carried away for elimination.

Interstitial fluid plays a crucial role in cellular homeostasis, maintaining the environment necessary for cells to function properly. As cells utilize nutrients and produce waste, this fluid facilitates the transfer of materials directly to and from the cells, ensuring they remain healthy and functional.

Blood, while it does carry nutrients and waste, primarily functions as a transport medium throughout the entire body and is confined within the circulatory system. Lymph is more associated with the immune system and the return of excess interstitial fluid to the bloodstream. Plasma, as a component of blood, also contains nutrients but does not exchange them directly with cells; instead, it primarily transports various substances throughout the body.

Thus, interstitial fluid is key in the localized exchange of materials between blood vessels and cells, serving a direct role in nutrient delivery and waste removal.