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A type of mutual fund with the goal to generate current income for its investors from the premium it earns by selling option contracts. The profits investors earn on the options are taxed as ordinary income, not as dividends, so option income funds are best held in tax-advantaged accounts. This income generating strategy is much riskier than investing in dividend paying stocks, although the returns can be much higher.

There are a number of online trading portals that can also help you out when trying to figure out Mutual Funds Jargon. Sites like Reliance Mutual Funds, money control, etc are very good.

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