不仅他们从象对冲基金等备选资产种类的收入已经在下降，而且他们还面临将零售客户输给交易型开放式指数基金的惨淡前景。
Not only have their revenues from alternative asset classes such as hedge funds been declining, they also face the prospect of losing retail clients to ETFs.
先锋，富达和Putnam Investments都有可转换开放式共同基金的，同时也有许多封闭式基金，包括一些基金在其净资产值以下。
Vanguard, Fidelity and Putnam all have open-end convertible mutual funds, and there are many closed-end funds, including some trading at discounts to their net asset values.
开放式基金向大众出售股份，每一股代表对基金的标的资产所拥有的按比例分配所有权。
Open ended funds sell shares top the public and each share represents the allocating the ownership of the underlying assets of the funds according to the ratio.
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