Vanguard, FidelityandPutnamallhaveopen-endconvertiblemutualfunds, andthere are manyclosed-endfunds, includingsome trading at discounts to theirnet assetvalues.
Senator Collins, a vocal champion of cracking down on brokers, decided that it would be okay to exempt those brokers who sell only mutualfunds, variable annuities and certain closed-end funds from the standard.
Such income producing strategies may include bonds, dividend paying equities, mutualfunds, closed-end funds, exchange-traded funds ( ETFs) and unit investment trusts (UITs), to name a few.