NEW YORK-In the flurry of newly issued exchange-traded, lifecycle and lifestyle funds that have dominated investors' attention in recent years, one product has failed to capture the attention some say it deserves: the closed-end mutual fund.

Older than their more popular open-ended counterparts, closed-end funds are also less understood, according to John P. Calamos, chief executive and chief investment officer of Calamos Investments in Naperville, Ill.

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