The Securities and Exchange Commission has subpoenaed Gabelli Asset Management for possible improper trading, the company indicated in an SEC filing. Last October, New York Attorney General Eliot Spitzer filed a subpoena against Gabelli, which admitted that one client had market-timing arrangements.

Gabelli instituted anti-market timing language into its prospectuses in May 2003, placing a 2% redemption fee on any quick in-and-out trades.

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