Original GBL Prospectus - Gabelli

As of December 31, 1998, the Company had approximately $16.3 billion of assets under management,
consisting of $8.2 billion in the Mutual Funds, $8.0 billion in the Separate Accounts and $146 million in the
Partnerships. The Company's total assets under management grew from $2.1 billion as of December 31, 1987
to $16.3 billion as of December 31, 1998, which represents an average annual growth rate of approximately
20.5% over the corresponding eleven year period. The Company's growth of average assets under management
has led to a corresponding increase in operating revenues and pre-tax proÑtability.
The following table sets forth total assets under management by product type as of the dates shown and
the compound annual growth rates (""CAGR'').
Assets Under Management
By Product Type
(Dollars in millions)
December 31,
1994 to
December 31,
At December 31, 1998
1994 1995 1996 1997 1998 CAGR(a)
Equity:
Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,391 $3,875 $3,969 $ 5,313 $ 7,159 20.5%
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,276 5,051 5,200 6,085 7,133 13.7
Total Equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,667 8,926 9,169 11,398 14,292 16.9
Fixed Income:
Money Market Mutual FundsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 208 236 235 827 1,030 49.2
Bond Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5 5 5 6 8 12.5
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì 928 824 Ì
Total Fixed Income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 213 241 240 1,761 1,862 71.9
Partnerships:
PartnershipsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103 112 116 138 146 9.1
Total Assets Under Management(b) ÏÏÏÏÏÏÏÏ $7,983 $9,279 $9,525 $13,297 $16,300 19.5%
Breakdown of Total Assets Under Management:
Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,604 $4,116 $4,209 $ 6,146 $ 8,197 22.8
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,276 5,051 5,200 7,013 7,957 16.8
PartnershipsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103 112 116 138 146 9.1
Total Assets Under Management(b) ÏÏÏÏÏÏÏÏ $7,983 $9,279 $9,525 $13,297 $16,300 19.5%
(a) Compound annual growth rate.
(b) EÅective April 14, 1997, the Company increased its ownership of Gabelli Fixed Income L.L.C. from 50% to 80.1%, thereby causing
Gabelli Fixed Income L.L.C. to become a consolidated subsidiary of the Company. Accordingly, for periods after April 14, 1997, the
assets managed by Gabelli Fixed Income L.L.C. are included in the Company's assets under management. If the assets managed by
Gabelli Fixed Income L.L.C. had been included for all periods presented, assets under management would have been $9,004,
$10,793 and $11,082 at December 31, 1994, 1995 and 1996, respectively, and the CAGR for total assets would have been 16.0%.
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