Original GBL Prospectus - Gabelli

of the number of Separate Accounts and approximately 25% of the assets, with institutional investors
comprising the balance. Each Separate Account portfolio is managed to meet the speciÑc needs and
objectives of the particular client by utilizing investment strategies and techniques within the Company's
areas of expertise.
‚ Partnerships: The Company also provides alternative investments through its majority-owned subsidiary,
Gabelli Securities, Inc. (""GSI''). These alternative investment products consist primarily of risk arbitrage
and merchant banking limited partnerships and oÅshore companies (collectively, the ""Partnerships''). The
Partnerships had $146 million of assets, or approximately 1% of total assets under management, at
December 31, 1998.
Investment advisory and incentive fees relating to the Mutual Funds, the Separate Accounts, and the
Partnerships generated approximately 84% and 85% of the Company's total revenues for the nine months
ended September 30, 1998 and the year ended December 31, 1997, respectively.
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
At December 31,
to
December 31, 1998
1994 1995 1996 1997 1998 CAGR(a)
Equity:
Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,391 $3,875 $3,969 $ 5,313 $ 7,159 20.5%
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,276 5,051 5,200 6,085 7,133 13.7
Total Equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,667 8,926 9,169 11,398 14,292 16.9
Fixed Income:
Money Market Mutual FundsÏÏÏÏÏÏÏÏÏÏ 208 236 235 827 1,030 49.2
Bond Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5 5 5 6 8 12.5
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì 928 824 Ì
Total Fixed Income ÏÏÏÏÏÏÏÏÏÏÏÏ 213 241 240 1,761 1,862 71.9
Partnerships:
Partnerships ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103 112 116 138 146 9.1
Total Assets Under Management(b) $7,983 $9,279 $9,525 $13,297 $16,300 19.5%
Breakdown of Total Assets
Under Management:
Mutual Funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,604 $4,116 $4,209 $ 6,146 $ 8,197 22.8%
Separate Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,276 5,051 5,200 7,013 7,957 16.8
Partnerships ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103 112 116 138 146 9.1
Total Assets Under Management(b) $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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