Original GBL Prospectus - Gabelli

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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Consolidated Financial Statements of Gabelli Funds, Inc. and Subsidiaries Report of Independent AuditorsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-2 Consolidated Statements of Income for the years ended December 31, 1995, 1996 and 1997ÏÏÏÏÏÏÏ F-3 Consolidated Statements of Financial Condition as of December 31, 1996 and 1997ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-4 Consolidated Statements of Stockholders' Equity for the years ended December 31, 1995, 1996 and 1997ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-5 Consolidated Statements of Cash Flows for the years ended December 31, 1995, 1996 and 1997 ÏÏÏ F-6 Notes to Consolidated Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-7 Unaudited Interim Consolidated Financial Statements of Gabelli Funds, Inc. and Subsidiaries Unaudited Consolidated Statements of Income for the nine month periods ended September 30, 1997 and 1998 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-16 Unaudited Consolidated Statement of Financial Condition as of September 30, 1998 ÏÏÏÏÏÏÏÏÏÏÏÏÏ F-17 Unaudited Consolidated Statement of Stockholders' Equity for the nine month period ended September 30, 1998 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-18 Unaudited Consolidated Statements of Cash Flows for the nine month periods ended September 30, 1997 and 1998 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-19 Notes to Unaudited Consolidated Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-20 Unaudited Pro Forma Consolidated Statements of Income and Financial Condition Unaudited Pro Forma Consolidated Statements of Income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-22 Unaudited Pro Forma Consolidated Statements of Financial Condition ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-24 Notes to Unaudited Pro Forma Consolidated Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-25 Page Gabelli Asset Management Inc. is a holding company that was newly formed in connection with the OÅering and, accordingly, has not previously engaged in any business operations, acquired any assets or incurred any liabilities other than in connection with the OÅering. Accordingly, the historical Ñnancial statements of Gabelli Asset Management Inc. are not included in this Prospectus because management has determined that they are not material to an investment decision. F-1
REPORT OF INDEPENDENT AUDITORS The Board of Directors and Stockholders Gabelli Funds, Inc. We have audited the accompanying consolidated statements of Ñnancial condition of Gabelli Funds, Inc. and subsidiaries as of December 31, 1997 and 1996 and the related consolidated statements of income, stockholders' equity and cash Öows for each of the three years in the period ended December 31, 1997. These Ñnancial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these Ñnancial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes assessing the accounting principles used and signiÑcant estimates made by management, as well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the Ñnancial statements referred to above present fairly, in all material respects, the consolidated Ñnancial position of Gabelli Funds, Inc. and subsidiaries at December 31, 1997 and 1996, and the consolidated results of their operations and their cash Öows for each of the three years in the period ended December 31, 1997, in conformity with generally accepted accounting principles. ERNST & YOUNG LLP New York, New York March 11, 1998 F-2
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PROSPECTUS 6,000,000 Shares Gabelli
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PROSPECTUS SUMMARY The following su
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The Company's subsidiary, Gabelli &
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‚ Increasing Marketing for Instit
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Summary Historical and Pro Forma Fi
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Nine Months Year Ended Ended Decemb
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ecause the Company did not pursue t
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Competition and Competitors with Gr
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additional Class B Common Stock cou
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THE COMPANY The Company is a holdin
Page 21 and 22: USE OF PROCEEDS The net proceeds to
Page 23 and 24: CAPITALIZATION The following table
Page 25 and 26: Gabelli Funds, Inc. and Subsidiarie
Page 27 and 28: MANAGEMENT'S DISCUSSION AND ANALYSI
Page 29 and 30: Commission revenues for the nine mo
Page 31 and 32: As a result of increased agency tra
Page 33 and 34: functions, such as pricing its secu
Page 35 and 36: As of December 31, 1998, the Compan
Page 37 and 38: ‚ Widely Recognized ""Gabelli'' B
Page 39 and 40: The following table lists the Mutua
Page 41 and 42: Fund Net Assets as of (Morningstar
Page 43 and 44: Fund Net Assets as of (Morningstar
Page 45 and 46: assigned to a speciÑc client from
Page 47 and 48: StaÅ At December 31, 1998, the Com
Page 49 and 50: MANAGEMENT Directors and Executive
Page 51 and 52: (Insurance), the International Coun
Page 53 and 54: accepted accounting principles (bef
Page 55 and 56: Transferability Except as otherwise
Page 57 and 58: Prior to the OÅering, the Company
Page 59 and 60: 1997, which loan accrued interest a
Page 61 and 62: Stock. No shares of Common Stock ar
Page 63 and 64: Stock''), voting together as a sing
Page 65 and 66: Under the CertiÑcate of Incorporat
Page 67 and 68: SHARES ELIGIBLE FOR FUTURE SALE Imm
Page 69 and 70: The Underwriters propose to oÅer t
Page 71: LEGAL MATTERS Certain legal matters
Page 75 and 76: GABELLI FUNDS, INC. AND SUBSIDIARIE
Page 93 and 94: GABELLI FUNDS, INC. UNAUDITED PRO F
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Original GBL Prospectus - Gabelli

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