NED DAVIS RESEARCH ASSET ALLOCATION FUND TO LIQUIDATE

FOR IMMEDIATE RELEASE
Rye, NY
January 13, 2006
  Contact:    Henry G. Van der Eb
       Senior Vice President
       847-295-7400

For further information please visit http://www.gabelli.com



Gabelli Funds, LLC announced today that the Board of Trustees of the Ned Davis Research Funds (the "Trust") has voted to liquidate the Ned Davis Research Asset Allocation Fund (the "Fund"), and distribute the assets to shareholders. The Board agreed that liquidating the Fund, which was launched on March 31, 2003, is in the best interests of shareholders given its asset level, ongoing transactional and operating costs, and limited marketability.

Consequently, the Fund will no longer be accepting orders for the purchase of shares from new investors or existing shareholders. The Fund's assets will no longer be invested in accordance with its investment objectives and policies, but rather the Fund will sell its assets and distribute the proceeds and any investment income and gains to shareholders of record on the liquidation date. The Fund anticipates that it will retain its qualification for treatment as a regulated investment company through the liquidation period. After paying or providing for the payment of all liabilities, the Fund will distribute the remaining assets to shareholders of record on a pro rata basis within each share class.

Gabelli Funds, LLC is a wholly owned subsidiary of GAMCO Investors, Inc. (NYSE:GBL) which manages, through its subsidiaries, approximately $26.8 billion.