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NewRiver Announces Latest Summary Prospectus Index Statistics for Mutual Funds, Variable Annuities and Retirement Funds

Recent Index Shows Spike in Variable Annuities’ Sub-Fund Filings

NewRiver, Inc. – creators of the leading central repository of mutual fund documents and data for financial services firms – today announced the most recent statistics for the NewRiver Summary Prospectus Indexsm, including results for variable annuities and retirement funds. The Company’s Indexes are a complimentary service which tracks all summary prospectus filings on the Securities and Exchange Commission’s (SEC) EDGAR database. Firms offering or selling variable annuities, retirement services and mutual funds can actively monitor ongoing summary prospectus adoption within their respective industry.

The most recent Index statistics through April, 2010 indicate that the growth within the Variable Annuity market is staggering; summary prospectuses are now available for more than 29,000 sub-fund options, up from 2,509 in March. Additionally, there are more than 3,000 variable product contracts that have at least one sub-account with a summary prospectus document. The number of standalone summary prospectuses for retirement funds rose to 45 percent from 37 percent in March, while adoption for mutual funds continues to grow. Now, there are more than 4,300 mutual fund summary prospectus documents available for stand-alone delivery.

"The recent Index numbers clearly show that the variable annuity market is primed to reap significant cost savings by reducing print and postage,” states Russ Planitzer, CEO and Chairman of NewRiver, Inc. “With an average savings of $10 per contract holder a year, insurance companies and their fund partners could provide a windfall of over $220 million if they continue to adopt the summary prospectus.”