NewRiver Summary Prospectus Index Shows That Fund Companies Continue Rapid Adoption in Advance of Sec Deadline

Andover,MA - 5 October 2009

Emphasizing the increasing success of the Summary Prospectus Rule, NewRiver, Inc. today announced the most recent statistics for the NewRiver Summary Prospectus Indexsm, a complimentary service which tracks all summary prospectus filings on the Securities and Exchange Commission’s (SEC) EDGAR database. The total number of firms that have filed standalone summary prospectuses through September 30 has risen to 21, with a total of 217 documents available on EDGAR as compared to 90 through August. In addition, Fidelity Investments and Putnam Investments have joined the list of firms filing summary sections within statutory prospectuses. A total of 62 firms have filed 1096 summary sections through September 30, compared to 817 through August.

In a move that NewRiver has long anticipated, the Department of Labor (DoL) has authorized the use of a summary prospectus for 404c retirement plans. This endorsement will enable retirement plan providers to take full advantage of the cost savings associated with the Securities and Exchange Commission (SEC) rule. In a recent Employee Benefits Security Administration Bulletin, the DoL states, “The Department believes that the delivery of a Summary Prospectus by an identified plan fiduciary or designee to participants and beneficiaries satisfies the requirements of the ERISA section 404(c) regulations because the required contents of the Summary Prospectus provide key information about a mutual fund that will assist participants and beneficiaries in making informed investment decisions.”

“The numbers clearly translate into overall success for the SEC, fund companies, broker/dealers, retirement plan providers and the individual investors who all will benefit from the Summary Prospectus Rule,” said Russ Planitzer, President and CEO of NewRiver.

“Since we started tracking the adoption numbers back in March of this year, we’ve seen a steady acceleration of fund companies filing online prospectuses. With the DoL now onboard, the industry has spoken: financial firms want smaller documents that are printed on demand rather than stored as inventory.”

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