N-Q 1 summit_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on August 29, 2005



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-4000



Summit Mutual Funds, Inc.
(Exact name of registrant as specified in charter)


1876 Waycross Road, Cincinnati, Ohio 45240
(Address of principal executive offices) (Zip code)



John F. Labmeier, Esq.
The Union Central Life Insurance Company
P.O. Box 40888
Cincinnati, Ohio 45240
(Name and address of agent for service)



(513) 595-2600
Registrant's telephone number, including area code



Date of fiscal year end: September 30, 2005


Date of reporting period: June 30, 2005 







 
Item 1. Schedule of Investments.
 

Schedule of Investments
        
June 30, 2005 (Unaudited)
        
Summit Nasdaq-100 Index Fund
        
 
  
Shares or
    
 
  
Principal
  
Value
COMMON STOCKS - 97.5%
        
Consumer Discretionary - 20.0%
        
Amazon.Com, Inc. (a)
  
3,568
$
118,029
Apollo Group, Inc. (a)
  
2,468
  
193,047
Bed Bath & Beyond, Inc. (a)
  
5,332
  
222,771
Career Education Corp. (a)
  
1,374
  
50,302
Comcast Corp. (a)
  
12,532
  
384,732
Dollar Tree Stores, Inc. (a)
  
1,432
  
34,368
eBay, Inc. (a)
  
13,190
  
435,402
EchoStar Communications Corp. (a)
  
2,938
  
88,581
Garmin Ltd.
 
1,321
  
56,473
IAC/InterActiveCorp (a)
  
8,995
  
216,330
Lamar Advertising Co. (a)
  
1,121
  
47,945
Liberty Global, Inc. (a)
  
2,328
  
108,648
NTL, Inc. (a)
  
1,259
  
86,141
Petsmart, Inc.
 
1,904
  
57,786
Pixar (a)
  
1,532
  
76,677
Ross Stores, Inc.
 
1,913
  
55,305
Sears Holdings Corporation (a)
  
2,274
  
340,804
Sirius Satellite Radio, Inc. (a)
  
18,039
  
116,893
Staples, Inc.
 
6,609
  
140,904
Starbucks Corp. (a)
  
7,276
  
375,878
Wynn Resorts Ltd (a)
  
1,409
  
66,603
XM Satellite Radio Holdings, Inc. - Class A (a)
  
2,780
  
93,575
       
3,367,194
Consumer Staples - 1.4%
      
 
Costco Wholesale Corp.
 
3,255
  
145,889
Whole Foods Market, Inc.
 
807
  
95,468
       
241,357
Health Care - 12.2%
      
 
Amgen, Inc. (a)
  
7,577
  
458,105
Biogen Idec, Inc. (a)
  
4,774
  
164,464
Biomet, Inc.
 
4,490
  
155,534
Chiron Corp. (a)
  
3,441
  
120,057
Dentsply International, Inc.
 
1,021
  
55,134
Express Scripts, Inc. (a)
  
1,786
  
89,264
Genzyme Corp. (a)
  
4,016
  
241,321
Gilead Sciences, Inc. (a)
  
5,856
  
257,605
Invitrogen Corp. (a)
  
636
  
52,972
Lincare Holdings, Inc. (a)
  
1,276
  
52,112
Medimmune, Inc. (a)
  
3,505
  
93,654
Millennium Pharmaceuticals, Inc. (a)
  
4,418
  
40,955
Patterson Companies, Inc. (a)
  
1,734
  
78,169
Teva Pharmaceutical Industries, Ltd. - ADR
 
6,061
  
188,740
       
2,048,086
Industrials - 3.1%
      
 
American Power Conversion Corp.
 
2,533
  
59,754
CH Robinson Worldwide, Inc.
 
1,111
  
64,660
Cintas Corp.
 
2,714
  
104,760
Expeditors International Washington, Inc.
 
1,379
  
68,688
Fastenal Co.
 
956
  
58,565
Paccar, Inc.
 
2,565
  
174,420
       
530,847
Information Technology - 56.0%
      
 
Adobe Systems, Inc.
 
6,302
  
180,363
Altera Corp. (a)
  
6,899
  
136,738
Apple Computer, Inc. (a)
  
14,992
  
551,856
Applied Materials, Inc.
 
11,352
  
183,675
ATI Technologies, Inc. (a)
  
3,230
  
38,276
Autodesk, Inc.
 
3,175
  
109,125
BEA Systems, Inc. (a)
  
4,943
  
43,400
Broadcom Corp. (a)
  
3,248
  
115,336
CDW Corp.
 
1,139
  
65,026
Check Point Software Technologies (a)
  
3,351
  
66,350
Cisco Systems, Inc. (a)
  
30,368
  
580,332
Citrix Systems, Inc. (a)
  
2,651
  
57,421
Cognizant Technology Solutions Corp. (a)
  
1,707
  
80,451
Comverse Technology, Inc. (a)
  
2,702
  
63,902
Dell, Inc. (a)
  
11,898
 
470,090
Electronic Arts, Inc. (a)
  
4,056
  
229,610
Fiserv, Inc. (a)
  
3,223
  
138,428
Flextronics International Ltd. (a)
  
7,999
  
105,667
Intel Corp.
 
28,676
  
747,297
Intersil Corp.
 
2,003
  
37,596
Intuit, Inc. (a)
  
3,105
  
140,067
JDS Uniphase Corp. (a)
  
21,593
  
32,821
Juniper Networks, Inc. (a)
  
4,651
  
117,112
KLA-Tencor Corp.
 
3,119
  
136,300
Lam Research Corp. (a)
  
1,853
  
53,626
Linear Technology Corp.
 
5,407
  
198,383
Marvell Technology Group Ltd. (a)
  
3,394
  
129,108
Maxim Integrated Products, Inc.
 
6,005
  
229,451
Mercury Interactive Corp. (a)
  
1,184
  
45,418
Microchip Technology, Inc.
 
2,261
  
66,971
Microsoft Corp.
 
48,870
  
1,213,931
Molex, Inc.
 
1,302
  
33,904
Network Appliance, Inc. (a)
  
4,941
  
139,682
Novellus Systems, Inc. (a)
  
1,878
  
46,405
Oracle Corp. (a)
  
28,653
  
378,220
Paychex, Inc.
 
4,726
  
153,784
QLogic Corp. (a)
  
1,243
 
38,371
QUALCOMM, Inc.
 
26,108
  
861,825
Research In Motion Ltd. (a)
  
2,473
  
182,384
SanDisk Corp. (a)
  
1,969
  
46,724
Sanmina-SCI Corporation (a)
  
7,326
  
40,073
Siebel Systems, Inc.
 
7,839
  
69,767
Sun Microsystems, Inc. (a)
  
19,307
  
72,015
Symantec Corp. (a)
  
9,686
  
210,574
Synopsys, Inc. (a)
  
1,791
  
29,856
Telefonaktiebolaget LM Ericsson - ADR
 
1,694
  
54,123
Tellabs, Inc. (a)
  
3,132
  
27,248
VeriSign, Inc. (a)
  
3,162
  
90,939
Veritas Software Corp. (a)
  
5,680
  
138,592
Xilinx, Inc.
 
6,087
  
155,219
Yahoo!, Inc. (a)
  
8,703
  
301,559
       
9,435,391
Materials - 0.5%
      
 
Sigma-Aldrich Corp.
 
874
  
48,979
Smurfit-Stone Container Corp. (a)
  
3,280
  
33,357
       
82,336
Telecommunication Services - 4.3%
        
Level 3 Communications, Inc. (a)
  
8,946
  
18,161
MCI, Inc. (a)
  
4,620
  
118,780
Nextel Communications, Inc. (a)
  
18,343
  
592,662
       
729,603
TOTAL COMMON STOCKS (Cost $16,592,454)
    
$
16,434,814
INVESTMENT COMPANIES - 0.7%
      
 
Unit Investment Trusts- 0.7%
        
Nasdaq-100 Index Tracking Stock (d)
  
3,118
  
114,711
TOTAL INVESTMENT COMPANIES (Cost $106,806)
    
$
114,711
 
  
Principal
  
 
 
  
Amount
  
Value
SHORT TERM INVESTMENTS - 1.2%
        
Money Market Funds - 0.6%
        
Northern Institutional Diversified Assets Portfolio (d)
  
99,183
  
99,183
U.S. Treasury Obligations - 0.6%
        
U.S. Treasury Bill
       
3.078%, 09/15/2005 (d)
$
100,000
  
99,367
TOTAL SHORT TERM INVESTMENTS (Cost $198,560)
      
198,550
Total Investments (Cost $16,897,820) (b) - 99.4%
      
16,748,075
Northern Institutional Liquid Asset Portfolio (c) - 8.3%
      
1,403,335
Other Liabilities in Excess of Assets - (7.7%)
      
(1,298,223)
TOTAL NET ASSETS - 100.0%
    
$
16,853,187
         

Footnotes
      
         
         
         
Percentages are stated as a percent of net assets.
    
         
ADR
 
American Depository Receipt  
(a)
 
Non income producing security.   
(b)
 
For federal income tax purposes, cost is $17,058,469 and gross unrealized appreciation and depreciation of securities as of June 30, 2005 was $3,512,366 and ($3,830,446) , respectively, with a net appreciation/(depreciation) of ($318,080).   
(c)
 
This security was purchased with cash collateral held from securities lending. The market value of the securities on loan, the collateral purchased with cash, and the noncash collateral accepted is $1,352,319, $1,403,335, and $0, respectively.    
(d)
 
Securities and other assets with an aggregate value of $300,600 have been segregated with the custodian or designated to cover margin requirements for the open futures contracts as of June 30, 2005:   
         
 
         
Unrealized
Appreciation/
Type
    
Contracts
  
(Depreciation)
Nasdaq-100 Index (09/05)
    
2
  
$ (7,686)
           
           
 
 
 

Schedule of Investments
 
 
 
June 30, 2005 (Unaudited)
 
 
 
Summit Everest Fund
 
 
 
 
 
 
 
 
Shares
 
Value
COMMON STOCKS - 95.6%
 
 
 
Autos & Transportation - 3.3%
 
 
 
CSX Corp.
22,800
$
972,648
Union Pacific Corp.
18,100
 
1,172,880
 
 
 
2,145,528
Consumer Discretionary - 12.5%
 
 
 
The Gap Inc.
59,300
 
1,171,175
News Corp.
91,500
 
1,542,690
Sony Corp. - ADR
44,400
 
1,529,136
Time Warner, Inc. (a)
90,300
 
1,508,913
Viacom, Inc. - Class B
46,448
 
1,487,265
The Walt Disney Co.
34,700
 
873,746
 
 
 
8,112,925
Consumer Staples - 7.8%
 
 
 
Anheuser-Busch Companies, Inc.
22,700
 
1,038,525
The Coca-Cola Co.
32,000
 
1,336,000
Kraft Foods, Inc.
43,700
 
1,390,097
Unilever NV - ADR
20,600
 
1,335,498
 
 
 
5,100,120
Energy - 10.9%
 
 
 
Anadarko Petroleum Corp.
8,200
 
673,630
Baker Hughes, Inc.
17,500
 
895,300
ChevronTexaco Corp.
23,756
 
1,328,436
ConocoPhillips
12,554
 
721,729
Devon Energy Corp.
17,200
 
871,696
Nabors Industries Ltd. (a)
15,900
 
963,858
Unocal Corp.
13,400
 
871,670
Weatherford International Ltd. (a)
12,900
 
747,942
 
 
 
7,074,261
Financials - 28.2%
 
 
 
Alliance Capital Management Holding LP
31,100
 
1,453,614
Bank of America Corp.
18,600
 
848,346
The Bank of New York Co., Inc.
43,400
 
1,249,052
Citigroup, Inc.
31,400
 
1,451,622
Equity Residential
44,400
 
1,634,808
Freddie Mac
19,100
 
1,245,893
The Goldman Sachs Group, Inc.
7,300
 
744,746
J.P. Morgan Chase & Co.
41,364
 
1,460,977
MBNA Corp.
47,500
 
1,242,600
Mellon Financial Corp.
35,700
 
1,024,233
Morgan Stanley
17,800
 
933,966
New York Community Bancorp, Inc.
37,100
 
672,252
PNC Financial Services Group
22,900
 
1,247,134
The St. Paul Travelers Companies Inc.
39,600
 
1,565,388
Washington Mutual, Inc.
9,000
 
366,210
Wells Fargo & Co.
19,800
 
1,219,284
 
 
 
18,360,125
Healthcare - 6.0%
 
 
 
Bristol-Myers Squibb Co.
29,300
 
731,914
GlaxoSmithKline PLC - ADR
24,100
 
1,169,091
Merck & Co., Inc.
17,500
 
539,000
Pfizer, Inc.  
53,100 
  
1,464,498 
 
 
 
3,904,503
 
 
 
 
       
Materials & Processing - 4.0%
 
 
 
Alcan, Inc.
31,800
 
954,000
The Dow Chemical Co.
14,400
 
641,232
EI Du Pont de Nemours & Co.
24,100
 
1,036,541
 
 
 
2,631,773
Producer Durables - 5.3%
 
 
 
Deere & Co.
22,300
 
1,460,427
General Electric Co.
36,800
 
1,275,120
SPX Corp.
16,200
 
744,876
 
 
 
3,480,423
Technology - 9.6%
 
 
 
Electronic Data Systems Corp.
28,500
 
548,625
Hewlett-Packard Co.
58,200
 
1,368,282
Intel Corp.
42,600
 
1,110,156
International Business Machines Corp.
11,400
 
845,880
Microsoft Corp.
57,500
 
1,428,300
Nokia OYJ - ADR
58,500
 
973,440
 
 
 
6,274,683
Utilities - 8.0%
 
 
 
Cinergy Corp.
15,800
 
708,156
Comcast Corp. (a)
28,800
 
862,560
SBC Communications, Inc.
69,600
 
1,653,000
The Southern Co.
9,300
 
322,431
Verizon Communications, Inc.
47,200
 
1,630,760
 
 
 
5,176,907
TOTAL COMMON STOCKS (Cost $57,400,451)
 
 
62,261,248
 
 
 
 
 
 
 
 
SHORT TERM INVESTMENTS - 3.5%
 
 
 
Northern Institutional Diversified Assets Portfolio
2,239,395
 
2,239,395
TOTAL SHORT TERM INVESTMENTS (Cost $2,239,395)
 
 
2,239,395
Total Investments (Cost $59,639,846) (b) - 99.1%
 
 
64,500,643
Other Assets in Excess of Liabilities - 0.9%
 
 
600,666
TOTAL NET ASSETS - 100.0%
 
$
65,101,309
 
 
 
 
 
 
 
 

Footnotes
  
     
     
Percentages are stated as a percent of net assets.
     
ADR
  
American Depository Receipt
(a)
  
Non income producing security.
(b)
  
For federal income tax purposes, cost is $59,685,084 and gross unrealized appreciation and depreciation of securities as of June 30, 2005
   
was $7,114,384 and ($2,298,825) , respectively, with a net appreciation/(depreciation) of $4,815,559.
     

 
 

Schedule of Investments
        
June 30, 2005 (Unaudited)
        
Summit Bond Fund
        
   
Shares or
    
   
Principal
  
Value
COMMON STOCKS - 0.3%
        
Diversified Telecommunication Services - 0.3%
        
MCI, Inc. (a)
  
13,029
$
334,976
TOTAL COMMON STOCKS (Cost $246,032)
      
334,976
PREFERRED STOCKS - 0.2%
        
Media - 0.2%
        
Paxson Communications Corp. 14.25% Payment-in-Kind
 
37.9
  
244,262
TOTAL PREFERRED STOCKS (Cost $290,025)
      
244,262
       
 
       
 
ASSET BACKED SECURITIES - 2.6%
        
America West Airlines, Inc.
  
 
    
Series 2001-1, 7.100%, 10/02/2022
$
627,132
  
664,122
Centex Home Equity
        
Series 2001-B, 7.360%, 07/25/2032
 
246,391
  
249,825
Continental Airlines, Inc.
        
Series 2003-ERJ1, 7.875%, 01/02/2020
 
696,237
  
656,002
JET Equipment Trust
        
Series 1995-B, 7.630%, 02/15/2015 (b) (d)
 
805,625
  
498,899
Residential Asset Mortgage Products, Inc.
        
Series 2003-RZ3, 4.120%, 06/25/2033
 
500,000
  
491,925
TOTAL ASSET BACKED SECURITIES (Cost $2,822,926)
      
2,560,773
CONVERTIBLE BONDS - 0.2%
        
Media - 0.2%
        
Charter Communications, Inc.
        
4.750%, 06/01/2006
 
187,000
  
186,065
TOTAL CONVERTIBLE BONDS (Cost $180,767)
      
186,065
CORPORATE BONDS - 42.2%
        
Auto Components - 2.5%
        
Accuride Corp.
        
8.500%, 02/01/2015
 
375,000
  
366,562
American Axle & Manufacturing, Inc.
        
5.250%, 02/11/2014
 
600,000
  
528,000
DaimlerChrysler NA Holding Corp.
        
6.500%, 11/15/2013
 
750,000
  
811,656
Lear Corp.
        
8.110%, 05/15/2009
 
700,000
  
723,828
       
2,430,046
Building Products - 0.2%
        
Compression Polymers Holding Corp.
        
10.500%, 07/01/2013 (e)
  
187,000
  
189,805
Chemicals - 2.2%
        
ICI Wilmington, Inc.
        
5.625%, 12/01/2013
 
750,000
  
778,153
Lubrizol Corp.
        
7.250%, 06/15/2025
 
700,000
  
817,171
PQ Corp.
        
7.500%, 02/15/2013 (d)
  
94,000
  
92,355
Resolution Performance Products LLC
        
13.500%, 11/15/2010
 
375,000
  
403,125
       
2,090,804
Construction Materials - 0.3%
        
Werner Holding Co., Inc.
        
10.000%, 11/15/2007
 
375,000
  
259,688
Diversified Financial Services - 4.1%
        
Block Financial Corp.
        
5.125%, 10/30/2014
 
490,000
  
487,276
Bunge Ltd Finance Corp.
        
7.800%, 10/15/2012
 
700,000
  
833,367
Ford Motor Credit Co.
        
5.700%, 01/15/2010
 
350,000
  
322,819
General Motors Acceptance Corp.
        
5.850%, 01/14/2009
 
750,000
  
703,058
7.750%, 01/19/2010
 
375,000
  
366,579
RH Donnelley Finance Corp I
      
 
8.875%, 12/15/2010
 
187,000
  
204,298
10.875%, 12/15/2012 (d)
  
187,000
  
217,388
Sprint Capital Corp.
        
7.625%, 01/30/2011
 
750,000
  
856,559
       
3,991,344
Diversified Telecommunication Services - 1.7%
        
MCI, Inc.
        
6.908%, 05/01/2007
 
375,000
  
380,156
Qwest Communications International Inc.
        
7.500%, 02/15/2014
 
375,000
  
354,844
TELUS Corp.
        
8.000%, 06/01/2011
 
750,000
  
877,127
       
1,612,127
Electric Utilities - 3.1%
        
AES Corp.
        
9.375%, 09/15/2010
 
375,000
  
424,687
FirstEnergy Corp.
        
6.450%, 11/15/2011
 
760,000
  
830,396
Kern River Funding Corp.
        
6.676%, 07/31/2016 (d)
  
125,931
  
136,307
Mirant Americas Generation LLC
        
9.125%, 05/01/2031
 
375,000
  
405,938
Mirant Corp.
        
7.900%, 07/15/2009 (b) (d)
  
375,000
  
307,500
Nevada Power Co.
        
6.500%, 04/15/2012
 
94,000
  
98,230
Sierra Pacific Power Co.
        
6.250%, 04/15/2012
 
94,000
  
96,585
TXU Corp.
        
5.550%, 11/15/2014 (d)
  
750,000
  
727,392
       
3,027,035
Electrical Equipment - 0.8%
        
Ametek, Inc.
        
7.200%, 07/15/2008
 
750,000
  
803,979
Electronic Equipment & Instruments - 1.1%
        
Jabil Circuit, Inc.
        
5.875%, 07/15/2010
 
1,050,000
  
1,087,460
Energy Equipment & Services - 0.2%
        
Aventine Renewable Energy
        
9.010%, 12/15/2011 (c) (d)
  
188,000
  
180,480
Food & Staples Retailing - 0.7%
        
Albertson's, Inc.
        
8.000%, 05/01/2031
 
350,000
  
424,326
Avado Brands, Inc.
      
 
9.750%, 06/01/2006 (b)
  
375,000
  
33,750
Del Monte Corp.
        
6.750%, 02/15/2015 (d)
  
188,000
  
191,760
       
649,836
Food Products - 0.3%
      
 
Land O'Lakes Capital Trust I
        
7.450%, 03/15/2028 (d)
  
375,000
  
301,875
Health Care Equipment & Supplies - 1.2%
        
Beckman Coulter, Inc.
  
 
    
6.875%, 11/15/2011
 
700,000
  
785,699
Fisher Scientific International
        
8.000%, 09/01/2013
 
375,000
  
428,437
       
1,214,136
Health Care Providers & Services - 0.7%
        
Davita, Inc.
        
7.250%, 03/15/2015 (d)
  
94,000
  
96,585
Genesis Healthcare Corp.
        
8.000%, 10/15/2013
 
188,000
  
203,510
Medco Health Solutions, Inc.
        
7.250%, 08/15/2013
 
350,000
  
393,994
       
694,089
Hotels Restaurants & Leisure - 1.6%
        
American Restaurant Group, Inc.
        
11.500%, 11/01/2006 (b)
  
500,000
  
315,000
Bally Total Fitness Holding Corp.
      
 
9.875%, 10/15/2007
 
375,000
  
327,187
Landry's Restaurants, Inc.
      
 
7.500%, 12/15/2014
 
375,000
  
362,813
MGM Mirage Inc.
      
 
6.750%, 09/01/2012
 
375,000
  
386,250
Station Casinos, Inc.
      
 
6.000%, 04/01/2012
 
188,000
  
190,820
       
1,582,070
Household Durables - 1.7%
      
 
MDC Holdings, Inc.
      
 
5.500%, 05/15/2013
 
350,000
  
357,303
NVR, Inc.
        
5.000%, 06/15/2010
 
490,000
  
491,686
Technical Olympic USA, Inc.
        
9.000%, 07/01/2010
 
425,000
  
437,219
WCI Communities, Inc.
        
6.625%, 03/15/2015
 
375,000
  
343,125
       
1,629,333
Insurance - 3.6%
        
American Financial Group Inc.
        
7.125%, 04/15/2009
 
750,000
  
817,466
Farmers Insurance Exchange
        
6.000%, 08/01/2014 (d)
  
700,000
  
729,419
North Front Pass-through Trust
        
5.810%, 12/15/2024 (c) (d)
  
1,050,000
  
1,081,945
USF&G Capital II
        
8.470%, 01/10/2027
 
760,000
  
828,085
       
3,456,915
Media - 5.3%
        
Cadmus Communications Corp.
        
8.375%, 06/15/2014
 
187,000
  
192,376
Charter Communications Operating LLC/Capital
        
8.000%, 04/30/2012 (d)
  
187,000
  
186,065
Comcast Corp.
        
5.300%, 01/15/2014
 
250,000
  
257,002
Cox Communications Inc.
        
5.450%, 12/15/2014
 
700,000
  
714,473
CSC Holdings Inc.
        
8.125%, 08/15/2009
 
375,000
  
379,687
Dex Media West/Finance Co.
        
9.875%, 08/15/2013
 
182,000
  
207,480
News America, Inc.
        
5.300%, 12/15/2014
 
1,139,000
  
1,168,627
Paxson Communications Corp.
        
0.000%/12.250% Step Bond due 01/15/2009
 
188,000
  
175,780
TCI Communications, Inc.
        
8.750%, 08/01/2015
 
760,000
  
974,912
Time Warner, Inc.
        
6.875%, 05/01/2012
 
760,000
  
857,600
       
5,114,002
Metals & Mining - 0.4%
        
Falconbridge Ltd.
        
7.350%, 06/05/2012
 
375,000
  
421,438
Multi-Utilities & Unregulated Power - 0.5%
        
Calpine Corp.
       
7.625%, 04/15/2006
  
187,000
  
175,312
10.500%, 05/15/2006
 
375,000
  
360,000
       
535,312
Oil & Gas - 5.5%
        
Canadian Oil Sands
        
5.800%, 08/15/2013 (d)
  
700,000
  
734,821
Duke Capital LLC
        
5.668%, 08/15/2014
 
700,000
  
727,217
Enterprise Products Operating L.P.
        
5.600%, 10/15/2014
 
700,000
  
720,336
Nexen, Inc.
        
5.875%, 03/10/2035
 
560,000
  
569,134
Northwest Pipeline Corp.
        
8.125%, 03/01/2010
 
187,000
  
202,895
Pemex Project Funding Master Trust
        
8.000%, 11/15/2011
 
750,000
  
852,000
Plains All American Pipeline LP
        
5.625%, 12/15/2013
 
700,000
  
724,930
Stone Energy Corp.
        
6.750%, 12/15/2014
 
375,000
  
364,687
Williams Companies, Inc.
        
7.125%, 09/01/2011
 
375,000
  
405,000
       
5,301,020
Paper & Forest Products - 0.1%
        
Boise Cascade LLC/Boise
        
6.016%, 10/15/2012 (c) (d)
  
93,000
  
93,930
Real Estate - 1.4%
        
Health Care REIT, Inc.
        
8.000%, 09/12/2012
 
750,000
  
876,203
Iwo Escrow Co.
        
0.000%, 01/15/2015 (d)
  
188,000
  
123,140
La Quinta Properties, Inc.
        
7.000%, 08/15/2012
 
188,000
  
194,345
Ventas Realty L.P.
        
7.125%, 06/01/2015 (d)
  
113,000
  
117,520
       
1,311,208
Road & Rail - 0.8%
        
Hertz Corp.
        
7.625%, 06/01/2012
 
750,000
  
736,918
Trading Companies & Distributors - 1.0%
        
Hughes Supply, Inc.
        
5.500%, 10/15/2014 (d)
  
945,000
  
948,318
Wireless Telecommunication Services - 1.2%
        
America Movil SA De CV
        
5.500%, 03/01/2014
 
750,000
  
749,941
Cingular Wireless Services, Inc.
        
7.875%, 03/01/2011
 
375,000
  
435,812
       
1,185,753
TOTAL CORPORATE BONDS (Cost $40,071,218)
      
40,848,921
MORTGAGE BACKED SECURITIES - 36.5%
        
Banc of America Alternative Loan Trust
        
Series 2003-5, 5.000%, 07/25/2018
 
588,872
  
560,151
Series 2003-8, 4.750%, 10/25/2033
 
638,996
  
603,893
Banc of America Funding Corp.
        
Series 2003-2, 6.370%, 06/25/2032
 
639,861
  
638,827
Banc of America Mortgage Securities
        
Series 2003-5, 7.500%, 02/25/2031
 
414,665
  
427,808
Series 2003-8, 5.500%, 11/25/2033
 
290,451
  
292,791
Series 2003-10, 5.000%, 01/25/2019
 
478,612
  
476,089
Series 2004-3, 4.875%, 04/25/2019
 
186,344
  
181,276
Series 2004-6, 5.500%, 07/25/2034
 
891,608
  
905,140
Series 2004-7, 4.976%, 08/25/2019
 
399,102
  
392,753
Chase Commercial Mortgage Securities Corp.
  
 
  
 
Series 97-2, 6.600%, 12/19/2029
 
1,982,000
  
2,082,657
CS First Boston Mortgage Securities Corp.
      
 
Series 2002-24, 6.250%, 09/25/2032
 
579,681
  
581,314
Fannie Mae Pool
      
 
Pool #254190, 5.500%, 02/01/2009
 
1,046,469
  
1,061,402
Pool #254273, 5.000%, 03/01/2009
 
755,247
  
763,154
Pool #254340, 5.500%, 05/01/2012
 
521,035
  
536,382
Pool #481582, 6.500%, 02/01/2029
 
203,923
  
211,766
Pool #545015, 6.000%, 06/01/2016
 
684,476
  
707,930
Pool #545579, 4.500%, 03/01/2017
 
1,847,280
  
1,842,263
Pool #727360, 5.500%, 08/01/2018
 
2,964,915
  
3,045,406
Series 2002-48B, 6.500%, 10/25/2031
 
2,700,000
  
2,775,301
Freddie Mac
      
 
Series 2810, 5.500%, 06/15/2034
 
1,530,060
  
1,559,612
Freddie Mac (Gold) Pool
      
 
Pool #C7-6658, 5.000%, 02/01/2033
 
309,499
  
309,993
Pool #E9-1818, 5.000%, 10/01/2017
 
3,686,204
  
3,731,751
Pool #E9-6460, 5.000%, 05/01/2018
 
489,511
  
495,399
Pool #E9-9160, 4.500%, 09/01/2018
 
3,238,432
  
3,226,402
Pool #M8-0866, 5.000%, 11/01/2010
 
1,163,693
  
1,179,323
Ginnie Mae I Pool
        
Pool #446760X, 6.500%, 10/15/2028
 
336,528
 
352,298
GMAC Mortgage Corp Loan Trust
  
 
  
 
Series 2003-J3, 5.000%, 05/25/2018 (d)
  
268,889
  
266,031
Series 2004-J1, 5.250%, 04/25/2034
 
576,955
  
580,452
MASTR Asset Securitization Trust
      
 
Series 2003-9, 5.500%, 10/25/2033
 
249,873
  
252,666
MASTR Seasoned Securities Trust
      
 
Series 2004-1, 6.244%, 08/25/2017
 
528,911
  
547,697
Series 2004-1, 6.500%, 08/25/2032
 
923,631
  
958,134
Morgan Stanley Mortgage Loan Trust
        
Series 2004-1, 5.170%, 11/25/2033
 
534,180
  
527,161
Residential Accredit Loans, Inc.
      
 
Series 2002-QS16, 5.750%, 10/25/2017
 
566,152
  
575,301
Residential Asset Securitization Trust
      
 
Series 2003-A12 Class B2, 5.000%, 11/25/2018
 
230,468
  
229,329
Series 2003-A12 Class B3, 5.000%, 11/25/2018
 
306,706
  
293,123
Residential Funding Mortgage Securities I
      
 
Series 2004-S3, 4.750%, 03/25/2019
 
322,434
  
312,547
Salomon Brothers Mortgage Securities VII
      
 
Series 2003-HYB1, 4.126%, 09/25/2033
 
488,394
  
477,800
Structured Asset Securities Corp.
      
 
Series 2003-20, 5.380%, 07/25/2033
 
696,803
  
688,484
Washington Mutual MSC Mortgage Pass-Through CTFS
        
Series 2003-MS6, 5.966%, 03/25/2033
 
657,465
  
674,511
TOTAL MORTGAGE BACKED SECURITIES (Cost $35,009,050)
      
35,324,317
U.S. GOVERNMENT AGENCY ISSUES - 2.1%
        
Federal Home Loan Bank
        
3.875%, 01/15/2010
 
2,000,000
  
1,994,022
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,995,000)
      
1,994,022
U.S. TREASURY OBLIGATIONS - 11.7%
        
U.S. Treasury Bond - 0.4%
        
5.250%, 02/15/2029
 
300,000
  
343,113
U.S. Treasury Note - 11.3%
        
5.875%, 11/15/2005
 
300,000
  
302,789
2.000%, 05/15/2006
 
2,000,000
  
1,974,376
7.000%, 07/15/2006
 
2,000,000
  
2,069,296
2.625%, 11/15/2006
 
2,200,000
  
2,171,039
3.125%, 01/31/2007
 
500,000
  
496,055
3.125%, 04/15/2009
 
3,400,000
  
3,331,867
4.250%, 11/15/2014
 
630,000
  
644,791
       
10,990,213
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,355,278)
      
11,333,326
SHORT TERM INVESTMENTS - 3.1%
        
Money Market Funds - 3.1%
        
Northern Institutional Diversified Assets Portfolio
  
2,984,324
  
2,984,324
TOTAL SHORT TERM INVESTMENTS (Cost $2,984,324)
      
2,984,324
Total Investments (Cost $94,954,620) (f) - 98.9%
      
95,810,986
Northern Institutional Liquid Asset Portfolio (g) - 24.7%
      
23,914,527
Other Liabilities in Excess of Assets - (23.6%)
      
(22,839,508)
TOTAL NET ASSETS - 100.0%
    
$
96,886,005
         
         

Footnotes
     
     
     
Percentages are stated as a percent of net assets.
     
(a)
  
Non income producing security.
(b)
  
Security in default.
(c)
  
Variable rate security.
(d)
  
Security is exempt from registration under Rule 144(a) of the Securities Act of 1933. It may be resold in transactions that are exempt
   
from registration, normally to qualified institutional buyers.
(e)
  
Valued in good faith under procedures adopted by the Board of Directors.
(f)
  
For federal income tax purposes, cost is $95,563,908 and gross unrealized appreciation and depreciation of securities as of June 30, 2005
   
was $1,540,077 and ($1,292,999), respectively, with a net appreciation/(depreciation) of $247,078.
(g)
  
This security was purchased with cash collateral held from securities lending. The market value of the securities on loan, the collateral
   
purchased with cash, and the noncash collateral accepted is $25,338,561, $23,914,527, and $1,873,661, respectively.
     
 
 

Schedule of Investments
        
June 30, 2005 (Unaudited)
        
Summit Short-Term Government Fund
        
         
   
Shares or
    
   
Principal
  
Value
U.S. TREASURY OBLIGATIONS - 38.7%
        
U.S. Treasury Notes - 38.7%
        
5.750%, 11/15/2005
$
2,000,000
$
2,017,734
4.625%, 05/15/2006
 
2,000,000
  
2,018,750
2.375%, 08/15/2006
 
1,000,000
  
986,953
2.875%, 11/30/2006
 
2,000,000
  
1,979,610
3.375%, 02/28/2007
 
1,000,000
  
995,625
3.250%, 08/15/2007
 
1,000,000
  
991,914
3.000%, 02/15/2009
 
2,000,000
  
1,953,282
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,032,574)
      
10,943,868
U.S. GOVERNMENT AGENCY ISSUES - 22.8%
        
Fannie Mae
        
2.875%, 10/15/2005
 
2,500,000
  
2,495,595
Federal Home Loan Bank
        
3.700%, 12/24/2007
 
2,000,000
  
1,964,702
Freddie Mac
        
2.875%, 09/15/2005
 
2,000,000
  
1,997,452
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $6,502,780)
      
6,457,749
MORTGAGE BACKED SECURITIES - 35.8%
        
Fannie Mae
        
Pool #254177, 5.000%, 12/01/2008
 
236,046
  
238,516
Pool #254187, 5.000%, 01/01/2009
 
521,876
  
527,337
Pool #254227, 5.000%, 02/01/2009
 
170,090
  
171,871
Pool #254340, 5.500%, 05/01/2012
 
376,303
  
387,387
Pool #545579, 4.500%, 03/01/2017
 
1,231,520
  
1,228,175
Pool #546478, 7.000%, 12/01/2029
 
997,894
  
1,057,593
Freddie Mac
        
Series 2534 Class MF, 3.620%, 09/15/2030
 
493,479
  
493,871
Series 2550 Class FI, 3.570%, 11/15/2032
 
1,007,215
  
1,011,847
Series 2791 Class KA, 4.000%, 11/15/2015
 
617,392
  
616,908
Series 2858 Class OP, 4.000%, 03/15/2020
 
681,840
  
679,925
Series 2877 Class WF, 3.620%, 10/15/2034
 
952,370
  
950,539
Series 2950 Class FM, 3.520%, 03/15/2035
 
1,955,818
  
1,957,087
Freddie Mac (Gold) Pool
        
Pool #M9-0805, 4.500%, 04/01/2008
 
351,899
  
353,549
Pool #E9-6460, 5.000%, 05/01/2018
 
456,877
  
462,373
Ginnie Mae
        
Pool #34862, 9.500%, 09/15/2009
 
8,883
  
9,476
TOTAL MORTGAGE BACKED SECURITIES (Cost $10,115,695)
      
10,146,454
SHORT TERM INVESTMENTS - 2.2%
        
Northern Institutional Government Select Portfolio
  
615,576
  
615,576
TOTAL SHORT TERM INVESTMENTS (Cost $615,576)
      
615,576
Total Investments (Cost $28,266,625) (a) - 99.5%
      
28,163,647
Northern Institutional Liquid Asset Portfolio (b) - 39.7%
      
11,226,578
Other Liabilities in Excess of Assets - (39.2%)
      
(11,097,226)
TOTAL NET ASSETS - 100.0%
    
$
28,292,999
         
         

     
Footnotes
     
     
Percentages are stated as a percent of net assets.
     
     
(a)
  
For federal income tax purposes, cost is $28,266,625 and gross unrealized appreciation and depreciation of securities as of June 30, 2005
   
was $87,926 and ($190,904) , respectively, with a net appreciation/(depreciation) of ($102,978).
(b)
  
This security was purchased with cash collateral held from securities lending. The market value of the securities on loan, the collateral
   
purchased with cash, and the noncash collateral accepted is $11,030,158, $11,226,578, and $22,162, respectively.
     
 
 

Schedule of Investments
        
June 30, 2005 (Unaudited)
        
Summit High Yield Bond Fund
        
   
Shares or
    
   
Principal
  
Value
COMMON STOCKS - 6.8%
        
Construction Materials - 0.6%
        
Simonds Industries, Inc. (Acquired 04/08/1997, Cost $1,000,000) (a) (e) (f) (i)
  
2,746
$
118,078
Electrical Equipment - 2.5%
        
High Voltage Engineering Corporation (a)
  
62,000
  
465,000
Insurance - 2.9%
        
Conseco, Inc. (a)
  
25,000
  
545,500
Multi-Utilities & Unregulated Power - 0.8%
        
NRG Energy, Inc. (a)
  
4,000
  
150,400
TOTAL COMMON STOCKS (Cost $1,882,933)
      
1,278,978
PREFERRED STOCKS - 2.0%
        
Media - 2.0%
        
Paxson Communications Corp. 14.25% Payment-in-Kind
 
57.4
  
370,093
TOTAL PREFERRED STOCKS (Cost $439,375)
      
370,093
         
         
ASSET BACKED SECURITIES - 3.1%
        
Atlas Air, Inc.
        
Series 1998-1, 7.380%, 07/02/2019
$
82,906
  
83,294
JET Equipment Trust
        
Series 1995-B, 7.630%, 02/15/2015 (b) (d)
 
805,625
  
498,900
TOTAL ASSET BACKED SECURITIES (Cost $785,013)
      
582,194
CONVERTIBLE BONDS - 1.3%
        
Media - 1.3%
        
Charter Communications, Inc.
        
4.750%, 06/01/2006
 
250,000
  
248,750
TOTAL CONVERTIBLE BONDS (Cost $241,667)
      
248,750
CORPORATE BONDS - 84.8%
        
Auto Components - 2.6%
        
Accuride Corp.
        
8.500%, 02/01/2015
 
500,000
  
488,750
Building Products - 1.3%
        
Compression Polymers Holding Corp.
        
10.500%, 07/01/2013 (f)
  
250,000
  
253,750
Chemicals - 3.5%
        
PQ Corp.
        
7.500%, 02/15/2013 (d)
  
125,000
  
122,813
Resolution Performance Products LLC
        
13.500%, 11/15/2010
 
500,000
  
537,500
       
660,313
Commercial Services & Supplies - 2.8%
        
Corrections Corporation of America
        
7.500%, 05/01/2011
 
500,000
  
520,625
Construction Materials - 4.5%
        
Texas Industries, Inc.
        
7.250%, 07/15/2013
 
500,000
  
512,500
Werner Holding Co., Inc.
        
10.000%, 11/15/2007
 
500,000
  
346,250
       
858,750
Diversified Financial Services - 5.6%
        
General Motors Acceptance Corp.
        
7.750%, 01/19/2010
 
500,000
  
488,772
RH Donnelley Finance Corp I
      
 
8.875%, 12/15/2010 (d)
  
250,000
  
273,125
10.875%, 12/15/2012 (d)
  
250,000
  
290,625
       
1,052,522
Diversified Telecommunication Services - 5.2%
        
MCI, Inc.
        
6.908%, 05/01/2007
 
500,000
  
506,875
Qwest Communications International Inc.
        
7.500%, 02/15/2014
 
500,000
  
473,125
       
980,000
Electric Utilities - 9.4%
        
AES Corp.
        
9.375%, 09/15/2010
 
500,000
  
566,250
Mirant Americas Generation LLC
        
9.125%, 05/01/2031
 
500,000
  
541,250
Mirant Corp.
        
7.900%, 07/15/2009 (b) (d)
  
500,000
  
410,000
Nevada Power Co.
        
6.500%, 04/15/2012
 
125,000
  
130,625
Sierra Pacific Power Co.
        
6.250%, 04/15/2012
 
125,000
  
128,437
       
1,776,562
Energy Equipment & Services - 1.3%
      
 
Aventine Renewable Energy
        
9.010%, 12/15/2011 (c) (d)
  
250,000
  
240,000
Food & Staples Retailing - 1.6%
        
Avado Brands, Inc.
        
9.750%, 06/01/2006 (b)
  
500,000
  
45,000
Del Monte Corp.
        
6.750%, 02/15/2015 (d)
  
250,000
  
255,000
       
300,000
Food Products - 2.1%
        
Land O'Lakes Capital Trust I
        
7.450%, 03/15/2028 (d)
  
500,000
  
402,500
Health Care Equipment & Supplies - 3.0%
        
Fisher Scientific International
        
8.000%, 09/01/2013
 
500,000
  
571,250
Health Care Providers & Services - 2.1%
        
Davita, Inc.
        
7.250%, 03/15/2015 (d)
  
125,000
  
128,437
Genesis Healthcare Corp.
        
8.000%, 10/15/2013
 
250,000
  
270,625
       
399,062
Hotels Restaurants & Leisure - 11.5%
        
American Restaurant Group, Inc.
        
11.500%, 11/01/2006 (b)
  
750,000
  
472,500
Bally Total Fitness Holding Corp.
        
9.875%, 10/15/2007
 
500,000
  
436,250
Landry's Restaurants, Inc.
        
7.500%, 12/15/2014
 
500,000
  
483,750
MGM Mirage Inc.
        
6.750%, 09/01/2012
 
500,000
  
515,000
Station Casinos, Inc.
        
6.000%, 04/01/2012
 
250,000
  
253,750
       
2,161,250
Household Durables - 5.7%
        
Technical Olympic USA, Inc.
        
9.000%, 07/01/2010
 
600,000
  
617,250
WCI Communities, Inc.
        
6.625%, 03/15/2015
 
500,000
  
457,500
       
1,074,750
Media - 8.1%
        
Cadmus Communications Corp.
        
8.375%, 06/15/2014
 
250,000
  
257,187
Charter Communications Operating LLC/Capital
        
8.000%, 04/30/2012 (d)
  
250,000
  
248,750
CSC Holdings Inc.
        
8.125%, 08/15/2009
 
500,000
  
506,250
Dex Media West/Finance Co.
        
9.875%, 08/15/2013
 
250,000
  
285,000
Paxson Communications Corp.
        
0.000%/12.250% Step Bond due 01/15/2009
 
250,000
  
233,750
       
1,530,937
Multi-Utilities & Unregulated Power - 3.8%
        
Calpine Corp.
       
7.625%, 04/15/2006
 
250,000
  
234,375
10.500%, 05/15/2006
 
500,000
  
480,000
       
714,375
Oil & Gas - 6.9%
        
Northwest Pipeline Corp.
        
8.125%, 03/01/2010
 
250,000
  
271,250
Stone Energy Corp.
        
6.750%, 12/15/2014
 
500,000
  
486,250
Williams Companies, Inc.
        
7.125%, 09/01/2011
 
500,000
  
540,000
       
1,297,500
Paper & Forest Products - 0.7%
        
Boise Cascade LLC/Boise
        
6.016%, 10/15/2012 (c) (d)
  
125,000
  
126,250
Real Estate - 3.1%
        
Iwo Escrow Co.
        
0.000%, 01/15/2015 (d)
  
250,000
  
163,750
La Quinta Properties, Inc.
        
7.000%, 08/15/2012
 
250,000
  
258,438
Ventas Realty L.P.
        
7.125%, 06/01/2015 (d)
  
150,000
  
156,000
       
578,188
TOTAL CORPORATE BONDS (Cost $15,991,282)
      
15,987,334
SHORT TERM INVESTMENTS - 4.7%
        
Money Market Funds - 4.7%
        
Northern Institutional Diversified Assets Portfolio
  
895,024
  
895,024
TOTAL SHORT TERM INVESTMENTS (Cost $895,024)
      
895,024
Total Investments (Cost $20,235,294) (g) - 102.7%
      
19,362,373
Northern Institutional Liquid Asset Portfolio (h) - 37.9%
      
7,152,032
Other Liabilities in Excess of Assets - (40.6%)
      
(7,653,468)
TOTAL NET ASSETS - 100.0%
    
$
18,860,937
         
         

Footnotes
     
     
     
Percentages are stated as a percent of net assets.
     
(a)
  
Non income producing security.
(b)
  
Security in default.
(c)
  
Variable rate security.
(d)
  
Security is exempt from registration under Rule 144(a) of the Securities Act of 1933. It may be resold in transactions that are exempt
   
from registration, normally to qualified institutional buyers.
(e)
  
Security is considered illiquid. The aggregate value of such securities is $118,078 or 0.6% of total net assets.
(f)
  
Valued in good faith under procedures adopted by the Board of Directors.
(g)
  
For federal income tax purposes, cost is $20,235,294 and gross unrealized appreciation and depreciation of securities as of June 30, 2005
   
was $836,900 and ($1,709,821) , respectively, with a net appreciation/(depreciation) of ($872,921).
(h)
  
This security was purchased with cash collateral held from securities lending. The market value of the securities on loan, the collateral
   
purchased with cash, and the noncash collateral accepted is $7,625,112, $7,152,032, and $649,050, respectively.
(i)
  
Represent restricted private placement shares.
 
 
 

Schedule of Investments
        
June 30, 2005 (Unaudited)
        
Summit Money Market Fund
        
         
   
Shares or
    
   
Principal
  
Value
CERTIFICATES OF DEPOSIT - 18.2%
        
Bank Of The West
        
3.100%, 07/01/2005
$
4,000,000
$
4,000,000
Barclays Bank PLC
        
3.060%, 08/09/2005
 
2,000,000
  
2,000,000
Depfa Bank PLC/New York
        
3.220%, 02/06/2006
 
1,000,000
  
1,000,000
HBOS Treasury Services PLC
        
3.800%, 07/10/2006
 
1,500,000
  
1,500,000
Societe Generale
        
2.955%, 08/08/2005
 
2,000,000
  
2,000,010
3.265%, 03/03/2006
 
1,000,000
  
1,000,000
Toronto Dominion Yankee
        
3.760%, 05/16/2006
 
1,000,000
  
999,915
Unicredito Italiano SPA Euro
      
 
3.800%, 06/15/2006
 
1,000,000
  
1,000,000
Wells Fargo Bank NA
      
 
3.100%, 07/08/2005
 
5,000,000
  
5,000,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $18,499,925)
      
18,499,925
COMMERCIAL PAPER - 38.2%
        
Apreco LLC
        
3.320%, 08/08/2005 (a)
  
5,000,000
  
4,982,478
Charta Corp.
       
3.250%, 08/04/2005 (a)
  
5,000,000
  
4,984,653
Giro Funding
        
3.130%, 07/08/2005 (a)
  
4,000,000
  
3,997,566
Kitty Hawk Funding Corp.
        
3.310%, 07/25/2005 (a)
  
5,000,000
  
4,988,967
Lake Constance Funding LLC
        
3.050%, 07/01/2005 (a)
  
3,000,000
  
3,000,000
Links Finance LLC
        
3.400%, 07/01/2005 (a)
  
2,947,000
  
2,947,000
RWE AG
        
2.910%, 08/01/2005 (a)
  
3,000,000
  
2,992,482
Sanofi-Aventis
        
3.310%, 08/03/2005 (a)
  
3,000,000
  
2,990,897
UBS Finance Delaware LLC
        
3.390%, 07/01/2005
 
5,000,000
  
5,000,000
Verizon Network Funding
        
3.210%, 07/07/2005 (a)
  
3,000,000
  
2,998,395
TOTAL COMMERCIAL PAPER (Cost $38,882,438)
      
38,882,438
CORPORATE BONDS - 3.0%
        
Kimberly Clark Corp.
        
4.500%, 07/30/2005 (a)
  
3,000,000
  
3,002,474
TOTAL CORPORATE BONDS (Cost $3,002,474)
      
3,002,474
EURO TIME DEPOSITS - 9.4%
        
Westlb
       
3.375%, 07/01/2005
 
9,609,000
 
9,609,000
TOTAL EURO TIME DEPOSITS (Cost $9,609,000)
  
 
  
9,609,000
FLOATING RATE NOTES - 21.6%
        
Credit Suisse First Boston/New York
        
3.380%, 09/09/2005
 
2,000,000
  
2,000,092
Depfa Bank PLC
        
3.420%, 06/15/2009
 
1,000,000
  
1,000,000
Goldman Sachs Group, Inc.
        
3.538%, 08/10/2005 (b)
  
2,000,000
  
2,000,000
3.180%, 10/28/2005
 
1,000,000
  
1,000,000
IBM Corp.
        
3.140%, 12/08/2010
 
1,000,000
  
999,766
Household Finance Corp.
        
3.370%, 08/18/2005
 
3,000,000
  
3,000,546
Links Finance LLC
        
3.215%, 05/22/2006
 
2,000,000
  
1,999,793
Merrill Lynch & Co.
        
3.200%, 05/05/2006
 
5,000,000
  
5,003,398
Morgan Stanley
        
3.508%, 11/15/2005
 
2,000,000
  
2,000,000
Skandinaviska Enskilda Banken AB
        
3.270%, 07/16/2010
 
3,000,000
  
3,000,000
TOTAL FLOATING RATE NOTES (Cost $22,003,595)
      
22,003,595
MEDIUM TERM NOTES - 2.0%
        
American Honda Finance
        
3.404%, 06/22/2006 (a)
  
2,000,000
  
2,000,000
TOTAL MEDIUM TERM NOTES (Cost $2,000,000)
      
2,000,000
MORTGAGE BACKED SECURITIES - 2.0%
        
Fannie Mae
        
Pool #760748, 3.050%, 07/01/2005
 
2,000,000
  
2,000,000
TOTAL MORTGAGE BACKED SECURITIES (Cost $2,000,000)
      
2,000,000
U.S. GOVERNMENT AGENCY ISSUES - 4.9%
        
Fannie Mae
        
3.040%, 09/07/2006
 
1,000,000
  
998,882
Freddie Mac
        
3.083%, 10/07/2005
 
4,000,000
  
4,000,000
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $4,998,882)
      
4,998,882
MONEY MARKET FUNDS - 0.1%
        
Northern Institutional Diversified Assets Portfolio
  
150,908
  
150,908
TOTAL MONEY MARKET FUNDS (Cost $150,908)
      
150,908
Total Investments (Cost $101,147,222) - 99.4%
      
101,147,222
Other Assets in Excess of Liabilities - 0.6%
      
614,546
TOTAL NET ASSETS - 100.0%
    
$
101,761,768
         
         
         
 

Footnotes
 
    
     
     
Percentages are stated as a percent of net assets.
     
(a)
  
Security is exempt from registration under Rule 144(a) of the Securities Act of 1933. It may be resold in transactions that are exempt from registration,
   
normally to qualified institutional buyers. These securities have been determined to be liquid in accordance with procedures adopted
   
by the Fund's Board for 4(2) paper that requires each security to be rated in one of the two highest rating categories by at least two
   
nationally recognized rating organizations ("NRSO"), or if one NRSO rates the security, by that NRSO.
(b)
  
Security is exempt from registration under Rule 144(a) of the Securities Act of 1933. It may be resold in transactions that are exempt from registration,
   
normally to qualified institutional buyers. This security has been determined to be illiquid for not meeting the required criteria adopted by the Fund's
   
Board to be classified a liquid security and represents 2% of total net assets. The aggregate of such securities are limited to 10% of net assets.
 
For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Funds’ most recent semi-annual or annual report.

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Certifications as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) filed herewith.



 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Summit Mutual Funds, Inc.                                

By: /s/ Steven R. Sutermeister                           
Steven R. Sutermeister
President and Chief Executive Officer

Date:  August 29, 2005                                         


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Steven R. Sutermeister                            
Steven R. Sutermeister
President and Chief Executive Officer

Date: August 29, 2005                                          

By: /s/ Thomas G. Knipper                                  
Thomas G. Knipper
Vice President, Controller, and Chief Compliance Officer


Date: August 29, 2005