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SUMMIT MUTUAL FUNDS INC (Form: N-CSR SECURITIES AND EXCHANGE COMMISSION FORM N-CSR Certified annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2005-09-01 | Period of Report: 2005-06-30 SEC Accession No. 0000743773-05-000022 (HTML Version on secdatabase.com) FILER SUMMIT MUTUAL FUNDS INC Mailing Address Business Address 312 ELM STREET 312 ELM STREET CIK:743773| IRS No.: 000000000 | Fiscal Year End: 0630 SUITE 1212 SUITE 1212 Type: N-CSR | Act: 40 | File No.: 811-04000 | Film No.: 051063424 CINCINNATI OH 45202 CINCINNATI OH 45202 5136311400 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document OMB APPROVAL OMB Number: 3235-0570 Expires: September 30, 2007 Estimated average burden hours per response 19.4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 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 1876 Waycross Road Cincinnati, Ohio 45240 (Name and address of agent for service) Registrant's telephone number, including area code: (513) 595-2600 Date of fiscal year end: December 31, 2005 Date of reporting period: June 30, 2005 ITEM 1. Report to Stockholders Summit Mutual Funds Semiannual Report Summit Pinnacle Series Zenith Portfolio Bond Portfolio S&P 500 Index Portfolio S&P MidCap 400 Index Portfolio Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Balanced Index Portfolio Nasdaq-100 Index Portfolio Russell 2000 Small Cap Index Portfolio EAFE International Index Portfolio Lehman Aggregate Bond Index Portfolio June 30, 2005 [SUMMIT MUTUAL FUNDS LOGO] Summit Mutual Funds, Inc. - Pinnacle Series SEMIANNUAL REPORT - TABLE OF CONTENTS <TABLE> <S> <C> Message from the President ........................................ 1 Fund Expenses ................................................. 2 Portfolio Managers' Reports and Financial Statements: Zenith Portfolio .............................................. 3 Bond Portfolio ................................................ 8 S&P 500 Index Portfolio ....................................... 15 S&P MidCap 400 Index Portfolio ................................ 24 Balanced Index Portfolio ...................................... 33 Nasdaq-100 Index Portfolio .................................... 43 Russell 2000 Small Cap Index Portfolio ........................ 49 EAFE International Index Portfolio ............................ 71 Lehman Aggregate Bond Index Portfolio ......................... 83 Notes to Financial Statements ..................................... 89 </TABLE> This Fund files a complete Schedule of Investments in Securities with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q is available on the SEC's website at www.sec.gov. The Fund's Form N-Q may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. This report has been prepared for the information of Contract owners and is not authorized for distribution to prospective purchasers of contracts unless it is preceded or accompanied by an effective prospectus for Summit Mutual Funds, Inc. Summit Mutual Funds, Inc. - Pinnacle Series MESSAGE FROM THE PRESIDENT We are pleased to send you Summit Mutual Funds'2005 Semiannual Report for the period ended June 30, 2005. We welcome new and thank existing investors that have selected Summit Funds within insurance and annuity products. We strive to Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document help you reach your financial goals. The first half of 2005 was somewhat of a conundrum for investors. Nearly all equity markets traded lower despite strong corporate profits, real gross domestic product increases of 3.8% and 3.4% in the 1st and 2nd quarters and increased consumer confidence. Meanwhile, overall bond returns were positive in spite of the Federal Reserve's continued policy of measured short-term interest rate increases designed to control inflation. The strong corporate profits and real GDP growth mentioned above were factors that weighed in on the Federal Reserve's decision to raise the Federal Funds rate four times to a June 30th level of 3.25%. "...maintain the proper perspective and have realistic expectations ..." Global markets have also been affected by the continued uncertainty in Iraq and the threat of terrorist attacks both domestically and abroad. Sadly, the threat became real shortly after the semi-annual period ended. Terrorists targeted London's transportation system on July 7th and again on a smaller scale two weeks later. In a stark contrast to the global markets' reaction after the 9/11 terrorist attacks on the United States, the markets have responded positively with all major indices posting positive returns for the month of July. Nevertheless, these factors will no doubt continue to cast uncertainty for investors. Equity markets responded to the U.S. economic and geopolitical news with predominantly negative returns. For the six month period, the large cap S&P 500 Index declined 0.81% and the small cap Russell 2000 Index slumped 1.25%. Other market sectors had the large cap growth Nasdaq-100 Index dropping 7.69% and the international EAFE Index falling 0.85%. The one bright spot for the period was the S&P MidCap 400 Index which rose 3.84%. Fixed income markets provided positive returns, despite higher interest rates and downgrades of debt from both GM and Ford to high yield or "junk bond" status. Higher interest rates continue to have more effect on the shorter end of the yield curve as spreads between the 3-month Treasury Bill and the 10-year Treasury Note have closed to 0.79% at June 30th versus 2.0% at year end. The 10-year Treasury Note ended the period yielding 3.92%. The Lehman Aggregate Bond Index's period total return was 2.51%. High yield markets slowed from their heady returns of the last several years with a return of 1.14% in the Merrill Lynch High Yield Master II Index. Money market returns continued to rebound from record lows as a result of the string of rate increases with first tier retail money market funds posting a 2.34% seven-day yield as of June30, 2005. Despite the positive U.S. economic news reported earlier, concern about the strength, and more importantly the durability, of the economic expansion in the face of swelling oil prices seemed to weigh on the markets. Crude oil prices started the period in the mid $40/barrel range only to surge to the high $50/barrel range by the end of the period. As a result, the market uncertainty and volatility will likely continue as investors ponder inflation, the strength of the U.S. economy and the ability of corporations and consumers alike to endure both higher interest rates and energy prices. "Proper diversification of your investments ... (is) an important component of Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document achieving your long-term investment goals." We believe that maintaining the proper perspective and having realistic expectations will ensure that your investment strategy is appropriate for your risk tolerance and time horizon. Vigilance over asset allocation and portfolio rebalancing are critical in periods of volatile returns. Proper diversification of your investments, both within and across asset sectors (or specifically stocks, bonds and cash) remains an important component of achieving your long-term investment goals. Summit Mutual Funds provides a solid foundation for diversified investment planning with choices across equity and fixed-income styles. Recent highlights: 0 Summit's Zenith Portfolio has demonstrated strong one, three and five year performance (with average annual returns of 11.25%, 10.13% and 9.19%). This ranks it as a top performer by leading rating agencies. 0 Summit continues to provide low cost mutual funds. While the industry average for stock mutual fund expense ratios is 1.25%, Summit's average stock fund expense ratio is 0.70% Thank you for choosing Summit Funds and for the trust that you have placed in us. Best regards, /s/ Steven R. Sutermeister Steven R. Sutermeister President 1 Summit Mutual Funds, Inc. - Pinnacle Series 2005 SEMIANNUAL REPORT - FUND EXPENSES As a shareholder of the Portfolio, you incur ongoing costs, including management fees and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2005 through June 30, 2005. Actual Expenses The first section of the table below provides information about actual account values and actual net expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for
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