-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CeYNhaOGct8o8K8Jg2KdPu/5YJ0r+A/MMQVzK1es21EPLIthbqvZ74Kpl+1+MP97 Mp2b6D5UdMj/2WH3atCMiw== 0000950129-07-004759.txt : 20070928 0000950129-07-004759.hdr.sgml : 20070928 20070928094806 ACCESSION NUMBER: 0000950129-07-004759 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070731 FILED AS OF DATE: 20070928 DATE AS OF CHANGE: 20070928 EFFECTIVENESS DATE: 20070928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM SUMMIT FUND CENTRAL INDEX KEY: 0000701748 IRS NUMBER: 760026452 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03443 FILM NUMBER: 071140812 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLZ STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM SUMMIT FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SUMMIT INVESTORS FUND INC DATE OF NAME CHANGE: 19880911 FORMER COMPANY: FORMER CONFORMED NAME: SUMMIT FUND INC /TX DATE OF NAME CHANGE: 19820930 0000701748 S000008502 AIM SUMMIT FUND C000023344 Class A ASMMX C000023345 Class B BSMMX C000023346 Class C CSMMX C000032419 Class P SMMIX N-Q 1 h50165nvq.txt FORM N-Q - QUARTERLY SCHEDULE ------------------------ OMB APPROVAL ------------------------ OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response: 10.5 ------------------------ 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 811-03443 AIM Summit Fund (Exact name of registrant as specified in charter) 11 Greenway Plaza, Suite 100 Houston, Texas 77046 (Address of principal executive offices) (Zip code) Philip A. Taylor 11 Greenway Plaza, Suite 100 Houston, Texas 77046 (Name and address of agent for service) Registrant's telephone number, including area code: (713) 626-1919 Date of fiscal year end: 10/31 Date of reporting period: 07/31/07 Item 1. Schedule of Investments. AIM SUMMIT FUND Quarterly Schedule of Portfolio Holdings - July 31, 2007 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com SUM-QTR-1 7/07 A I M Advisors, Inc. AIM Summit Fund SCHEDULE OF INVESTMENTS July 31, 2007 (Unaudited)
SHARES VALUE ------------ --------------- DOMESTIC COMMON STOCKS-75.26% AEROSPACE & DEFENSE-4.19% Boeing Co. (The) 358,000 $ 37,027,940 Precision Castparts Corp. 119,700 16,406,082 United Technologies Corp. 661,224 48,249,515 --------------- 101,683,537 --------------- AGRICULTURAL PRODUCTS-0.70% Archer-Daniels-Midland Co. 503,400 16,914,240 --------------- AIR FREIGHT & LOGISTICS-1.50% FedEx Corp. 328,775 36,408,544 --------------- APPAREL RETAIL-0.50% American Eagle Outfitters, Inc. 500,000 12,130,000 --------------- APPLICATION SOFTWARE-2.09% Amdocs Ltd. (a) 383,800 13,889,722 Intuit Inc. (a) 1,285,000 36,802,400 --------------- 50,692,122 --------------- ASSET MANAGEMENT & CUSTODY BANKS-0.96% Franklin Resources, Inc. 98,600 12,558,682 T. Rowe Price Group Inc. 204,800 10,676,224 --------------- 23,234,906 --------------- AUTOMOTIVE RETAIL-0.33% CarMax, Inc. (a) 330,000 7,896,900 --------------- BIOTECHNOLOGY-2.73% Amgen Inc. (a) 218,202 11,726,175 Genentech, Inc. (a) 245,000 18,223,100 Gilead Sciences, Inc. (a) 975,600 36,321,588 --------------- 66,270,863 --------------- COMMUNICATIONS EQUIPMENT-4.06% Cisco Systems, Inc. (a) 1,345,000 38,883,950 Harris Corp. 565,000 31,007,200 QUALCOMM Inc. 684,000 28,488,600 --------------- 98,379,750 --------------- COMPUTER & ELECTRONICS RETAIL-0.28% Best Buy Co., Inc. 150,700 6,719,713 --------------- COMPUTER HARDWARE-1.37% Apple Inc. (a) 252,000 33,203,520 --------------- COMPUTER STORAGE & PERIPHERALS-0.51% Western Digital Corp. (a) 577,200 12,323,220 ---------------
SHARES VALUE ------------ --------------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS- 0.50% Caterpillar Inc. 153,400 $ 12,087,920 --------------- CONSUMER ELECTRONICS-1.04% Garmin Ltd. (b) 300,000 25,170,000 --------------- CONSUMER FINANCE-0.49% American Express Co. 205,000 12,000,700 --------------- DATA PROCESSING & OUTSOURCED SERVICES-0.58% Paychex, Inc. 340,000 14,069,200 --------------- DEPARTMENT STORES-1.45% JCPenney Co., Inc. 265,000 18,030,600 Kohl's Corp. (a) 125,000 7,600,000 Nordstrom, Inc. 200,000 9,516,000 --------------- 35,146,600 --------------- DRUG RETAIL-1.36% Walgreen Co. 744,000 32,869,920 --------------- ELECTRICAL COMPONENTS & EQUIPMENT-0.75% Emerson Electric Co. 387,000 18,216,090 --------------- FOOTWEAR-1.81% Nike, Inc. -Class B 778,200 43,929,390 --------------- HEALTH CARE EQUIPMENT-2.60% Baxter International Inc. 188,000 9,888,800 Becton, Dickinson and Co. 477,956 36,496,720 Varian Medical Systems, Inc. (a) 411,000 16,768,800 --------------- 63,154,320 --------------- HEALTH CARE SERVICES-0.80% Quest Diagnostics Inc. 350,000 19,414,500 --------------- HEALTH CARE TECHNOLOGY-0.53% IMS Health Inc. 458,700 12,903,231 --------------- HOME IMPROVEMENT RETAIL-0.25% Lowe's Cos., Inc. 215,593 6,038,760 --------------- HOTELS, RESORTS & CRUISE LINES-0.51% Marriott International, Inc. -Class A 300,000 12,465,000 --------------- HOUSEHOLD PRODUCTS-4.51% Clorox Co. (The) 504,000 30,471,840 Colgate-Palmolive Co. 573,000 37,818,000 Procter & Gamble Co. (The) 663,000 41,013,180 --------------- 109,303,020 ---------------
1 AIM Summit Fund
SHARES VALUE ------------ --------------- HUMAN RESOURCE & EMPLOYMENT SERVICES-0.48% Robert Half International Inc. 339,000 $ 11,522,610 --------------- HYPERMARKETS & SUPER CENTERS-0.67% Wal-Mart Stores, Inc. 356,000 16,358,200 --------------- INDUSTRIAL CONGLOMERATES-1.21% General Electric Co. 373,000 14,457,480 McDermott International, Inc. (a) 180,000 14,929,200 --------------- 29,386,680 --------------- INDUSTRIAL MACHINERY-0.35% Parker Hannifin Corp. 86,500 8,535,820 --------------- INTEGRATED OIL & GAS-2.71% Exxon Mobil Corp. 425,381 36,212,685 Occidental Petroleum Corp. 521,485 29,578,629 --------------- 65,791,314 --------------- INTERNET SOFTWARE & SERVICES-2.54% eBay Inc. (a) 800,000 25,920,000 Google Inc. -Class A (a) 70,000 35,700,000 --------------- 61,620,000 --------------- INVESTMENT BANKING & BROKERAGE-0.35% Goldman Sachs Group, Inc. (The) 45,500 8,569,470 --------------- LIFE SCIENCES TOOLS & SERVICES-0.56% Applera Corp.-Applied Biosystems Group 437,000 13,643,140 --------------- MANAGED HEALTH CARE-2.77% Coventry Health Care, Inc. (a) 240,000 13,394,400 UnitedHealth Group Inc. 500,000 24,215,000 WellPoint Inc. (a) 394,099 29,604,717 --------------- 67,214,117 --------------- MULTI-LINE INSURANCE-0.31% Assurant, Inc. 150,000 7,608,000 --------------- OIL & GAS DRILLING-2.10% ENSCO International Inc. 248,674 15,186,521 GlobalSantaFe Corp. 498,000 35,711,580 --------------- 50,898,101 --------------- OIL & GAS EQUIPMENT & SERVICES-3.28% Baker Hughes Inc. 473,700 37,445,985 Grant Prideco, Inc. (a) 160,000 8,976,000 Halliburton Co. 397,196 14,307,000 Schlumberger Ltd. 200,000 18,944,000 --------------- 79,672,985 --------------- OIL & GAS EXPLORATION & PRODUCTION-1.20% Apache Corp. 359,965 29,099,571 ---------------
SHARES VALUE ------------ --------------- OIL & GAS REFINING & MARKETING-1.87% Valero Energy Corp. 677,307 $ 45,386,342 --------------- PACKAGED FOODS & MEATS-3.16% Campbell Soup Co. 650,000 23,939,500 Hershey Co. (The) 172,000 7,929,200 Kellogg Co. 864,000 44,763,840 --------------- 76,632,540 --------------- PHARMACEUTICALS-4.36% Abbott Laboratories 759,276 38,487,700 Johnson & Johnson 660,900 39,984,450 Wyeth 565,240 27,425,445 --------------- 105,897,595 --------------- PROPERTY & CASUALTY INSURANCE-2.30% ACE Ltd. 408,411 23,573,483 Chubb Corp. (The) 637,000 32,111,170 --------------- 55,684,653 --------------- PUBLISHING-1.48% McGraw-Hill Cos., Inc. (The) 401,061 24,264,191 Morningstar Inc. (a) 240,000 11,755,200 --------------- 36,019,391 --------------- REINSURANCE-0.47% RenaissanceRe Holdings Ltd. 200,000 11,500,000 --------------- RESTAURANTS-0.72% Starbucks Corp. (a) 650,000 17,342,000 --------------- SEMICONDUCTOR EQUIPMENT-0.41% Applied Materials, Inc. 452,062 9,963,446 --------------- SOFT DRINKS-1.99% PepsiCo, Inc. 737,000 48,361,940 --------------- SPECIALIZED FINANCE-1.15% Moody's Corp. 518,000 27,868,400 --------------- SPECIALTY STORES-0.74% Staples, Inc. 782,350 18,009,697 --------------- SYSTEMS SOFTWARE-1.68% Microsoft Corp. 300,000 8,697,000 Oracle Corp. (a) 1,679,100 32,104,392 --------------- 40,801,392 --------------- Total Domestic Common Stocks (Cost $1,530,739,962) 1,826,013,370 --------------- FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS- 17.58% AUSTRALIA-2.73% BHP Billiton Ltd. (Diversified Metals & Mining) (b)(c) 2,080,000 66,216,112 --------------- BRAZIL-1.43% Companhia Vale do Rio Doce -ADR (Steel) 707,222 34,660,950 ---------------
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM Summit Fund
SHARES VALUE ------------ --------------- CANADA-1.48% Research In Motion Ltd. (Communications Equipment) (a) 104,000 $ 22,256,000 Suncor Energy, Inc. (Integrated Oil & Gas) 150,000 13,570,500 --------------- 35,826,500 --------------- FINLAND-1.45% Nokia Oyj -ADR (Communications Equipment) 1,232,000 35,284,480 --------------- JAPAN-5.19% FANUC Ltd. (Industrial Machinery) (c) 173,000 18,789,366 KDDI Corp. (Wireless Telecommunication Services) (c) 6,145 40,884,155 Komatsu Ltd. (Construction & Farm Machinery & Heavy Trucks) (b)(c) 585,000 18,574,605 Millea Holdings, Inc. (Property & Casualty Insurance) (b)(c) 345,000 13,666,682 Mitsui O.S.K. Lines, Ltd. (Marine) (b)(c) 834,000 13,039,767 Mitsui Sumitomo Insurance Co., Ltd. (Property & Casualty Insurance) (b)(c) 890,000 10,280,685 Nippon Yusen Kabushiki Kaisha (Marine) (b)(c) 1,069,000 10,756,315 --------------- 125,991,575 --------------- SOUTH KOREA-0.72% Kookmin Bank (Diversified Banks) (c) 201,400 17,386,830 --------------- SWITZERLAND-1.87% Novartis A.G. -ADR (Pharmaceuticals) 233,000 12,570,350 Roche Holding A.G. (Pharmaceuticals) (c) 185,000 32,769,962 --------------- 45,340,312 --------------- UNITED KINGDOM-2.71% Rio Tinto PLC (Diversified Metals & Mining) (c) 910,000 65,683,332 --------------- Total Foreign Common Stocks & Other Equity Interests (Cost $288,411,314) 426,390,091 --------------- MONEY MARKET FUNDS-4.94% Liquid Assets Portfolio -Institutional Class(d) 59,960,788 59,960,788 Premier Portfolio -Institutional Class(d) 59,960,788 59,960,788 --------------- Total Money Market Funds (Cost $119,921,576) 119,921,576 --------------- Total Investments (excluding investments purchased with cash collateral from securities on loan)-97.78% (Cost $1,939,072,852) 2,372,325,036 --------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-3.12% Liquid Assets Portfolio -Institutional Class(d)(e) (Cost $75,747,360) 75,747,360 75,747,360 ---------------
VALUE --------------- TOTAL INVESTMENTS-100.90% (Cost $2,014,820,212) 2,448,072,397 --------------- OTHER ASSETS LESS LIABILITIES-(0.90)% (21,817,943) --------------- NET ASSETS-100.00% $ 2,426,254,454 ===============
Investment Abbreviations: ADR -- American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security was out on loan at July 31, 2007. (c) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate value of these securities at July 31, 2007 was $308,047,811, which represented 12.70% of the Fund's Net Assets. See Note 1A. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 3 AIM Summit Fund NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2007 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer 4 AIM Summit Fund A. SECURITY VALUATIONS - (CONTINUED) information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. The Fund may receive proceeds from litigation settlements involving Fund investments. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of 5 AIM Summit Fund D. FOREIGN CURRENCY TRANSLATIONS - (CONTINUED) foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved by the Board of Trustees, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2007. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES AT PROCEEDS FROM VALUE DIVIDEND FUND 10/31/06 COST SALES 07/31/07 INCOME - ---- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $ 69,673,749 $215,051,914 $(224,764,875) $ 59,960,788 $2,694,630 Premier Portfolio - Institutional Class 69,673,749 215,051,914 (224,764,875) 59,960,788 2,681,133 ------------ ------------ ------------- ------------ ---------- SUBTOTAL $139,347,498 $430,103,828 $(449,529,750) $119,921,576 $5,375,763 ============ ============ ============= ============ ==========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES AT PROCEEDS FROM VALUE DIVIDEND FUND 10/31/06 COST SALES 07/31/07 INCOME* - ---- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $ 40,345,475 $285,632,364 $(250,230,479) $ 75,747,360 $ 34,732 STIC Prime Portfolio - Institutional Class 40,345,474 228,026,386 (268,371,860) -- 44,610 ------------ ------------ ------------- ------------ ---------- SUBTOTAL $ 80,690,949 $513,658,750 $(518,602,339) $ 75,747,360 $ 79,342 ------------ ------------ ------------- ------------ ---------- TOTAL INVESTMENTS IN AFFILIATES $220,038,447 $943,762,578 $(968,132,089) $195,668,936 $5,455,105 ============ ============ ============= ============ ==========
* Net of compensation to counterparties. 6 AIM Summit Fund NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. At July 31, 2007, securities with an aggregate value of $72,826,737 were on loan to brokers. The loans were secured by cash collateral of $75,747,360 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2007, the Fund received dividends on cash collateral investments of $79,342 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the nine months ended July 31, 2007 was $711,295,415 and $933,704,996, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as wash sales, that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $464,656,587 Aggregate unrealized (depreciation) of investment securities (31,550,126) ------------ Net unrealized appreciation of investment securities $433,106,461 ============
Cost of investments for tax purposes is $2,014,965,936. 7 Item 2. Controls and Procedures. (a) As of September 14, 2007, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that, as of September 14, 2007, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. (b) There have been 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 have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. 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. Registrant: AIM Summit Fund By: /s/ Philip A. Taylor --------------------------------- Philip A. Taylor Principal Executive Officer Date: September 28, 2007 Pursuant to the requirements of the Securities and 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/ Philip A. Taylor --------------------------------- Philip A. Taylor Principal Executive Officer Date: September 28, 2007 By: /s/ Sidney M. Dilgren --------------------------------- Sidney M. Dilgren Principal Financial Officer Date: September 28, 2007 EXHIBIT INDEX Certifications of Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. EX-99.CERT 2 h50165exv99wcert.txt CERTIFICATIONS PURSUANT TO SECTION 302 I, Philip A. Taylor, Principal Executive Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM Summit Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2007 /s/ Philip A. Taylor ---------------------------------------- Philip A. Taylor, Principal Executive Officer I, Sidney M. Dilgren, Principal Financial Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM Summit Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investments Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2007 /s/ Sidney M. Dilgren ---------------------------------------- Sidney M. Dilgren, Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----