(PUB) Investing 2016

5

July 2 016

Morningstar FundInvestor

Data through June 30, 2016 FINRA members: For internal or institutional use only. PRIMECAP Odyssey Aggressive Growth

Ticker POAGX

Yield 0.0%

Total Assets $6,318 mil

Mstar Category Mid-Cap Growth

Benchmark 1: Russell Mid Cap Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 06-30-16 Œ

Investment Style Equity

Historical Profile Return Risk Rating High Above Avg QQQQQ Highest

8 8 8 8 8 8 8 8

15.0 20.0 25.0 30.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

& ) & & ( & & & & & ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 06-16 14.34 14.22 9.30 13.99 16.47 16.07 19.48 29.65 32.93 32.40 31.23 21.57 -0.19 -34.60 50.43 21.57 -0.45 21.22 54.88 16.55 4.56 -3.61 10.91 -11.62 9.73 4.14 -4.82 1.20 5.41 19.14 4.65 4.76 -5.76 5.77 -5.69 2.40 23.97 6.51 -2.57 5.22 22.49 2.86 3.18 -7.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.01 0.00 21.57 -0.19 -34.60 50.43 21.57 -0.45 21.22 54.88 16.36 4.56 -3.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.20 0.09 0.00 0.00 0.53 0.32 0.00 0.51 1.48 2.03 0.00 0.99 0.78 0.78 0.77 0.71 0.68 0.68 0.64 0.62 0.62 0.63 -0.33 -0.25 -0.46 -0.54 -0.45 -0.33 -0.32 -0.23 -0.09 0.17 -0.11 1 95 7 12 73 25 4 1 1 9 85

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 06-30-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

14.81 2.98 2.79 -0.26 21.22 15.91 9.34 14.26 6.95 54.88 4.65 4.06 -1.18 8.30 16.55 5.92 0.43 -11.36 10.90 4.56

.

12

6

24

20

15

11

14

11

13

15

159

331

219

441

914 1,086 1,688 5,030 6,376 6,684 6,318

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 149 Share change since 12-31-15 T Dreyfus Treasury Secs Cas

-3.21 -0.41

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

—

— 5.03

1 Yr 3 Yr 5 Yr

-5.25 12.81 15.00 11.60 12.16

3 Mo 6 Mo

-0.41 -1.97 -2.87 -3.61 -5.76 -7.45 -5.25 -3.11 -9.25 12.81 2.29 1.15 15.00 5.02 2.90

89 9,959 85 9,639 40 9,475 4 14,355 1 20,111 1 29,980

Y Ellie Mae Inc Y Abiomed Inc T Sony Corp ADR T BlackBerry Ltd T Delta Air Lines Inc

Technology

52.17 3.88 21.06 3.72

+Avg QQQQQ High QQQQQ +Avg QQQQQ

High High High

Hlth Care

1 Yr

Technology

— 3.01

10 Yr Incept

3 Yr Avg 5 Yr Avg

United Continental Holdin

Industrl

-28.38 2.98

Technology

— 2.82

10 Yr Avg 11.60 3.48 4.18

Industrl Industrl

-27.60 2.66

Other Measures

Standard Index

Best Fit Index

15 Yr Avg

— — — — —

T American Airlines Group I T Nektar Therapeutics Inc

— 2.51

Alpha

0.6

2.2

Hlth Care Cnsmr Cyc Cnsmr Cyc Hlth Care Cnsmr Cyc Hlth Care Finan Svcs Cnsmr Cyc Hlth Care Technology Industrl

-15.55 2.50 58.60 2.20 4.60 2.18 -26.89 2.16 -9.96 2.13 -32.91 2.01 -21.12 1.78 30.76 1.74 -9.15 1.63 — 1.62 1.97 1.54 -41.97 1.52 17.14 0.47 0.84 0.26 13.22 0.56 3.08 0.71 0.00 0.00 53.20 1.39 1.66 4.05 0.50 0.38 16.93 0.86 34.11 2.04 29.66 1.16 1.07 0.10 28.59 1.95 0.00 0.00 % of Stocks Rel Bmark 1

Beta

1.09

1.08

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Dreamworks Animation SKG

R-Squared

64

87

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

11.61 14.14 11.07

3 1 1

1.06 0.75 0.48

24 22 16

Shutterfly Inc A

Standard Deviation

15.30 12.81

JetBlue Airways Corp T Seattle Genetics Inc

Mean

Sharpe Ratio

0.86

Royal Caribbean Cruises L

Potential Capital Gain Exposure: 28% of assets

Qiagen NV

Morningstar's Take by David Kathman, CFA 06-30-16 Primecap Odyssey Aggressive Growth is one of six funds managed by the Primecap team, whose Vanguard Primecap VPMCX has achieved one of the fund industry’s best track records during the past 30 years. The managers' patient, disciplined contrarian growth strategy emphasizes companies with strong growth potential but temporarily depressed valuations, and they're willing to hold on to stocks for a long time waiting for a turnaround. Each of the five portfolio managers independently runs a sleeveofassets,allowing them to follow theirconvictions within this broad strategy, and they don’t hesitate to make significant sector and industry bets in areas where they see a lot of potential. In recent years, technology, biotech, and airline stocks have been the managers’ favorites. Within that framework, this fund is by far the most aggressive of the team's funds, which is why it's the only one of the six to be in the mid-cap growth Morningstar Category. (Four of them are in the large-growth category, while Primecap Odyssey Stock POSKX, the least risky of the bunch, is in large-blend.) Like its siblings, this fund is overweight relative to its peers in healthcare and tech

MarketAxess Holdings Inc

T CarMax Inc

stocks, and those sector overweightings are even more pronounced here than in the other funds. Also, the fund tends to hold smaller, more-aggressive growth stocks than its siblings; small and mid-caps make up more than half the portfolio as of March 31, 2016, including 16% in micro-cap stocks. This approach has worked very well over time, helping the fund to the best returns in the mid-growth category since its inception in late 2004. It has trailed the category only in two calendar years (2007 and 2010) and has ranked in the top decile seven times, including each year from 2012 through 2015. It has finally fallen to earth in the first half of 2016, badly trailing the category, but such short-term slumps are inevitable and can be overcome longer term. The fund's stellar record and low expenses earn it a Morningstar Analyst Rating of Gold. It's closed to new investors, but siblings Primecap Odyssey Stock and Primecap Odyssey Growth POGRX remain open.

Roche Holding AG Dividend

Adobe Systems Inc

T comScore Inc

Industrl

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Market Cap % Giant 9.0 Large 23.5 Mid 29.2 Small 22.0 Micro 16.2 Avg $mil: 6,145

Value Blend Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings 18.51

0.81 0.68 0.76 0.52 0.61 1.36 0.29 -0.24 1.65 3.30

Price/Book Price/Sales

2.31 1.46

Price/Cash Flow 5.97 Dividend Yield % 0.64

Growth Measures

% Rel Category

Long-Term Erngs 17.42

Book Value

2.14 -1.79

Composition - Net

Sales

Cash 5.0 Stocks 94.8 Bonds 0.0 Other 0.1 Foreign 13.3 (% of Stock)

Address:

PRIMECAP Odyssey Funds

Minimum Purchase: Min Auto Inv Plan:

$2000 Add: $100 IRA: $1000

Cash Flow 17.63 Historical Erngs 34.30

Pasadena, CA 91101

— Add: $100

800-729-2307

Sales Fees:

No-load

Web Address:

www.odysseyfunds.com

Management Fee:

0.60% mx./0.55% mn. Mgt:0.55% Dist:—

Profitability

%

Inception:

11-01-04

Actual Fees:

Return on Equity Return on Assets

11.88

Advisor:

PRIMECAP Management Company

Expense Projections: 3Yr:$199 5Yr:$346 10Yr:$774

2.51 5.91

Subadvisor:

None

Income Distribution:

Annually

Net Margin

A

ß ® Mutual Funds

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