(PUB) Morningstar FundInvestor

4

Data through April 30, 2014 PRIMECAP Odyssey Growth

Ticker

Status Yield Total Assets

Mstar Category

POGRX Open

0.3% $4,118 mil

Large Growth

Morningstar Analyst Rating 04-23-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Above Avg Above Avg

92% 96% 95% 92% 94% 97% 96% 90%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

10.0

People Parent Price

6.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 04-14

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 „ ´ˇ ¨

10.96

12.24

13.90 14.85 -0.94

14.50

9.50

13.36 40.95 14.49

15.40 15.37 0.31 -1.34 0.10 15.27

14.94 -2.22 -4.33 -4.86 0.37 -2.59

17.34 16.76

23.61 39.30

23.65 0.17 -2.39 -0.95 0.00 0.17

NAV

.

11.75 . . 6.84 . . 6.49 . . 0.00 . . 11.75 . . 15 . .

-34.25 4.88

Total Return %

-0.61 -6.93 0.28

2.75 4.19 0.23

0.76 1.50 0.70

6.91 5.82 0.46

+/-S&P 500

5.78 0.16

3.74 0.31

+/-Russ 1000Gr Income Return % Capital Return %

14.69

-34.48 4.60

40.64

16.06

38.84

5

87

8

24

49

52

32

11

36

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.00 0.00

0.00 0.01

0.02 0.14 0.89 0.19

0.04 0.04 0.75 0.30

0.03 0.00 0.71 0.26

0.03 0.00 0.71 0.35

0.01 0.00 0.68 0.15

0.06 0.06 0.66 0.26

0.10 0.00 0.67 0.55

0.08 0.45 0.65 0.51

0.00 0.00

Income $

. .

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

1.25 . . -0.27 . . 9 . .

. . .

Performance 04-30-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

7

5

13

12

5

13

12

10

2010 2011 2012 2013 2014

6.66 -10.81 10.15 10.10 15.37 6.30 1.22 -16.90 9.35 -2.22 12.05 -1.61 4.43 1.42 16.76 15.69 4.39 7.98 6.83 39.30 4.28 . . . .

10

63

254

500

390

854

1,623

1,798

2,221

3,884

4,118

.

Portfolio Analysis 03-31-14 Share change since 12-13 Total Stocks:119 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dreyfus Treasury Pr Cash Seattle Genetics Inc

7.27

. . .

1 Yr 3 Yr 5 Yr

17.40 12.48 19.62

Trailing

Total

+/-

+/- Russ %Rank Growth of

Hlth care

-3.53 4.92

.

Return% S&P 500 1000Gr

Cat

$10,000

High +Avg

Avg

Roche Holding AG

Hlth care 20.0 7.33 4.07 Hlth care 18.1 -1.51 3.76 Hlth care 35.7 2.70 3.12 Hlth care 16.5 16.84 2.94 Finan Svs 34.0 2.35 2.57 Technology 116.3 3.02 2.33 Technology 15.2 8.74 2.20 Technology 29.2 -4.64 2.17 Cnsmr Cyc 17.8 -10.20 1.94 Technology 21.1 6.48 1.90 Technology 23.4 4.87 1.70 Finan Svs 24.0 -8.83 1.65 Cnsmr Cyc 29.8 -1.52 1.62 Hlth care 76.9 -8.02 1.61 Energy 11.1 -11.72 1.75 Cyclical 16.62 0.58 BasicMat 1.45 0.47 . . CnsmrCyc 8.19 0.95 . . FinanSvs 6.98 0.45 . . Real Est 0.00 0.00 . . Sensitive 44.25 1.01 CommSrvs 0.47 0.12 . . Energy 3.63 0.34 . . Industrl 8.86 0.78 . . Technlgy 31.29 1.78 . . Defensive39.13 1.42 CnsmrDef 0.28 0.02 . . Hlthcare 38.85 3.29 . . Utilities 0.00 0.00 . . h r t y u j i o p a k s d f Hlth care . -11.79 2.03 Hlth care Industrl . 22.84 1.60 20.4 28.50 1.54 Sector Weightings % of Stocks Rel S&P 500 High 3 Year Low

3 Mo 6 Mo 1 Yr

-0.46 -6.69 4.79 -3.57 17.40 -3.04 12.48 -1.35 19.62 0.48

-4.55 -2.16 -3.26 -0.89 0.15

78 9,954 60 10,479 81 11,740 30 14,231

+Avg

Amgen Inc

10 Yr Incept

. . . .

Biogen Idec Inc Eli Lilly and Co

10.19

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Charles Schwab Corp Adobe Systems Inc Microsoft Corp Google Inc Class A

Other Measures

Standard Index

Best Fit Index S&P 500 Mstar Mid Cap TR

14 24,492 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

0.2

2.3

Beta

1.09

0.93

Immunogen Inc L Brands Inc Qualcomm Inc Transocean Ltd

R-Squared

85

89

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

12.10 19.35

22 11

0.34 0.22

35

Standard Deviation

14.70 12.48

31 . . . .

Mean

Texas Instruments Inc

Sharpe Ratio

1.08

Visa Inc Class A Carnival Corp

Potential Capital Gain Exposure: 32% of assets

Morningstar’s Take by David Kathman, CFA 04-23-14 Primecap Odyssey Growth is looking good. After putting up middling results in 2010 and 2011, this fund has bounced back strongly in the past couple of years. It beat the large-growth Morningstar Category in 2012 and did even better in 2013, when it gained 39% and fell just short of the category’s top decile. It continued to sparkle in the early months of 2014, landing in the category’s top 2% through the year’s first quarter. This pattern, in which great results alternate with occasional stretches of underperformance, has always been characteristic of the funds run by the Primecap management team, the largest and oldest of which is Vanguard Primecap VPMCX. That team, now consisting of four named managers after the retirement of Mitch Milias at the end of 2013, looks for companies with good long-term growth potential but temporarily depressed valuations. They take a long-term view and pay little attention to benchmarks, resulting in low turnover and portfolios that are frequently concentrated in a few sectors. That means that this

Qiagen NV Illumina Inc

fund will inevitably be out of sync with the market at times, but such dry spells tend not to last long. The fund’s most recent slow stretch was largely due to its heavy weighting in health-care stocks, especially Big Pharma and biotech stocks such as Amgen AMGN and Roche. Many of those stocks suffered a few years ago because of concerns about their drug pipelines, but the Primecap managers thought the market was underestimating them. This patience paid off in 2013, when biotech rallied strongly and other holdings such as Seattle Genetics SGEN, this fund’s top holding as of Dec. 31, 2013, also posted nice gains. Of the six funds managed by the Primecap team, this is one of only two that remains open to new investors. The other, Primecap Odyssey Stock POSKX, is more corelike and similar to Vanguard Primecap, while this fund is more aggressive and similar to the recently closed Vanguard Capital Opportunity VHCOX. Both are excellent funds, with low expenses to go with outstanding long-term track records.

Southwest Airlines Co

Current Investment Style

Market Cap % Giant 31.1 Large 33.7 Mid 23.3 Small 9.2 Micro 2.6 Avg $mil: 23,611

Value Blnd Growth

Large Mid Small

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

19.94 2.88 1.99 10.94 1.21 11.38 4.30 2.45 -1.33 11.77

1.11 1.00 1.10 1.10 0.92 0.85 0.42 0.31 NMF 0.53

% Rel Category

Composition - Net

Cash 7.3 Stocks 92.7 Bonds 0.0 Other 0.0 Foreign 15.5

Address:

225 South Lake Avenue, Suite 400 Pasadena, CA 91101 800-729-2307 www.odysseyfunds.com

Minimum Purchase: Min Auto Inv Plan:

$2000 $2000

Add: $100 IRA: $1000

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

11.99 4.35 9.30

0.57 0.45 0.66

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.60% mx./0.55% mn. Mgt:0.55% Dist: .

(% of Stock)

11-01-04

Actual Fees:

PRIMECAP Management Company

Expense Projections: Income Distribution:

3Yr:$211 Annually

5Yr:$368 10Yr:$822

None

N/A

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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