(PUB) Investing 2015

6

Data through December 31, 2014 PRIMECAP Odyssey Stock

Ticker

Status Yield Total Assets

Mstar Category

POSKX Open

1.3% $3,802 mil

Large Blend

Morningstar Analyst Rating 12-19-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

93% 95% 88% 87% 92% 90% 89% 90% 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

NAV Total Return % +/-S&P 500 +/-Russ 1000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

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 ¨

10.92 . . 11.05 . . 6.14 . . 4.78 . . 0.04 . . 11.01 . . 18 . . 0.00 . . 0.00 . . 1.25 . . -0.11 . . 12 . .

12.12 14.01 -1.78 -1.45

13.70

14.08

9.33

12.77 11.82 -3.24 -4.28

14.17 2.07 -0.04 0.57 1.26 0.81

14.28 13.62 -2.38 -2.80

15.98 34.39

23.66 15.04

-33.27 4.18

37.86 11.40

-1.31 -1.59 0.51

3.73 4.33 0.46

2.00 1.28 1.51

1.35 1.80 1.47

9.43 0.97

0.33

0.84

1.73

13.68

-33.73 3.67

36.89

10.98

11.89

32.88

13.57

7

90

6

35

81

13

70

25

8

Pillar Spectrum Positive ∞

0.00 0.00 0.99 0.41

0.04 0.08 0.81 0.59

0.07 0.12 0.79 0.51

0.06 0.00 0.80 0.96

0.09 0.00 0.71 1.37

0.11 0.00 0.66 1.25

0.18 0.00 0.66 1.57

0.25 0.00 0.63 1.65

0.31 0.35 0.62 1.34

§ Negative

¶ Neutral

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

4

6

10

34

3

24

11

15

8

2010 2011 2012 2013 2014

4.70 -11.07 2.07 5.15 1.28 -13.85 11.25 13.62 8.68 -2.77 4.37 3.02 34.39 12.20 4.02 6.11 8.52 15.04 3.83 3.55 1.98 . . 9.34 9.84

10

34

98

206

200

266

679

1,057

1,612

2,272

3,802

.

Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:115 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

. . . Hlth care 27.6 39.12 3.97 Hlth care 21.5 -0.66 3.60 Hlth care 25.1 41.77 3.57 Finan Svs 32.3 17.04 3.15 Hlth care 17.3 17.19 3.09 Technology 18.2 27.24 2.66 Technology 23.2 24.58 2.48 10.10 Cnsmr Cyc 25.1 15.33 2.23 Cnsmr Cyc 26.6 43.75 2.13 Technology 18.9 27.31 2.02 Finan Svs 29.3 17.93 2.00 Finan Svs 13.4 23.72 1.80 Hlth care 24.9 27.89 1.78 Cnsmr Cyc 22.2 26.87 1.62 Technology 15.3 45.66 1.59 Hlth care 22.5 18.66 1.58 Hlth care 32.1 21.42 1.55 Industrl 25.6 125.80 2.36 Energy . -57.22 1.87

1 Yr 3 Yr 5 Yr

15.04 20.66 14.93

Trailing

Total

+/-

+/- Russ %Rank Growth of

Eli Lilly and Co

Return% S&P 500 4.93 0.00 7.00 0.88 15.04 1.35 20.66 0.25 14.93 -0.52 9.30 1.63

1000 0.05 1.43 1.80 0.04 -0.71 1.34

Cat

$10,000

+Avg +Avg High

Low -Avg -Avg

Roche Holding AG Dividen

3 Mo 6 Mo 1 Yr

32 10,493 10 10,700 8 11,504 25 17,567 29 20,052

Amgen Inc

10 Yr Incept

9.30

Charles Schwab Corp Johnson & Johnson Texas Instruments Inc Southwest Airlines Co Microsoft Corp Cisco Systems Inc CME Group Inc Class A Transocean Ltd Wells Fargo & Co Medtronic Inc Ross Stores Inc Hewlett-Packard Co Novartis AG ADR Biogen Idec Inc Carnival Corp L Brands Inc

10.09

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

Other Measures

Standard Index

Best Fit Index

S&P 500

M* U.S. Core TR

3 24,333 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

3.0

2.2

Beta

0.85

0.83

R-Squared

89

92

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

19.83 14.35

15 19

0.69 0.50 0.36

30 27 10

Standard Deviation

8.18

Mean

20.66

8.90

1

Sharpe Ratio

2.35

Potential Capital Gain Exposure: 26% of assets

Morningstar’s Take by David Kathman, CFA 12-19-14 A new comanager won’t mean significant changes for Primecap Odyssey Growth. On Dec. 10, 2014, James Marchetti was officially named comanager of this fund and Primecap Odyssey Aggressive Growth POAGX and Odyssey Growth POGRX, effective Nov. 1, and he’s expected to be named comanager of the same team’s Vanguard funds, including Vanguard Primecap VPMCX, in the near future. This move doesn’t represent any change in how the funds are managed, as Marchetti has had portfolio responsibilities since the beginning of 2014 and has been a key analyst for several years, managing a sleeve of health-care stocks. This promotion comes at the end of a strong year in which this fund ranked in the large-blend category’s top 1% for the year to date as of mid-December. This is the third year of top-quartile returns out of the past four for this fund, which has also ranked in the category’s top 5% in the decade since its inception. These great results are hardly a surprise, given that the Primecap team has compiled one of the fund industry’s

most impressive track records over the past 30 years with Vanguard Primecap. They use the same patient contrarian growth strategy here, looking for stocks with good long-term growth potential but temporarily depressed valuations. Of the three Primecap Odyssey funds, this is the least aggressive, with a portfolio dominated by mega-caps, and the most similar to Vanguard Primecap. Like its siblings, this fund is especially heavy in health-care and technology stocks, which make up more than half of the portfolio. Many of the fund’s pharmaceutical and biotech stocks, in particular, struggled a few years ago, but the managers were patient, and most of those stocks have posted nice gains recently, contributing to the fund’s better performance. Since Primecap Odyssey Aggressive Growth closed to new investors in early 2014, this fund and Primecap Odyssey Growth are the only two of the team’s six funds that remain open. Both are excellent core funds with great track records and very low expenses; this fund is better suited for more-conservative investors.

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 43.6 Large 36.3 Mid 14.6 Small 4.1 Micro 1.3 Avg $mil: 44,084

Value Blnd Growth

Large Mid Small

Cyclical 27.43 BasicMat 3.40 CnsmrCyc11.10 FinanSvs 12.93 Real Est 0.00 Sensitive 42.94 CommSrvs 0.24 Energy 4.51 Industrl 12.16 Technlgy 26.03 Defensive29.63 CnsmrDef 1.07 Hlthcare 28.03 Utilities 0.53

. .

h r t y u j i o p a k s d f

5 3

. 11 9 . 15 10 . . .

. . .

1 0 7 5

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

18.49 2.57 1.95 10.93 2.17 10.98 5.68 2.49 1.71 6.41

1.29 1.26 1.55 1.54 1.00 1.06 1.07 0.86 0.25 0.36

. 14 11 . 26 19

. .

4 1

. 32 28

% Rel Category

2 1

.

Composition - Net

Cash 10.1 Stocks 89.9 Bonds 0.0 Other 0.0 Foreign 14.4

Address:

PRIMECAP Odyssey Funds 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

20.42 8.41 15.46

1.06 1.09 1.22

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:$205 Annually

5Yr:$357 10Yr:$798

None

N/A

Mutual Funds ß ®

© 2015Morningstar, 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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