0000894189-13-001704.txt : 20130321 0000894189-13-001704.hdr.sgml : 20130321 20130321121046 ACCESSION NUMBER: 0000894189-13-001704 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130321 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRIMECAP Odyssey Funds CENTRAL INDEX KEY: 0001293967 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21597 FILM NUMBER: 13706933 BUSINESS ADDRESS: STREET 1: 225 SOUTH LAKE AVENUE, SUITE 400 CITY: PASADENA STATE: CA ZIP: 91101-3005 BUSINESS PHONE: 626-304-9222 MAIL ADDRESS: STREET 1: 225 SOUTH LAKE AVENUE, SUITE 400 CITY: PASADENA STATE: CA ZIP: 91101-3005 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP Funds DATE OF NAME CHANGE: 20040616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRIMECAP Odyssey Funds CENTRAL INDEX KEY: 0001293967 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-117063 FILM NUMBER: 13706934 BUSINESS ADDRESS: STREET 1: 225 SOUTH LAKE AVENUE, SUITE 400 CITY: PASADENA STATE: CA ZIP: 91101-3005 BUSINESS PHONE: 626-304-9222 MAIL ADDRESS: STREET 1: 225 SOUTH LAKE AVENUE, SUITE 400 CITY: PASADENA STATE: CA ZIP: 91101-3005 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP Funds DATE OF NAME CHANGE: 20040616 0001293967 S000005539 PRIMECAP Odyssey Stock Fund C000015069 PRIMECAP Odyssey Stock Fund POSKX 0001293967 S000005540 PRIMECAP Odyssey Growth Fund C000015070 PRIMECAP Odyssey Growth Fund POGRX 0001293967 S000005541 PRIMECAP Odyssey Aggressive Growth Fund C000015071 PRIMECAP Odyssey Aggressive Growth Fund POAGX 485BPOS 1 primecap_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL primecap_bxbrl.htm
 
Filed with the Securities and Exchange Commission on March 21, 2013

1933 Act Registration File No. 333-117063
1940 Act File No. 811-21597
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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X
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
15
 
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X
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
17
 
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X
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(Check appropriate box or boxes.)

PRIMECAP Odyssey Funds
(Exact Name of Registrant as Specified in Charter)

225 South Lake Avenue, Suite 400
Pasadena, CA 91101-3005
(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code:  (626) 304-9222
 
Michael J. Ricks, Secretary
225 South Lake Avenue, Suite 400
Pasadena, CA 91101-3005
(Name and Address of Agent for Service)
 
Copy to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071

It is proposed that this filing will become effective (check appropriate box)
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X
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 15 to the Company’s Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 14 on Form N-1A filed on February 27, 2013.  This PEA No. 15 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA Amendment No. 14 to the Company’s Registration Statement.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post Effective Amendment No. 15 meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 15 to its Registration Statement to be signed below on its behalf by the undersigned, duly authorized, in the City of Pasadena, the State of California, on this 21st day of March, 2013.

PRIMECAP ODYSSEY FUNDS
 
/s/ Joel P. Fried                                             
Joel P. Fried
Co-Chief Executive Officer


Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on March 21, 2013.

Name
 
 
Title
/s/ Joel P. Fried
 
Co-Chief Executive Officer, Trustee
Joel P. Fried
 
(Principal Executive Officer)
     
/s/ Theo A. Kolokotrones*
 
Co-Chief Executive Officer
Theo A. Kolokotrones
 
(Principal Executive Officer)
     
/s/ Alfred W. Mordecai*
 
Co-Chief Executive Officer
Alfred W. Mordecai
 
(Principal Executive Officer)
     
/s/ Benjamin F. Hammon*
 
Trustee
Benjamin F. Hammon
   
     
/s/ Wayne H. Smith*
 
Trustee
Wayne H. Smith
   
     
/s/ Joseph G. Uzelac*
 
Trustee
Joseph G. Uzelac
   
     
/s/ Elizabeth D. Obershaw*
 
Trustee
Elizabeth D. Obershaw
   
     
/s/ Michael J. Ricks*
 
Chief Financial Officer and Secretary
Michael J. Ricks
 
(Principal Financial Officer)
     
/s/ Joel P. Fried
   
*Joel P. Fried
   
Attorney-in-Fact pursuant to Powers of Attorney previously filed with the Registrant’s Registration Statement.
 
 
 
C-1

 

 
EXHIBIT INDEX

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 

 

 
 
 
C-2
 

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PRIMECAP Odyssey Funds 485BPOS false 0001293967 2012-10-31 2013-02-27 2013-02-28 2013-02-28 PRIMECAP Odyssey Stock Fund POSKX Fund Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance over time. The bar chart illustrates the Fund&#8217;s total return for the calendar years shown below. The table illustrates the Fund&#8217;s average annual return over time compared with a domestic broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Unlike the Fund&#8217;s returns, the index returns do not reflect any deductions for fees, expenses, or taxes.&#160;&#160;For additional information on the index, please see &#8220;Index Description.&#8221;&#160;&#160;Updated performance is available on the Fund&#8217;s website at www.odysseyfunds.com.</font> </div> Calendar Year Total Return 0.1105 0.1401 0.0418 -0.3327 0.3786 0.1182 0.0207 0.1362 ~ http://usbank.com/20130227/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001293967_S000005539Member row primary compact * ~ highest quarterly return 0.1715 2009-09-30 lowest quarterly return -0.2190 2008-12-31 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period shown in the bar chart, the Fund&#8217;s highest quarterly return was +17.15% for the quarter ended September 30, 2009, and the lowest quarterly return was -21.90% for the quarter ended December&#160;31, 2008.</font> </div> 0.1362 0.0359 0.0685 0.1337 0.0344 0.0671 0.0920 0.0306 0.0599 0.1600 0.0166 0.0506 2004-11-01 2004-11-01 ~ http://usbank.com/20130227/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001293967_S000005539Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.odysseyfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance over time. (reflects no deduction for fees, expenses, or taxes) Average Annual Total Returns as of December 31, 2012 Primary Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">You may lose money by investing in the Fund. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund&#8217;s performance could be hurt by:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Stock market risk</font>. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investment style risk</font>. The chance that returns from the mix of small-, mid-, and large-cap stocks in the Fund&#8217;s portfolio will trail returns from the overall stock market. Historically, small- and mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Additionally, from time to time, growth stocks may be more volatile than the overall stock market.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector-focus risk.</font> The chance that investing a significant portion of the Fund&#8217;s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small- and mid-cap stocks risk</font>. The chance that small- and mid-cap stocks may trade less frequently or in more limited volume than those of larger, more established companies; may fluctuate in value more; and, as a group, may suffer more severe price declines during periods of generally declining stock prices.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Manager risk</font>. The chance that, as a result of poor security selection by the Advisor, the Fund may underperform relative benchmarks or other funds with similar investment objectives.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign securities risk</font>. The chance that the value of foreign securities will be adversely affected by the political and economic environments and other overall economic conditions in the countries where the Fund invests. Investing in foreign securities involves: country risk, which is the chance that domestic events&#8212;such as political upheaval, financial troubles, or natural disasters&#8212;will weaken a country&#8217;s securities markets; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.</font> </div> </td> </tr> </table> You may lose money by investing in the Fund. Portfolio Turnover <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.</font> </div> 0.11 Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0055 0.0012 0.0067 ~ http://usbank.com/20130227/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001293967_S000005539Member row primary compact * ~ ~ http://usbank.com/20130227/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001293967_S000005539Member row primary compact * ~ Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (Fees paid directly from your investment) Example <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 68 214 373 835 ~ http://usbank.com/20130227/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001293967_S000005539Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PRIMECAP Odyssey Stock Fund seeks to provide long-term capital appreciation.</font> </div> Primary Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund invests primarily in the common stocks of U.S. companies.&#160;&#160;The Fund invests at least 80% of its assets in stocks (the Fund will provide its shareholders with at least 60 days&#8217; prior notice of any change in this non-fundamental investment policy).&#160;&#160;The Fund may invest in stocks across all market sectors and market capitalizations, though it has historically invested primarily in large- and mid-capitalization companies.&#160;&#160;Because of the Advisor&#8217;s bottom-up selection process, the Fund may maintain a significantly overweight or underweight position in a particular sector relative to the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index at any time.&#160;&#160;The Fund may also invest in foreign securities through depository receipts or stocks traded on a foreign exchange.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PRIMECAP Management Company (the &#8220;Advisor&#8221;), through its fundamental research, seeks to identify stocks with attractive growth prospects that are trading at reasonable valuations.&#160;&#160;The Advisor looks for companies that, in its judgment, will grow faster and/or will be more profitable than their current market valuations suggest and for companies with asset values that are not adequately reflected in their stock prices.&#160;&#160;The Advisor may sell a stock if its market price appears to have risen above its fundamental value, if other securities appear to be more favorably priced, or if the reasons for which the stock was purchased no longer hold true.&#160;&#160;The Advisor maintains a long-term focus and attempts to identify stocks that it believes will outperform the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index, a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market, over a three- to five-year time frame.</font> </div> PRIMECAP Odyssey Growth Fund POGRX Fund Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance over time. The bar chart illustrates the Fund&#8217;s total return for the calendar years shown below. The table illustrates the Fund&#8217;s average annual return over time compared with a domestic broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Unlike the Fund&#8217;s returns, the index returns do not reflect any deductions for fees, expenses, or taxes.&#160;&#160;For additional information on the index, please see &#8220;Index Description.&#8221;&#160;&#160;Updated performance is available on the Fund&#8217;s website at www.odysseyfunds.com.</font> </div> Calendar Year Total Return 0.1175 0.1485 0.0488 -0.3425 0.4095 0.1537 -0.0222 0.1676 ~ http://usbank.com/20130227/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001293967_S000005540Member row primary compact * ~ highest quarterly return 0.1897 2009-09-30 lowest quarterly return -0.2075 2008-12-31 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period shown in the bar chart, the Fund&#8217;s highest quarterly return was +18.97% for the quarter ended September 30, 2009, and the lowest quarterly return was -20.75% for the quarter ended December&#160;31, 2008.</font> </div> 0.1676 0.0407 0.0747 0.1666 0.0400 0.0738 0.1104 0.0348 0.0654 0.1600 0.0166 0.0506 2004-11-01 2004-11-01 ~ http://usbank.com/20130227/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001293967_S000005540Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<!--EFPlaceholder--></font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.odysseyfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance over time. (reflects no deductions for fees, expenses, or taxes) Average Annual Total Returns as of December 31, 2012 Primary Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">You may lose money by investing in the Fund. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund&#8217;s performance could be hurt by:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Stock market risk</font>. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investment style risk</font>. The chance that returns from mid- and large-cap stocks will trail returns from the overall stock market. Historically, mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall stock market, and they often perform quite differently. Additionally, from time to time, growth stocks may be more volatile than the overall stock market.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Manager risk</font>. The chance that, as a result of poor security selection by the Advisor, the Fund may underperform relative benchmarks or other funds with similar investment objectives.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign securities risk</font>. The chance that the value of foreign securities will be adversely affected by the political and economic environments and other overall economic conditions in the countries where the Fund invests. Investing in foreign securities involves: country risk, which is the chance that domestic events&#8212;such as political upheaval, financial troubles, or natural disasters&#8212;will weaken a country&#8217;s securities markets; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector-focus risk.</font> The chance that investing a significant portion of the Fund&#8217;s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small- and mid-cap stocks risk</font>. The chance that small- and mid-cap stocks may trade less frequently or in more limited volume than those of larger, more established companies; may fluctuate in value more; and, as a group, may suffer more severe price declines during periods of generally declining stock prices.</font> </div> </td> </tr> </table> You may lose money by investing in the Fund. Portfolio Turnover <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 12% of the average value of its portfolio.</font> </div> 0.12 Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0055 0.0012 0.0067 ~ http://usbank.com/20130227/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001293967_S000005540Member row primary compact * ~ ~ http://usbank.com/20130227/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001293967_S000005540Member row primary compact * ~ Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (Fees paid directly from your investment) Example <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 68 214 373 835 ~ http://usbank.com/20130227/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001293967_S000005540Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PRIMECAP Odyssey Growth Fund seeks to provide long-term capital appreciation.</font> </div> Primary Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund invests primarily in the common stocks of U.S. companies, emphasizing those companies with the potential for above average earnings growth.&#160;&#160;The Fund may invest in stocks across all market sectors and market capitalizations. Although it has historically invested primarily in large- and mid-capitalization companies, it has also invested a significant portion of its assets in small-cap stocks. Because of the Advisor&#8217;s bottom-up stock selection process, the Fund may maintain a significantly overweight or underweight position in a particular sector relative to the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index at any time.&#160;&#160;The Fund may also invest in foreign securities through depository receipts or stocks traded on a foreign exchange.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PRIMECAP Management Company (the &#8220;Advisor&#8221;), through its fundamental research, seeks to identify stocks that have above average growth aspects or attributes that may contribute to accelerated earnings growth in the foreseeable future.&#160;&#160;Catalysts for growth may include new products, new markets, new management, restructuring, a structural shift in demand or supply, or other changes in industry dynamics.&#160;&#160;These stocks typically provide little current income.&#160;&#160;The Advisor looks for companies that, in its judgment, will grow faster and/or will be more profitable than their current market valuations suggest and for companies with asset values that are not adequately reflected in their stock prices.&#160;&#160;The Advisor may sell a stock if its market price appears to have risen above its fundamental value, if other securities appear to be more favorably priced, or if the reasons for which the stock was purchased no longer hold true.&#160;&#160;The Advisor maintains a long-term focus and attempts to identify stocks that it believes will outperform the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index, a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market, over a three- to five-year time frame.</font> </div> PRIMECAP Odyssey Aggressive Growth Fund POAGX Fund Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance over time. The bar chart illustrates the Fund&#8217;s total return for the calendar years shown below. The table illustrates the Fund&#8217;s average annual return over time compared with a domestic broad-based securities market index. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Unlike the Fund&#8217;s returns, the index returns do not reflect any deductions for fees, expenses, or taxes.&#160;&#160;For additional information on the index, please see &#8220;Index Description.&#8221;&#160;&#160;Updated performance is available on the Fund&#8217;s website at www.odysseyfunds.com.</font> </div> Calendar Year Total Return 0.0794 0.2157 -0.0019 -0.3460 0.5043 0.2157 -0.0045 0.2122 ~ http://usbank.com/20130227/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0001293967_S000005541Member row primary compact * ~ highest quarterly return 0.2374 2009-09-30 lowest quarterly return -0.1885 2008-12-31 <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown in the bar chart, the Fund&#8217;s highest quarterly return was +23.74% for the quarter ended September 30, 2009, and the lowest quarterly return was -18.85% for the quarter ended December&#160;31, 2008.</font> </div> 0.2122 0.0761 0.0948 0.2122 0.0741 0.0929 0.1379 0.0654 0.0831 0.1600 0.0166 0.0506 2004-11-01 2004-11-01 ~ http://usbank.com/20130227/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0001293967_S000005541Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.odysseyfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance over time. (reflects no deduction for fees, expenses, or taxes) Average Annual Total Returns as of December 31, 2012 Primary Risks <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">You may lose money by investing in the Fund. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund&#8217;s performance could be hurt by:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Stock market risk</font>. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Investment style risk.</font> The chance that returns from small- and mid-cap stocks will trail returns from the overall stock market. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Small- and mid-cap companies may have less access to resources than larger cap companies, and their stocks may be less liquid.&#160;&#160;Additionally, from time to time, growth stocks may be more volatile than the overall stock market.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Manager risk</font>. The chance that, as a result of poor security selection by the Advisor, the Fund may underperform relative benchmarks or other funds with similar investment objectives.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign securities risk</font>. The chance that the value of foreign securities will be adversely affected by the political and economic environments and other overall economic conditions in the countries where the Fund invests. Investing in foreign securities involves: country risk, which is the chance that domestic events&#8212;such as political upheaval, financial troubles, or natural disasters&#8212;will weaken a country&#8217;s securities markets; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector-focus risk.</font> The chance that investing a significant portion of the Fund&#8217;s assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small- and mid-cap stocks risk</font>. The chance that small- and mid-cap stocks may trade less frequently or in more limited volume than those of larger, more established companies; may fluctuate in value more; and, as a group, may suffer more severe price declines during periods of generally declining stock prices.</font> </div> </td> </tr> </table> You may lose money by investing in the Fund. Portfolio Turnover <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio.</font> </div> 0.14 Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0055 0.0013 0.0068 ~ http://usbank.com/20130227/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001293967_S000005541Member row primary compact * ~ ~ http://usbank.com/20130227/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001293967_S000005541Member row primary compact * ~ Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (Fees paid directly from your investment) Example <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 69 218 379 847 ~ http://usbank.com/20130227/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0001293967_S000005541Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The PRIMECAP Odyssey Aggressive Growth Fund seeks to provide long-term capital appreciation.</font> </div> Primary Investment Strategies <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund invests primarily in the common stocks of U.S. companies, emphasizing those companies with prospects for rapid earnings growth. The Fund may invest in stocks across all market sectors and market capitalizations and has historically invested significant portions of its assets in mid- and small-capitalization companies.&#160;&#160;Because of the Advisor&#8217;s bottom-up stock selection process, the Fund may maintain a significantly overweight or underweight position in a particular sector relative to the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index at any time. The Fund may also invest in foreign securities through depository receipts or stocks traded on a foreign exchange.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PRIMECAP Management Company (the &#8220;Advisor&#8221;), through its fundamental research, seeks to identify stocks that are poised for rapid earnings growth. Catalysts for the desired growth may include new products, new markets, new management, restructuring, a structural shift in demand or supply, or other changes in industry dynamics.&#160;&#160;These stocks typically provide little or no current income.&#160;&#160;The Advisor looks for companies that, in its judgment, will grow faster and/or will be more profitable than their current market valuations suggest and for companies with asset values that are not adequately reflected in their stock prices. The Advisor may sell a stock if its market price appears to have risen above its fundamental value, if other securities appear to be more favorably priced, or if the reasons for which the stock was purchased no longer hold true. 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