Schedule of Investments | |||||||
PRIMECAP Odyssey Aggressive Growth Fund | |||||||
July 31, 2021 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS - 97.2% | |||||||
Communication Services - 6.8% | |||||||
49,725 | Alphabet, Inc. - Class A (a) | $ | 133,985,504 | ||||
50,712 | Alphabet, Inc. - Class C (a) | 137,146,547 | |||||
1,089,500 | Baidu, Inc. - ADR (a) | 178,688,895 | |||||
3,766,440 | comScore, Inc. (a) | 15,103,424 | |||||
126,800 | Electronic Arts, Inc. | 18,254,128 | |||||
96,900 | Facebook, Inc. - Class A (a) | 34,525,470 | |||||
868,900 | IMAX Corp. (a) | 14,024,046 | |||||
157,405 | Live Nation Entertainment, Inc. (a) | 12,417,681 | |||||
651,878 | Madison Square Garden Entertainment Corp. - Class A (a) | 45,605,385 | |||||
2,850 | Madison Square Garden Sports Corp. - Class A (a) | 463,809 | |||||
266,500 | Magnite, Inc. (a) | 8,074,950 | |||||
5,500 | Netflix, Inc. (a) | 2,846,635 | |||||
1,153,200 | Pinterest, Inc. - Class A (a) | 67,923,480 | |||||
340,300 | Skillz, Inc. - Class A (a) | 4,791,424 | |||||
223,300 | Snap, Inc. - Class A (a) | 16,617,986 | |||||
11,250 | Take-Two Interactive Software, Inc. (a) | 1,950,975 | |||||
583,265 | T-Mobile US, Inc. (a) | 84,001,825 | |||||
7,684,900 | WildBrain Ltd. - CAD (a) | 16,076,939 | |||||
99,689 | ZoomInfo Technologies, Inc. - Class A (a) | 5,358,284 | |||||
797,857,387 | |||||||
Consumer Discretionary - 14.7% | |||||||
169,700 | 2U, Inc. (a) | 7,364,980 | |||||
974,800 | Alibaba Group Holding Ltd. - ADR (a) | 190,271,212 | |||||
17,665 | Amazon.com, Inc. (a) | 58,781,877 | |||||
75,000 | Boot Barn Holdings, Inc. (a) | 6,481,500 | |||||
76,400 | Burlington Stores, Inc. (a) | 25,578,720 | |||||
1,084,800 | CarMax, Inc. (a) | 145,308,960 | |||||
1,829,700 | Chegg, Inc. (a) | 162,166,311 | |||||
13,500 | Darden Restaurants, Inc. | 1,969,380 | |||||
314,000 | eBay, Inc. | 21,417,940 | |||||
2,844,601 | Entain PLC - GBP (a) | 71,824,772 | |||||
8,000 | Five Below, Inc. (a) | 1,555,360 | |||||
2,582,862 | GAN Ltd. (a) (b) | 39,517,789 | |||||
108,340 | Gildan Activewear, Inc. | 3,736,647 | |||||
1,198,850 | iRobot Corp. (a) | 104,899,375 | |||||
1,067,565 | Norwegian Cruise Line Holdings Ltd. (a) | 25,653,587 | |||||
49,600 | Ollie’s Bargain Outlet Holdings, Inc. (a) | 4,617,760 | |||||
61,200 | Restaurant Brands International, Inc. | 4,173,228 | |||||
1,095,676 | Royal Caribbean Cruises Ltd. (a) | 84,224,614 | |||||
3,604,231 | Sony Group Corp. - ADR | 375,921,293 | |||||
435,130 | Tesla, Inc. (a) | 299,021,336 | |||||
1,270,200 | Tuesday Morning Corp. (a) | 4,585,422 | |||||
31,300 | Ulta Beauty, Inc. (a) | 10,510,540 | |||||
1,791,250 | XPeng, Inc. - ADR (a) | 72,599,362 | |||||
1,722,181,965 | |||||||
Consumer Staples - 0.1% | |||||||
4,200 | Beyond Meat, Inc. (a) | 515,340 | |||||
93,300 | Calavo Growers, Inc. | 5,256,522 | |||||
35,500 | Sanderson Farms, Inc. | 6,632,820 | |||||
12,404,682 | |||||||
Energy - 0.5% | |||||||
604,350 | Cabot Oil & Gas Corp. | 9,669,600 | |||||
171,500 | EOG Resources, Inc. | 12,495,490 | |||||
43,100 | New Fortress Energy, Inc. | 1,306,361 | |||||
8,973,882 | Transocean Ltd. (a) | 32,395,714 | |||||
55,867,165 | |||||||
Financials - 4.9% | |||||||
149,300 | Charles Schwab Corp. (The) | 10,144,935 | |||||
167,871 | CME Group, Inc. - Class A | 35,610,475 | |||||
440,393 | Discover Financial Services | 54,749,658 | |||||
76,000 | LPL Financial Holdings, Inc. | 10,719,040 | |||||
378,250 | MarketAxess Holdings, Inc. | 179,733,053 | |||||
1,767,784 | Morgan Stanley | 169,671,908 | |||||
2,538,349 | NMI Holdings, Inc. - Class A (a) | 55,894,445 | |||||
98,100 | Peridot Acquisition Corp. - Class A (a) | 979,038 | |||||
150,300 | Progressive Corp. (The) | 14,302,548 | |||||
464,200 | Tradeweb Markets, Inc. - Class A | 40,260,066 | |||||
572,065,166 | |||||||
Health Care - 31.5% | |||||||
6,000 | 10x Genomics, Inc. - Class A (a) | 1,099,380 | |||||
396,400 | Abbott Laboratories | 47,956,472 | |||||
916,823 | ABIOMED, Inc. (a) | 299,929,476 | |||||
628,500 | Accuray, Inc. (a) | 2,576,850 | |||||
175,000 | Adaptive Biotechnologies Corp. (a) | 6,415,500 | |||||
1,918,600 | Alkermes PLC (a) | 49,634,182 | |||||
1,556,420 | Allogene Therapeutics, Inc. (a) | 34,163,419 | |||||
1,713,300 | Amicus Therapeutics, Inc. (a) | 15,916,557 | |||||
500,000 | Arbutus Biopharma Corp. (a) | 1,345,000 | |||||
296,000 | Arena Pharmaceuticals, Inc. (a) | 18,310,560 | |||||
783,717 | BeiGene Ltd. - ADR (a) | 248,116,965 | |||||
21,658 | Berkeley Lights, Inc. (a) | 987,172 | |||||
982,939 | Biogen, Inc. (a) | 321,155,659 | |||||
2,033,890 | BioMarin Pharmaceutical, Inc. (a) | 156,060,380 | |||||
1,692,602 | BioNTech SE - ADR (a) | 555,765,867 | |||||
423,000 | Boston Scientific Corp. (a) | 19,288,800 | |||||
207,830 | Bridgebio Pharma, Inc. (a) | 11,108,513 | |||||
7,076,700 | Calithera Biosciences, Inc. (a) (b) | 13,799,565 | |||||
10,041,800 | Cerus Corp. (a) (b) | 50,610,672 | |||||
17,000 | Charles River Laboratories International, Inc. (a) | 6,917,640 | |||||
90,300 | Edwards Lifesciences Corp. (a) | 10,137,981 | |||||
755,892 | Elanco Animal Health, Inc. (a) | 27,567,381 | |||||
1,181,294 | Eli Lilly & Co. | 287,645,089 | |||||
9,785,307 | Epizyme, Inc. (a) (b) | 64,876,585 | |||||
527,600 | Exact Sciences Corp. (a) | 56,896,384 | |||||
4,292,991 | FibroGen, Inc. (a) | 55,808,883 | |||||
4,207,632 | Fluidigm Corp. (a) (b) | 31,178,553 | |||||
352,200 | Glaukos Corp. (a) | 17,962,200 | |||||
77,863 | Guardant Health, Inc. (a) | 8,549,357 | |||||
225,471 | Health Catalyst, Inc. (a) | 13,090,846 | |||||
13,000 | Illumina, Inc. (a) | 6,444,750 | |||||
269,800 | ImmunoGen, Inc. (a) | 1,513,578 | |||||
701,056 | Insulet Corp. (a) | 196,078,353 | |||||
908,600 | LivaNova PLC (a) | 78,412,180 | |||||
384,938 | Mereo Biopharma Group PLC - ADR (a) | 989,291 | |||||
11,121,980 | Nektar Therapeutics (a) (b) | 175,616,064 | |||||
196,300 | NuVasive, Inc. (a) | 12,553,385 | |||||
9,100 | Olink Holding AB - ADR (a) | 340,067 | |||||
806,500 | OraSure Technologies, Inc. (a) | 9,508,635 | |||||
19,500 | Penumbra, Inc. (a) | 5,191,485 | |||||
1,754,968 | Pulmonx Corp. (a) | 69,602,031 | |||||
227,000 | QIAGEN N.V. - EUR (a) | 12,168,745 | |||||
10,470 | Repligen Corp. (a) | 2,572,479 | |||||
4,750,080 | Rhythm Pharmaceuticals, Inc. (a) (b) | 82,128,883 | |||||
127,600 | Roche Holding AG - CHF | 49,351,063 | |||||
1,746,473 | Seagen, Inc. (a) | 267,891,493 | |||||
42,440 | Seer, Inc. - Class A (a) | 1,355,534 | |||||
278,500 | Shockwave Medical, Inc. (a) | 50,687,000 | |||||
39,200 | Sio Gene Therapies, Inc. (a) | 79,968 | |||||
472,850 | Turning Point Therapeutics, Inc. (a) | 30,177,287 | |||||
3,844,580 | Wave Life Sciences Ltd. (a) (b) | 21,183,636 | |||||
4,274,801 | Xencor, Inc. (a) (b) | 131,578,375 | |||||
952,640 | Zentalis Pharmaceuticals, Inc. (a) | 50,689,974 | |||||
3,690,986,144 | |||||||
Industrials - 10.3% | |||||||
2,913,600 | AECOM (a) | 183,440,256 | |||||
604,800 | Alaska Air Group, Inc. (a) | 35,096,544 | |||||
25,100 | Allegiant Travel Co. (a) | 4,772,012 | |||||
5,504,690 | American Airlines Group, Inc. (a) | 112,185,582 | |||||
250,000 | Axon Enterprise, Inc. (a) | 46,505,000 | |||||
49,600 | Bloom Energy Corp. - Class A (a) | 1,081,280 | |||||
41,000 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR (a) | 905,280 | |||||
159,000 | Cornerstone Building Brands, Inc. (a) | 2,674,380 | |||||
426,300 | Curtiss-Wright Corp. | 50,431,290 | |||||
3,099,097 | Delta Air Lines, Inc. (a) | 123,653,970 | |||||
1,509,078 | Everarc Holdings Ltd. (a) | 18,863,475 | |||||
17,500 | FedEx Corp. | 4,899,125 | |||||
42,400 | Frontier Group Holdings, Inc. (a) | 624,976 | |||||
319,300 | Gibraltar Industries, Inc. (a) | 23,845,324 | |||||
315,100 | Hawaiian Holdings, Inc. (a) | 6,216,923 | |||||
1,207,700 | Jacobs Engineering Group, Inc. | 163,341,425 | |||||
6,243,225 | JetBlue Airways Corp. (a) | 92,337,298 | |||||
452,800 | Lyft, Inc. - Class A (a) | 25,048,896 | |||||
155,500 | Masonite International Corp. (a) | 17,596,380 | |||||
2,712,930 | NN, Inc. (a) (b) | 18,556,441 | |||||
37,500 | Old Dominion Freight Line, Inc. | 10,093,125 | |||||
15,800 | Ryanair Holdings PLC - ADR (a) | 1,722,832 | |||||
1,882,000 | Southwest Airlines Co. (a) | 95,078,640 | |||||
301,300 | Spirit Airlines, Inc. (a) | 8,129,074 | |||||
37,500 | Sun Country Airlines Holdings, Inc. (a) | 1,218,375 | |||||
39,500 | TransDigm Group, Inc. (a) | 25,323,055 | |||||
20,950 | TuSimple Holdings, Inc. - Class A (a) | 770,960 | |||||
270,600 | Uber Technologies, Inc. (a) | 11,760,276 | |||||
2,518,070 | United Airlines Holdings, Inc. (a) | 117,644,231 | |||||
71,800 | WillScot Mobile Mini Holdings Corp. (a) | 2,061,378 | |||||
1,205,877,803 | |||||||
Information Technology - 27.8% | |||||||
77,800 | 908 Devices, Inc. (a) | 2,431,250 | |||||
223,800 | Adobe, Inc. (a) | 139,120,794 | |||||
298,200 | Ambarella, Inc. (a) | 29,369,718 | |||||
105,500 | Applied Materials, Inc. | 14,762,615 | |||||
2,952,300 | Arlo Technologies, Inc. (a) | 18,038,553 | |||||
61,300 | ASML Holding N.V. - ADR | 47,001,162 | |||||
31,700 | Autodesk, Inc. (a) | 10,179,821 | |||||
2,119,550 | Axcelis Technologies, Inc. (a) (b) | 81,708,652 | |||||
12,478,466 | BlackBerry Ltd. (a) | 126,781,215 | |||||
182,900 | Cerence, Inc. (a) | 19,663,579 | |||||
12,000 | Corning, Inc. | 502,320 | |||||
791,500 | Cree, Inc. (a) | 73,419,540 | |||||
163,399 | CrowdStrike Holdings, Inc. - Class A (a) | 41,439,620 | |||||
79,750 | CyberArk Software Ltd. (a) | 11,326,893 | |||||
100,000 | Dell Technologies, Inc. - Class C (a) | 9,662,000 | |||||
1,062,800 | Descartes Systems Group, Inc. (The) (a) | 77,223,048 | |||||
89,000 | Digimarc Corp. (a) | 2,554,300 | |||||
26,650 | DocuSign, Inc. (a) | 7,942,766 | |||||
75,200 | FARO Technologies, Inc. (a) | 5,481,328 | |||||
9,434,100 | Flex Ltd. (a) | 169,530,777 | |||||
1,008,800 | FormFactor, Inc. (a) | 37,587,888 | |||||
1,280,860 | Hewlett Packard Enterprise Co. | 18,572,470 | |||||
507,900 | HP, Inc. | 14,663,073 | |||||
249,992 | HubSpot, Inc. (a) | 149,000,232 | |||||
139,650 | Intuit, Inc. | 74,010,310 | |||||
755,000 | Jabil, Inc. | 44,952,700 | |||||
68,500 | Jamf Holding Corp. (a) | 2,247,485 | |||||
151,450 | Keysight Technologies, Inc. (a) | 24,921,097 | |||||
130,180 | Keywords Studios PLC - GBP (a) | 5,305,493 | |||||
467,610 | KLA Corp. | 162,803,098 | |||||
133,300 | MACOM Technology Solutions Holdings, Inc. (a) | 8,227,276 | |||||
11,500 | Marqeta, Inc. - Class A (a) | 308,545 | |||||
346,224 | Materialise NV - ADR (a) | 7,537,296 | |||||
2,662,520 | MaxLinear, Inc. (a) | 128,413,340 | |||||
4,823,400 | Micron Technology, Inc. (a) | 374,199,372 | |||||
33,800 | MongoDB, Inc. (a) | 12,131,496 | |||||
200 | nCino, Inc. (a) | 12,714 | |||||
1,626,567 | NetApp, Inc. | 129,458,468 | |||||
1,073,603 | nLIGHT, Inc. (a) | 37,243,288 | |||||
899,000 | Nuance Communications, Inc. (a) | 49,355,100 | |||||
1,918,425 | Nutanix, Inc. - Class A (a) | 69,101,669 | |||||
408,120 | NVIDIA Corp. | 79,579,319 | |||||
3,600 | Okta, Inc. - Class A (a) | 892,044 | |||||
253,000 | OSI Systems, Inc. (a) | 25,312,650 | |||||
33,700 | Palo Alto Networks, Inc. (a) | 13,447,985 | |||||
1,567,929 | Plantronics, Inc. (a) | 48,903,706 | |||||
1,267,793 | PROS Holdings, Inc. (a) | 55,047,572 | |||||
650,623 | QUALCOMM, Inc. | 97,463,325 | |||||
201,600 | Rapid7, Inc. (a) | 22,932,000 | |||||
22,200 | RingCentral, Inc. - Class A (a) | 5,933,394 | |||||
6,803,100 | ServiceSource International, Inc. (a) (b) | 10,340,712 | |||||
1,648,800 | Splunk, Inc. (a) | 234,096,624 | |||||
1,929,400 | Stratasys Ltd. (a) | 38,086,356 | |||||
791,870 | Trimble, Inc. (a) | 67,704,885 | |||||
149,750 | Unity Software, Inc. (a) | 16,041,220 | |||||
894,009 | Universal Display Corp. | 209,636,170 | |||||
210,000 | VMware, Inc. - Class A (a) | 32,285,400 | |||||
358,830 | Western Digital Corp. (a) | 23,298,832 | |||||
214,310 | WEX, Inc. (a) | 40,661,036 | |||||
2,100 | Zoom Video Communications, Inc. - Class A (a) | 794,010 | |||||
3,260,649,601 | |||||||
Materials - 0.5% | |||||||
110,200 | Albemarle Corp. | 22,705,608 | |||||
85,500 | Ingevity Corp. (a) | 7,262,370 | |||||
2,672,400 | Ivanhoe Mines Ltd. - Class A - CAD (a) | 19,835,223 | |||||
1,600,000 | Marrone Bio Innovations, Inc. (a) | 2,000,000 | |||||
51,803,201 | |||||||
Real Estate - 0.1% | |||||||
219,000 | EPR Properties | 11,015,700 | |||||
58,100 | Safehold, Inc. | 5,247,592 | |||||
16,263,292 | |||||||
TOTAL COMMON STOCKS | |||||||
(Cost $5,184,426,434) | $ | 11,385,956,406 | |||||
PREFERRED STOCKS - 0.0% | |||||||
Financials - 0.0% | |||||||
779,276 | Fannie Mae Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series S, Perpetual Maturity 7.750% (a) | 1,519,588 | |||||
1,512,400 | Freddie Mac Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Z, Perpetual Maturity 7.875% (a) | 2,661,824 | |||||
4,181,412 | |||||||
TOTAL PREFERRED STOCKS | |||||||
(Cost $12,785,458) | 4,181,412 | ||||||
RIGHTS - 0.0% | |||||||
Health Care - 0.0% | |||||||
2,980,900 | Ligand Pharmaceuticals, Inc. - CVR (Issue Date 10/1/20) (a) (c) (d) | 0 | |||||
3,786,300 | Mereo BioPharma Group PLC - CVR (Issue Date 4/23/19) (a) (c) (d) | 0 | |||||
0 | |||||||
TOTAL RIGHTS | |||||||
(Cost $0) | 0 | ||||||
WARRANTS - 0.0% | |||||||
Industrials - 0.0% | |||||||
364,100 | Everarc Holdings Ltd. (Expiration Date 12/1/22) (a) (c) | 81,923 | |||||
TOTAL WARRANTS | |||||||
(Cost $3,641) | 81,923 | ||||||
Shares | Value | ||||||
SHORT-TERM INVESTMENTS - 2.9% | |||||||
342,259,500 | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares - 0.01% (e) | $ | 342,259,500 | ||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $342,259,500) | 342,259,500 | ||||||
TOTAL INVESTMENTS IN SECURITIES | |||||||
(Cost $5,539,475,033) - 100.1% | 11,732,479,241 | ||||||
Liabilities in Excess of Other Assets - (0.1)% | (17,071,972 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 11,715,407,269 |
ADR | American Depository Receipt | ||
CAD | Canadian Dollars | ||
CHF | Swiss Francs | ||
CVR | Contingent Value Rights | ||
EUR | Euros | ||
GBP | British Pound Sterling | ||
PIPE | Private Investment in Public Equity | ||
SPACs | Special Purpose Acquisition Companies | ||
(a) | Non-Income Producing | ||
(b) | Considered an affiliated company of the fund as the fund owns 5% or more of the outstanding | ||
voting securities of such company. | |||
(c) | Illiquid security | ||
(d) | Fair-valued security | ||
(e) | Rate quoted is seven-day yield at period end. | ||
^ | The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC | ||
completes its merger and acquisition. | |||
Unfunded commitment with a SPAC outstanding at July 31, 2021: |
Issuer ^ | Shares | Unfunded Commitment Amount | Current Value | Unrealized Depreciation | ||
Aurora Innovation, Inc. (c) (d) | 3,065,000 | 30,650,000 | 27,339,800 | (3,310,200) | ||
The Global Industry Classification Standard (GICS ®) was developed by and is the exclusive property of MSCI Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by the fund’s administrator. |
Security Valuation
Securities traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchanges are open for trading. Securities traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) are valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. Non-U.S. traded stocks are valued at the last sale price or official closing price in the primary local market where the stock is traded. Securities traded on an exchange for which there have been no sales are valued at the mean between the bid and ask price. Because trading on most non-U.S. exchanges is normally completed before the close of the New York Stock Exchange, the value of
securities traded on foreign exchanges can change by the time the Fund calculates its net asset value per share (“NAV”). To address these changes, the Fund may utilize adjustment factors provided by an independent pricing service to systematically value foreign securities at fair value. These adjustment factors are based on statistical analyses of subsequent movement in securities indices, specific security prices, and exchange rates in foreign markets.
Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by a valuation committee of the Investment Advisor in accordance with procedures approved by the Trust’s Board of Trustees. In determining fair value, the Fund takes into account all relevant factors and available information. Consequently, the price of a security used by the Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments, and there is no single standard for determining a security’s fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.
Investments in other funds are valued at their respective new asset values as determined by those funds, in accordance with the 1940 Act.
Private Investment in Public Equity (PIPE)
The Fund may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common equity. Shares in PIPEs generally are not registered with the Securities and Exchange Commission until after a certain time-period from the date the private sale is completed (“Restricted Period”), which can last for several months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities.
Special Purpose Acquisition Companies (SPACs)
SPACs are collective investment structures that allow public stock market qualified investors to invest in PIPE shares. SPACs are shell companies, that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). The Fund may enter into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold. The Fund had an unfunded commitment outstanding of $30,650,000 to purchase PIPE shares as of July 31, 2021.
Valuation Measurements
The Fund has adopted fair valuation accounting standards which establish an authoritative definition of fair value and set forth a hierarchy for measuring fair value. These standards require additional disclosure about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used to value the asset or liability. These standards state that “observable inputs” reflect the assumptions that market participants would use in valuing an asset or liability based on market data obtained from independent sources. “Unobservable inputs” reflect the Fund’s own assumptions about the inputs market participants would use to value the asset or liability.
Various inputs are used in determining the value of the Fund’s investments, and at the lowest level for any significant input determines leveling. These inputs are summarized in the three broad levels below:
Level 1 – Unadjusted quoted prices in active markets for identical securities to which the Trust has access at the date of measurement.
Level 2 – Other significant observable inputs (including quoted prices for similar or related securities in both active and inactive markets, interest rates, foreign exchange rates, and fair value estimates for foreign securities indices).
Level 3 – Significant unobservable inputs to the extent observable inputs are unavailable (including the Fund’s own assumptions in determining fair value of investments based on the best available information).
The following table provides the fair value measurements of the Fund assets by level within the fair value hierarchy for the Fund as of July 31, 2021. These assets are measured on a recurring basis.
Quoted prices | Significant | ||||||||||||||||||
in active | other | Significant | |||||||||||||||||
markets for | observable | unobservable | |||||||||||||||||
identical assets | inputs | inputs | |||||||||||||||||
Fund | Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
Aggressive | Investments in Securities | ||||||||||||||||||
Growth Fund | Assets | ||||||||||||||||||
Common Stocks(1) | $ | 11,385,956,406 | $ | - | $ | - | $ | 11,385,956,406 | |||||||||||
Preferred Stocks(2) | 4,181,412 | - | - | 4,181,412 | |||||||||||||||
Rights(3) | - | - | 0 | 0 | |||||||||||||||
Warrants(4) | 81,923 | - | - | 81,923 | |||||||||||||||
Short-Term Investments | 342,259,500 | - | - | 342,259,500 | |||||||||||||||
Total Investments in Securities | $ | 11,732,479,241 | $ | - | $ | 0 | $ | 11,732,479,241 | |||||||||||
Other Financial Insutruments | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Unfunded Commitment with a SPAC(5) | $ | - | $ | - | $ | (3,310,200 | ) | $ | (3,310,200 | ) | |||||||||
(1) Refer to the Fund’s respective Schedule of Investments for the breakdown of major categories. | |||||||||||||||||||
(2) Financials | |||||||||||||||||||
(3) Health Care | |||||||||||||||||||
(4) Industrials | |||||||||||||||||||
(5) Unfunded commitment with a SPAC are not reflected in the Schedule of Investments and are | |||||||||||||||||||
recorded at net unrealized appreciation (depreciation). | |||||||||||||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. | |||||||||||||||||||
Aggressive Growth Fund | Ligand Pharmaceuticals, Inc. - CVR | ||||||||||||||||||
Balance at October 31, 2020 | $ | 2,235,675 | |||||||||||||||||
Purchase (Received) | - | ||||||||||||||||||
Sales | - | ||||||||||||||||||
Realized Gain (Loss) | - | ||||||||||||||||||
Change in unrealized depreciation | (2,235,675 | ) | |||||||||||||||||
Transfer into Level 3 | - | ||||||||||||||||||
Balance at July 31, 2021 | $ | 0 |
The Aggressive Growth Fund received Ligand Pharmaceuticals Contingent Value Rights (the “Ligand CVR”) when Pfenex Inc. (“Pfenex”) was acquired by Ligand Pharmaceuticals Inc. In October 2020. Holders of Ligand CVR receive $2 per right if certain determinations are made by the U.S. Food and Drug Administration (the “USFDA”) with respect to Bonsity, a treatment for osteoporosis. If the USFDA does not make the determinations required by the terms of the CVR, rights holders receive nothing. During the nine months ended July 31, 2021, the Funds determined the fair value of Ligand CVR considering available information including the final trading price of Pfenex prior to the acquisition, the amount of cash received by Pfenex shareholders, and the terms of the Ligand CVR. Ligand CVR are non-tradeable. |
Other Affiliates
Certain of the Funds’ investments are in companies that are considered to be affiliated companies of a Fund because the Fund owns 5% or more of the outstanding voting securities of the company. With respect to each such investment, refer to each Fund’s respective Schedule of Investments for the information on the sector, the number of shares held, and the percentages of net assets held in each sector. Transactions during the period in securities of these companies were as follows:
Certain of the Funds’ investments are in companies that are considered to be affiliated companies of a Fund because the Fund owns 5% or more of the outstanding voting securities of the company. With respect to each such investment, refer to each Fund’s respective Schedule of Investments for the information on the sector, the number of shares held, and the percentages of net assets held in each sector. Transactions during the period in securities of these companies were as follows:
PRIMECAP Odyssey Aggressive Growth Fund | |||||||||||||||||||||
Current Period Transactions | |||||||||||||||||||||
Common Stock | Market Value at October 31, 2020 | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Market Value at July 31, 2021 | ||||||||||||||
Axcelis Technologies, Inc. | $ | 52,175,687 | $ | - | $ | 8,387,951 | $ | - | $ | 6,129,714 | $ | 31,791,202 | $ | 81,708,652 | |||||||
Calithera Biosciences, Inc. | 24,949,566 | 76,652 | - | - | - | (11,226,653 | ) | 13,799,565 | |||||||||||||
Cerus Corp | 56,543,025 | - | 4,635,595 | - | 629,945 | (1,926,703 | ) | 50,610,672 | |||||||||||||
comScore, Inc.(1) | 7,514,251 | - | 483 | - | (30,371 | ) | 7,620,027 | N/A | |||||||||||||
Epizyme, Inc. | 120,597,842 | 257,110 | - | - | - | (55,978,367 | ) | 64,876,585 | |||||||||||||
Fluidigm Corp. | 25,397,962 | - | 1,308,301 | - | (3,584,728 | ) | 10,673,620 | 31,178,553 | |||||||||||||
GAN Ltd.(2) | N/A | 31,777,218 | - | - | - | (2,392,581 | ) | 39,517,789 | |||||||||||||
Nektar Therapeutics | 178,046,827 | 55,850 | 2,116,947 | - | (387,277 | ) | 17,611 | 175,616,064 | |||||||||||||
NMI Holdings, Inc. - Class A(1) | 91,535,559 | 339,799 | 41,009,459 | - | 13,420,985 | (8,392,439 | ) | N/A | |||||||||||||
NN, Inc. | 20,575,968 | - | 8,213,617 | - | (16,147,275 | ) | 22,341,365 | 18,556,441 | |||||||||||||
Rhythm Pharmaceuticals, Inc. | 73,281,649 | 36,752,420 | - | - | - | (27,905,186 | ) | 82,128,883 | |||||||||||||
ServiceSource International, Inc. | 9,480,495 | - | 20,821 | - | (122,987 | ) | 1,004,025 | 10,340,712 | |||||||||||||
Wave Life Sciences Ltd. | 20,185,557 | 8,853,979 | 34,000 | - | (72,685 | ) | (7,749,215 | ) | 21,183,636 | ||||||||||||
Xencor, Inc. | 164,006,990 | 55,116 | - | - | - | (32,483,731 | ) | 131,578,375 | |||||||||||||
Total | $ | 844,291,378 | $ | 78,168,144 | $ | 65,727,174 | $ | - | $ | (164,679 | ) | $ | (74,607,025 | ) | $ | 721,095,927 | |||||
(1) No longer an affiliate as of July 31, 2021. | �� | ||||||||||||||||||||
(2) As of October 31, 2020, the company was not an affiliate. |