PRIMECAP Odyssey Stock Fund (POSKX) NPORT-P PRIMECAP Odyssey Aggressive Growth Fund (Jan 2022 report)

Schedule of Investments
PRIMECAP Odyssey Aggressive Growth Fund
January 31, 2022 (Unaudited)
Shares			Value
		COMMON STOCKS - 96.6%
		Communication Services - 6.4%
	41,075	Alphabet, Inc. - Class A (a)	$	111,151,825
	41,112	Alphabet, Inc. - Class C (a)		111,576,735
	1,029,400	Baidu, Inc. - ADR (a)		164,436,356
	3,745,440	comScore, Inc. (a)		11,348,683
	120,800	Electronic Arts, Inc.		16,025,328
	780,300	IMAX Corp. (a)		13,460,175
	154,405	Live Nation Entertainment, Inc. (a)		16,908,892
	704,998	Madison Square Garden Entertainment Corp. - Class A (a)		49,935,008
	2,850	Madison Square Garden Sports Corp. - Class A (a)		473,300
	80,700	Meta Platforms, Inc. - Class A (a)		25,280,082
	1,463,800	Pinterest, Inc. - Class A (a)		43,269,928
	11,700	Roblox Corp. - Class A (a)		770,562
	217,500	Snap, Inc. - Class A (a)		7,077,450
	5,350	Take-Two Interactive Software, Inc. (a)		873,869
	234,570	T-Mobile US, Inc. (a)		25,373,437
	7,197,770	WildBrain Ltd. - CAD (a)		17,100,472
	96,169	ZoomInfo Technologies, Inc. (a)		5,083,493
				620,145,595
		Consumer Discretionary - 14.6%
	75,000	2U, Inc. (a)		1,210,500
	1,166,200	Alibaba Group Holding Ltd. - ADR (a)		146,696,298
	17,665	Amazon.com, Inc. (a)		52,844,318
	72,500	Boot Barn Holdings, Inc. (a)		6,667,825
	100,200	Burlington Stores, Inc. (a)		23,740,386
	911,700	CarMax, Inc. (a)		101,353,689
	1,431,200	Chegg, Inc. (a)		37,883,864
	13,500	Darden Restaurants, Inc.		1,888,245
	350	Dollar General Corp.		72,968
	295,420	eBay, Inc.		17,745,879
	2,844,601	Entain PLC - GBP (a)		61,583,762
	8,000	Five Below, Inc. (a)		1,312,000
	22,700	Flutter Entertainment PLC - GBP (a)		3,458,880
	1,715,285	GAN Ltd. (a)		11,818,314
	108,200	Gildan Activewear, Inc.		4,309,606
	1,076,980	iRobot Corp. (a)		70,563,730
	1,059,865	Norwegian Cruise Line Holdings Ltd. (a)		22,076,988
	179,510	Ollie’s Bargain Outlet Holdings, Inc. (a)		8,605,709
	61,200	Restaurant Brands International, Inc.		3,425,364
	66,700	Rivian Automotive, Inc. - Class A (a)		4,384,858
	973,076	Royal Caribbean Cruises Ltd. (a)		75,715,044
	3,276,750	Sony Group Corp. - ADR		365,881,905
	326,360	Tesla, Inc. (a)		305,707,939
	1,100,500	Tuesday Morning Corp. (a)		2,156,980
	30,340	Ulta Beauty, Inc. (a)		11,035,872
	19,000	Victoria’s Secret & Co. (a)		1,060,770
	1,792,550	XPeng, Inc. - ADR (a)		62,900,579
				1,406,102,272
		Consumer Staples - 0.1%
	18,300	Calavo Growers, Inc.		757,803
	282,300	Grocery Outlet Holding Corp. (a)		7,164,774
				7,922,577
		Energy - 0.7%
	604,350	Coterra Energy, Inc.		13,235,265
	166,000	EOG Resources, Inc.		18,505,680
	164,300	New Fortress Energy, Inc.		3,608,028
	8,948,882	Transocean Ltd. (a)		28,188,978
				63,537,951
		Financials - 5.5%
	119,000	AssetMark Financial Holdings, Inc. (a)		2,854,810
	149,300	Charles Schwab Corp. (The)		13,093,610
	153,771	CME Group, Inc. - Class A		35,290,445
	405,703	Discover Financial Services		46,960,122
	76,000	LPL Financial Holdings, Inc.		13,096,320
	378,760	MarketAxess Holdings, Inc.		130,475,245
	1,670,974	Morgan Stanley		171,341,674
	2,449,179	NMI Holdings, Inc. - Class A (a)		60,592,688
	135,700	Progressive Corp. (The)		14,745,162
	460,600	Tradeweb Markets, Inc. - Class A		39,045,062
				527,495,138
		Health Care - 28.9%
	2,500	10x Genomics, Inc. - Class A (a)		240,675
	333,600	Abbott Laboratories		42,520,656
	829,373	ABIOMED, Inc. (a)		245,386,589
	407,400	Accuray, Inc. (a)		1,487,010
	158,200	Adaptive Biotechnologies Corp. (a)		2,759,008
	1,751,100	Alkermes PLC (a)		44,653,050
	1,973,020	Allogene Therapeutics, Inc. (a)		22,591,079
	1,468,800	Amicus Therapeutics, Inc. (a)		13,821,408
	461,000	Arbutus Biopharma Corp. (a)		1,295,410
	271,100	Arena Pharmaceuticals, Inc. (a)		24,935,778
	732,587	BeiGene Ltd. - ADR (a)		177,710,954
	26,145	Berkeley Lights, Inc. (a)		253,868
	922,489	Biogen, Inc. (a)		208,482,514
	2,011,990	BioMarin Pharmaceutical, Inc. (a)		178,322,674
	1,518,202	BioNTech SE - ADR (a)		261,252,200
	423,000	Boston Scientific Corp. (a)		18,146,700
	454,180	Bridgebio Pharma, Inc. (a)		4,482,757
	7,439,400	Calithera Biosciences, Inc. (a) (b)		4,835,610
	9,609,400	Cerus Corp. (a) (b)		51,506,384
	16,800	Charles River Laboratories International, Inc. (a)		5,539,968
	90,300	Edwards Lifesciences Corp. (a)		9,860,760
	706,792	Elanco Animal Health, Inc. (a)		18,404,864
	1,008,494	Eli Lilly & Co.		247,474,343
	9,715,807	Epizyme, Inc. (a) (b)		11,950,443
	486,300	Exact Sciences Corp. (a)		37,133,868
	4,304,691	FibroGen, Inc. (a)		64,957,787
	4,076,132	Fluidigm Corp. (a) (b)		13,328,952
	439,200	Glaukos Corp. (a)		23,383,008
	92,496	Guardant Health, Inc. (a)		6,433,097
	245,006	Health Catalyst, Inc. (a)		7,313,429
	12,600	Illumina, Inc. (a)		4,395,132
	248,700	ImmunoGen, Inc. (a)		1,405,155
	599,756	Insulet Corp. (a)		148,739,488
	897,650	LivaNova PLC (a)		67,422,491
	230,300	Mereo Biopharma Group PLC - ADR (a)		301,693
	10,742,980	Nektar Therapeutics (a) (b)		119,461,938
	129,100	NuVasive, Inc. (a)		6,714,491
	753,100	OraSure Technologies, Inc. (a)		6,664,935
	19,500	Penumbra, Inc. (a)		4,407,195
	3,682,271	Pulmonx Corp. (a) (b)		89,663,299
	217,000	QIAGEN N.V. - EUR (a)		10,726,744
	15,053	Repligen Corp. (a)		2,985,612
	4,802,780	Rhythm Pharmaceuticals, Inc. (a) (b)		35,588,600
	126,000	Roche Holding AG - CHF		48,761,922
	64,700	Sage Therapeutics, Inc. (a)		2,550,474
	1,660,013	Seagen, Inc. (a)		223,288,349
	41,940	Seer, Inc. - Class A (a)		659,716
	274,300	Shockwave Medical, Inc. (a)		39,765,271
	17,000	Sio Gene Therapies, Inc. (a)		19,890
	498,110	Turning Point Therapeutics, Inc. (a)		18,544,635
	3,843,580	Wave Life Sciences Ltd. (a) (b)		8,417,440
	4,037,401	Xencor, Inc. (a) (b)		138,765,472
	876,250	Zentalis Pharmaceuticals, Inc. (a)		50,016,350
				2,779,731,135
		Industrials - 11.2%
	2,787,100	AECOM		192,672,223
	566,000	Alaska Air Group, Inc. (a)		30,982,840
	25,100	Allegiant Travel Co. (a)		4,484,366
	5,225,240	American Airlines Group, Inc. (a)		86,059,703
	2,881,000	Aurora Innovation, Inc. - Class A (a)		14,203,330
	210,000	Axon Enterprise, Inc. (a)		29,385,300
	49,600	Bloom Energy Corp. - Class A (a)		747,968
	41,000	Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR (a)		731,030
	29,500	Cornerstone Building Brands, Inc. (a)		435,125
	381,594	Curtiss-Wright Corp.		50,671,867
	2,547,497	Delta Air Lines, Inc. (a)		101,110,156
	19,600	FedEx Corp.		4,818,856
	42,400	Frontier Group Holdings, Inc. (a)		554,592
	318,300	Gibraltar Industries, Inc. (a)		17,442,840
	256,200	Hawaiian Holdings, Inc. (a)		4,381,020
	1,144,620	Jacobs Engineering Group, Inc.		149,006,631
	5,821,425	JetBlue Airways Corp. (a)		85,167,448
	1,433,700	Li-Cycle Holdings Corp. (a)		10,867,446
	445,110	Lyft, Inc. - Class A (a)		17,145,637
	161,500	Masonite International Corp. (a)		16,027,260
	2,296,300	NN, Inc. (a) (b)		8,748,903
	37,500	Old Dominion Freight Line, Inc.		11,322,375
	15,800	Ryanair Holdings PLC - ADR (a)		1,763,596
	1,874,800	Southwest Airlines Co. (a)		83,916,048
	281,800	Spirit Airlines, Inc. (a)		6,050,246
	28,815	Sun Country Airlines Holdings, Inc. (a)		765,903
	39,500	TransDigm Group, Inc. (a)		24,339,505
	25,450	TuSimple Holdings, Inc. - Class A (a)		477,442
	373,350	Uber Technologies, Inc. (a)		13,963,290
	2,416,540	United Airlines Holdings, Inc. (a)		103,621,235
	71,800	WillScot Mobile Mini Holdings Corp. (a)		2,659,472
				1,074,523,653
		Information Technology - 28.4%
	62,500	908 Devices, Inc. (a)		988,750
	197,300	Adobe, Inc. (a)		105,417,390
	132,550	Ambarella, Inc. (a)		18,576,883
	109,200	Applied Materials, Inc.		15,089,256
	2,911,800	Arlo Technologies, Inc. (a)		25,303,542
	54,900	ASML Holding N.V. - ADR		37,178,280
	31,700	Autodesk, Inc. (a)		7,918,343
	1,913,400	Axcelis Technologies, Inc. (a) (b)		119,797,974
	11,990,966	BlackBerry Ltd. (a)		98,685,650
	99,000	Cerence, Inc. (a)		6,285,510
	150,299	CrowdStrike Holdings, Inc. - Class A (a)		27,150,011
	78,520	CyberArk Software Ltd. (a)		10,769,018
	96,920	Dell Technologies, Inc. - Class C (a)		5,506,025
	893,741	Descartes Systems Group, Inc. (The) (a)		65,037,533
	1,000	Digimarc Corp. (a)		31,700
	25,950	DocuSign, Inc. (a)		3,263,731
	63,060	FARO Technologies, Inc. (a)		3,424,789
	8,135,340	Flex Ltd. (a)		131,629,801
	979,800	FormFactor, Inc. (a)		41,876,652
	237,000	Freshworks, Inc. - Class A (a)		5,154,750
	37,200	GitLab, Inc. - Class A (a)		2,381,172
	1,235,610	Hewlett Packard Enterprise Co.		20,177,511
	489,000	HP, Inc.		17,960,970
	159,200	HubSpot, Inc. (a)		77,816,960
	939,300	indie Semiconductor, Inc. - Class A (a)		7,429,863
	127,550	Intuit, Inc.		70,819,586
	707,000	Jabil, Inc.		43,473,430
	94,500	Jamf Holding Corp. (a)		3,124,170
	109,170	Keysight Technologies, Inc. (a)		18,430,079
	130,180	Keywords Studios PLC - GBP		4,411,991
	401,000	KLA Corp.		156,097,270
	100,000	MACOM Technology Solutions Holdings, Inc. (a)		6,121,000
	15,000	Marqeta, Inc. - Class A (a)		177,000
	335,224	Materialise NV - ADR (a)		6,875,444
	2,190,650	MaxLinear, Inc. (a)		131,482,813
	4,431,070	Micron Technology, Inc.		364,544,129
	23,800	MongoDB, Inc. (a)		9,641,618
	200	nCino, Inc. (a)		9,166
	1,240,067	NetApp, Inc.		107,278,196
	1,050,903	nLIGHT, Inc. (a)		21,743,183
	592,366	Nuance Communications, Inc. (a)		32,728,221
	1,944,325	Nutanix, Inc. - Class A (a)		53,157,845
	299,010	NVIDIA Corp.		73,215,589
	3,200	Okta, Inc. - Class A (a)		633,248
	217,830	OSI Systems, Inc. (a)		18,066,820
	30,590	Palo Alto Networks, Inc. (a)		15,827,266
	1,597,000	Plantronics, Inc. (a)		42,560,050
	367,300	PROS Holdings, Inc. (a)		10,177,883
	393,293	QUALCOMM, Inc.		69,125,178
	187,720	Rapid7, Inc. (a)		18,083,068
	3,050	RingCentral, Inc. - Class A (a)		538,295
	6,784,200	ServiceSource International, Inc. (a) (b)		6,987,726
	1,754,250	Splunk, Inc. (a)		217,386,660
	1,655,100	Stratasys Ltd. (a)		39,457,584
	4,600	Tenable Holdings, Inc. (a)		236,440
	689,250	Trimble, Inc. (a)		49,736,280
	142,550	Unity Software, Inc. (a)		14,989,133
	859,929	Universal Display Corp.		132,007,701
	44,260	Varonis Systems, Inc. (a)		1,649,128
	185,202	VMware, Inc. - Class A		23,794,753
	376,830	Western Digital Corp. (a)		19,497,184
	230,710	WEX, Inc. (a)		37,139,696
	628,000	Wolfspeed, Inc. (a)		59,182,720
	19,350	Zoom Video Communications, Inc. - Class A (a)		2,985,318
				2,738,244,925
		Materials - 0.7%
	102,400	Albemarle Corp.		22,603,776
	34,500	Ingevity Corp. (a)		2,273,895
	2,682,400	Ivanhoe Mines Ltd. - Class A - CAD (a)		22,980,243
	1,367,500	Marrone Bio Innovations, Inc. (a)		1,010,583
	1,548,852	Perimeter Solutions SA (a)		20,258,984
				69,127,481
		Real Estate - 0.1%
	200,000	EPR Properties		8,794,000
	53,600	Safehold, Inc.		3,317,840
				12,111,840
		TOTAL COMMON STOCKS
		(Cost $4,971,126,823)	$	9,298,942,567
		PREFERRED STOCKS - 0.1%
		Financials - 0.1%
	779,276	Fannie Mae Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series S, Perpetual Maturity 7.750% (a)		2,158,594
	1,488,840	Freddie Mac Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Z, Perpetual Maturity 7.875% (a)		3,558,328
				5,716,922
		TOTAL PREFERRED STOCKS
		(Cost $12,652,109)		5,716,922
		WARRANTS - 0.0%
		Materials - 0.0%
	364,100	Perimeter Solutions SA (Expiration Date 8/11/24) (a) (c) (d)		98,307
		TOTAL WARRANTS
		(Cost $3,641)		98,307
		RIGHTS - 0.0%
		Health Care - 0.0%
	3,786,300	Mereo BioPharma Group PLC - CVR (Issue Date 4/23/19) (a) (c) (d)		0
		TOTAL RIGHTS
		(Cost $0)		0
Shares			Value
		SHORT-TERM INVESTMENTS - 3.3%
	322,253,786	Dreyfus Treasury Securities Cash Management Fund - Institutional Shares - 0.01% (e)	$	322,253,786
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $322,253,786)		322,253,786
		TOTAL INVESTMENTS IN SECURITIES
		(Cost $5,306,036,359) - 100.0%		9,627,011,582
		Other Assets in Excess of Liabilities - 0.0%		2,829,370
		TOTAL NET ASSETS - 100.0%	$	9,629,840,952
ADR		American Depository Receipt
CAD		Canadian Dollars
CHF		Swiss Francs
CVR		Contingent Value Rights
EUR		Euros
GBP		British Pound Sterling
(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.

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.

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 January 31, 2022. 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	Common Stocks(1)	$	9,174,411,259	$	124,531,308	$	-	$	9,298,942,567
Growth Fund	Preferred Stocks(2)		5,716,922		-		-		5,716,922
	Warrants(3)		-		-		98,307		98,307
	Rights(4)		-		-		0		0
	Short-Term Investments		322,253,786		-		-		322,253,786
	Total Investments in Securities	$	9,502,381,967	$	124,531,308	$	98,307	$	9,627,011,582
(1) Refer to the Fund’s respective Schedule of Investments for the breakdown of major categories.
(2) Financials
(3) Materials
(4) Health Care

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:
PRIMECAP Odyssey Aggressive Growth Fund
			Current Period Transactions
Common Stock	Market Value at October 31, 2021		Purchases at Cost			Proceeds from Securities Sold			Dividend Income			Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Market Value at January 31, 2022
Axcelis Technologies, Inc.	$	112,881,150		$	-		$	9,232,143		$	-		$	7,945,765			$	8,203,202			$	119,797,974
Calithera Biosciences, Inc.		14,261,542			56,740			-			-			-				(9,482,672	)			4,835,610
Cerus Corp		65,404,680			-			1,881,042			-			228,842				(12,246,096	)			51,506,384
Epizyme, Inc.		41,220,089			502,045			650,115			-			(5,842,221	)			(23,279,355	)			11,950,443
Fluidigm Corp.		21,584,845			-			428,027			-			(1,573,491	)			(6,254,375	)			13,328,952
Nektar Therapeutics		168,252,957			-			4,853,904			-			(874,189	)			(43,062,926	)			119,461,938
NN, Inc.		13,238,510			-			1,593,061			-			(4,962,197	)			2,065,651				8,748,903
Pulmonx Corp.		98,058,947			40,018,534			-			-			-				(48,414,182	)			89,663,299
Rhythm Pharmaceuticals, Inc.		55,174,106			1,014,733			808,543			-			(1,896,904	)			(17,894,792	)			35,588,600
ServiceSource International, Inc.		8,838,960			-			14,724			-			(108,351	)			(1,728,159	)			6,987,726
Wave Life Sciences Ltd.		17,762,290			24,500			83,153			-			(581,884	)			(8,704,313	)			8,417,440
Xencor, Inc.		168,988,492			-			8,673,858			-			3,493,887				(25,043,049	)			138,765,472
Total	$	785,666,568		$	41,616,552		$	28,218,570		$	-		$	(4,170,743	)		$	(185,841,066	)		$	609,052,741