Schedule of Investments | |||||||
PRIMECAP Odyssey Growth Fund | |||||||
January 31, 2024 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS - 98.5% | |||||||
Communication Services - 6.0% | |||||||
850,420 | Alphabet, Inc. - Class A (a) | $ | 119,143,842 | ||||
687,820 | Alphabet, Inc. - Class C (a) | 97,532,876 | |||||
616,340 | Baidu, Inc. - ADR (a) | 64,906,766 | |||||
84,700 | Electronic Arts, Inc. | 11,653,026 | |||||
310,100 | IMAX Corp. (a) | 4,332,097 | |||||
57,600 | Live Nation Entertainment, Inc. (a) | 5,117,760 | |||||
31,400 | Meta Platforms, Inc. - Class A (a) | 12,250,396 | |||||
14,500 | Netflix, Inc. (a) | 8,179,595 | |||||
550,000 | Nintendo Co. Ltd. - JPY | 30,729,004 | |||||
85,900 | Shutterstock, Inc. | 4,034,723 | |||||
142,000 | Trade Desk, Inc. (The) - Class A (a) | 9,717,060 | |||||
301,200 | Walt Disney Co. (The) | 28,930,260 | |||||
396,527,405 | |||||||
Consumer Discretionary - 8.4% | |||||||
1,222,440 | Alibaba Group Holding Ltd. - ADR | 88,223,495 | |||||
2,000 | Amazon.com, Inc. (a) | 310,400 | |||||
499,498 | Bath & Body Works, Inc. | 21,308,585 | |||||
282,100 | Bowlero Corp. - Class A (a) | 3,049,501 | |||||
78,600 | Burlington Stores, Inc. (a) | 15,024,390 | |||||
336,800 | Capri Holdings Ltd. (a) | 16,415,632 | |||||
647,100 | CarMax, Inc. (a) | 46,060,578 | |||||
193,400 | Carnival Corp. (a) | 3,206,572 | |||||
15,400 | DoorDash, Inc. - Class A (a) | 1,604,680 | |||||
119,000 | eBay, Inc. | 4,887,330 | |||||
2,345,833 | Entain PLC - GBP | 28,573,151 | |||||
15,000 | Etsy, Inc. (a) | 998,400 | |||||
24,477 | Flutter Entertainment PLC - GBP (a) | 5,024,047 | |||||
843,058 | iRobot Corp. (a) | 11,465,589 | |||||
247,900 | Leslie's, Inc. (a) | 1,663,409 | |||||
32,000 | Marriott International, Inc. - Class A | 7,671,360 | |||||
2,643,600 | Mattel, Inc. (a) | 47,294,004 | |||||
9,300 | McDonald's Corp. | 2,722,296 | |||||
84,250 | MGM Resorts International (a) | 3,653,922 | |||||
529,900 | Norwegian Cruise Line Holdings Ltd. (a) | 9,432,220 | |||||
75,700 | Ollie's Bargain Outlet Holdings, Inc. (a) | 5,445,101 | |||||
11,000 | Restaurant Brands International, Inc. | 858,880 | |||||
110,300 | Ross Stores, Inc. | 15,472,884 | |||||
369,871 | Royal Caribbean Cruises Ltd. (a) | 47,158,553 | |||||
727,177 | Sony Group Corp. - ADR | 71,081,552 | |||||
414,500 | Tesla, Inc. (a) | 77,631,705 | |||||
160,800 | TJX Cos., Inc. (The) | 15,261,528 | |||||
265,099 | Victoria's Secret & Co. (a) | 6,905,829 | |||||
558,405,593 | |||||||
Consumer Staples - 0.4% | |||||||
115,200 | Altria Group, Inc. | 4,621,824 | |||||
134,000 | BJ's Wholesale Club Holdings, Inc. (a) | 8,621,560 | |||||
126,500 | Dollar Tree, Inc. (a) | 16,523,430 | |||||
1,000 | Performance Food Group Co. (a) | 72,680 | |||||
29,839,494 |
Energy - 2.8% | |||||||
1,000 | ConocoPhillips | 111,870 | |||||
400,000 | Coterra Energy, Inc. | 9,952,000 | |||||
92,800 | EOG Resources, Inc. | 10,559,712 | |||||
359,021 | Hess Corp. | 50,453,221 | |||||
324,060 | Pioneer Natural Resources Co. | 74,478,710 | |||||
48,500 | Schlumberger Ltd. | 2,361,950 | |||||
1,395,000 | Southwestern Energy Co. (a) | 8,997,750 | |||||
27,500 | TechnipFMC PLC | 531,850 | |||||
5,651,304 | Transocean Ltd. (a) | 30,856,120 | |||||
188,303,183 | |||||||
Financials - 7.2% | |||||||
205,900 | Bank of America Corp. | 7,002,659 | |||||
313,800 | Citigroup, Inc. | 17,626,146 | |||||
119,100 | CME Group, Inc. - Class A | 24,515,544 | |||||
93,500 | Discover Financial Services | 9,866,120 | |||||
60,960 | Evercore, Inc. - Class A | 10,468,661 | |||||
96,500 | JPMorgan Chase & Co. | 16,825,740 | |||||
140,800 | MarketAxess Holdings, Inc. | 31,751,808 | |||||
3,900 | Mastercard, Inc. - Class A | 1,751,997 | |||||
544,810 | Northern Trust Corp. | 43,388,668 | |||||
1,403,925 | Raymond James Financial, Inc. | 154,684,457 | |||||
164,700 | Tradeweb Markets, Inc. - Class A | 15,710,733 | |||||
202,550 | Visa, Inc. - Class A | 55,348,813 | |||||
1,816,800 | Wells Fargo & Co. | 91,167,024 | |||||
8,010 | WEX, Inc. (a) | 1,637,164 | |||||
481,745,534 | |||||||
Health Care - 30.8% | |||||||
104,400 | Agilent Technologies, Inc. | 13,582,440 | |||||
62,800 | Alcon, Inc. | 4,716,908 | |||||
335,700 | Alkermes PLC (a) | 9,080,685 | |||||
537,730 | Amgen, Inc. | 168,987,030 | |||||
1,927,680 | AstraZeneca PLC - ADR | 128,460,595 | |||||
671,427 | BeiGene Ltd. - ADR (a) | 99,525,624 | |||||
787,320 | Biogen, Inc. (a) | 194,200,351 | |||||
1,684,256 | BioMarin Pharmaceutical, Inc. (a) | 148,349,269 | |||||
418,900 | BioNTech SE - ADR (a) | 39,812,256 | |||||
1,063,600 | Boston Scientific Corp. (a) | 67,283,336 | |||||
215,670 | Bridgebio Pharma, Inc. (a) | 7,395,324 | |||||
914,050 | Bristol-Myers Squibb Co. | 44,669,624 | |||||
192,300 | CVS Health Corp. | 14,301,351 | |||||
3,759,271 | Elanco Animal Health, Inc. (a) | 55,411,655 | |||||
878,978 | Eli Lilly & Co. | 567,476,987 | |||||
97,766 | Enovis Corp. (a) | 5,738,864 | |||||
2,423,300 | FibroGen, Inc. (a) | 4,652,736 | |||||
249,480 | GSK PLC - ADR | 9,839,491 | |||||
53,800 | Guardant Health, Inc. (a) | 1,179,834 | |||||
2,000 | Humana, Inc. | 756,120 | |||||
26,500 | Illumina, Inc. (a) | 3,789,765 | |||||
271,837 | Insulet Corp. (a) | 51,885,528 | |||||
21,560 | IQVIA Holdings, Inc. (a) | 4,489,439 | |||||
976,690 | LivaNova PLC (a) | 47,545,269 | |||||
19,700 | Merck & Co., Inc. | 2,379,366 | |||||
2,097,356 | Nektar Therapeutics (a) | 1,137,396 | |||||
73,400 | Neurocrine Biosciences, Inc. (a) | 10,259,118 |
423,936 | Novartis AG - ADR | 43,864,658 | |||||
26,000 | Omnicell, Inc. (a) | 836,420 | |||||
108,700 | OraSure Technologies, Inc. (a) | 801,119 | |||||
141,620 | QIAGEN N.V. - EUR (a) | 6,144,412 | |||||
57,000 | Revvity, Inc. | 6,109,260 | |||||
2,528,002 | Rhythm Pharmaceuticals, Inc. (a) | 111,510,168 | |||||
79,376 | Roche Holding AG - CHF | 22,599,645 | |||||
76,900 | Siemens Healthineers AG - EUR | 4,279,561 | |||||
10,800 | Stryker Corp. | 3,623,184 | |||||
95,800 | Thermo Fisher Scientific, Inc. | 51,634,284 | |||||
4,000 | Waters Corp. (a) | 1,270,840 | |||||
2,551,470 | Xencor, Inc. (a) | 47,712,489 | |||||
301,220 | Zimmer Biomet Holdings, Inc. | 37,833,232 | |||||
2,045,125,633 | |||||||
Industrials - 16.2% | |||||||
2,029,652 | AECOM | 178,995,010 | |||||
192,601 | Airbus SE - EUR | 30,678,496 | |||||
2,249,701 | American Airlines Group, Inc. (a) | 32,013,245 | |||||
60,000 | AMETEK, Inc. | 9,723,000 | |||||
70,000 | Carrier Global Corp. | 3,829,700 | |||||
35,000 | CSX Corp. | 1,249,500 | |||||
166,700 | Curtiss-Wright Corp. | 37,102,419 | |||||
1,300,700 | Delta Air Lines, Inc. | 50,909,398 | |||||
87,265 | ESAB Corp. | 7,503,917 | |||||
196,700 | FedEx Corp. | 47,461,743 | |||||
69,010 | General Dynamics Corp. | 18,286,960 | |||||
45,390 | IDEX Corp. | 9,599,985 | |||||
54,700 | J.B. Hunt Transport Services, Inc. | 10,993,606 | |||||
849,584 | Jacobs Solutions, Inc. | 114,498,436 | |||||
143,600 | JetBlue Airways Corp. (a) | 762,516 | |||||
337,400 | Lyft, Inc. - Class A (a) | 4,214,126 | |||||
872,867 | Nextracker, Inc. - Class A (a) | 39,514,689 | |||||
8,300 | Old Dominion Freight Line, Inc. | 3,245,466 | |||||
18,300 | Saia, Inc. (a) | 8,245,614 | |||||
713,006 | Siemens AG - EUR | 127,644,575 | |||||
2,211,400 | Southwest Airlines Co. | 66,098,746 | |||||
1,822,299 | Stratasys Ltd. (a) | 24,090,793 | |||||
285,500 | Textron, Inc. | 24,184,705 | |||||
14,100 | TransDigm Group, Inc. | 15,406,788 | |||||
107,900 | Uber Technologies, Inc. (a) | 7,042,633 | |||||
48,000 | Union Pacific Corp. | 11,708,640 | |||||
1,668,050 | United Airlines Holdings, Inc. (a) | 69,023,909 | |||||
3,741,658 | Xometry, Inc. - Class A (a) (b) | 120,406,554 | |||||
1,074,435,169 | |||||||
Information Technology - 26.1% | |||||||
135,900 | Adobe, Inc. (a) | 83,956,302 | |||||
263,963 | Altair Engineering, Inc. - Class A (a) | 22,442,134 | |||||
168,400 | Analog Devices, Inc. | 32,393,424 | |||||
224,100 | Applied Materials, Inc. | 36,819,630 | |||||
109,800 | Arm Holdings PLC - ADR (a) | 7,759,566 | |||||
41,600 | ASML Holding N.V. - ADR | 36,184,512 | |||||
3,000 | Autodesk, Inc. (a) | 761,430 | |||||
4,827,043 | BlackBerry Ltd. (a) | 13,467,450 | |||||
2,856 | Broadcom, Inc. | 3,370,080 | |||||
423,900 | Cisco Systems, Inc. | 21,271,302 | |||||
45,000 | Dell Technologies, Inc. - Class C | 3,729,600 |
269,900 | Descartes Systems Group, Inc. (The) (a) | 23,640,541 | |||||
4,998,229 | Flex Ltd. (a) | 118,657,956 | |||||
571,918 | FormFactor, Inc. (a) | 22,173,261 | |||||
1,300 | Gartner, Inc. (a) | 594,672 | |||||
1,598,400 | Hewlett Packard Enterprise Co. | 24,439,536 | |||||
402,936 | HP, Inc. | 11,568,293 | |||||
2,742,500 | Intel Corp. | 118,146,900 | |||||
11,800 | Intuit, Inc. | 7,449,694 | |||||
474,500 | Jabil, Inc. | 59,450,105 | |||||
17,200 | Keysight Technologies, Inc. (a) | 2,636,072 | |||||
233,424 | KLA Corp. | 138,663,193 | |||||
1,443,200 | L.M. Ericsson Telephone Co. - ADR | 7,952,032 | |||||
134,000 | Marvell Technology, Inc. | 9,071,800 | |||||
435,000 | MaxLinear, Inc. (a) | 9,056,700 | |||||
1,873,200 | Micron Technology, Inc. | 160,626,900 | |||||
409,300 | Microsoft Corp. | 162,729,494 | |||||
506,911 | NetApp, Inc. | 44,202,639 | |||||
495,800 | Nutanix, Inc. - Class A (a) | 27,863,960 | |||||
70,000 | NVIDIA Corp. | 43,068,900 | |||||
25,500 | Okta, Inc. - Class A (a) | 2,107,575 | |||||
377,600 | Oracle Corp. | 42,177,920 | |||||
52,000 | OSI Systems, Inc. (a) | 6,657,560 | |||||
32,400 | Palo Alto Networks, Inc. (a) | 10,967,724 | |||||
226,800 | QUALCOMM, Inc. | 33,682,068 | |||||
46,600 | Salesforce, Inc. (a) | 13,098,794 | |||||
1,502,155 | Splunk, Inc. (a) | 230,385,512 | |||||
136,000 | Teradyne, Inc. | 13,136,240 | |||||
369,995 | Texas Instruments, Inc. | 59,243,599 | |||||
385,800 | Trimble, Inc. (a) | 19,621,788 | |||||
228,019 | Universal Display Corp. | 38,710,786 | |||||
24,800 | Western Digital Corp. (a) | 1,419,800 | |||||
338,500 | Wolfspeed, Inc. (a) | 11,018,175 | |||||
1,736,375,619 | |||||||
Materials - 0.6% | |||||||
255,300 | Albemarle Corp. | 29,293,122 | |||||
600,000 | Ivanhoe Mines Ltd. - Class A - CAD (a) | 6,296,999 | |||||
10,900 | Linde PLC | 4,412,647 | |||||
40,002,768 | |||||||
TOTAL COMMON STOCKS | |||||||
(Cost $3,270,635,920) | $ | 6,550,760,398 | |||||
RIGHTS - 0.0% | |||||||
Health Care - 0.0% | |||||||
387,250 | ABIOMED, Inc. - CVR (Issue Date 12/23/22) (a) (c) (d) | 394,995 | |||||
4,207,543 | Epizyme, Inc. - CVR (Issue Date 8/15/22) (a) (c) (d) | 84,151 | |||||
479,146 | |||||||
TOTAL RIGHTS | |||||||
(Cost $0) | 479,146 | ||||||
Shares | Value | ||||||
SHORT-TERM INVESTMENTS - 1.6% | |||||||
104,742,734 | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares - 5.22% (e) | $ | 104,742,734 | ||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $104,742,734) | 104,742,734 | ||||||
TOTAL INVESTMENTS IN SECURITIES | |||||||
(Cost $3,375,378,654) - 100.1% | 6,655,982,278 | ||||||
Liabilities in Excess of Other Assets - (0.1)% | (6,297,586 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 6,649,684,692 | |||||
ADR | American Depository Receipt | ||||||
CAD | Canadian Dollars | ||||||
CHF | Swiss Francs | ||||||
CVR | Contingent Value Rights | ||||||
EUR | Euros | ||||||
GBP | British Pound Sterling | ||||||
JPY | Japanese Yen | ||||||
(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 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. Pursuant to those procedures, the Board of Trustees has designated the Investment Advisor as the Fund’s valuation designee responsible for determining whether market quotations are readily available and reliable, and making good faith determinations of fair value when appropriate. 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 net 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 significant 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 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, 2024. 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 | ||||||||||||
Growth Fund | Common Stocks(1) | $ | 6,295,087,507 | $ | 255,672,891 | $ | - | $ | 6,550,760,398 | ||||||||
Rights(2) | - | - | 479,146 | 479,146 | |||||||||||||
Short-Term Investments | 104,742,734 | - | - | 104,742,734 | |||||||||||||
Total Investments in Securities | $ | 6,399,830,241 | $ | 255,672,891 | $ | 479,146 | $ | 6,655,982,278 | |||||||||
(1) Refer to the Fund's Schedule of Investments for the breakdown of major categories. | |||||||||||||||||
(2) Health Care | |||||||||||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. | |||||||||||||||||
ABIOMED, Inc. - CVR (Issue Date 12/23/22) | |||||||||||||||||
Growth Fund | |||||||||||||||||
Balance at October 31, 2023 | $ | 394,995 | |||||||||||||||
Purchases (Received) | - | ||||||||||||||||
Sales (Proceeds) | - | ||||||||||||||||
Realized Gain (Loss) | - | ||||||||||||||||
Change in Unrealized Appreciation/Depreciation | - | ||||||||||||||||
Balance at January 31, 2024 | $ | 394,995 | |||||||||||||||
During the period ended January 31, 2024, the Fund determined the fair value of ABIOMED, Inc. (“ABIOMED”) CVR considering available information, | |||||||||||||||||
including the value of ABIOMED stock prior to the issuance of the CVR. The likelihood of receiving payments pursuant to an agreement will depend on | |||||||||||||||||
achievement of certain milestones. | |||||||||||||||||
Epizyme, Inc. - CVR (Issue Date 8/15/22) | |||||||||||||||||
Growth Fund | |||||||||||||||||
Balance at October 31, 2023 | $ | 84,151 | |||||||||||||||
Purchases (Received) | - | ||||||||||||||||
Sales (Proceeds) | - | ||||||||||||||||
Realized Gain (Loss) | - | ||||||||||||||||
Change in Unrealized Appreciation/Depreciation | - | ||||||||||||||||
Balance at January 31, 2024 | $ | 84,151 |
During the period ended January 31, 2024, the Fund determined the fair value of Epizyme, Inc. (“Epizyme”) CVR considering available information, | ||||||||||
including the value of Epizyme stock prior to the issuance of the CVR. The likelihood of receiving payments pursuant to an agreement will depend on | ||||||||||
achievement of certain milestones. | ||||||||||
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 of each such company, the number of shares of each such company | |||||||||||||||
held, and the percentages of net assets represented by such companies held in each sector. Transactions during the period in securities of these companies were as follows: |
PRIMECAP Odyssey Growth Fund | ||||||||||||||||||||||||||||
Current Period Transactions | ||||||||||||||||||||||||||||
Common Stock | Market Value at October 31, 2023 | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Market Value at January 31, 2024 | |||||||||||||||||||||
Xometry, Inc. - Class A | $ | 53,124,640 | $ | 3,269,152 | $ | 178,914 | $ | - | $ | (265,141 | ) | $ | 64,456,817 | $ | 120,406,554 | |||||||||||||
Total | $ | 53,124,640 | $ | 3,269,152 | $ | 178,914 | $ | - | $ | (265,141 | ) | $ | 64,456,817 | $ | 120,406,554 | |||||||||||||