Schedule of Investments | |||||||
PRIMECAP Odyssey Stock Fund | |||||||
January 31, 2024 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS - 98.6% | |||||||
Communication Services - 3.1% | |||||||
347,850 | Alphabet, Inc. - Class A (a) | $ | 48,733,785 | ||||
362,500 | Alphabet, Inc. - Class C (a) | 51,402,500 | |||||
138,600 | Comcast Corp. - Class A | 6,450,444 | |||||
55,200 | Meta Platforms, Inc. - Class A (a) | 21,535,728 | |||||
300,000 | Nintendo Co. Ltd. - JPY | 16,761,275 | |||||
303,200 | Walt Disney Co. (The) | 29,122,360 | |||||
174,006,092 | |||||||
Consumer Discretionary - 8.9% | |||||||
423,200 | Bath & Body Works, Inc. | 18,053,712 | |||||
70,000 | Brinker International, Inc. (a) | 2,995,300 | |||||
25,700 | Burlington Stores, Inc. (a) | 4,912,555 | |||||
126,100 | Capri Holdings Ltd. (a) | 6,146,114 | |||||
494,500 | CarMax, Inc. (a) | 35,198,510 | |||||
933,500 | Carnival Corp. (a) | 15,477,430 | |||||
205,600 | eBay, Inc. | 8,443,992 | |||||
217,800 | Leslie's, Inc. (a) | 1,461,438 | |||||
3,554,100 | Mattel, Inc. (a) | 63,582,849 | |||||
78,400 | MGM Resorts International (a) | 3,400,208 | |||||
1,365,500 | Newell Brands, Inc. | 11,360,960 | |||||
802,870 | Ross Stores, Inc. | 112,626,604 | |||||
180,750 | Royal Caribbean Cruises Ltd. (a) | 23,045,625 | |||||
1,189,639 | Sony Group Corp. - ADR | 116,287,212 | |||||
205,800 | TJX Cos., Inc. (The) | 19,532,478 | |||||
205,133 | Victoria's Secret & Co. (a) | 5,343,715 | |||||
504,839 | Whirlpool Corp. | 55,289,967 | |||||
503,158,669 | |||||||
Consumer Staples - 1.5% | |||||||
157,100 | Altria Group, Inc. | 6,302,852 | |||||
298,600 | BJ's Wholesale Club Holdings, Inc. (a) | 19,211,924 | |||||
188,800 | Dollar Tree, Inc. (a) | 24,661,056 | |||||
79,500 | Philip Morris International, Inc. | 7,222,575 | |||||
260,000 | Sysco Corp. | 21,041,800 | |||||
140,000 | Tyson Foods, Inc. - Class A | 7,666,400 | |||||
86,106,607 | |||||||
Energy - 3.0% | |||||||
150,800 | Cameco Corp. | 7,200,700 | |||||
168,000 | ConocoPhillips | 18,794,160 | |||||
201,300 | EOG Resources, Inc. | 22,905,927 | |||||
339,140 | Hess Corp. | 47,659,344 | |||||
123,700 | Pioneer Natural Resources Co. | 28,429,971 | |||||
1,135,000 | Southwestern Energy Co. (a) | 7,320,750 | |||||
233,600 | TechnipFMC PLC | 4,517,824 | |||||
1,422,800 | Transocean Ltd. (a) | 7,768,488 | |||||
151,600 | Valero Energy Corp. | 21,057,240 | |||||
165,654,404 |
Financials - 10.1% | |||||||
716,800 | Bank of America Corp. | 24,378,368 | |||||
90,000 | Bank of New York Mellon Corp. (The) | 4,991,400 | |||||
1,045,350 | Citigroup, Inc. | 58,717,309 | |||||
224,900 | CME Group, Inc. - Class A | 46,293,416 | |||||
366,940 | Discover Financial Services | 38,719,509 | |||||
9,790 | Evercore, Inc. - Class A | 1,681,237 | |||||
70,900 | Fidelity National Information Services, Inc. | 4,414,234 | |||||
344,200 | JPMorgan Chase & Co. | 60,014,712 | |||||
240,000 | KeyCorp | 3,487,200 | |||||
589,000 | Northern Trust Corp. | 46,907,960 | |||||
97,000 | PayPal Holdings, Inc. (a) | 5,950,950 | |||||
70,900 | Progressive Corp. (The) | 12,637,925 | |||||
803,175 | Raymond James Financial, Inc. | 88,493,822 | |||||
125,100 | Visa, Inc. - Class A | 34,184,826 | |||||
2,719,458 | Wells Fargo & Co. | 136,462,402 | |||||
21,440 | WEX, Inc. (a) | 4,382,122 | |||||
571,717,392 | |||||||
Health Care - 28.1% | |||||||
68,000 | Abbott Laboratories | 7,694,200 | |||||
360,600 | Agilent Technologies, Inc. | 46,914,060 | |||||
46,400 | Alcon, Inc. | 3,485,104 | |||||
575,900 | Amgen, Inc. | 180,982,334 | |||||
3,323,110 | AstraZeneca PLC - ADR | 221,452,051 | |||||
590,300 | Biogen, Inc. (a) | 145,603,398 | |||||
347,500 | Boston Scientific Corp. (a) | 21,982,850 | |||||
1,499,140 | Bristol-Myers Squibb Co. | 73,262,972 | |||||
179,530 | CVS Health Corp. | 13,351,646 | |||||
3,369,341 | Elanco Animal Health, Inc. (a) | 49,664,086 | |||||
872,103 | Eli Lilly & Co. | 563,038,418 | |||||
729,880 | GSK PLC - ADR | 28,786,467 | |||||
392,230 | LivaNova PLC (a) | 19,093,756 | |||||
31,700 | Medtronic PLC | 2,775,018 | |||||
64,100 | Merck & Co., Inc. | 7,741,998 | |||||
368,600 | Novartis AG - ADR | 38,139,042 | |||||
163,800 | Revvity, Inc. | 17,556,084 | |||||
76,411 | Roche Holding AG - CHF | 21,755,461 | |||||
83,700 | Sanofi - ADR | 4,176,630 | |||||
127,000 | Siemens Healthineers AG - EUR | 7,067,676 | |||||
20,800 | Stryker Corp. | 6,977,984 | |||||
114,060 | Thermo Fisher Scientific, Inc. | 61,476,059 | |||||
5,680 | Waters Corp. (a) | 1,804,593 | |||||
335,000 | Zimmer Biomet Holdings, Inc. | 42,076,000 | |||||
1,586,857,887 | |||||||
Industrials - 19.7% | |||||||
2,171,350 | AECOM | 191,491,356 | |||||
267,659 | Airbus SE - EUR | 42,634,127 | |||||
54,050 | Alaska Air Group, Inc. (a) | 1,936,611 | |||||
2,231,550 | American Airlines Group, Inc. (a) | 31,754,957 | |||||
15,700 | AMETEK, Inc. | 2,544,185 | |||||
275,662 | Carrier Global Corp. | 15,081,468 | |||||
101,023 | Caterpillar, Inc. | 30,338,217 | |||||
280,700 | CSX Corp. | 10,020,990 | |||||
217,540 | Curtiss-Wright Corp. | 48,417,878 | |||||
918,450 | Delta Air Lines, Inc. | 35,948,133 | |||||
600,985 | FedEx Corp. | 145,011,671 | |||||
71,200 | General Dynamics Corp. | 18,867,288 |
68,200 | GXO Logistics, Inc. (a) | 3,708,716 | |||||
473,920 | Jacobs Solutions, Inc. | 63,870,198 | |||||
276,000 | JELD-WEN Holding, Inc. (a) | 5,133,600 | |||||
311,400 | Kirby Corp. (a) | 24,494,724 | |||||
36,000 | Knight-Swift Transportation Holdings, Inc. | 2,065,680 | |||||
23,300 | L3Harris Technologies, Inc. | 4,856,186 | |||||
146,200 | Matson, Inc. | 16,378,786 | |||||
84,400 | Moog, Inc. - Class A | 11,799,120 | |||||
770,347 | Nextracker, Inc. - Class A (a) | 34,873,609 | |||||
71,700 | Norfolk Southern Corp. | 16,866,708 | |||||
31,081 | Otis Worldwide Corp. | 2,748,804 | |||||
17,390 | Rockwell Automation, Inc. | 4,404,539 | |||||
10,362 | RTX Corp. | 944,185 | |||||
316,100 | RXO, Inc. (a) | 6,574,880 | |||||
14,700 | Saia, Inc. (a) | 6,623,526 | |||||
861,957 | Siemens AG - EUR | 154,310,251 | |||||
2,309,650 | Southwest Airlines Co. | 69,035,439 | |||||
30,400 | Union Pacific Corp. | 7,415,472 | |||||
1,292,540 | United Airlines Holdings, Inc. (a) | 53,485,305 | |||||
198,600 | United Parcel Service, Inc. - Class B | 28,181,340 | |||||
192,400 | XPO, Inc. (a) | 16,438,656 | |||||
1,108,256,605 | |||||||
Information Technology - 22.4% | |||||||
98,600 | Adobe, Inc. (a) | 60,913,108 | |||||
181,680 | Analog Devices, Inc. | 34,947,965 | |||||
458,450 | Applied Materials, Inc. | 75,323,335 | |||||
401,500 | Cisco Systems, Inc. | 20,147,270 | |||||
248,698 | Corning, Inc. | 8,080,198 | |||||
4,836,179 | Flex Ltd. (a) | 114,810,889 | |||||
3,582,600 | Hewlett Packard Enterprise Co. | 54,777,954 | |||||
1,118,600 | HP, Inc. | 32,115,006 | |||||
4,124,010 | Intel Corp. | 177,662,351 | |||||
45,000 | Jabil, Inc. | 5,638,050 | |||||
121,550 | Keysight Technologies, Inc. (a) | 18,628,753 | |||||
295,820 | KLA Corp. | 175,728,913 | |||||
4,572,830 | L.M. Ericsson Telephone Co. - ADR | 25,196,293 | |||||
449,500 | Microsoft Corp. | 178,712,210 | |||||
682,310 | NetApp, Inc. | 59,497,432 | |||||
12,800 | NVIDIA Corp. | 7,875,456 | |||||
800,400 | Oracle Corp. | 89,404,680 | |||||
238,427 | QUALCOMM, Inc. | 35,408,794 | |||||
85,500 | Seagate Technology Holdings PLC | 7,325,640 | |||||
141,300 | Teradyne, Inc. | 13,648,167 | |||||
405,900 | Texas Instruments, Inc. | 64,992,708 | |||||
1,260,835,172 | |||||||
Materials - 1.8% | |||||||
255,410 | Albemarle Corp. | 29,305,744 | |||||
149,200 | Corteva, Inc. | 6,785,616 | |||||
127,600 | Dow, Inc. | 6,839,360 | |||||
152,800 | DuPont de Nemours, Inc. | 9,443,040 | |||||
510,900 | Freeport-McMoRan, Inc. | 20,277,621 | |||||
4,609,278 | Glencore PLC - GBP | 24,387,466 | |||||
325,200 | Tronox Holdings PLC | 4,484,508 | |||||
101,523,355 |
TOTAL COMMON STOCKS | |||||||
(Cost $2,597,728,513) | $ | 5,558,116,183 | |||||
Shares | Value | ||||||
SHORT-TERM INVESTMENTS - 1.5% | |||||||
86,274,241 | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares - 5.22% (b) | $ | 86,274,241 | ||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $86,274,241) | 86,274,241 | ||||||
TOTAL INVESTMENTS IN SECURITIES | |||||||
(Cost $2,684,002,754) - 100.1% | 5,644,390,424 | ||||||
Liabilities in Excess of Other Assets - (0.1)% | (4,192,532 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 5,640,197,892 | |||||
ADR | American Depository Receipt | ||||||
CHF | Swiss Francs | ||||||
EUR | Euros | ||||||
GBP | British Pound Sterling | ||||||
JPY | Japanese Yen | ||||||
(a) | Non-Income Producing | ||||||
(b) | 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 | ||||||||||||
Stock Fund | Common Stocks(1) | $ | 5,291,199,927 | $ | 266,916,256 | $ | - | $ | 5,558,116,183 | ||||||||
Short-Term Investments | 86,274,241 | - | - | 86,274,241 | |||||||||||||
Total Investments in Securities | $ | 5,377,474,168 | $ | 266,916,256 | $ | - | $ | 5,644,390,424 | |||||||||
(1) Refer to the Fund's Schedule of Investments for the breakdown of major categories. |