Table of Contents
As filed with the Securities and Exchange Commission on June 29, 2015
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21597
PRIMECAP Odyssey Funds
(Exact name of registrant as specified in charter)
225 South Lake Avenue, Suite 400
Pasadena, CA 91101
(Address of principal executive offices) (Zip code)
Michael J. Ricks
PRIMECAP Management Company
225 South Lake Avenue, Suite 400
Pasadena, CA 91101
(Name and address of agent for service)
(626) 304-9222
Registrant’s telephone number, including area code
Date of fiscal year end: October 31
Date of reporting period: April 30, 2015
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Item 1. | Reports to Stockholders. |
Table of Contents
Item 1. Reports to Stockholders.
SEMIANNUAL REPORT
For the Six Months Ended April 30, 2015
PRIMECAP ODYSSEY STOCK (POSKX)
PRIMECAP ODYSSEY GROWTH (POGRX)
PRIMECAP ODYSSEY AGGRESSIVE GROWTH (POAGX)
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PRIMECAP Odyssey Funds |
Dear Fellow Shareholders,
For the six months ended April 30, 2015, the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund produced total returns of +5.90%, +5.14%, and +9.18%, respectively, in each case ahead of the +4.40% total return of the unmanaged S&P 500.
The U.S. economy continued to expand during the period, though at a decelerating rate. After growing by 4.6% and 5.0% in the second and third quarters of 2014, respectively, real GDP growth slowed to 2.2% in the fourth quarter of 2014 and 0.2% in the first quarter of 2015. The labor market continued to improve, with the unemployment rate declining to 5.4% at the end of April, the lowest level since May 2008. Lower energy prices resulted in consumer price declines for three months beginning in November 2014. While consumer prices rebounded in February and March, they remained slightly lower on a year-over-year basis. Excluding food and energy, inflation remained subdued.
After declining precipitously from nearly $100 per barrel in July 2014 to $50 in January 2015, crude oil prices partially rebounded to $60 in April. According to the U.S. Energy Information Agency, domestic oil production began to stabilize at approximately 9.2 million barrels per day in early 2015, the highest level since 1973. The number of active U.S. oil drilling rigs declined by over 50% during the period in response to lower oil prices.
The Federal Reserve continued to tighten U.S. monetary policy by concluding its monthly bond purchases in October, though the central bank is expected to maintain very low short-term interest rates for a considerable time. In other major economies, notably the Eurozone and China, central banks loosened monetary policy, with the European Central Bank introducing its first quantitative easing program. The U.S. dollar strengthened significantly relative to the Euro and other major currencies during the period.
The S&P 500 continued to appreciate and reached an all-time high towards the end of the period. Stocks with higher price-to-earnings ratios and higher forecasted growth rates outperformed stocks with lower price-to-earnings ratios and lower forecasted growth rates. The energy sector was the worst-performing sector during the period, driven by lower oil prices, while the consumer discretionary sector was the best-performing sector.
Each of the PRIMECAP Odyssey Funds continues to be overweight in the health care and information technology sectors, and underweight in the financials, consumer staples, energy, materials, utilities, and telecommunication services sectors.
A more detailed discussion of the results of each PRIMECAP Odyssey Fund follows.
PRIMECAP Odyssey Stock Fund
From November 1, 2014 to April 30, 2015, the Stock Fund’s total return of +5.90% exceeded the S&P 500’s total return of +4.40%.
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Letter to Shareholders
PRIMECAP Odyssey Funds
continued
Favorable stock selection in the consumer discretionary, industrials, and financials sectors was partially offset by unfavorable stock selection in the health care, information technology, and energy sectors. Sector allocations had a net positive impact on the fund’s relative results, led by an underweight position in energy, the worst-performing sector for the period, overweight positions in health care and information technology, and underweight positions in utilities and financials.
In the consumer discretionary sector, the fund’s outperformance was primarily attributable to Sony (+53%), L Brands (+28%), Ross Stores (+23%), and Ascena Retail Group (+20%), while in the industrials sector, outperformance was driven by Southwest Airlines (+18%) and Airbus (+16%). CME Group (+12%) was the most important contributor in the financials sector. These positives were partially offset by unfavorable selection in health care, where two of the fund’s largest holdings, Amgen (-2%) and Roche (+1%), underperformed, as well as unfavorable selection in energy, notably Transocean (-32%). In information technology, significant gains in several stocks, including Analog Devices (+26%), Altera (+23%), Cisco Systems (+20%), and Texas Instruments (+11%), were offset by losses in NetApp (-15%), Hewlett-Packard (-7%), and Ericsson (-6%). Not owning Apple (+17%) was the single biggest detractor from the fund’s results in the information technology sector.
The top 10 holdings, which collectively represented 25.0% of the portfolio at the period end, are listed below:
PRIMECAP Odyssey Stock Fund Top 10 Holdings as of 4/30/15 | Ending % of Total Portfolio* | |||
Eli Lilly & Co. | 3.8 | |||
Roche Holding AG | 2.9 | |||
Amgen Inc. | 2.8 | |||
Carnival Corp. | 2.5 | |||
eBay Inc. | 2.3 | |||
Charles Schwab Corp. | 2.3 | |||
Airbus Group NV | 2.2 | |||
Sony Corp. Sponsored ADR | 2.2 | |||
L Brands, Inc. | 2.0 | |||
Southwest Airlines Co. | 2.0 | |||
Total % of Portfolio | 25.0 | % |
* | The percentage is calculated by using the ending market value of the security divided by the ending market value of the total investments of the Fund. |
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Letter to Shareholders
PRIMECAP Odyssey Funds
continued
PRIMECAP Odyssey Growth Fund
From November 1, 2014 to April 30, 2015, the Growth Fund’s total return was +5.14%, ahead of the S&P 500’s total return of +4.40%, but below the Russell 1000 Growth Index’s total return of +6.54%.
Unfavorable stock selection in the information technology, health care, and energy sectors detracted from the fund’s results and was only partially offset by favorable stock selection in the consumer discretionary, industrials, and financials sectors. Sector allocations, including underweight positions in energy, financials, and utilities, as well as overweight positions in health care and information technology, added to the fund’s relative returns. In information technology, losses in Stratasys (-69%), SanDisk (-28%), and NetApp (-15%) were only partially offset by gains in Ellie Mae (+43%) and Electronic Arts (+42%). Not owning Apple (+17%) also had a significant negative impact on the fund’s relative results. In health care, Nektar Therapeutics (-31%), Insulet (-31%), and Seattle Genetics (-6%) detracted from the fund’s performance, while ABIOMED (+93%) and Biogen (+16%) were the most significant positive contributors. Losses in Transocean (-32%) led to underperformance in the energy sector. These negatives were partially offset by strong performance in consumer discretionary, where Sony (+53%), L Brands (+28%), Norwegian Cruise Line (+24%), and CarMax (+22%) had the largest positive impact. Outperformance in industrials was largely driven by the fund’s airline holdings, including JetBlue Airways (+78%), Southwest Airlines (+18%), American Airlines Group (+17%), and United Continental Holdings (+13%). E*TRADE Financial (+29%) was the largest positive contributor in the financials sector.
The top 10 holdings, which collectively represented 26.9% of the portfolio at the period end, are listed below:
PRIMECAP Odyssey Growth Fund Top 10 Holdings as of 4/30/15 | Ending % of Total Portfolio* | |||
Amgen Inc. | 3.6 | |||
Eli Lilly & Co. | 3.6 | |||
Roche Holding AG | 3.0 | |||
Seattle Genetics, Inc. | 2.9 | |||
Biogen Inc. | 2.9 | |||
L Brands, Inc. | 2.5 | |||
Google Inc. | 2.2 | |||
ABIOMED, Inc. | 2.1 | |||
Microsoft Corp. | 2.1 | |||
Adobe Systems Inc. | 2.0 | |||
Total % of Portfolio | 26.9 | % |
* | The percentage is calculated by using the ending market value of the security divided by the ending market value of the total investments of the Fund. |
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Letter to Shareholders
PRIMECAP Odyssey Funds
continued
PRIMECAP Odyssey Aggressive Growth Fund
From November 1, 2014 to April 30, 2015, the Aggressive Growth Fund’s total return of +9.18% exceeded the S&P 500’s total return of +4.40% and the Russell Midcap Growth Index’s total return of +7.77%.
Stock selection contributed nearly twice as much as sector allocations to the fund’s outperformance relative to the S&P 500. Strong stock selection in health care, industrials, and financials was partially offset by unfavorable stock selection in information technology and energy. In health care, gains in Pharmacyclics (+96%), Dyax (+93%), and ABIOMED (+93%) were partially offset by losses in Epizyme (-39%) and Nektar Therapeutics (-31%). In industrials, the fund’s airline holdings, including JetBlue Airways (+78%), Alaska Air Group (+21%), American Airlines Group (+17%), United Continental Holdings (+13%), and Delta Air Lines (+11%), accounted for most of the fund’s outperformance. Polypore International (+33%) also made a significant positive contribution to the fund’s relative results in the industrials sector, while MarketAxess Holdings (+33%) favorably impacted the fund’s relative results in the financials sector. These positives were offset by unfavorable stock selection in information technology, where losses in Stratasys (-69%), FARO Technologies (-29%), SanDisk (-28%), and Micron (-15%) were only partially offset by gains in Ellie Mae (+43%) and comScore (+24%). Not owning Apple (+17%) also had a significant negative impact on the fund’s relative results. Solazyme (-50%) and Transocean (-32%) were the biggest detractors from the fund’s relative returns in the energy sector. The fund also benefited from sector allocations due to its underweight positions in energy, financials, and utilities, as well as its overweight positions in health care, information technology, and consumer discretionary.
The top 10 holdings, which collectively represented 28.7% of the portfolio at the period end, are listed below:
PRIMECAP Odyssey Aggressive Growth Fund Top 10 Holdings as of 4/30/15 | Ending % of Total Portfolio* | |||
Pharmacyclics, Inc. | 4.5 | |||
Sony Corp. Sponsored ADR | 3.3 | |||
Polypore International, Inc. | 3.0 | |||
United Continental Holdings, Inc. | 2.8 | |||
Blackberry Ltd. | 2.8 | |||
Dyax Corp. | 2.7 | |||
comScore, Inc. | 2.7 | |||
ABIOMED, Inc. | 2.4 | |||
American Airlines Group, Inc. | 2.3 | |||
Ellie Mae, Inc. | 2.2 | |||
Total % of Portfolio | 28.7 | % |
* | The percentage is calculated by using the ending market value of the security divided by the ending market value of the total investments of the Fund. |
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Letter to Shareholders
PRIMECAP Odyssey Funds
continued
Outlook for U.S. equities
Looking ahead, we are less constructive on the outlook for U.S. equities than we have been in recent years, though we continue to believe that many individual stocks are attractively valued and that stocks represent a more attractive investment than bonds at current prices. As of April 30, 2015, the S&P 500 was trading for approximately 17.4x 2015 consensus estimated earnings per share of $120, a higher level than the average over the past 15 years. S&P 500 consensus estimates have been reduced since the end of last year, primarily due to extensive downward revisions in the energy and materials sectors. Sales and earnings per share for the energy sector are now expected to decline by 32% and 56%, respectively, in 2015. Largely as a result of these declines, overall sales for the S&P 500 in 2015 are expected to decline by 2%, while earnings per share are expected to increase by 2%. S&P 500 consensus estimates assume a sharp rebound in 2016, with both sales and earnings per share expected to grow at the fastest rates since 2011.
Portfolio update and outlook
The funds remain significantly overweight in health care. We remain confident in the fundamental long-term outlook for the health care industry. Increasing worldwide demand for health care products will be driven by demographic trends as well as the industry’s ability to develop new and more effective therapies for a wide range of diseases and health conditions. For example, Biogen recently reported positive data in an early-stage trial studying its drug for Alzheimer’s disease. These data rekindled both researcher and investor enthusiasm in the potential of this class of drug to treat Alzheimer’s. Eli Lilly has a similar, promising drug in late-stage clinical trials. Another area of tremendous progress is the treatment of hepatitis C virus (HCV) liver infection. Five years ago, the standard treatment for this deadly disease consisted of a year-long regimen including hard-to-tolerate weekly injections; the resulting cure rate was in the 50% range. Recently, Gilead and Abbvie received FDA approval for their all-oral HCV therapies, which achieved cure rates of >90% in as few as 8 to 12 weeks of treatment, and further improvements are on the horizon.
While our long-term outlook for health care is positive, it is tempered by increasing concerns related to reimbursement and pricing for approved drugs and biologics. Payors recently have been able to extract higher-than-expected pricing concessions from Abbvie and Gilead as they competed for share with their new HCV drugs. This has resulted in investor concern that pricing pressure may similarly make its way into other therapeutic areas, such as diabetes, rheumatoid arthritis, and multiple sclerosis. Ultimately, we feel that high-value therapies that are unique in the market and substantially improve patient outcomes will continue to garner favorable pricing from reimbursement authorities. As we think ahead to our stock positioning in health care, we will focus to an even greater extent on the more innovative bio/pharma companies with differentiated pipelines. Given the uncertain pricing outlook, we feel that it may be harder for the large biotech and pharmaceutical groups to continue their relative outperformance. Increasingly, we are seeing more attractive opportunities in other health care areas, such as life science research tools and diagnostics.
The funds also have significant investments in the airline industry, which we believe to be an attractive area for equity investment in spite of the group’s recent outperformance. The industry has consolidated significantly over the past decade, and today the four largest airlines comprise roughly 85%
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Letter to Shareholders
PRIMECAP Odyssey Funds
continued
of industry capacity. Capacity has been reduced by 9% since 2007, and utilization is at historically high levels, which has provided the airlines with the opportunity to raise ticket prices. Furthermore, the industry has established new, high-margin ancillary revenue streams, which are becoming meaningful drivers of profitability. Finally, the recent drop in crude oil prices represents a tailwind to the airlines as jet fuel represents roughly 25% of an airline’s costs, on average.
In conclusion, we remain committed to our investment philosophy, which is to invest in attractively priced individual stocks for the long term. This “bottom-up” approach often results in portfolios that bear little resemblance to market indices; therefore, our results often deviate substantially from such indices. Furthermore, our long-term investment horizon results in low portfolio turnover, which creates the possibility for extended periods of underperformance when the stocks in our portfolio fall out of favor. We nonetheless believe that this approach can generate superior results for investors over the long term.
Sincerely,
PRIMECAP Management Company
May 15, 2015
Past performance is not a guarantee of future results.
The funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. All funds may invest in foreign securities, which involves: 1) greater volatility; 2) political, economic, and currency risks; and 3) differences in accounting methods. Mutual fund investing involves risk, and loss of principal is possible. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.
Please refer to the Schedule of Investments for details of fund holdings. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
The S&P 500 is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. The Russell 1000 Growth Index is an index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values (the Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe). The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.
Price-to-earnings ratio is calculated by dividing the current share price of a stock by its earnings per share.
Earnings per share is calculated by taking the total earnings divided by the number of shares outstanding.
Earnings growth is not a prediction of a fund’s future performance.
The information provided herein represents the opinions of PRIMECAP Management Company and is not intended to be a forecast of future events, a guarantee of future results, or investment advice.
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The following chart compares the value of a hypothetical $10,000 investment in the PRIMECAP Odyssey Stock Fund from November 1, 2004 (inception) to April 30, 2015, compared to the S&P 500. This chart illustrates the performance of a hypothetical $10,000 investment made on the fund’s inception date and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
Total Return Period Ended April 30, 2015 | ||||||||||||||||
1 Year | Annualized 5 Year | Annualized 10 Year | Annualized Since Inception^ | |||||||||||||
Stock Fund | 14.75% | 14.08% | 10.02% | 10.03% | ||||||||||||
S&P 500* | 12.98% | 14.33% | 8.32% | 8.24% |
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-729-2307.
* | The S&P 500 is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. |
^ | November 1, 2004 |
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Performance Graphs |
The following chart compares the value of a hypothetical $10,000 investment in the PRIMECAP Odyssey Growth Fund from November 1, 2004 (inception) to April 30, 2015, compared to the S&P 500. This chart illustrates the performance of a hypothetical $10,000 investment made on the fund’s inception date and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
Total Return Period Ended April 30, 2015 | ||||||||||||||||
1 Year | Annualized 5 Year | Annualized 10 Year | Annualized Since Inception^ | |||||||||||||
Growth Fund | 16.21% | 14.41% | 10.82% | 10.75% | ||||||||||||
S&P 500* | 12.98% | 14.33% | 8.32% | 8.24% |
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-729-2307.
* | The S&P 500 is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. |
^ | November 1, 2004 |
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Performance Graphs |
The following chart compares the value of a hypothetical $10,000 investment in the PRIMECAP Odyssey Aggressive Growth Fund from November 1, 2004 (inception) to April 30, 2015, compared to the S&P 500. This chart illustrates the performance of a hypothetical $10,000 investment made on the fund’s inception date and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
Total Return Period Ended April 30, 2015 | ||||||||||||||||
1 Year | Annualized 5 Year | Annualized 10 Year | Annualized Since Inception^ | |||||||||||||
Aggressive Growth Fund | 22.87% | 19.64% | 14.90% | 14.03% | ||||||||||||
S&P 500* | 12.98% | 14.33% | 8.32% | 8.24% |
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-729-2307.
* | The S&P 500 is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. |
^ | November 1, 2004 |
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PRIMECAP Odyssey Funds |
PRIMECAP Odyssey Stock Fund
Consumer Discretionary | 13.9% | |||
Consumer Staples | 1.1% | |||
Energy | 1.5% | |||
Financials | 10.8% | |||
Health Care | 22.7% | |||
Industrials | 11.4% | |||
Information Technology | 27.8% | |||
Materials | 2.4% | |||
Utilities | 0.3% | |||
Short-Term Investments, net of Other Liabilities | 8.1% | |||
Total | 100.0% |
PRIMECAP Odyssey Growth Fund
Consumer Discretionary | 13.0% | |||
Consumer Staples | 0.5% | |||
Energy | 1.1% | |||
Financials | 5.3% | |||
Health Care | 32.9% | |||
Industrials | 9.7% | |||
Information Technology | 28.4% | |||
Materials | 1.0% | |||
Short-Term Investments, net of Other Liabilities | 8.1% | |||
Total | 100.0% |
The tables above list sector allocations as a percentage of each fund’s total net assets as of April 30, 2015. The management report may make reference to average allocations during the period. As a result, the sector allocations above may differ from those discussed in the management report.
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Sector Breakdown
PRIMECAP Odyssey Funds
continued
PRIMECAP Odyssey Aggressive Growth Fund
Consumer Discretionary | 15.7% | |||
Consumer Staples | 0.5% | |||
Energy | 1.4% | |||
Financials | 2.4% | |||
Health Care | 32.8% | |||
Industrials | 16.6% | |||
Information Technology | 27.8% | |||
Materials | 0.6% | |||
Telecommunication Services | 1.2% | |||
Short-Term Investments, net of Other Liabilities | 1.0% | |||
Total | 100.0% |
The table above lists sector allocations as a percentage of the fund’s total net assets as of April 30, 2015. The management report may make reference to average allocations during the period. As a result, the sector allocations above may differ from those discussed in the management report.
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April 30, 2015 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS – 91.9% | ||||||||
Consumer Discretionary – 13.9% | ||||||||
4,100,000 | Ascena Retail Group, Inc. (a) | $ | 61,459,000 | |||||
73,200 | Bed Bath & Beyond, Inc. (a) | 5,157,672 | ||||||
246,600 | CarMax, Inc. (a) | 16,795,926 | ||||||
2,524,600 | Carnival Corp. | 111,006,662 | ||||||
54,900 | DIRECTV (a) | 4,979,705 | ||||||
1,009,137 | L Brands, Inc. | 90,176,482 | ||||||
60,000 | Newell Rubbermaid, Inc. | 2,287,800 | ||||||
661,000 | Ross Stores, Inc. | 65,359,680 | ||||||
70,000 | Royal Caribbean Cruises Ltd. | 4,764,200 | ||||||
3,150,000 | Sony Corp. – ADR | 95,224,500 | ||||||
193,400 | TJX Cos., Inc. | 12,482,036 | ||||||
1,000,300 | Tribune Media Co. – Class A | 56,086,821 | ||||||
1,816,600 | Tribune Publishing Co. (b) | 31,917,662 | ||||||
624,806 | Urban Outfitters, Inc. (a) | 25,017,232 | ||||||
225,000 | Walt Disney Co. (The) | 24,462,000 | ||||||
22,100 | Whirlpool Corp. | 3,880,760 | ||||||
|
| |||||||
611,058,138 | ||||||||
|
| |||||||
Consumer Staples – 1.1% | ||||||||
166,000 | CVS Health Corp. | 16,482,140 | ||||||
70,000 | Kellogg Co. | 4,433,100 | ||||||
150,000 | PepsiCo, Inc. | 14,268,000 | ||||||
315,000 | Tyson Foods, Inc. – Class A | 12,442,500 | ||||||
|
| |||||||
47,625,740 | ||||||||
|
| |||||||
Energy – 1.5% | ||||||||
235,000 | Cameron International Corp. (a) | 12,882,700 | ||||||
30,000 | EOG Resources, Inc. | 2,968,500 | ||||||
95,000 | Exxon Mobil Corp. | 8,300,150 | ||||||
45,000 | National Oilwell Varco, Inc. | 2,448,450 | ||||||
60,000 | Range Resources Corp. | 3,813,600 | ||||||
141,534 | Schlumberger Ltd. | 13,390,532 | ||||||
100,500 | Southwestern Energy Co. (a) | 2,817,015 | ||||||
1,072,000 | Transocean Ltd. | 20,175,040 | ||||||
|
| |||||||
66,795,987 | ||||||||
|
| |||||||
Financials – 10.8% | ||||||||
75,000 | American Express Co. | 5,808,750 | ||||||
3,309,900 | Charles Schwab Corp. (The) | 100,951,950 | ||||||
70,000 | Chubb Corp. (The) | 6,884,500 | ||||||
701,100 | CME Group, Inc. | 63,737,001 |
The accompanying notes are an integral part of these financial statements.
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Schedule of Investments
PRIMECAP Odyssey Stock Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Financials (continued) | ||||||||
257,000 | Comerica, Inc. | $ | 12,184,370 | |||||
337,200 | Discover Financial Services | 19,547,484 | ||||||
1,322,900 | JPMorgan Chase & Co. | 83,686,654 | ||||||
684,950 | Marsh & McLennan Cos., Inc. | 38,466,792 | ||||||
281,600 | Mercury General Corp. | 15,471,104 | ||||||
1,153,600 | Progressive Corp. (The) | 30,754,976 | ||||||
1,493,908 | Wells Fargo & Co. | 82,314,331 | ||||||
348,200 | Willis Group Holdings PLC | 16,932,966 | ||||||
|
| |||||||
476,740,878 | ||||||||
|
| |||||||
Health Care – 22.7% | ||||||||
1,020,900 | Abbott Laboratories | 47,390,178 | ||||||
600,200 | AbbVie, Inc. | 38,808,932 | ||||||
75,000 | Affymetrix, Inc. (a) | 909,750 | ||||||
1,257,000 | Agilent Technologies, Inc. | 52,002,090 | ||||||
783,500 | Amgen, Inc. | 123,722,485 | ||||||
144,600 | Biogen, Inc. (a) | 54,070,278 | ||||||
117,900 | Boston Scientific Corp. (a) | 2,100,978 | ||||||
2,311,400 | Eli Lilly & Co. | 166,120,318 | ||||||
266,735 | GlaxoSmithKline PLC – ADR | 12,309,820 | ||||||
828,400 | Johnson & Johnson | 82,177,280 | ||||||
569,600 | Medtronic PLC | 42,406,720 | ||||||
1,210,000 | Merck & Co., Inc. | 72,067,600 | ||||||
518,350 | Novartis AG – ADR | 52,768,030 | ||||||
1,008,391 | PerkinElmer, Inc. | 51,690,123 | ||||||
435,044 | Roche Holding AG – CHF | 125,623,939 | ||||||
480,000 | Sanofi – ADR | 24,264,000 | ||||||
392,000 | Thermo Fisher Scientific, Inc. | 49,266,560 | ||||||
|
| |||||||
997,699,081 | ||||||||
|
| |||||||
Industrials – 11.4% | ||||||||
1,388,500 | Airbus Group N.V. – EUR | 96,662,886 | ||||||
95,200 | Alaska Air Group, Inc. | 6,098,512 | ||||||
186,800 | Boeing Co. (The) | 26,775,912 | ||||||
154,000 | C.H. Robinson Worldwide, Inc. | 9,916,060 | ||||||
156,000 | Caterpillar, Inc. | 13,553,280 | ||||||
245,000 | CSX Corp. | 8,842,050 | ||||||
365,000 | Curtiss-Wright Corp. | 26,666,900 | ||||||
411,619 | Deere & Co. | 37,259,752 | ||||||
201,900 | FedEx Corp. | 34,236,183 | ||||||
266,550 | Honeywell International, Inc. | 26,900,226 |
The accompanying notes are an integral part of these financial statements.
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Table of Contents
Schedule of Investments
PRIMECAP Odyssey Stock Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Industrials (continued) | ||||||||
302,800 | Jacobs Engineering Group, Inc. (a) | $ | 12,978,008 | |||||
199,761 | Matson, Inc. | 8,090,321 | ||||||
232,000 | Norfolk Southern Corp. | 23,397,200 | ||||||
190,000 | Pentair PLC | 11,808,500 | ||||||
100,000 | Republic Services, Inc. | 4,063,000 | ||||||
644,700 | Ritchie Bros. Auctioneers, Inc. | 16,304,463 | ||||||
97,000 | Rockwell Automation, Inc. | 11,504,200 | ||||||
157,600 | Safran S.A. – EUR | 11,546,727 | ||||||
2,209,200 | Southwest Airlines Co. | 89,605,152 | ||||||
181,700 | United Parcel Service, Inc. – Class B | 18,266,301 | ||||||
56,000 | United Technologies Corp. | 6,370,000 | ||||||
|
| |||||||
500,845,633 | ||||||||
|
| |||||||
Information Technology – 27.8% | ||||||||
1,040,000 | Activision Blizzard, Inc. | 23,727,600 | ||||||
509,600 | Adobe Systems, Inc. (a) | 38,760,176 | ||||||
1,110,830 | Altera Corp. | 46,299,394 | ||||||
611,800 | Analog Devices, Inc. | 37,833,712 | ||||||
955,000 | Applied Materials, Inc. | 18,899,450 | ||||||
440,000 | Broadcom Corp. – Class A | 19,450,200 | ||||||
2,556,600 | Cisco Systems, Inc. | 73,706,778 | ||||||
750,000 | Corning, Inc. | 15,697,500 | ||||||
485,000 | Diebold, Inc. | 16,863,450 | ||||||
1,750,000 | eBay, Inc. (a) | 101,955,000 | ||||||
638,700 | EMC Corp. | 17,187,417 | ||||||
21,900 | Google, Inc. – Class A (a) | 12,018,063 | ||||||
27,977 | Google, Inc. – Class C (a) | 15,032,946 | ||||||
1,871,200 | Hewlett-Packard Co. | 61,693,464 | ||||||
1,449,600 | Intel Corp. | 47,184,480 | ||||||
39,100 | Intuit, Inc. | 3,922,903 | ||||||
2,006,800 | Keysight Technologies, Inc. (a) | 67,147,528 | ||||||
726,500 | KLA-Tencor Corp. | 42,718,200 | ||||||
6,577,900 | L.M. Ericsson Telephone Co. – ADR | 71,830,668 | ||||||
49,000 | MasterCard, Inc. – Class A | 4,420,290 | ||||||
1,823,100 | Microsoft Corp. | 88,675,584 | ||||||
2,258,400 | NetApp, Inc. | 81,867,000 | ||||||
1,534,924 | NeuStar, Inc. – Class A (a) | 46,047,720 | ||||||
545,000 | NVIDIA Corp. | 12,096,275 | ||||||
775,905 | QUALCOMM, Inc. | 52,761,540 | ||||||
429,300 | SanDisk Corp. | 28,737,342 |
The accompanying notes are an integral part of these financial statements.
15
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Stock Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Information Technology (continued) | ||||||||
270,000 | Symantec Corp. | $ | 6,729,750 | |||||
1,632,800 | Texas Instruments, Inc. | 88,514,088 | ||||||
200,000 | Thomson Reuters Corp. | 8,212,000 | ||||||
396,400 | Visa, Inc. – Class A | 26,182,220 | ||||||
1,130,000 | Yahoo!, Inc. (a) | 48,098,450 | ||||||
|
| |||||||
1,224,271,188 | ||||||||
|
| |||||||
Materials – 2.4% | ||||||||
340,000 | Celanese Corp. – Series A | 22,562,400 | ||||||
429,700 | Dow Chemical Co. (The) | 21,914,700 | ||||||
157,800 | E.I. du Pont de Nemours and Co. | 11,550,960 | ||||||
70,000 | Greif, Inc. – Class A | 2,853,200 | ||||||
31,968 | Greif, Inc. – Class B | 1,528,070 | ||||||
25,000 | LyondellBasell Industries N.V. – Class A | 2,588,000 | ||||||
135,900 | Monsanto Co. | 15,487,164 | ||||||
136,900 | Potash Corp. of Saskatchewan, Inc. | 4,468,416 | ||||||
481,200 | Schweitzer-Mauduit International, Inc. | 21,273,852 | ||||||
|
| |||||||
104,226,762 | ||||||||
|
| |||||||
Utilities – 0.3% | ||||||||
372,379 | Public Service Enterprise Group, Inc. | 15,468,624 | ||||||
|
| |||||||
| TOTAL COMMON STOCKS | $ | 4,044,732,031 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS – 8.1% | ||||||||
357,473,912 | Dreyfus Treasury Prime Cash Management Fund | 357,473,912 | ||||||
|
| |||||||
| TOTAL SHORT-TERM INVESTMENTS | 357,473,912 | ||||||
|
| |||||||
| TOTAL INVESTMENTS | 4,402,205,943 | ||||||
| Liabilities in Excess of Other Assets – (0.0)% | (734,577 | ) | |||||
|
| |||||||
| TOTAL NET ASSETS – 100.0% | $ | 4,401,471,366 | |||||
|
|
ADR American Depository Receipt
CHF Swiss Francs
EUR Euros
(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. |
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.
The accompanying notes are an integral part of these financial statements.
16
Table of Contents
Schedule of Investments April 30, 2015 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS – 91.9% | ||||||||
Consumer Discretionary – 13.0% | ||||||||
2,145,000 | Ascena Retail Group, Inc. (a) | $ | 32,153,550 | |||||
154,200 | Bed Bath & Beyond, Inc. (a) | 10,864,932 | ||||||
963,215 | CarMax, Inc. (a) | 65,604,574 | ||||||
1,975,746 | Carnival Corp. | 86,873,552 | ||||||
161,800 | DIRECTV (a) | 14,676,069 | ||||||
2,750,000 | DreamWorks Animation SKG, Inc. – Class A (a) | 71,665,000 | ||||||
568,300 | Gildan Activewear, Inc. | 18,020,793 | ||||||
1,577,398 | L Brands, Inc. | 140,956,285 | ||||||
1,674,600 | Norwegian Cruise Line Holdings Ltd. (a) | 81,234,846 | ||||||
68,000 | Ross Stores, Inc. | 6,723,840 | ||||||
185,000 | Royal Caribbean Cruises Ltd. | 12,591,100 | ||||||
4,100 | Shake Shack, Inc. – Class A (a) | 281,875 | ||||||
1,532,700 | Shutterfly, Inc. (a) | 68,603,652 | ||||||
3,695,000 | Sony Corp. – ADR | 111,699,850 | ||||||
126,000 | TJX Cos., Inc. | 8,132,040 | ||||||
308,600 | Urban Outfitters, Inc. (a) | 12,356,344 | ||||||
|
| |||||||
742,438,302 | ||||||||
|
| |||||||
Consumer Staples – 0.5% | ||||||||
1,588,411 | Boulder Brands, Inc. (a) | 15,153,441 | ||||||
152,000 | CVS Health Corp. | 15,092,080 | ||||||
|
| |||||||
30,245,521 | ||||||||
|
| |||||||
Energy – 1.1% | ||||||||
115,000 | EOG Resources, Inc. | 11,379,250 | ||||||
215,000 | Frank's International N.V. | 4,472,000 | ||||||
70,000 | National Oilwell Varco, Inc. | 3,808,700 | ||||||
100,000 | Range Resources Corp. | 6,356,000 | ||||||
104,300 | Schlumberger Ltd. | 9,867,823 | ||||||
215,000 | Southwestern Energy Co. (a) | 6,026,450 | ||||||
1,180,400 | Transocean Ltd. | 22,215,128 | ||||||
|
| |||||||
64,125,351 | ||||||||
|
| |||||||
Financials – 5.3% | ||||||||
3,695,223 | Charles Schwab Corp. (The) | 112,704,301 | ||||||
100,000 | Chubb Corp. (The) | 9,835,000 | ||||||
107,000 | CME Group, Inc. | 9,727,370 | ||||||
202,214 | Discover Financial Services | 11,722,346 | ||||||
2,896,400 | E*TRADE Financial Corp. (a) | 83,387,356 | ||||||
71,000 | JPMorgan Chase & Co. | 4,491,460 | ||||||
540,350 | Marsh & McLennan Cos., Inc. | 30,346,056 |
The accompanying notes are an integral part of these financial statements.
17
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Financials (continued) | ||||||||
408,000 | Progressive Corp. (The) | $ | 10,877,280 | |||||
500,000 | Wells Fargo & Co. | 27,550,000 | ||||||
|
| |||||||
300,641,169 | ||||||||
|
| |||||||
Health Care – 32.9% | ||||||||
852,018 | Abbott Laboratories | 39,550,676 | ||||||
1,934,800 | ABIOMED, Inc. (a) | 122,318,056 | ||||||
3,623,600 | Accuray, Inc. (a) | 29,459,868 | ||||||
950,000 | Affymetrix, Inc. (a) | 11,523,500 | ||||||
294,300 | Agilent Technologies, Inc. | 12,175,191 | ||||||
1,313,800 | Amgen, Inc. | 207,462,158 | ||||||
440,200 | Biogen, Inc. (a) | 164,603,986 | ||||||
370,200 | BioMarin Pharmaceutical, Inc. (a) | 41,480,910 | ||||||
1,058,800 | Boston Scientific Corp. (a) | 18,867,816 | ||||||
995,100 | Cepheid, Inc. (a) | 55,825,110 | ||||||
193,700 | Charles River Laboratories International, Inc. (a) | 13,396,292 | ||||||
30,000 | Dyax Corp. (a) | 717,300 | ||||||
2,836,651 | Eli Lilly & Co. | 203,870,107 | ||||||
2,045,143 | Epizyme, Inc. (a) | 33,356,282 | ||||||
463,400 | Illumina, Inc. (a) | 85,381,450 | ||||||
6,550,854 | ImmunoGen, Inc. (a) (b) | 54,175,563 | ||||||
1,911,180 | Insulet Corp. (a) | 57,048,723 | ||||||
583,537 | Johnson & Johnson | 57,886,870 | ||||||
494,150 | Medtronic PLC | 36,789,468 | ||||||
565,000 | Merck & Co., Inc. | 33,651,400 | ||||||
550,000 | Momenta Pharmaceuticals, Inc. (a) | 9,597,500 | ||||||
5,600,356 | Nektar Therapeutics (a) | 53,315,389 | ||||||
516,750 | Novartis AG – ADR | 52,605,150 | ||||||
220,000 | NuVasive, Inc. (a) | 9,840,600 | ||||||
433,000 | OraSure Technologies, Inc. (a) | 2,727,900 | ||||||
276,300 | PerkinElmer, Inc. | 14,163,138 | ||||||
3,513,716 | QIAGEN N.V. (a) | 83,661,578 | ||||||
586,500 | Roche Holding AG – CHF | 169,358,594 | ||||||
4,926,900 | Seattle Genetics, Inc. (a) | 169,189,746 | ||||||
184,400 | Thermo Fisher Scientific, Inc. | 23,175,392 | ||||||
118,500 | Waters Corp. (a) | 14,835,015 | ||||||
|
| |||||||
1,882,010,728 | ||||||||
|
| |||||||
Industrials – 9.7% | ||||||||
630,300 | AECOM (a) | 19,892,268 | ||||||
737,700 | Airbus Group N.V. – EUR | 51,356,292 |
The accompanying notes are an integral part of these financial statements.
18
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Industrials (continued) | ||||||||
1,544,000 | American Airlines Group, Inc. | $ | 74,552,040 | |||||
176,000 | C.H. Robinson Worldwide, Inc. | 11,332,640 | ||||||
133,600 | Caterpillar, Inc. | 11,607,168 | ||||||
146,000 | CIRCOR International, Inc. | 7,977,440 | ||||||
259,000 | Curtiss-Wright Corp. | 18,922,540 | ||||||
1,150,000 | Delta Air Lines, Inc. | 51,336,000 | ||||||
170,000 | Expeditors International of Washington, Inc. | 7,791,100 | ||||||
40,900 | FedEx Corp. | 6,935,413 | ||||||
177,000 | IDEX Corp. | 13,276,770 | ||||||
741,594 | Jacobs Engineering Group, Inc. (a) | 31,784,719 | ||||||
1,227,550 | JetBlue Airways Corp. (a) | 25,201,601 | ||||||
40,000 | Pall Corp. | 3,892,800 | ||||||
489,000 | Ritchie Bros. Auctioneers, Inc. | 12,366,810 | ||||||
33,100 | Rockwell Automation, Inc. | 3,925,660 | ||||||
2,823,200 | Southwest Airlines Co. | 114,508,992 | ||||||
1,347,100 | United Continental Holdings, Inc. (a) | 80,475,754 | ||||||
86,000 | United Parcel Service, Inc. – Class B | 8,645,580 | ||||||
|
| |||||||
555,781,587 | ||||||||
|
| |||||||
Information Technology – 28.4% | ||||||||
1,533,400 | Adobe Systems, Inc. (a) | 116,630,404 | ||||||
312,900 | Alibaba Group Holding Ltd. – ADR (a) | 25,435,641 | ||||||
1,115,170 | Altera Corp. | 46,480,286 | ||||||
137,000 | Analog Devices, Inc. | 8,472,080 | ||||||
51,700 | Applied Materials, Inc. | 1,023,143 | ||||||
272,517 | ASML Holding N.V. | 29,170,220 | ||||||
9,028,550 | BlackBerry Ltd. (a) | 91,730,068 | ||||||
203,612 | Broadcom Corp. – Class A | 9,000,668 | ||||||
704,000 | Cisco Systems, Inc. | 20,296,320 | ||||||
350,000 | Corning, Inc. | 7,325,500 | ||||||
1,320,100 | Cree, Inc. (a) | 41,820,768 | ||||||
34,300 | eBay, Inc. (a) | 1,998,318 | ||||||
275,000 | Electronic Arts, Inc. (a) | 15,974,750 | ||||||
767,000 | Ellie Mae, Inc. (a) | 42,185,000 | ||||||
1,629,700 | EMC Corp. | 43,855,227 | ||||||
115,500 | F5 Networks, Inc. (a) | 14,093,310 | ||||||
4,308,700 | Flextronics International Ltd. (a) | 49,657,767 | ||||||
658,418 | FormFactor, Inc. (a) | 5,247,591 | ||||||
114,567 | Google, Inc. – Class A (a) | 62,870,933 | ||||||
115,283 | Google, Inc. – Class C (a) | 61,945,975 |
The accompanying notes are an integral part of these financial statements.
19
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Information Technology (continued) | ||||||||
1,589,300 | Hewlett-Packard Co. | $ | 52,399,221 | |||||
1,496,400 | Intel Corp. | 48,707,820 | ||||||
105,000 | Intuit, Inc. | 10,534,650 | ||||||
420,000 | Jabil Circuit, Inc. | 9,458,400 | ||||||
758,150 | Keysight Technologies, Inc. (a) | 25,367,699 | ||||||
420,000 | KLA-Tencor Corp. | 24,696,000 | ||||||
5,765,700 | L.M. Ericsson Telephone Co. – ADR | 62,961,444 | ||||||
725,000 | Micron Technology, Inc. (a) | 20,394,250 | ||||||
2,427,100 | Microsoft Corp. | 118,054,144 | ||||||
2,529,011 | NetApp, Inc. | 91,676,649 | ||||||
1,653,100 | NeuStar, Inc. – Class A (a) | 49,593,000 | ||||||
2,030,000 | Nuance Communications, Inc. (a) | 31,119,900 | ||||||
678,000 | NVIDIA Corp. | 15,048,210 | ||||||
843,250 | QUALCOMM, Inc. | 57,341,000 | ||||||
160,000 | Rambus, Inc. (a) | 2,214,400 | ||||||
1,073,800 | SanDisk Corp. | 71,880,172 | ||||||
275,000 | Stratasys Ltd. (a) | 10,298,750 | ||||||
185,000 | Symantec Corp. | 4,611,125 | ||||||
1,793,895 | Texas Instruments, Inc. | 97,247,048 | ||||||
933,700 | Trimble Navigation Ltd. (a) | 23,743,991 | ||||||
1,120,000 | Visa, Inc. – Class A | 73,976,000 | ||||||
270,100 | VMware, Inc. – Class A (a) | 23,795,810 | ||||||
|
| |||||||
1,620,333,652 | ||||||||
|
| |||||||
Materials – 1.0% | ||||||||
394,500 | Monsanto Co. | 44,957,220 | ||||||
100,000 | Praxair, Inc. | 12,193,000 | ||||||
|
| |||||||
57,150,220 | ||||||||
|
| |||||||
| TOTAL COMMON STOCKS | $ | 5,252,726,530 | |||||
|
|
The accompanying notes are an integral part of these financial statements.
20
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
SHORT-TERM INVESTMENTS – 8.2% | ||||||||
465,687,294 | Dreyfus Treasury Prime Cash Management Fund | $ | 465,687,294 | |||||
|
| |||||||
| TOTAL SHORT-TERM INVESTMENTS | 465,687,294 | ||||||
|
| |||||||
| TOTAL INVESTMENTS | 5,718,413,824 | ||||||
| Liabilities in Excess of Other Assets – (0.1)% | (3,209,335 | ) | |||||
|
| |||||||
| TOTAL NET ASSETS – 100.0% | $ | 5,715,204,489 | |||||
|
|
ADR American Depository Receipt
CHF Swiss Francs
EUR Euros
(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. |
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.
The accompanying notes are an integral part of these financial statements.
21
Table of Contents
Schedule of Investments PRIMECAP Odyssey Aggressive Growth Fund April 30, 2015 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS – 99.0% | ||||||||
Consumer Discretionary – 15.7% | ||||||||
2,248,000 | Ascena Retail Group, Inc. (a) | $ | 33,697,520 | |||||
13,500 | Boot Barn Holdings, Inc. (a) | 335,070 | ||||||
1,283,400 | CarMax, Inc. (a) | 87,412,374 | ||||||
4,798,800 | Chegg, Inc. (a) (b) | 35,655,084 | ||||||
74,700 | DIRECTV (a) | 6,775,663 | ||||||
5,706,700 | DreamWorks Animation SKG, Inc. – Class A (a) (b) | 148,716,602 | ||||||
496,400 | Gildan Activewear, Inc. | 15,740,844 | ||||||
300,000 | Norwegian Cruise Line Holdings Ltd. (a) | 14,553,000 | ||||||
5,460,000 | Quiksilver, Inc. (a) | 9,063,600 | ||||||
1,077,201 | Royal Caribbean Cruises Ltd. | 73,314,300 | ||||||
3,056,100 | Shutterfly, Inc. (a) (b) | 136,791,036 | ||||||
7,399,000 | Sony Corp. – ADR | 223,671,770 | ||||||
263,790 | Tesla Motors, Inc. (a) | 59,629,730 | ||||||
1,799,500 | Tribune Media Co. – Class A | 100,897,965 | ||||||
1,566,151 | Tribune Publishing Co. (b) | 27,517,273 | ||||||
4,369,500 | Tuesday Morning Corp. (a) (b) | 69,125,490 | ||||||
608,900 | Urban Outfitters, Inc. (a) | 24,380,356 | ||||||
|
| |||||||
1,067,277,677 | ||||||||
|
| |||||||
Consumer Staples – 0.5% | ||||||||
3,424,968 | Boulder Brands, Inc. (a) (b) | 32,674,195 | ||||||
12,000 | Post Holdings, Inc. (a) | 563,280 | ||||||
|
| |||||||
33,237,475 | ||||||||
|
| |||||||
Energy – 1.4% | ||||||||
520,400 | Cabot Oil & Gas Corp. | 17,599,928 | ||||||
5,400 | Cameron International Corp. (a) | 296,028 | ||||||
50,000 | EOG Resources, Inc. | 4,947,500 | ||||||
85,800 | National Oilwell Varco, Inc. | 4,668,378 | ||||||
37,000 | Range Resources Corp. | 2,351,720 | ||||||
1,790,000 | Rex Energy Corp. (a) | 8,950,000 | ||||||
7,432,813 | Solazyme, Inc. (a) (b) | 28,616,330 | ||||||
1,428,682 | Transocean Ltd. | 26,887,795 | ||||||
|
| |||||||
94,317,679 | ||||||||
|
| |||||||
Financials – 2.4% | ||||||||
680,000 | CME Group, Inc. | 61,818,800 | ||||||
127,500 | Discover Financial Services | 7,391,175 | ||||||
489,700 | E*TRADE Financial Corp. (a) | 14,098,463 |
The accompanying notes are an integral part of these financial statements.
22
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Aggressive Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Financials (continued) | ||||||||
905,820 | MarketAxess Holdings, Inc. | $ | 77,764,647 | |||||
30,000 | Progressive Corp. (The) | 799,800 | ||||||
|
| |||||||
161,872,885 | ||||||||
|
| |||||||
Health Care – 32.8% | ||||||||
1,839,251 | Abaxis, Inc. (b) | 117,712,064 | ||||||
1,503,300 | Abbott Laboratories | 69,783,186 | ||||||
2,637,173 | ABIOMED, Inc. (a) (b) | 166,722,077 | ||||||
3,666,900 | Accuray, Inc. (a) | 29,811,897 | ||||||
5,007,000 | Affymetrix, Inc. (a) (b) | 60,734,910 | ||||||
6,800 | Avalanche Biotechnologies, Inc. (a) | 216,648 | ||||||
204,100 | Biogen, Inc. (a) | 76,319,113 | ||||||
602,300 | BioMarin Pharmaceutical, Inc. (a) | 67,487,715 | ||||||
99,000 | Boston Scientific Corp. (a) | 1,764,180 | ||||||
5,315,500 | Cardica, Inc. (a) (b) | 2,168,724 | ||||||
999,700 | Cepheid, Inc. (a) | 56,083,170 | ||||||
7,400,000 | Cerus Corp. (a) (b) | 32,856,000 | ||||||
592,000 | Charles River Laboratories International, Inc. (a) | 40,942,720 | ||||||
7,744,720 | Dyax Corp. (a) (b) | 185,176,255 | ||||||
1,100,000 | Eli Lilly & Co. | 79,057,000 | ||||||
3,439,862 | Epizyme, Inc. (a) (b) | 56,104,149 | ||||||
2,035,000 | Exact Sciences Corp. (a) | 42,531,500 | ||||||
103,800 | Flex Pharma, Inc. (a) | 1,735,536 | ||||||
2,797,732 | Fluidigm Corp. (a) (b) | 104,803,041 | ||||||
113,000 | Illumina, Inc. (a) | 20,820,250 | ||||||
3,769,817 | ImmunoGen, Inc. (a) | 31,176,387 | ||||||
1,832,745 | Insulet Corp. (a) | 54,707,438 | ||||||
1,352,200 | KaloBios Pharmaceuticals, Inc. (a) | 673,937 | ||||||
1,778,283 | Momenta Pharmaceuticals, Inc. (a) | 31,031,038 | ||||||
11,643,830 | Nektar Therapeutics (a) (b) | 110,849,262 | ||||||
1,224,082 | Novadaq Technologies, Inc. (a) | 13,232,326 | ||||||
505,000 | NuVasive, Inc. (a) | 22,588,650 | ||||||
144,100 | OncoMed Pharmaceuticals, Inc. (a) | 3,455,518 | ||||||
1,523,900 | OraSure Technologies, Inc. (a) | 9,600,570 | ||||||
2,205,000 | Pfenex, Inc. (a) (b) | 29,436,750 | ||||||
1,197,939 | Pharmacyclics, Inc. (a) | 306,911,972 | ||||||
5,501,614 | QIAGEN N.V. (a) | 130,993,429 | ||||||
426,400 | Roche Holding AG – CHF | 123,127,885 | ||||||
3,270,900 | Seattle Genetics, Inc. (a) | 112,322,706 | ||||||
1,132,000 | Tekmira Pharmaceuticals Corp. (a) | 17,512,040 |
The accompanying notes are an integral part of these financial statements.
23
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Aggressive Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Health Care (continued) | ||||||||
1,714,100 | Xencor, Inc. (a) | $ | 24,374,502 | |||||
74,000 | XenoPort, Inc. (a) | 438,820 | ||||||
|
| |||||||
2,235,263,365 | ||||||||
|
| |||||||
Industrials – 16.6% | ||||||||
390,000 | AECOM (a) | 12,308,400 | ||||||
772,400 | Alaska Air Group, Inc. | 49,479,944 | ||||||
3,500 | Allegiant Travel Co. | 538,160 | ||||||
3,241,700 | American Airlines Group, Inc. | 156,525,485 | ||||||
125,000 | C.H. Robinson Worldwide, Inc. | 8,048,750 | ||||||
199,500 | CIRCOR International, Inc. | 10,900,680 | ||||||
16,000 | Controladora Comercial Mexicana, S.A. de C.V.��– ADR (a) | 198,720 | ||||||
171,400 | Curtiss-Wright Corp. | 12,522,484 | ||||||
3,310,900 | Delta Air Lines, Inc. | 147,798,576 | ||||||
42,800 | Esterline Technologies Corp. (a) | 4,763,212 | ||||||
600,000 | Hawaiian Holdings, Inc. (a) | 13,848,000 | ||||||
604,500 | Hertz Global Holdings, Inc. (a) | 12,597,780 | ||||||
947,600 | Jacobs Engineering Group, Inc. (a) | 40,614,136 | ||||||
6,630,925 | JetBlue Airways Corp. (a) | 136,132,890 | ||||||
435,000 | NCI Building Systems, Inc. (a) | 6,733,800 | ||||||
552,000 | NN, Inc. | 13,888,320 | ||||||
3,474,100 | Polypore International, Inc. (a) (b) | 203,443,296 | ||||||
575,372 | Ritchie Bros. Auctioneers, Inc. | 14,551,158 | ||||||
907,000 | Southwest Airlines Co. | 36,787,920 | ||||||
470,500 | Spirit Airlines, Inc. (a) | 32,215,135 | ||||||
2,400 | TransDigm Group, Inc. (a) | 509,112 | ||||||
148,137 | Trex Co., Inc. (a) | 6,950,588 | ||||||
3,212,600 | United Continental Holdings, Inc. (a) | 191,920,724 | ||||||
2,141,000 | UTi Worldwide, Inc. | 19,333,230 | ||||||
|
| |||||||
1,132,610,500 | ||||||||
|
| |||||||
Information Technology – 27.8% | ||||||||
90,000 | A10 Networks, Inc. (a) | 409,500 | ||||||
1,062,100 | Adobe Systems, Inc. (a) | 80,783,326 | ||||||
893,700 | Altera Corp. | 37,249,416 | ||||||
15,000 | Applied Materials, Inc. | 296,850 | ||||||
14,700 | Arista Networks, Inc. (a) | 940,947 | ||||||
150,000 | ASML Holding N.V. | 16,056,000 | ||||||
2,251,023 | Audience, Inc. (a) (b) | 10,714,869 | ||||||
11,200,000 | Axcelis Technologies, Inc. (a) (b) | 28,224,000 | ||||||
18,497,218 | BlackBerry Ltd. (a) | 187,931,735 |
The accompanying notes are an integral part of these financial statements.
24
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Aggressive Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Information Technology (continued) | ||||||||
20,000 | Broadcom Corp. – Class A | $ | 884,100 | |||||
3,455,360 | comScore, Inc. (a) (b) | 180,922,650 | ||||||
817,500 | Cray, Inc. (a) | 22,963,575 | ||||||
1,675,300 | Cree, Inc. (a) | 53,073,504 | ||||||
16,900 | eBay, Inc. (a) | 984,594 | ||||||
150,000 | Electronic Arts, Inc. (a) | 8,713,500 | ||||||
2,790,800 | Ellie Mae, Inc. (a) (b) | 153,494,000 | ||||||
1,780,000 | EMC Corp. | 47,899,800 | ||||||
624,200 | F5 Networks, Inc. (a) | 76,164,884 | ||||||
1,395,222 | FARO Technologies, Inc. (a) (b) | 55,571,692 | ||||||
377,000 | FEI Co. | 28,448,420 | ||||||
300 | FireEye, Inc. (a) | 12,390 | ||||||
7,626,900 | Flextronics International Ltd. (a) | 87,900,022 | ||||||
1,126,300 | FormFactor, Inc. (a) | 8,976,611 | ||||||
103,370 | Google, Inc. – Class A (a) | 56,726,355 | ||||||
103,654 | Google, Inc. – Class C (a) | 55,697,334 | ||||||
2,867,515 | Guidance Software, Inc. (a) (b) | 16,746,288 | ||||||
119,000 | Hewlett-Packard Co. | 3,923,430 | ||||||
243,700 | Intuit, Inc. | 24,450,421 | ||||||
700,000 | Jabil Circuit, Inc. | 15,764,000 | ||||||
77,000 | Keysight Technologies, Inc. (a) | 2,576,420 | ||||||
594,400 | KLA-Tencor Corp. | 34,950,720 | ||||||
4,451,500 | Micron Technology, Inc. (a) | 125,220,695 | ||||||
46,419 | Mobileye N.V. (a) | 2,082,356 | ||||||
1,836,367 | NetApp, Inc. | 66,568,304 | ||||||
1,414,086 | NeuStar, Inc. – Class A (a) | 42,422,580 | ||||||
202,000 | Nimble Storage, Inc. (a) | 4,940,920 | ||||||
2,972,406 | Nuance Communications, Inc. (a) | 45,566,984 | ||||||
2,697,455 | NVIDIA Corp. | 59,870,014 | ||||||
701,300 | QUALCOMM, Inc. | 47,688,400 | ||||||
137,200 | Rambus, Inc. (a) | 1,898,848 | ||||||
1,073,300 | SanDisk Corp. | 71,846,702 | ||||||
8,453,200 | ServiceSource International, Inc. (a) (b) | 30,177,924 | ||||||
200,000 | SMART Technologies, Inc. – Class A (a) | 232,000 | ||||||
310,000 | Stratasys Ltd. (a) | 11,609,500 | ||||||
728,000 | Trimble Navigation Ltd. (a) | 18,513,040 | ||||||
4,400 | Twitter, Inc. (a) | 171,424 | ||||||
455,000 | Universal Display Corp. (a) | 20,051,850 |
The accompanying notes are an integral part of these financial statements.
25
Table of Contents
Schedule of Investments
PRIMECAP Odyssey Aggressive Growth Fund
April 30, 2015 (Unaudited) – continued
Shares | Value | |||||||
Information Technology (continued) | ||||||||
200,000 | VMware, Inc. – Class A (a) | $ | 17,620,000 | |||||
1,462,000 | Xoom Corp. (a) | 25,833,540 | ||||||
|
| |||||||
1,891,766,434 | ||||||||
|
| |||||||
Materials – 0.6% | ||||||||
2,325,000 | Marrone Bio Innovations, Inc. (a) (b) | 7,765,500 | ||||||
284,300 | Monsanto Co. | 32,398,828 | ||||||
94,100 | Potash Corp. of Saskatchewan, Inc. | 3,071,424 | ||||||
|
| |||||||
43,235,752 | ||||||||
|
| |||||||
Telecommunication Services – 1.2% | ||||||||
15,520,000 | Sprint Corp. (a) | 79,617,600 | ||||||
|
| |||||||
| TOTAL COMMON STOCKS | $ | 6,739,199,367 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS – 1.1% | ||||||||
73,582,959 | Dreyfus Treasury Prime Cash Management Fund | 73,582,959 | ||||||
|
| |||||||
| TOTAL SHORT-TERM INVESTMENTS | 73,582,959 | ||||||
|
| |||||||
| TOTAL INVESTMENTS | 6,812,782,326 | ||||||
| Liabilities in Excess of Other Assets – (0.1)% | (9,452,785 | ) | |||||
|
| |||||||
| TOTAL NET ASSETS – 100.0% | $ | 6,803,329,541 | |||||
|
|
ADR American Depository Receipt
CHF Swiss Francs
(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. |
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.
The accompanying notes are an integral part of these financial statements.
26
Table of Contents
Statements of Assets and Liabilities PRIMECAP Odyssey Funds April 30, 2015 (Unaudited) |
PRIMECAP Odyssey Stock Fund | PRIMECAP Odyssey Growth Fund | PRIMECAP Odyssey Aggressive Growth Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost | $ | 3,321,285,537 | $ | 3,931,708,239 | $ | 4,404,922,234 | ||||||
|
|
|
|
|
| |||||||
Foreign currency, at cost | $ | 77,478 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Investments, at value (unaffiliated) | $ | 4,370,288,281 | $ | 5,664,238,261 | $ | 4,780,062,865 | ||||||
Investments, at value (affiliated) | 31,917,662 | 54,175,563 | 2,032,719,461 | |||||||||
Foreign currency, at value | 79,279 | — | — | |||||||||
Cash | — | 203,424 | 1,721,817 | |||||||||
Receivable for investment sold | 5,407,423 | 16,106,307 | 2,337,807 | |||||||||
Receivable for dividends and interest | 5,780,447 | 5,994,332 | 4,002,703 | |||||||||
Receivable for fund shares sold | 10,826,700 | 9,346,135 | 6,459,202 | |||||||||
Prepaid expenses | 64,319 | 51,832 | 48,222 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 4,424,364,111 | 5,750,115,854 | 6,827,352,077 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payable for investments purchased | 14,907,814 | 23,575,084 | 8,959,543 | |||||||||
Payable for fund shares repurchased | 1,679,007 | 3,235,471 | 5,272,360 | |||||||||
Payable to the advisor (Note 6) | 5,665,387 | 7,354,603 | 9,123,638 | |||||||||
Other accrued expenses and liabilities | 640,537 | 746,207 | 666,995 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 22,892,745 | 34,911,365 | 24,022,536 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 4,401,471,366 | $ | 5,715,204,489 | $ | 6,803,329,541 | ||||||
|
|
|
|
|
| |||||||
Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value) | 181,286,372 | 214,645,007 | 196,922,954 | |||||||||
|
|
|
|
|
| |||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 24.28 | $ | 26.63 | $ | 34.55 | ||||||
|
|
|
|
|
| |||||||
COMPONENTS OF NET ASSETS | ||||||||||||
Paid-in capital | $ | 3,272,679,855 | $ | 3,878,886,692 | $ | 4,351,198,578 | ||||||
Undistributed net investment income | 18,857,370 | 13,462,176 | 8,751,104 | |||||||||
Accumulated net realized gain | 29,019,231 | 36,168,046 | 35,531,606 | |||||||||
Net unrealized appreciation | 1,080,914,910 | 1,786,687,575 | 2,407,848,253 | |||||||||
|
|
|
|
|
| |||||||
Net assets | $ | 4,401,471,366 | $ | 5,715,204,489 | $ | 6,803,329,541 | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
27
Table of Contents
PRIMECAP Odyssey Funds For the Six Months Ended April 30, 2015 (Unaudited) |
PRIMECAP Odyssey Stock Fund | PRIMECAP Odyssey Growth Fund | PRIMECAP Odyssey Aggressive Growth Fund | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income | ||||||||||||
Dividends (1)(2) | $ | 50,562,607 | $ | 40,384,161 | $ | 39,208,180 | ||||||
Interest | 273 | 60 | 28 | |||||||||
|
|
|
|
|
| |||||||
Total income | 50,562,880 | 40,384,221 | 39,208,208 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 10,876,172 | 14,204,321 | 17,772,551 | |||||||||
Shareholder servicing | 1,251,509 | 1,241,099 | 1,091,220 | |||||||||
Custody | 116,943 | 142,656 | 145,091 | |||||||||
Trustee fees | 32,629 | 32,654 | 32,624 | |||||||||
Other | 655,597 | 713,941 | 809,850 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 12,932,850 | 16,334,671 | 19,851,336 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 37,630,030 | 24,049,550 | 19,356,872 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments (3) | 32,966,787 | 40,645,483 | 44,469,458 | |||||||||
Foreign currency transactions | (86,042 | ) | (115,863 | ) | (84,235 | ) | ||||||
Change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 148,124,847 | 176,023,638 | 491,290,810 | |||||||||
Foreign currency translations | 73,912 | 113,376 | 79,472 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investments and foreign currency | 181,079,504 | 216,666,634 | 535,755,505 | |||||||||
|
|
|
|
|
| |||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 218,709,534 | $ | 240,716,184 | $ | 555,112,377 | ||||||
|
|
|
|
|
|
(1) | Net of foreign taxes withheld of $1,218,463, $1,305,935, and $592,490, respectively. |
(2) | Includes dividend income from affiliates of $624,523, $0, and $908,609, respectively. |
(3) | Includes net realized gains on sales of affiliated companies of $0, $0, and $10,952,603, respectively. |
The accompanying notes are an integral part of these financial statements.
28
Table of Contents
Six Months Ended April 30, 2015(1) | Year Ended October 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 37,630,030 | $ | 35,275,392 | ||||
Net realized gain (loss) on: | ||||||||
Investments | 32,966,787 | 60,873,459 | ||||||
Foreign currency transactions | (86,042 | ) | 18,456 | |||||
Change in unrealized appreciation/depreciation on: | ||||||||
Investments | 148,124,847 | 312,188,980 | ||||||
Foreign currency translations | 73,912 | (109,276 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 218,709,534 | 408,247,011 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Net investment income | (48,367,226 | ) | (25,544,000 | ) | ||||
Net realized gain on investments | (55,247,855 | ) | (7,013,392 | ) | ||||
|
|
|
| |||||
Net decrease in net assets resulting from distributions paid | (103,615,081 | ) | (32,557,392 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from shares sold | 982,335,909 | 1,379,398,107 | ||||||
Proceeds from reinvestment of distributions | 64,917,038 | 19,473,550 | ||||||
Cost of shares repurchased | (293,396,003 | ) | (376,708,561 | ) | ||||
|
|
|
| |||||
Net increase from capital share transactions | 753,856,944 | 1,022,163,096 | ||||||
|
|
|
| |||||
Total increase in net assets | 868,951,397 | 1,397,852,715 | ||||||
NET ASSETS | ||||||||
Beginning of period | 3,532,519,969 | 2,134,667,254 | ||||||
|
|
|
| |||||
End of period (includes undistributed net investment | $ | 4,401,471,366 | $ | 3,532,519,969 | ||||
|
|
|
| |||||
CHANGE IN CAPITAL SHARES | ||||||||
Shares outstanding, beginning of period | 149,772,161 | 103,820,982 | ||||||
|
|
|
| |||||
Shares sold | 40,943,542 | 62,248,954 | ||||||
Shares issued on reinvestment of distributions | 2,822,480 | 943,029 | ||||||
Shares repurchased | (12,251,811 | ) | (17,240,804 | ) | ||||
|
|
|
| |||||
Net increase in capital shares | 31,514,211 | 45,951,179 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 181,286,372 | 149,772,161 | ||||||
|
|
|
|
(1) | Unaudited |
The accompanying notes are an integral part of these financial statements.
29
Table of Contents
Statements of Changes in Net Assets |
Six Months Ended April 30, 2015(1) | Year Ended October 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 24,049,550 | $ | 22,842,718 | ||||
Net realized gain (loss) on: | ||||||||
Investments | 40,645,483 | 128,037,118 | ||||||
Foreign currency transactions | (115,863 | ) | 28,407 | |||||
Change in unrealized appreciation/depreciation on: | ||||||||
Investments | 176,023,638 | 457,447,081 | ||||||
Foreign currency translations | 113,376 | (180,298 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 240,716,184 | 608,175,026 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Net investment income | (30,191,725 | ) | (12,772,829 | ) | ||||
Net realized gain on investments | (118,727,114 | ) | (73,025,511 | ) | ||||
|
|
|
| |||||
Net decrease in net assets resulting from distributions paid | (148,918,839 | ) | (85,798,340 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from shares sold | 1,224,422,600 | 1,300,616,020 | ||||||
Proceeds from reinvestment of distributions | 139,731,442 | 81,199,742 | ||||||
Cost of shares repurchased | (436,957,269 | ) | (869,158,941 | ) | ||||
|
|
|
| |||||
Net increase from capital share transactions | 927,196,773 | 512,656,821 | ||||||
|
|
|
| |||||
Total increase in net assets | 1,018,994,118 | 1,035,033,507 | ||||||
NET ASSETS | ||||||||
Beginning of period | 4,696,210,371 | 3,661,176,864 | ||||||
|
|
|
| |||||
End of period (includes undistributed net investment | $ | 5,715,204,489 | $ | 4,696,210,371 | ||||
|
|
|
| |||||
CHANGE IN CAPITAL SHARES | ||||||||
Shares outstanding, beginning of period | 179,647,788 | 158,564,375 | ||||||
|
|
|
| |||||
Shares sold | 45,994,396 | 53,188,883 | ||||||
Shares issued on reinvestment of distributions | 5,542,699 | 3,512,100 | ||||||
Shares repurchased | (16,539,876 | ) | (35,617,570 | ) | ||||
|
|
|
| |||||
Net increase in capital shares | 34,997,219 | 21,083,413 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 214,645,007 | 179,647,788 | ||||||
|
|
|
|
(1) | Unaudited |
The accompanying notes are an integral part of these financial statements.
30
Table of Contents
Statements of Changes in Net Assets |
Six Months Ended April 30, 2015(1) | Year Ended October 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | 19,356,872 | $ | (4,723,431 | ) | |||
Net realized gain (loss) on: | ||||||||
Investments | 44,469,458 | 286,679,248 | ||||||
Foreign currency transactions | (84,235 | ) | 20,598 | |||||
Change in unrealized appreciation/depreciation on: | ||||||||
Investments | 491,290,810 | 566,323,190 | ||||||
Foreign currency translations | 79,472 | (125,377 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 555,112,377 | 848,174,228 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Net investment income | (10,605,768 | ) | – | |||||
Net realized gain on investments | (273,260,143 | ) | (82,866,081 | ) | ||||
|
|
|
| |||||
Net decrease in net assets resulting from distributions paid | (283,865,911 | ) | (82,866,081 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from shares sold | 790,304,064 | 1,984,230,161 | ||||||
Proceeds from reinvestment of distributions | 266,806,818 | 78,132,373 | ||||||
Cost of shares repurchased | (487,559,298 | ) | (1,308,262,342 | ) | ||||
|
|
|
| |||||
Net increase from capital share transactions | 569,551,584 | 754,100,192 | ||||||
|
|
|
| |||||
Total increase in net assets | 840,798,050 | 1,519,408,339 | ||||||
NET ASSETS | ||||||||
Beginning of period | 5,962,531,491 | 4,443,123,152 | ||||||
|
|
|
| |||||
End of period (includes undistributed net investment | $ | 6,803,329,541 | $ | 5,962,531,491 | ||||
|
|
|
| |||||
CHANGE IN CAPITAL SHARES | ||||||||
Shares outstanding, beginning of period | 179,545,427 | 154,739,429 | ||||||
|
|
|
| |||||
Shares sold | 23,279,667 | 65,025,913 | ||||||
Shares issued on reinvestment of distributions | 8,581,757 | 2,702,289 | ||||||
Shares repurchased | (14,483,897 | ) | (42,922,204 | ) | ||||
|
|
|
| |||||
Net increase in capital shares | 17,377,527 | 24,805,998 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 196,922,954 | 179,545,427 | ||||||
|
|
|
|
(1) | Unaudited |
The accompanying notes are an integral part of these financial statements.
31
Table of Contents
For a capital share outstanding throughout each period. |
Six Months Ended Apr. 30, 2015(1) | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Year Ended Oct. 31, 2012 | Year Ended Oct. 31, 2011 | Year Ended Oct. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of the period | $ | 23.59 | $ | 20.56 | $ | 15.75 | $ | 14.32 | $ | 13.48 | $ | 11.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.25 | 0.27 | 0.21 | 0.16 | 0.09 | (4) | |||||||||||||||||
Net realized and unrealized gain on investments and foreign currency | 1.13 | 3.09 | 4.79 | 1.40 | 0.79 | 1.79 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.35 | 3.34 | 5.06 | 1.61 | 0.95 | 1.88 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: | ||||||||||||||||||||||||
Dividends from net investment income | (0.31 | ) | (0.24 | ) | (0.25 | ) | (0.18 | ) | (0.11 | ) | (0.09 | ) | ||||||||||||
Distributions from net realized gain | (0.35 | ) | (0.07 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.66 | ) | (0.31 | ) | (0.25 | ) | (0.18 | ) | (0.11 | ) | (0.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 24.28 | $ | 23.59 | $ | 20.56 | $ | 15.75 | $ | 14.32 | $ | 13.48 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 5.90 | %(3) | 16.45 | % | 32.55 | % | 11.39 | % | 7.05 | % | 16.14 | % | ||||||||||||
Ratios/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 4,401.5 | $ | 3,532.5 | $ | 2,134.7 | $ | 1,522.2 | $ | 904.3 | $ | 607.1 | ||||||||||||
Ratio of expenses to average net assets | 0.66 | %(2) | 0.62 | % | 0.63 | % | 0.66 | % | 0.66 | % | 0.71 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.91 | %(2) | 1.34 | % | 1.65 | % | 1.57 | % | 1.25 | % | 1.37 | %(4) | ||||||||||||
Portfolio turnover rate | 5 | %(3) | 8 | % | 15 | % | 11 | % | 24 | % | 3 | % |
(1) | Unaudited |
(2) | Annualized |
(3) | Not annualized |
(4) | Investment income per share reflects a special dividend of $0.05. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.74%. |
The accompanying notes are an integral part of these financial statements.
32
Table of Contents
Financial Highlights For a capital share outstanding throughout each period. |
Six Months Ended Apr. 30, 2015(1) | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Year Ended Oct. 31, 2012 | Year Ended Oct. 31, 2011 | Year Ended Oct. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of the period | $ | 26.14 | $ | 23.09 | $ | 16.83 | $ | 15.44 | $ | 14.70 | $ | 12.18 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.12 | 0.13 | 0.10 | 0.09 | 0.04 | 0.02 | ||||||||||||||||||
Net realized and unrealized gain on investments and foreign currency | 1.18 | 3.45 | 6.26 | 1.42 | 0.71 | 2.53 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.30 | 3.58 | 6.36 | 1.51 | 0.75 | 2.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: | ||||||||||||||||||||||||
Dividend from investment income | (0.16 | ) | (0.08 | ) | (0.10 | ) | (0.06 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||
Distributions from net realized gain | (0.65 | ) | (0.45 | ) | — | (0.06 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.81 | ) | (0.53 | ) | (0.10 | ) | (0.12 | ) | (0.01 | ) | (0.03 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 26.63 | $ | 26.14 | $ | 23.09 | $ | 16.83 | $ | 15.44 | $ | 14.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 5.14 | %(3) | 15.82 | % | 38.02 | % | 9.86 | % | 5.13 | % | 20.96 | % | ||||||||||||
Ratios/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 5,715.2 | $ | 4,696.2 | $ | 3,661.2 | $ | 2,201.9 | $ | 1,821.9 | $ | 1,451.2 | ||||||||||||
Ratio of expenses to average net assets | 0.63 | %(2) | 0.63 | % | 0.65 | % | 0.67 | % | 0.66 | % | 0.68 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.93 | %(2) | 0.54 | % | 0.51 | % | 0.55 | % | 0.26 | % | 0.15 | % | ||||||||||||
Portfolio turnover rate | 4 | %(3) | 10 | % | 10 | % | 12 | % | 13 | % | 5 | % |
(1) | Unaudited |
(2) | Annualized |
(3) | Not annualized |
The accompanying notes are an integral part of these financial statements.
33
Table of Contents
PRIMECAP Odyssey Aggressive Growth Fund For a capital share outstanding throughout each period. |
Six Months Ended Apr. 30, 2015(1) | Year Ended Oct. 31, 2014 | Year Ended Oct. 31, 2013 | Year Ended Oct. 31, 2012 | Year Ended Oct. 31, 2011 | Year Ended Oct. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of the period | $ | 33.21 | $ | 28.71 | $ | 18.86 | $ | 16.99 | $ | 16.17 | $ | 12.33 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.10 | (0.03 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||
Net realized and unrealized gain on investments and foreign currency | 2.78 | 5.04 | 9.89 | 2.24 | 1.40 | 3.89 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.88 | 5.01 | 9.85 | 2.19 | 1.35 | 3.84 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: | ||||||||||||||||||||||||
Dividend from investment income | (0.06 | ) | — | — | — | — | — | |||||||||||||||||
Distributions from net realized gain | (1.48 | ) | (0.51 | ) | — | (0.32 | ) | (0.53 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.54 | ) | (0.51 | ) | — | (0.32 | ) | (0.53 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 34.55 | $ | 33.21 | $ | 28.71 | $ | 18.86 | $ | 16.99 | $ | 16.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 9.18 | %(3) | 17.71 | % | 52.23 | % | 13.25 | % | 8.50 | % | 31.14 | % | ||||||||||||
Ratios/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 6,803.3 | $ | 5,962.5 | $ | 4,443.1 | $ | 1,541.5 | $ | 1,134.5 | $ | 809.9 | ||||||||||||
Ratio of expenses to average net assets | 0.62 | %(2) | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.71 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.60 | %(2) | (0.09 | %) | (0.23 | %) | (0.32 | %) | (0.33 | %) | (0.45 | %) | ||||||||||||
Portfolio turnover rate | 4 | %(3) | 13 | % | 11 | % | 14 | % | 11 | % | 15 | % |
(1) | Unaudited |
(2) | Annualized |
(3) | Not annualized |
The accompanying notes are an integral part of these financial statements.
34
Table of Contents
PRIMECAP Odyssey Funds For the Six Months Ended April 30, 2015 (Unaudited) |
(1) Organization
PRIMECAP Odyssey Funds (the “Trust”) was organized on June 8, 2004 as a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of three series: PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund (the “Funds”), each of which is diversified within the meaning of the 1940 Act. PRIMECAP Management Company (the “Investment Advisor”) serves as investment advisor to the Funds. Each Fund commenced operations on November 1, 2004.
Each Fund’s investment objective is to achieve long-term capital appreciation. Each Fund is authorized to issue unlimited shares of beneficial interest. All shares of each Fund have equal rights with respect to voting. The PRIMECAP Odyssey Aggressive Growth Fund is closed to most new investors.
(2) Significant Accounting Policies
The Funds consistently follow the accounting policies set forth below which are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Auditing Standards Codification Topic 946.
A. | 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 a Fund calculates its net asset value per share (“NAV”). To address these changes, the Funds 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 Funds take into account all relevant factors and available information. Consequently, the price of a security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves
35
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
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.
B. | Share Valuation |
The NAV of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses), by the total number of shares outstanding of the Fund. The result is rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading.
C. | Foreign Currency |
Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates as of 4 p.m. Eastern time on the valuation date. Purchases and sales of investments and dividend and interest income are converted into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. Realized foreign exchange gains or losses arise from 1) sales of foreign currencies; 2) currency gains or losses realized between the trade and settlement dates on securities transactions; and 3) the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. Foreign securities and currency transactions may involve risks not associated with U.S. securities and currency.
D. | Federal Income Taxes |
Each Fund has elected to be treated as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986 (the “IRC”). Each Fund intends to distribute substantially all of its taxable income and any accumulated net realized capital gains. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be reclaimed. The Funds will accrue such taxes and reclaims as applicable based upon their current interpretations of the tax rules and regulations that exist in the markets in which they invest.
Each Fund has adopted accounting standards regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax
36
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
expense in the Statement of Operations. During the six months ended April 30, 2015, the Funds did not incur any interest or penalties. As of April 30, 2015, open tax years include the tax years ended October 31, 2011 through October 31, 2014. No Fund is aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.
E. | Allocation of Expenses |
Each Fund is charged for those expenses directly attributable to it. Expenses that are not directly attributable to a Fund are allocated among the Funds by an appropriate method based on the nature of the expense.
F. | Security Transactions, Investment Income, and Distributions |
Security transactions are accounted for on the trade date. Dividend income and distributions to shareholders are recorded on the ex-dividend date, and interest income is recognized on the accrual basis. Realized gains and losses are evaluated on the basis of identified costs. Premiums and discounts on the purchase of securities are amortized/accreted using the effective interest method. U.S. GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts.
G. | Use of Estimates |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
H. | Indemnification Obligations |
Under the Trust’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be minimal.
(3) Investment Transactions
The cost of purchases and the proceeds from sales of securities, excluding short-term investments, for the six months ended April 30, 2015 were as follows:
Fund | Purchases | Sales | ||||||
PRIMECAP Odyssey Stock Fund | $ | 943,516,798 | $ | 187,270,436 | ||||
PRIMECAP Odyssey Growth Fund | $ | 804,036,698 | $ | 186,292,747 | ||||
PRIMECAP Odyssey Aggressive Growth Fund | $ | 614,330,837 | $ | 230,098,166 |
37
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
(4) Valuation Measurements
The Funds have 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 Funds’ own assumptions about the inputs market participants would use to value the asset or liability.
Various inputs are used in determining the value of each Fund’s investments. 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 Funds’ own assumptions in determining fair value of investments based on the best available information). |
38
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of April 30, 2015. There were no transfers into or out of Level 1, Level 2, or Level 3 during the reporting period. These assets are measured on a recurring basis.
Fund | Description | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |||||||||||||
PRIMECAP Odyssey Stock Fund | Common Stock(1) | $ | 4,044,732,031 | $ | — | $ | — | $ | 4,044,732,031 | |||||||||
Short-Term Investments | 357,473,912 | — | — | 357,473,912 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments in Securities | $ | 4,402,205,943 | $ | — | $ | — | $ | 4,402,205,943 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
PRIMECAP Odyssey Growth Fund | Common Stock(1) | $ | 5,252,726,530 | $ | — | $ | — | $ | 5,252,726,530 | |||||||||
Short-Term Investments | 465,687,294 | — | — | 465,687,294 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments in Securities | $ | 5,718,413,824 | $ | — | $ | — | $ | 5,718,413,824 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
PRIMECAP Odyssey Aggressive Growth Fund | Common Stock(1) | $ | 6,739,199,367 | $ | — | $ | — | $ | 6,739,199,367 | |||||||||
Short-Term Investments | 73,582,959 | — | — | 73,582,959 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments in Securities | $ | 6,812,782,326 | $ | — | $ | — | $ | 6,812,782,326 | ||||||||||
|
|
|
|
|
|
|
|
(1) | Refer to each Fund’s respective Schedule of Investments for the breakdown of major categories. |
39
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
(5) Distribution to Shareholders
Net investment income and net realized gains differ for financial statement and tax purposes due to differing treatments of deferred wash sale losses.
As of October 31, 2014, the components of capital on a tax basis were as follows:
PRIMECAP Odyssey Stock Fund | PRIMECAP Odyssey Growth Fund | PRIMECAP Odyssey Aggressive Growth Fund | ||||||||||
Cost of investments for tax purposes(1) | $ | 2,675,548,357 | $ | 3,087,600,697 | $ | 4,059,737,598 | ||||||
|
|
|
|
|
| |||||||
Gross tax unrealized appreciation | 984,062,086 | 1,737,237,291 | 2,189,651,757 | |||||||||
Gross tax unrealized depreciation | (55,206,045 | ) | (131,046,421 | ) | (282,024,790 | ) | ||||||
|
|
|
|
|
| |||||||
Net tax unrealized appreciation | 928,856,041 | 1,606,190,870 | 1,907,626,967 | |||||||||
|
|
|
|
|
| |||||||
Undistributed ordinary income | 34,662,597 | 37,018,979 | 43,677,955 | |||||||||
Undistributed long-term capital gain | 50,178,420 | 101,310,603 | 229,579,575 | |||||||||
|
|
|
|
|
| |||||||
Total distributable earnings | 84,841,017 | 138,329,582 | 273,257,530 | |||||||||
|
|
|
|
|
| |||||||
Other accumulated gain (loss) | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total accumulated gain | $ | 1,013,697,058 | $ | 1,744,520,452 | $ | 2,180,884,497 | ||||||
|
|
|
|
|
|
(1) | At October 31, 2014 the differences in the basis for federal income tax purposes and financial reporting purposes are due to the tax deferral of losses on wash sales. |
Tax components of dividends paid during the six months ended April 30, 2015 and the fiscal year ended October 31, 2014 were as follows:
April 30, 2015 | October 31, 2014 | |||||||||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||||||||
Stock Fund | $ | 53,436,424 | $ | 50,178,657 | $ | 25,544,000 | $ | 7,013,392 | ||||||||
Growth Fund | $ | 47,607,195 | $ | 101,311,644 | $ | 12,772,829 | $ | 73,025,511 | ||||||||
Aggressive Growth Fund | $ | 54,284,835 | $ | 229,581,076 | $ | 17,599,428 | $ | 65,266,653 |
The Funds designated as long-term capital gain dividends, pursuant to IRC Section 852 (b) (3), the amounts necessary to reduce the earnings and profits of the Funds related to net capital gains to zero for the tax year ended October 31, 2014.
40
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
(6) Investment Advisory and Other Agreements
The Trust has entered into an investment management agreement with the Investment Advisor on behalf of each Fund. For its services to the Funds, the Investment Advisor receives a fee paid quarterly at the annual rate of 0.60% of the first $100 million of each Fund’s average daily net assets and 0.55% of each Fund’s average daily net assets in excess of $100 million. For the six months ended April 30, 2015, each Fund paid the Investment Advisor at an effective annual rate of 0.55% of its respective average net assets.
The Bank of New York Mellon serves as the Funds’ custodian. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as the administrator, fund accountant, and transfer agent to the Funds. Quasar Distributors, LLC, an affiliate of USBFS, serves as the Funds’ distributor.
(7) 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 each company. Transactions during the period in securities of these companies were as follows:
PRIMECAP Odyssey Stock Fund
Current Period Transactions | ||||||||||||||||||||||||
Common Stock | Market Value at October 31, 2014 | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Realized Gain (Loss) | Market Value at April 30, 2015 | ||||||||||||||||||
Tribune Publishing Co. | $ | 33,395,026 | $ | 1,188,129 | $ | — | $ | 624,523 | $ | — | $ | 31,917,662 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 33,395,026 | $ | 1,188,129 | $ | — | $ | 624,523 | $ | — | $ | 31,917,662 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
PRIMECAP Odyssey Growth Fund
Current Period Transactions | ||||||||||||||||||||||||
Common Stock | Market Value at October 31, 2014 | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Realized Gain (Loss) | Market Value at April 30, 2015 | ||||||||||||||||||
ImmunoGen, Inc. | $ | 54,218,226 | $ | 4,437,431 | $ | — | $ | — | $ | — | $ | 54,175,563 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 54,218,226 | $ | 4,437,431 | $ | — | $ | — | $ | — | $ | 54,175,563 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
41
Table of Contents
Notes to Financial Statements
PRIMECAP Odyssey Funds
For the Six Months Ended April 30, 2015 (Unaudited) – continued
PRIMECAP Odyssey Aggressive Growth Fund
Current Period Transactions | ||||||||||||||||||||||||
Common Stock | Market Value at October 31, 2014 | Purchases at Cost | Proceeds from Securities Sold | Dividend Income | Realized Gain (Loss) | Market Value at April 30, 2015 | ||||||||||||||||||
Abaxis, Inc. | $ | 96,203,817 | $ | 721,802 | $ | — | $ | 366,389 | $ | — | $ | 117,712,064 | ||||||||||||
ABIOMED, Inc. | 86,308,953 | 285,845 | — | — | — | 166,722,077 | ||||||||||||||||||
Affymetrix, Inc. | 43,698,500 | 1,446,328 | — | — | — | 60,734,910 | ||||||||||||||||||
Audience, Inc. | 8,396,316 | — | — | — | — | 10,714,869 | ||||||||||||||||||
Axcelis Technologies, Inc. | 23,370,472 | 1,069,119 | — | — | — | 28,224,000 | ||||||||||||||||||
Boulder Brands, Inc.(1) | — | 4,554,744 | — | — | — | 32,674,195 | ||||||||||||||||||
Cardica, Inc. | 5,095,797 | 130,805 | — | — | — | 2,168,724 | ||||||||||||||||||
Cerus Corp(1) | — | 37,834,675 | — | — | — | 32,856,000 | ||||||||||||||||||
Chegg, Inc.(1) | — | 31,305,584 | — | — | — | 35,655,084 | ||||||||||||||||||
comScore, Inc. | 148,769,370 | — | 3,367,065 | — | 950,210 | 180,922,650 | ||||||||||||||||||
DreamWorks Animation SKG, Inc. | 122,689,276 | 4,933,581 | — | — | — | 148,716,602 | ||||||||||||||||||
Dyax, Corp. | 95,791,053 | 12,202 | — | — | — | 185,176,255 | ||||||||||||||||||
Ellie Mae, Inc. | 107,110,904 | — | — | — | — | 153,494,000 | ||||||||||||||||||
Epizyme, Inc.(1) | — | 46,755,652 | — | — | — | 56,104,149 | ||||||||||||||||||
FARO Technologies, Inc. | 77,852,432 | 278,426 | — | — | — | 55,571,692 | ||||||||||||||||||
Fluidigm Corp. | 81,070,428 | 68,206 | — | — | — | 104,803,041 | ||||||||||||||||||
Guidance Software, Inc. | 13,720,619 | 5,273,025 | — | — | — | 16,746,288 | ||||||||||||||||||
Marrone Bio Innovations, Inc. | 6,091,500 | — | — | — | — | 7,765,500 | ||||||||||||||||||
Nektar Therapeutics | 158,062,773 | 2,413,401 | — | — | — | 110,849,262 | ||||||||||||||||||
Peregrine Semiconductor Corp.(2) (3) | 40,815,048 | — | 40,829,428 | — | 10,002,393 | N/A | ||||||||||||||||||
Pfenex, Inc.(1) | — | 34,018,311 | — | — | — | 29,436,750 | ||||||||||||||||||
Polypore International, Inc. | 152,362,872 | 222,069 | — | — | — | 203,443,296 | ||||||||||||||||||
ServiceSource International, Inc. | 31,725,864 | 559,403 | — | — | — | 30,177,924 | ||||||||||||||||||
Shutterfly, Inc. | 97,838,822 | 29,616,489 | — | — | — | 136,791,036 | ||||||||||||||||||
Solazyme, Inc. | 48,246,701 | 3,478,815 | — | — | — | 28,616,330 | ||||||||||||||||||
Tribune Publishing Co. | 29,204,704 | 596,631 | — | 542,220 | — | 27,517,273 | ||||||||||||||||||
Tuesday Morning Corp. | 88,818,840 | 284,761 | — | — | — | 69,125,490 | ||||||||||||||||||
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Total | $ | 1,563,245,061 | $ | 205,859,874 | $ | 44,196,493 | $ | 908,609 | $ | 10,952,603 | $ | 2,032,719,461 | ||||||||||||
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(1) | As of October 31, 2014, the company was not an affiliate. |
(2) | No longer an affiliate as of April 30, 2015. |
(3) | Included in “Proceeds from Securities Sold” are proceeds received when Peregrine Semiconductor Corp. was acquired in an all cash transaction. |
(8) Subsequent Events
The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.
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PRIMECAP Odyssey Funds (Unaudited) |
As a shareholder of one or more of the Funds, you incur ongoing costs, including management fees and other Fund expenses. This expense example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The expense example is based on an investment of $1,000 invested for a six-month period beginning November 1, 2014 through April 30, 2015.
Actual Expenses
The information in the table adjacent to the heading “Actual Performance” provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column entitled “Expenses Paid during Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table adjacent to the heading “Hypothetical Performance (5% return before expenses)” provides hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the information adjacent to the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different mutual funds. In addition, if transactional costs were included, your costs would have been higher.
43
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Expense Example
PRIMECAP Odyssey Funds
(Unaudited) – continued
Beginning Account Value (11/1/14) | Ending | Expenses Paid During Period(1) (11/1/14 to 4/30/15) | Expense Ratio During Period(1) (11/1/14 to 4/30/15) | |||||||||||||
PRIMECAP Odyssey Stock Fund |
| |||||||||||||||
Actual Performance | $ | 1,000.00 | $ | 1,059.00 | $ | 3.37 | 0.66% | |||||||||
Hypothetical Performance | $ | 1,000.00 | $ | 1,021.52 | $ | 3.31 | 0.66% | |||||||||
PRIMECAP Odyssey Growth Fund |
| |||||||||||||||
Actual Performance | $ | 1,000.00 | $ | 1,051.40 | $ | 3.20 | 0.63% | |||||||||
Hypothetical Performance | $ | 1,000.00 | $ | 1,021.67 | $ | 3.16 | 0.63% | |||||||||
PRIMECAP Odyssey Aggressive Growth Fund |
| |||||||||||||||
Actual Performance | $ | 1,000.00 | $ | 1,091.80 | $ | 3.22 | 0.62% | |||||||||
Hypothetical Performance | $ | 1,000.00 | $ | 1,021.72 | $ | 3.11 | 0.62% |
(1) | Expenses are equal to a Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year period (181), then divided by the number of days in the fiscal year (365) to reflect the one-half year period. |
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Table of Contents
PRIMECAP Odyssey Funds (Unaudited) |
Proxy Voting Procedures
The Investment Advisor votes proxies relating to portfolio securities in accordance with procedures that have been approved by the Trust’s Board of Trustees. You may obtain a description of these procedures, free of charge, by calling toll-free 1-800-729-2307. This information is also available through the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Proxy Voting Record
Information regarding how the Funds voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30 is available, without charge, by calling toll-free 1-800-729-2307. This information is also available through the SEC’s website at www.sec.gov.
Form N-Q Disclosure
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This information is available, without charge, by calling toll-free 1-800-729-2307. The Funds’ Forms N-Q are also available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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Table of Contents
PRIMECAP Odyssey Funds (Unaudited) |
Portfolio Managers
PRIMECAP Management Company has five portfolio managers who together have more than 115 years of investment experience. The portfolio managers primarily responsible for overseeing the Funds’ investments are:
Name | Years of Experience | |||
Theo A. Kolokotrones | 45 | |||
Joel P. Fried | 30 | |||
Alfred W. Mordecai | 18 | |||
M. Mohsin Ansari | 15 | |||
James Marchetti | 10 |
Each of these five individuals manages a portion of the PRIMECAP Odyssey Stock Fund, the PRIMECAP Odyssey Growth Fund, and the PRIMECAP Odyssey Aggressive Growth Fund. A portion of each Fund’s assets may be managed by individuals in the Investment Advisor’s research department.
Officers and Trustees
The Trust’s officers, who oversee the Funds’ daily operations, are appointed by the Board of Trustees. The trustees are responsible for the overall management of the Trust, including establishing the Funds’ policies and general supervision and review of their investment activities. The Statement of Additional Information includes additional information about the trustees and is available, without charge, by calling 1-800-729-2307 or at the Funds’ website at www.odysseyfunds.com.
Executive Officers. The table below sets forth certain information about each of the Trust’s executive officers.
Name, Address (Year of Birth) | Position(s) Held with Trust | Term of Office; Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Theo A. Kolokotrones 225 South Lake Ave. Pasadena, CA 91101-3005 | Co-Chief Executive Officer | Indefinite; Since 09/04 | Chairman, Director, Portfolio Manager, and Principal PRIMECAP Management Company | |||
Joel P. Fried 225 South Lake Ave. Pasadena, CA 91101-3005 (1962) | Co-Chief Executive Officer and Trustee | Indefinite; Since 09/04 | President, Director, Portfolio Manager, and Principal PRIMECAP Management Company |
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Table of Contents
Management
PRIMECAP Odyssey Funds
(Unaudited) – continued
Name, Address (Year of Birth) | Position(s) Held with Trust | Term of Office; Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Alfred W. Mordecai 225 South Lake Ave. Pasadena, CA 91101-3005 (1967) | Co-Chief Executive Officer | Indefinite; Since 10/12 | Executive Vice President, Director, Portfolio Manager, and Principal PRIMECAP Management Company | |||
Michael J. Ricks 225 South Lake Ave. Pasadena, CA 91101-3005 (1977) | Chief Financial Officer, Chief Administrative Officer, and Secretary | Indefinite; Since 03/11 | Director of Fund Administration PRIMECAP Management Company (since 2011); Vice President, Fund Administration and Compliance, U.S. Bancorp Fund Services, LLC (2001-2011) | |||
Karen Chen 225 South Lake Ave. Pasadena, CA 91101-3005 (1973) | Vice President of Compliance, Chief Compliance Officer, and AML Officer | Indefinite; Since 10/04 | Chief Compliance Officer, Director of Compliance and Reporting PRIMECAP Management Company |
“Independent” Trustees. The table below sets forth certain information about each of the trustees of the Trust who is not an “interested person” of the Trust as defined in the 1940 Act (“Independent Trustees”).
Name, Address (Year of Birth) | Position(s) Held with Trust | Term of Office; Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex by Trustee1 | Other Director- ships Held by Trustee | |||||
Benjamin F. Hammon 225 South Lake Ave. Pasadena, CA 91101-3005 (1935) | Chairman of the Board and Trustee | Indefinite; Since 09/04 | Retired; Private investor | 3 | None | |||||
Wayne H. Smith 225 South Lake Ave. Pasadena, CA 91101-3005 (1941) | Chairman of the Audit Committee and Trustee | Indefinite; Since 09/04 | Retired; Private investor | 3 | None | |||||
Joseph G. Uzelac 225 South Lake Ave. Pasadena, CA 91101-3005 (1944) | Trustee | Indefinite; Since 10/07 | Retired; Private investor | 3 | None | |||||
Elizabeth D. Obershaw 225 South Lake Ave. Pasadena, CA 91101-3005 (1960) | Trustee | Indefinite; Since 06/08 | Managing Director, Horsley Bridge Partners, an investment advisor (2007-present) | 3 | None |
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Table of Contents
Management
PRIMECAP Odyssey Funds
(Unaudited) – continued
“Interested” Trustees. The table below sets forth certain information about each of the trustees of the Trust who is an “interested person” of the Trust as defined by the 1940 Act.
Name, Address (Year of Birth) | Position(s) Held with Trust | Term of Office; Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex by Trustee(1) | Other Director- ships Held by Trustee | |||||
Joel P. Fried(2) 225 South Lake Ave. Pasadena, CA 91101-3005 (1962) | Co-Chief Executive Officer and Trustee | Indefinite; Since 09/04 | President, Director, Portfolio Manager, and Principal PRIMECAP Management Company | 3 | None |
(1) | Fund Complex includes any funds, series of funds, or trusts that share the same advisor or that hold themselves out to investors as related companies. |
(2) | Mr. Fried is an “interested person” of the Trust, as defined by the 1940 Act, because of his employ- ment with PRIMECAP Management Company, the investment advisor to the Trust. |
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PRIMECAP Odyssey Funds |
PRIMECAP Management Company
Maintaining the confidentiality of client personal financial information is very important to PRIMECAP Odyssey Funds (the “Trust”) and PRIMECAP Management Company (the “Advisor”). The Advisor and the Trust may collect several types of nonpublic personal information about investors, including:
• | Information from forms that investors may fill out and send to the Advisor or the Trust in connection with an account (such as name, address, and social security number). |
• | Information an investor may give the Advisor or the Trust orally. |
• | Information about the amount investors have invested in an account. |
• | Information about any bank account investors may use for transfers between a bank account and a shareholder account. |
The Advisor and the Trust will not sell or disclose client personal information to anyone except as permitted or required by law. For example, information collected may be shared with the independent auditors in the course of the annual audit of the Advisor or the Trust. The Advisor or the Trust may also share this information with the Advisor’s or the Trust’s legal counsel, as deemed appropriate, and with regulators. Finally, the Advisor or the Trust may disclose information about clients or investors at the client’s or investor’s request (for example, by sending duplicate account statements to someone designated by the client or investor), or as otherwise permitted or required by law.
Within the Advisor and the Trust, access to information about clients and investors is restricted to those employees or service providers who need to know the information to service client accounts. The Advisor’s employees are trained to follow its procedures to protect client privacy and are instructed to access information about clients only when they have a business reason to obtain it.
The Advisor and the Trust reserve the right to change this privacy policy in the future, but we will not disclose investor nonpublic personal information except as required or permitted by law without giving the investor an opportunity to instruct us not to do so.
Table of Contents
Investment Advisor
PRIMECAP MANAGEMENT COMPANY
225 South Lake Avenue, Suite 400
Pasadena, California 91101
•
Distributor
QUASAR DISTRIBUTORS, LLC
615 East Michigan Street, 4th Floor
Milwaukee, Wisconsin 53202
•
Custodian
THE BANK OF NEW YORK MELLON
One Wall Street
New York, New York 10286
•
Transfer Agent
U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street, 3rd Floor
Milwaukee, Wisconsin 53202
•
Administrator
U.S. BANCORP FUND SERVICES, LLC
2020 East Financial Way, Suite 100
Glendora, California 91741
•
Legal Counsel
MORGAN, LEWIS & BOCKIUS LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
•
Independent Registered Public Accounting Firm
PRICEWATERHOUSECOOPERS LLP
Three Embarcadero Center
San Francisco, California 94111
This report is intended for the shareholders of the PRIMECAP Odyssey Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.
Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change.
PRIMECAP, PRIMECAP Odyssey, and the PRIMECAP Odyssey logo are trademarks of PRIMECAP Management Company.
Table of Contents
Item 2. | Code of Ethics. |
Not applicable for semi-annual reports.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual reports.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual reports.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. | Investments. |
(a) | The registrant’s Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Table of Contents
Item 11. | Controls and Procedures. |
(a) | The registrant’s Co-Chief Executive Officers and Chief Financial Officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that such disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by other officers of the registrant and by the registrant’s service providers. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PRIMECAP Odyssey Funds | ||||
By | /s/ Joel P. Fried | |||
Joel P. Fried, Co-Chief Executive Officer | ||||
Date | 6/25/15 | |||
By | /s/ Theo A. Kolokotrones | |||
Theo A. Kolokotrones, Co-Chief Executive Officer | ||||
Date | 6/25/15 | |||
By | /s/ Alfred W. Mordecai | |||
Alfred W. Mordecai, Co-Chief Executive Officer | ||||
Date | 6/25/15 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Joel P. Fried | |||
Joel P. Fried, Co-Chief Executive Officer | ||||
Date | 6/25/15 | |||
By | /s/ Theo A. Kolokotrones | |||
Theo A. Kolokotrones, Co-Chief Executive Officer | ||||
Date | 6/25/15 | |||
By | /s/ Alfred W. Mordecai | |||
Alfred W. Mordecai, Co-Chief Executive Officer | ||||
Date | 6/25/15 | |||
By | /s/ Michael J. Ricks | |||
Michael J. Ricks, Chief Financial Officer | ||||
Date | 6/25/15 |
3