Primecap Odyssey Funds
06/26/2026 | Press release | Distributed by Public on 06/26/2026 15:01
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
177 East Colorado Boulevard, 11th Floor
Pasadena, CA 91105
(Address of principal executive offices) (Zip code)
Julietta Martikyan
PRIMECAP Management Company
177 East Colorado Boulevard, 11th Floor
Pasadena, CA 91105
(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, 2026
Item 1. Reports to Stockholders.
| (a) |
|
PRIMECAP Odyssey Stock Fund
|
||
|
POSKX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Stock Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.primecap.com/funds/primecap-odyssey-stock-fund/#literature. You can also request this information by contacting us at 1-800-729-2307.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
PRIMECAP Odyssey Stock Fund
|
$36
|
0.67%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$4,430,881,578
|
|
Number of Holdings
|
148
|
|
Portfolio Turnover
|
3%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of April 30, 2026)
|
Top 10 Issuers
|
(%)
|
|
Intel Corp.
|
8.2%
|
|
Eli Lilly & Co.
|
4.9%
|
|
AstraZeneca PLC
|
4.0%
|
|
KLA Corp.
|
3.1%
|
|
Flex Ltd.
|
3.0%
|
|
FedEx Corp.
|
2.5%
|
|
Siemens AG
|
2.5%
|
|
Alphabet, Inc. - Class A & C
|
2.4%
|
|
Ross Stores, Inc.
|
2.3%
|
|
Biogen, Inc.
|
2.3%
|
|
Top Sectors
|
(%)
|
|
Information Technology
|
27.6%
|
|
Industrials
|
21.8%
|
|
Health Care
|
21.2%
|
|
Financials
|
10.0%
|
|
Consumer Discretionary
|
6.7%
|
|
Communication Services
|
3.6%
|
|
Consumer Staples
|
2.4%
|
|
Energy
|
2.4%
|
|
Materials
|
2.2%
|
|
Utilities
|
0.0%
|
|
Cash & Other
|
2.1%
|
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-729-2307, or contact your financial intermediary. Your request will be implemented within 30 days.
| PRIMECAP Odyssey Stock Fund | PAGE 1 | TSR-SAR-74160Q301 |
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.primecap.com/funds/primecap-odyssey-stock-fund/#literature.
|
| PRIMECAP Odyssey Stock Fund | PAGE 2 | TSR-SAR-74160Q301 |
|
PRIMECAP Odyssey Growth Fund
|
||
|
POGRX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Growth Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.primecap.com/funds/primecap-odyssey-growth-fund/#literature. You can also request this information by contacting us at 1-800-729-2307.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
PRIMECAP Odyssey Growth Fund
|
$35
|
0.66%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$5,423,917,747
|
|
Number of Holdings
|
179
|
|
Portfolio Turnover
|
3%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of April 30, 2026)
|
Top 10 Issuers
|
(%)
|
|
Micron Technology, Inc.
|
7.7%
|
|
Intel Corp.
|
5.1%
|
|
Alphabet, Inc. - Class A & C
|
4.9%
|
|
Eli Lilly & Co.
|
4.2%
|
|
Xometry, Inc.
|
3.4%
|
|
BeOne Medicines Ltd.
|
3.2%
|
|
Flex Ltd.
|
3.0%
|
|
Biogen, Inc.
|
2.1%
|
|
KLA Corp.
|
1.9%
|
|
NVIDIA Corp.
|
1.9%
|
|
Top Sectors
|
(%)
|
|
Information Technology
|
31.2%
|
|
Health Care
|
22.8%
|
|
Industrials
|
16.6%
|
|
Communication Services
|
7.8%
|
|
Financials
|
7.7%
|
|
Consumer Discretionary
|
7.3%
|
|
Consumer Staples
|
1.6%
|
|
Energy
|
1.1%
|
|
Materials
|
0.7%
|
|
Real Estate
|
0.2%
|
|
Cash & Other
|
3.0%
|
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-729-2307, or contact your financial intermediary. Your request will be implemented within 30 days.
| PRIMECAP Odyssey Growth Fund | PAGE 1 | TSR-SAR-74160Q103 |
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.primecap.com/funds/primecap-odyssey-growth-fund/#literature.
|
| PRIMECAP Odyssey Growth Fund | PAGE 2 | TSR-SAR-74160Q103 |
|
PRIMECAP Odyssey Aggressive Growth Fund
|
||
|
POAGX
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Aggressive Growth Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.primecap.com/funds/primecap-odyssey-aggressive-growth-fund/#literature. You can also request this information by contacting us at 1-800-729-2307.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
PRIMECAP Odyssey Aggressive Growth Fund
|
$34
|
0.66%
|
| * | Annualized |
KEY FUND STATISTICS (as of April 30, 2026)
|
Net Assets
|
$6,765,772,559
|
|
Number of Holdings
|
180
|
|
Portfolio Turnover
|
6%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of April 30, 2026)
|
Top 10 Issuers
|
(%)
|
|
Micron Technology, Inc.
|
10.5%
|
|
Alphabet, Inc. - Class A & C
|
3.6%
|
|
Flex Ltd.
|
3.6%
|
|
Eli Lilly & Co.
|
3.1%
|
|
BeOne Medicines Ltd.
|
2.9%
|
|
Rhythm Pharmaceuticals, Inc.
|
2.6%
|
|
NVIDIA Corp.
|
2.5%
|
|
Glaukos Corp.
|
2.3%
|
|
MarketAxess Holdings, Inc.
|
2.1%
|
|
Biogen, Inc.
|
2.0%
|
|
Top Sectors
|
(%)
|
|
Information Technology
|
35.6%
|
|
Health Care
|
24.3%
|
|
Industrials
|
13.1%
|
|
Consumer Discretionary
|
11.3%
|
|
Communication Services
|
7.1%
|
|
Financials
|
4.3%
|
|
Materials
|
1.8%
|
|
Consumer Staples
|
0.8%
|
|
Energy
|
0.3%
|
|
Real Estate
|
0.1%
|
|
Cash & Other
|
1.3%
|
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-729-2307, or contact your financial intermediary. Your request will be implemented within 30 days.
| PRIMECAP Odyssey Aggressive Growth Fund | PAGE 1 | TSR-SAR-74160Q202 |
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.primecap.com/funds/primecap-odyssey-aggressive-growth-fund/#literature.
|
| PRIMECAP Odyssey Aggressive Growth Fund | PAGE 2 | TSR-SAR-74160Q202 |
| (b) | Not applicable. |
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.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) |
PRIMECAP Odyssey Stock Fund
PRIMECAP Odyssey Growth Fund
PRIMECAP Odyssey Aggressive Growth Fund
Core Financial Statements
April 30, 2026
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
Schedule of Investments
|
|
|
|
|
PRIMECAP Odyssey Stock Fund
|
|
|
1
|
|
PRIMECAP Odyssey Growth Fund
|
|
|
3
|
|
PRIMECAP Odyssey Aggressive Growth Fund
|
|
|
6
|
|
Statements of Assets and Liabilities
|
|
|
9
|
|
Statements of Operations
|
|
|
10
|
|
Statements of Changes in Net Assets
|
|
|
11
|
|
Financial Highlights
|
|
|
14
|
|
Notes to Financial Statements
|
|
|
17
|
|
|
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Stock Fund
Schedule of Investments
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 97.9%
|
|
|
|
|
||
|
Communication Services - 3.6%
|
|
|
|
|
||
|
Alphabet, Inc. - Class A
|
|
|
158,498
|
|
|
$60,990,031
|
|
Alphabet, Inc. - Class C
|
|
|
117,900
|
|
|
45,030,726
|
|
Meta Platforms, Inc. - Class A
|
|
|
19,600
|
|
|
11,993,436
|
|
Nintendo Co. Ltd. - JPY
|
|
|
224,300
|
|
|
11,013,344
|
|
Walt Disney Co. (The)
|
|
|
276,300
|
|
|
28,666,125
|
|
|
|
|
|
157,693,662
|
||
|
Consumer Discretionary - 6.7%
|
|
|
|
|
||
|
Birkenstock Holding PLC(a)
|
|
|
85,900
|
|
|
3,327,766
|
|
Burlington Stores, Inc.(a)
|
|
|
16,100
|
|
|
5,152,161
|
|
Capri Holdings Ltd.(a)
|
|
|
221,060
|
|
|
4,312,881
|
|
CarMax, Inc.(a)
|
|
|
410,500
|
|
|
16,136,755
|
|
Carnival Corp.
|
|
|
826,500
|
|
|
21,910,515
|
|
eBay, Inc.
|
|
|
103,880
|
|
|
10,749,502
|
|
Mattel, Inc.(a)
|
|
|
1,680,690
|
|
|
25,344,805
|
|
Murphy USA, Inc.
|
|
|
7,264
|
|
|
4,271,232
|
|
Newell Brands, Inc.
|
|
|
460,000
|
|
|
1,876,800
|
|
NIKE, Inc. - Class B
|
|
|
137,400
|
|
|
6,095,064
|
|
Ross Stores, Inc.
|
|
|
449,840
|
|
|
102,469,054
|
|
Royal Caribbean Cruises Ltd.
|
|
|
43,550
|
|
|
11,486,748
|
|
Sony Group Corp. - ADR
|
|
|
2,533,775
|
|
|
50,903,540
|
|
Taylor Morrison Home Corp.(a)
|
|
|
19,500
|
|
|
1,184,430
|
|
TJX Cos., Inc. (The)
|
|
|
102,900
|
|
|
16,129,575
|
|
Whirlpool Corp.
|
|
|
273,039
|
|
|
15,306,566
|
|
|
|
|
|
296,657,394
|
||
|
Consumer Staples - 2.4%
|
|
|
|
|
||
|
Altria Group, Inc.
|
|
|
27,900
|
|
|
2,026,935
|
|
BJ's Wholesale Club Holdings, Inc.(a)
|
|
|
199,670
|
|
|
18,747,016
|
|
Dollar Tree, Inc.(a)
|
|
|
315,900
|
|
|
30,677,049
|
|
Philip Morris International, Inc.
|
|
|
55,500
|
|
|
9,161,385
|
|
Sysco Corp.
|
|
|
252,146
|
|
|
18,837,828
|
|
Tyson Foods, Inc. - Class A
|
|
|
110,000
|
|
|
7,047,700
|
|
US Foods Holding Corp.(a)
|
|
|
214,300
|
|
|
20,034,907
|
|
|
|
|
|
106,532,820
|
||
|
Energy - 2.4%
|
|
|
|
|
||
|
Cameco Corp.
|
|
|
98,900
|
|
|
12,168,656
|
|
Chevron Corp.
|
|
|
115,557
|
|
|
22,338,324
|
|
ConocoPhillips
|
|
|
314,500
|
|
|
39,557,810
|
|
EOG Resources, Inc.
|
|
|
89,900
|
|
|
12,637,243
|
|
Expand Energy Corp.
|
|
|
58,000
|
|
|
5,924,700
|
|
TechnipFMC PLC
|
|
|
110,500
|
|
|
8,350,485
|
|
Viper Energy, Inc. - Class A
|
|
|
100,100
|
|
|
4,942,938
|
|
|
|
|
|
105,920,156
|
||
|
Financials - 10.0%
|
|
|
|
|
||
|
Bank of America Corp.
|
|
|
772,400
|
|
|
41,292,504
|
|
Bank of New York Mellon Corp. (The)
|
|
|
185,200
|
|
|
24,885,324
|
|
Capital One Financial Corp.
|
|
|
29,600
|
|
|
5,662,480
|
|
Charles Schwab Corp. (The)
|
|
|
526,890
|
|
|
48,284,199
|
|
Citigroup, Inc.
|
|
|
335,400
|
|
|
42,924,492
|
|
CME Group, Inc. - Class A
|
|
|
136,600
|
|
|
39,316,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Evercore, Inc. - Class A
|
|
|
17,900
|
|
|
$5,751,091
|
|
Hanover Insurance Group, Inc.
(The)
|
|
|
47,330
|
|
|
8,883,368
|
|
JPMorgan Chase & Co.
|
|
|
104,609
|
|
|
32,766,677
|
|
Marsh & McLennan Cos., Inc.
|
|
|
32,500
|
|
|
5,450,575
|
|
Northern Trust Corp.
|
|
|
382,760
|
|
|
63,668,298
|
|
PayPal Holdings, Inc.
|
|
|
371,820
|
|
|
18,643,055
|
|
Progressive Corp. (The)
|
|
|
17,310
|
|
|
3,484,157
|
|
Raymond James Financial, Inc.
|
|
|
336,230
|
|
|
53,231,934
|
|
Sony Financial Group, Inc. - ADR
|
|
|
290,059
|
|
|
1,276,260
|
|
Visa, Inc. - Class A
|
|
|
91,880
|
|
|
30,305,699
|
|
Wells Fargo & Co.
|
|
|
205,910
|
|
|
16,931,979
|
|
|
|
|
|
442,758,304
|
||
|
Health Care - 21.2%
|
|
|
|
|
||
|
Abbott Laboratories
|
|
|
40,590
|
|
|
3,685,166
|
|
Agilent Technologies, Inc.
|
|
|
120,110
|
|
|
13,878,711
|
|
Alcon, Inc.
|
|
|
45,230
|
|
|
3,386,370
|
|
Amgen, Inc.
|
|
|
217,080
|
|
|
75,163,950
|
|
AstraZeneca PLC
|
|
|
934,915
|
|
|
175,175,024
|
|
Biogen, Inc.(a)
|
|
|
533,140
|
|
|
100,912,739
|
|
Boston Scientific Corp.(a)
|
|
|
515,660
|
|
|
29,707,173
|
|
Bristol-Myers Squibb Co.
|
|
|
1,251,770
|
|
|
75,844,744
|
|
CVS Health Corp.
|
|
|
94,730
|
|
|
7,890,062
|
|
Danaher Corp.
|
|
|
30,000
|
|
|
5,368,500
|
|
Elanco Animal Health, Inc.(a)
|
|
|
2,748,021
|
|
|
61,473,230
|
|
Eli Lilly & Co.
|
|
|
231,943
|
|
|
216,773,928
|
|
GRAIL, Inc.(a)
|
|
|
7,834
|
|
|
426,796
|
|
GSK PLC - ADR
|
|
|
1,117,650
|
|
|
58,464,271
|
|
Illumina, Inc.(a)
|
|
|
57,500
|
|
|
7,287,550
|
|
LivaNova PLC(a)
|
|
|
142,500
|
|
|
8,564,250
|
|
Merck & Co., Inc.
|
|
|
28,900
|
|
|
3,155,302
|
|
Novartis AG - ADR
|
|
|
152,600
|
|
|
22,561,910
|
|
Revvity, Inc.
|
|
|
90,470
|
|
|
7,836,511
|
|
Siemens Healthineers AG - EUR
|
|
|
72,000
|
|
|
2,947,467
|
|
Stryker Corp.
|
|
|
12,500
|
|
|
3,939,125
|
|
Thermo Fisher Scientific, Inc.
|
|
|
68,150
|
|
|
32,641,124
|
|
UnitedHealth Group, Inc.
|
|
|
13,941
|
|
|
5,164,862
|
|
Waters Corp.(a)
|
|
|
2,980
|
|
|
921,505
|
|
Zimmer Biomet Holdings, Inc.
|
|
|
196,500
|
|
|
16,197,495
|
|
|
|
|
|
939,367,765
|
||
|
Industrials - 21.8%
|
|
|
|
|
||
|
AECOM
|
|
|
1,067,840
|
|
|
89,805,344
|
|
Airbus SE - EUR
|
|
|
119,049
|
|
|
24,434,638
|
|
Alaska Air Group, Inc.(a)
|
|
|
53,550
|
|
|
2,094,340
|
|
Amentum Holdings, Inc.(a)
|
|
|
1,854,255
|
|
|
48,637,109
|
|
American Airlines Group, Inc.(a)
|
|
|
2,211,150
|
|
|
25,892,567
|
|
AMETEK, Inc.
|
|
|
39,762
|
|
|
9,363,951
|
|
Boeing Co. (The)(a)
|
|
|
31,000
|
|
|
7,099,930
|
|
Booz Allen Hamilton Holding
Corp.
|
|
|
211,733
|
|
|
16,466,475
|
|
Carrier Global Corp.
|
|
|
128,342
|
|
|
8,620,732
|
|
Caterpillar, Inc.
|
|
|
16,290
|
|
|
14,499,892
|
|
CSX Corp.
|
|
|
60,000
|
|
|
2,725,800
|
|
Curtiss-Wright Corp.
|
|
|
92,730
|
|
|
66,784,146
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Stock Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Industrials - (Continued)
|
||||||
|
Delta Air Lines, Inc.
|
|
|
654,850
|
|
|
$44,523,251
|
|
FedEx Corp.
|
|
|
276,605
|
|
|
111,557,563
|
|
General Dynamics Corp.
|
|
|
13,740
|
|
|
4,730,682
|
|
GXO Logistics, Inc.(a)
|
|
|
66,400
|
|
|
3,793,432
|
|
Honeywell International, Inc.
|
|
|
12,300
|
|
|
2,636,259
|
|
Jacobs Solutions, Inc.
|
|
|
249,650
|
|
|
32,307,207
|
|
Kirby Corp.(a)
|
|
|
164,053
|
|
|
24,696,539
|
|
Knight-Swift Transportation Holdings, Inc.
|
|
|
198,831
|
|
|
12,904,132
|
|
L3Harris Technologies, Inc.
|
|
|
6,000
|
|
|
1,923,300
|
|
Moog, Inc. - Class A
|
|
|
123,100
|
|
|
37,091,261
|
|
Nextpower, Inc. - Class A(a)
|
|
|
468,678
|
|
|
55,833,610
|
|
Norfolk Southern Corp.
|
|
|
59,900
|
|
|
18,918,217
|
|
Otis Worldwide Corp.
|
|
|
39,681
|
|
|
3,090,356
|
|
Parsons Corp.(a)
|
|
|
167,300
|
|
|
8,433,593
|
|
Rockwell Automation, Inc.
|
|
|
11,840
|
|
|
4,841,494
|
|
RTX Corp.
|
|
|
5,262
|
|
|
926,480
|
|
RXO, Inc.(a)
|
|
|
89,100
|
|
|
1,779,327
|
|
Saia, Inc.(a)
|
|
|
8,700
|
|
|
3,904,734
|
|
Siemens AG - EUR
|
|
|
368,021
|
|
|
109,083,733
|
|
Southwest Airlines Co.
|
|
|
1,579,920
|
|
|
59,910,566
|
|
United Airlines Holdings, Inc.(a)
|
|
|
630,070
|
|
|
56,706,300
|
|
United Parcel Service, Inc. -
Class B
|
|
|
159,400
|
|
|
17,342,720
|
|
XPO, Inc.(a)
|
|
|
140,784
|
|
|
30,990,782
|
|
|
|
|
|
964,350,462
|
||
|
Information Technology - 27.6%
|
|
|
|
|
||
|
Adobe, Inc.(a)
|
|
|
113,050
|
|
|
27,821,605
|
|
Analog Devices, Inc.
|
|
|
132,090
|
|
|
53,134,523
|
|
Applied Materials, Inc.
|
|
|
141,532
|
|
|
55,832,959
|
|
Ciena Corp.(a)
|
|
|
14,950
|
|
|
7,887,321
|
|
Corning, Inc.
|
|
|
80,098
|
|
|
13,155,296
|
|
Flex Ltd.(a)
|
|
|
1,451,989
|
|
|
132,929,593
|
|
Hewlett Packard Enterprise Co.
|
|
|
1,202,330
|
|
|
34,591,034
|
|
HP, Inc.
|
|
|
1,034,560
|
|
|
21,580,922
|
|
Infineon Technologies AG - EUR
|
|
|
480,000
|
|
|
32,184,404
|
|
Intel Corp.(a)
|
|
|
3,838,720
|
|
|
362,682,266
|
|
Jabil, Inc.
|
|
|
80,700
|
|
|
27,235,443
|
|
Keysight Technologies, Inc.(a)
|
|
|
42,420
|
|
|
14,843,182
|
|
KLA Corp.
|
|
|
78,438
|
|
|
137,293,953
|
|
L.M. Ericsson Telephone Co. -
ADR
|
|
|
2,631,630
|
|
|
31,079,550
|
|
Microsoft Corp.
|
|
|
245,930
|
|
|
100,285,335
|
|
NetApp, Inc.
|
|
|
325,950
|
|
|
36,105,481
|
|
NVIDIA Corp.
|
|
|
82,680
|
|
|
16,500,448
|
|
Oracle Corp.
|
|
|
200,310
|
|
|
32,328,031
|
|
Qnity Electronics, Inc.
|
|
|
33,990
|
|
|
4,781,033
|
|
Seagate Technology Holdings PLC
|
|
|
37,073
|
|
|
24,973,856
|
|
Teradyne, Inc.
|
|
|
47,500
|
|
|
16,314,825
|
|
Texas Instruments, Inc.
|
|
|
149,210
|
|
|
41,939,947
|
|
|
|
|
|
1,225,481,007
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Materials - 2.2%
|
|
|
|
|
||
|
Albemarle Corp.
|
|
|
136,170
|
|
|
$26,784,639
|
|
Corteva, Inc.
|
|
|
68,130
|
|
|
5,519,211
|
|
Dow, Inc.
|
|
|
83,244
|
|
|
3,370,549
|
|
DuPont de Nemours, Inc.
|
|
|
113,210
|
|
|
5,169,169
|
|
FMC Corp.
|
|
|
98,692
|
|
|
1,517,883
|
|
Freeport-McMoRan, Inc.
|
|
|
36,000
|
|
|
2,080,080
|
|
Glencore PLC - GBP
|
|
|
2,589,914
|
|
|
20,010,521
|
|
Linde PLC
|
|
|
37,900
|
|
|
18,993,206
|
|
Tronox Holdings PLC
|
|
|
1,337,743
|
|
|
13,364,053
|
|
|
|
|
|
96,809,311
|
||
|
Utilities - 0.0%
|
|
|
|
|
||
|
PG&E Corp.
|
|
|
28,000
|
|
|
465,360
|
|
Xcel Energy, Inc.
|
|
|
23,000
|
|
|
1,907,850
|
|
|
|
|
|
2,373,210
|
||
|
TOTAL COMMON STOCKS
(Cost $1,684,063,284)
|
|
|
|
|
4,337,944,091
|
|
|
SHORT-TERM INVESTMENTS - 2.2%
|
||||||
|
Money Market Funds - 2.2%
|
|
|
|
|
||
|
First American US Treasury Money Market Fund -
Class X - 3.54%(b)
|
|
|
38,564,239
|
|
|
38,564,239
|
|
Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares - 3.51%(b)
|
|
|
28,923,179
|
|
|
28,923,179
|
|
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class - 3.51%(b)
|
|
|
28,923,179
|
|
|
28,923,179
|
|
|
|
|
|
96,410,597
|
||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $96,410,597)
|
|
|
|
|
96,410,597
|
|
|
TOTAL INVESTMENTS - 100.1%
(Cost $1,780,473,881)
|
|
|
|
|
$4,434,354,688
|
|
|
Liabilities in Excess of Other
Assets - (0.1)%
|
|
|
|
|
(3,473,110)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$4,430,881,578
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
EUR - Euros
GBP - British Pound Sterling
JPY - Japanese Yen
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.
|
|
|
2
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 97.0%
|
|
|
|
|
||
|
Communication Services - 7.8%
|
|
|
|
|
||
|
Alphabet, Inc. - Class A
|
|
|
470,270
|
|
|
$180,959,896
|
|
Alphabet, Inc. - Class C
|
|
|
220,254
|
|
|
84,123,813
|
|
Baidu, Inc. - ADR(a)
|
|
|
541,800
|
|
|
68,553,954
|
|
IMAX Corp.(a)
|
|
|
139,900
|
|
|
5,318,998
|
|
Live Nation Entertainment, Inc.(a)
|
|
|
26,290
|
|
|
4,152,242
|
|
Meta Platforms, Inc. - Class A
|
|
|
15,200
|
|
|
9,301,032
|
|
Netflix, Inc.(a)
|
|
|
154,200
|
|
|
14,434,662
|
|
Nintendo Co. Ltd. - JPY
|
|
|
319,100
|
|
|
15,668,115
|
|
Spotify Technology SA(a)
|
|
|
11,100
|
|
|
4,956,705
|
|
Trade Desk, Inc. (The) - Class A(a)
|
|
|
130,300
|
|
|
3,073,777
|
|
Universal Music Group N.V. - EUR
|
|
|
325,239
|
|
|
6,800,306
|
|
Walt Disney Co. (The)
|
|
|
219,800
|
|
|
22,804,250
|
|
|
|
|
|
420,147,750
|
||
|
Consumer Discretionary - 7.3%
|
|
|
|
|
||
|
Alibaba Group Holding Ltd. - ADR
|
|
|
760,043
|
|
|
100,234,471
|
|
Amazon.com, Inc.(a)
|
|
|
233,777
|
|
|
61,964,932
|
|
Birkenstock Holding PLC(a)
|
|
|
104,700
|
|
|
4,056,078
|
|
Burlington Stores, Inc.(a)
|
|
|
34,000
|
|
|
10,880,340
|
|
Capri Holdings Ltd.(a)
|
|
|
190,970
|
|
|
3,725,825
|
|
CarMax, Inc.(a)
|
|
|
414,300
|
|
|
16,286,133
|
|
Carnival Corp.
|
|
|
84,200
|
|
|
2,232,142
|
|
Carvana Co.(a)
|
|
|
29,700
|
|
|
11,755,260
|
|
DoorDash, Inc. - Class A(a)
|
|
|
13,510
|
|
|
2,278,461
|
|
eBay, Inc.
|
|
|
43,610
|
|
|
4,512,763
|
|
Entain PLC - GBP
|
|
|
387,313
|
|
|
2,864,964
|
|
Flutter Entertainment PLC(a)
|
|
|
110,500
|
|
|
11,926,265
|
|
Lucky Strike Entertainment Corp. - Class A
|
|
|
282,100
|
|
|
2,242,695
|
|
Marriott International, Inc. -
Class A
|
|
|
13,500
|
|
|
4,882,815
|
|
Mattel, Inc.(a)
|
|
|
1,477,050
|
|
|
22,273,914
|
|
McDonald's Corp.
|
|
|
5,300
|
|
|
1,556,027
|
|
Norwegian Cruise Line Holdings Ltd.(a)
|
|
|
212,900
|
|
|
3,870,522
|
|
Ollie's Bargain Outlet Holdings, Inc.(a)
|
|
|
43,400
|
|
|
3,754,534
|
|
Ross Stores, Inc.
|
|
|
64,930
|
|
|
14,790,405
|
|
Royal Caribbean Cruises Ltd.
|
|
|
36,571
|
|
|
9,645,967
|
|
Sony Group Corp. - ADR
|
|
|
1,368,325
|
|
|
27,489,649
|
|
Tesla, Inc.(a)
|
|
|
160,210
|
|
|
61,140,942
|
|
TJX Cos., Inc. (The)
|
|
|
37,200
|
|
|
5,831,100
|
|
Viking Holdings Ltd.(a)
|
|
|
56,700
|
|
|
4,644,297
|
|
|
|
|
|
394,840,501
|
||
|
Consumer Staples - 1.6%
|
|
|
|
|
||
|
BellRing Brands, Inc.(a)
|
|
|
99,200
|
|
|
1,765,760
|
|
BJ's Wholesale Club Holdings,
Inc.(a)
|
|
|
97,290
|
|
|
9,134,558
|
|
Casey's General Stores, Inc.
|
|
|
9,100
|
|
|
7,481,565
|
|
Dollar Tree, Inc.(a)
|
|
|
218,000
|
|
|
21,169,980
|
|
e.l.f. Beauty, Inc.(a)
|
|
|
73,560
|
|
|
4,705,633
|
|
Performance Food Group Co.(a)
|
|
|
399,800
|
|
|
36,205,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Philip Morris International, Inc.
|
|
|
32,300
|
|
|
$5,331,761
|
|
US Foods Holding Corp.(a)
|
|
|
34,600
|
|
|
3,234,754
|
|
|
|
|
|
89,029,899
|
||
|
Energy - 1.1%
|
|
|
|
|
||
|
Chevron Corp.
|
|
|
21,760
|
|
|
4,206,426
|
|
ConocoPhillips
|
|
|
260,000
|
|
|
32,702,800
|
|
Coterra Energy, Inc.
|
|
|
100,000
|
|
|
3,591,000
|
|
EOG Resources, Inc.
|
|
|
36,000
|
|
|
5,060,520
|
|
Exxon Mobil Corp.
|
|
|
17,070
|
|
|
2,634,413
|
|
SLB Ltd.
|
|
|
26,500
|
|
|
1,507,320
|
|
Viper Energy, Inc. - Class A
|
|
|
152,600
|
|
|
7,535,388
|
|
|
|
|
|
57,237,867
|
||
|
Financials - 7.7%
|
|
|
|
|
||
|
Bank of America Corp.
|
|
|
76,500
|
|
|
4,089,690
|
|
Charles Schwab Corp. (The)
|
|
|
1,080,197
|
|
|
98,989,253
|
|
Citigroup, Inc.
|
|
|
208,200
|
|
|
26,645,436
|
|
CME Group, Inc. - Class A
|
|
|
88,800
|
|
|
25,558,416
|
|
Evercore, Inc. - Class A
|
|
|
18,530
|
|
|
5,953,504
|
|
JPMorgan Chase & Co.
|
|
|
100
|
|
|
31,323
|
|
MarketAxess Holdings, Inc.
|
|
|
344,052
|
|
|
54,081,534
|
|
Mastercard, Inc. - Class A
|
|
|
14,600
|
|
|
7,342,632
|
|
Northern Trust Corp.
|
|
|
343,510
|
|
|
57,139,453
|
|
PayPal Holdings, Inc.
|
|
|
378,500
|
|
|
18,977,990
|
|
Raymond James Financial, Inc.
|
|
|
402,800
|
|
|
63,771,296
|
|
Sony Financial Group, Inc. - ADR
|
|
|
200,617
|
|
|
882,715
|
|
Toast, Inc. - Class A(a)
|
|
|
89,000
|
|
|
2,538,280
|
|
Tradeweb Markets, Inc. - Class A
|
|
|
8,000
|
|
|
906,000
|
|
Visa, Inc. - Class A
|
|
|
140,640
|
|
|
46,388,698
|
|
Wells Fargo & Co.
|
|
|
36,380
|
|
|
2,991,527
|
|
|
|
|
|
416,287,747
|
||
|
Health Care - 22.8%
|
|
|
|
|
||
|
Agilent Technologies, Inc.
|
|
|
32,670
|
|
|
3,775,018
|
|
Alcon, Inc.
|
|
|
45,690
|
|
|
3,420,810
|
|
Alkermes PLC(a)
|
|
|
112,830
|
|
|
3,803,499
|
|
Amgen, Inc.
|
|
|
175,040
|
|
|
60,607,600
|
|
AstraZeneca PLC
|
|
|
478,647
|
|
|
89,684,088
|
|
BeOne Medicines Ltd. - ADR(a)
|
|
|
587,747
|
|
|
173,544,057
|
|
Biogen, Inc.(a)
|
|
|
615,350
|
|
|
116,473,448
|
|
BioMarin Pharmaceutical, Inc.(a)
|
|
|
973,226
|
|
|
52,466,614
|
|
BioNTech SE - ADR(a)
|
|
|
355,600
|
|
|
36,786,820
|
|
Boston Scientific Corp.(a)
|
|
|
779,780
|
|
|
44,923,126
|
|
Bridgebio Pharma, Inc.(a)
|
|
|
87,680
|
|
|
6,234,925
|
|
Bristol-Myers Squibb Co.
|
|
|
733,800
|
|
|
44,460,942
|
|
Bruker Corp.
|
|
|
152,900
|
|
|
5,612,959
|
|
CVS Health Corp.
|
|
|
95,600
|
|
|
7,962,524
|
|
Danaher Corp.
|
|
|
5,600
|
|
|
1,002,120
|
|
Edwards Lifesciences Corp.(a)
|
|
|
38,212
|
|
|
3,190,702
|
|
Elanco Animal Health, Inc.(a)
|
|
|
2,644,289
|
|
|
59,152,745
|
|
Eli Lilly & Co.
|
|
|
241,598
|
|
|
225,797,491
|
|
Glaukos Corp.(a)
|
|
|
376,780
|
|
|
54,131,983
|
|
GRAIL, Inc.(a)
|
|
|
18,363
|
|
|
1,000,416
|
|
GSK PLC - ADR
|
|
|
608,980
|
|
|
31,855,744
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
|
|
|
|
||
|
Health Care - (Continued)
|
|
|||||
|
Illumina, Inc.(a)
|
|
|
31,980
|
|
|
$4,053,145
|
|
Insulet Corp.(a)
|
|
|
25,940
|
|
|
4,465,312
|
|
LivaNova PLC(a)
|
|
|
413,860
|
|
|
24,872,986
|
|
Merck & Co., Inc.
|
|
|
6,400
|
|
|
698,752
|
|
Nektar Therapeutics(a)
|
|
|
67,915
|
|
|
5,775,492
|
|
Neurocrine Biosciences, Inc.(a)
|
|
|
55,460
|
|
|
7,302,418
|
|
QIAGEN N.V. - EUR
|
|
|
76,266
|
|
|
2,598,919
|
|
Revvity, Inc.
|
|
|
35,420
|
|
|
3,068,080
|
|
Rhythm Pharmaceuticals, Inc.(a)
|
|
|
1,095,402
|
|
|
89,121,907
|
|
Stryker Corp.
|
|
|
11,000
|
|
|
3,466,430
|
|
Thermo Fisher Scientific, Inc.
|
|
|
27,800
|
|
|
13,315,088
|
|
UnitedHealth Group, Inc.
|
|
|
9,221
|
|
|
3,416,196
|
|
Waters Corp.(a)
|
|
|
6,000
|
|
|
1,855,380
|
|
Xencor, Inc.(a)
|
|
|
3,175,000
|
|
|
37,877,750
|
|
Zimmer Biomet Holdings, Inc.
|
|
|
133,430
|
|
|
10,998,635
|
|
|
|
|
|
1,238,774,121
|
||
|
Industrials - 16.6%
|
|
|
|
|
||
|
AECOM
|
|
|
752,302
|
|
|
63,268,598
|
|
Airbus SE - EUR
|
|
|
100,121
|
|
|
20,549,693
|
|
Amentum Holdings, Inc.(a)
|
|
|
583,572
|
|
|
15,307,094
|
|
American Airlines Group, Inc.(a)
|
|
|
2,715,501
|
|
|
31,798,517
|
|
Booz Allen Hamilton Holding
Corp.
|
|
|
194,200
|
|
|
15,102,934
|
|
Carrier Global Corp.
|
|
|
51,600
|
|
|
3,465,972
|
|
Curtiss-Wright Corp.
|
|
|
67,020
|
|
|
48,267,804
|
|
Delta Air Lines, Inc.
|
|
|
806,300
|
|
|
54,820,337
|
|
FedEx Corp.
|
|
|
76,000
|
|
|
30,651,560
|
|
General Dynamics Corp.
|
|
|
12,980
|
|
|
4,469,014
|
|
Honeywell International, Inc.
|
|
|
14,600
|
|
|
3,129,218
|
|
IDEX Corp.
|
|
|
191,920
|
|
|
41,809,772
|
|
J.B. Hunt Transport Services, Inc.
|
|
|
29,000
|
|
|
7,294,370
|
|
Jacobs Solutions, Inc.
|
|
|
470,924
|
|
|
60,942,275
|
|
JetBlue Airways Corp.(a)
|
|
|
67,800
|
|
|
315,609
|
|
Lyft, Inc. - Class A(a)
|
|
|
253,456
|
|
|
3,586,402
|
|
Nextpower, Inc. - Class A(a)
|
|
|
613,367
|
|
|
73,070,411
|
|
Norfolk Southern Corp.
|
|
|
14,700
|
|
|
4,642,701
|
|
Saia, Inc.(a)
|
|
|
10,800
|
|
|
4,847,256
|
|
Siemens AG - EUR
|
|
|
288,147
|
|
|
85,408,578
|
|
Southwest Airlines Co.
|
|
|
1,650,760
|
|
|
62,596,819
|
|
TransDigm Group, Inc.
|
|
|
18,080
|
|
|
20,972,438
|
|
Uber Technologies, Inc.(a)
|
|
|
34,100
|
|
|
2,544,201
|
|
United Airlines Holdings, Inc.(a)
|
|
|
657,600
|
|
|
59,184,000
|
|
Xometry, Inc. - Class A(a)(b)
|
|
|
3,579,452
|
|
|
183,518,504
|
|
|
|
|
|
901,564,077
|
||
|
Information Technology - 31.2%
|
|
|
|
|
||
|
Adobe, Inc.(a)
|
|
|
117,500
|
|
|
28,916,750
|
|
Advanced Micro Devices, Inc.(a)
|
|
|
38,640
|
|
|
13,697,493
|
|
Analog Devices, Inc.
|
|
|
121,880
|
|
|
49,027,449
|
|
Applied Materials, Inc.
|
|
|
50,232
|
|
|
19,816,022
|
|
AppLovin Corp. - Class A(a)
|
|
|
25,400
|
|
|
11,337,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Arm Holdings PLC - ADR(a)
|
|
|
21,020
|
|
|
$4,420,926
|
|
ASML Holding N.V. - ADR
|
|
|
12,400
|
|
|
17,843,476
|
|
Autodesk, Inc.(a)
|
|
|
8,000
|
|
|
1,896,000
|
|
Broadcom, Inc.
|
|
|
17,720
|
|
|
7,396,860
|
|
Dell Technologies, Inc. - Class C
|
|
|
26,760
|
|
|
5,591,502
|
|
Fair Isaac Corp.(a)
|
|
|
14,347
|
|
|
14,705,675
|
|
Flex Ltd.(a)
|
|
|
1,768,669
|
|
|
161,921,647
|
|
FormFactor, Inc.(a)
|
|
|
161,618
|
|
|
21,968,735
|
|
Hewlett Packard Enterprise Co.
|
|
|
783,600
|
|
|
22,544,172
|
|
HP, Inc.
|
|
|
163,236
|
|
|
3,405,103
|
|
Intel Corp.(a)
|
|
|
2,948,140
|
|
|
278,540,267
|
|
Intuit, Inc.
|
|
|
3,500
|
|
|
1,359,750
|
|
Jabil, Inc.
|
|
|
233,600
|
|
|
78,837,664
|
|
Keysight Technologies, Inc.(a)
|
|
|
10,580
|
|
|
3,702,048
|
|
KLA Corp.
|
|
|
59,822
|
|
|
104,709,438
|
|
L.M. Ericsson Telephone Co. -
ADR
|
|
|
1,203,000
|
|
|
14,207,430
|
|
Marvell Technology, Inc.
|
|
|
131,211
|
|
|
21,669,497
|
|
Micron Technology, Inc.
|
|
|
807,136
|
|
|
417,418,454
|
|
Microsoft Corp.
|
|
|
224,210
|
|
|
91,428,354
|
|
MongoDB, Inc.(a)
|
|
|
74,365
|
|
|
18,652,973
|
|
NetApp, Inc.
|
|
|
181,311
|
|
|
20,083,819
|
|
Nutanix, Inc. - Class A(a)
|
|
|
205,610
|
|
|
8,407,393
|
|
NVIDIA Corp.
|
|
|
522,000
|
|
|
104,175,540
|
|
Okta, Inc. - Class A(a)
|
|
|
65,197
|
|
|
4,801,759
|
|
Oracle Corp.
|
|
|
11,000
|
|
|
1,775,290
|
|
OSI Systems, Inc.(a)
|
|
|
51,500
|
|
|
14,776,380
|
|
Palo Alto Networks, Inc.(a)
|
|
|
47,390
|
|
|
8,497,975
|
|
RingCentral, Inc. - Class A
|
|
|
56,600
|
|
|
2,276,452
|
|
Salesforce, Inc.
|
|
|
22,400
|
|
|
3,954,272
|
|
Seagate Technology Holdings PLC
|
|
|
10,200
|
|
|
6,871,128
|
|
Synaptics, Inc.(a)
|
|
|
89,000
|
|
|
8,329,510
|
|
Synopsys, Inc.(a)
|
|
|
33,500
|
|
|
16,167,100
|
|
Teradyne, Inc.
|
|
|
35,620
|
|
|
12,234,401
|
|
Texas Instruments, Inc.
|
|
|
111,395
|
|
|
31,310,906
|
|
Trimble, Inc.(a)
|
|
|
245,270
|
|
|
16,511,576
|
|
Universal Display Corp.
|
|
|
205,419
|
|
|
17,889,941
|
|
|
|
|
|
1,693,078,417
|
||
|
Materials - 0.7%
|
|
|
|
|
||
|
Albemarle Corp.
|
|
|
111,340
|
|
|
21,900,578
|
|
Ivanhoe Mines Ltd. - Class A - CAD(a)
|
|
|
973,000
|
|
|
7,879,413
|
|
Linde PLC
|
|
|
19,900
|
|
|
9,972,686
|
|
|
|
|
|
39,752,677
|
||
|
Real Estate - 0.2%
|
|
|
|
|
||
|
CoStar Group, Inc.(a)
|
|
|
119,600
|
|
|
4,139,356
|
|
Welltower, Inc.
|
|
|
17,883
|
|
|
3,886,691
|
|
|
|
|
|
8,026,047
|
||
|
TOTAL COMMON STOCKS
(Cost $2,002,970,852)
|
|
|
|
|
5,258,739,103
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
RIGHTS - 0.0%
|
|
|
|
|
||
|
Health Care - 0.0%
|
|
|
|
|
||
|
ABIOMED, Inc. - CVR (Expiration Date 12/31/29)(a)(c)(d)
|
|
|
387,250
|
|
|
$394,995
|
|
Epizyme, Inc. - CVR (Expiration Date 1/1/28)(a)(c)(d)
|
|
|
4,207,543
|
|
|
0
|
|
|
|
|
|
394,995
|
||
|
TOTAL RIGHTS
(Cost $0)
|
|
|
|
|
394,995
|
|
|
SHORT-TERM INVESTMENTS - 3.1%
|
||||||
|
Money Market Funds - 3.1%
|
|
|
|
|
||
|
First American US Treasury Money Market Fund -
Class X - 3.54%(e)
|
|
|
67,704,829
|
|
|
67,704,829
|
|
Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares - 3.51%(e)
|
|
|
50,778,622
|
|
|
50,778,622
|
|
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class - 3.51%(e)
|
|
|
50,778,622
|
|
|
50,778,622
|
|
|
|
|
|
169,262,073
|
||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $169,262,073)
|
|
|
|
|
169,262,073
|
|
|
TOTAL INVESTMENTS - 100.1%
(Cost $2,172,232,925)
|
|
|
|
|
$5,428,396,171
|
|
|
Liabilities in Excess of Other
Assets - (0.1)%
|
|
|
|
|
(4,478,424)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$5,423,917,747
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
CAD - Canadian Dollars
CVR - Contingent Value Rights
EUR - Euros
GBP - British Pound Sterling
JPY - Japanese Yen
|
(a)
|
Non-income producing security.
|
|
(b)
|
Considered an affiliated company of the fund as the fund owns 5% or more of the outstanding voting securities of such company. (Note 7)
|
|
(c)
|
Illiquid security.
|
|
(d)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Investment Advisor, acting as Valuation Designee. These securities represented $394,995 or 0.0% of net assets as of April 30, 2026. (Note 4)
|
|
(e)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.
|
|
|
5
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Aggressive Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 98.7%
|
|
|
|
|
||
|
Communication Services - 7.1%
|
|
|
|
|
||
|
Alphabet, Inc. - Class A
|
|
|
535,700
|
|
|
$206,137,360
|
|
Alphabet, Inc. - Class C
|
|
|
101,040
|
|
|
38,591,218
|
|
Baidu, Inc. - ADR(a)
|
|
|
947,760
|
|
|
119,920,073
|
|
Ibotta, Inc. - Class A(a)
|
|
|
25,390
|
|
|
893,728
|
|
IMAX Corp.(a)
|
|
|
359,602
|
|
|
13,672,068
|
|
Live Nation Entertainment, Inc.(a)
|
|
|
47,370
|
|
|
7,481,618
|
|
Meta Platforms, Inc. - Class A
|
|
|
36,150
|
|
|
22,120,546
|
|
Netflix, Inc.(a)
|
|
|
369,000
|
|
|
34,542,090
|
|
Pinterest, Inc. - Class A(a)
|
|
|
725,150
|
|
|
14,256,449
|
|
Take-Two Interactive Software, Inc.(a)
|
|
|
47,790
|
|
|
10,215,590
|
|
Trade Desk, Inc. (The) - Class A(a)
|
|
|
214,875
|
|
|
5,068,901
|
|
Warner Music Group Corp. -
Class A
|
|
|
14,750
|
|
|
416,983
|
|
WildBrain Ltd. - CAD(a)
|
|
|
2,918,980
|
|
|
2,986,993
|
|
ZoomInfo Technologies, Inc.(a)
|
|
|
12,300
|
|
|
76,875
|
|
|
|
|
|
476,380,492
|
||
|
Consumer Discretionary - 11.3%
|
|
|
|
|
||
|
Alibaba Group Holding Ltd. - ADR
|
|
|
975,600
|
|
|
128,662,128
|
|
Amazon.com, Inc.(a)
|
|
|
399,500
|
|
|
105,891,470
|
|
Birkenstock Holding PLC(a)
|
|
|
109,200
|
|
|
4,230,408
|
|
Boot Barn Holdings, Inc.(a)
|
|
|
45,620
|
|
|
7,821,549
|
|
Burlington Stores, Inc.(a)
|
|
|
81,690
|
|
|
26,141,617
|
|
Capri Holdings Ltd.(a)
|
|
|
253,160
|
|
|
4,939,152
|
|
CarMax, Inc.(a)
|
|
|
521,600
|
|
|
20,504,096
|
|
Carvana Co.(a)
|
|
|
36,995
|
|
|
14,642,621
|
|
CAVA Group, Inc.(a)
|
|
|
676,450
|
|
|
63,187,194
|
|
eBay, Inc.
|
|
|
137,490
|
|
|
14,227,465
|
|
Entain PLC - GBP
|
|
|
2,092,333
|
|
|
15,477,040
|
|
Flutter Entertainment PLC(a)
|
|
|
109,600
|
|
|
11,829,128
|
|
GrowGeneration Corp.(a)
|
|
|
377,300
|
|
|
498,036
|
|
Mobileye Global, Inc. - Class A(a)
|
|
|
920,100
|
|
|
7,995,669
|
|
Norwegian Cruise Line Holdings Ltd.(a)
|
|
|
820,400
|
|
|
14,914,872
|
|
Ollie's Bargain Outlet Holdings, Inc.(a)
|
|
|
117,730
|
|
|
10,184,822
|
|
Royal Caribbean Cruises Ltd.
|
|
|
97,300
|
|
|
25,663,848
|
|
Savers Value Village, Inc.(a)
|
|
|
600,700
|
|
|
5,075,915
|
|
SharkNinja, Inc.(a)
|
|
|
40,700
|
|
|
4,702,071
|
|
Sony Group Corp. - ADR
|
|
|
4,652,830
|
|
|
93,475,355
|
|
Tapestry, Inc.
|
|
|
6,600
|
|
|
957,264
|
|
Tesla, Inc.(a)
|
|
|
338,350
|
|
|
129,124,511
|
|
Ulta Beauty, Inc.(a)
|
|
|
17,250
|
|
|
9,271,530
|
|
XPeng, Inc. - ADR(a)
|
|
|
2,845,190
|
|
|
46,376,597
|
|
|
|
|
|
765,794,358
|
||
|
Consumer Staples - 0.8%
|
|
|
|
|
||
|
BellRing Brands, Inc.(a)
|
|
|
124,838
|
|
|
2,222,116
|
|
e.l.f. Beauty, Inc.(a)
|
|
|
172,605
|
|
|
11,041,542
|
|
Performance Food Group Co.(a)
|
|
|
480,800
|
|
|
43,541,248
|
|
|
|
|
|
56,804,906
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Energy - 0.3%
|
|
|
|
|
||
|
Coterra Energy, Inc.
|
|
|
315,350
|
|
|
$11,324,219
|
|
EOG Resources, Inc.
|
|
|
79,100
|
|
|
11,119,087
|
|
New Fortress Energy, Inc.(a)
|
|
|
360,000
|
|
|
249,048
|
|
|
|
|
|
22,692,354
|
||
|
Financials - 4.3%
|
|
|
|
|
||
|
Capital One Financial Corp.
|
|
|
51,910
|
|
|
9,930,383
|
|
CME Group, Inc. - Class A
|
|
|
186,871
|
|
|
53,785,211
|
|
Flywire Corp.(a)
|
|
|
1,339,700
|
|
|
18,099,347
|
|
Galaxy Digital, Inc. - Class A(a)
|
|
|
251,700
|
|
|
6,906,648
|
|
LPL Financial Holdings, Inc.
|
|
|
16,000
|
|
|
5,346,080
|
|
MarketAxess Holdings, Inc.
|
|
|
897,260
|
|
|
141,040,300
|
|
Marqeta, Inc. - Class A(a)
|
|
|
90,000
|
|
|
390,600
|
|
NMI Holdings, Inc. - Class A(a)
|
|
|
268,330
|
|
|
10,387,054
|
|
Progressive Corp. (The)
|
|
|
51,350
|
|
|
10,335,728
|
|
Sony Financial Group, Inc. - ADR
|
|
|
572,486
|
|
|
2,518,938
|
|
Toast, Inc. - Class A(a)
|
|
|
223,000
|
|
|
6,359,960
|
|
Tradeweb Markets, Inc. - Class A
|
|
|
232,160
|
|
|
26,292,120
|
|
WEX, Inc.(a)
|
|
|
7,500
|
|
|
1,127,475
|
|
|
|
|
|
292,519,844
|
||
|
Health Care - 24.3%
|
|
|
|
|
||
|
Alkermes PLC(a)
|
|
|
585,640
|
|
|
19,741,924
|
|
Allogene Therapeutics, Inc.(a)
|
|
|
3,375,270
|
|
|
7,189,325
|
|
BeOne Medicines Ltd. - ADR(a)
|
|
|
660,957
|
|
|
195,160,773
|
|
Biogen, Inc.(a)
|
|
|
712,650
|
|
|
134,890,392
|
|
BioMarin Pharmaceutical, Inc.(a)
|
|
|
1,402,515
|
|
|
75,609,584
|
|
BioNTech SE - ADR(a)
|
|
|
919,146
|
|
|
95,085,654
|
|
Boston Scientific Corp.(a)
|
|
|
605,310
|
|
|
34,871,909
|
|
Bridgebio Pharma, Inc.(a)
|
|
|
391,400
|
|
|
27,832,454
|
|
Cerus Corp.(a)
|
|
|
789,300
|
|
|
1,602,279
|
|
Charles River Laboratories International, Inc.(a)
|
|
|
13,750
|
|
|
2,295,838
|
|
Edwards Lifesciences Corp.(a)
|
|
|
150,000
|
|
|
12,525,000
|
|
Elanco Animal Health, Inc.(a)
|
|
|
588,492
|
|
|
13,164,566
|
|
Eli Lilly & Co.
|
|
|
226,334
|
|
|
211,531,757
|
|
Glaukos Corp.(a)
|
|
|
1,088,663
|
|
|
156,408,213
|
|
Globus Medical, Inc. - Class A(a)
|
|
|
25,850
|
|
|
2,331,153
|
|
GRAIL, Inc.(a)
|
|
|
1,341,891
|
|
|
73,106,222
|
|
Health Catalyst, Inc.(a)
|
|
|
292,400
|
|
|
365,500
|
|
Illumina, Inc.(a)
|
|
|
172,350
|
|
|
21,843,639
|
|
Immunocore Holdings PLC -
ADR(a)
|
|
|
1,112,800
|
|
|
31,058,248
|
|
Immunome, Inc.(a)
|
|
|
3,867,541
|
|
|
88,721,391
|
|
Insulet Corp.(a)
|
|
|
69,030
|
|
|
11,882,824
|
|
LENZ Therapeutics, Inc.(a)
|
|
|
406,400
|
|
|
3,649,472
|
|
LivaNova PLC(a)
|
|
|
818,690
|
|
|
49,203,269
|
|
Nektar Therapeutics(a)
|
|
|
178,419
|
|
|
15,172,752
|
|
Palvella Therapeutics, Inc.(a)
|
|
|
176,675
|
|
|
22,670,936
|
|
Penumbra, Inc.(a)
|
|
|
12,100
|
|
|
3,950,408
|
|
Pulmonx Corp.(a)(b)
|
|
|
3,602,001
|
|
|
4,610,561
|
|
QIAGEN N.V. - EUR
|
|
|
131,955
|
|
|
4,496,636
|
|
Repligen Corp.(a)
|
|
|
50,100
|
|
|
5,927,331
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Aggressive Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Health Care - (Continued)
|
||||||
|
Rhythm Pharmaceuticals, Inc.(a)
|
|
|
2,123,359
|
|
|
$172,756,488
|
|
Roche Holding AG - CHF
|
|
|
47,005
|
|
|
19,154,530
|
|
Septerna, Inc.(a)
|
|
|
813,782
|
|
|
19,335,460
|
|
Wave Life Sciences Ltd.(a)
|
|
|
3,872,923
|
|
|
27,342,836
|
|
Xencor, Inc.(a)(b)
|
|
|
6,379,727
|
|
|
76,110,143
|
|
Zentalis Pharmaceuticals, Inc.(a)
|
|
|
676,400
|
|
|
2,712,364
|
|
|
|
|
|
1,644,311,831
|
||
|
Industrials - 13.1%
|
|
|
|
|
||
|
AECOM
|
|
|
1,109,000
|
|
|
93,266,900
|
|
Alaska Air Group, Inc.(a)
|
|
|
207,200
|
|
|
8,103,592
|
|
Allegiant Travel Co.(a)
|
|
|
25,100
|
|
|
1,898,564
|
|
Amentum Holdings, Inc.(a)
|
|
|
769,016
|
|
|
20,171,290
|
|
American Airlines Group, Inc.(a)
|
|
|
4,348,800
|
|
|
50,924,448
|
|
Array Technologies, Inc.(a)
|
|
|
239,600
|
|
|
1,854,504
|
|
Axon Enterprise, Inc.(a)
|
|
|
11,000
|
|
|
4,419,360
|
|
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. -
ADR(a)
|
|
|
41,000
|
|
|
303,810
|
|
Curtiss-Wright Corp.
|
|
|
124,500
|
|
|
89,664,900
|
|
Delta Air Lines, Inc.
|
|
|
1,404,707
|
|
|
95,506,029
|
|
FedEx Corp.
|
|
|
33,500
|
|
|
13,510,885
|
|
Frontier Group Holdings, Inc.(a)
|
|
|
340,900
|
|
|
1,237,467
|
|
GFL Environmental, Inc.
|
|
|
323,800
|
|
|
12,987,618
|
|
Gibraltar Industries, Inc.(a)
|
|
|
95,600
|
|
|
3,731,268
|
|
Griffon Corp.
|
|
|
270,107
|
|
|
24,625,655
|
|
Jacobs Solutions, Inc.
|
|
|
609,640
|
|
|
78,893,512
|
|
JetBlue Airways Corp.(a)
|
|
|
866,100
|
|
|
4,031,696
|
|
Lyft, Inc. - Class A(a)
|
|
|
524,630
|
|
|
7,423,514
|
|
Nextpower, Inc. - Class A(a)
|
|
|
858,754
|
|
|
102,303,364
|
|
Ryanair Holdings PLC - ADR
|
|
|
43,400
|
|
|
2,371,810
|
|
Southwest Airlines Co.
|
|
|
1,531,250
|
|
|
58,065,000
|
|
TransDigm Group, Inc.
|
|
|
24,600
|
|
|
28,535,508
|
|
Uber Technologies, Inc.(a)
|
|
|
179,000
|
|
|
13,355,190
|
|
United Airlines Holdings, Inc.(a)
|
|
|
823,520
|
|
|
74,116,800
|
|
VSE Corp.
|
|
|
34,500
|
|
|
5,922,960
|
|
WillScot Holdings Corp.
|
|
|
603,700
|
|
|
13,667,768
|
|
Xometry, Inc. - Class A(a)
|
|
|
1,272,040
|
|
|
65,217,491
|
|
XPO, Inc.(a)
|
|
|
42,800
|
|
|
9,421,564
|
|
|
|
|
|
885,532,467
|
||
|
Information Technology - 35.6%
|
|
|
|
|
||
|
Adobe, Inc.(a)
|
|
|
90,600
|
|
|
22,296,660
|
|
Advanced Micro Devices, Inc.(a)
|
|
|
105,680
|
|
|
37,462,503
|
|
Ambarella, Inc.(a)
|
|
|
19,400
|
|
|
1,334,720
|
|
Applied Materials, Inc.
|
|
|
17,521
|
|
|
6,911,859
|
|
AppLovin Corp. - Class A(a)
|
|
|
35,062
|
|
|
15,649,924
|
|
Arlo Technologies, Inc.(a)
|
|
|
1,785,680
|
|
|
25,088,804
|
|
ASML Holding N.V. - ADR
|
|
|
22,000
|
|
|
31,657,780
|
|
Aurora Innovation, Inc. - Class A(a)
|
|
|
2,985,180
|
|
|
17,552,858
|
|
Autodesk, Inc.(a)
|
|
|
44,700
|
|
|
10,593,900
|
|
Axcelis Technologies, Inc.(a)
|
|
|
611,486
|
|
|
85,063,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
BitMine Immersion Technologies, Inc.
|
|
|
224,900
|
|
|
$4,812,860
|
|
Broadcom, Inc.
|
|
|
87,800
|
|
|
36,650,354
|
|
Credo Technology Group Holding Ltd.(a)
|
|
|
60,000
|
|
|
10,440,600
|
|
Crowdstrike Holdings, Inc. - Class A(a)
|
|
|
81,000
|
|
|
36,105,750
|
|
Dell Technologies, Inc. - Class C
|
|
|
62,310
|
|
|
13,019,675
|
|
Descartes Systems Group, Inc. (The)(a)
|
|
|
139,541
|
|
|
10,062,302
|
|
Docusign, Inc.(a)
|
|
|
50,000
|
|
|
2,299,500
|
|
Entegris, Inc.
|
|
|
71,800
|
|
|
10,151,084
|
|
Fair Isaac Corp.(a)
|
|
|
21,313
|
|
|
21,845,825
|
|
Flex Ltd.(a)
|
|
|
2,650,860
|
|
|
242,686,233
|
|
FormFactor, Inc.(a)
|
|
|
432,795
|
|
|
58,829,824
|
|
Gitlab, Inc. - Class A(a)
|
|
|
1,347,230
|
|
|
29,827,672
|
|
Hewlett Packard Enterprise Co.
|
|
|
245,650
|
|
|
7,067,351
|
|
HP, Inc.
|
|
|
141,370
|
|
|
2,948,978
|
|
indie Semiconductor, Inc. - Class A(a)(b)
|
|
|
20,663,880
|
|
|
93,194,099
|
|
Intuit, Inc.
|
|
|
42,775
|
|
|
16,618,087
|
|
Jabil, Inc.
|
|
|
395,000
|
|
|
133,308,550
|
|
Keysight Technologies, Inc.(a)
|
|
|
26,810
|
|
|
9,381,087
|
|
KLA Corp.
|
|
|
66,819
|
|
|
116,956,637
|
|
Marvell Technology, Inc.
|
|
|
212,176
|
|
|
35,040,866
|
|
MaxLinear, Inc.(a)
|
|
|
145,800
|
|
|
10,315,350
|
|
Micron Technology, Inc.
|
|
|
1,370,810
|
|
|
708,928,100
|
|
MongoDB, Inc.(a)
|
|
|
173,466
|
|
|
43,510,477
|
|
NetApp, Inc.
|
|
|
320,382
|
|
|
35,488,714
|
|
nLIGHT, Inc.(a)
|
|
|
183,403
|
|
|
12,810,700
|
|
Nutanix, Inc. - Class A(a)
|
|
|
708,235
|
|
|
28,959,729
|
|
NVIDIA Corp.
|
|
|
833,250
|
|
|
166,291,703
|
|
Okta, Inc. - Class A(a)
|
|
|
226,482
|
|
|
16,680,399
|
|
OSI Systems, Inc.(a)
|
|
|
171,260
|
|
|
49,137,919
|
|
Palo Alto Networks, Inc.(a)
|
|
|
172,500
|
|
|
30,932,700
|
|
QUALCOMM, Inc.
|
|
|
26,623
|
|
|
4,780,958
|
|
Synaptics, Inc.(a)
|
|
|
232,800
|
|
|
21,787,752
|
|
Trimble, Inc.(a)
|
|
|
440,140
|
|
|
29,630,225
|
|
Unity Software, Inc.(a)
|
|
|
20,100
|
|
|
531,042
|
|
Universal Display Corp.
|
|
|
726,324
|
|
|
63,255,557
|
|
Western Digital Corp.
|
|
|
21,100
|
|
|
9,168,372
|
|
Wolfspeed, Inc.(a)
|
|
|
4,251
|
|
|
125,532
|
|
Zoom Communications, Inc. - Class A(a)
|
|
|
335,600
|
|
|
32,603,540
|
|
|
|
|
|
2,409,798,928
|
||
|
Materials - 1.8%
|
|
|
|
|
||
|
Albemarle Corp.
|
|
|
102,340
|
|
|
20,130,278
|
|
Ingevity Corp.(a)
|
|
|
54,500
|
|
|
4,152,355
|
|
Ivanhoe Electric, Inc.(a)
|
|
|
2,358,213
|
|
|
30,255,873
|
|
Ivanhoe Mines Ltd. - Class A - CAD(a)
|
|
|
3,371,900
|
|
|
27,305,849
|
|
Perimeter Solutions, Inc.(a)
|
|
|
1,198,280
|
|
|
36,307,884
|
|
|
|
|
|
118,152,239
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Aggressive Growth Fund
Schedule of Investments
April 30, 2026 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Real Estate - 0.1%
|
|
|
|
|
||
|
CoStar Group, Inc.(a)
|
|
|
227,300
|
|
|
$7,866,853
|
|
TOTAL COMMON STOCKS
(Cost $2,984,413,754)
|
|
|
|
|
6,679,854,272
|
|
|
RIGHTS - 0.0%
|
|
|
|
|
||
|
Health Care - 0.0%
|
|
|
|
|
||
|
ABIOMED, Inc - CVR (Expiration Date 12/31/29)(a)(c)(d)
|
|
|
349,922
|
|
|
356,920
|
|
Epizyme, Inc. - CVR (Expiration Date 1/1/28)(a)(c)(d)
|
|
|
10,344,756
|
|
|
0
|
|
|
|
|
|
356,920
|
||
|
TOTAL RIGHTS
(Cost $0)
|
|
|
|
|
356,920
|
|
|
ESCROWS AND LITIGATION TRUSTS - 0.0%
|
|
|
|
|
||
|
Information Technology - 0.0%
|
|
|
|
|
||
|
Pivotal Software, Inc. -
Escrow(a)(c)(d)
|
|
|
336,900
|
|
|
0
|
|
TOTAL ESCROWS AND LITIGATION TRUSTS
(Cost $0)
|
|
|
|
|
0
|
|
|
SHORT-TERM INVESTMENTS - 1.5%
|
||||||
|
Money Market Funds - 1.5%
|
|
|
|
|
||
|
First American US Treasury Money Market Fund -
Class X - 3.54%(e)
|
|
|
39,191,134
|
|
|
39,191,134
|
|
Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares - 3.51%(e)
|
|
|
29,393,350
|
|
|
29,393,350
|
|
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class - 3.51%(e)
|
|
|
29,393,350
|
|
|
29,393,350
|
|
|
|
|
|
97,977,834
|
||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $97,977,834)
|
|
|
|
|
97,977,834
|
|
|
TOTAL INVESTMENTS - 100.2%
(Cost $3,082,391,588)
|
|
|
|
|
$6,778,189,026
|
|
|
Liabilities in Excess of Other
Assets - (0.2)%
|
|
|
|
|
(12,416,467)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$6,765,772,559
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
CAD - Canadian Dollars
CHF - Swiss Francs
CVR - Contingent Value Rights
EUR - Euros
GBP - British Pound Sterling
|
(a)
|
Non-income producing security.
|
|
(b)
|
Considered an affiliated company of the fund as the fund owns 5% or more of the outstanding voting securities of such company. (Note 7)
|
|
(c)
|
Illiquid security.
|
|
(d)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Investment Advisor, acting as Valuation Designee. These securities represented $356,920 or 0.0% of net assets as of April 30, 2026. (Note 4)
|
|
(e)
|
The rate shown represents the 7-day annualized yield as of April 30, 2026.
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.
|
|
|
8
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMECAP
Odyssey
Stock Fund
|
|
|
PRIMECAP
Odyssey
Growth Fund
|
|
|
PRIMECAP
Odyssey Aggressive
Growth Fund
|
|
|
ASSETS
|
|
|
|
|
|
|
|||
|
Investments, at cost (unaffiliated)
|
|
|
$1,780,473,881
|
|
|
$2,100,860,211
|
|
|
$2,747,445,225
|
|
Investments, at cost (affiliated)
|
|
|
-
|
|
|
71,372,714
|
|
|
334,946,363
|
|
Investments, at value (unaffiliated)
|
|
|
4,434,354,688
|
|
|
5,244,877,667
|
|
|
6,604,274,223
|
|
Investments, at value (affiliated)
|
|
|
-
|
|
|
183,518,504
|
|
|
173,914,803
|
|
Receivable for investments sold
|
|
|
6,571,216
|
|
|
5,791,485
|
|
|
11,817,075
|
|
Receivable for dividends
|
|
|
6,958,505
|
|
|
6,301,332
|
|
|
1,419,698
|
|
Receivable for fund shares sold
|
|
|
2,807,784
|
|
|
962,718
|
|
|
534,054
|
|
Prepaid expenses and other assets
|
|
|
30,020
|
|
|
41,836
|
|
|
44,196
|
|
Total assets
|
|
|
4,450,722,213
|
|
|
5,441,493,542
|
|
|
6,792,004,049
|
|
LIABILITIES
|
|
|
|
|
|
|
|||
|
Payable for investments purchased
|
|
|
1,894,402
|
|
|
1,256,464
|
|
|
1,049,450
|
|
Payable for fund shares repurchased
|
|
|
11,444,396
|
|
|
8,370,158
|
|
|
15,232,861
|
|
Due to custodian
|
|
|
-
|
|
|
64,727
|
|
|
-
|
|
Payable to the advisor (Note 6)
|
|
|
5,658,404
|
|
|
6,931,287
|
|
|
8,760,258
|
|
Payable for shareholder servicing
|
|
|
630,626
|
|
|
737,668
|
|
|
962,087
|
|
Payable to custodian
|
|
|
13,666
|
|
|
14,800
|
|
|
17,780
|
|
Other accrued expenses and liabilities
|
|
|
199,141
|
|
|
200,691
|
|
|
209,054
|
|
Total liabilities
|
|
|
19,840,635
|
|
|
17,575,795
|
|
|
26,231,490
|
|
NET ASSETS
|
|
|
$4,430,881,578
|
|
|
$5,423,917,747
|
|
|
$6,765,772,559
|
|
Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value)
|
|
|
118,283,857
|
|
|
136,137,090
|
|
|
128,359,380
|
|
Net asset value, offering and redemption price per share
|
|
|
$37.46
|
|
|
$39.84
|
|
|
$52.71
|
|
Components of Net Assets
|
|
|
|
|
|
|
|||
|
Paid-in capital
|
|
|
$1,258,765,299
|
|
|
$1,702,544,291
|
|
|
$2,596,102,808
|
|
Total distributable earnings
|
|
|
3,172,116,279
|
|
|
3,721,373,456
|
|
|
4,169,669,751
|
|
Net assets
|
|
|
$4,430,881,578
|
|
|
$5,423,917,747
|
|
|
$6,765,772,559
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMECAP
Odyssey
Stock Fund
|
|
|
PRIMECAP
Odyssey
Growth Fund
|
|
|
PRIMECAP
Odyssey Aggressive
Growth Fund
|
|
|
INVESTMENT INCOME
|
|
|
|
|
|
|
|||
|
Dividends (unaffiliated)(1)
|
|
|
$30,385,062
|
|
|
$20,650,884
|
|
|
$14,392,686
|
|
Total investment income
|
|
|
30,385,062
|
|
|
20,650,884
|
|
|
14,392,686
|
|
EXPENSES
|
|
|
|
|
|
|
|||
|
Advisory fees (Note 6)
|
|
|
11,707,686
|
|
|
14,364,666
|
|
|
18,181,597
|
|
Shareholder servicing
|
|
|
1,890,753
|
|
|
2,194,358
|
|
|
2,752,648
|
|
Trustee fees
|
|
|
178,720
|
|
|
178,420
|
|
|
178,920
|
|
Service fees (Note 9)
|
|
|
62,909
|
|
|
74,839
|
|
|
106,637
|
|
Custody
|
|
|
40,673
|
|
|
44,854
|
|
|
53,036
|
|
Other
|
|
|
373,814
|
|
|
399,026
|
|
|
440,573
|
|
Total expenses
|
|
|
14,254,555
|
|
|
17,256,163
|
|
|
21,713,411
|
|
Net investment income (loss)
|
|
|
16,130,507
|
|
|
3,394,721
|
|
|
(7,320,725)
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
|
|
|
|
|
|
|
|||
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|||
|
Investments (unaffiliated)
|
|
|
338,894,296
|
|
|
271,030,719
|
|
|
327,008,536
|
|
Investments (affiliated)
|
|
|
-
|
|
|
13,779,807
|
|
|
(32,798)
|
|
In-kind redemptions
|
|
|
188,790,447
|
|
|
228,980,379
|
|
|
243,227,764
|
|
Foreign currency transactions
|
|
|
23,808
|
|
|
(16,959)
|
|
|
(8,170)
|
|
Change in unrealized appreciation/depreciation on:
|
|
|
|
|
|
|
|||
|
Investments (unaffiliated)
|
|
|
132,212,785
|
|
|
120,255,511
|
|
|
(70,818,514)
|
|
Investments (affiliated)
|
|
|
-
|
|
|
1,176,583
|
|
|
(36,270,363)
|
|
Foreign currency translations
|
|
|
75,943
|
|
|
82,670
|
|
|
21,965
|
|
Net realized and unrealized gain on investments and foreign currency
|
|
|
659,997,279
|
|
|
635,288,710
|
|
|
463,128,420
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$676,127,786
|
|
|
$638,683,431
|
|
|
$455,807,695
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net of foreign taxes withheld of $690,244, $416,517, and $145,528, respectively.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY STOCK FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended
October 31, 2025
|
|
|
INCREASE (DECREASE) IN NET ASSETS FROM:
|
|
|
|
|
||
|
OPERATIONS
|
|
|
|
|
||
|
Net investment income
|
|
|
$16,130,507
|
|
|
$41,746,587
|
|
Net realized gain (loss) on:
|
|
|
|
|
||
|
Investments
|
|
|
338,894,296
|
|
|
1,077,676,508
|
|
In-kind redemptions
|
|
|
188,790,447
|
|
|
133,032,430
|
|
Foreign currency transactions
|
|
|
23,808
|
|
|
(71,297)
|
|
Change in unrealized appreciation/depreciation on:
|
|
|
|
|
||
|
Investments
|
|
|
132,212,785
|
|
|
(384,251,515)
|
|
Foreign currency translations
|
|
|
75,943
|
|
|
216,119
|
|
Net increase in net assets resulting from operations
|
|
|
676,127,786
|
|
|
868,348,832
|
|
NET DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
(936,959,353)
|
|
|
(784,117,635)
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
||
|
Proceeds from shares sold
|
|
|
360,558,871
|
|
|
350,767,431
|
|
Proceeds from reinvestment of distributions
|
|
|
900,256,645
|
|
|
754,809,512
|
|
Cost of shares repurchased
|
|
|
(1,086,010,543)
|
|
|
(1,902,050,319)
|
|
Net increase (decrease) from capital share transactions
|
|
|
174,804,973
|
|
|
(796,473,376)
|
|
Total decrease in net assets
|
|
|
(86,026,594)
|
|
|
(712,242,179)
|
|
NET ASSETS
|
|
|
|
|
||
|
Beginning of period
|
|
|
4,516,908,172
|
|
|
5,229,150,351
|
|
End of period
|
|
|
$4,430,881,578
|
|
|
$4,516,908,172
|
|
CHANGE IN CAPITAL SHARES
|
|
|
|
|
||
|
Shares outstanding, beginning of period
|
|
|
110,687,691
|
|
|
132,384,372
|
|
Shares sold
|
|
|
9,404,316
|
|
|
10,085,753
|
|
Shares issued on reinvestment of distributions
|
|
|
26,994,202
|
|
|
21,935,760
|
|
Shares repurchased
|
|
|
(28,802,352)
|
|
|
(53,718,194)
|
|
Increase (Decrease) in capital shares
|
|
|
7,596,166
|
|
|
(21,696,681)
|
|
Shares outstanding, end of period
|
|
|
118,283,857
|
|
|
110,687,691
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended
October 31, 2025
|
|
|
INCREASE (DECREASE) IN NET ASSETS FROM:
|
|
|
|
|
||
|
OPERATIONS
|
|
|
|
|
||
|
Net investment income
|
|
|
$3,394,721
|
|
|
$13,567,458
|
|
Net realized gain (loss) on:
|
|
|
|
|
||
|
Investments
|
|
|
284,810,526
|
|
|
1,299,238,890
|
|
In-kind redemptions
|
|
|
228,980,379
|
|
|
106,970,177
|
|
Foreign currency transactions
|
|
|
(16,959)
|
|
|
(29,088)
|
|
Change in unrealized appreciation/depreciation on:
|
|
|
|
|
||
|
Investments
|
|
|
121,432,094
|
|
|
(28,652,101)
|
|
Foreign currency translations
|
|
|
82,670
|
|
|
179,816
|
|
Net increase in net assets resulting from operations
|
|
|
638,683,431
|
|
|
1,391,275,152
|
|
NET DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
(1,088,509,449)
|
|
|
(985,053,931)
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
||
|
Proceeds from shares sold
|
|
|
506,761,654
|
|
|
362,605,079
|
|
Proceeds from reinvestment of distributions
|
|
|
1,037,749,405
|
|
|
936,022,032
|
|
Cost of shares repurchased
|
|
|
(1,013,053,184)
|
|
|
(2,207,759,019)
|
|
Net increase (decrease) from capital share transactions
|
|
|
531,457,875
|
|
|
(909,131,908)
|
|
Total increase (decrease) in net assets
|
|
|
81,631,857
|
|
|
(502,910,687)
|
|
NET ASSETS
|
|
|
|
|
||
|
Beginning of period
|
|
|
5,342,285,890
|
|
|
5,845,196,577
|
|
End of period
|
|
|
$5,423,917,747
|
|
|
$5,342,285,890
|
|
CHANGE IN CAPITAL SHARES
|
|
|
|
|
||
|
Shares outstanding, beginning of period
|
|
|
120,949,023
|
|
|
145,052,285
|
|
Shares sold
|
|
|
12,262,650
|
|
|
10,021,088
|
|
Shares issued on reinvestment of distributions
|
|
|
28,462,683
|
|
|
26,448,772
|
|
Shares repurchased
|
|
|
(25,537,266)
|
|
|
(60,573,122)
|
|
Increase (Decrease) in capital shares
|
|
|
15,188,067
|
|
|
(24,103,262)
|
|
Shares outstanding, end of period
|
|
|
136,137,090
|
|
|
120,949,023
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended
October 31, 2025
|
|
|
INCREASE (DECREASE) IN NET ASSETS FROM:
|
|
|
|
|
||
|
OPERATIONS
|
|
|
|
|
||
|
Net investment loss
|
|
|
$(7,320,725)
|
|
|
$(4,294,090)
|
|
Net realized gain (loss) on:
|
|
|
|
|
||
|
Investments
|
|
|
326,975,738
|
|
|
907,914,220
|
|
In-kind redemptions
|
|
|
243,227,764
|
|
|
377,746,724
|
|
Foreign currency transactions
|
|
|
(8,170)
|
|
|
6,477
|
|
Change in unrealized appreciation/depreciation on:
|
|
|
|
|
||
|
Investments
|
|
|
(107,088,877)
|
|
|
472,697,397
|
|
Foreign currency translations
|
|
|
21,965
|
|
|
(24,356)
|
|
Net increase in net assets resulting from operations
|
|
|
455,807,695
|
|
|
1,754,046,372
|
|
NET DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
(804,595,657)
|
|
|
(629,884,923)
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
||
|
Proceeds from shares sold
|
|
|
569,936,236
|
|
|
744,867,032
|
|
Proceeds from reinvestment of distributions
|
|
|
771,113,623
|
|
|
603,806,747
|
|
Cost of shares repurchased
|
|
|
(1,052,033,888)
|
|
|
(2,530,148,126)
|
|
Net increase (decrease) from capital share transactions
|
|
|
289,015,971
|
|
|
(1,181,474,347)
|
|
Total decrease in net assets
|
|
|
(59,771,991)
|
|
|
(57,312,898)
|
|
NET ASSETS
|
|
|
|
|
||
|
Beginning of period
|
|
|
6,825,544,550
|
|
|
6,882,857,448
|
|
End of period
|
|
|
$6,765,772,559
|
|
|
$6,825,544,550
|
|
CHANGE IN CAPITAL SHARES
|
|
|
|
|
||
|
Shares outstanding, beginning of period
|
|
|
122,362,411
|
|
|
148,747,622
|
|
Shares sold
|
|
|
10,765,652
|
|
|
16,786,324
|
|
Shares issued on reinvestment of distributions
|
|
|
15,487,319
|
|
|
13,200,847
|
|
Shares repurchased
|
|
|
(20,256,002)
|
|
|
(56,372,382)
|
|
Increase (Decrease) in capital shares
|
|
|
5,996,969
|
|
|
(26,385,211)
|
|
Shares outstanding, end of period
|
|
|
128,359,380
|
|
|
122,362,411
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY STOCK FUND
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout each period.
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
||||
|
Net asset value, beginning of period
|
|
|
$40.81
|
|
|
$39.50
|
|
|
$33.56
|
|
|
$34.78
|
|
|
$42.97
|
|
|
$31.89
|
|
INCOME (LOSS) FROM
INVESTMENT OPERATIONS
|
||||||||||||||||||
|
Net investment income(2)
|
|
|
0.14
|
|
|
0.33
|
|
|
0.35
|
|
|
0.40
|
|
|
0.35
|
|
|
0.27
|
|
Net realized and unrealized gain (loss) on investments and foreign currency
|
|
|
5.61
|
|
|
7.08
|
|
|
9.15
|
|
|
2.25
|
|
|
(4.78)
|
|
|
13.57
|
|
Total from investment operations
|
|
|
5.75
|
|
|
7.41
|
|
|
9.50
|
|
|
2.65
|
|
|
(4.43)
|
|
|
13.84
|
|
LESS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Dividends from net investment income
|
|
|
(0.38)
|
|
|
(0.37)
|
|
|
(0.43)
|
|
|
(0.41)
|
|
|
(0.28)
|
|
|
(0.48)
|
|
Distributions from net realized gain
|
|
|
(8.72)
|
|
|
(5.73)
|
|
|
(3.13)
|
|
|
(3.46)
|
|
|
(3.48)
|
|
|
(2.28)
|
|
Total distributions
|
|
|
(9.10)
|
|
|
(6.10)
|
|
|
(3.56)
|
|
|
(3.87)
|
|
|
(3.76)
|
|
|
(2.76)
|
|
Net asset value, end of period
|
|
|
$37.46
|
|
|
$40.81
|
|
|
$39.50
|
|
|
$33.56
|
|
|
$34.78
|
|
|
$42.97
|
|
Total return
|
|
|
16.84%(3)
|
|
|
21.62%
|
|
|
29.83%
|
|
|
8.13%
|
|
|
(11.33)%
|
|
|
45.44%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||
|
Net assets, end of period (millions)
|
|
|
$4,430.9
|
|
|
$4,516.9
|
|
|
$5,229.2
|
|
|
$5,231.3
|
|
|
$5,799.1
|
|
|
$7,733.6
|
|
Ratio of expenses to average net assets
|
|
|
0.67%(4)
|
|
|
0.67%
|
|
|
0.67%
|
|
|
0.67%
|
|
|
0.66%
|
|
|
0.65%
|
|
Ratio of net investment income to average net assets
|
|
|
0.76%(4)
|
|
|
0.90%
|
|
|
0.92%
|
|
|
1.15%
|
|
|
0.93%
|
|
|
0.67%
|
|
Portfolio turnover rate
|
|
|
3%(3)(5)
|
|
|
9%(5)
|
|
|
3%
|
|
|
4%
|
|
|
4%
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
|
(2)
|
Calculated using the average shares method.
|
|
(3)
|
Not Annualized
|
|
(4)
|
Annualized
|
|
(5)
|
In-kind transactions have no impact on the portfolio turnover rate.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
14
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY GROWTH FUND
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout each period.
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
||||
|
Net asset value, beginning of period
|
|
|
$44.17
|
|
|
$40.30
|
|
|
$35.76
|
|
|
$36.70
|
|
|
$50.78
|
|
|
$40.31
|
|
INCOME (LOSS) FROM
INVESTMENT OPERATIONS
|
||||||||||||||||||
|
Net investment income(2)
|
|
|
0.03
|
|
|
0.10
|
|
|
0.16
|
|
|
0.18
|
|
|
0.16
|
|
|
0.05
|
|
Net realized and unrealized gain (loss) on investments and foreign currency
|
|
|
4.78
|
|
|
10.95
|
|
|
9.26
|
|
|
3.04
|
|
|
(8.21)
|
|
|
15.72
|
|
Total from investment operations
|
|
|
4.81
|
|
|
11.05
|
|
|
9.42
|
|
|
3.22
|
|
|
(8.05)
|
|
|
15.77
|
|
LESS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Dividends from net investment income
|
|
|
(0.22)
|
|
|
(0.18)
|
|
|
(0.19)
|
|
|
(0.21)
|
|
|
(0.05)
|
|
|
(0.17)
|
|
Distributions from net realized gain
|
|
|
(8.92)
|
|
|
(7.00)
|
|
|
(4.69)
|
|
|
(3.95)
|
|
|
(5.98)
|
|
|
(5.13)
|
|
Total distributions
|
|
|
(9.14)
|
|
|
(7.18)
|
|
|
(4.88)
|
|
|
(4.16)
|
|
|
(6.03)
|
|
|
(5.30)
|
|
Net asset value, end of period
|
|
|
$39.84
|
|
|
$44.17
|
|
|
$40.30
|
|
|
$35.76
|
|
|
$36.70
|
|
|
$50.78
|
|
Total return
|
|
|
12.80%(3)
|
|
|
31.83%
|
|
|
27.97%
|
|
|
9.30%
|
|
|
(17.61)%
|
|
|
41.97%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||
|
Net assets, end of period (millions)
|
|
|
$5,423.9
|
|
|
$5,342.3
|
|
|
$5,845.2
|
|
|
$6,274.9
|
|
|
$6,957.6
|
|
|
$10,168.5
|
|
Ratio of expenses to average net assets
|
|
|
0.66%(4)
|
|
|
0.66%
|
|
|
0.66%
|
|
|
0.66%
|
|
|
0.65%
|
|
|
0.65%
|
|
Ratio of net investment income to average net assets
|
|
|
0.13%(4)
|
|
|
0.27%
|
|
|
0.42%
|
|
|
0.48%
|
|
|
0.40%
|
|
|
0.10%
|
|
Portfolio turnover rate
|
|
|
3%(3)(5)
|
|
|
11%(5)
|
|
|
5%
|
|
|
7%
|
|
|
4%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
|
(2)
|
Calculated using the average shares method.
|
|
(3)
|
Not Annualized
|
|
(4)
|
Annualized
|
|
(5)
|
In-kind transactions have no impact on the portfolio turnover rate.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
15
|
|
|
TABLE OF CONTENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout each period.
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Six Months Ended
April 30, 2026(1)
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
||||
|
Net asset value, beginning of period
|
|
|
$55.78
|
|
|
$46.27
|
|
|
$38.40
|
|
|
$38.92
|
|
|
$60.37
|
|
|
$48.07
|
|
INCOME (LOSS) FROM
INVESTMENT OPERATIONS
|
||||||||||||||||||
|
Net investment income (loss)(2)
|
|
|
(0.06)
|
|
|
(0.03)
|
|
|
0.01
|
|
|
(0.03)
|
|
|
(0.09)
|
|
|
(0.22)
|
|
Net realized and unrealized gain (loss) on investments and foreign currency
|
|
|
3.62
|
|
|
13.90
|
|
|
10.24
|
|
|
3.42
|
|
|
(15.51)
|
|
|
16.73
|
|
Total from investment operations
|
|
|
3.56
|
|
|
13.87
|
|
|
10.25
|
|
|
3.39
|
|
|
(15.60)
|
|
|
16.51
|
|
LESS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Dividends from net investment income
|
|
|
(0.17)
|
|
|
(0.01)
|
|
|
(0.01)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Distributions from net realized gain
|
|
|
(6.46)
|
|
|
(4.35)
|
|
|
(2.37)
|
|
|
(3.91)
|
|
|
(5.85)
|
|
|
(4.21)
|
|
Total distributions
|
|
|
(6.63)
|
|
|
(4.36)
|
|
|
(2.38)
|
|
|
(3.91)
|
|
|
(5.85)
|
|
|
(4.21)
|
|
Net asset value, end of period
|
|
|
$52.71
|
|
|
$55.78
|
|
|
$46.27
|
|
|
$38.40
|
|
|
$38.92
|
|
|
$60.37
|
|
Total return
|
|
|
7.09%(3)
|
|
|
32.05%
|
|
|
27.27%
|
|
|
9.01%
|
|
|
(28.21)%
|
|
|
35.53%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||
|
Net assets, end of period (millions)
|
|
|
$6,765.8
|
|
|
$6,825.5
|
|
|
$6,882.9
|
|
|
$6,353.4
|
|
|
$6,931.1
|
|
|
$11,735.2
|
|
Ratio of expenses to average net assets
|
|
|
0.66%(4)
|
|
|
0.65%
|
|
|
0.65%
|
|
|
0.65%
|
|
|
0.65%
|
|
|
0.64%
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
(0.22)%(4)
|
|
|
(0.07%)
|
|
|
0.02%
|
|
|
(0.09)%
|
|
|
(0.19)%
|
|
|
(0.39)%
|
|
Portfolio turnover rate
|
|
|
6%(3)(5)
|
|
|
11%(5)
|
|
|
9%
|
|
|
5%(5)
|
|
|
4%
|
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Unaudited
|
|
(2)
|
Calculated using the average shares method.
|
|
(3)
|
Not Annualized
|
|
(4)
|
Annualized
|
|
(5)
|
In-kind transactions have no impact on the portfolio turnover rate.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
16
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (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 (the "Stock Fund"), PRIMECAP Odyssey Growth Fund (the "Growth Fund"), and PRIMECAP Odyssey Aggressive Growth Fund (the "Aggressive Growth Fund") (each a "Fund" and collectively 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.
(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. Pursuant to those procedures, the Board of Trustees has designated the Investment Advisor as the Funds' valuation designee responsible for determining whether market quotations are readily available and reliable, and making good faith determinations of fair value when appropriate. In determining fair value, the 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 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 each 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 outstanding shares of the Fund. The result is rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange 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
|
|
|
|
17
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (Unaudited)(Continued)
exchange prevailing on the respective dates of such translations. Realized foreign exchange gains or losses may 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 expense in the Statement of Operations. During the six months ended April 30, 2026, the Funds did not incur any interest or penalties. As of April 30, 2026, open tax years include the tax years ended October 31, 2022 through October 31, 2025. No Fund is aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits or loss 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, and such differences could be material.
|
|
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.
|
|
I.
|
Segment Reporting - Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Co-Chief Executive Officers and Chief Financial Officer, who serve as the chief operating decision maker and use the information presented in the financial statements and financial highlights to make decisions about the allocation of resources.
|
|
|
|
18
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (Unaudited)(Continued)
|
J.
|
Recent Accounting Pronouncement - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.
|
(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, 2026 were as follows:
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|
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|
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|
|
Fund
|
|
|
Purchases
|
|
|
Sales(1)
|
|
Stock Fund
|
|
|
$133,600,277
|
|
|
$859,822,529
|
|
Growth Fund
|
|
|
$141,220,858
|
|
|
$769,653,801
|
|
Aggressive Growth Fund
|
|
|
$375,264,563
|
|
|
$868,998,917
|
|
|
|
|
|
|
|
|
|
(1)
|
Included in proceeds of PRIMECAP Odyssey Stock Fund's, PRIMECAP Odyssey Growth Fund's, and PRIMECAP Odyssey Aggressive Growth Fund's sales are $214,447,472, $260,773,036, and $264,666,961, respectively, representing the value of securities transferred in payment of in-kind redemptions.
|
(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 significant assumptions that market participants would use in valuing an asset or liability based on market data obtained from independent sources. "Unobservable inputs" reflect the 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, and the lowest level for any significant input determines the level in which the investment is categorized. 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).
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19
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|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (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, 2026. These assets are measured on a recurring basis.
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Fund
|
|
|
Description
|
|
|
Quoted prices
in active
markets for
identical assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)
|
|
|
Significant
unobservable
inputs
(Level 3)
|
|
|
Total
|
|
Stock Fund
|
|
|
Common Stocks(1)
|
|
|
$4,337,944,091
|
|
|
$-
|
|
|
$-
|
|
|
$4,337,944,091
|
|
|
|
Short-Term Investments
|
|
|
96,410,597
|
|
|
-
|
|
|
-
|
|
|
96,410,597
|
|
|
|
|
Total Investments
|
|
|
$4,434,354,688
|
|
|
$-
|
|
|
$-
|
|
|
$4,434,354,688
|
|
|
Growth Fund
|
|
|
Common Stocks(1)
|
|
|
$5,258,739,103
|
|
|
$-
|
|
|
$-
|
|
|
$5,258,739,103
|
|
|
|
Rights(2)
|
|
|
-
|
|
|
-
|
|
|
394,995
|
|
|
394,995
|
|
|
|
|
Short-Term Investments
|
|
|
169,262,073
|
|
|
-
|
|
|
-
|
|
|
169,262,073
|
|
|
|
|
Total Investments
|
|
|
$5,428,001,176
|
|
|
$-
|
|
|
$394,995
|
|
|
$5,428,396,171
|
|
|
Aggressive Growth Fund
|
|
|
Common Stocks(1)
|
|
|
$6,679,854,272
|
|
|
$-
|
|
|
$-
|
|
|
$6,679,854,272
|
|
|
Rights(2)
|
|
|
-
|
|
|
-
|
|
|
356,920
|
|
|
356,920
|
||
|
|
|
Escrows and Litigation Trusts(3)
|
|
|
-
|
|
|
-
|
|
|
0
|
|
|
0
|
|
|
|
|
Short-Term Investments
|
|
|
97,977,834
|
|
|
-
|
|
|
-
|
|
|
97,977,834
|
|
|
|
|
Total Investments
|
|
|
$6,777,832,106
|
|
|
$-
|
|
|
$356,920
|
|
|
$6,778,189,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Refer to each Fund's respective Schedule of Investments for the breakdown of major categories.
|
|
(2)
|
Health Care
|
|
(3)
|
Information Technology
|
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
|
|
|
|
|
|
|
|
|
Rights
|
|
|
Growth Fund
|
|
|
Aggressive
Growth Fund
|
|
Balance at October 31, 2025
|
|
|
$479,146
|
|
|
$563,816
|
|
Purchases (Received)
|
|
|
-
|
|
|
-
|
|
Sales (Proceeds)
|
|
|
-
|
|
|
-
|
|
Realized Gain (Loss)
|
|
|
-
|
|
|
-
|
|
Change in Unrealized Appreciation/Depreciation
|
|
|
(84,151)
|
|
|
(206,896)
|
|
Balance at April 30, 2026
|
|
|
$394,995
|
|
|
$356,920
|
|
|
|
|
|
|
|
|
(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.
|
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20
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|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (Unaudited)(Continued)
As of October 31, 2025, the components of capital on a tax basis were as follows:
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|
PRIMECAP
Odyssey Stock
Fund
|
|
|
PRIMECAP
Odyssey
Growth Fund
|
|
|
PRIMECAP
Odyssey
Aggressive
Growth Fund
|
|
|
Cost of investments for tax purposes(1)
|
|
|
$2,023,364,830
|
|
|
$2,262,546,003
|
|
|
$3,071,270,714
|
|
Gross tax unrealized appreciation
|
|
|
2,684,857,107
|
|
|
3,314,647,199
|
|
|
4,274,934,824
|
|
Gross tax unrealized depreciation
|
|
|
(184,563,616)
|
|
|
(231,684,465)
|
|
|
(561,072,062)
|
|
Net tax unrealized appreciation
|
|
|
2,500,293,491
|
|
|
3,082,962,734
|
|
|
3,713,862,762
|
|
Undistributed ordinary income
|
|
|
47,661,246
|
|
|
53,603,100
|
|
|
56,241,858
|
|
Undistributed long-term capital gain
|
|
|
884,993,109
|
|
|
1,034,633,640
|
|
|
748,353,093
|
|
Total distributable earnings
|
|
|
932,654,355
|
|
|
1,088,236,740
|
|
|
804,594,951
|
|
Other accumulated gain (loss)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total accumulated gain
|
|
|
$3,432,947,846
|
|
|
$4,171,199,474
|
|
|
$4,518,457,713
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
At October 31, 2025 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, 2026 and the year ended October 31, 2025 were as follows:
|
|
|
|
|
|
|
|
||||||
|
|
|
April 30, 2026
|
|
|
October 31, 2025
|
|||||||
|
|
|
Ordinary
Income
Distributions
|
|
|
Long-Term
Capital Gain
Distributions
|
|
|
Ordinary
Income
Distributions
|
|
|
Long-Term
Capital Gain
Distributions
|
|
|
Stock Fund
|
|
|
$51,966,149
|
|
|
$884,993,204
|
|
|
$51,978,763
|
|
|
$732,138,872
|
|
Growth Fund
|
|
|
$53,875,758
|
|
|
$1,034,633,691
|
|
|
$36,791,479
|
|
|
$948,262,452
|
|
Aggressive Growth Fund
|
|
|
$56,241,756
|
|
|
$748,353,901
|
|
|
$1,762,648
|
|
|
$628,122,275
|
|
|
|
|
|
|
|
|
|
|
|
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|
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, 2025.
(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 an annual fee, payable on a quarterly basis, at the annual rate of 0.60% on the first $100 million of each Fund's average daily assets, 0.55% on the next $9.9 billion of each Fund's average daily net assets, and 0.50% on each Fund's average daily assets in excess of $10 billion. For the six months ended April 30, 2026, each Fund paid the Investment Advisor at an effective annual rate of 0.55% of its respective average net assets.
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, serves as the administrator, fund accountant, and transfer agent to the Funds. U.S. Bank, N.A. serves as the Funds' custodian. ALPS Distributors, Inc. 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 the company. With respect to each such investment, refer to each Fund's respective Schedule of Investments for the information on the sector of each such company, the number of shares of each such company held, and the percentages of net assets represented by such companies held in each sector. Transactions during the period in securities of these companies were as follows:
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|
|
21
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (Unaudited)(Continued)
PRIMECAP Odyssey Growth Fund
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
Current Period Transactions
|
|
|
|||||||||||||||||
|
Common Stock
|
|
|
Market Value
at October 31,
2025
|
|
|
Purchases
at Cost
|
|
|
Proceeds
from
Securities
Sold
|
|
|
Dividend
Income
|
|
|
Realized
Gain
(Loss)
|
|
|
Change in
Unrealized
Gain (Loss)
|
|
|
Market
Value at
April 30,
2026
|
|
Xometry, Inc. - Class A
|
|
|
$196,851,333
|
|
|
$ -
|
|
|
$28,289,219
|
|
|
$ -
|
|
|
$13,779,807
|
|
|
$1,176,583
|
|
|
$183,518,504
|
|
Total
|
|
|
$196,851,333
|
|
|
$-
|
|
|
$28,289,219
|
|
|
$-
|
|
|
$13,779,807
|
|
|
$1,176,583
|
|
|
$183,518,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMECAP Odyssey Aggressive Growth Fund
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
Current Period Transactions
|
|
|
|||||||||||||||||
|
Common Stock
|
|
|
Market Value
at October 31,
2025
|
|
|
Purchases
at Cost
|
|
|
Proceeds
from
Securities
Sold
|
|
|
Dividend
Income
|
|
|
Realized
Gain
(Loss)
|
|
|
Change in
Unrealized
Gain (Loss)
|
|
|
Market
Value at
April 30,
2026
|
|
indie Semiconductor, Inc. - Class A
|
|
|
$106,808,064
|
|
|
$2,523,802
|
|
|
$-
|
|
|
$ -
|
|
|
$-
|
|
|
$(16,137,767)
|
|
|
$93,194,099
|
|
Pulmonx Corp.
|
|
|
7,204,002
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,593,441)
|
|
|
4,610,561
|
|
Xencor, Inc.
|
|
|
93,948,754
|
|
|
440,409
|
|
|
707,067
|
|
|
-
|
|
|
(32,798)
|
|
|
(17,539,155)
|
|
|
76,110,143
|
|
Total
|
|
|
$207,960,820
|
|
|
$2,964,211
|
|
|
$707,067
|
|
|
$-
|
|
|
$(32,798)
|
|
|
$(36,270,363)
|
|
|
$173,914,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8) IN-KIND REDEMPTIONS
Each Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the six months ended April 30, 2026, the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund had in-kind redemptions with total proceeds in the amount of $214,447,472, $260,773,036, and $264,666,961, respectively. The net realized gains on these in-kind redemptions for the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund amounted to $188,790,447, $228,980,379, and $243,227,764, respectively, which were not realized for tax purposes.
(9) LIQUIDITY PROGRAM AND SERVICE FEES
The Funds may participate in liquidity programs ("Liquidity Programs" or "Programs") offered by independent third-party service providers, unaffiliated with the Fund and Advisor, designed to provide alternative liquidity sources for mutual funds when conducting normal business activities. These Liquidity Programs provide participating mutual funds, including the Fund, with a source of cash that is used to meet net shareholder redemptions, to manage and optimize its portfolio composition, to offset transaction costs associated with portfolio transactions, and/or to more efficiently manage its portfolio. Depending on the Program used, the Fund's shares are redeemed when the Fund experiences net sales, at the end of a maximum holding period set by each Program, which ranges from two to eight days, or at other times in the discretion of the Program or the Advisor.
Some of the Programs charge the Fund a fee each time the Fund requests the Program to purchase Fund shares. The fee is calculated by applying a fee rate to the total value of the shares purchased by the Program. The fee rate is determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the total value of the Fund shares purchased, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of the Fund and its shareholders. In accordance with federal securities laws, this third party is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. During the six months ended April 30, 2026 the fees associated with the Program are disclosed in the Statement of Operations within service fees.
|
|
|
22
|
|
|
TABLE OF CONTENTS
PRIMECAP Odyssey Funds
Notes to Financial Statements
For the Six Months Ended April 30, 2026 (Unaudited)(Continued)
(10) Line of Credit
The Trust has a Loan Agreement with U.S. Bank, N.A. to provide the Funds with a temporary liquidity source, as needed, to fulfill shareholder redemptions. Under the terms of the Loan Agreement, the aggregate borrowing for all Funds cannot exceed $100 million. Each Fund's borrowing under the Loan Agreement is further limited to the lesser of: (i) 331∕3% of the net market value of the unencumbered assets of the Fund; and (ii) 15% of the Fund's gross market value. The interest rate on loans under the Loan Agreement equals the prime rate per annum, payable monthly. For the six months ended April 30, 2026, the Funds did not borrow under the Loan Agreement.
(11) Other Matters
Periods of market volatility may occur in response to market events, public health emergencies, natural disasters or climate events, and other economic, political, and global macro factors. U.S. and international markets have recently experienced, and may continue to experience, periods of significant volatility due to various factors, including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, and political and geopolitical events. In addition, wars or threats of war and aggression, such as Russia's invasion of Ukraine and conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Funds' investments.
(12) 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.
|
|
|
23
|
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration information is included within the financial statements filed under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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.
Item 16. Controls and Procedures.
| (a) | The Registrant's Principal Executive Officers and Principal 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 the 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 others within the Registrant and by the Registrant's service provider. |
| (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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. 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. Incorporated by reference to the Registrant's Form N-CSR filed July 7, 2022. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) 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.
(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
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 | |||
| (Principal Executive Officer) | |||
| Date | June 26, 2026 | ||
| By | /s/ Alfred W. Mordecai | ||
| Alfred W. Mordecai, Co-Chief Executive Officer | |||
| (Principal Executive Officer) | |||
| Date | June 26, 2026 |
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 | |||
| (Principal Executive Officer) | |||
| Date | June 26, 2026 |
| By | /s/ Alfred W. Mordecai | ||
| Alfred W. Mordecai, Co-Chief Executive Officer | |||
| (Principal Executive Officer) | |||
| Date | June 26, 2026 |
| By | /s/ Julietta Martikyan | ||
| Julietta Martikyan, Chief Financial Officer | |||
| (Principal Financial Officer) | |||
| Date | June 26, 2026 |
Primecap Odyssey Funds published this content on June 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 26, 2026 at 21:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]