PRIMECAP Odyssey Stock Fund
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 98.2%

Shares

Value
Communication Services - 3.1%

Alphabet, Inc. - Class A

            149,918

    $        53,390,297
Alphabet, Inc. - Class C

            113,760

             40,572,504
Meta Platforms, Inc. - Class A

            19,600

             10,911,516
Nintendo Co. Ltd. - JPY

            224,300

             10,825,554
Walt Disney Co. (The)

            262,700

             25,269,113




             140,968,984






Consumer Discretionary - 6.7%

Amazon.com, Inc. (a)

            11,500

             3,123,170
Birkenstock Holding PLC (a)

            102,000

             3,949,440
Burlington Stores, Inc. (a)

            16,100

             5,932,528
Capri Holdings Ltd. (a)

            104,960

             1,672,013
CarMax, Inc. (a)

            408,200

             23,373,532
Carnival Corp. Ltd.

            826,500

             22,984,965
eBay, Inc.

            102,590

             11,696,286
Mattel, Inc. (a)

            1,389,513

             20,967,751
Murphy USA, Inc.

            7,264

             4,414,769
NIKE, Inc. - Class B

            87,400

             3,645,454
Ross Stores, Inc.

            443,260

             111,289,288
Royal Caribbean Cruises Ltd.

            43,550

             13,861,965
Sony Group Corp. - ADR

            2,559,555

             59,535,249
TJX Cos., Inc. (The)

            97,500

             15,340,650
Whirlpool Corp.

            193,680

             7,263,000




             309,050,060






Consumer Staples - 2.6%

BJ's Wholesale Club Holdings, Inc. (a)

            192,600

             18,832,428
Dollar Tree, Inc. (a)

            318,900

             40,567,269
Philip Morris International, Inc.

            49,900

             9,521,918
Sysco Corp.

            255,146

             21,748,645
Tyson Foods, Inc. - Class A

            110,000

             6,375,600
US Foods Holding Corp. (a)

            214,300

             21,556,437




             118,602,297






Energy - 2.1%

Cameco Corp.

            98,900

             8,542,982
Chevron Corp.

            114,507

             22,538,413
ConocoPhillips

            314,500

             37,890,960
EOG Resources, Inc.

            85,200

             12,668,388
Expand Energy Corp.

            50,000

             4,701,500
TechnipFMC PLC

            109,500

             7,846,770
Viper Energy, Inc. - Class A

            100,100

             4,465,461




             98,654,474






Financials - 10.8%

Bank of America Corp.

            779,400

             48,283,830
Bank of New York Mellon Corp. (The)

            179,100

             27,998,703
Capital One Financial Corp.

            29,490

             6,163,705
Charles Schwab Corp. (The)

            553,890

             58,291,384
Citigroup, Inc.

            325,100

             43,059,495
CME Group, Inc. - Class A

            136,600

             36,580,114
Evercore, Inc. - Class A

            34,780

             11,149,077


First Horizon Corp.

            266,300

             6,827,932
Hanover Insurance Group, Inc. (The)

            44,130

             10,265,962
JPMorgan Chase & Co.

            104,609

             36,800,400
Marsh & McLennan Cos., Inc.

            78,000

             14,795,820
Northern Trust Corp.

            330,220

             60,162,782
PayPal Holdings, Inc.

            361,000

             20,652,810
Progressive Corp. (The)

            17,310

             3,659,680
Raymond James Financial, Inc.

            335,240

             58,995,535
Sony Financial Group, Inc. - ADR

            181,259

             873,668
Visa, Inc. - Class A

            91,880

             33,640,024
Wells Fargo & Co.

            204,730

             17,698,909




             495,899,830






Health Care - 22.3%

Abbott Laboratories

            40,590

             4,290,363
Agilent Technologies, Inc.

            120,110

             16,619,621
Alcon, Inc.

            45,230

             3,118,156
Amgen, Inc.

            191,270

             73,669,553
AstraZeneca PLC

            931,265

             157,979,795
Biogen, Inc. (a)

            530,890

             107,744,126
Boston Scientific Corp. (a)

            1,033,540

             48,297,324
Bristol-Myers Squibb Co.

            1,236,270

             80,740,794
CVS Health Corp.

            88,200

             9,210,726
Danaher Corp.

            44,000

             8,579,120
Elanco Animal Health, Inc. (a)

            2,678,321

             70,627,325
Eli Lilly & Co.

            222,083

             255,137,834
GRAIL, Inc. (a)

            7,834

             537,099
GSK PLC - ADR

            1,117,650

             57,771,328
Illumina, Inc. (a)

            87,000

             17,843,700
LivaNova PLC (a)

            135,200

             10,834,928
Merck & Co., Inc.

            28,900

             3,762,780
Novartis AG - ADR

            152,210

             23,767,591
Revvity, Inc.

            90,470

             10,179,684
Siemens Healthineers AG - EUR

            69,240

             2,943,053
Stryker Corp.

            12,500

             4,071,250
Thermo Fisher Scientific, Inc.

            67,780

             38,926,054
UnitedHealth Group, Inc.

            5,541

             2,296,190
Waters Corp. (a)

            2,780

             1,048,922
Zimmer Biomet Holdings, Inc.

            160,270

             15,054,161




             1,025,051,477






Industrials - 21.6%

AECOM

            1,076,350

             77,916,976
Airbus SE - EUR

            117,312

             27,353,275
Alaska Air Group, Inc. (a)

            53,550

             2,540,947
Amentum Holdings, Inc. (a)

            1,879,566

             41,726,365
American Airlines Group, Inc. (a)

            2,690,650

             41,086,226
AMETEK, Inc.

            39,762

             9,610,873
Boeing Co. (The) (a)

            36,500

             7,889,110
Booz Allen Hamilton Holding Corp.

            257,565

             17,957,432
Carrier Global Corp.

            120,820

             7,467,884
Caterpillar, Inc.

            15,850

             12,914,739
CSX Corp.

            60,000

             3,024,000
Curtiss-Wright Corp.

            89,530

             64,819,720
Delta Air Lines, Inc.

            649,650

             56,805,396
DuPont de Nemours, Inc.

            27,283

             3,737,817
FedEx Corp.

            276,605

             85,028,377
FedEx Freight Holding Co., Inc. (a)

            108,995

             15,317,067
General Dynamics Corp.

            13,690

             5,249,020


GXO Logistics, Inc. (a)

            62,400

             3,129,984
Honeywell Aerospace, Inc. (a)

            6,150

             1,271,451
Honeywell International, Inc.

            6,150

             1,494,758
Jacobs Solutions, Inc.

            248,470

             33,526,057
Kirby Corp. (a)

            156,853

             20,569,702
Knight-Swift Transportation Holdings, Inc.

            184,831

             12,851,299
L3Harris Technologies, Inc.

            6,000

             1,662,360
Moog, Inc. - Class A

            118,200

             46,080,270
Nextpower, Inc. - Class A (a)

            466,508

             41,925,074
Norfolk Southern Corp.

            59,400

             19,927,512
Otis Worldwide Corp.

            36,200

             2,604,590
Parsons Corp. (a)

            275,500

             12,179,855
Rockwell Automation, Inc.

            11,630

             5,583,330
RTX Corp.

            5,262

             1,132,488
RXO, Inc. (a)

            66,500

             1,346,625
Saia, Inc. (a)

            8,700

             3,024,381
Siemens AG - EUR

            356,769

             116,284,503
Southwest Airlines Co.

            1,615,540

             72,650,834
United Airlines Holdings, Inc. (a)

            592,600

             71,900,158
United Parcel Service, Inc. - Class B

            159,400

             16,612,668
XPO, Inc. (a)

            143,584

             28,856,076




             995,059,199






Information Technology - 27.4%

Adobe, Inc. (a)

            112,150

             28,083,482
Analog Devices, Inc.

            128,580

             47,241,578
Applied Materials, Inc.

            124,232

             63,068,859
Ciena Corp. (a)

            10,500

             3,959,025
Corning, Inc.

            77,898

             10,769,398
Flex Ltd. (a)

            1,351,979

             153,787,611
Hewlett Packard Enterprise Co.

            1,201,730

             57,562,867
HP, Inc.

            1,099,750

             29,990,183
Infineon Technologies AG - EUR

            474,000

             33,708,391
Intel Corp. (a)

            3,782,720

             341,201,344
Jabil, Inc.

            80,700

             25,424,535
Keysight Technologies, Inc. (a)

            40,370

             12,881,260
KLA Corp.

            693,280

             126,745,450
L.M. Ericsson Telephone Co. - ADR

            2,739,240

             26,871,944
Microsoft Corp.

            235,810

             109,585,623
NetApp, Inc.

            319,120

             56,962,920
NVIDIA Corp.

            80,220

             16,104,165
Oracle Corp.

            199,810

             25,949,325
Qnity Electronics, Inc.

            33,850

             4,440,443
Seagate Technology Holdings PLC

            34,973

             29,941,434
Teradyne, Inc.

            45,750

             16,821,818
Texas Instruments, Inc.

            146,430

             40,376,608




             1,261,478,263






Materials - 1.5%

Albemarle Corp.

            136,170

             16,019,039
Corteva, Inc.

            67,120

             5,283,015
Dow, Inc.

            83,244

             2,521,461
FMC Corp.

            98,692

             1,056,991
Freeport-McMoRan, Inc.

            36,000

             2,254,680
Glencore PLC - GBP

            2,442,192

             17,872,588
Linde PLC

            36,800

             17,604,384
Tronox Holdings PLC

            1,337,743

             7,812,419




             70,424,577








Utilities - 0.1%

PG&E Corp.

            28,000

             486,640
Xcel Energy, Inc.

            53,500

             4,183,700




             4,670,340
TOTAL COMMON STOCKS (Cost $1,700,076,075)

             4,519,859,501






SHORT-TERM INVESTMENTS - 1.8%
Shares  

Value  
Money Market Funds - 1.8%



First American US Treasury Money Market Fund - Class X - 3.62% (b)

            33,406,107

             33,406,107
Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares - 3.58% (b)

            25,054,580

             25,054,580
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class - 3.56% (b)

            25,054,580

             25,054,580


             83,515,267
TOTAL SHORT-TERM INVESTMENTS (Cost $83,515,267)

            83,515,267






TOTAL INVESTMENTS - 100.0% (Cost $1,783,591,342)

             4,603,374,768
Liabilities in Excess of Other Assets - (0.0)%
(0.00020)
            (938,546)
TOTAL NET ASSETS - 100.0%




    $        4,602,436,222


Percentages are stated as a percent of net assets.



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 July 31, 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.

































Security Valuation

Securities traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchanges are open for trading. Securities traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) are valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. Non-U.S. traded stocks are valued at the last sale price or official closing price in the primary local market where the stock is traded. Securities traded on an exchange for which there have been no sales are valued at the mean between the bid and ask price. Because trading on most non-U.S. exchanges is normally completed before the close of the New York Stock Exchange, the value of securities traded on foreign exchanges can change by the time the Fund calculates its net asset value per share (“NAV”). To address these changes, the Fund may utilize adjustment factors provided by an independent pricing service to systematically value foreign securities at fair value. These adjustment factors are based on statistical analyses of subsequent movement in securities indices, specific security prices, and exchange rates in foreign markets.

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by a valuation committee of the Investment Advisor in accordance with procedures approved by the Trust’s Board of Trustees. Pursuant to those procedures, the Board of Trustees has designated the Investment Advisor as the Fund’s valuation designee responsible for determining whether market quotations are readily available and reliable, and making good faith determinations of fair value when appropriate. In determining fair value, the Fund takes into account all relevant factors and available information. Consequently, the price of a security used by the Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments, and there is no single standard for determining a security’s fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.

Investments in other funds are valued at their respective net asset values as determined by those funds, in accordance with the 1940 Act.

Valuation Measurements

The Fund has adopted fair valuation accounting standards which establish an authoritative definition of fair value and set forth a hierarchy for measuring fair value. These standards require additional disclosure about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used to value the asset or liability. These standards state that “observable inputs” reflect the significant assumptions that market participants would use in valuing an asset or liability based on market data obtained from independent sources. “Unobservable inputs” reflect the Fund’s own assumptions about the inputs market participants would use to value the asset or liability.

Various inputs are used in determining the value of the Fund’s investments, and the lowest level for any significant input determines 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 Fund’s own assumptions in determining fair value of investments based on the best available information).

The following table provides the fair value measurements of the Fund assets by level within the fair value hierarchy for the Fund as of July 31, 2026. These assets are measured on a recurring basis.


Quoted prices
Significant
in active
other
Significant
markets for
observable
unobservable
identical assets
inputs
inputs
Fund
Description
(Level 1)
(Level 2)
(Level 3)
Total
Stock Fund
Common Stocks(1)
$
4,519,859,501 
$
- 
$
- 
$
4,519,859,501 
Short-Term Investments
83,515,267
-
-
83,515,267
Total Investments
$
4,603,374,768 
$
- 
$
- 
$
4,603,374,768 
(1) Refer to the Fund's Schedule of Investments for the breakdown of major categories.