# EDGAR Filing Document

**Accession Number:** 0001293967
**File Stem:** 0001133228-25-006474
**Filing Date:** 2025-6
**Character Count:** 114970
**Document Hash:** 45c42bd487a67a0412b529238eb66b43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006474.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001133228-25-006474

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRIMECAP Odyssey Funds
- **CENTRAL INDEX KEY:** 0001293967

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21597
- **FILM NUMBER:** 251061099

**BUSINESS ADDRESS:**
- **STREET 1:** 177 EAST COLORADO BOULEVARD, 11TH FLOOR
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91105
- **BUSINESS PHONE:** 626-304-9222

**MAIL ADDRESS:**
- **STREET 1:** 177 EAST COLORADO BOULEVARD, 11TH FLOOR
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMECAP Management Co
- **DATE OF NAME CHANGE:** 20160621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMECAP Odyssey Funds
- **DATE OF NAME CHANGE:** 20040629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMECAP Funds
- **DATE OF NAME CHANGE:** 20040616

## Series and Classes Contracts Data

### PRIMECAP Odyssey Stock Fund (Series ID: S000005539)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000015069 | PRIMECAP Odyssey Stock Fund | POSKX           |

### PRIMECAP Odyssey Growth Fund (Series ID: S000005540)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000015070 | PRIMECAP Odyssey Growth Fund | POGRX           |

### PRIMECAP Odyssey Aggressive Growth Fund (Series ID: S000005541)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000015071 | PRIMECAP Odyssey Aggressive Growth Fund | POAGX           |

?xml version='1.0' encoding='ASCII'? 2025-05-07101000_PRIMECAPOdysseyStockFund_TF_TSRSemiAnnual

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 **<u>811-21597</u>**

**<u>PRIMECAP Odyssey Funds</u>**

(Exact name of registrant as specified in charter)

**177 East Colorado Boulevard, 11<sup>th</sup> Floor**

**<u>Pasadena, CA 91105</u>**

(Address of principal executive offices) (Zip code)

**Julietta Martikyan**

**PRIMECAP Management Company**

**177 East Colorado Boulevard, 11<sup>th</sup> Floor**

**<u>Pasadena, CA 91105</u>**

(Name and address of agent for service)

**<u>(626) 304-9222</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| **PRIMECAP Odyssey Stock Fund**  | ![image](i202411271259871.jpg) |
| POSKX  | ![image](i202411271259871.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202411271259871.jpg) |

---

This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Stock Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. 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 | $33 | 0.67% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4231219298 |
| **Number of Holdings** | 140 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 8.7% |
|  AstraZeneca PLC  | 4.6% |
|  AECOM  | 3.4% |
|  KLA Corp.  | 3.1% |
|  Microsoft Corp.  | 2.9% |
|  Siemens AG  | 2.9% |
|  Flex Ltd.  | 2.8% |
|  Sony Group Corp.  | 2.6% |
|  Amgen, Inc.  | 2.4% |
|  FedEx Corp.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 25.3% |
|  Information Technology  | 21.9% |
|  Industrials  | 20.7% |
|  Financials  | 10.9% |
|  Consumer Discretionary  | 9.1% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 2.2% |
|  Energy  | 2.1% |
|  Materials  | 1.5% |
|  Cash & Other  | 2.9% |

---

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

------

---

| | |
|:---|:---|
| ![image](i202505202017884.jpg) |  |
| ![image](i202505202017884.jpg) | 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. |
| ![image](i202505202017884.jpg) |  |

---

PRIMECAP Odyssey Stock Fund PAGE 2 TSR-SAR-74160Q301

------

---

| | |
|:---|:---|
| **PRIMECAP Odyssey Growth Fund**  | ![image](i202411271259871.jpg) |
| POGRX  | ![image](i202411271259871.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202411271259871.jpg) |

---

This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. 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 | $32 | 0.66% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4417955180 |
| **Number of Holdings** | 177 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 7.8% |
|  BeiGene Ltd.  | 3.8% |
|  Alphabet, Inc. - Class A & C  | 3.6% |
|  Micron Technology, Inc.  | 3.0% |
|  Alibaba Group Holding Ltd.  | 2.8% |
|  Rhythm Pharmaceuticals, Inc.  | 2.3% |
|  Xometry, Inc.  | 2.2% |
|  Microsoft Corp.  | 2.2% |
|  AECOM  | 2.2% |
|  Flex Ltd.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 30.3% |
|  Information Technology  | 22.0% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 9.3% |
|  Financials  | 8.4% |
|  Communication Services  | 7.2% |
|  Consumer Staples  | 1.7% |
|  Energy  | 1.4% |
|  Materials  | 0.5% |
|  Cash & Other  | 2.5% |

---

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

------

---

| | |
|:---|:---|
| ![image](ih20250520201877.jpg) |  |
| ![image](ih20250520201877.jpg) | 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. |
| ![image](ih20250520201877.jpg) |  |

---

PRIMECAP Odyssey Growth Fund PAGE 2 TSR-SAR-74160Q103

------

---

| | |
|:---|:---|
| **PRIMECAP Odyssey Aggressive Growth Fund**  | ![image](i202411271259871.jpg) |
| POAGX  | ![image](i202411271259871.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202411271259871.jpg) |

---

This semi-annual shareholder report contains important information about the PRIMECAP Odyssey Aggressive Growth Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. 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 | $32 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5802529051 |
| **Number of Holdings** | 193 |
| **Portfolio Turnover** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 5.2% |
|  Rhythm Pharmaceuticals, Inc.  | 4.3% |
|  Micron Technology, Inc.  | 3.5% |
|  Sony Group Corp.  | 3.0% |
|  BeiGene Ltd.  | 3.0% |
|  Alibaba Group Holding Ltd.  | 2.5% |
|  Alphabet, Inc. - Class A & C  | 2.4% |
|  Flex Ltd.  | 2.3% |
|  AECOM  | 2.2% |
|  MarketAxess Holdings, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 28.1% |
|  Information Technology  | 25.7% |
|  Industrials  | 13.3% |
|  Consumer Discretionary  | 12.8% |
|  Communication Services  | 6.4% |
|  Financials  | 5.9% |
|  Materials  | 0.8% |
|  Consumer Staples  | 0.8% |
|  Energy  | 0.6% |
|  Real Estate  | 0.1% |
|  Cash & Other  | 5.5% |

---

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

------

---

| | |
|:---|:---|
| ![image](ie20250520201578.jpg) |  |
| ![image](ie20250520201578.jpg) | 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. |
| ![image](ie20250520201578.jpg) |  |

---

PRIMECAP Odyssey Aggressive Growth Fund PAGE 2 TSR-SAR-74160Q202

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are included within the financial statements filed under Item
 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) ![](primecapodyssey.jpg)

**PRIMECAP Odyssey Stock Fund** 

**PRIMECAP Odyssey Growth Fund** 

**PRIMECAP Odyssey Aggressive Growth Fund** 

Core Financial Statements

April 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#sch_001) <br>|  |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Stock Fund](#tsoistk) | [1](#tsoistk) |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Growth Fund](#tsoigrw) | [3](#tsoigrw) |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Aggressive Growth Fund](#tsoiagg) | [6](#tsoiagg) |
| [Statements of Assets and Liabilities](#tsal) | [9](#tsal) |
| [Statements of Operations](#tsop) | [10](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [11](#tscna) |
| [Financial Highlights](#tfihi) | [14](#tfihi) |
| [Notes to Financial Statements](#tnote) | [17](#tnote) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY STOCK FUND** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.1%**<br>|  |  |
| **Communication Services - 3.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 227940 | $36196872  |
| Alphabet, Inc. - Class C | 203670 | 32768467  |
| Comcast Corp. - Class A | 137300 | 4695660  |
| Meta Platforms, Inc. - Class A | 35200 | 19324800  |
| Nintendo Co. Ltd. - JPY | 295700 | 24549016  |
| Walt Disney Co. (The) | 293400 | 26684730  |
|  |  | 144219545  |
| **Consumer Discretionary - 9.1%**<br>|  |  |
| Bath & Body Works, Inc. | 43610 | 1330541  |
| Burlington Stores, Inc.<sup>(a)</sup> | 14800 | 3330592  |
| Capri Holdings Ltd.<sup>(a)</sup> | 359730 | 5410339  |
| CarMax, Inc.<sup>(a)</sup> | 433100 | 28008577  |
| Carnival Corp.<sup>(a)</sup> | 924500 | 16955330  |
| eBay, Inc. | 137820 | 9393811  |
| Mattel, Inc.<sup>(a)</sup> | 2451040 | 38947026  |
| Murphy USA, Inc. | 4400 | 2193708  |
| Newell Brands, Inc. | 1625000 | 7767500  |
| NIKE, Inc. - Class B | 118400 | 6677760  |
| Ross Stores, Inc. | 582750 | 81002250  |
| Royal Caribbean Cruises Ltd. | 121650 | 26143801  |
| Sony Group Corp. - ADR | 4310425 | 112071050  |
| TJX Cos., Inc. (The) | 122700 | 15789036  |
| Whirlpool Corp. | 405999 | 30969604  |
|  |  | 385990925  |
| **Consumer Staples - 2.2%**<br>|  |  |
| Altria Group, Inc. | 43300 | 2561195  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)</sup> | 197820 | 23255719  |
| Dollar Tree, Inc.<sup>(a)</sup> | 359500 | 29396315  |
| Philip Morris International, Inc. | 18600 | 3187296  |
| Sysco Corp. | 247246 | 17653365  |
| Tyson Foods, Inc. - Class A | 112000 | 6858880  |
| US Foods Holding Corp.<sup>(a)</sup> | 154500 | 10144470  |
|  |  | 93057240  |
| **Energy - 2.1%**<br>|  |  |
| Cameco Corp. | 96200 | 4343430  |
| ConocoPhillips | 206600 | 18412192  |
| EOG Resources, Inc. | 140800 | 15534464  |
| Expand Energy Corp. | 64650 | 6717135  |
| Hess Corp. | 302390 | 39023430  |
| TechnipFMC PLC | 131000 | 3690270  |
| Transocean Ltd.<sup>(a)</sup> | 550000 | 1171500  |
|  |  | 88892421  |
| **Financials - 10.9%**<br>|  |  |
| Bank of America Corp. | 503700 | 20087556  |
|  Bank of New York Mellon Corp. (The) | 99000 | 7960590  |
| Charles Schwab Corp. (The) | 183500 | 14936900  |
| Citigroup, Inc. | 444300 | 30381234  |
| CME Group, Inc. - Class A | 196800 | 54529344  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Comerica, Inc. | 543700 | $29223875  |
| Discover Financial Services | 46140 | 8428394  |
| Evercore, Inc. - Class A | 8750 | 1796287  |
|  Fidelity National Information Services, Inc. | 35600 | 2808128  |
| JPMorgan Chase & Co. | 264400 | 64677528  |
| Northern Trust Corp. | 479310 | 45045554  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 278500 | 18336440  |
| Progressive Corp. (The) | 44530 | 12545882  |
| Raymond James Financial, Inc. | 408300 | 55953432  |
| Visa, Inc. - Class A | 111560 | 38543980  |
| Wells Fargo & Co. | 762518 | 54146403  |
| WEX, Inc.<sup>(a)</sup> | 15100 | 1968587  |
|  |  | 461370114  |
| **Health Care - 25.3%**<br>|  |  |
| Abbott Laboratories | 52340 | 6843455  |
| Agilent Technologies, Inc. | 194670 | 20946492  |
| Alcon, Inc. | 42690 | 4166971  |
| Amgen, Inc. | 351090 | 102139103  |
| AstraZeneca PLC - ADR | 2691660 | 193234271  |
| Biogen, Inc.<sup>(a)</sup> | 578944 | 70098540  |
| Boston Scientific Corp.<sup>(a)</sup> | 279800 | 28783026  |
| Bristol-Myers Squibb Co. | 1141530 | 57304806  |
| CVS Health Corp. | 130850 | 8729003  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 3129941 | 29671841  |
| Eli Lilly & Co. | 411273 | 369713863  |
| GRAIL, Inc.<sup>(a)</sup> | 7834 | 270234  |
| GSK PLC - ADR | 1146850 | 45701973  |
| Illumina, Inc.<sup>(a)</sup> | 76600 | 5944160  |
| LivaNova PLC<sup>(a)</sup> | 174390 | 6452430  |
| Merck & Co., Inc. | 44600 | 3799920  |
| Novartis AG - ADR | 242490 | 27520190  |
| Revvity, Inc. | 139210 | 13006390  |
| Sanofi SA - ADR | 68300 | 3753085  |
| Siemens Healthineers AG - EUR | 92660 | 4995052  |
| Stryker Corp. | 12500 | 4674000  |
| Thermo Fisher Scientific, Inc. | 79440 | 34079760  |
| Waters Corp.<sup>(a)</sup> | 4480 | 1557830  |
| Zimmer Biomet Holdings, Inc. | 263050 | 27107303  |
|  |  | 1070493698  |
| **Industrials - 20.7%**<br>|  |  |
| AECOM | 1449700 | 143012905  |
| Airbus SE - EUR | 212951 | 36135746  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 53550 | 2370658  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 1311800 | 28623476  |
| American Airlines Group, Inc.<sup>(a)</sup> | 2470150 | 24577993  |
| AMETEK, Inc. | 15500 | 2628490  |
| Carrier Global Corp. | 108602 | 6791969  |
| Caterpillar, Inc. | 23440 | 7249289  |
| Curtiss-Wright Corp. | 149430 | 51536913  |
| Delta Air Lines, Inc. | 872150 | 36307605  |
| FedEx Corp. | 458735 | 96485733  |
| General Dynamics Corp. | 19670 | 5352600  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY STOCK FUND** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| GXO Logistics, Inc.<sup>(a)</sup> | 66700 | $2417208  |
| Jacobs Solutions, Inc. | 283310 | 35073778  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 240000 | 1324800  |
| Kirby Corp.<sup>(a)</sup> | 227200 | 21895264  |
|  Knight-Swift Transportation Holdings, Inc. | 35000 | 1370950  |
| L3Harris Technologies, Inc. | 23100 | 5082462  |
| Moog, Inc. - Class A | 121400 | 20304150  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 658268 | 26732263  |
| Norfolk Southern Corp. | 75600 | 16938180  |
| Otis Worldwide Corp. | 25881 | 2491564  |
| Parsons Corp.<sup>(a)</sup> | 75800 | 5067988  |
| Rockwell Automation, Inc. | 14220 | 3522010  |
| RTX Corp. | 7962 | 1004247  |
| RXO, Inc.<sup>(a)</sup> | 89100 | 1255419  |
| Saia, Inc.<sup>(a)</sup> | 8700 | 2122800  |
| Siemens AG - EUR | 528673 | 121732858  |
| Southwest Airlines Co. | 2144180 | 59951273  |
| Union Pacific Corp. | 19500 | 4205370  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 990920 | 68195114  |
| United Parcel Service, Inc. - Class B | 161500 | 15390950  |
| XPO, Inc.<sup>(a)</sup> | 157200 | 16682064  |
|  |  | 873834089  |
| **Information Technology - 21.9%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 75490 | 28307240  |
| Analog Devices, Inc. | 153090 | 29840303  |
| Apple, Inc. | 9500 | 2018750  |
| Applied Materials, Inc. | 331750 | 49998042  |
| Corning, Inc. | 238098 | 10566789  |
| Flex Ltd.<sup>(a)</sup> | 3450239 | 118481207  |
| Hewlett Packard Enterprise Co. | 2533460 | 41092721  |
| HP, Inc. | 1149690 | 29397573  |
| Infineon Technologies AG - EUR | 311000 | 10301256  |
| Intel Corp. | 4079860 | 82005186  |
| Jabil, Inc. | 55000 | 8060800  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 75910 | 11037314  |
| KLA Corp. | 188060 | 132147881  |
| L.M. Ericsson Telephone Co. - ADR | 4471530 | 36845407  |
| Microsoft Corp. | 308250 | 121838895  |
| NetApp, Inc. | 420970 | 37782058  |
| NVIDIA Corp. | 103390 | 11261239  |
| Oracle Corp. | 468980 | 65994866  |
| QUALCOMM, Inc. | 157847 | 23433966  |
| Seagate Technology Holdings PLC | 200000 | 18206000  |
| Teradyne, Inc. | 92100 | 6834741  |
| Texas Instruments, Inc. | 328500 | 52576425  |
|  |  | 928028659  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 1.5%**<br>|  |  |
| Albemarle Corp. | 243090 | $14232920  |
| Corteva, Inc. | 97750 | 6059522  |
| Dow, Inc. | 108160 | 3308614  |
| DuPont de Nemours, Inc. | 118810 | 7840272  |
| FMC Corp. | 76500 | 3206880  |
| Freeport-McMoRan, Inc. | 265000 | 9547950  |
| Glencore PLC - GBP | 4428738 | 14520596  |
| Tronox Holdings PLC | 596500 | 3227065  |
|  |  | 61943819  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,990,195,753)** |  | 4107830510  |
| **SHORT-TERM INVESTMENTS - 2.8%** | **SHORT-TERM INVESTMENTS - 2.8%** | **SHORT-TERM INVESTMENTS - 2.8%** |
| **Money Market Funds - 2.8%**<br>|  |  |
|  Dreyfus Treasury Securities Cash Management - Institutional Shares - 4.15%<sup>(b)</sup> | 121220022 | 121220022  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $121,220,022)** |  | 121220022  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $2,111,415,775)** |  | $4229050532  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 2168766  |
| **TOTAL NET ASSETS - 100.0%** |  | $4231219298 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by the fund's administrator.

ADR - American Depositary Receipt

CHF - Swiss Francs

EUR - Euros

GBP - British Pound Sterling

JPY - Japanese Yen

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.5%**<br>|  |  |
| **Communication Services - 7.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 530930 | $84311684  |
| Alphabet, Inc. - Class C | 477980 | 76902202  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 606290 | 53244388  |
| IMAX Corp.<sup>(a)</sup> | 244000 | 5936520  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 32410 | 4292705  |
| Meta Platforms, Inc. - Class A | 27500 | 15097500  |
| Netflix, Inc.<sup>(a)</sup> | 4300 | 4866396  |
| Nintendo Co. Ltd. - JPY | 461800 | 38338640  |
| Shutterstock, Inc. | 8289 | 132292  |
| Spotify Technology SA<sup>(a)</sup> | 6900 | 4236462  |
| Trade Desk, Inc. (The) - Class A<sup>(a)</sup> | 37800 | 2027214  |
| Universal Music Group N.V. - EUR | 211874 | 6230250  |
| Walt Disney Co. (The) | 252300 | 22946685  |
|  |  | 318562938  |
| **Consumer Discretionary - 9.3%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 1029480 | 122950796  |
| Amazon.com, Inc.<sup>(a)</sup> | 59450 | 10963769  |
| Burlington Stores, Inc.<sup>(a)</sup> | 25000 | 5626000  |
| Capri Holdings Ltd.<sup>(a)</sup> | 181900 | 2735776  |
| CarMax, Inc.<sup>(a)</sup> | 494550 | 31982548  |
| Carnival Corp.<sup>(a)</sup> | 95900 | 1758806  |
| Carvana Co.<sup>(a)</sup> | 33600 | 8210160  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 13400 | 2584726  |
| eBay, Inc. | 69460 | 4734394  |
| Entain PLC - GBP | 400000 | 3419547  |
| Flutter Entertainment PLC<sup>(a)</sup> | 50977 | 12284947  |
|  Lucky Strike Entertainment Corp. - Class A | 282100 | 2651740  |
| Marriott International, Inc. - Class A | 21300 | 5081754  |
| Mattel, Inc.<sup>(a)</sup> | 1718620 | 27308872  |
| McDonald's Corp. | 5800 | 1853970  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 242300 | 3884069  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 43400 | 4605174  |
| Ross Stores, Inc. | 70470 | 9795330  |
| Royal Caribbean Cruises Ltd. | 116571 | 25052274  |
| Sony Group Corp. - ADR | 2342275 | 60899150  |
| Tapestry, Inc. | 8700 | 614655  |
| Tesla, Inc.<sup>(a)</sup> | 184330 | 52010553  |
| TJX Cos., Inc. (The) | 51400 | 6614152  |
| Viking Holdings Ltd.<sup>(a)</sup> | 56700 | 2326401  |
|  |  | 409949563  |
| **Consumer Staples - 1.7%**<br>|  |  |
| Altria Group, Inc. | 17600 | 1041040  |
| BellRing Brands, Inc.<sup>(a)</sup> | 63900 | 4929246  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 85850 | 10092526  |
| Casey's General Stores, Inc. | 7500 | 3469425  |
| Dollar Tree, Inc.<sup>(a)</sup> | 262700 | 21480979  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 46860 | 2899228  |
| Performance Food Group Co.<sup>(a)</sup> | 310100 | 25012666  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Philip Morris International, Inc. | 24300 | $4164048  |
| US Foods Holding Corp.<sup>(a)</sup> | 18800 | 1234408  |
|  |  | 74323566  |
| **Energy - 1.4%**<br>|  |  |
| ConocoPhillips | 186100 | 16585232  |
| Coterra Energy, Inc. | 90000 | 2210400  |
| EOG Resources, Inc. | 56900 | 6277777  |
| Expand Energy Corp. | 29000 | 3013100  |
| Exxon Mobil Corp. | 72670 | 7676132  |
| Hess Corp. | 201021 | 25941760  |
| Schlumberger Ltd. | 48500 | 1612625  |
|  |  | 63317026  |
| **Financials - 8.4%**<br>|  |  |
| Bank of America Corp. | 108300 | 4319004  |
| Charles Schwab Corp. (The) | 829893 | 67553290  |
| Citigroup, Inc. | 234600 | 16041948  |
| CME Group, Inc. - Class A | 98900 | 27403212  |
| Discover Financial Services | 20040 | 3660707  |
| Evercore, Inc. - Class A | 16940 | 3477612  |
| JPMorgan Chase & Co. | 42700 | 10445274  |
| MarketAxess Holdings, Inc. | 121142 | 26843856  |
| Mastercard, Inc. - Class A | 3900 | 2137434  |
| Northern Trust Corp. | 341940 | 32135521  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 215600 | 14195104  |
| Raymond James Financial, Inc. | 547090 | 74973214  |
| Tradeweb Markets, Inc. - Class A | 139200 | 19251360  |
| Visa, Inc. - Class A | 142850 | 49354675  |
| Wells Fargo & Co. | 271675 | 19291642  |
|  |  | 371083853  |
| **Health Care - 30.3%**<br>|  |  |
| Agilent Technologies, Inc. | 36830 | 3962908  |
| Alcon, Inc. | 43330 | 4229441  |
| Alkermes PLC<sup>(a)</sup> | 191700 | 5515209  |
| Amgen, Inc. | 222190 | 64639515  |
| AstraZeneca PLC - ADR | 1314250 | 94350008  |
| BeiGene Ltd. - ADR<sup>(a)</sup> | 651737 | 169327790  |
| Biogen, Inc.<sup>(a)</sup> | 641895 | 77720647  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1151116 | 73314578  |
| BioNTech SE - ADR<sup>(a)</sup> | 365300 | 38045995  |
| Boston Scientific Corp.<sup>(a)</sup> | 771780 | 79393009  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 87500 | 3356500  |
| Bristol-Myers Squibb Co. | 762090 | 38256918  |
| CVS Health Corp. | 113210 | 7552239  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 18700 | 1411663  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 3460701 | 32807446  |
| Eli Lilly & Co. | 381678 | 343109438  |
| Glaukos Corp.<sup>(a)</sup> | 26800 | 2525900  |
| GRAIL, Inc.<sup>(a)</sup> | 16116 | 555921  |
| GSK PLC - ADR | 868700 | 34617695  |
| Illumina, Inc.<sup>(a)</sup> | 58300 | 4524080  |
| Insulet Corp.<sup>(a)</sup> | 137397 | 34663889  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 19910 | 3087444  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| LivaNova PLC<sup>(a)</sup> | 527250 | $19508250  |
| Merck & Co., Inc. | 10300 | 877560  |
| Nektar Therapeutics<sup>(a)</sup> | 1187456 | 944621  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 64960 | 6995542  |
| Novartis AG - ADR | 34530 | 3918810  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 79800 | 238602  |
| QIAGEN N.V. - EUR<sup>(a)</sup> | 86866 | 3727909  |
| Revvity, Inc. | 89830 | 8392817  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 1568822 | 102271506  |
| Siemens Healthineers AG - EUR | 47590 | 2565449  |
| Stryker Corp. | 8000 | 2991360  |
| Thermo Fisher Scientific, Inc. | 32900 | 14114100  |
| Waters Corp.<sup>(a)</sup> | 4000 | 1390920  |
| Xencor, Inc.<sup>(a)</sup> | 3075260 | 33889365  |
| Zimmer Biomet Holdings, Inc. | 175620 | 18097641  |
|  |  | 1336892685  |
| **Industrials - 16.7%**<br>|  |  |
| AECOM | 977752 | 96455235  |
| Airbus SE - EUR | 148771 | 25245015  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 584244 | 12748204  |
| American Airlines Group, Inc.<sup>(a)</sup> | 3068001 | 30526610  |
| Carrier Global Corp. | 33600 | 2101344  |
| Chart Industries, Inc.<sup>(a)</sup> | 24000 | 3239520  |
| Curtiss-Wright Corp. | 91770 | 31650555  |
| Delta Air Lines, Inc. | 1020700 | 42491741  |
| FedEx Corp. | 136500 | 28710045  |
| General Dynamics Corp. | 15950 | 4340314  |
| IDEX Corp. | 33310 | 5794941  |
| J.B. Hunt Transport Services, Inc. | 47400 | 6189492  |
| Jacobs Solutions, Inc. | 469054 | 58068885  |
| JetBlue Airways Corp.<sup>(a)</sup> | 105300 | 459108  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 343806 | 4263194  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 708284 | 28763413  |
| Norfolk Southern Corp. | 22500 | 5041125  |
| Saia, Inc.<sup>(a)</sup> | 10800 | 2635200  |
| Siemens AG - EUR | 384845 | 88614856  |
| Southwest Airlines Co. | 2101270 | 58751509  |
| Stratasys Ltd.<sup>(a)</sup> | 87800 | 828832  |
| Textron, Inc. | 75580 | 5318565  |
| TransDigm Group, Inc. | 14100 | 19924287  |
| Uber Technologies, Inc.<sup>(a)</sup> | 84500 | 6845345  |
| Union Pacific Corp. | 9600 | 2070336  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 990140 | 68141435  |
| Xometry, Inc. - Class A<sup>(a)(b)</sup> | 3865552 | 99112753  |
|  |  | 738331859  |
| **Information Technology - 22.0%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 88900 | 33335722  |
| Analog Devices, Inc. | 127200 | 24793824  |
| Applied Materials, Inc. | 108500 | 16352035  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 67900 | 18286149  |
| Arm Holdings PLC - ADR<sup>(a)</sup> | 22440 | 2559282  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ASML Holding N.V. - ADR | 26300 | $17570504  |
| Autodesk, Inc.<sup>(a)</sup> | 3000 | 822750  |
| Broadcom, Inc. | 19920 | 3834003  |
| Dell Technologies, Inc. - Class C | 28690 | 2632594  |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 83200 | 8768448  |
| Flex Ltd.<sup>(a)</sup> | 2778839 | 95425331  |
| FormFactor, Inc.<sup>(a)</sup> | 454418 | 12787323  |
| Hewlett Packard Enterprise Co. | 1183450 | 19195559  |
| HP, Inc. | 374876 | 9585579  |
| Intel Corp. | 3146080 | 63236208  |
| Intuit, Inc. | 3500 | 2196145  |
| Jabil, Inc. | 315900 | 46298304  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 11180 | 1625572  |
| KLA Corp. | 119434 | 83925077  |
| L.M. Ericsson Telephone Co. - ADR | 1288800 | 10619712  |
| Marvell Technology, Inc. | 160700 | 9380059  |
| MaxLinear, Inc.<sup>(a)</sup> | 198310 | 1981117  |
| Micron Technology, Inc. | 1717126 | 132132846  |
| Microsoft Corp. | 249380 | 98569939  |
| MongoDB, Inc.<sup>(a)</sup> | 80965 | 13939744  |
| NetApp, Inc. | 191811 | 17215037  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 234730 | 16125951  |
| NVIDIA Corp. | 605000 | 65896600  |
| Okta, Inc. - Class A<sup>(a)</sup> | 18500 | 2074960  |
| Oracle Corp. | 192700 | 27116744  |
| OSI Systems, Inc.<sup>(a)</sup> | 88700 | 18160438  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 43930 | 8211835  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 58900 | 1501950  |
| Salesforce, Inc. | 37400 | 10049754  |
| Teradyne, Inc. | 37010 | 2746512  |
| Texas Instruments, Inc. | 216545 | 34658027  |
| Trimble, Inc.<sup>(a)</sup> | 249000 | 15472860  |
| Universal Display Corp. | 156919 | 19713734  |
| Wolfspeed, Inc.<sup>(a)</sup> | 726200 | 2578010  |
|  |  | 971376238  |
| **Materials - 0.5%**<br>|  |  |
| Albemarle Corp. | 199970 | 11708244  |
| Ivanhoe Mines Ltd. - Class A - CAD<sup>(a)</sup> | 600000 | 5327143  |
| Linde PLC | 10900 | 4940207  |
|  |  | 21975594  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,053,625,617)** |  | 4305813322  |
| **RIGHTS - 0.0%**<br>|  |  |
| **Health Care *-* 0.0%**<br>|  |  |
|  ABIOMED, Inc. - CVR (Expiration Date 12/31/29)<sup>(a)(c)(d)</sup> | 387250 | 394995  |
|  Epizyme, Inc. - CVR (Expiration Date 1/1/28)<sup>(a)(c)(d)</sup> | 4207543 | 84151  |
| **Total Health Care** |  | 479146  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 479146  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |
| **Money Market Funds - 2.6%**<br>|  |  |
|  Dreyfus Treasury Securities Cash Management - Institutional Shares - 4.15%<sup>(e)</sup> | 115989374 | $115989374  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $115,989,374)** |  | 115989374  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $2,169,614,991)** |  | $4422281842  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (4326662)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4417955180 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by the fund's administrator.

ADR - American Depositary Receipt

CAD - Canadian Dollars

CVR - Contingent Value Rights

EUR - Euros

GBP - British Pound Sterling

JPY - Japanese Yen

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Considered an affiliated company of the fund as the fund owns 5% or more of the outstanding voting securities of such company. (Note 7)

<sup>(c)</sup> Illiquid security.

<sup>(d)</sup> 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 $479,146 or 0.0% of net assets as of April 30, 2025. (Note 4)

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Aggressive Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.5%**<br>|  |  |
| **Communication Services - 6.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 565350 | $89777580  |
| Alphabet, Inc. - Class C | 310340 | 49930603  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 1016720 | 89288350  |
| Electronic Arts, Inc. | 33500 | 4860515  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 41890 | 2044232  |
| IMAX Corp.<sup>(a)</sup> | 432300 | 10517859  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 55990 | 7415876  |
| Meta Platforms, Inc. - Class A | 41400 | 22728600  |
| Netflix, Inc.<sup>(a)</sup> | 16100 | 18220692  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 992350 | 25126302  |
| Sphere Entertainment Co.<sup>(a)</sup> | 387213 | 10551554  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc.<sup>(a)</sup> | 25290 | 5900663  |
| T-Mobile US, Inc. | 68430 | 16898788  |
| Trade Desk, Inc. (The) - Class A<sup>(a)</sup> | 17600 | 943888  |
| WildBrain Ltd. - CAD<sup>(a)</sup> | 3658900 | 4538459  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1274207 | 10907212  |
|  |  | 369651173  |
| **Consumer Discretionary - 12.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. - <br>ADR | 1217000 | 145346310  |
| Amazon.com, Inc.<sup>(a)</sup> | 241450 | 44528209  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 53000 | 5530020  |
| Burlington Stores, Inc.<sup>(a)</sup> | 56100 | 12624744  |
| Capri Holdings Ltd.<sup>(a)</sup> | 366577 | 5513318  |
| CarMax, Inc.<sup>(a)</sup> | 539700 | 34902399  |
| Carvana Co.<sup>(a)</sup> | 39900 | 9749565  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 4100 | 454403  |
| Duolingo, Inc.<sup>(a)</sup> | 4000 | 1557920  |
| eBay, Inc. | 171800 | 11709888  |
| Entain PLC - GBP | 2092333 | 17887077  |
| Etsy, Inc.<sup>(a)</sup> | 14200 | 617416  |
| Flutter Entertainment PLC<sup>(a)</sup> | 41700 | 10049283  |
| GrowGeneration Corp.<sup>(a)</sup> | 377300 | 441441  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 431690 | 6294040  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 820400 | 13151012  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 115060 | 12209017  |
| &nbsp;&nbsp;&nbsp; Restaurant Brands International, <br>Inc. | 20000 | 1288000  |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. - <br>Class A<sup>(a)</sup> | 15000 | 204900  |
| Royal Caribbean Cruises Ltd. | 231300 | 49708683  |
| Savers Value Village, Inc.<sup>(a)</sup> | 407100 | 3904089  |
| Sony Group Corp. - ADR | 6701760 | 174245760  |
| Tapestry, Inc. | 64200 | 4535730  |
| Tesla, Inc.<sup>(a)</sup> | 399280 | 112660845  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 19500 | 7714980  |
| XPeng, Inc. - ADR<sup>(a)</sup> | 2954210 | 54948306  |
|  |  | 741777355  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Consumer Staples - 0.8%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 125938 | $9714857  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 108915 | 6738571  |
| Performance Food Group Co.<sup>(a)</sup> | 351300 | 28335858  |
|  |  | 44789286  |
| **Energy - 0.6%**<br>|  |  |
| Coterra Energy, Inc. | 322350 | 7916916  |
| EOG Resources, Inc. | 94100 | 10382053  |
| New Fortress Energy, Inc. | 3121900 | 16951917  |
| Transocean Ltd.<sup>(a)</sup> | 653000 | 1390890  |
|  |  | 36641776  |
| **Financials - 5.9%**<br>|  |  |
| CME Group, Inc. - Class A | 183471 | 50836144  |
| Discover Financial Services | 119373 | 21805866  |
| Flywire Corp.<sup>(a)</sup> | 1552900 | 14612789  |
|  Galaxy Digital Holdings Ltd. - CAD<sup>(a)</sup> | 116700 | 1855552  |
| LPL Financial Holdings, Inc. | 16000 | 5116640  |
| MarketAxess Holdings, Inc. | 551220 | 122144840  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 218000 | 911240  |
| Morgan Stanley | 195733 | 22591503  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 329500 | 11918015  |
| Progressive Corp. (The) | 73330 | 20659994  |
| Tradeweb Markets, Inc. - Class A | 486800 | 67324440  |
| WEX, Inc.<sup>(a)</sup> | 12500 | 1629625  |
|  |  | 341406648  |
| **Health Care - 28.1%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 10000 | 82700  |
| Accuray, Inc.<sup>(a)</sup> | 127500 | 197625  |
| Alkermes PLC<sup>(a)</sup> | 797800 | 22952706  |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 1785270 | 2999254  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 898800 | 6902784  |
| BeiGene Ltd. - ADR<sup>(a)</sup> | 668347 | 173643234  |
| Biogen, Inc.<sup>(a)</sup> | 839990 | 101705989  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1783010 | 113559907  |
| BioNTech SE - ADR<sup>(a)</sup> | 1024276 | 106678345  |
| Boston Scientific Corp.<sup>(a)</sup> | 509810 | 52444155  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 432200 | 16579192  |
| Cerus Corp.<sup>(a)</sup> | 1453000 | 1917960  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 13750 | 1631025  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 93000 | 7020570  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 626992 | 5943884  |
| Eli Lilly & Co. | 332594 | 298985376  |
| Exact Sciences Corp.<sup>(a)</sup> | 437600 | 19972064  |
| Galapagos N.V. - ADR<sup>(a)</sup> | 100200 | 2697384  |
| Glaukos Corp.<sup>(a)</sup> | 799305 | 75334496  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 31750 | 2278697  |
| GRAIL, Inc.<sup>(a)</sup> | 1454919 | 50187431  |
| Health Catalyst, Inc.<sup>(a)</sup> | 1681170 | 6640621  |
| Illumina, Inc.<sup>(a)</sup> | 173810 | 13487656  |
| Immunocore Holdings PLC - ADR<sup>(a)</sup> | 749530 | 22560853  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Aggressive Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Immunome, Inc.<sup>(a)</sup> | 3076700 | $27044193  |
| Insulet Corp.<sup>(a)</sup> | 256516 | 64716422  |
| LivaNova PLC<sup>(a)</sup> | 905150 | 33490550  |
| Mural Oncology PLC<sup>(a)</sup> | 44460 | 116930  |
| Nektar Therapeutics<sup>(a)</sup> | 3107176 | 2471759  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 214000 | 2467420  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 233300 | 697567  |
| Penumbra, Inc.<sup>(a)</sup> | 12100 | 3543364  |
| PolyPeptide Group AG - CHF<sup>(a)</sup> | 721910 | 16727271  |
| Pulmonx Corp.<sup>(a)(b)</sup> | 3664401 | 17699057  |
| QIAGEN N.V. - EUR<sup>(a)</sup> | 148610 | 6377692  |
| Repligen Corp.<sup>(a)</sup> | 2250 | 310478  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3784932 | 246739717  |
| Roche Holding AG - CHF | 47005 | 15370001  |
| Standard BioTools, Inc.<sup>(a)</sup> | 305800 | 339438  |
| Wave Life Sciences Ltd.<sup>(a)</sup> | 2430320 | 18762070  |
| Xencor, Inc.<sup>(a)(b)</sup> | 6039857 | 66559224  |
| Zentalis Pharmaceuticals, Inc.<sup>(a)</sup> | 831400 | 1180588  |
|  |  | 1631017649  |
| **Industrials - 13.3%**<br>|  |  |
| AECOM | 1305310 | 128768832  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 362400 | 16043448  |
| Allegiant Travel Co. | 25100 | 1177943  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 860460 | 18775237  |
| American Airlines Group, Inc.<sup>(a)</sup> | 5271200 | 52448440  |
| Array Technologies, Inc.<sup>(a)</sup> | 837900 | 4005162  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 27150 | 16651095  |
| Chart Industries, Inc.<sup>(a)</sup> | 43300 | 5844634  |
|  Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR<sup>(a)</sup> | 41000 | 150880  |
| Curtiss-Wright Corp. | 149520 | 51567953  |
| Delta Air Lines, Inc. | 1829497 | 76161960  |
| FedEx Corp. | 33500 | 7046055  |
| Frontier Group Holdings, Inc.<sup>(a)</sup> | 700900 | 2088682  |
| GFL Environmental, Inc. | 276300 | 13787370  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 95600 | 5062020  |
| Griffon Corp. | 219500 | 14950145  |
| Jacobs Solutions, Inc. | 610990 | 75640562  |
| JetBlue Airways Corp.<sup>(a)</sup> | 1125400 | 4906744  |
| Li-Cycle Holdings Corp.<sup>(a)</sup> | 98200 | 28969  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 553270 | 6860548  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 916204 | 37207044  |
| NN, Inc.<sup>(a)</sup> | 266400 | 535464  |
| Ryanair Holdings PLC - ADR | 43400 | 2077124  |
| Southwest Airlines Co. | 1533060 | 42864358  |
| Stratasys Ltd.<sup>(a)</sup> | 186000 | 1755840  |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, <br>Inc.<sup>(a)</sup> | 46815 | 458787  |
| TransDigm Group, Inc. | 28750 | 40625762  |
| Uber Technologies, Inc.<sup>(a)</sup> | 301400 | 24416414  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1474930 | 101504683  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| VSE Corp. | 108700 | $12448324  |
| WillScot Holdings Corp. | 143000 | 3592160  |
| XPO, Inc.<sup>(a)</sup> | 40000 | 4244800  |
|  |  | 773697439  |
| **Information Technology - 25.7%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 119550 | 44828859  |
| Ambarella, Inc.<sup>(a)</sup> | 22500 | 1079775  |
| Applied Materials, Inc. | 77500 | 11680025  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 80400 | 21652524  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 2689310 | 26435917  |
| ASML Holding N.V. - ADR | 34200 | 22848336  |
| Aurora Innovation, Inc. - Class A<sup>(a)</sup> | 3195540 | 23135710  |
| Autodesk, Inc.<sup>(a)</sup> | 37700 | 10339225  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 778366 | 38124367  |
| Broadcom, Inc. | 128870 | 24803609  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 365050 | 15715402  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 95330 | 40884177  |
| CyberArk Software Ltd.<sup>(a)</sup> | 54060 | 19037770  |
| Dell Technologies, Inc. - Class C | 71170 | 6530559  |
|  Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 151041 | 15918211  |
| Docusign, Inc.<sup>(a)</sup> | 206300 | 16865025  |
| Flex Ltd.<sup>(a)</sup> | 3882480 | 133324363  |
| FormFactor, Inc.<sup>(a)</sup> | 750305 | 21113583  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 165700 | 7733219  |
| Hewlett Packard Enterprise Co. | 428470 | 6949783  |
| HP, Inc. | 166940 | 4268656  |
| HubSpot, Inc.<sup>(a)</sup> | 42750 | 26141625  |
|  indie Semiconductor, Inc. - Class A<sup>(a)(b)</sup> | 17529000 | 34882710  |
| Intuit, Inc. | 50700 | 31812729  |
| Jabil, Inc. | 464000 | 68003840  |
| Jamf Holding Corp.<sup>(a)</sup> | 25000 | 289250  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 30180 | 4388172  |
| KLA Corp. | 131370 | 92312385  |
| Marvell Technology, Inc. | 170800 | 9969596  |
| MaxLinear, Inc.<sup>(a)</sup> | 1154940 | 11537851  |
| Micron Technology, Inc. | 2613175 | 201083816  |
| MongoDB, Inc.<sup>(a)</sup> | 153400 | 26410878  |
| NetApp, Inc. | 369752 | 33185242  |
| nLIGHT, Inc.<sup>(a)</sup> | 183903 | 1417892  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 778505 | 53483293  |
| NVIDIA Corp. | 976860 | 106399591  |
| Okta, Inc. - Class A<sup>(a)</sup> | 302000 | 33872320  |
| OneStream, Inc.<sup>(a)</sup> | 29700 | 635580  |
| OSI Systems, Inc.<sup>(a)</sup> | 199080 | 40759639  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 122900 | 22973697  |
| QUALCOMM, Inc. | 174323 | 25879993  |
| Sandisk Corp.<sup>(a)</sup> | 49400 | 1586234  |
| Trimble, Inc.<sup>(a)</sup> | 448790 | 27887811  |
| Unity Software, Inc.<sup>(a)</sup> | 33700 | 710059  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Aggressive Growth Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Universal Display Corp. | 624659 | $78475910  |
| Western Digital Corp.<sup>(a)</sup> | 173000 | 7587780  |
| Wolfspeed, Inc.<sup>(a)</sup> | 1500000 | 5325000  |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | 370200 | 28705308  |
|  |  | 1488987296  |
| **Materials - 0.8%**<br>|  |  |
| Albemarle Corp. | 106960 | 6262508  |
| Ingevity Corp.<sup>(a)</sup> | 54500 | 1797410  |
| Ivanhoe Electric, Inc.<sup>(a)</sup> | 407700 | 2568510  |
|  Ivanhoe Mines Ltd. - Class A - CAD<sup>(a)</sup> | 2750600 | 24421401  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1220452 | 12363179  |
|  |  | 47413008  |
| **Real Estate - 0.1%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 51000 | 3782670  |
| EPR Properties | 100900 | 4993541  |
|  |  | 8776211  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,984,605,556)** |  | 5484157842 |
| **RIGHTS - 0.0%**<br>|  |  |
| **Health Care *-* 0.0%**<br>|  |  |
|  ABIOMED, Inc. - CVR (Expiration Date 12/31/29)<sup>(a)(c)(d)</sup> | 349922 | 356921  |
|  Epizyme, Inc. - CVR (Expiration Date 1/1/28)<sup>(a)(c)(d)</sup> | 10344756 | 206895  |
| **Total Health Care** |  | 563816  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 563816  |
| **SHORT-TERM INVESTMENTS - 5.6%** | **SHORT-TERM INVESTMENTS - 5.6%** |  |
| **Money Market Funds - 5.6%**<br>|  |  |
|  Dreyfus Treasury Securities Cash Management - Institutional Shares - 4.15%<sup>(e)</sup> | 322174492 | 322174492  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $322,174,492)** |  | 322174492  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $3,306,780,048)** |  | $5806896149  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (4367098)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5802529051 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by the fund's administrator.

ADR - American Depositary Receipt

CAD - Canadian Dollars

CHF - Swiss Francs

CVR - Contingent Value Rights

EUR - Euros

GBP - British Pound Sterling

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Considered an affiliated company of the fund as the fund owns 5% or more of the outstanding voting securities of such company. (Note 7)

<sup>(c)</sup> Illiquid security.

<sup>(d)</sup> 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 $563,816 or 0.0% of net assets as of April 30, 2025. (Note 4)

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PRIMECAP** <br>**Odyssey** <br>**Stock Fund** | **PRIMECAP** <br>**Odyssey** <br>**Growth Fund** | **PRIMECAP** <br>**Odyssey Aggressive** <br>**Growth Fund**  |
| **ASSETS**<br>|  |  |  |
| Investments, at cost (unaffiliated) | $2111415775 | $2089467455 | $2907098669  |
| Investments, at cost (affiliated) |  | 80147536 | 399681379  |
| Investments, at value (unaffiliated) | 4229050532 | 4323169089 | 5441015441  |
| Investments, at value (affiliated) |  | 99112753 | 365880708  |
| Receivable for investments sold | 5989276 | 2472584 | 5841952  |
| Receivable for dividends and interest | 6634177 | 6346112 | 2217581  |
| Receivable for fund shares sold | 1093736 | 227876 | 258740  |
| Prepaid expenses and other assets | 39331 | 36878 | 41398  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4242807052 | 4431365292 | 5815255820  |
| **LIABILITIES**<br>|  |  |  |
| Payable for investments purchased | 27795 |  | 33959  |
| Payable for fund shares repurchased | 4504300 | 6002554 | 3258172  |
| Payable to the advisor (Note 6) | 6133358 | 6495184 | 8368650  |
| Payable for shareholder servicing | 721885 | 703430 | 861518  |
| Payable to custodian | 9314 | 9371 | 9398  |
| Other accrued expenses and liabilities | 191102 | 199573 | 195072  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11587754 | 13410112 | 12726769  |
| **NET ASSETS** | $4231219298 | $4417955180 | $5802529051  |
|  Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value) | 131335688 | 134312449 | 142112513  |
| &nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER** <br>**SHARE** | $32.22 | $32.89 | $40.83  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |
| Paid-in capital | $1521373639 | $1342859779 | $2692168088  |
| Total distributable earnings | 2709845659 | 3075095401 | 3110360963  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $4231219298 | $4417955180 | $5802529051 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PRIMECAP** <br>**Odyssey** <br>**Stock Fund** | **PRIMECAP** <br>**Odyssey** <br>**Growth Fund** | **PRIMECAP** <br>**Odyssey Aggressive** <br>**Growth Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |
| Dividends (unaffiliated)<sup>(1)</sup> | $37314267 | $22156330 | $11831219  |
| Interest income | 2236697 | 2423656 | 3866825  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 39550964 | 24579986 | 15698044  |
| **EXPENSES**<br>|  |  |  |
| Advisory fees (Note 6) | 13276926 | 14373429 | 18166459  |
| Shareholder servicing | 2200137 | 2153083 | 2578275  |
| Trustee fees | 121655 | 121355 | 121555  |
| Custody | 37481 | 44098 | 42347  |
| Other | 518670 | 558499 | 589378  |
| &nbsp;&nbsp;&nbsp; Total expenses | 16154869 | 17250464 | 21498014  |
| **Net investment income (loss)** | 23396095 | 7329522 | (5799970)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (unaffiliated) | 563826245 | 864237583 | 464060830  |
| &nbsp;&nbsp;&nbsp; Investments (affiliated) |  | (819011) | 20064577  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 32107518 |  | 179807236  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (50640) | (59598) | 23307  |
| Change in unrealized appreciation/depreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (788284780) | (938294470) | (796638948)  |
| &nbsp;&nbsp;&nbsp; Investments (affiliated) |  | 27578068 | (33433869)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 155908 | 180938 | (45371)  |
|  **Net realized and unrealized loss on investments and foreign currency** | (192245749) | (47176490) | (166162238)  |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(168849654) | $(39846968) | $(171962208) |

---

<sup>(1)</sup> Net of foreign taxes withheld of $1,027,206, $603,369, and $289,177, respectively.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Stock Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $23396095 | $51636591  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 563826245 | 858471255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 32107518 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (50640) | 7658  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (788284780) | 549632038  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 155908 | 111715  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (168849654) | 1459859257  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (784117635) | (543292220)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 147655868 | 365296780  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 754809512 | 520727056  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (947429144) | (1804771265)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (44963764) | (918747429)  |
| **Total decrease in net assets** | (997931053) | (2180392)  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5229150351 | 5231330743  |
| &nbsp;&nbsp;&nbsp; End of period | $4231219298 | $5229150351  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 132384372 | 155863842  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4277149 | 9840806  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 21935760 | 15097914  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (27261593) | (48418190)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (1048684) | (23479470)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | 131335688 | 132384372 |

---

<sup>(1)</sup> Unaudited

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7329522 | $27047470  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 863418572 | 1187007192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (59598) | 145  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (910716402) | 403155588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 180938 | 117894  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (39846968) | 1617328289  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (985053931) | (831948160)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 127024117 | 321730178  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 936022032 | 797037283  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (1465386647) | (2333864632)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (402340498) | (1215097171)  |
| **Total decrease in net assets** | (1427241397) | (429717042)  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5845196577 | 6274913619  |
| &nbsp;&nbsp;&nbsp; End of period | $4417955180 | $5845196577  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 145052285 | 175469794  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3584084 | 8480375  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 26448772 | 22146076  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (40772692) | (61043960)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (10739836) | (30417509)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | 134312449 | 145052285 |

---

<sup>(1)</sup> Unaudited

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Aggressive Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended** <br>**October 31, 2024**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5799970) | $1159970  |
| &nbsp;&nbsp;&nbsp; Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 484125407 | 739511990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 179807236 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 23307 | 40229  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (830072817) | 914757319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (45371) | 50547  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (171962208) | 1655520055  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (629884923) | (384018326)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 370974336 | 396539842  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 603806747 | 367519346  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (1253262349) | (1506111302)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (278481266) | (742052114)  |
| **Total increase (decrease) in net assets** | (1080328397) | 529449615  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 6882857448 | 6353407833  |
| &nbsp;&nbsp;&nbsp; End of period | $5802529051 | $6882857448  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 148747622 | 165450352  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8563977 | 9092025  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 13200847 | 8686347  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (28399933) | (34481102)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (6635109) | (16702730)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | 142112513 | 148747622 |

---

<sup>(1)</sup> Unaudited

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY STOCK FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a capital share outstanding throughout each period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $39.50 | $33.56 | $34.78 | $42.97 | $31.89 | $34.33  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.35 | 0.40 | 0.35 | 0.27 | 0.40  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; (1.35) | 9.15 | 2.25 | (4.78) | 13.57 | (0.76)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.18) | 9.50 | 2.65 | (4.43) | 13.84 | (0.36)  |
| **LESS:**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | (0.43) | (0.41) | (0.28) | (0.48) | (0.47)  |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (5.73) | (3.13) | (3.46) | (3.48) | (2.28) | (1.61)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (6.10) | (3.56) | (3.87) | (3.76) | (2.76) | (2.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $32.22 | $39.50 | $33.56 | $34.78 | $42.97 | $31.89  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (3.98)%<sup>(3)</sup> | 29.83% | 8.13% | (11.33)% | 45.44% | (1.48)%  |
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $4231.2 | $5229.2 | $5231.3 | $5799.1 | $7733.6 | $6244.6  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<sup>(4)</sup> | 0.67% | 0.67% | 0.66% | 0.65% | 0.65%  |
|  Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<sup>(4)</sup> | 0.92% | 1.15% | 0.93% | 0.67% | 1.28%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 3%<sup>(3)(5)</sup> | 3% | 4% | 4% | 6% | 8% |

---

<sup>(1)</sup> Unaudited

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Not Annualized

<sup>(4)</sup> Annualized

<sup>(5)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a capital share outstanding throughout each period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $40.30 | $35.76 | $36.70 | $50.78 | $40.31 | $39.68  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.16 | 0.18 | 0.16 | 0.05 | 0.16  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | 9.26 | 3.04 | (8.21) | 15.72 | 2.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | 9.42 | 3.22 | (8.05) | 15.77 | 2.73  |
| **LESS:**<br>|  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.19) | (0.21) | (0.05) | (0.17) | (0.20)  |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (7.00) | (4.69) | (3.95) | (5.98) | (5.13) | (1.90)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (7.18) | (4.88) | (4.16) | (6.03) | (5.30) | (2.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $32.89 | $40.30 | $35.76 | $36.70 | $50.78 | $40.31  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (1.84)%<sup>(3)</sup> | 27.97% | 9.30% | (17.61)% | 41.97% | 6.83%  |
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp;&nbsp; $4418.0 | $5845.2 | $6274.9 | $6957.6 | $10168.5 | $8606.4  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<sup>(4)</sup> | 0.66% | 0.66% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<sup>(4)</sup> | 0.42% | 0.48% | 0.40% | 0.10% | 0.42%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 3%<sup>(3)</sup> | 5% | 7% | 4% | 7% | 9% |

---

<sup>(1)</sup> Unaudited

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Not Annualized

<sup>(4)</sup> Annualized

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a capital share outstanding throughout each period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Six Months Ended** <br>**April 30, 2025<sup>(1)</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $46.27 | $38.40 | $38.92 | $60.37 | $48.07 | $43.46  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | 0.01 | (0.03) | (0.09) | (0.22) | (0.10)  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | 10.24 | 3.42 | (15.51) | 16.73 | 7.10  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.08) | 10.25 | 3.39 | (15.60) | 16.51 | 7.00  |
| **LESS:**<br>|  |  |  |  |  |  |
|  Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | (0.01) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized <br>gain | &nbsp;&nbsp;&nbsp;&nbsp; (4.35) | (2.37) | (3.91) | (5.85) | (4.21) | (2.39)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (4.36) | (2.38) | (3.91) | (5.85) | (4.21) | (2.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $40.83 | $46.27 | $38.40 | $38.92 | $60.37 | $48.07  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (3.34)%<sup>(3)</sup> | 27.27% | 9.01% | (28.21)% | 35.53% | 16.52%  |
| **RATIOS/SUPPLEMENTAL DATA:** | **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period <br>&nbsp;&nbsp;&nbsp;&nbsp;(millions) | &nbsp;&nbsp;&nbsp;&nbsp; $5802.5 | $6882.9 | $6353.4 | $6931.1 | $11735.2 | $9571.4  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<sup>(4)</sup> | 0.65% | 0.65% | 0.65% | 0.64% | 0.64%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)%<sup>(4)</sup> | 0.02% | (0.09)% | (0.19)% | (0.39)% | (0.23)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 2%<sup>(3)(5)</sup> | 9% | 5% | 4% | 9% | 17% |

---

<sup>(1)</sup> Unaudited

<sup>(2)</sup> Calculated using the average shares method.

<sup>(3)</sup> Not Annualized

<sup>(4)</sup> Annualized

<sup>(5)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Share Valuation* – The NAV of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets,
 minus all liabilities (including estimated accrued expenses), by the total number of 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.

&nbsp;&nbsp;&nbsp;&nbsp;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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (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.

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025, the Funds did not incur any interest or penalties. As of April 30, 2025, open tax years include the tax years ended October 31, 2021 through October 31, 2024. 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;I. *New Accounting Pronouncement* – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily
 through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components
 of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The
 amendments expand a public entity's segment disclosures by requiring disclosure of significant

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Investment Advisor, which serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

(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, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Stock Fund  | $142389602 | $964532518<sup>(1)</sup>  |
| Growth Fund  | $178004164 | $1573984319  |
| Aggressive Growth Fund  | $157128017 | $1230483198<sup>(1)</sup> |

---

<sup>(1)</sup> Included in proceeds of PRIMECAP Odyssey Stock Fund's and PRIMECAP Odyssey Aggressive Growth Fund's sales are $46,307,580 and $203,403,309, respectively, representing the value of securities transferred in payment of redemptions in-kind.

(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).

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (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, 2025. These assets are measured on a recurring basis.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Quoted prices** <br>**in active** <br>**markets for** <br>**identical assets** <br>**(Level 1)** | **Significant** <br>**other** <br>**observable** <br>**inputs** <br>**(Level 2)** | **Significant** <br>**unobservable** <br>**inputs** <br>**(Level 3)** | **Total**  |
| **Stock Fund**<br>| Common Stocks<sup>(1)</sup> | $3895595986  | $212234524  | $— | $4107830510  |
|  | Short-Term Investments | 121220022  |  |  | 121220022  |
|  | **Total Investments** | $4016816008  | $212234524  | $— | $4229050532  |
| **Growth Fund** <br>| Common Stocks<sup>(1)</sup> | $4137671656  | $168141666  | $— | $4305813322  |
|  | Rights<sup>(2)</sup> |  |  | 479146  | 479146  |
|  | Short-Term Investments | 115989374  |  |  | 115989374  |
|  | **Total Investments** | $4253661030  | $168141666  | $479146 | $4422281842  |
|  **Aggressive Growth Fund** <br>| Common Stocks<sup>(1)</sup> | $5427795800  | $56362041  | $— | $5484157841  |
|  | Rights<sup>(2)</sup> |  |  | 563816 | 563816  |
|  | Short-Term Investments | 322174492  |  |  | 322174492  |
|  | **Total Investments** | $5749970292  | $56362041  | $563816 | $5806896149 |

---

<sup>(1)</sup> Refer to each Fund's respective Schedule of Investments for the breakdown of major categories.

<sup>(2)</sup> Health Care

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

**<u>ABIOMED, Inc. - CVR (Expiration Date 12/31/29)</u>** 

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Aggressive** <br>**Growth Fund**  |
| Balance at October 31, 2024 | &nbsp;&nbsp; $394995 | &nbsp;&nbsp; $356921  |
| Purchases (Received) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Sales (Proceeds) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Realized Gain (Loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Balance at April 30, 2025  | &nbsp;&nbsp; $394995 | &nbsp;&nbsp; $356921 |

---

During the period ended April 30, 2025, the Funds determined the fair value of ABIOMED, Inc. ("ABIOMED") contingent value rights ("CVR") considering available information, including the value of ABIOMED stock prior to the issuance of the CVR. The likelihood of receiving payments pursuant to an agreement will depend on achievement of certain milestones.

**<u>Epizyme, Inc. - CVR (Expiration Date 1/1/28)</u>** 

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Aggressive** <br>**Growth Fund**  |
| Balance at October 31, 2024 | &nbsp;&nbsp; $84151 | &nbsp;&nbsp; $206895  |
| Purchases (Received) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Sales (Proceeds) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Realized Gain (Loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Balance at April 30, 2025  | &nbsp;&nbsp; $84151 | &nbsp;&nbsp; $206895 |

---

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

During the period ended April 30, 2025, the Funds determined the fair value of Epizyme, Inc. ("Epizyme") CVR considering available information, including the value of Epizyme stock prior to the issuance of the CVR. The likelihood of receiving payments pursuant to an agreement will depend on achievement of certain milestones.

(5) Distribution to Shareholders

Net investment income and net realized gains differ for financial statement and tax purposes due to differing treatments of deferred wash sale losses.

As of October 31, 2024, the components of capital on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **PRIMECAP**<br>**Odyssey Stock** <br>**Fund** | **PRIMECAP**<br>**Odyssey** <br>**Growth Fund** | **PRIMECAP**<br>**Odyssey** <br>**Aggressive**<br>**Growth Fund**  |
| Cost of investments for tax purposes<sup>(1)</sup> | $2348927174  | $2734434577  | $3604398067  |
| Gross tax unrealized appreciation | 3137960574  | 3455946520  | 4081910348  |
| Gross tax unrealized depreciation | (252269692) | (338784514) | (799229328)  |
| Net tax unrealized appreciation | 2885690882  | 3117162006  | 3282681020  |
| Undistributed ordinary income | 44984177  | 34572704  | 1762520  |
| Undistributed long-term capital gain | 732137889  | 948261590  | 627764554  |
| Total distributable earnings | 777122066  | 982834294  | 629527074  |
| Other accumulated gain (loss) | —  | —  | —  |
| Total accumulated gain | $3662812948  | $4099996300  | $3912208094 |

---

<sup>(1)</sup> At October 31, 2024 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, 2025 and the year ended October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025**  | **April 30, 2025**  | **October 31, 2024**  | **October 31, 2024**  |
|  | **Ordinary** <br>**Income** <br>**Distributions**  | **Long-Term** <br>**Capital Gain** <br>**Distributions**  | **Ordinary** <br>**Income**<br>**Distributions**  | **Long-Term** <br>**Capital Gain** <br>**Distributions**  |
| Stock Fund  | $51978763 | $732138872 | $72271893  | $471020327  |
| Growth Fund  | $36791479 | $948262452 | $40741870  | $791206290  |
| Aggressive Growth Fund  | $1762648  | $628122275 | $2357310  | $381661016 |

---

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, 2024.

(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, 2025, 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.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Six Months Ended April 30, 2025 (Unaudited)(Continued)** 

(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:

**PRIMECAP Odyssey Growth Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | |
| <br>**Common Stock** | <br>**Market Value** <br>**at October 31,** <br>**2024**  | **Purchases** <br>**at Cost** | **Proceeds** <br>**from** <br>**Securities** <br>**Sold** | **Dividend** <br>**Income** | **Realized** <br>**Gain** <br>(Loss) | **Change in** <br>**Unrealized** <br>**Gain (Loss)** | <br>**Market** <br>**Value at** <br>**April 30,** <br>**2025**  |
| Xometry, Inc. - Class A | $79862582  | $163688  | $7672574  | $— | $(819011)  | $27578068  | $99112753  |
| **Total** | $79862582  | $163688  | $7672574  | $— | $(819011)  | $27578068  | $99112753 |

---

**PRIMECAP Odyssey Aggressive Growth Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | **Current Period Transactions** | |
| <br>**Common Stock** | <br>**Market Value** <br>**at October 31,** <br>**2024** | **Purchases** <br>**at Cost** | **Proceeds** <br>**from** <br>**Securities** <br>**Sold** | **Dividend** <br>**Income** | **Realized** <br>**Gain** <br>(Loss) | **Change in** <br>**Unrealized** <br>**Gain (Loss)** | <br>**Market** <br>**Value at** <br>**April 30,** <br>**2025**  |
| indie Semiconductor, Inc. - Class A | $53789023  | $4616707  | $257556  | $—  | $(271529)  | $(22993935)  | $34882710  |
| Pulmonx Corp. | 23699569  | 122536  | 1033703  | —  | (6398839)  | 1309494  | 17699057  |
| Rhythm Pharmaceuticals, Inc. | 223394537  | —  | 49687743  | —  | 31652689  | 41380234  | 246739717  |
| Xencor, Inc. | 122926506  | 6190363  | 4510239  | —  | (4917744)  | (53129662)  | 66559224  |
| **Total** | $423809635  | $10929606  | $55489241  | $—  | $20064577  | $(33433869)  | $365880708 |

---

(8) 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) 33<sup>1</sup>∕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, 2025, the Funds did not borrow under the Loan Agreement.

(9) Other Matters

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. The ultimate economic fallout from these disruptions and the long-term impact on economies, markets, industries, and individual issuers, are not known. The operational and financial performance of the issuers of securities in which each Fund invests depends on future developments and may negatively impact the value of each Fund's investments and lead to losses.

(10) 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.

22<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

The remuneration information is included within the financial statements filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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](https://www.sec.gov/Archives/edgar/data/1293967/000119312522189301/d309684dex99codeeth.htm) <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.* <u>Not Applicable.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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)).* <u>Filed herewith.</u>](pc-efp15940_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.* <u>Not applicable.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.* <u>Not applicable.</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* <u>Filed herewith.</u>](pc-efp15940_ex99906cert.htm)

**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.

<u>PRIMECAP Odyssey Funds</u>

---

| | |
|:---|:---|
| By | /s/ Joel P. Fried |
|  | Joel P. Fried, Co-Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date | June 20, 2025 |
| By | /s/ Alfred W. Mordecai |
|  | Alfred W. Mordecai, Co-Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date | June 20, 2025 |

---

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 20, 2025 |
| By | /s/ Alfred W. Mordecai |
|  | Alfred W. Mordecai, Co-Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date | June 20, 2025 |
| By | /s/ Julietta Martikyan |
|  | Julietta Martikyan, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date | June 20, 2025 |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Joel P. Fried, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of PRIMECAP Odyssey Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 20, 2025 | /s/ Joel P. Fried |
|  |  | Joel P. Fried<br> Co-Chief Executive Officer<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Alfred W. Mordecai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of PRIMECAP Odyssey Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 20, 2025 | /s/ Alfred W. Mordecai |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfred W. Mordecai<br> Co-Chief Executive Officer<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Julietta Martikyan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of PRIMECAP Odyssey Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 20, 2025 | /s/ Julietta Martikyan |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julietta Martikyan<br> Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the PRIMECAP Odyssey Funds does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the PRIMECAP Odyssey Funds for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the PRIMECAP Odyssey Funds for the stated period.

---

| |
|:---|
| /s/ Joel P. Fried |
| Joel P. Fried |
| Co-Chief Executive Officer, PRIMECAP Odyssey Funds |
| (Principal Executive Officer) |

---

Dated: <u>June 20, 2025</u>

---

| |
|:---|
| /s/ Alfred W. Mordecai |
| Alfred W. Mordecai |
| Co-Chief Executive Officer, PRIMECAP Odyssey Funds |
| (Principal Executive Officer) |

---

Dated: <u>June 20, 2025</u>

---

| |
|:---|
| /s/ Julietta Martikyan |
| Julietta Martikyan |
| Chief Financial Officer, PRIMECAP Odyssey Funds |
| (Principal Financial Officer) |

---

Dated: <u>June 20, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by PRIMECAP Odyssey Funds for purposes of the Securities Exchange Act of 1934.