# EDGAR Filing Document

**Accession Number:** 0001293967
**File Stem:** 0001133228-25-014017
**Filing Date:** 2025-12
**Character Count:** 152869
**Document Hash:** c95d08b112905b3dabca2711cbe3f347
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014017.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001133228-25-014017

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21597
- **FILM NUMBER:** 251601347

**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'? 2025-09-05101000_PRIMECAPOdysseyStockFund_TF_TSRAnnual

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>October 31, 2025</u>**

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

(a) ---

| | |
|:---|:---|
| **PRIMECAP Odyssey Stock Fund**  | ![image](img219534_202411271259871.jpg) |
| POSKX  | ![image](img219534_202411271259871.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img219534_202411271259871.jpg) |

---

This annual shareholder report contains important information about the PRIMECAP Odyssey Stock Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $74 | 0.67% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the PRIMECAP Odyssey Stock Fund's total return of +21.62% exceeded the S&P 500<sup>®</sup> Index's total return of +21.45%.

• The U.S. economy experienced mild turbulence during the fiscal year. The prospect of substantial tariff increases

generated uncertainty and prompted businesses to stockpile inventories, which tipped real GDP growth negative in the

first calendar quarter. But growth returned thereafter, as consumer spending and AI-driven capital investment both

provided a boost. The Fed, following its late 2024 rate cuts, was content to keep rates unchanged for most of the year.

But as employment data weakened through the summer, the Fed resumed its easing campaign with rate cuts in each of

September and October.

• The S&P 500<sup>®</sup> Index delivered yet another strong performance. April featured a sharp decline when "Liberation Day" tariff

threats panicked the market, but trade Armageddon never fully materialized. The Magnificent Seven stocks, in a now

familiar narrative, powered the market higher; AI-fueled NVIDIA soared 53 percent, briefly eclipsing five trillion dollars in

market capitalization. Meanwhile, the Index's already aggressive valuation expanded further, from roughly 21x forward

P/E to above 22x at period-end.

• The Fund modestly outpaced the S&P 500<sup>®</sup> Index's robust gain despite underweight exposure to the Magnificent Seven.

Relative to the S&P 500<sup>®</sup>, favorable stock selection more than offset unfavorable sector allocation.

• Stock selection was positive in the health care, information technology, financials, and industrials sectors. The consumer

discretionary sector was the primary detractor.

• The Fund's sector allocation headwind stemmed from its significant overweight position in health care (flat benchmark

return) and its substantial underweight positions in the two best performing sectors, information technology (+38%) and

communication services (+35%).

PRIMECAP Odyssey Stock Fund PAGE 1 TSR-AR-74160Q301

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?**

The chart illustrates the performance of a hypothetical $10,000 investment in the Fund. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of dividends and capital gains for the fund and dividends for the index.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5899img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **PRIMECAP Odyssey Stock Fund**  | 21.62 | 17.10 | 12.89 |
| **S&P 500<sup>®</sup>** **Index**  | 21.45 | 17.64 | 14.64 |

---

***Investment result data reflects deduction of fund operating expenses.*** ***Total return represents past performance, which*** ***is no guarantee of future results.*** *Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be different than quoted, and performance as of the most recent month-end can be obtained by calling 1-800-729-2307 or by visiting https://www.primecap. com/funds/primecap-odyssey-stock-fund/.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4516908172 |
| **Number of Holdings** | 148 |
| **Net Advisory Fee** | $25498869 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Eli Lilly & Co.  | 5.6% |
|  AstraZeneca PLC  | 4.3% |
|  Intel Corp.  | 3.7% |
|  AECOM  | 3.6% |
|  Microsoft Corp.  | 3.2% |
|  KLA Corp.  | 3.1% |
|  Siemens AG  | 2.8% |
|  Flex Ltd.  | 2.6% |
|  Alphabet, Inc. - Class A & C  | 2.0% |
|  FedEx Corp.  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 23.5% |
|  Health Care  | 22.6% |
|  Industrials  | 22.5% |
|  Financials  | 11.0% |
|  Consumer Discretionary  | 7.6% |
|  Communication Services  | 3.6% |
|  Consumer Staples  | 2.3% |
|  Energy  | 2.3% |
|  Materials  | 2.1% |
|  Utilities  | 0.0% |
|  Real Estate  | 0.0% |
|  Cash & Other  | 2.5% |

---

The Fund is distributed by ALPS Distributors, Inc.

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

------

**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.

---

| | |
|:---|:---|
| ![image](img229735_202505202017884.jpg) |  |
| ![image](img229735_202505202017884.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](img229735_202505202017884.jpg) |  |

---

PRIMECAP Odyssey Stock Fund PAGE 3 TSR-AR-74160Q301

------

---

| | |
|:---|:---|
| **PRIMECAP Odyssey Growth Fund**  | ![image](img219534_202411271259871.jpg) |
| POGRX  | ![image](img219534_202411271259871.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img219534_202411271259871.jpg) |

---

This annual shareholder report contains important information about the PRIMECAP Odyssey Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $77 | 0.66% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the PRIMECAP Odyssey Growth Fund's total return of +31.83% exceeded both the S&P 500<sup>®</sup> Index's total return of +21.45% and the Russell 1000 Growth Index's total return of +30.70%.

• The U.S. economy experienced mild turbulence during the fiscal year. The prospect of substantial tariff increases

generated uncertainty and prompted businesses to stockpile inventories, which tipped real GDP growth negative in the

first calendar quarter. But growth returned thereafter, as consumer spending and AI-driven capital investment both

provided a boost. The Fed, following its late 2024 rate cuts, was content to keep rates unchanged for most of the year.

But as employment data weakened through the summer, the Fed resumed its easing campaign with rate cuts in each of

September and October.

• The S&P 500<sup>®</sup> Index delivered yet another strong performance. April featured a sharp decline when "Liberation Day"

tariff threats panicked the market, but trade Armageddon never fully materialized. The Magnificent Seven stocks, in a

now familiar narrative, powered the market higher; AI-fueled NVIDIA soared 53 percent, briefly eclipsing five trillion

dollars in market capitalization. Meanwhile, the Index's already aggressive valuation expanded further, from roughly

21x forward P/E to above 22x at period-end.

• The Fund outpaced the S&P 500<sup>®</sup> Index's robust gain despite underweight exposure to the Magnificent Seven. Relative

to the S&P 500<sup>®</sup>, favorable stock selection more than offset unfavorable sector allocation.

• Stock selection was very favorable in the health care, information technology, and industrials sectors, while selection

within consumer discretionary and communication services also benefited results.

• The Fund's sector allocation headwind stemmed from its significant overweight position in health care (flat benchmark

return) and its underweight positions in the two best performing sectors, information technology (+38%) and

communication services (+35%).

PRIMECAP Odyssey Growth Fund PAGE 1 TSR-AR-74160Q103

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?**

The chart illustrates the performance of a hypothetical $10,000 investment in the Fund. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of dividends and capital gains for the fund and dividends for the index.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5901img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **PRIMECAP Odyssey Growth Fund**  | 31.83 | 16.62 | 13.90 |
| **S&P 500<sup>®</sup>** **Index**  | 21.45 | 17.64 | 14.64 |

---

***Investment result data reflects deduction of fund operating expenses.*** ***Total return represents past performance, which*** ***is no guarantee of future results.*** *Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be different than quoted, and performance as of the most recent month-end can be obtained by calling 1-800-729-2307 or by visiting https://www.primecap. com/funds/primecap-odyssey-growth-fund/ .*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5342285890 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $27918910 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Micron Technology, Inc.  | 5.0% |
|  Eli Lilly & Co.  | 4.7% |
|  Alphabet, Inc. - Class A & C  | 4.0% |
|  BeOne Medicines Ltd.  | 3.7% |
|  Xometry, Inc.  | 3.7% |
|  Alibaba Group Holding Ltd.  | 2.8% |
|  Rhythm Pharmaceuticals, Inc.  | 2.8% |
|  Flex Ltd.  | 2.6% |
|  Intel Corp.  | 2.4% |
|  Microsoft Corp.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 26.4% |
|  Information Technology  | 26.1% |
|  Industrials  | 18.3% |
|  Consumer Discretionary  | 9.4% |
|  Financials  | 7.5% |
|  Communication Services  | 7.3% |
|  Consumer Staples  | 1.8% |
|  Energy  | 0.7% |
|  Materials  | 0.7% |
|  Real Estate  | 0.1% |
|  Cash & Other  | 1.7% |

---

The Fund is distributed by ALPS Distributors, Inc.

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

------

**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.

---

| | |
|:---|:---|
| ![image](img229734_h20250520201877.jpg) |  |
| ![image](img229734_h20250520201877.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](img229734_h20250520201877.jpg) |  |

---

PRIMECAP Odyssey Growth Fund PAGE 3 TSR-AR-74160Q103

------

---

| | |
|:---|:---|
| **PRIMECAP Odyssey Aggressive Growth Fund**  | ![image](img219534_202411271259871.jpg) |
| POAGX  | ![image](img219534_202411271259871.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img219534_202411271259871.jpg) |

---

This annual shareholder report contains important information about the PRIMECAP Odyssey Aggressive Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 PAST YEAR?** (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 | $75 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the PRIMECAP Odyssey Aggressive Growth Fund's total return of +32.05% exceeded both the S&P 500<sup>®</sup> Index's total return of +21.45% and the Russell Midcap Growth Index's total return of +19.59%.

• The U.S. economy experienced mild turbulence during the fiscal year. The prospect of substantial tariff increases

generated uncertainty and prompted businesses to stockpile inventories, which tipped real GDP growth negative in the

first calendar quarter. But growth returned thereafter, as consumer spending and AI-driven capital investment both

provided a boost. The Fed, following its late 2024 rate cuts, was content to keep rates unchanged for most of the year.

But as employment data weakened through the summer, the Fed resumed its easing campaign with rate cuts in each of

September and October.

• The S&P 500<sup>®</sup> Index delivered yet another strong performance. April featured a sharp decline when "Liberation Day"

tariff threats panicked the market, but trade Armageddon never fully materialized. The Magnificent Seven stocks, in a

now familiar narrative, powered the market higher; AI-fueled NVIDIA soared 53 percent, briefly eclipsing five trillion

dollars in market capitalization. Meanwhile, the Index's already aggressive valuation expanded further, from roughly 21x

forward P/E to above 22x at period-end.

• The Fund outpaced the S&P 500<sup>®</sup> Index's robust gain despite underweight exposure to the Magnificent Seven. Relative

to the S&P 500<sup>®</sup>, favorable stock selection more than offset unfavorable sector allocation.

• Stock selection was broadly favorable, with particular strength in the health care, information technology, consumer

discretionary, and industrials sectors. The energy and financials sectors were the only detractors.

• The Fund's sector allocation headwind stemmed from its significant overweight position in health care (flat benchmark

return) and its underweight positions in the two best performing sectors, information technology (+38%) and

communication services (+35%).

PRIMECAP Odyssey Aggressive Growth Fund PAGE 1 TSR-AR-74160Q202

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?**

The chart illustrates the performance of a hypothetical $10,000 investment in the Fund. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of dividends and capital gains for the fund and dividends for the index.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5900img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **PRIMECAP Odyssey Aggressive Growth Fund**  | 32.05 | 12.25 | 12.98 |
| **S&P 500<sup>®</sup>** **Index**  | 21.45 | 17.64 | 14.64 |

---

***Investment result data reflects deduction of fund operating expenses.*** ***Total return represents past performance, which*** ***is no guarantee of future results.*** *Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be different than quoted, and performance as of the most recent month-end can be obtained by calling 1-800-729-2307 or by visiting https://www.primecap. com/funds/primecap-odyssey-aggressive-growth-fund/ .*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6825544550 |
| **Number of Holdings** | 187 |
| **Net Advisory Fee** | $35341033 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Micron Technology, Inc.  | 5.8% |
|  Rhythm Pharmaceuticals, Inc.  | 4.3% |
|  BeOne Medicines Ltd.  | 3.2% |
|  Eli Lilly & Co.  | 3.2% |
|  Alphabet, Inc. - Class A & C  | 3.0% |
|  NVIDIA Corp.  | 2.7% |
|  Flex Ltd.  | 2.7% |
|  Alibaba Group Holding Ltd.  | 2.6% |
|  Tesla, Inc.  | 2.5% |
|  AECOM  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 31.2% |
|  Health Care  | 26.1% |
|  Industrials  | 13.3% |
|  Consumer Discretionary  | 13.0% |
|  Communication Services  | 7.1% |
|  Financials  | 4.5% |
|  Materials  | 1.7% |
|  Consumer Staples  | 1.0% |
|  Energy  | 0.3% |
|  Real Estate  | 0.1% |
|  Cash & Other  | 1.7% |

---

The Fund is distributed by ALPS Distributors, Inc.

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

------

**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.

---

| | |
|:---|:---|
| ![image](img219535_e20250520201578.jpg) |  |
| ![image](img219535_e20250520201578.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](img219535_e20250520201578.jpg) |  |

---

PRIMECAP Odyssey Aggressive Growth Fund PAGE 3 TSR-AR-74160Q202

------

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

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

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officers and principal financial officer. The Registrant has not made any amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers, including any implicit waivers, from any provisions of the code of ethics during the period covered by this report.

The Registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when such person calls the Registrant at 1-800-729-2307.

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

The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Wayne H. Smith and Steven P. Cesinger are "audit committee financial experts" for the Registrant and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR. Effective December 8, 2025, Kelly Meldrum and Alan Sorkin, each of whom is a new Trustee of the Registrant and a member of the Audit Committee, also qualify as "audit committee financial experts" of the Registrant and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

(a) Audit Fees

The Registrant has engaged its principal accountant, PricewaterhouseCoopers LLP, to perform audit services, audit-related services, and tax services during the past two fiscal years. "Audit services" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees

"Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.

(c) Tax Fees

"Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and specifically relate to the accountant's review of the Registrant's federal and state tax returns.

(d) All Other Fees

There were no other services provided by the principal accountant to the Registrant during the past two fiscal years.

The following table details the aggregate fees billed or expected to be billed to the Registrant for each of the last two fiscal years for audit fees, audit-related fees, tax fees and all other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $172754 | $163697 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $19497 | $18927 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant. All services were pre-approved and no waivers to the pre-approval requirement were made.

(e)(2) The percentage of fees billed by PricewaterhouseCoopers applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed or expected to be billed by the Registrant's accountant for services rendered to the Registrant and to the Registrant's investment adviser (and any entity controlling, controlled by, or under common control with the investment adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Fees | FYE 10/31/2025 | FYE 10/31/2024 |
| Registrant | $19497 | $18927 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<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

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1) <br>|  |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Stock Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Growth Fund](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [PRIMECAP Odyssey Aggressive Growth Fund](#soi3) | [6](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [9](#sal) |
| [Statements of Operations](#sop) | [10](#sop) |
| [Statements of Changes in Net Assets](#scna) | [11](#scna) |
| [Financial Highlights](#fihi) | [14](#fihi) |
| [Notes to Financial Statements](#note) | [17](#note) |
| [Report of Independent Registered Public Accounting Firm](#report) | [24](#report) |
| [Additional Information](#add) | [25](#add) |

---

------

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

**PRIMECAP ODYSSEY STOCK FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.5%**<br>|  |  |
| **Communication Services - 3.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 183898 | $51710279  |
| Alphabet, Inc. - Class C | 138192 | 38945269  |
| Comcast Corp. - Class A | 137300 | 3821746  |
| Meta Platforms, Inc. - Class A | 20500 | 13291175  |
| Nintendo Co. Ltd. - JPY | 259900 | 21999841  |
| Walt Disney Co. (The) | 277000 | 31195740  |
|  |  | 160964050  |
| **Consumer Discretionary - 7.6%**<br>|  |  |
| Birkenstock Holding PLC<sup>(a)</sup> | 73200 | 2921412  |
| Burlington Stores, Inc.<sup>(a)</sup> | 14800 | 4049132  |
| Capri Holdings Ltd.<sup>(a)</sup> | 221060 | 4586995  |
| CarMax, Inc.<sup>(a)</sup> | 418300 | 17530953  |
| Carnival Corp.<sup>(a)</sup> | 876000 | 25255080  |
| eBay, Inc. | 120470 | 9795416  |
| Mattel, Inc.<sup>(a)</sup> | 2067130 | 37993849  |
| Murphy USA, Inc. | 7264 | 2601965  |
| Newell Brands, Inc. | 1550000 | 5270000  |
| NIKE, Inc. - Class B | 107900 | 6969261  |
| Ross Stores, Inc. | 539730 | 85773892  |
| Royal Caribbean Cruises Ltd. | 56550 | 16220236  |
| Sony Group Corp. - ADR | 3002715 | 83745721  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 12500 | 740875  |
| TJX Cos., Inc. (The) | 109100 | 15289274  |
| Whirlpool Corp. | 359819 | 25773835  |
|  |  | 344517896  |
| **Consumer Staples - 2.3%**<br>|  |  |
| Altria Group, Inc. | 34900 | 1967662  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)</sup> | 205210 | 18111835  |
| Dollar Tree, Inc.<sup>(a)</sup> | 358600 | 35544432  |
| Philip Morris International, Inc. | 61100 | 8818563  |
| Sysco Corp. | 247246 | 18365433  |
| Tyson Foods, Inc. - Class A | 112000 | 5757920  |
| US Foods Holding Corp.<sup>(a)</sup> | 218000 | 15831160  |
| Walmart, Inc. | 3500 | 354130  |
|  |  | 104751135  |
| **Energy - 2.3%**<br>|  |  |
| Cameco Corp. | 130800 | 13369068  |
| Chevron Corp. | 252235 | 39782504  |
| ConocoPhillips | 311900 | 27715434  |
| EOG Resources, Inc. | 111000 | 11748240  |
| Expand Energy Corp. | 58000 | 5991980  |
| TechnipFMC PLC | 119000 | 4920650  |
| Transocean Ltd.<sup>(a)</sup> | 30000 | 115200  |
|  |  | 103643076  |
| **Financials - 11.0%**<br>|  |  |
| Bank of America Corp. | 433600 | 23175920  |
|  Bank of New York Mellon Corp. (The) | 164000 | 17700520  |
| Capital One Financial Corp. | 37710 | 8295823  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Charles Schwab Corp. (The) | 497590 | $47032207  |
| Citigroup, Inc. | 413500 | 41858605  |
| CME Group, Inc. - Class A | 178100 | 47283769  |
| Comerica, Inc. | 359000 | 27463500  |
| Evercore, Inc. - Class A | 18020 | 5307971  |
|  Fidelity National Information Services, Inc. | 52221 | 3264857  |
| JPMorgan Chase & Co. | 124579 | 38759018  |
| Northern Trust Corp. | 438860 | 56468116  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 340580 | 23591977  |
| Progressive Corp. (The) | 38320 | 7893920  |
| Raymond James Financial, Inc. | 377860 | 59955046  |
| &nbsp;&nbsp;&nbsp; Sony Financial Group, Inc. - <br>ADR<sup>(a)</sup> | 465313 | 2312606  |
| Visa, Inc. - Class A | 116700 | 39764358  |
| Wells Fargo & Co. | 504158 | 43846621  |
| WEX, Inc.<sup>(a)</sup> | 15100 | 2202788  |
|  |  | 496177622  |
| **Health Care - 22.6%**<br>|  |  |
| Abbott Laboratories | 47110 | 5823738  |
| Agilent Technologies, Inc. | 137240 | 20086446  |
| Alcon, Inc. | 46050 | 3402634  |
| Amgen, Inc. | 265060 | 79101856  |
| AstraZeneca PLC - ADR | 2350650 | 193693560  |
| Biogen, Inc.<sup>(a)</sup> | 555660 | 85721668  |
| Boston Scientific Corp.<sup>(a)</sup> | 366230 | 36886686  |
| Bristol-Myers Squibb Co. | 1216940 | 56064426  |
| CVS Health Corp. | 121150 | 9467872  |
| Danaher Corp. | 24000 | 5169120  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 3337971 | 73936058  |
| Eli Lilly & Co. | 292873 | 252708397  |
| GRAIL, Inc.<sup>(a)</sup> | 7834 | 720180  |
| GSK PLC - ADR | 1303650 | 61089039  |
| Illumina, Inc.<sup>(a)</sup> | 51500 | 6362310  |
| LivaNova PLC<sup>(a)</sup> | 158410 | 8337118  |
| Merck & Co., Inc. | 36100 | 3103878  |
| Novartis AG - ADR | 210240 | 26025610  |
| Revvity, Inc. | 100800 | 9433872  |
| Sanofi SA - ADR | 40260 | 2036351  |
| Siemens Healthineers AG - EUR | 89350 | 5002166  |
| Stryker Corp. | 12500 | 4453000  |
| Thermo Fisher Scientific, Inc. | 77350 | 43887616  |
| UnitedHealth Group, Inc. | 13941 | 4761688  |
| Waters Corp.<sup>(a)</sup> | 3680 | 1286528  |
| Zimmer Biomet Holdings, Inc. | 224310 | 22556614  |
|  |  | 1021118431  |
| **Industrials - 22.5%**<br>|  |  |
| AECOM | 1206550 | 162099993  |
| Airbus SE - EUR | 143454 | 35286010  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 53550 | 2234642  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 1879455 | 42118587  |
| American Airlines Group, Inc.<sup>(a)</sup> | 2190550 | 28761921  |
| AMETEK, Inc. | 39762 | 8036298  |

---

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

1<br>

------

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

**PRIMECAP ODYSSEY STOCK FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br>Corp. | 152800 | $13318048  |
| Carrier Global Corp. | 132862 | 7903960  |
| Caterpillar, Inc. | 19300 | 11141118  |
| Curtiss-Wright Corp. | 115170 | 68610224  |
| Delta Air Lines, Inc. | 672850 | 38608133  |
| FedEx Corp. | 353175 | 89642879  |
| General Dynamics Corp. | 14860 | 5125214  |
| GXO Logistics, Inc.<sup>(a)</sup> | 66700 | 3749207  |
| Honeywell International, Inc. | 12300 | 2476359  |
| Jacobs Solutions, Inc. | 264020 | 41136956  |
| Kirby Corp.<sup>(a)</sup> | 195953 | 20277216  |
|  Knight-Swift Transportation Holdings, Inc. | 211331 | 9535255  |
| Moog, Inc. - Class A | 134600 | 27572810  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 591468 | 59868391  |
| Norfolk Southern Corp. | 70200 | 19893276  |
| Otis Worldwide Corp. | 65241 | 6051755  |
| Parsons Corp.<sup>(a)</sup> | 109800 | 9128772  |
| Rockwell Automation, Inc. | 13250 | 4880770  |
| RTX Corp. | 6562 | 1171317  |
| RXO, Inc.<sup>(a)</sup> | 89100 | 1579743  |
| Saia, Inc.<sup>(a)</sup> | 8700 | 2544750  |
| Siemens AG - EUR | 450371 | 127469367  |
| Southwest Airlines Co. | 1938690 | 58742307  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 761710 | 71631208  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. - <br>Class B | 159400 | 15369348  |
| XPO, Inc.<sup>(a)</sup> | 142084 | 20441625  |
|  |  | 1016407459  |
| **Information Technology - 23.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 67610 | 23008359  |
| Analog Devices, Inc. | 146180 | 34225123  |
| Applied Materials, Inc. | 218932 | 51033049  |
| Ciena Corp.<sup>(a)</sup> | 20000 | 3798400  |
| Corning, Inc. | 113798 | 10137126  |
| Flex Ltd.<sup>(a)</sup> | 1910729 | 119458777  |
| Hewlett Packard Enterprise Co. | 1772450 | 43283229  |
| HP, Inc. | 845160 | 23385577  |
| Infineon Technologies AG - EUR | 486400 | 19241385  |
| Intel Corp.<sup>(a)</sup> | 4146200 | 165806538  |
| Jabil, Inc. | 72600 | 16036614  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 48140 | 8807694  |
| KLA Corp. | 116188 | 140441083  |
| &nbsp;&nbsp;&nbsp; L.M. Ericsson Telephone Co. - <br>ADR | 2194030 | 22137763  |
| Microsoft Corp. | 275940 | 142884492  |
| NetApp, Inc. | 362360 | 42678761  |
| NVIDIA Corp. | 97110 | 19663804  |
| Oracle Corp. | 296270 | 77803465  |
| QUALCOMM, Inc. | 104597 | 18921597  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Seagate Technology Holdings PLC | 108873 | $27858423  |
| Teradyne, Inc. | 67163 | 12207547  |
| Texas Instruments, Inc. | 245140 | 39580304  |
|  |  | 1062399110  |
| **Materials - 2.1%**<br>|  |  |
| Albemarle Corp. | 239620 | 23537873  |
| Corteva, Inc. | 74480 | 4576051  |
| Dow, Inc. | 234834 | 5600791  |
| DuPont de Nemours, Inc. | 116750 | 9532637  |
| FMC Corp. | 229392 | 3479877  |
| Freeport-McMoRan, Inc. | 270000 | 11259000  |
| Glencore PLC - GBP | 4246138 | 20329541  |
| Linde PLC | 26000 | 10875800  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 3075 | 138590  |
| Tronox Holdings PLC | 1214443 | 4250551  |
|  |  | 93580711  |
| **Real Estate - 0.0%**<br>|  |  |
| American Homes 4 Rent - Class A | 10000 | 316000  |
| **Utilities - 0.0%**<br>|  |  |
| PG&E Corp. | 28000 | 446880  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,882,654,348)** |  | 4404322370  |
| **SHORT-TERM INVESTMENTS - 2.6%**<br>|  |  |
| **Money Market Funds - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management - Institutional <br>Shares - 3.87%<sup>(b)</sup> | 119335951 | 119335951  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $119,335,951)** |  | 119335951  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $2,001,990,299)** |  | $4523658321  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (6750149)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4516908172 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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 October 31, 2025.

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.

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

2<br>

------

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

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Communication Services - 7.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 505270 | $142076871  |
| Alphabet, Inc. - Class C | 258404 | 72823415  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 611300 | 73887831  |
| IMAX Corp.<sup>(a)</sup> | 139900 | 4545351  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 29520 | 4414126  |
| Meta Platforms, Inc. - Class A | 15200 | 9854920  |
| Netflix, Inc.<sup>(a)</sup> | 6300 | 7048818  |
| Nintendo Co. Ltd. - JPY | 382800 | 32402998  |
| Spotify Technology SA<sup>(a)</sup> | 6900 | 4521708  |
| Trade Desk, Inc. (The) - Class A<sup>(a)</sup> | 62900 | 3162612  |
| Universal Music Group N.V. - EUR | 325239 | 8723575  |
| Walt Disney Co. (The) | 228300 | 25711146  |
|  |  | 389173371  |
| **Consumer Discretionary - 9.4%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 883053 | 150498723  |
| Amazon.com, Inc.<sup>(a)</sup> | 226777 | 55383479  |
| Birkenstock Holding PLC<sup>(a)</sup> | 104700 | 4178577  |
| Burlington Stores, Inc.<sup>(a)</sup> | 41000 | 11217190  |
| Capri Holdings Ltd.<sup>(a)</sup> | 190970 | 3962627  |
| CarMax, Inc.<sup>(a)</sup> | 452300 | 18955893  |
| Carnival Corp.<sup>(a)</sup> | 95900 | 2764797  |
| Carvana Co.<sup>(a)</sup> | 39600 | 12138984  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 13830 | 3517937  |
| eBay, Inc. | 63770 | 5185139  |
| Entain PLC - GBP | 392571 | 4086563  |
| Flutter Entertainment PLC<sup>(a)</sup> | 95977 | 22323290  |
|  Lucky Strike Entertainment Corp. - Class A | 282100 | 2363998  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. - <br>Class A | 20000 | 5211600  |
| Mattel, Inc.<sup>(a)</sup> | 1568680 | 28832338  |
| McDonald's Corp. | 5300 | 1581679  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 242300 | 5432366  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 43400 | 5243154  |
| Ross Stores, Inc. | 70150 | 11148238  |
| Royal Caribbean Cruises Ltd. | 41271 | 11837761  |
| Sony Group Corp. - ADR | 1630685 | 45479805  |
| Tapestry, Inc. | 8200 | 900524  |
| Tesla, Inc.<sup>(a)</sup> | 172780 | 78884437  |
| TJX Cos., Inc. (The) | 46500 | 6516510  |
| Viking Holdings Ltd.<sup>(a)</sup> | 56700 | 3450195  |
|  |  | 501095804  |
| **Consumer Staples - 1.8%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 99200 | 2988896  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)</sup> | 104130 | 9190514  |
| Casey's General Stores, Inc. | 9700 | 4977943  |
| Dollar Tree, Inc.<sup>(a)</sup> | 259200 | 25691904  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 49820 | 6085015  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Performance Food Group Co.<sup>(a)</sup> | 406200 | $39295788  |
| Philip Morris International, Inc. | 42600 | 6148458  |
| US Foods Holding Corp.<sup>(a)</sup> | 39000 | 2832180  |
|  |  | 97210698  |
| **Energy - 0.7%**<br>|  |  |
| Chevron Corp. | 25660 | 4047095  |
| ConocoPhillips | 263100 | 23379066  |
| Coterra Energy, Inc. | 100000 | 2366000  |
| EOG Resources, Inc. | 43700 | 4625208  |
| Exxon Mobil Corp. | 19470 | 2226590  |
| SLB Ltd. | 26500 | 955590  |
|  |  | 37599549  |
| **Financials - 7.5%**<br>|  |  |
| Bank of America Corp. | 92200 | 4928090  |
| Capital One Financial Corp. | 6500 | 1429935  |
| Charles Schwab Corp. (The) | 951577 | 89943058  |
| Citigroup, Inc. | 216900 | 21956787  |
| CME Group, Inc. - Class A | 98800 | 26230412  |
| Evercore, Inc. - Class A | 15710 | 4627538  |
| JPMorgan Chase & Co. | 100 | 31112  |
| MarketAxess Holdings, Inc. | 317932 | 50888196  |
| Mastercard, Inc. - Class A | 9000 | 4967910  |
| Northern Trust Corp. | 368390 | 47400741  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 239800 | 16610946  |
| Raymond James Financial, Inc. | 477220 | 75720497  |
| &nbsp;&nbsp;&nbsp; Sony Financial Group, Inc. - <br>ADR<sup>(a)</sup> | 276289 | 1373156  |
| Tradeweb Markets, Inc. - Class A | 14800 | 1559772  |
| Visa, Inc. - Class A | 149050 | 50787297  |
| Wells Fargo & Co. | 53640 | 4665071  |
|  |  | 403120518  |
| **Health Care - 26.4%**<br>|  |  |
| Agilent Technologies, Inc. | 36120 | 5286523  |
| Alcon, Inc. | 46600 | 3443274  |
| Alkermes PLC<sup>(a)</sup> | 119640 | 3672948  |
| Amgen, Inc. | 200410 | 59808356  |
| AstraZeneca PLC - ADR | 1157875 | 95408900  |
| BeOne Medicines Ltd. - ADR<sup>(a)</sup> | 637227 | 197846239  |
| Biogen, Inc.<sup>(a)</sup> | 622390 | 96016105  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1141596 | 61155298  |
| BioNTech SE - ADR<sup>(a)</sup> | 364600 | 37885586  |
| Boston Scientific Corp.<sup>(a)</sup> | 741100 | 74643592  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 89500 | 5606280  |
| Bristol-Myers Squibb Co. | 746030 | 34369602  |
| Bruker Corp. | 137900 | 5369826  |
| CVS Health Corp. | 116730 | 9122449  |
| Danaher Corp. | 5600 | 1206128  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 38212 | 3150579  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 3456471 | 76560833  |
| Eli Lilly & Co. | 289438 | 249744473  |
| Glaukos Corp.<sup>(a)</sup> | 380780 | 33535295  |
| GRAIL, Inc.<sup>(a)</sup> | 18363 | 1688111  |

---

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

3<br>

------

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

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Health Care - (Continued)**<br>|  |  |
| GSK PLC - ADR | 782300 | $36658578  |
| Illumina, Inc.<sup>(a)</sup> | 30400 | 3755616  |
| Insulet Corp.<sup>(a)</sup> | 32900 | 10298029  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 19306 | 4178977  |
| LivaNova PLC<sup>(a)</sup> | 486680 | 25613968  |
| Merck & Co., Inc. | 8600 | 739428  |
| Nektar Therapeutics<sup>(a)</sup> | 74115 | 4812287  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 63610 | 9109588  |
| QIAGEN N.V. - EUR | 84390 | 3964794  |
| Revvity, Inc. | 116820 | 10933184  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 1314762 | 149567325  |
| Siemens Healthineers AG - EUR | 49730 | 2784082  |
| Stryker Corp. | 11000 | 3918640  |
| Thermo Fisher Scientific, Inc. | 32500 | 18440175  |
| UnitedHealth Group, Inc. | 9221 | 3149525  |
| Waters Corp.<sup>(a)</sup> | 6000 | 2097600  |
| Xencor, Inc.<sup>(a)</sup> | 3488000 | 51308480  |
| Zimmer Biomet Holdings, Inc. | 151580 | 15242885  |
|  |  | 1412093558  |
| **Industrials - 18.3%**<br>|  |  |
| AECOM | 830002 | 111510769  |
| Airbus SE - EUR | 123758 | 30441298  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 603231 | 13518407  |
| American Airlines Group, Inc.<sup>(a)</sup> | 2597401 | 34103875  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br>Corp. | 134400 | 11714304  |
| Carrier Global Corp. | 51600 | 3069684  |
| Curtiss-Wright Corp. | 76540 | 45597174  |
| Delta Air Lines, Inc. | 814100 | 46713058  |
| FedEx Corp. | 86600 | 21980812  |
| General Dynamics Corp. | 13560 | 4676844  |
| Honeywell International, Inc. | 14600 | 2939418  |
| IDEX Corp. | 171590 | 29420821  |
| J.B. Hunt Transport Services, Inc. | 47400 | 8003964  |
| Jacobs Solutions, Inc. | 485954 | 75716493  |
| JetBlue Airways Corp.<sup>(a)</sup> | 88400 | 371280  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 333036 | 6813916  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 699877 | 70841550  |
| Norfolk Southern Corp. | 24500 | 6942810  |
| Saia, Inc.<sup>(a)</sup> | 10800 | 3159000  |
| Siemens AG - EUR | 344745 | 97573838  |
| Southwest Airlines Co. | 1796960 | 54447888  |
| Textron, Inc. | 9770 | 789514  |
| TransDigm Group, Inc. | 16080 | 21040841  |
| Uber Technologies, Inc.<sup>(a)</sup> | 48700 | 4699550  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 781900 | 73529876  |
| Xometry, Inc. - Class A<sup>(a)(b)</sup> | 4042952 | 196851333  |
|  |  | 976468317  |
| **Information Technology - 26.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 67200 | 22868832  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 16100 | 4123532  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Analog Devices, Inc. | 123960 | $29022755  |
| Applied Materials, Inc. | 73332 | 17093689  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 25200 | 16060716  |
| Arm Holdings PLC - ADR<sup>(a)</sup> | 21660 | 3678301  |
| ASML Holding N.V. - ADR | 14100 | 14935143  |
| Autodesk, Inc.<sup>(a)</sup> | 13000 | 3917420  |
| Broadcom, Inc. | 18770 | 6937955  |
| Dell Technologies, Inc. - Class C | 27520 | 4458515  |
| Fair Isaac Corp.<sup>(a)</sup> | 11697 | 19411523  |
| Flex Ltd.<sup>(a)</sup> | 2193419 | 137132556  |
| FormFactor, Inc.<sup>(a)</sup> | 341818 | 18782899  |
| Hewlett Packard Enterprise Co. | 1035381 | 25284004  |
| HP, Inc. | 258546 | 7153968  |
| Intel Corp.<sup>(a)</sup> | 3144400 | 125744556  |
| Intuit, Inc. | 3500 | 2336425  |
| Jabil, Inc. | 249500 | 55112055  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 10900 | 1994264  |
| KLA Corp. | 83232 | 100605848  |
| &nbsp;&nbsp;&nbsp; L.M. Ericsson Telephone Co. - <br>ADR | 800800 | 8080072  |
| Marvell Technology, Inc. | 150211 | 14080779  |
| MaxLinear, Inc.<sup>(a)</sup> | 92520 | 1401678  |
| Micron Technology, Inc. | 1192286 | 266797838  |
| Microsoft Corp. | 230540 | 119375918  |
| MongoDB, Inc.<sup>(a)</sup> | 94965 | 34170306  |
| NetApp, Inc. | 186311 | 21943710  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 212810 | 15160584  |
| NVIDIA Corp. | 569000 | 115216810  |
| Okta, Inc. - Class A<sup>(a)</sup> | 50197 | 4594532  |
| Oracle Corp. | 119500 | 31381895  |
| OSI Systems, Inc.<sup>(a)</sup> | 71200 | 19826352  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 43110 | 9494546  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 58900 | 1774068  |
| Salesforce, Inc. | 41400 | 10780974  |
| SAP SE - ADR | 100 | 26001  |
| Seagate Technology Holdings PLC | 13900 | 3556732  |
| Synopsys, Inc.<sup>(a)</sup> | 6900 | 3131358  |
| Teradyne, Inc. | 59382 | 10793272  |
| Texas Instruments, Inc. | 197705 | 31921449  |
| Trimble, Inc.<sup>(a)</sup> | 278450 | 22206388  |
| Universal Display Corp. | 219919 | 32389670  |
| Wolfspeed, Inc.<sup>(a)</sup> | 4285 | 112781  |
|  |  | 1394872669  |
| **Materials - 0.7%**<br>|  |  |
| Albemarle Corp. | 202700 | 19911221  |
|  Ivanhoe Mines Ltd. - CAD - Class A<sup>(a)</sup> | 870000 | 8702791  |
| Linde PLC | 20200 | 8449660  |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, <br>Inc.<sup>(a)</sup> | 3650 | 164506  |
|  |  | 37228178  |

---

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

4<br>

------

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

**PRIMECAP ODYSSEY GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate - 0.1%**<br>|  |  |
| Welltower, Inc. | 17883 | $3237538  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,117,848,194)** |  | 5252100200  |
| **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  |
|  |  | 479146  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 479146  |
|  **ESCROWS AND LITIGATION TRUSTS - 0.0%**<br>|  |  |
| **Information Technology *-* 0.0%**<br>|  |  |
| Wolfspeed, Inc. - Escrow<sup>(a)(c)(d)</sup> | 513100 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL ESCROWS AND LITIGATION TRUSTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS - 1.8%**<br>|  |  |
| **Money Market Funds - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management - Institutional <br>Shares - 3.87%<sup>(e)</sup> | 92929391 | 92929391  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $92,929,391)** |  | 92929391  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $2,210,777,585)** |  | $5345508737  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (3222847)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5342285890 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

CAD - Canadian Dollars

CVR - Contingent Value Rights

EUR - Euros

GBP - British Pound Sterling

JPY - Japanese Yen

<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 October 31, 2025. (Note 4)

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of October 31, 2025.

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.

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** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Communication Services - 7.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 594950 | $167293991  |
| Alphabet, Inc. - Class C | 126890 | 35760140  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 1048060 | 126679012  |
| Electronic Arts, Inc. | 26605 | 5322596  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 64890 | 2093351  |
| IMAX Corp.<sup>(a)</sup> | 429202 | 13944773  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 50010 | 7477995  |
| Meta Platforms, Inc. - Class A | 45000 | 29175750  |
| Netflix, Inc.<sup>(a)</sup> | 21700 | 24279262  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 737150 | 24399665  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc.<sup>(a)</sup> | 52290 | 13405587  |
| T-Mobile US, Inc. | 61030 | 12819352  |
| Trade Desk, Inc. (The) - Class A<sup>(a)</sup> | 73825 | 3711921  |
| WildBrain Ltd. - CAD<sup>(a)</sup> | 3251830 | 3477769  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1206807 | 13540375  |
|  |  | 483381539  |
| **Consumer Discretionary - 13.0%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 1036800 | 176701824  |
| Amazon.com, Inc.<sup>(a)</sup> | 393500 | 96100570  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 48400 | 9179060  |
| Burlington Stores, Inc.<sup>(a)</sup> | 69370 | 18978938  |
| Capri Holdings Ltd.<sup>(a)</sup> | 265260 | 5504145  |
| CarMax, Inc.<sup>(a)</sup> | 535900 | 22459569  |
| Carvana Co.<sup>(a)</sup> | 49995 | 15325467  |
| CAVA Group, Inc.<sup>(a)</sup> | 393950 | 21166934  |
| eBay, Inc. | 150940 | 12272931  |
| Entain PLC - GBP | 2092333 | 21780648  |
| Flutter Entertainment PLC<sup>(a)</sup> | 88700 | 20630733  |
| GrowGeneration Corp.<sup>(a)</sup> | 377300 | 573496  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 415400 | 5462510  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 820400 | 18393368  |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 109280 | 13202117  |
| Royal Caribbean Cruises Ltd. | 136400 | 39123612  |
| Savers Value Village, Inc.<sup>(a)</sup> | 476800 | 4391328  |
| SharkNinja, Inc.<sup>(a)</sup> | 38200 | 3266100  |
| Sony Group Corp. - ADR | 4809070 | 134124962  |
| Tapestry, Inc. | 21900 | 2405058  |
| Tesla, Inc.<sup>(a)</sup> | 371690 | 169698787  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 17890 | 9300653  |
| XPeng, Inc. - ADR<sup>(a)</sup> | 2970590 | 69779159  |
|  |  | 889821969  |
| **Consumer Staples - 1.0%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 192338 | 5795144  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 113095 | 13813423  |
| Performance Food Group Co.<sup>(a)</sup> | 479800 | 46415852  |
|  |  | 66024419  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Energy - 0.3%**<br>|  |  |
| Coterra Energy, Inc. | 315350 | $7461181  |
| EOG Resources, Inc. | 86900 | 9197496  |
| New Fortress Energy, Inc.<sup>(a)</sup> | 1019400 | 1315026  |
|  |  | 17973703  |
| **Financials - 4.5%**<br>|  |  |
| Capital One Financial Corp. | 82581 | 18166994  |
| CME Group, Inc. - Class A | 195871 | 52001792  |
| Flywire Corp.<sup>(a)</sup> | 1414300 | 18838476  |
| Galaxy Digital, Inc. - Class A<sup>(a)</sup> | 251700 | 8812017  |
| LPL Financial Holdings, Inc. | 16000 | 6036960  |
| MarketAxess Holdings, Inc. | 787600 | 126063256  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 390000 | 1766700  |
| Morgan Stanley | 81133 | 13305812  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 288660 | 10515884  |
| Progressive Corp. (The) | 74700 | 15388200  |
| Sony Financial Group, Inc. - ADR<sup>(a)</sup> | 944066 | 4692008  |
| Toast, Inc. - Class A<sup>(a)</sup> | 92500 | 3342950  |
| Tradeweb Markets, Inc. - Class A | 245940 | 25919616  |
| WEX, Inc.<sup>(a)</sup> | 7500 | 1094100  |
|  |  | 305944765  |
| **Health Care - 26.1%**<br>|  |  |
| Alkermes PLC<sup>(a)</sup> | 648250 | 19901275  |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 2592970 | 3215283  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 655200 | 5916456  |
| BeOne Medicines Ltd. - ADR<sup>(a)</sup> | 703387 | 218387596  |
| Biogen, Inc.<sup>(a)</sup> | 741830 | 114442114  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1576355 | 84445337  |
| BioNTech SE - ADR<sup>(a)</sup> | 936576 | 97319612  |
| Boston Scientific Corp.<sup>(a)</sup> | 582340 | 58653285  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 391900 | 24548616  |
| Cerus Corp.<sup>(a)</sup> | 882900 | 1297863  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 13750 | 2475963  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 156300 | 12886935  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 616792 | 13661943  |
| Eli Lilly & Co. | 250154 | 215847880  |
| Exact Sciences Corp.<sup>(a)</sup> | 336700 | 21781123  |
| Galapagos N.V. - ADR<sup>(a)</sup> | 17000 | 540260  |
| Glaukos Corp.<sup>(a)</sup> | 1120563 | 98687983  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 28850 | 1742252  |
| GRAIL, Inc.<sup>(a)</sup> | 1407091 | 129353876  |
| Health Catalyst, Inc.<sup>(a)</sup> | 1050000 | 3391500  |
| Illumina, Inc.<sup>(a)</sup> | 169270 | 20911616  |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC - <br>ADR<sup>(a)</sup> | 1173772 | 38840115  |
| Immunome, Inc.<sup>(a)</sup> | 2674700 | 42982429  |
| Insulet Corp.<sup>(a)</sup> | 82920 | 25954789  |
| LENZ Therapeutics, Inc.<sup>(a)</sup> | 142500 | 4235100  |
| LivaNova PLC<sup>(a)</sup> | 853980 | 44944967  |
| Nektar Therapeutics<sup>(a)</sup> | 181019 | 11753564  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 7000 | 90580  |
| Penumbra, Inc.<sup>(a)</sup> | 12100 | 2751177  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| PolyPeptide Group AG - CHF<sup>(a)</sup> | 604102 | $19517430  |
| Pulmonx Corp.<sup>(a)(b)</sup> | 3602001 | 7204002  |
| QIAGEN N.V. - EUR | 139770 | 6566646  |
| Repligen Corp.<sup>(a)</sup> | 42300 | 6305238  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 2579999 | 293500686  |
| Roche Holding AG - CHF | 47005 | 15122205  |
| Wave Life Sciences Ltd.<sup>(a)</sup> | 2320582 | 20978061  |
| Xencor, Inc.<sup>(a)(b)</sup> | 6386727 | 93948754  |
| Zentalis Pharmaceuticals, Inc.<sup>(a)</sup> | 676400 | 1014600  |
|  |  | 1785119111  |
| **Industrials - 13.3%**<br>|  |  |
| AECOM | 1151080 | 154647598  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 207200 | 8646456  |
| Allegiant Travel Co.<sup>(a)</sup> | 25100 | 1560718  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 769016 | 17233649  |
| American Airlines Group, Inc.<sup>(a)</sup> | 4345630 | 57058122  |
| Array Technologies, Inc.<sup>(a)</sup> | 837900 | 7256214  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 11100 | 8127753  |
| Chart Industries, Inc.<sup>(a)</sup> | 15000 | 2994300  |
| &nbsp;&nbsp;&nbsp; Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - <br>ADR<sup>(a)</sup> | 41000 | 271830  |
| Curtiss-Wright Corp. | 133420 | 79482297  |
| Delta Air Lines, Inc. | 1436957 | 82452593  |
| FedEx Corp. | 33500 | 8502970  |
| Frontier Group Holdings, Inc.<sup>(a)</sup> | 635186 | 2451818  |
| GFL Environmental, Inc. | 243900 | 10655991  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 95600 | 5964484  |
| Griffon Corp. | 240107 | 17770319  |
| Jacobs Solutions, Inc. | 616560 | 96066214  |
| JetBlue Airways Corp.<sup>(a)</sup> | 969500 | 4071900  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 530040 | 10844618  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 912274 | 92340374  |
| Ryanair Holdings PLC - ADR | 43400 | 2711632  |
| Southwest Airlines Co. | 1531250 | 46396875  |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, <br>Inc.<sup>(a)</sup> | 107915 | 1325196  |
| TransDigm Group, Inc. | 26500 | 34675515  |
| Uber Technologies, Inc.<sup>(a)</sup> | 216400 | 20882600  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 972760 | 91478350  |
| VSE Corp. | 94700 | 17110396  |
| WillScot Holdings Corp. | 197800 | 4302150  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 278000 | 13535820  |
| XPO, Inc.<sup>(a)</sup> | 55300 | 7956011  |
|  |  | 908774763  |
| **Information Technology - 31.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 90900 | 30934179  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 84800 | 21718976  |
| Ambarella, Inc.<sup>(a)</sup> | 20900 | 1781307  |
| Applied Materials, Inc. | 36821 | 8582975  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 40062 | 25532714  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 2158580 | $41746937  |
| ASML Holding N.V. - ADR | 24200 | 25633366  |
| Aurora Innovation, Inc. - Class A<sup>(a)</sup> | 3181780 | 16672527  |
| Autodesk, Inc.<sup>(a)</sup> | 46700 | 14072578  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 773950 | 61575462  |
| Broadcom, Inc. | 99140 | 36645118  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 90300 | 16942086  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 88960 | 48306170  |
| CyberArk Software Ltd.<sup>(a)</sup> | 29660 | 15446335  |
| Dell Technologies, Inc. - Class C | 65080 | 10543611  |
|  Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 139541 | 12308912  |
| Docusign, Inc.<sup>(a)</sup> | 184100 | 13465074  |
| Entegris, Inc. | 60300 | 5521671  |
| Fair Isaac Corp.<sup>(a)</sup> | 17813 | 29561208  |
| Figma, Inc. - Class A<sup>(a)</sup> | 28 | 1395  |
| Flex Ltd.<sup>(a)</sup> | 2987870 | 186801632  |
| FormFactor, Inc.<sup>(a)</sup> | 611555 | 33604947  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 128900 | 6283875  |
| Hewlett Packard Enterprise Co. | 260830 | 6369468  |
| HP, Inc. | 141370 | 3911708  |
|  indie Semiconductor, Inc. - Class A<sup>(a)(b)</sup> | 19852800 | 106808064  |
| Intuit, Inc. | 43400 | 28971670  |
| Jabil, Inc. | 416000 | 91890240  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 27300 | 4994808  |
| KLA Corp. | 90609 | 109522723  |
| Marvell Technology, Inc. | 271876 | 25485656  |
| MaxLinear, Inc.<sup>(a)</sup> | 522550 | 7916632  |
| Micron Technology, Inc. | 1782860 | 398950582  |
| MongoDB, Inc.<sup>(a)</sup> | 202866 | 72995244  |
| NetApp, Inc. | 323932 | 38152711  |
| nLIGHT, Inc.<sup>(a)</sup> | 183703 | 6064036  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 670915 | 47795985  |
| NVIDIA Corp. | 924840 | 187270852  |
| Okta, Inc. - Class A<sup>(a)</sup> | 231082 | 21150935  |
| OneStream, Inc.<sup>(a)</sup> | 5400 | 102006  |
| OSI Systems, Inc.<sup>(a)</sup> | 204330 | 56897732  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 112140 | 24697714  |
| QUALCOMM, Inc. | 155323 | 28097931  |
| Trimble, Inc.<sup>(a)</sup> | 488380 | 38948305  |
| Unity Software, Inc.<sup>(a)</sup> | 21700 | 822430  |
| Universal Display Corp. | 744474 | 109646131  |
| Western Digital Corp. | 131500 | 19752615  |
| Wolfspeed, Inc.<sup>(a)</sup> | 6377 | 167843  |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | 348600 | 30408378  |
|  |  | 2131475454  |
| **Materials - 1.7%**<br>|  |  |
| Albemarle Corp. | 104600 | 10274858  |
| Ingevity Corp.<sup>(a)</sup> | 54500 | 2927740  |
| Ivanhoe Electric, Inc.<sup>(a)</sup> | 2305713 | 34101496  |

---

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** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)** | **Materials - (Continued)** | **Materials - (Continued)** |
|  Ivanhoe Mines Ltd. - Class A - CAD<sup>(a)</sup> | 3403900 | $34049921  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1399675 | 32906359  |
|  |  | 114260374  |
| **Real Estate - 0.1%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 71000 | 4885510  |
| EPR Properties | 89000 | 4362780  |
|  |  | 9248290  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,909,701,888)** |  | 6712024387  |
| **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  |
|  |  | 563816  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 563816  |
|  **ESCROWS AND LITIGATION TRUSTS - 0.0%**<br>|  |  |
| **Information Technology *-* 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pivotal Software, Inc. - <br>Escrow<sup>(a)(c)(d)</sup> | 336900 | 0  |
| Wolfspeed, Inc. - Escrow<sup>(a)(c)(d)</sup> | 763600 | 0  |
|  |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL ESCROW AND LITIGATION TRUSTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS - 1.1%**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management - Institutional <br>Shares - 3.87%<sup>(e)</sup> | 72545273 | 72545273  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $72,545,273)** |  | 72545273  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $2,982,247,161)** |  | $6785133476  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 40411074  |
| **TOTAL NET ASSETS - 100.0%** |  | $6825544550 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

CAD - Canadian Dollars

CHF - Swiss Francs

CVR - Contingent Value Rights

EUR - Euros

GBP - British Pound Sterling

<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 October 31, 2025. (Note 4)

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of October 31, 2025.

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.

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

8<br>

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**PRIMECAP ODYSSEY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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) | $2001990299 | $2124895459 | $2649525144  |
| Investments, at cost (affiliated) |  | 85882126 | 332722017  |
| Investments, at value (unaffiliated) | 4523658321 | 5148657404 | 6577172656  |
| Investments, at value (affiliated) |  | 196851333 | 207960820  |
| Receivable for investments sold | 2091909 | 346627 | 55545580  |
| Receivable for dividends | 6541534 | 5897662 | 1697839  |
| Receivable for fund shares sold | 597429 | 2317856 | 705191  |
| Prepaid expenses and other assets | 43329 | 43971 | 54480  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4532932522 | 5354114853 | 6843136566  |
| **LIABILITIES**<br>|  |  |  |
| Payable for investments purchased | 6767840 | 1410035 | 4633057  |
| Payable for fund shares repurchased | 2225808 | 2385997 | 2986811  |
| Payable to the advisor (Note 6) | 6094060 | 7028821 | 8766912  |
| Payable for shareholder servicing | 658898 | 737749 | 928307  |
| Payable to custodian | 16764 | 17279 | 20001  |
| Other accrued expenses and liabilities | 260980 | 249082 | 256928  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 16024350 | 11828963 | 17592016  |
| **NET ASSETS** | $4516908172 | $5342285890 | $6825544550  |
|  Number of shares issued and outstanding (unlimited shares authorized, $0.01 par value) | 110687691 | 120949023 | 122362411  |
|  **Net asset value, offering and redemption price per share** | $40.81 | $44.17 | $55.78  |
| **Components of Net Assets**<br>|  |  |  |
| Paid-in capital | $1083960326 | $1171086416 | $2307086837  |
| Total distributable earnings | 3432947846 | 4171199474 | 4518457713  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $4516908172 | $5342285890 | $6825544550 |

---

The accompanying notes are an integral part of these financial statements

9<br>

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**PRIMECAP ODYSSEY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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> | $72710174 | $47005870 | $37543321  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 72710174 | 47005870 | 37543321  |
| **EXPENSES**<br>|  |  |  |
| Advisory fees (Note 6) | 25498869 | 27918910 | 35341033  |
| Shareholder servicing | 4097586 | 4150177 | 5012103  |
| Trustee fees | 236977 | 237177 | 236878  |
| Custody | 82899 | 87172 | 89551  |
| Other | 1047256 | 1044976 | 1157846  |
| &nbsp;&nbsp;&nbsp; Total expenses | 30963587 | 33438412 | 41837411  |
| **Net investment income (loss)** | 41746587 | 13567458 | (4294090)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (unaffiliated) | 1077676508 | 1300685975 | 828644375  |
| &nbsp;&nbsp;&nbsp; Investments (affiliated) |  | (1447085) | 79269845  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 133032430 | 106970177 | 377746724  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (71297) | (29088) | 6477  |
| Change in unrealized appreciation/depreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (384251515) | (148234159) | 351035153  |
| &nbsp;&nbsp;&nbsp; Investments (affiliated) |  | 119582058 | 121662244  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 216119 | 179816 | (24356)  |
|  **Net realized and unrealized gain on investments and foreign currency** | 826602245 | 1377707694 | 1758340462  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $868348832 | $1391275152 | $1754046372 |

---

<sup>(1)</sup> Net of foreign taxes withheld of $1,140,691, $717,521, and $281,856, respectively. 

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

10<br>

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**PRIMECAP ODYSSEY STOCK FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $41746587 | $51636591  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1077676508 | 858471255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 133032430 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (71297) | 7658  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (384251515) | 549632038  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 216119 | 111715  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 868348832 | 1459859257  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (784117635) | (543292220)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 350767431 | 365296780  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 754809512 | 520727056  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (1902050319) | (1804771265)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (796473376) | (918747429)  |
| **Total decrease in net assets** | (712242179) | (2180392)  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5229150351 | 5231330743  |
| &nbsp;&nbsp;&nbsp; End of year | $4516908172 | $5229150351  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 132384372 | 155863842  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10085753 | 9840806  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 21935760 | 15097914  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (53718194) | (48418190)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (21696681) | (23479470)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 110687691 | 132384372 |

---

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

11<br>

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**PRIMECAP ODYSSEY GROWTH FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $13567458 | $27047470  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1299238890 | 1187007192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 106970177 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (29088) | 145  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (28652101) | 403155588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 179816 | 117894  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1391275152 | 1617328289  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (985053931) | (831948160)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 362605079 | 321730178  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 936022032 | 797037283  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (2207759019) | (2333864632)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (909131908) | (1215097171)  |
| **Total decrease in net assets** | (502910687) | (429717042)  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5845196577 | 6274913619  |
| &nbsp;&nbsp;&nbsp; End of year | $5342285890 | $5845196577  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 145052285 | 175469794  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10021088 | 8480375  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 26448772 | 22146076  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (60573122) | (61043960)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (24103262) | (30417509)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 120949023 | 145052285 |

---

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

12<br>

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

**PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4294090) | $1159970  |
| &nbsp;&nbsp;&nbsp; Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 907914220 | 739511990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 377746724 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6477 | 40229  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 472697397 | 914757319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (24356) | 50547  |
| **Net increase in net assets resulting from operations** | 1754046372 | 1655520055  |
| **NET DISTRIBUTIONS TO SHAREHOLDERS** | (629884923) | (384018326)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 744867032 | 396539842  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 603806747 | 367519346  |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (2530148126) | (1506111302)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital share transactions** | (1181474347) | (742052114)  |
| **Total increase (decrease) in net assets** | (57312898) | 529449615  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 6882857448 | 6353407833  |
| &nbsp;&nbsp;&nbsp; End of year | $6825544550 | $6882857448  |
| **CHANGE IN CAPITAL SHARES**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 148747622 | 165450352  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16786324 | 9092025  |
| &nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 13200847 | 8686347  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (56372382) | (34481102)  |
| &nbsp;&nbsp;&nbsp; Decrease in capital shares | (26385211) | (16702730)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 122362411 | 148747622 |

---

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

13<br>

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**PRIMECAP ODYSSEY STOCK FUND** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $39.50 | $33.56 | $34.78 | $42.97 | $31.89  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.33 | 0.35 | 0.40 | 0.35 | 0.27  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | 7.08 | 9.15 | 2.25 | (4.78) | 13.57  |
| **Total from investment operations** | 7.41 | 9.50 | 2.65 | (4.43) | 13.84  |
| **LESS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.37) | (0.43) | (0.41) | (0.28) | (0.48)  |
| Distributions from net realized gain | (5.73) | (3.13) | (3.46) | (3.48) | (2.28)  |
| **Total distributions** | (6.10) | (3.56) | (3.87) | (3.76) | (2.76)  |
| **Net asset value, end of year** | $40.81 | $39.50 | $33.56 | $34.78 | $42.97  |
| Total return | 21.62% | 29.83% | 8.13% | (11.33)% | 45.44%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $4516.9 | $5229.2 | $5231.3 | $5799.1 | $7733.6  |
| Ratio of expenses to average net assets | 0.67% | 0.67% | 0.67% | 0.66% | 0.65%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets | 0.90% | 0.92% | 1.15% | 0.93% | 0.67%  |
| Portfolio turnover rate | 9%<sup>(2)</sup> | 3% | 4% | 4% | 6% |

---

<sup>(1)</sup> Calculated using the average shares method.

<sup>(2)</sup> In-kind transactions have no impact on the portfolio turnover rate.

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

14<br>

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**PRIMECAP ODYSSEY GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $40.30 | $35.76 | $36.70 | $50.78 | $40.31  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.10 | 0.16 | 0.18 | 0.16 | 0.05  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | 10.95 | 9.26 | 3.04 | (8.21) | 15.72  |
| **Total from investment operations** | 11.05 | 9.42 | 3.22 | (8.05) | 15.77  |
| **LESS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.18) | (0.19) | (0.21) | (0.05) | (0.17)  |
| Distributions from net realized gain | (7.00) | (4.69) | (3.95) | (5.98) | (5.13)  |
| **Total distributions** | (7.18) | (4.88) | (4.16) | (6.03) | (5.30)  |
| **Net asset value, end of year** | $44.17 | $40.30 | $35.76 | $36.70 | $50.78  |
| Total return | 31.83% | 27.97% | 9.30% | (17.61)% | 41.97%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $5342.3 | $5845.2 | $6274.9 | $6957.6 | $10168.5  |
| Ratio of expenses to average net assets | 0.66% | 0.66% | 0.66% | 0.65% | 0.65%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets | 0.27% | 0.42% | 0.48% | 0.40% | 0.10%  |
| Portfolio turnover rate | 11%<sup>(2)</sup> | 5% | 7% | 4% | 7% |

---

<sup>(1)</sup> Calculated using the average shares method.

<sup>(2)</sup> In-kind transactions have no impact on the portfolio turnover rate.

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

15<br>

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

**PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $46.27 | $38.40 | $38.92 | $60.37 | $48.07  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.03) | 0.01 | (0.03) | (0.09) | (0.22)  |
|  Net realized and unrealized gain (loss) on investments and foreign currency | 13.90 | 10.24 | 3.42 | (15.51) | 16.73  |
| **Total from investment operations** | 13.87 | 10.25 | 3.39 | (15.60) | 16.51  |
| **LESS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.01) | (0.01) |  |  | —  |
| Distributions from net realized gain | (4.35) | (2.37) | (3.91) | (5.85) | (4.21)  |
| **Total distributions** | (4.36) | (2.38) | (3.91) | (5.85) | (4.21)  |
| **Net asset value, end of year** | $55.78 | $46.27 | $38.40 | $38.92 | $60.37  |
| Total return | 32.05% | 27.27% | 9.01% | (28.21)% | 35.53%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $6825.5 | $6882.9 | $6353.4 | $6931.1 | $11735.2  |
| Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.64%  |
|  Ratio of net investment income (loss) to average net assets | (0.07)% | 0.02% | (0.09)% | (0.19)% | (0.39)%  |
| Portfolio turnover rate | 11%<sup>(2)</sup> | 9% | 5%<sup>(2)</sup> | 4% | 9% |

---

<sup>(1)</sup> Calculated using the average shares method.

<sup>(2)</sup> In-kind transactions have no impact on the portfolio turnover rate.

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

16<br>

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**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025** 

(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 each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets,
 minus all liabilities (including estimated accrued expenses), by the total number of outstanding shares of the Fund. The result is rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange is closed for trading.

&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>

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

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(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 year ended October 31, 2025, the Funds did not incur any interest or penalties. As of October 31, 2025, open tax years include the tax years ended October 31, 2022 through October 31, 2025. No Fund is aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits or loss will significantly change in the next 12 months.

&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. *Segment Reporting* – Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored
 and assessed by the Co-Chief Executive Officers and Chief Financial Officer, who serve as the chief operating decision maker and use the
 information presented in the financial statements and financial highlights to make decisions about the allocation of resources.

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**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncement* – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income
 Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income
 taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15,
 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not
 have a material impact on the financial statements.

(3) Investment Transactions

The cost of purchases and the proceeds from sales of securities, excluding short-term investments, for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales<sup>(1)</sup>**  |
| Stock Fund  | $421412240 | $1965273758  |
| Growth Fund  | $555810182 | $2428212875  |
| Aggressive Growth Fund  | $658456080 | $2425237675 |

---

<sup>(1)</sup> Included in proceeds of PRIMECAP Odyssey Stock Fund's, PRIMECAP Odyssey Growth Fund's, and PRIMECAP Odyssey Aggressive Growth Fund's sales are $169,283,522, $119,582,577, and $426,260,232, 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).

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

**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(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 October 31, 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> | $4404322370  | $—  | $— | $4404322370  |
|  | Short-Term Investments | 119335951  |  |  | 119335951  |
|  | **Total Investments** | $4523658321  | $—  | $— | $4523658321  |
| **Growth Fund** <br>| Common Stocks<sup>(1)</sup> | $5252100200  | $—  | $— | $5252100200  |
|  | Rights<sup>(2)</sup> |  |  | 479146  | 479146  |
|  | Escrows and Litigation Trusts<sup>(3)</sup> |  |  | 0  | 0  |
|  | Short-Term Investments | 92929391  |  |  | 92929391  |
|  | **Total Investments** | $5345029591  | $—  | $479146 | $5345508737  |
|  **Aggressive Growth Fund**  | Common Stocks<sup>(1)</sup> | $6712024387  | $—  | $— | $6712024387  |
|  **Aggressive Growth Fund**  | Rights<sup>(2)</sup> |  |  | 563816 | 563816  |
|  | Escrows and Litigation Trusts<sup>(3)</sup>  | —  | —  | 0  | 0  |
|  | Short-Term Investments | 72545273  |  |  | 72545273  |
|  | **Total Investments** | $6784569660  | $—  | $563816 | $6785133476 |

---

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

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

<sup>(3)</sup> Information Technology

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

---

| | | |
|:---|:---|:---|
| **Rights** | **Growth Fund** | **Aggressive** <br>**Growth Fund**  |
| Balance at October 31, 2024 | &nbsp;&nbsp;&nbsp; $479146 | &nbsp;&nbsp;&nbsp; $563816  |
| Purchases (Received) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Sales (Proceeds) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Realized Gain (Loss) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Balance at October 31, 2025 | &nbsp;&nbsp;&nbsp; $479146 | &nbsp;&nbsp;&nbsp; $563816 |

---

(5) Distribution to Shareholders

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

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**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(Continued)** 

As of October 31, 2025, 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> | $2023364830  | $2262546003  | $3071270714  |
| Gross tax unrealized appreciation | 2684857107  | 3314647199  | 4274934824  |
| Gross tax unrealized depreciation | (184563616)  | (231684465)  | (561072062)  |
| Net tax unrealized appreciation | 2500293491  | 3082962734  | 3713862762  |
| Undistributed ordinary income | 47661246  | 53603100  | 56241858  |
| Undistributed long-term capital gain | 884993109  | 1034633640  | 748353093  |
| Total distributable earnings | 932654355  | 1088236740  | 804594951  |
| Other accumulated gain (loss) | —  | —  | —  |
| Total accumulated gain | $3432947846  | $4171199474  | $4518457713 |

---

<sup>(1)</sup> At October 31, 2025 the differences in the basis for federal income tax purposes and financial reporting purposes are due to the tax deferral of losses on wash sales.

U.S. GAAP requires that permanent book-to-tax differences be reclassified among the components of net assets. These reclassifications have no effect on net assets or NAV. For the fiscal year ended October 31, 2025, the following reclassifications were made:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed** <br>**Net Investment** <br>**Income (Loss)**  | **Accumulated** <br>**Net Realized** <br>**Gain (Loss)**  | **Paid In** <br>**Capital**  |
| Stock Fund | $(71297)  | $(314025002)  | $314096299  |
| Growth Fund | $302073  | $(335320120)  | $335018047  |
| Aggressive Growth Fund | $1754441  | $(519666271)  | $517911830 |

---

The Funds used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from net realized capital gains. The PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund reclassified $314,096,299, $335,018,047, and $517,911,830, respectively, from Accumulated Net Realized Gain to Paid In Capital. Other permanent book-to-tax differences that required reclassification among the Funds' capital accounts related to foreign currency adjustments and net operating losses.

Tax components of dividends paid during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31, 2025**  | **October 31, 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, 2025.

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**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(Continued)** 

(6) Investment Advisory and Other Agreements

The Trust has entered into an investment management agreement with the Investment Advisor on behalf of each Fund. For its services to the Funds, the Investment Advisor receives 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 year ended October 31, 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.

(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>**October 31,** <br>**2025**  |
| Xometry, Inc. - Class A | $79862582  | $8870859  | $10017081  | $— | $(1447085)  | $119582058  | $196851333  |
| **Total** | $79862582  | $8870859  | $10017081  | $— | $(1447085)  | $119582058  | $196851333 |

---

**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>**October 31,** <br>**2025**  |
| indie Semiconductor, Inc. - Class A | $53789023  | $13158146  | $257556  | $—  | $(271530)  | $40389981  | $106808064  |
| Pulmonx Corp. | 23699569  | 122537  | 1178981  | —  | (9362890)  | (6076233)  | 7204002  |
| Rhythm Pharmaceuticals, Inc.<sup>(1)</sup> | 223394537  | —  | 139599994  | —  | 97724791  | 111981352  | N/A  |
| Xencor, Inc. | 122926506  | 10571684  | 6096054  | —  | (8820526)  | (24632856)  | 93948754  |
| **Total** | $423809635  | $23852367  | $147132585  | $—  | $79269845  | $121662244  | $207960820 |

---

<sup>(1)</sup> No longer an affiliate as of October 31, 2025.

(8) REDEMPTIONS IN-KIND

Each Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the year ended October 31, 2025, the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund had redemptions in-kind with total proceeds in the amount of $169,283,522, $119,582,577, and $426,260,232, respectively. The net realized gains on these redemptions in-kind for the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund amounted to $133,032,430, $106,970,177, and $377,746,724, respectively, which were not realized for tax purposes. For the year ended October 31, 2024, the Funds had no redemptions in-kind.

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**PRIMECAP Odyssey Funds** 

**Notes to Financial Statements** 

**For the Year Ended October 31, 2025(Continued)** 

(9) 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 year ended October 31, 2025, the Funds did not borrow under the Loan Agreement.

(10) 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.

(11) Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

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**PRIMECAP ODYSSEY FUNDS** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of PRIMECAP Odyssey Funds and Shareholders of PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund (constituting PRIMECAP Odyssey Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

December 15, 2025

We have served as the auditor of one or more investment companies in PRIMECAP Odyssey Funds Investment Company Complex since 2004.

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**PRIMECAP ODYSSEY FUNDS** 

**Additional Information (Unaudited)** 

PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund designate 100%, 100%, and 58.17%, respectively, of ordinary income distributions paid during the fiscal year ended October 31, 2025 as qualified dividend income.

PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund designate 100%, 96.54%, and 45.89%, respectively, of ordinary income distributions paid during the fiscal year ended October 31, 2025 as dividends qualifying for the dividends received deduction available for corporate shareholders.

PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund designate 8.11%, 35.01%, and 0%, respectively, of ordinary income distributions paid during the fiscal year ended October 31, 2025 as short-term capital gain under Internal Revenue Code Section 871(k)(2)(C).

**BOARD APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT**

The Board of Trustees (the "Board") of PRIMECAP Odyssey Funds (the "Trust") is comprised of seven Trustees, five of whom are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "Independent Trustees"). In October 2025, at an in-person meeting, the Board of Trustees, including the Independent Trustees, approved a one-year renewal of the Trust's investment advisory agreement with PRIMECAP Management Company (the "Advisor") with respect to the series of the Trust (the "Funds").

General Information

As part of the annual contract review process, the Independent Trustees, through counsel to the Trust and the Independent Trustees, requested and received extensive materials, including information related to the nature, extent, and quality of the services provided to the Funds by the Advisor; information prepared by Broadridge Financial Solutions ("Broadridge") comparing the performance and risk profile of each Fund to those of relevant market indices and of other funds in the relevant Morningstar, Inc. ("Morningstar") category and in a smaller group of funds selected by Broadridge; information prepared by Broadridge comparing the advisory fees and total expenses to those of other funds in the relevant Morningstar category and peer group; financial information for the Advisor and information related to the profitability to the Advisor of the investment advisory agreement with the Trust; the extent to which the Advisor expects to achieve economies of scale in connection with the services it provides to each Fund; any ancillary or "fall out" benefits that the Advisor may derive from its relationship with the Funds; and the personnel of the Advisor providing services to the Funds. The Independent Trustees also requested and received information regarding the Advisor's risk controls, risk evaluation processes, compliance program (including brokerage and trading processes), information technology infrastructure (including cyber security measures), business continuity plans, and other matters.

The Trust engaged Broadridge to prepare an independent expense and performance analysis for each Fund. In performing its analyses, Broadridge used data compiled by Morningstar to compare the expenses and performance of each Fund to those of similar funds managed by other advisors identified by Broadridge. The Board reviewed the Broadridge materials, which included information regarding the performance of each Fund compared with the performance of its benchmark index and of the entire universe of funds in its Morningstar retail category, as well as the performance of a group of comparable funds selected by Broadridge from the relevant Morningstar category (each a "Peer Group"), for the one-, three-, five- and ten-year periods ended July 31, 2025 (in each case net of fees); as well as information regarding the advisory fees paid to the Advisor and the total expense ratio of each Fund compared to those of a peer group of comparable funds selected by Broadridge (each an "Expense Peer Group") from the Fund's Morningstar retail category.

With respect to investment performance, the Trustees noted that the Advisor had made quarterly presentations to the Board regarding the Funds' portfolio construction, investment strategies, and results. The Trustees also noted that in addition to meeting with the Funds' portfolio managers on a quarterly basis, they also received presentations from different investment analysts throughout the year on specific investment sectors and each Fund's investments in those sectors. In considering the renewal of the investment advisory agreement, the Board also took into account the Board's discussion with the Advisor's investment personnel prior to the meeting with respect to matters relating to the renewal of the investment advisory agreement, along with other information it had received at past Board and committee meetings with respect to various matters.

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

**PRIMECAP ODYSSEY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

The Trustees reviewed information from counsel to the Trust and the Independent Trustees regarding their responsibilities in considering whether to renew the investment advisory agreement for an additional one-year period. In connection with their deliberations, the Board considered such information and factors that they believed to be relevant. The Board considered renewal of the investment advisory agreement separately for each Fund, although the Board took into account the common interests of all the Funds in its review. In considering these matters, the Board discussed the renewal of the investment advisory agreement with management, and the Independent Trustees met in a private session with counsel to the Trust and the Independent Trustees at which no employees of the Advisor were present.

In deciding to approve the renewal of the investment advisory agreement, the Board and the Independent Trustees did not identify a single factor that was controlling. The Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval. The following summary describes the key factors considered by the Trustees and their conclusions that formed the basis for approving the renewal of the investment advisory agreement in light of the legal advice furnished by counsel and their own business judgment. This summary is not inclusive of all of the factors considered, and each Trustee did not necessarily attribute the same weight to each factor.

Nature, Extent, and Quality of Services

The Board considered the services provided by the Advisor to the Funds under the investment advisory agreement, including the background, education, and experience of the Advisor's key portfolio management, compliance, and operational personnel; its overall financial strength and stability; its resources and efforts to retain, attract, and motivate capable personnel to serve the Funds; and the overall general quality and depth of its organization. The Board also took into account the experience, capability, and integrity of the Advisor's senior management, the time that senior management commits to the Funds, and the Advisor's demonstrated commitment to the Funds; its investment philosophy and processes, including its brokerage and trading practices; its disaster recovery and contingency planning; its oversight of the Funds' internal control environment with regard to compliance with applicable laws and regulations; and the significant investment by each portfolio manager in the Funds that he manages, which helps align his interests with those of Fund shareholders. The Trustees concluded that the nature, extent, and quality of services provided under the investment advisory agreement were of a high level and satisfactory.

Investment Performance

The Board assessed the performance of each Fund compared with the performance of its benchmark(s) and other funds in the Fund's Morningstar retail category and Peer Group for the one-, three-, five- and ten-year periods ended July 31, 2025. The Board made the following observations in reviewing the Funds' performance:

&nbsp;&nbsp;&nbsp;&nbsp;• The annualized total returns of the <u>PRIMECAP Odyssey Stock Fund</u> underperformed the returns of its benchmark, the S&P 500 Index, for the one-, three-, five-, and ten-year
 and since inception periods ended July 31, 2025, by 7.49%, 3.50%, 0.92%, 2.16% and 0.13%, respectively. The Fund's annualized
 total returns were below the median returns of the funds in the Morningstar Large Blend category for the one-, three-, five- and ten-year
 periods by 6.48%, 3.00%, 0.61% and 1.67%, respectively. The Fund's annualized total return was above the median return of the Peer
 Group for the five-year period, but the Fund's annualized total returns were below the median returns of the Peer Group for the
 one-, three-, and ten-year periods by 5.29%, 2.85% and 0.79%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• The annualized total return of the <u>PRIMECAP Odyssey Growth Fund</u> outperformed the return of its primary benchmark, the S&P 500 Index, for the since inception period ended
 July 31, 2025, but underperformed compared to the Index for the one-, three-, five- and ten-year periods by 1.15%, 2.58%, 2.70% and
 1.90%, respectively. The Fund's annualized total returns underperformed the returns of its secondary benchmark, the Russell 1000
 Growth Index, for the one-, three-, five-, and ten-year and since inception periods by 8.67%, 8.11%, 4.11%, 5.31% and 1.67%, respectively.
 The Fund's annualized total returns were below the median returns of the funds in the Morningstar Large Blend category for the one-,
 three-, five- and ten-year periods by 0.14%, 2.08%, 2.39% and 1.41%, respectively. The Fund's total return was above the median
 return of the Peer Group for the one-year period, but the Fund's annualized total returns were below the median returns of the Peer
 Group for the three-, five- and ten-year periods by 1.12%, 1.51% and 0.60%, respectively.

26<br>

------

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

**PRIMECAP ODYSSEY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• The annualized total return of the <u>PRIMECAP Odyssey Aggressive Growth Fund</u> outperformed the return of its primary benchmark, the S&P 500 Index, for the since inception
 period ended July 31, 2025, but underperformed compared to the Index for the one-, three-, five-, and ten-year periods by 2.63%,
 4.56%, 6.82% and 3.30%, respectively. The Fund's annualized total return outperformed the return of its secondary benchmark, the
 Russell Mid Cap Growth Index, for the since inception period, but underperformed relative to the Index for the one-, three-, five- and
 ten-year periods by 14.58%, 5.12%, 2.32% and 1.81%, respectively. The Fund's annualized total returns were above the median returns
 of the funds in the Morningstar Mid-Cap Growth category for the one- and three-year periods, but the Fund's annualized total returns
 were below the median returns of the Morningstar category for the five- and ten-year periods by 0.07% and 0.64%, respectively. The Fund's
 annualized total returns were below the median returns of the Peer Group for the one-, three-, five- and ten-year periods by 3.43%, 4.96%,
 5.37% and 4.08%, respectively.

In assessing the performance of the Funds, the Trustees acknowledged that the Funds' performance had struggled to keep pace with those of their respective indices, Peer Groups, and Morningstar categories for certain periods as the Advisor stayed committed to its investment philosophy and refused to chase momentum driven stocks generally and in particular during the height of the COVID-19 pandemic, including the Funds' underweight positions in the "Big 5" tech stocks (Microsoft, Apple, Amazon, Alphabet, and Meta), since those companies benefited significantly from the pandemic. The Trustees noted, however, that the Funds had performed well in the prior several months. The Trustees considered that the Advisor believes that each Fund continues to hold considerable value in its portfolio despite the various periods of underperformance. The Trustees also noted that each Fund had performed well over the long term.

The Independent Trustees considered the Advisor's explanation that the Funds' portfolios are extremely differentiated from relevant indices and peer funds, and as a result have historically gone through long periods of underperformance. They noted the historical performance of the Funds' portfolios and noted sustained periods of both outperformance and underperformance, depending on market sentiment and whether mega-cap stocks were outperforming, among other factors; that the Advisor seeks to select stocks of companies that are expected to materially develop more than the market expects, which can take a long time; and that based on the fundamental characteristics of the portfolios, the Funds were well positioned with strong growth prospects.

The Independent Trustees noted that the Funds' performance had been the subject of prior discussions with the Advisor on numerous occasions in the past. Based on the information provided to them and in consideration of the specific investment objectives and risk profiles of each Fund, as well as the Advisor's investment philosophy, the Board and the Independent Trustees concluded that the performance of each Fund was sufficient for renewal of the investment advisory agreement.

Advisory Fees and Fund Expenses

The Board reviewed the advisory fees and expenses paid by each Fund compared to those of other funds in the same Morningstar retail category (for the Stock Fund – Large Blend funds; for the Growth Fund – Large Blend funds; and for the Aggressive Growth Fund – Mid-Cap Growth funds), and of other funds in the Fund's Expense Peer Group, which was selected by Broadridge and was comprised of funds comparable to the Fund with fee structures and characteristics similar to those of the Funds (e.g., no distribution or shareholder servicing fees, and excluding load funds, index and enhanced index funds, funds of funds, and multi-manager funds).

The materials for the meeting indicated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• The advisory fee of the Stock Fund was below
 the median fee of the funds in the Morningstar Large Blend category, and the same as the median fee of the Fund's Expense Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;• The advisory fee of the Growth Fund was below
 the median fees of the funds in the Morningstar Large Blend category and the Fund's Expense Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;• The advisory fee of the Aggressive Growth Fund
 was below the median fees of the funds in the Morningstar Mid-Cap Growth category and the Fund's Expense Peer Group.

27<br>

------

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

**PRIMECAP ODYSSEY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• The total expense ratios of the Stock Fund,
 the Growth Fund and the Aggressive Growth Fund were below the medians of their respective Morningstar categories. The total expense ratio
 of the Stock Fund was above the median of its Expense Peer Group by 0.01%, but the expense ratios of the Growth Fund and Aggressive Growth
 Fund were below the medians of their respective Expense Peer Groups.

The Board also reviewed the fees charged by the Advisor to other clients, including other mutual funds for which it provides sub-advisory services. The Board considered that although those fees were lower than those charged by the Advisor to the Funds, the differences appropriately reflected the investment, operational, and regulatory differences between advising other clients and the Funds, noting that mutual funds are subject to certain requirements under the 1940 Act that do not apply to the Advisor's separate account clients. The Trustees considered the services provided by the Advisor under the investment advisory agreement, including providing the Chief Compliance Officer, certain other officers of the Trust and other personnel involved in the oversight of the Trust's service providers. The Board further noted that the advisory fee was the sole source of revenue from the Funds to the Advisor. The Board and the Independent Trustees determined that the advisory fees and expenses charged to the Funds were reasonable in consideration of the services provided.

Costs and Profits of the Advisor

The Board reviewed information regarding the Advisor's financial position and concluded that the Advisor would be able to continue to provide advisory services to the Funds. The Board also reviewed information relating to the Advisor's profitability. The Board recognized the competitiveness of the registered fund industry and the importance of an investment advisor's long-term profitability, including for maintaining management stability and accountability. The Trustees noted that the Advisor had closed the Aggressive Growth Fund in January 2014 to most new investors, limiting the growth of the Fund and consequently future profits to the Advisor as it relates to the Fund, and that it had only reopened the Fund to new investment in December 2022. In considering the Advisor's profitability, the Trustees recognized the importance of the profitability of the Advisor, not only in maintaining its own financial condition, but also in maintaining an environment in which it is able to attract and retain talented investment professionals. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profit of the Advisor from its relationship with each Fund was reasonable.

Economies of Scale and Other Benefits to the Investment Advisor

The Trustees considered that the investment advisory agreement provides fee breakpoints at $100 million and $10 billion in assets for each Fund, that the Advisor had added the $10 billion breakpoint effective May 1, 2021, and that the fees continued to compare favorably to those of other actively managed funds with similar investment objectives. The Board considered that the Advisor had significant assets under management at the time the Funds commenced operations and that the Funds were offered advisory fee rates at inception that reflected scale within the Advisor's business. The Board also acknowledged various diseconomies of scale experienced by the Advisor as the Funds have grown, including the hiring of additional personnel and the provision of additional services to the Funds, including online access to shareholder accounts and improved technology, systems, and hardware. The Board and the Independent Trustees concluded that the Advisor had shared any economies of scale it had realized from the Funds with the Funds and their shareholders through advisory fee breakpoints, the hiring of additional personnel, the provision of additional services to the Funds, and continued improvements in technology, systems, and hardware.

The Board also considered the benefits received by the Advisor as a result of its relationship with the Funds, other than investment advisory fees, including any research provided to the Advisor by broker-dealers providing execution services to the Funds, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the compensation payable to the Advisor pursuant to the investment advisory agreement with respect to each Fund was fair and reasonable in light of the services being provided by the Advisor to the Fund and its shareholders and that renewal of the investment advisory agreement with respect to each Fund was in the best interest of the Fund and its shareholders.

28<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>**

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

**<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.* <u>Incorporated by reference to the Registrant's Form N-CSR filed July 7, 2022.</u>](https://www.sec.gov/Archives/edgar/data/1293967/000119312522189301/d309684dex99codeeth.htm)

&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>](pof-efp19569_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>](pof-efp19569_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.

---

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

---

---

| | |
|:---|:---|
| Date | December 18, 2025 |
| By | /s/ Alfred W. Mordecai |
|  | Alfred W. Mordecai, Co-Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date <u>December 23, 2025</u>

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 <u>December 18, 2025</u>

---

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

---

Date <u>December 23, 2025</u>

---

| | |
|:---|:---|
| By | /s/ Julietta Martikyan |
|  | Julietta Martikyan, Chief Financial Officer |
|  | (Principal Financial Officer) |

---

Date <u>December 18, 2025</u>

## 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: | December 18, 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: | December 23, 2025 | /s/ Alfred W. Mordecai |
|  |  | 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 officer(s) 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: | December 18, 2025 | /s/ Julietta Martikyan |
|  |  | 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 year ended October 31, 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>December 18, 2025</u>

---

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

---

Dated: <u>December 23, 2025</u>

---

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

---

Dated: <u>December 18, 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.