PRIMECAP Growth Fund 12.31.17

1 PRIMECAP Odyssey Growth Fund Portfolio Holdings December 31, 2017 (Unaudited). Common Stock Sectors CUSIP Description Shares Market Value Information Technology - 00724F101 ADOBE SYSTEMS, INC. 1,252,353 $ 219,462,340. 01609W102 ALIBABA GROUP HOLDING LTD. - ADR 1,528,000 263,473,040. 02079K305 ALPHABET, INC. - CLASS A 116,067 122,264,978. 02079K107 ALPHABET, INC. - CLASS C 115,530 120,890,592. 021369103 ALTAIR ENGINEERING INC. - CLASS A 644,400 15,414,048. 032654105 ANALOG DEVICES, INC. 265,000 23,592,950. 038222105 APPLIED MATERIALS, INC. 151,700 7,754,904. N07059210 ASML HOLDING 213,600 37,127,952. 09228F103 BLACKBERRY LTD. 15,181,850 169,581,264. 17275R102 CISCO SYSTEMS, INC. 2,016,100 77,216,630. 225447101 CREE, INC. 1,320,100 49,028,514. 24703L103 DELL TECHNOLOGIES INC. - CLASS V 255,939 20,802,722. 23355L106 DXC TECHNOLOGY CO. 417,130 39,585,637. 278642103 EBAY, INC. 205,000 7,736,700.

2 285512109 ELECTRONIC ARTS, INC. 225,000 23,638,500. 28849P100 ELLIE MAE, INC. 658,595 58,878,393. Y2573F102 FLEX LTD. 5,268,700 94,783,913. 346375108 FORMFACTOR, INC. 524,718 8,211,837. 42824C109 HEWLETT PACKARD ENTERPRISE CO. 9,132,300 131,139,828. 40434L105 HP, INC. 3,669,700 77,100,397. 458140100 INTEL CORP. 1,500,000 69,240,000. 461202103 INTUIT, INC. 105,000 16,566,900. 466313103 JABIL CIRCUIT, INC. 725,000 19,031,250. 49338L103 KEYSIGHT TECHNOLOGIES, INC. 547,150 22,761,440. 482480100 KLA-TENCOR CORP. 698,300 73,370,381. 294821608 ERICSSON TELEPHONE CO. - ADR 8,154,600 54,472,728. 594837304 MICRO FOCUS INTERNATIONAL PLC - ADR 1,294,109 43,469,121. 595112103 MICRON TECHNOLOGY, INC. 6,315,000 259,672,800. 594918104 MICROSOFT CORP. 2,257,100 193,072,334. 64110D104 NETAPP, INC. 3,567,354 197,346,023. 67020Y100 NUANCE COMMUNICATIONS, INC. 1,619,000 26,470,650. 67066G104 NVIDIA CORP. 620,500 120,066,750.

3 747525103 QUALCOMM, INC. 1,029,600 65,914,992. 750917106 RAMBUS, INC. 112,249 1,596,181. 848637104 SPLUNK, INC. 2,255,000 186,804,200. M85548101 STRATASYS LTD. 4,914,300 98,089,428. 880770102 TERADYNE, INC. 35,000 1,465,450. 882508104 TEXAS INSTRUMENTS, INC. 1,621,395 169,338,494. 896239100 TRIMBLE, INC. 945,600 38,429,184. 92826C839 VISA, INC. - CLASS A 810,000 92,356,200. 928563402 VMWARE, INC. - CLASS A 410,000 51,381,200. 958102105 WESTERN DIGITAL CORP. 120,380 9,573,821. 3,378,174,666. Health Care - 002824100 ABBOTT LABORATORIES 852,018 48,624,667. 003654100 ABIOMED, INC. 1,829,800 342,922,818. 004397105 ACCURAY, INC. 2,783,900 11,970,770. 00846U101 AGILENT TECHNOLOGIES, INC. 411,300 27,544,761. G01767105 ALKERMES PLC 6,699,847 366,682,626. 031162100 AMGEN, INC. 1,304,900 226,922,110. 046353108 ASTRAZENECA PLC - ADR 2,328,700 80,805,890. 09062X103 BIOGEN, INC. 538,900 171,677,373.

4 09061G101 BIOMARIN PHARMACEUTICAL, INC. 1,385,296 123,526,844. 09075E100 BIOVERATIV, INC. 269,450 14,528,744. 101137107 BOSTON SCIENTIFIC CORP. 1,393,800 34,552,302. 110122108 BRISTOL-MYERS SQUIBB CO. 1,281,700 78,542,576. 532457108 ELI LILLY & CO. 3,349,100 282,864,986. 29428V104 EPIZYME, INC. 3,339,743 41,913,775. 452327109 ILLUMINA, INC. 426,800 93,251,532. 45253H101 IMMUNOGEN, INC. 2,400,000 15,384,000. 45784P101 INSULET CORP. 2,614,521 180,401,949. G5960L103 MEDTRONIC PLC 350,900 28,335,175. 58933Y105 MERCK & CO., INC. 795,000 44,734,650. 60877T100 MOMENTA PHARMACEUTICALS, INC. 708,000 9,876,600. 640268108 NEKTAR THERAPEUTICS 7,269,356 434,125,940. 66987V109 NOVARTIS AG - ADR 934,536 78,463,643. 670704105 NUVASIVE, INC. 200,000 11,698,000. 68554V108 ORASURE TECHNOLOGIES, INC. 200,000 3,772,000. 714046109 PERKINELMER, INC. 411,000 30,052,320. N72482123 QIAGEN 2,917,961 90,252,534. CH0012032048 ROCHE HOLDING AG - CHF 474,032 119,912,656.

5 812578102 SEATTLE GENETICS, INC. 5,524,430 295,557,005. 883556102 THERMO FISHER SCIENTIFIC, INC. 315,400 59,888,152. 941848103 WATERS CORP. 48,500 9,369,715. 98956P102 ZIMMER BIOMET HOLDINGS, INC. 45,000 5,430,150. 3,363,586,263. Industrials - 00766T100 AECOM 2,194,700 81,533,105. NL0000235190 AIRBUS GROUP SE - EUR 737,700 73,465,517. 02376R102 AMERICAN AIRLINES GROUP, INC. 5,587,201 290,702,068. 053774105 AVIS BUDGET GROUP, INC. 400,000 17,552,000. 149123101 CATERPILLAR, INC. 450,000 70,911,000. 17273K109 CIRCOR INTERNATIONAL, INC. 145,000 7,058,600. 231561101 CURTISS-WRIGHT CORP. 274,000 33,386,900. 247361702 DELTA AIR LINES, INC. 1,675,000 93,800,000. 31428X106 FEDEX CORP. 200,000 49,908,000. 45167R104 IDEX CORP. 175,500 23,160,735. 469814107 JACOBS ENGINEERING GROUP, INC. 1,420,794 93,715,572. 477143101 JETBLUE AIRWAYS CORP. 2,502,550 55,906,967. 767744105 RITCHIE BROS. AUCTIONEERS, INC.

6 489,000 14,635,770. DE0007236101 SIEMENS AG - EUR 160,000 22,297,946. 844741108 SOUTHWEST AIRLINES CO. 3,197,700 209,289,465. 883203101 TEXTRON, INC. 470,000 26,597,300. 910047109 UNITED CONTINENTAL HOLDINGS, INC. 2,547,900 171,728,460. 911312106 UNITED PARCEL SERVICE, INC. - CLASS B 86,000 10,246,900. 1,345,896,305. Consumer Discretionary - 04351G101 ASCENA RETAIL GROUP, INC. 2,145,000 5,040,750. 143130102 CARMAX, INC. 2,076,100 133,140,293. 143658300 CARNIVAL CORP. 1,985,746 131,793,962. 124857202 CBS CORP. - CLASS B 275,000 16,225,000. 293639100 ENTERCOM COMMUNICATIONS CORP. - CLASS A 230,000 2,484,000. 375916103 GILDAN ACTIVEWEAR, INC. 379,500 12,257,850. 43300A203 HILTON WORLDWIDE HOLDINGS, INC. 125,000 9,982,500. 45245E109 IMAX CORP. 2,195,200 50,818,880. 462726100 IROBOT CORP. 305,000 23,393,500. 501797104 L BRANDS, INC. 2,034,598 122,523,492. 517834107 LAS VEGAS SANDS CORP. 657,099 45,661,809.

7 577081102 MATTEL, INC. 3,873,200 59,569,816. 552953101 MGM RESORTS INTERNATIONAL 650,000 21,703,500. G66721104 NORWEGIAN CRUISE LINE HOLDINGS LTD. 1,850,000 98,512,500. 778296103 ROSS STORES, INC. 100,000 8,025,000. V7780T103 ROYAL CARIBBEAN CRUISES LTD. 1,521,371 181,469,133. 82568P304 SHUTTERFLY, INC. 1,523,027 75,770,593. 830566105 SKECHERS , INC. - CLASS A 50,000 1,892,000. 835699307 SONY CORP. - ADR 4,065,000 182,721,750. 88160R101 TESLA, INC. 43,000 13,388,050. 872540109 TJX COS., INC. 126,000 9,633,960. 1,206,008,338. Financials - 060505104 BANK OF AMERICA CORP. 82,500 2,435,400. 808513105 CHARLES SCHWAB CORP. (THE) 2,543,223 130,645,366. 172967424 CITIGROUP, INC. 500,000 37,205,000. 12572Q105 CME GROUP, INC. 106,000 15,481,300. 254709108 DISCOVER FINANCIAL SERVICES 1,155,000 88,842,600. 269246401 E*TRADE FINANCIAL CORP. 5,000,000 247,850,000. 46625H100 JPMORGAN CHASE & CO. 1,500,000 160,410,000.

8 571748102 MARSH & MCLENNAN COS., INC. 390,350 31,770,586. 665859104 NORTHERN TRUST CORP. 170,000 16,981,300. 743315103 PROGRESSIVE CORP. (THE) 157,000 8,842,240. 949746101 WELLS FARGO & CO. 675,000 40,952,250. 781,416,042. Materials - 61166W101 MONSANTO CO. 394,500 46,069,710. 74005P104 PRAXAIR, INC. 100,000 15,468,000. 61,537,710. Energy - 127097103 CABOT OIL & GAS CORP. 120,000 3,432,000. 26875P101 EOG RESOURCES, INC. 15,000 1,618,650. 806857108 SCHLUMBERGER LTD. 72,900 4,912,731. 845467109 SOUTHWESTERN ENERGY CO. 2,100,000 11,718,000. H8817H100 TRANSOCEAN LTD. 872,000 9,312,960. 30,994,341. Consumer Staples - 09531U102 BLUE BUFFALO PET PRODUCTS, INC. 274,900 9,013,971. 126650100 CVS HEALTH CORP. 151,000 10,947,500. 19,961,471. Total Common Stocks - $ 10,187,575,136. Closed-End Funds 021346101 ALTABA, INC. 578,000 40,373,300. Total Closed-End Funds - 40,373,300. Rights Health Care - 267 CVR991 DYAX CORP.

9 CONTINGENT VALUE RIGHTS 30,000 90,000. Total Rights - 90,000. Short-Term Investments - 261941108 DREYFUS TREASURY SECURITIES CASH MANAGEMENT FUND 381,231,739 381,231,739. Total Portfolio - 100% $ 10,609,270,175. ADR American Depository Receipt CHF Swiss Francs EUR Euros The Global Industry Classification Standard (GICS ) was developed by and is the exclusive property of MSCI Inc. and Standard & Poor's Financial Services LLC. ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by the fund's administrator.