As filed with the Securities and Exchange Commission on June 28, 2007

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21597

PRIMECAP ODYSSEY FUNDS
(Exact name of registrant as specified in charter)

225 SOUTH LAKE AVENUE, SUITE 400
PASADENA, CA 91101
(Address of principal executive offices) (Zip code)

DAVID H. VAN SLOOTEN
225 SOUTH LAKE AVENUE, SUITE 400
PASADENA, CA 91101
(Name and address of agent for service)

(626) 304-9222
Registrant's telephone number, including area code

Date of fiscal year end: OCTOBER 31, 2007

Date of reporting period: APRIL 30, 2007

ITEM 1. REPORT TO STOCKHOLDERS.

SEMIANNUAL REPORT
FOR THE SIX MONTHS ENDED APRIL 30, 2007

LOGO PRIMECAP(r)
-----ODYSSEY FUNDS

PRIMECAP ODYSSEY STOCK FUND
PRIMECAP ODYSSEY GROWTH FUND
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND

(GRAPHIC) TABLE OF CONTENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Performance Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Expense Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Sector Breakdown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

PRIMECAP Odyssey Stock Fund . . . . . . . . . . . . . . . . . . . . . . 16

PRIMECAP Odyssey Growth Fund . . . . . . . . . . . . . . . . . . . . . .20

PRIMECAP Odyssey Aggressive Growth Fund . . . . . . . . . . . . . . . . 24

Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . .28

Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Statement of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . .30

PRIMECAP Odyssey Stock Fund . . . . . . . . . . . . . . . . . . . . . . 30

PRIMECAP Odyssey Growth Fund . . . . . . . . . . . . . . . . . . . . . .31

PRIMECAP Odyssey Aggressive Growth Fund . . . . . . . . . . . . . . . . 32

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

PRIMECAP Odyssey Stock Fund . . . . . . . . . . . . . . . . . . . . . . 33

PRIMECAP Odyssey Growth Fund . . . . . . . . . . . . . . . . . . . . . .34

PRIMECAP Odyssey Aggressive Growth Fund . . . . . . . . . . . . . . . . 35

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . 36

Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . .42

Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43

(GRAPHIC) LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

DEAR FELLOW SHAREHOLDERS,

From November 1, 2006 through April 30, 2007, the PRIMECAP Odyssey Stock,
Growth, and Aggressive Growth Funds produced total returns of 8.49%, 7.82%, and
9.77%, respectively. The Standard & Poor's 500 Composite Stock Index (S&P 500)
produced a total return of 8.60% during the same period. The last six months
were disappointing for the Stock and Growth Funds.

All three PRIMECAP Odyssey Funds have been and continue to be heavily weighted
in growth stocks and underweighted in value stocks. During the last six months,
this was an impediment to the performance of the Funds, as value stock returns
have continued to outpace growth returns. While several value-heavy indices
reached record highs, the NASDAQ and other growth-heavy indices remain
significantly below their peak levels of early 2000. We are now in the seventh
year of a relative bear market for growth stocks. For us, the period represented
a stubborn continuity of a market in which investors have been favoring stocks
with high relative free cash flow and dividend yields and disfavoring stocks
that, in our view, have compelling growth prospects. The valuation differential
between growth and value stocks remains near a 20-year low. In other words,
growth stocks, relative to value stocks, have not been this cheap in 20 years.

The favoritism investors evinced towards value manifested itself most acutely in
the performance delivered by the S&P Utilities sector, which produced a total
return of 18.0% during the period. Utilities, which boast the highest average
dividend yield of all of S&P sectors, have attracted significant capital from
aging baby boomers seeking tax efficient yields. All three PRIMECAP Odyssey
Funds suffered from our 0% allocation to this sector. This sector, which has
traditionally traded at a discount to the S&P 500, now trades at a premium to
the overall index.

The S&P Materials sector returned 16.6% during the period, as commodity prices
continued to remain high relative to historical levels. Several mergers and
acquisitions in the sector fueled investor interest and multiple expansion.
While our stock selections in all three Funds outperformed the S&P Materials
sector, our allocation to this sector was not sufficient to make up for our
other shortfalls during the period.

Persistently high oil prices enabled the S&P Energy sector to deliver
outstanding returns during the period. While our stock selections in all three
Funds outpaced the benchmark's sector return of 14.3%, our significant
under-allocation to this sector did not allow the Funds to benefit
substantively.

All three Funds suffered from our substantial weighting in Information
Technology (IT), which produced gains that trailed most other sectors. While the
S&P Health Care sector produced a respectable 9.3% gain, our stock selections in
the Stock and Growth Funds hurt us, and we saw much more modest returns.

A more detailed discussion of the results of each PRIMECAP Odyssey Fund follows.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND

From November 1, 2006 through April 30, 2007, the PRIMECAP Odyssey Stock Fund's
total return of 8.49% trailed the 8.60% return recorded by the unmanaged S&P 500
Index. The Stock Fund's underperformance was primarily attributable to
disappointing sector allocation, with mixed results from stock selection.

Our most heavily weighted sector in the Stock Fund was Health Care, which
constituted 24.3% of the portfolio and exceeded the S&P Health Care sector
weighting by over 12 percentage points. Our Health Care investments returned
3.2% during the period, trailing the benchmark return of 9.3%. Positive results
from Eli Lilly, Medtronic, and GlaxoSmithKline were not substantial enough to
offset declines from Amgen, Novartis, and Boston Scientific.

Our Information Technology investments appreciated 6.4% versus the S&P IT sector
return of 6.5%. Strong results from Texas Instruments, EMC, ASML, and Corning
were not sufficient to offset pullbacks from Motorola, Intuit, Symantec, and
NVIDIA.

Our strongest returns this period came from our Consumer Discretionary holdings.
Sony, Amazon, Whirlpool, and Chico's delivered exceptional returns. Our
airlines, particularly Alaska and Jet Blue, saw sharp declines during the
period.

The table on the following page lists the top ten holdings, which collectively
represent 28.0% of the total portfolio at the period end. Four of our five most
heavily weighted investments are in the Health Care sector. We continue to
believe that longer lifespans and baby-boomer retirements will drive significant
long-term growth in the use of pharmaceutical products, biotechnology products,
and medical devices. While safety issues and negative press have depressed
returns among several of our Health Care holdings, we believe that the
therapeutic benefits of the drugs and devices in which we are invested more than
offset the safety issues that have arisen. Health Care valuations, in our
assessment, are extremely compelling and are pricing in almost none of the
long-term growth that we believe will occur in this sector.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/07 TOTAL PORTFOLIO*
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Eli Lilly & Co. 4.33
Novartis AG (ADS) 3.60
Amgen Inc. 3.45
Medtronic Inc. 3.06
Southwest Airlines Co. 2.54
GlaxoSmithKline PLC (ADS) 2.32
Sony Corp. (ADS) 2.24
KLA-Tencor Corp. 2.22
Boston Scientific Corp. 2.18
Texas Instruments Inc. 2.05
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TOTAL % OF PORTFOLIO 27.99
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* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Fund.

PRIMECAP ODYSSEY GROWTH FUND

From November 1, 2006 through April 30, 2007, the PRIMECAP Odyssey Growth Fund's
total return of 7.82% trailed the 8.60% return recorded by the unmanaged S&P 500
Index and the 8.42% return recorded by the Russell 1000 Growth Index. The Growth
Fund's underperformance was driven primarily by unfavorable sector allocation,
with mixed results from stock selection.

Our IT investments constituted 31.2% of the total portfolio, exceeding the S&P
IT sector weighting by over 15 percentage points. Our IT investments appreciated
approximately 7.4% versus the S&P IT sector return of 6.5%. Strong returns from
ASML Holdings, Stratasys, VeriSign, and Texas Instruments offset disappointments
from Intuit, Motorola, and Micron Technology. Although our IT selections
outperformed the S&P IT sector, they were not sufficient to beat the overall
market. As a result, our heavy allocation to this underperforming sector
accounted for much of the Fund's disappointing results.

Our Health Care investments constituted 26.6% of the Growth Fund's portfolio and
exceeded the S&P Health Care sector weighting by over 14 percentage points. Our
Health Care investments returned approximately 6.9% during the period, trailing
the benchmark return of 9.3%. Strong returns from Possis Medical and Kinetic
Concepts were offset by declines from Amgen, Boston Scientific, and Novartis.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

The Growth Fund benefited substantially from its Consumer Discretionary
holdings, which appreciated approximately 14.6% versus the S&P Consumer
Discretionary sector return of 5.3%. Excellent returns from Sony, Chico's, and
Amazon offset disappointing results from Dress Barn and Harman International.

Our airline investments also detracted from the Fund's returns. While our
selections in Materials and Energy outperformed their benchmarks, our weightings
in these sectors were not sufficient to contribute meaningfully to the Growth
Fund's returns.

The table below lists the top ten holdings, which collectively represent 24.4%
of the total portfolio at the period end. Our five most heavily weighted
investments are in the Health Care sector. We continue to believe that longer
lifespans and baby-boomer retirements will drive significant long-term growth in
the use of pharmaceutical products, biotechnology products, and medical devices.
While safety issues and negative press have depressed returns among several of
our Health Care holdings, we believe that the therapeutic benefits of the drugs
and devices in which we are invested more than offset the safety issues that
have arisen. Health care valuations, in our assessment, are extremely compelling
and are pricing in almost none of the long-term growth that we believe will
occur in this sector.

PRIMECAP ODYSSEY GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/07 TOTAL PORTFOLIO*
-----------------------------------------------------------------------
Eli Lilly & Co. 4.08
Medtronic Inc. 2.79
Novartis AG (ADS) 2.72
Amgen Inc. 2.55
Affymetrix Inc. 2.34
Sony Corp. (ADS) 2.23
Southwest Airlines Co. 2.15
Roche Holding AG 1.95
FormFactor Inc. 1.81
Texas Instruments Inc. 1.74
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TOTAL % OF PORTFOLIO 24.36
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* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Fund.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND

From November 1, 2006 through April 30, 2007, the PRIMECAP Odyssey Aggressive
Growth Fund's return of 9.77% exceeded the 8.60% return recorded by the
unmanaged S&P 500 Index but trailed the 11.77% return recorded by the Russell
MidCap Growth Index.

Our most heavily weighted sector in this Fund was Information Technology (IT),
which constituted 41.1% of our portfolio and exceeded the S&P IT sector
weighting by over 25 percentage points. Our stock selections returned
approximately 9.5% versus the S&P IT return of 6.5%, driven by strong returns
from Stratasys, Altera, ASML Holdings, FARO Technologies, and VeriSign, which
more than offset disappointing results from Avocent, Intuit, Micron Technology,
and Cymer.

Although the Fund was substantially underweight in Energy, favorable stock
selection produced a return of approximately 19.8% versus the S&P Energy sector
return of 14.3%. Our strongest contributors in this sector were National Oilwell
Varco, EOG Resources, and Transocean Inc.

Our overweight position in Health Care returned approximately 11.7% versus the
S&P Health Care sector return of 9.3%. Returns from Kinetic Concepts,
Affymetrix, and Possis Medical offset losses from Pharmacyclics, Boston
Scientific, and Dyax.

The Fund benefited substantially from its Consumer Discretionary holdings, which
appreciated approximately 16.7% versus the S&P Consumer Discretionary sector
return of 5.3%. Strong returns from Amazon and Chico's accounted for the
majority of the sector's outperformance.

Our largest disappointment in the Aggressive Growth Fund came from our
investments in the Industrials sector. Our Industrials holdings produced a
return of -9.3% vs. the S&P Industrials return of 9.7%. Sharp declines among our
airlines accounted for this detraction.

The table on the following page lists the top ten holdings, which collectively
represent 26.6% of the total portfolio at the period end. Many of our selections
in the Aggressive Growth Fund have been and will continue to be volatile, as
their valuations are based on expectations of future revenue streams from
innovative new technologies, drugs, and medical devices. Expectations of future
revenues can change substantially from quarter to quarter, with little or no new
data precipitating such changes in sentiment. We believe that over long-term
time horizons, sentiment becomes less relevant, and substantial earnings, once
they manifest, could enable these types of investments to recover and ultimately
outperform.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/07 TOTAL PORTFOLIO*
-----------------------------------------------------------------------
Altera Corp. 3.12
Avocent Corp. 3.11
Boston Scientific Corp. 2.78
MarketAxess Holdings Inc. 2.75
Roche Holding AG 2.73
Affymetrix Inc. 2.56
Avid Technology Inc. 2.49
Quiksilver Inc. 2.38
FormFactor Inc. 2.36
American Italian Pasta Co. (Cl A) 2.28
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TOTAL % OF PORTFOLIO 26.56
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* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Fund.

STRUCTURE OF PORTFOLIO, POSITIONING, AND OUTLOOK FOR THE
PRIMECAP ODYSSEY FUNDS

We feel that the current equity investment environment has given us
opportunities to buy equities with exciting prospects at reasonable prices. Even
if the unusually narrow valuation differential between growth and value stocks
were to persist, we would expect growth companies to outperform the broad market
by virtue of their superior earnings growth. If growth stocks' recent valuation
compression reverses and the historical premium awarded to earnings growth
begins to return, growth investors should see even stronger returns.

While the PRIMECAP Odyssey Growth and Aggressive Growth Funds are growth
products and, as such, have a growth bias in their charter, we have also heavily
weighted growth equities in the PRIMECAP Odyssey Stock Fund. Many traditional
growth stocks are now trading at discounts to traditional value stocks. The P/E
ratios of many health care and information technology companies are lower than
many utilities, for example. For many stocks in the S&P 500, investors are now
paying a premium for value and a discount for growth.

We continue to believe that the emergence of a global middle class will produce
significant demand for the drugs, chips, consumer products, and software in
which we are heavily invested. At the same time, the valuations of many of these
companies would imply that minimal growth is ahead. We believe that the coming
years will resolve this paradox in our favor.

LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

In closing, we would like to thank you for entrusting your hard-earned capital
with us. We will continue to work diligently to prove worthy of that trust.

Sincerely,

PRIMECAP Management Company

- --------------------------------------------------------------------------------
THE FUNDS INVEST IN SMALLER COMPANIES, WHICH INVOLVES ADDITIONAL RISKS SUCH AS
LIMITED LIQUIDITY AND GREATER VOLATILITY THAN LARGER COMPANIES. ALL FUNDS MAY
INVEST IN FOREIGN SECURITIES, WHICH INVOLVES GREATER VOLATILITY AND POLITICAL,
ECONOMIC AND CURRENCY RISKS, AND DIFFERENCES IN ACCOUNTING METHODS. MUTUAL FUND
INVESTING INVOLVES RISK, AND LOSS OF PRINCIPAL IS POSSIBLE. Growth stocks
typically are more volatile than value stocks; however, value stocks have a
lower expected growth rate in earnings and sales.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. The advisor has a contractual agreement in place to waive fees
through October 31, 2007. Currently, the expense limitations have not been
exceeded.

Opinions expressed are those of the advisor and are subject to change, are not
guaranteed and should not be considered investment advice.

The Standard & Poor's 500 Composite Stock Index is a broad based index of 500
stocks, which is widely recognized as representative of the market in general.
The Russell 1000 Growth Index is an index that measures the performance of those
Russell 1000 companies with higher price-to-book ratios and higher forecasted
growth values. The Russell MidCap Growth Index measure the performance of those
Russell MidCap companies with higher price-to-book ratios and higher forecasted
growth values. The NASDAQ Composite Index measures all NASDAQ domestic and
non-US based common stocks listed on The NASDAQ Stock Market. The Index is
market value weighted. The NASDAQ Stock Market is an electronic screen-based
securities market with approximately 3200 listed companies. These indices do not
incur expenses and are not available for investment.

Price to earnings is calculated by dividing the current price of the stock by
the company's earnings per share. Free cash flow is net income plus
amortization/depreciation less changes in working capital and capital
expenditures. Dividend yield is annual dividends per share divided by price per
share.

Please refer to the Schedule of Investments for details of Fund holdings. Fund
holdings and sector allocations are subject to change at any time and are not
recommendations to buy or sell any security. (06/07)

- ------------
NOTE: SECTOR WEIGHTINGS ARE BASED ON AVERAGE WEIGHT FOR THE PERIOD.

(GRAPHIC) PERFORMANCE GRAPHS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------

The following chart compares the value of a hypothetical $10,000 investment in
the PRIMECAP Odyssey Stock Fund from November 1, 2004 (inception) to April 30,
2007 compared to the S&P 500 Index. This chart illustrates the performance of a
hypothetical $10,000 investment made on the Fund's inception date and is not
intended to imply any future performance. 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 capital gains and
dividends.

(GRAPH OMITTED)

PRIMECAP Odyssey S&P 500
Date Stock Fund Index
-------------------------------------------------------------
11/1/04 $10,000 $10,000
1/31/05 10,610 10,493
4/30/05 10,490 10,324
7/31/05 11,530 11,064
10/31/05 11,480 10,868
1/31/06 12,767 11,581
4/30/06 13,047 11,914
7/31/06 12,496 11,658
10/31/06 13,487 12,643
1/31/07 14,158 13,261
4/30/07 14,632 13,729

TOTAL RETURN
PERIOD ENDED APRIL 30, 2007
---------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------ ----------

PRIMECAP Odyssey Stock Fund 12.15% 16.50%

S&P 500 Index* 15.24% 13.57%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER
THAN THE PERFORMANCE QUOTED. PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH
END MAY BE OBTAINED BY CALLING 1-800-729-2307. THE FUNDS IMPOSE A 2% REDEMPTION
FEE ON SHARES HELD LESS THAN 60 DAYS. PERFORMANCE FIGURES REFLECT THE FEE WAIVER
IN EFFECT AND, IN THE ABSENCE OF FEE WAIVERS, TOTAL RETURNS WOULD BE LOWER.
SHORT-TERM PERFORMANCE, IN PARTICULAR, IS NOT A GOOD INDICATION OF A FUND'S
FUTURE PERFORMANCE, AND AN INVESTMENT SHOULD NOT BE MADE BASED SOLELY ON PAST
RETURNS.

- ------------
* The S&P 500 Index is an unmanaged index composed of 500 common stocks
weighted by market value; its total return includes reinvestment of
dividends and is considered representative of the stock market return as
a whole.

PERFORMANCE GRAPHS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------

The following chart compares the value of a hypothetical $10,000 investment in
the PRIMECAP Odyssey Growth Fund from November 1, 2004 (inception) to April 30,
2007 compared to the S&P 500 Index. This chart illustrates the performance of a
hypothetical $10,000 investment made on the Fund's inception date and is not
intended to imply any future performance. 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 capital gains and
dividends.

(GRAPH OMITTED)

PRIMECAP Odyssey S&P 500
Date Growth Fund Index
-------------------------------------------------------------
11/1/04 $10,000 $10,000
1/31/05 10,550 10,493
4/30/05 10,450 10,324
7/31/05 11,540 11,064
10/31/05 11,620 10,868
1/31/06 12,908 11,581
4/30/06 13,208 11,914
7/31/06 12,688 11,658
10/31/06 13,769 12,643
1/31/07 14,420 13,261
4/30/07 14,845 13,729

TOTAL RETURN
PERIOD ENDED APRIL 30, 2007
---------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------ ----------

PRIMECAP Odyssey Growth Fund 12.39% 17.17%

S&P 500 Index* 15.24% 13.57%

PERFORMANCE GRAPHS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------

The following chart compares the value of a hypothetical $10,000 investment in
the PRIMECAP Odyssey Aggressive Growth Fund from November 1, 2004 (inception) to
April 30, 2007 compared to the S&P 500 Index. This chart illustrates the
performance of a hypothetical $10,000 investment made on the Fund's inception
date and is not intended to imply any future performance. 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 capital gains and dividends.

(GRAPH OMITTED)

PRIMECAP Odyssey S&P 500
Date Aggressive Growth Fund Index
-------------------------------------------------------------
11/1/04 $10,000 $10,000
1/31/05 10,500 10,493
4/30/05 9,890 10,324
7/31/05 11,220 11,064
10/31/05 11,240 10,868
1/31/06 12,790 11,581
4/30/06 13,110 11,914
7/31/06 12,310 11,658
10/31/06 13,920 12,643
1/31/07 14,915 13,261
4/30/07 15,280 13,729

TOTAL RETURN
PERIOD ENDED APRIL 30, 2007
---------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------ ----------

PRIMECAP Odyssey Aggressive
Growth Fund 16.55% 18.54%

S&P 500 Index* 15.24% 13.57%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE OF THE FUND MAY
BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. PERFORMANCE DATA CURRENT TO THE
MOST RECENT MONTH END MAY BE OBTAINED BY CALLING 1-800-729-2307. THE FUNDS
IMPOSE A 2% REDEMPTION FEE ON SHARES HELD LESS THAN 60 DAYS. PERFORMANCE FIGURES
REFLECT THE FEE WAIVER IN EFFECT AND, IN THE ABSENCE OF FEE WAIVERS, TOTAL
RETURNS WOULD BE LOWER. SHORT-TERM PERFORMANCE, IN PARTICULAR, IS NOT A GOOD
INDICATION OF A FUND'S FUTURE PERFORMANCE, AND AN INVESTMENT SHOULD NOT BE MADE
BASED SOLELY ON PAST RETURNS.

- ----------
* The S&P 500 Index is an unmanaged index composed of 500 common stocks
weighted by market value; its total return includes reinvestment of
dividends and is considered representative of the stock market return as
a whole.

(GRAPHIC) EXPENSE EXAMPLE - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

As a shareholder of one or more of the Funds, you incur ongoing costs, including
management fees and other fund expenses. This Example is intended to help you
understand your ongoing costs (in dollars) of investing in the Funds and to
compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from October 31, 2006 to April 30, 2007.

ACTUAL EXPENSES

The information in the table under the heading "Actual Performance" provides
actual account values and actual expenses. You may use the information in these
columns, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the row entitled "Expenses Paid during Period" to
estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table adjacent to the heading "Hypothetical Performance
(5% return before expenses)" provides hypothetical account values and
hypothetical expenses based on the Funds' actual expense ratios and an assumed
rate of return of 5% per year before expenses, which are not the Funds' actual
returns. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Funds and other mutual funds. To do so, compare these 5% hypothetical examples
with the 5% hypothetical examples that appear in the shareholder reports of the
other mutual funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only. Therefore, the information adjacent to the heading
"Hypothetical Performance (5% return before expenses)" is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different mutual funds. In addition, if transactional costs were
included, your costs would have been higher.

EXPENSE EXAMPLE - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

BEGINNING ENDING EXPENSES PAID EXPENSE RATIO
ACCOUNT ACCOUNT DURING PERIOD* DURING PERIOD*
VALUE VALUE (10/31/06 TO (10/31/06 TO
(10/31/06) (04/30/07) 04/30/07) 04/30/07)
- --------------------------------------------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND
Actual Performance $1,000.00 $1,084.90 $4.31 0.83%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,020.66 $4.17 0.83%
- --------------------------------------------------------------------------------------------------------
PRIMECAP ODYSSEY GROWTH FUND
Actual Performance $1,000.00 $1,078.20 $3.92 0.76%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,021.02 $3.81 0.76%
- --------------------------------------------------------------------------------------------------------
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
Actual Performance $1,000.00 $1,097.70 $4.09 0.79%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,020.89 $3.94 0.79%
- --------------------------------------------------------------------------------------------------------
- -------------
* Expenses are equal to the Funds' annualized expense ratio as indicated,
multiplied by the average account value over the period, multiplied by
the number of days in the most recent fiscal half-year period (181),
then divided by the number of days in the fiscal year (365) to reflect
the one-half year period.

(GRAPHIC) SECTOR BREAKDOWN
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------
Consumer Discretionary 16.0%
Consumer Staples 0.1%
Energy 5.4%
Financials 7.6%
Health Care 25.6%
Industrials 11.9%
Information Technology 17.2%
Materials 5.2%
Telecommunication Services 1.8%
Short Term Investments 9.2%
--------------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------------

PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------------
Consumer Discretionary 13.2%
Energy 4.8%
Financials 5.5%
Health Care 27.3%
Industrials 7.8%
Information Technology 32.2%
Materials 0.9%
Telecommunication Services 1.5%
Short Term Investments 6.8%
--------------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------------

The tables above list sector allocations as a percentage of each Fund's total
investments as of April 30, 2007. The management report makes reference to
average allocations during the period. As a result, the sector allocations above
may differ from those discussed in the management report.

SECTOR BREAKDOWN
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
--------------------------------------------------------------------
Consumer Discretionary 7.4%
Consumer Staples 2.6%
Energy 3.6%
Financials 4.4%
Health Care 23.3%
Industrials 6.4%
Information Technology 40.3%
Materials 0.4%
Telecommunication Services 1.4%
Short Term Investments 10.2%
--------------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------------

The table above lists sector allocations as a percentage of the Fund's total
investments as of April 30, 2007. The management report makes reference to
average allocations during the period. As a result, the sector allocations above
may differ from those discussed in the management report.

(GRAPHIC) SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 90.4%

CONSUMER DISCRETIONARY: 15.9%
43,000 Amazon.com, Inc. (a) ......................... $ 2,637,190
54,200 Bed Bath & Beyond, Inc. (a) .................. 2,208,108
32,800 CarMax, Inc. (a) ............................. 817,376
57,400 Chico's FAS, Inc. (a) ........................ 1,513,064
30,000 Comcast Corp. - Class A (a) .................. 799,800
45,100 DIRECTV Group, Inc. (The) (a) ................ 1,075,184
35,000 Dow Jones & Co, Inc. ......................... 1,271,550
60,000 Dress Barn, Inc. (a) ......................... 1,194,600
30,000 Eastman Kodak Co. ............................ 747,300
15,900 Kohl's Corp. (a) ............................. 1,177,236
20,000 Mattel, Inc. ................................. 566,000
7,000 Men's Wearhouse, Inc. ........................ 302,890
3,600 Nordstrom, Inc. .............................. 197,712
68,500 Sony Corp. - ADR ............................. 3,648,310
4,050 Target Corp. ................................. 240,449
93,950 TJX Cos, Inc. ................................ 2,620,265
13,000 Viacom, Inc. - Class B (a) ................... 536,250
45,500 Walt Disney Co. (The) ........................ 1,591,590
28,000 Whirlpool Corp. .............................. 2,968,840
------------
26,113,714
------------
CONSUMER STAPLES: 0.1%
10,700 Cott Corp. (a) ............................... 173,233
------------
ENERGY: 5.4%
17,400 Arch Coal, Inc. .............................. 627,618
2,000 ConocoPhillips ............................... 138,700
29,000 EnCana Corp. ................................. 1,521,050
19,500 EOG Resources, Inc. .......................... 1,432,080
1,400 GlobalSantaFe Corp. .......................... 89,502
8,000 Murphy Oil Corp. ............................. 443,520
13,422 National Oilwell Varco, Inc. (a) ............. 1,138,857
550 Noble Corp. .................................. 46,315
27,000 Peabody Energy Corp. ......................... 1,295,460
1,100 Pioneer Natural Resources Co. ................ 55,220
6,200 Pogo Producing Co. ........................... 299,212
23,600 Schlumberger Ltd. ............................ 1,742,388
------------
8,829,922
------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
16

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
FINANCIALS: 7.6%
38,300 American International Group, Inc. ........... $ 2,677,553
47,100 Bank of New York Co., Inc. (The) ............. 1,906,608
570 Berkshire Hathaway, Inc. - Class B (a) ....... 2,067,960
10,000 Chubb Corp. .................................. 538,300
22,000 Fannie Mae ................................... 1,296,240
5,500 Fifth Third Bancorp .......................... 223,245
84,950 Marsh & McLennan Cos, Inc. ................... 2,698,012
4,950 MBIA, Inc. ................................... 344,322
12,000 Travelers Cos, Inc. .......................... 649,200
------------
12,401,440
------------
HEALTH CARE: 25.5%
93,100 Affymetrix, Inc. (a) ......................... 2,445,737
87,700 Amgen, Inc. (a) .............................. 5,625,078
59,050 Biogen Idec, Inc. (a) ........................ 2,787,750
229,656 Boston Scientific Corp. (a) .................. 3,545,889
119,400 Eli Lilly & Co. .............................. 7,060,122
65,500 GlaxoSmithKline PLC - ADR .................... 3,784,590
94,300 Medtronic, Inc. .............................. 4,991,299
101,050 Novartis AG - ADR ............................ 5,869,994
2,400 Pfizer, Inc. ................................. 63,504
15,900 Roche Holding AG - CHF ....................... 3,004,248
24,500 Sepracor, Inc. (a) ........................... 1,315,160
19,900 Waters Corp. (a) ............................. 1,182,657
------------
41,676,028
------------
INDUSTRIALS: 11.8%
10,000 3M Co. ....................................... 827,700
35,000 Alaska Air Group, Inc. (a) ................... 1,036,000
15,000 Alexander & Baldwin, Inc. .................... 801,750
78,000 AMR Corp. (a) ................................ 2,035,020
23,800 Avery Dennison Corp. ......................... 1,480,360
4,100 Boeing Co. ................................... 381,300
2,200 Burlington Northern Santa Fe Corp. ........... 192,588
16,000 Canadian National Railway Co. ................ 803,840
15,200 Caterpillar, Inc. ............................ 1,103,824
18,000 Chicago Bridge & Iron Co. N.V ................ 623,340
2,000 Deere & Co. .................................. 218,800
2,050 Fluor Corp. .................................. 196,021

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
17

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INDUSTRIALS (CONTINUED)
24,000 General Electric Co. ......................... $ 884,640
29,600 JetBlue Airways Corp. (a) .................... 293,336
37,100 McDermott International, Inc. (a) ............ 1,990,786
5,200 Norfolk Southern Corp. ....................... 276,848
24,700 Pall Corp. ................................... 1,036,165
288,300 Southwest Airlines Co. ....................... 4,137,105
2,300 Thomas & Betts Corp. (a) ..................... 125,304
7,800 Union Pacific Corp. .......................... 891,150
------------
19,335,877
------------
INFORMATION TECHNOLOGY: 17.1%
16,250 Accenture Ltd. - Class A ..................... 635,375
9,300 Agilent Technologies, Inc. (a) ............... 319,641
64,300 Applied Materials, Inc. ...................... 1,235,846
55,700 ASML Holding N.V. - ADR (a) .................. 1,517,825
6,400 Comverse Technology, Inc. (a) ................ 145,152
65,000 Corning, Inc. (a) ............................ 1,541,800
108,900 EMC Corp. (a) ................................ 1,653,102
80,000 Intel Corp. .................................. 1,720,000
76,000 Intuit, Inc. (a) ............................. 2,162,200
65,000 KLA-Tencor Corp. ............................. 3,610,750
16,000 L.M. Ericsson Telephone Co. - ADR ............ 610,720
65,000 Microsoft Corp. .............................. 1,946,100
27,500 Motorola, Inc. ............................... 476,575
33,200 Nortel Networks Corp. (a) .................... 759,616
18,000 NVIDIA Corp. (a) ............................. 592,020
86,500 Oracle Corp. (a) ............................. 1,626,200
7,200 Paychex, Inc. ................................ 267,120
6,800 Research In Motion Ltd. (a) .................. 894,744
142,100 Symantec Corp. (a) ........................... 2,500,960
97,000 Texas Instruments, Inc. ...................... 3,333,890
1,138 Verigy Ltd (a) ............................... 28,757
13,000 Yahoo!, Inc. (a) ............................. 364,520
------------
27,942,913
------------
MATERIALS: 5.2%
24,500 Alcoa, Inc. .................................. 869,505
87,780 Domtar Corp. (a) ............................. 855,855
3,000 Dow Chemical Co. (The) ....................... 133,830
18,000 Freeport-McMoRan Copper & Gold, Inc. ......... 1,208,880

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
18

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
MATERIALS (CONTINUED)
18,000 MeadWestvaco Corp. ........................... $ 600,480
2,000 Minerals Technologies, Inc. .................. 127,240
14,300 Monsanto Co. ................................. 843,557
18,000 Newmont Mining Corp. ......................... 750,600
7,000 Potash Corp. of Saskatchewan ................. 1,256,640
5,950 Praxair, Inc. ................................ 384,072
8,000 Vulcan Materials Co. ......................... 989,360
6,525 Weyerhaeuser Co. ............................. 516,911
------------
8,536,930
------------
TELECOMMUNICATION SERVICES: 1.8%
148,350 Sprint Corp. ................................. 2,971,451
------------
TOTAL COMMON STOCKS
(cost $130,005,216) ................................ 147,981,508
------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 9.1%
$14,898,172 Dreyfus Treasury Cash Management ............. $ 14,898,172
(cost $14,898,172) ------------
TOTAL INVESTMENTS
(cost $144,903,388): 99.5% ......................... 162,879,680
Other Assets in Excess of Liabilities: 0.5% ................... 742,026
------------
TOTAL NET ASSETS: 100.0% ...................................... $163,621,706
============

- ------------
Percentages are stated as a percent of net assets.
ADR - American Depository Receipt.
CHF - Swiss Security.
(a) Non Income Producing.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
19

(GRAPHIC) SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 94.0%

CONSUMER DISCRETIONARY: 13.3%
220,000 99 Cents Only Stores (a) ..................... $ 3,146,000
34,000 Amazon.com, Inc. (a) ......................... 2,085,220
119,200 Bed Bath & Beyond, Inc. (a) .................. 4,856,208
74,900 CarMax, Inc. (a) ............................. 1,866,508
158,300 Chico's FAS, Inc. (a) ........................ 4,172,788
37,500 Comcast Corp. - Class A (a) .................. 999,750
54,800 DIRECTV Group, Inc. (The) (a) ................ 1,306,432
96,000 Dress Barn, Inc. (a) ......................... 1,911,360
157,000 Gentex Corp. ................................. 2,794,600
17,850 Kohl's Corp. (a) ............................. 1,321,614
60,000 Mattel, Inc. ................................. 1,698,000
20,000 Men's Wearhouse, Inc. ........................ 865,400
6,700 Nordstrom, Inc. .............................. 367,964
420,000 Quiksilver, Inc. (a) ......................... 5,586,000
144,000 Sony Corp. - ADR ............................. 7,669,440
7,450 Target Corp. ................................. 442,307
108,250 TJX Cos, Inc. ................................ 3,019,092
30,000 Viacom, Inc. - Class B (a) ................... 1,237,500
3,500 Walt Disney Co. (The) ........................ 122,430
450 Yum! Brands, Inc. ............................ 27,837
-------------
45,496,450
-------------
ENERGY: 4.8%
112,000 Arch Coal, Inc. .............................. 4,039,840
1,196 Chevron Corp. ................................ 93,037
21,600 EnCana Corp. ................................. 1,132,920
43,000 EOG Resources, Inc. .......................... 3,157,920
10,000 Murphy Oil Corp. ............................. 554,400
30,000 National Oilwell Varco, Inc. (a) ............. 2,545,500
2,000 Noble Corp. .................................. 168,420
5,600 Pogo Producing Co. ........................... 270,256
4,000 Pride International, Inc. (a) ................ 131,240
55,600 Schlumberger Ltd. ............................ 4,104,948
2,400 Transocean, Inc. (a) ......................... 206,880
-------------
16,405,361
-------------
FINANCIALS: 5.6%
38,750 American International Group, Inc. ........... 2,709,012
108,700 Bank of New York Co., Inc. (The) ............. 4,400,176

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
20

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
FINANCIALS (CONTINUED)
1,000 Berkshire Hathaway, Inc. - Class B (a) ....... $ 3,628,000
20,000 Chubb Corp. .................................. 1,076,600
6,000 Fifth Third Bancorp .......................... 243,540
100,000 Hanmi Financial Corp. ........................ 1,641,000
131,250 Marsh & McLennan Cos, Inc. ................... 4,168,500
10,700 MBIA, Inc. ................................... 744,292
4,600 State Street Corp. ........................... 316,802
-------------
18,927,922
-------------
HEALTH CARE: 27.5%
306,150 Affymetrix, Inc. (a) ......................... 8,042,560
14,000 Alcon, Inc. .................................. 1,889,020
137,000 Amgen, Inc. (a) .............................. 8,787,180
88,000 Biogen Idec, Inc. (a) ........................ 4,154,480
362,200 Boston Scientific Corp. (a) .................. 5,592,368
136,000 Conceptus, Inc. (a) .......................... 2,812,480
237,500 Eli Lilly & Co. .............................. 14,043,375
95,000 GlaxoSmithKline PLC - ADR .................... 5,489,100
50,000 Kinetic Concepts, Inc. (a) ................... 2,500,000
181,400 Medtronic, Inc. .............................. 9,601,502
161,350 Novartis AG - ADR ............................ 9,372,822
370,000 Possis Medical, Inc. (a) ..................... 4,787,800
35,500 Roche Holding AG - CHF ....................... 6,707,597
82,400 Sepracor, Inc. (a) ........................... 4,423,232
77,000 SurModics, Inc. (a) .......................... 3,128,510
44,000 Waters Corp. (a) ............................. 2,614,920
-------------
93,946,946
-------------
INDUSTRIALS: 7.8%
17,800 3M Co. ....................................... 1,473,306
145,000 AMR Corp. (a) ................................ 3,783,050
31,550 Avery Dennison Corp. ......................... 1,962,410
13,700 Caterpillar, Inc. ............................ 994,894
10,500 FedEx Corp. .................................. 1,107,120
18,750 Fluor Corp. .................................. 1,792,875
146,250 JetBlue Airways Corp. (a) .................... 1,449,337
10,400 Kirby Corp. (a) .............................. 393,120
64,000 McDermott International, Inc. (a) ............ 3,434,240
68,400 Pall Corp. ................................... 2,869,380
514,700 Southwest Airlines Co. ....................... 7,385,945
-------------
26,645,677
-------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
21

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY: 32.5%
31,550 Accenture Ltd. - Class A ..................... $ 1,233,605
40,000 Adobe Systems, Inc. (a) ...................... 1,662,400
3,800 Agilent Technologies, Inc. (a) ............... 130,606
198,000 Altera Corp. (a) ............................. 4,462,920
70,500 Applied Materials, Inc. ...................... 1,355,010
191,250 ASML Holding N.V. - ADR (a) .................. 5,211,562
2,800 Autodesk, Inc. (a) ........................... 115,556
149,800 Avid Technology, Inc. (a) .................... 4,980,850
80,300 Avocent Corp. (a) ............................ 2,249,203
100,000 Comverse Technology, Inc. (a) ................ 2,268,000
151,900 Corning, Inc. (a) ............................ 3,603,068
75,500 Cymer, Inc. (a) .............................. 3,058,505
276,700 EMC Corp. (a) ................................ 4,200,306
150,700 FormFactor, Inc. (a) ......................... 6,222,403
6,500 Google, Inc. - Class A (a) ................... 3,063,970
110,000 Intel Corp. .................................. 2,365,000
60,000 Intersil Corp. - Class A ..................... 1,787,400
196,000 Intuit, Inc. (a) ............................. 5,576,200
85,000 KLA-Tencor Corp. ............................. 4,721,750
48,000 L.M. Ericsson Telephone Co. - ADR ............ 1,832,160
49,000 McAfee, Inc. (a) ............................. 1,592,010
127,200 Micron Technology, Inc. (a) .................. 1,458,984
118,600 Microsoft Corp. .............................. 3,550,884
90,000 Motorola, Inc. ............................... 1,559,700
157,900 NAVTEQ Corp. (a) ............................. 5,583,344
49,670 Nortel Networks Corp. (a) .................... 1,136,450
150,000 Nuance Communications, Inc. (a) .............. 2,311,500
60,000 NVIDIA Corp. (a) ............................. 1,973,400
189,600 Oracle Corp. (a) ............................. 3,564,480
14,000 Paychex, Inc. ................................ 519,400
50,600 QUALCOMM, Inc. ............................... 2,216,280
200,000 Rambus, Inc. (a) ............................. 3,962,000
12,750 Research In Motion Ltd. (a) .................. 1,677,645
8,400 Silicon Laboratories, Inc. (a) ............... 275,604
60,000 Stratasys, Inc. (a) .......................... 2,851,800
164,800 Symantec Corp. (a) ........................... 2,900,480
173,800 Texas Instruments, Inc. ...................... 5,973,506
24,000 Trimble Navigation Ltd. (a) .................. 688,320

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
22

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (CONTINUED)
1,554 Verigy Ltd (a) ............................... $ 39,270
110,000 VeriSign, Inc. (a) ........................... 3,008,500
138,600 Yahoo!, Inc. (a) ............................. 3,886,344
-------------
110,830,375
-------------
MATERIALS: 1.0%
9,500 Minerals Technologies, Inc. .................. 604,390
18,800 Monsanto Co. ................................. 1,109,012
23,800 Praxair, Inc. ................................ 1,536,290
-------------
3,249,692
-------------
TELECOMMUNICATION SERVICES: 1.5%
69,000 Neustar, Inc. - Class A (a) .................. 1,984,440
163,750 Sprint Corp. ................................. 3,279,913
-------------
5,264,353
-------------
TOTAL COMMON STOCKS
(cost $286,271,571) ....................................... 320,766,776
-------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 6.8%
$ 23,239,174 Dreyfus Treasury Cash Management ............. $ 23,239,174
(cost $23,239,174) -------------
TOTAL INVESTMENTS
(cost $309,510,745): 100.8% ............................... 344,005,950
Liabilities in Excess of Other Assets: (0.8)% ................. (2,880,463)
-------------
TOTAL NET ASSETS: 100.0% ...................................... $ 341,125,487
=============
- ------------
Percentages are stated as a percent of net assets.
ADR - American Depository Receipt.
CHF - Swiss Security.
(a) Non Income Producing.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
23

(GRAPHIC) SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
--------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 90.5%

CONSUMER DISCRETIONARY: 7.5%
17,800 99 Cents Only Stores (a) ...................... $ 254,540
31,000 AC Moore Arts & Crafts, Inc. (a) .............. 636,430
53,000 Amazon.com, Inc. (a) .......................... 3,250,490
6,000 Blue Nile, Inc. (a) ........................... 282,360
6,500 California Pizza Kitchen, Inc. (a) ............ 217,165
44,800 CarMax, Inc. (a) .............................. 1,116,416
188,200 Chico's FAS, Inc. (a) ......................... 4,960,952
57,500 DIRECTV Group, Inc. (The) (a) ................. 1,370,800
142,000 Gentex Corp. .................................. 2,527,600
518,100 Quiksilver, Inc. (a) .......................... 6,890,730
-------------
21,507,483
-------------
CONSUMER STAPLES: 2.6%
618,800 American Italian Pasta Co. - Class A (a) ...... 6,621,160
56,100 Cott Corp. (a) ................................ 908,259
-------------
7,529,419
-------------
ENERGY: 3.6%
53,600 Arch Coal, Inc. ............................... 1,933,352
34,000 EOG Resources, Inc. ........................... 2,496,960
29,000 Hanover Compressor Co. (a) .................... 627,270
20,000 National Oilwell Varco, Inc. (a) .............. 1,697,000
1,900 Noble Corp. ................................... 159,999
4,650 Pioneer Natural Resources Co. ................. 233,430
5,350 Pogo Producing Co. ............................ 258,191
38,200 Pride International, Inc. (a) ................. 1,253,342
20,000 Transocean, Inc. (a) .......................... 1,724,000
-------------
10,383,544
-------------
FINANCIAL: 4.4%
103,000 Advance America Cash Advance Centers, Inc. .... 1,765,420
134,000 Hanmi Financial Corp. ......................... 2,198,940
486,520 MarketAxess Holdings, Inc. (a) ................ 7,969,197
12,650 MBIA, Inc. .................................... 879,934
-------------
12,813,491
-------------
HEALTH CARE: 23.5%
178,200 Abiomed, Inc. (a) ............................. 2,284,524
282,500 Affymetrix, Inc. (a) .......................... 7,421,275
8,000 Alcon, Inc. ................................... 1,079,440

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
24

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
30,000 Biogen Idec, Inc. (a) ......................... $ 1,416,300
20,000 BioMarin Pharmaceuticals, Inc. (a) ............ 323,200
521,700 Boston Scientific Corp. (a) ................... 8,055,048
490,000 Cardica, Inc. (a) ............................. 3,052,700
171,950 Conceptus, Inc. (a) ........................... 3,555,926
219,000 Dendreon Corp. (a) ............................ 3,291,570
450,000 Dyax Corp. (a) ................................ 2,070,000
21,600 Greatbatch, Inc. (a) .......................... 627,048
60,000 Kinetic Concepts, Inc. (a) .................... 3,000,000
412,700 Medarex, Inc. (a) ............................. 5,649,863
1,015,500 Pharmacyclics, Inc. (a) ....................... 3,330,840
267,400 Possis Medical, Inc. (a) ...................... 3,460,156
41,900 Roche Holding AG - CHF ........................ 7,916,854
252,000 Senomyx, Inc. (a) ............................. 3,394,440
75,150 Sepracor, Inc. (a) ............................ 4,034,052
90,000 SurModics, Inc. (a) ........................... 3,656,700
-------------
67,619,936
-------------
INDUSTRIALS: 6.5%
103,000 Alaska Air Group, Inc. (a) .................... 3,048,800
185,000 AMR Corp. (a) ................................. 4,826,650
6,950 Avery Dennison Corp. .......................... 432,290
4,000 Granite Construction, Inc. .................... 240,960
116,325 JetBlue Airways Corp. (a) ..................... 1,152,781
56,400 Pall Corp. .................................... 2,365,980
286,300 Southwest Airlines Co. ........................ 4,108,405
67,000 US Airways Group, Inc. (a) .................... 2,474,980
-------------
18,650,846
-------------
INFORMATION TECHNOLOGY: 40.6%
46,900 Adobe Systems, Inc. (a) ....................... 1,949,164
4,200 Agilent Technologies, Inc. (a) ................ 144,354
12,000 Akamai Technologies, Inc. (a) ................. 528,960
401,600 Altera Corp. (a) .............................. 9,052,064
216,350 ASML Holding N.V. - ADR (a) ................... 5,895,538
217,300 Avid Technology, Inc. (a) ..................... 7,225,225
322,000 Avocent Corp. (a) ............................. 9,019,220
156,400 Brocade Communications Systems, Inc. (a) ...... 1,528,028
28,050 Comverse Technology, Inc. (a) ................. 636,174
138,600 Cymer, Inc. (a) ............................... 5,614,686

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
25

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (CONTINUED)
90,000 eBay, Inc. (a) ................................ $ 3,054,600
77,500 Emulex Corp. (a) .............................. 1,625,950
8,500 eSpeed, Inc. - Class A (a) .................... 78,710
64,000 Faro Technologies, Inc. (a) ................... 2,046,720
165,800 FormFactor, Inc. (a) .......................... 6,845,882
4,000 Google, Inc. (a) .............................. 1,885,520
3,010 Guidance Software, Inc. (a) ................... 39,160
62,400 Intermec, Inc. (a) ............................ 1,393,392
184,200 Intuit, Inc. (a) .............................. 5,240,490
116,900 KLA-Tencor Corp. .............................. 6,493,795
85,300 McAfee, Inc. (a) .............................. 2,771,397
156,500 Micron Technology, Inc. (a) ................... 1,795,055
166,700 NAVTEQ Corp. (a) .............................. 5,894,512
65,850 Nortel Networks Corp New (a) .................. 1,506,648
135,000 Nuance Communications, Inc. (a) ............... 2,080,350
59,700 NVIDIA Corp. (a) .............................. 1,963,533
442,300 Opsware, Inc. (a) ............................. 3,551,669
51,250 RADVISION Ltd. (a) ............................ 1,133,137
230,000 Rambus, Inc. (a) .............................. 4,556,300
17,100 Research In Motion Ltd. (a) ................... 2,250,018
6,000 Silicon Laboratories, Inc. (a) ................ 196,860
232,000 SonicWALL, Inc. (a) ........................... 1,893,120
107,000 Stratasys, Inc. (a) ........................... 5,085,710
123,100 Symantec Corp. (a) ............................ 2,166,560
20,900 THQ, Inc. (a) ................................. 697,433
32,000 Trimble Navigation Ltd. (a) ................... 917,760
514 Verigy Ltd (a) ................................ 12,989
100,700 VeriSign, Inc. (a) ............................ 2,754,145
186,200 Yahoo!, Inc. (a) .............................. 5,221,048
-------------
116,745,876
-------------
MATERIALS: 0.4%
11,400 Minerals Technologies, Inc. ................... 725,268
4,800 Monsanto Co. .................................. 283,152
-------------
1,008,420
-------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
26

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES: 1.4%
153,000 InPhonic, Inc. (a) ............................ $ 1,459,620
92,500 Neustar, Inc. - Class A (a) ................... 2,660,300
-------------
4,119,920
-------------
TOTAL COMMON STOCKS
(cost $233,868,752) ....................................... 260,378,935
-------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 10.3%
$ 29,710,326 Dreyfus Treasury Cash Management .............. $ 29,710,326
(cost $29,710,326) -------------
TOTAL INVESTMENTS
(cost $263,579,078): 100.8% ................................. 290,089,261
Liabilities in Excess of Other Assets: (0.8)% ................. (2,231,837)
-------------
TOTAL NET ASSETS: 100.0% ...................................... $ 287,857,424
=============

Percentages are stated as a percent of net assets.
ADR - American Depository Receipt.
CHF - Swiss Security.
(a) Non Income Producing.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
27

(GRAPHIC) STATEMENTS OF ASSETS AND LIABILITIES
PRIMECAP ODYSSEY FUNDS
------------------------------------------------------------------------------
APRIL 30, 2007 - (UNAUDITED)

PRIMECAP PRIMECAP PRIMECAP
ODYSSEY ODYSSEY ODYSSEY AGGRESSIVE
STOCK FUND GROWTH FUND GROWTH FUND
------------ ------------ ------------

ASSETS
Investments, at cost ............ $144,903,388 $309,510,745 $263,579,078
============ ============ ============

Investments, at value ........... $162,879,680 $344,005,950 $290,089,261
Receivables:
Dividends and interest ........ 171,141 205,475 150,958
Fund shares sold .............. 1,312,695 1,796,810 5,561,988
Other assets .................... 30,571 45,406 42,496
------------ ------------ ------------
Total assets .................. 164,394,087 346,053,641 295,844,703
------------ ------------ ------------

LIABILITIES
Payable for securities purchased 461,809 4,229,480 6,943,289
Payable for fund shares redeemed 65,353 43,104 352,212
Due to advisor (Note 5) ......... 199,278 426,214 323,665
Payable to the custodian ........ -- 156,591 313,218
Accrued administration fees ..... 15,857 30,887 23,647
Other accrued expenses .......... 30,084 41,878 31,248
------------ ------------ ------------
Total liabilities ............. 772,381 4,928,154 7,987,279
------------ ------------ ------------

NET ASSETS ........................ $163,621,706 $341,125,487 $287,857,424
============ ============ ============

Number of shares issued and
outstanding (unlimited shares
authorized, $0.01 par value) .... 11,284,961 23,259,473 19,107,602
============ ============ ============

NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE ...... $ 14.50 $ 14.67 $ 15.07
============ ============ ============

COMPONENTS OF NET ASSETS
Paid-in capital ................... $144,487,867 $304,954,990 $261,049,994
Undistributed net investment
income ........................ 370,467 395,620 --
Accumulated net realized gain
on investments .................. 787,080 1,279,672 297,247
Net unrealized appreciation
on investments .................. 17,976,292 34,495,205 26,510,183
------------ ------------ ------------
Net assets ...................... $163,621,706 $341,125,487 $287,857,424
============ ============ ============

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
28

(GRAPHIC) STATEMENTS OF OPERATIONS
PRIMECAP ODYSSEY FUNDS
------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2007 - (UNAUDITED)

PRIMECAP PRIMECAP PRIMECAP
ODYSSEY ODYSSEY ODYSSEY AGGRESSIVE
STOCK FUND GROWTH FUND GROWTH FUND
------------ ------------ ------------

INVESTMENT INCOME
Income
Dividends (net of foreign taxes
withheld of $25,194, $52,386,
and $12,110, respectively) ... $ 607,902 $ 1,007,686 $ 171,124
Interest and other income ..... 323,351 532,581 538,303
------------ ------------ ------------
Total income ................. 931,253 1,540,267 709,427
------------ ------------ ------------

Expenses
Advisory fees ................... 347,589 774,810 549,625
Administration fees ............. 36,440 85,416 60,837
Transfer agent fees and expenses 20,107 35,606 30,323
Audit fees ...................... 14,450 14,927 15,377
Registration fees ............... 14,294 16,111 16,660
Insurance ....................... 13,058 29,721 13,904
Custody fees .................... 10,906 18,672 15,518
Fund accounting fees ............ 9,672 26,037 16,578
Trustee fees .................... 8,708 8,335 8,716
Legal fees ...................... 6,710 16,447 10,333
Printing and mailing ............ 4,584 5,032 8,681
Other expenses .................. 2,481 5,965 4,347
------------ ------------ ------------
Net expenses .................. 488,999 1,037,079 750,899
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) .. 442,254 503,188 (41,472)
------------ ------------ ------------

CHANGE IN REALIZED AND
UNREALIZED GAIN
ON INVESTMENTS
Net realized gain on investments 827,037 1,279,899 343,524
Net unrealized appreciation
on investments ................ 8,699,151 17,829,571 15,065,804
------------ ------------ ------------
Net realized and unrealized
gain on investments ......... 9,526,188 19,109,470 15,409,328
------------ ------------ ------------

NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .... $ 9,968,442 $ 19,612,658 $ 15,367,856
============ ============ ============

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
29

(GRAPHIC) STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY STOCK FUND
----------------------------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2007(1) OCTOBER 31, 2006
----------------- ------------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income ............................... $ 442,254 $ 223,921
Net realized gain on investments .................... 827,037 542,921
Net unrealized appreciation on investments .......... 8,699,151 7,586,374
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 9,968,442 8,353,216
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ............................... (283,401) (12,410)
Realized gain on investments ........................ (549,042) (5,043)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (832,443) (17,453)
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ........................... 68,517,065 53,541,677
Proceeds from reinvestment of distribution .......... 794,364 15,443
Cost of shares redeemed ............................. (3,182,053) (3,649,793)
Redemption fee proceeds ............................. 2,216 1,068
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ....... 66,131,592 49,908,395
------------- -------------

TOTAL INCREASE IN NET ASSETS ....................... 75,267,591 58,244,158

NET ASSETS
Beginning of period ................................. 88,354,115 30,109,957
------------- -------------
END OF PERIOD (including undistributed
net investment income of $370,467 and
$211,614, respectively) ........................... $ 163,621,706 $ 88,354,115
============= =============

CHANGE IN CAPITAL SHARES
Shares sold ......................................... 4,901,992 4,216,481
Shares issued on reinvestment of
distributions ..................................... 57,688 1,280
Shares redeemed ..................................... (227,812) (288,611)
------------- -------------
NET INCREASE IN CAPITAL SHARES ..................... 4,731,868 3,929,150
============= =============
- -----------
(1) Unaudited.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
30

(GRAPHIC) STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY GROWTH FUND
-------------------------------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2007(1) OCTOBER 31, 2006
----------------- -----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income ................................ $ 503,188 $ 224,813
Net realized gain on investments ..................... 1,279,899 2,386,453
Net unrealized appreciation on investments ........... 17,829,571 15,060,244
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 19,612,658 17,671,510
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ................................ (330,728) (1,837)
Realized gain on investments ......................... (2,361,145) (38,375)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (2,691,873) (40,212)
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ............................ 142,363,531 147,754,093
Proceeds from reinvestment of distribution ........... 2,668,390 39,926
Cost of shares redeemed .............................. (23,050,610) (9,787,774)
Redemption fee proceeds .............................. 14,176 6,067
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ....... 121,995,487 138,012,312
------------- -------------

TOTAL INCREASE IN NET ASSETS ....................... 138,916,272 155,643,610

NET ASSETS
Beginning of period .................................. 202,209,215 46,565,605
------------- -------------
END OF PERIOD (including undistributed
net investment income of $395,620 and
$223,160, respectively) ............................ $ 341,125,487 $ 202,209,215
============= =============

CHANGE IN CAPITAL SHARES
Shares sold .......................................... 9,997,488 11,461,405
Shares issued on reinvestment of
distributions ...................................... 191,009 3,259
Shares redeemed ...................................... (1,619,667) (781,496)
------------- -------------
NET INCREASE IN CAPITAL SHARES ..................... 8,568,830 10,683,168
============= =============

- -----------
(1) Unaudited.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
31

(GRAPHIC) STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2007(1) OCTOBER 31, 2006
----------------- ------------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment loss .................................. $ (41,472) $ (191,176)
Net realized gain on investments ..................... 343,524 2,471,127
Net unrealized appreciation on investments ........... 15,065,804 9,718,713
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 15,367,856 11,998,664
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ................................ -- --
Realized gain on investments ......................... (2,133,775) --
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (2,133,775) --
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ............................ 162,658,522 89,190,276
Proceeds from reinvestment of distribution ........... 2,101,368 --
Cost of shares redeemed .............................. (10,038,382) (4,130,146)
Redemption fee proceeds .............................. 10,037 8,580
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ....... 154,731,545 85,068,710
------------- -------------

TOTAL INCREASE IN NET ASSETS ....................... 167,965,626 97,067,374

NET ASSETS
Beginning of period .................................. 119,891,798 22,824,424
------------- -------------
END OF PERIOD ........................................ $ 287,857,424 $ 119,891,798
============= =============

CHANGE IN CAPITAL SHARES
Shares sold .......................................... 11,032,044 6,910,316
Shares issued on reinvestment of distributions ....... 145,928 --
Shares redeemed ...................................... (684,820) (327,348)
------------- -------------
NET INCREASE IN CAPITAL SHARES ..................... 10,493,152 6,582,968
========== =========
- ----------
(1) Unaudited.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
32

(GRAPHIC) FINANCIAL HIGHLIGHTS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD

THE FOLLOWING INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL
STATEMENTS AND NOTES THERETO APPEARING ELSEWHERE IN THIS SEMIANNUAL REPORT.

SIX MONTHS YEAR PERIOD
ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31,
2007(1) 2006 2005(5)
---------- --------- ---------

Net asset value, beginning of period ... $ 13.48 $ 11.48 $ 10.00
---------- --------- ---------

INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......... 0.04 0.03 (0.01)
Net realized and unrealized gain
on investments ...................... 1.10 1.97 1.49
---------- --------- ---------
Total from investment operations ....... 1.14 2.00 1.48
---------- --------- ---------

LESS DISTRIBUTIONS:
Dividends from net investment income . (0.04) 0.00(4) 0.00
Distributions from realized gain ..... (0.08) 0.00(4) 0.00
---------- --------- ---------
Total distributions .................... (0.12) 0.00 0.00
---------- --------- ---------

Redemption fee proceeds ................ 0.00(4) 0.00(4) 0.00(4)
---------- --------- ---------

Net asset value, end of period ......... $ 14.50 $ 13.48 $ 11.48
========== ========= =========

Total return ........................... 8.49%(3) 17.48% 14.80%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 163.6 $ 88.4 $ 30.1

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ............... 0.83%(2) 0.99% 1.80%
After fees waived and expenses
absorbed or recouped ............... 0.83%(2) 0.99% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ......... 0.75%(2) 0.41% (0.11%)

Portfolio turnover rate ................ 3.88%(3) 4.09% 12.46%

- ----------
(1) Unaudited.
(2) Annualized.
(3) Not Annualized.
(4) Amount represents less than $0.01 per share.
(5) Commenced operations on November 1, 2004.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33

(GRAPHIC) FINANCIAL HIGHLIGHTS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------------
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD

THE FOLLOWING INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL
STATEMENTS AND NOTES THERETO APPEARING ELSEWHERE IN THIS SEMIANNUAL REPORT.

SIX MONTHS YEAR PERIOD
ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31,
2007(1) 2006 2005(5)
---------- ---------- ---------

Net asset value, beginning of period ... $ 13.76 $ 11.62 $ 10.00
---------- ---------- ---------

INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......... 0.02 0.01 (0.01)
Net realized and unrealized gain
on investments ..................... 1.05 2.14 1.63
---------- ---------- ---------
Total from investment operations ....... 1.07 2.15 1.62
---------- ---------- ---------

LESS DISTRIBUTIONS:
Dividends from net investment income . (0.02) 0.00(4) 0.00
Distributions from realized gain ..... (0.14) (0.01) 0.00
---------- ---------- ---------
Total distributions .................... (0.16) (0.01) 0.00
---------- ---------- ---------

Redemption fee proceeds ................ 0.00(4) 0.00(4) 0.00(4)
---------- ---------- ---------

Net asset value, end of period ......... $ 14.67 $ 13.76 $ 11.62
========== ========== =========

Total return ........................... 7.82%(3) 18.49% 16.20%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 341.1 $ 202.2 $ 46.6

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ............... 0.76%(2) 0.89% 1.79%
After fees waived and expenses
absorbed or recouped ............... 0.76%(2) 0.89% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ......... 0.37%(2) 0.19% (0.27%)

Portfolio turnover rate ................ 3.95%(3) 6.87% 8.84%

- -----------
(1) Unaudited.
(2) Annualized.
(3) Not Annualized.
(4) Amount represents less than $0.01 per share.
(5) Commenced operations on November 1, 2004.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34

(GRAPHIC) FINANCIAL HIGHLIGHTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
--------------------------------------------------------------------
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD

THE FOLLOWING INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL
STATEMENTS AND NOTES THERETO APPEARING ELSEWHERE IN THIS SEMIANNUAL REPORT.

SIX MONTHS YEAR PERIOD
ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31,
2007(1) 2006 2005(5)
---------- ---------- ---------

Net asset value, beginning of period ... $ 13.92 $ 11.24 $ 10.00
---------- ---------- ---------

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .................. (0.00)(4) (0.02) (0.06)
Net realized and unrealized gain
on investments ..................... 1.35 2.70 1.30
---------- ---------- ---------
Total from investment operations ....... 1.35 2.68 1.24
---------- ---------- ---------

LESS DISTRIBUTIONS:
Distributions from realized gain ..... (0.20) 0.00 0.00
---------- ---------- ---------
Total distributions .................... (0.20) 0.00 0.00
---------- ---------- ---------

Redemption fee proceeds ................ 0.00(4) 0.00(4) 0.00(4)
---------- ---------- ---------

Net asset value, end of period ......... $ 15.07 $ 13.92 $ 11.24
========== ========== =========

Total return ........................... 9.77%(3) 23.84% 12.40%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 287.9 $ 119.9 $ 22.8

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ............... 0.79%(2) 0.99% 1.82%
After fees waived and expenses
absorbed or recouped ............... 0.79%(2) 0.99% 1.25%

RATIO OF NET INVESTMENT LOSS TO
AVERAGE NET ASSETS ................... (0.04%)(2) (0.33%) (0.82%)

Portfolio turnover rate ................ 1.54%(3) 12.30% 7.38%

- ---------
(1) Unaudited.
(2) Annualized.
(3) Not Annualized.
(4) Amount represents less than $0.01 per share.
(5) Commenced operations on November 1, 2004.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35

(GRAPHIC) NOTES TO FINANCIAL STATEMENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2007 - (UNAUDITED)

(1) ORGANIZATION

PRIMECAP Odyssey Funds (the "Trust") was organized on June 8, 2004 as a Delaware
statutory trust and is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust
is comprised of three series: PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey
Growth Fund, and PRIMECAP Odyssey Aggressive Growth Fund (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.
The Funds commenced operations on November 1, 2004.

Each Fund's investment objective is to provide long-term capital appreciation.
Each Fund is authorized to issue unlimited shares of beneficial interest. All
shares within 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.

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 listed on the NASDAQ
Global Market, the NASDAQ Global Select Market, and the NASDAQ Capital
Market are valued using the NASDAQ Official Closing Price, which may not
necessarily represent the last sale price. Quotations of foreign
securities in a foreign currency shall be valued daily in U.S. dollars
on the basis of the foreign currency exchange rates prevailing at the
time such valuation is determined. Foreign currency exchange rates
generally shall be determined prior to the close of the New York Stock
Exchange (the "NYSE"). Securities traded on an exchange for which there
have been no sales are valued at the mean between the bid and asked
price. Securities for which quotations are not readily available are
stated 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 Board of Trustees. In determining fair value,
the Funds take into account all relevant factors and available
information. Consequently, the price of the security used by the Fund to
calculate its NAV may differ from quoted or published prices for the
same security. Fair value pricing involves subjective judgments and
there is no single standard for determining a security's fair value. As
a result, different mutual funds could reasonably arrive at a different
fair value for the same security. It is possible that the fair value
determined for a security is materially different from the value that
could be realized upon the sale of that security or from the values that
other mutual funds may determine.

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

NOTES TO FINANCIAL STATEMENTS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2007 - (UNAUDITED), (CONTINUED)

Foreign securities are recorded in the financial statements after
translation to U.S. dollars based on the applicable exchange rate at the
end of the period. The Funds do not isolate that portion of the results
of operations arising as a result of changes in the currency exchange
rate from the fluctuations arising as a result of changes in the market
prices of investments during the period.

B. SHARES VALUATION.
The net asset value ("NAV") per share of a Fund is calculated by
dividing the sum of the value of the securities held by the Fund, plus
cash or other assets, minus all liabilities (including estimated accrued
expenses) by the total number of shares outstanding of the Fund. The
result is rounded to the nearest cent. The Funds' shares will not be
priced on the days on which the NYSE is closed for trading.

C. FOREIGN CURRENCY.
Values of investments denominated in foreign currencies are converted
into U.S. dollars using the spot market rate of exchange at the time of
valuation. Purchases and sales of investments and dividend and interest
income are translated into U.S. dollars using the spot market rate of
exchange prevailing on the respective dates of such translations. The
gain or loss resulting from changes in foreign exchange rates is
included with net realized and unrealized gain or loss from investments,
as appropriate. Foreign securities and currency transactions may involve
certain considerations and risks not typically associated with those of
domestic origin.

D. FEDERAL INCOME TAXES.
Each Fund has elected to be treated as a "regulated investment company"
under Subchapter M of the Internal Revenue Code. The Funds intend to
distribute substantially all of their taxable income and any capital
gains in excess of applicable capital loss carryforwards. Accordingly,
no provision for Federal income taxes has been made in the accompanying
financial statements.

The Funds may be subject to foreign taxes on income, gains on
investments, or currency repatriation, a portion of which may be
recoverable. The Funds will accrue such taxes and recoveries as
applicable based upon their current interpretations of the tax rules and
regulations that exist in the markets in which they invest.

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 in proportion to their respective assets or another
appropriate method.

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. Accounting principles generally
accepted in the United States of America require that permanent
financial reporting and tax differences be reclassified in the capital
accounts.

G. USE OF ESTIMATES.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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.

H. INDEMNIFICATION OBLIGATIONS.
Under the Funds' 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 remote.

(3) INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of securities, excluding
short-term investments, for the six months ended April 30, 2007 were as follows:

FUND PURCHASES SALES
- ---- --------- -----
PRIMECAP Odyssey Stock Fund $ 60,616,178 $ 4,167,464
PRIMECAP Odyssey Growth Fund $ 125,167,567 $ 10,043,133
PRIMECAP Odyssey Aggressive Growth Fund $ 141,376,727 $ 2,689,210

(4) DISTRIBUTION TO SHAREHOLDERS

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

As of October 31, 2006, the components of distributable earnings/(accumulated
losses) on a tax basis were as follows:

PRIMECAP PRIMECAP PRIMECAP
ODYSSEY ODYSSEY ODYSSEY AGGRESSIVE
STOCK FUND GROWTH FUND GROWTH FUND
------------- ------------- ------------------

Cost of investments
for tax purposes .......... $ 80,583,871 $ 189,860,354 $ 110,778,193
============= ============= =============
Gross tax unrealized
appreciation .............. 11,126,645 21,862,756 15,342,501
Gross tax unrealized
depreciation .............. (1,889,401) (5,197,122) (3,924,309)
------------- ------------- -------------
Net tax unrealized
appreciation .............. $ 9,237,244 $ 16,665,634 $ 11,418,192
============= ============= =============
Currently distributable
ordinary income ........... $ 334,889 $ 1,530,228 $ 1,122,106
Currently distributable
long-term capital gain .... 425,707 1,053,850 991,579
------------- ------------- -------------
Currently total
distributable earnings .... $ 760,596 $ 2,584,078 $ 2,113,685
------------- ------------- -------------
Total accumulated earnings .. $ 9,997,840 $ 19,249,712 $ 13,531,877
============= ============= =============

Because tax adjustments are calculated annually, the above table reflects the
components of distributable earning at the Funds' previous fiscal year end.

Tax components of dividends paid during the six months ended April 30, 2007 and
the year ended October 31, 2006 were as follows:

APRIL 30, 2007
-------------------------------
ORDINARY LONG-TERM
INCOME CAPITAL GAIN
DISTRIBUTIONS DISTRIBUTIONS
------------- -------------
PRIMECAP Odyssey Stock Fund ................ $ 406,744 $ 425,699
PRIMECAP Odyssey Growth Fund ............... $1,637,945 $1,053,928
PRIMECAP Odyssey Aggressive
Growth Fund .............................. $1,122,121 $1,011,654

OCTOBER 31, 2006
-------------------------------
ORDINARY LONG-TERM
INCOME CAPITAL GAIN
DISTRIBUTIONS DISTRIBUTIONS
------------- -------------
PRIMECAP Odyssey Stock Fund ................ $ 17,453 $ --
PRIMECAP Odyssey Growth Fund ............... $ 40,212 $ --
PRIMECAP Odyssey Aggressive
Growth Fund .............................. $ -- $ --

(5) INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Trust has entered into an investment management agreement with the
Investment Advisor on behalf of each Fund. Under the terms of the agreement,
each of the Funds will pay a fee equal to the following annual percentages of
average net assets:

ASSETS IN
FOR THE FIRST EXCESS OF
$100,000,000 $100,000,000
PER FUND PER FUND
-------- --------
PRIMECAP Odyssey
Stock Fund ................................... 0.60% 0.55%
PRIMECAP Odyssey
Growth Fund .................................. 0.60% 0.55%
PRIMECAP Odyssey
Aggressive Growth Fund ....................... 0.60% 0.55%

The Investment Advisor has contractually agreed to waive its fees and/or
reimburse each Fund through October 31, 2007 to the extent necessary so that its
ratio of operating expenses to average net assets will not exceed the following
levels:

PRIMECAP Odyssey Stock Fund . . . . . . . . . . . . . . . . . 1.25%
PRIMECAP Odyssey Growth Fund . . . . . . . . . . . . . . . . 1.25%
PRIMECAP Odyssey Aggressive Growth Fund . . . . . . . . . . . 1.25%

THESE PERCENTAGES ARE BASED ON THE AVERAGE DAILY NET ASSETS OF THE FUNDS.

The Investment Advisor did not seek reimbursement for fees waived or expenses
paid under this agreement.

Mellon Bank, N.A. serves as the Funds' Custodian. U.S. Bancorp Fund Services,
LLC ("USBFS") serves as the Administrator, Fund Accountant, and Transfer Agent
to the Funds. Quasar Distributors, LLC, an affiliate of USBFS, serves as the
Funds' Distributor.

(6) ACCOUNTING PRONOUNCEMENTS

In September, 2006, the Financial Accounting Standards Board ("FASB") released
Financial Accounting Standard Board Statement No. 157 Fair Value Measurements
("SFAS 157"). SFAS 157 establishes a fair valuation hierarchy to increase
consistency and comparability in fair value measurements and related
disclosures. The fair value hierarchy prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value
hierarchy gives the highest priority to quoted prices (unadjusted) in active
markets for identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3). SFAS 157 is effective for financial statements
issued for fiscal years beginning after November 15, 2007. At this time,
management is evaluating the implications of SFAS 157 and its impact on the
financial statements has not yet been determined.

On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented, and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in the
course of preparing the Fund's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Tax positions not deemed to meet the more-likely-than-not threshold
would be recorded as a tax benefit or expense in the current year. Adoption of
FIN 48 is required for fiscal years beginning after December 15, 2006 and is to
be applied to all open tax years as of the effective date. At this time,
management is evaluating the implications of FIN 48 and its impact in the
financial statements has not yet been determined.

(GRAPHIC) ADDITIONAL INFORMATION - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

PROXY VOTING PROCEDURES

The Investment Advisor votes proxies relating to portfolio securities in
accordance with procedures that have been approved by the Trust's Board of
Trustees. You may obtain a description of these procedures, free of charge, by
calling toll-free 1-800-729-2307. This information is also available through the
Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

PROXY VOTING RECORD

Information regarding how the Funds voted proxies relating to the portfolio
securities during the most recent 12-month period ended June 30 is available
without charge, upon request, by calling toll-free 1-800-729-2307. This
information is also available through the Securities and Exchange Commission's
website at http://www.sec.gov.

FORM N-Q DISCLOSURE

The Trust files its complete schedules of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The Trust's Form
N-Q is available on the SEC's website at http://www.sec.gov. The Trust's Form
N-Q may be reviewed and copied at the Commission's Public Reference Room in
Washington, DC, and information on the operation of the Public Reference Room
may be obtained by calling 1-202-551-8090.

(GRAPHIC) MANAGEMENT - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

PORTFOLIO MANAGERS

PRIMECAP Management Company has five portfolio managers who together have more
than 150 years of investment experience. Each of these five individuals manages
a portion of the PRIMECAP Odyssey Growth Fund and the PRIMECAP Odyssey Stock
Fund. The PRIMECAP Odyssey Aggressive Growth Fund is primarily managed by
Messrs. Schow, Kolokotrones, Fried, and Mordecai. A small portion of each Fund's
assets may be managed by individuals in the Advisor's research department. The
portfolio managers primarily responsible for overseeing the Funds' investments
are:

NAME YEARS OF EXPERIENCE
-------------------------------------------------------------
Howard B. Schow 51
Mitchell J. Milias 43
Theo A. Kolokotrones 37
Joel P. Fried 22
Alfred W. Mordecai 10
-------------------------------------------------------------

OFFICERS AND TRUSTEES

The Trust's officers, who administer the Funds' daily operations, are appointed
by the Board of Trustees. The Trustees are responsible for the overall
management of the Trust, including establishing the Funds' policies and general
supervision and review of their investment activities. The Statement of
Additional Information includes additional information about the Trust's
Trustees and is available, without charge, by calling 1-800-729-2307 or the
Fund's web site at www.odysseyfunds.com.

EXECUTIVE OFFICERS. The table below sets forth certain information about each of
the Trust's executive officers.

POSITION(S) TERM OF OFFICE;
NAME, ADDRESS HELD LENGTH OF PRINCIPAL OCCUPATION(S)
(YEAR OF BIRTH) WITH TRUST TIME SERVED DURING PAST 5 YEARS
- ----------------------------------------------------------------------------------------------------------------

Howard B. Schow Co-Chief Indefinite; Chairman and Director, Portfolio Manager,
225 South Lake Ave., Executive Since 09/04 Chief Investment Officer, and Principal
Suite 400, Pasadena, Officer PRIMECAP Management Company
CA 91101-3005
(1927)
- ----------------------------------------------------------------------------------------------------------------
Theo A. Kolokotrones Co-Chief Indefinite; President, Director, Portfolio
225 South Lake Ave., Executive Since 09/04 Manager, and Principal
Suite 400, Pasadena, Officer PRIMECAP Management Company
CA 91101-3005
(1946)
- ----------------------------------------------------------------------------------------------------------------

MANAGEMENT - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

Joel P. Fried Co-Chief Indefinite; Executive Vice President, Director,
225 South Lake Ave., Executive Officer Since 09/04 Portfolio Manager, and Principal
Suite 400, Pasadena, and Trustee PRIMECAP Management Company
CA 91101-3005
(1962)
- ----------------------------------------------------------------------------------------------------------------
David H. Van Slooten Chief Financial Indefinite; Senior Vice President, Portfolio Manager,
225 South Lake Ave., Officer and Since 06/04 Financial Analyst, and Principal
Suite 400, Pasadena, Secretary PRIMECAP Management Company
CA 91101-3005
(1963)
- ----------------------------------------------------------------------------------------------------------------
Baltej S. Kochar Vice President and Indefinite; Vice President and Financial Analyst,
225 South Lake Ave., Chief Since 10/04 PRIMECAP Management Company (1/04 -
Suite 400, Pasadena, Administrative Present); Chief Executive Officer,
CA 91101-3005 Officer The Share Group, Inc. (9/01 - 1/03)
(1970)
- ----------------------------------------------------------------------------------------------------------------
Karen Chen Vice President of Indefinite; Chief Compliance Officer, Director of
225 South Lake Ave., Compliance and Since 10/04 Compliance and Reporting, PRIMECAP
Suite 400, Pasadena, Chief Compliance Management Company (10/04 - Present);
CA 91101-3005 Officer and Team Lead - Legal and Compliance, Pacific
(1973) AML Officer Investment Management Company (7/02 -
9/04 and 11/97 - 7/99); Consultant,
Trinity Consulting (9/01 - 2/02)
- ----------------------------------------------------------------------------------------------------------------

MANAGEMENT - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

"INDEPENDENT" TRUSTEES. The table below sets forth certain information about
each of the Trustees of the Trust who is not an "interested person" of the Trust
as defined in the 1940 Act ("Independent Trustees").

NUMBER OF
PORTFOLIOS
TERM OF IN FUND OTHER
POSITION(S) OFFICE; COMPLEX DIRECTOR-
NAME, ADDRESS HELD LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY SHIPS HELD
(YEAR OF BIRTH) WITH TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE(1) BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------

Benjamin F. Hammon Chairman of Indefinite; Retired; Director, 3 None
225 South Lake Ave., the Board Since 09/04 Institutional Equity Sales,
Suite 400, Pasadena, CA and Trustee Salomon Smith Barney
91101-3005 Inc. (1997-1998)
(1935)
- -------------------------------------------------------------------------------------------------------------------
Wayne H. Smith Chairman of Indefinite; Retired; President, Wayne 3 None
225 South Lake Ave., the Audit Since 09/04 H. Smith Consulting, Inc.
Suite 400, Pasadena, Committee (2002-2007); Vice
CA 91101-3005 and Trustee President, Financial
(1941) Services, Avery Dennison
Corporation (2001-2002);
Vice President, Financial
Services, and Treasurer,
Avery Dennison
Corporation (1999-2001)
- -------------------------------------------------------------------------------------------------------------------

(1) Fund Complex includes any funds, series of funds, or trusts that share
the same advisor or that hold themselves out to investors as related
companies.

MANAGEMENT - (UNAUDITED)
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------

"INTERESTED" TRUSTEES. The table below sets forth certain information about each
of the Trustees of the Trust who is an "interested person" of the Trust as
defined by the 1940 Act.

NUMBER OF
PORTFOLIOS
TERM OF IN FUND OTHER
POSITION(S) OFFICE; COMPLEX DIRECTOR-
NAME, ADDRESS HELD LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY SHIPS HELD
(YEAR OF BIRTH) WITH TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE(2) BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------

Joel P. Fried(1) Co-Chief Indefinite; Executive Vice President, 3 None
225 South Lake Ave., Executive Since 09/04 Director, Portfolio
Suite 400, Pasadena, Officer and Manager, and Principal
CA 91101-3005 Trustee PRIMECAP
(1962) Management Company

(1) Mr. Fried is an "interested person" of the Trust, as defined by the
1940 Act, because of his employ- ment with PRIMECAP Management
Company, the investment advisor to the Trust.
(2) Fund Complex includes any funds, series of funds, or trusts that share
the same advisor or that hold themselves out to investors as related
companies.

This page intentionally left blank.

Investment Advisor
PRIMECAP MANAGEMENT COMPANY
225 South Lake Avenue, Suite 400
Pasadena, California 91101

Distributor
QUASAR DISTRIBUTORS, LLC
615 East Michigan Street, 4th Floor
Milwaukee, Wisconsin 53202
o

Custodian
MELLON BANK, N.A.
One Mellon Center
Pittsburgh, Pennsylvania 15258

Transfer Agent
U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street, 3rd Floor
Milwaukee, Wisconsin 53202

Administrator
U.S. BANCORP FUND SERVICES, LLC
2020 East Financial Way, Suite 100
Glendora, California 91741

Legal Counsel
PAUL, HASTINGS, JANOFSKY & WALKER LLP
515 South Flower Street
Los Angeles, California 90071

Independent Registered Public Accounting Firm
PRICEWATERHOUSECOOPERS LLP
Three Embarcadero Centre
San Francisco, California 94111

THIS REPORT IS INTENDED FOR THE SHAREHOLDERS OF THE PRIMECAP ODYSSEY FUNDS AND
MAY NOT BE USED AS SALES LITERATURE UNLESS PRECEDED OR ACCOMPANIED BY A CURRENT
PROSPECTUS.

PAST PERFORMANCE RESULTS SHOWN IN THIS REPORT SHOULD NOT BE CONSIDERED A
REPRESENTATION OF FUTURE PERFORMANCE. SHARE PRICE AND RETURNS WILL FLUCTUATE SO
THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
STATEMENTS AND OTHER INFORMATION HEREIN ARE DATED AND ARE SUBJECT TO CHANGE.

PRIMECAP, PRIMECAP ODYSSEY, AND THE PRIMECAP ODYSSEY LOGO ARE TRADEMARKS OF
PRIMECAP MANAGEMENT COMPANY.

ITEM 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to registrants who are not listed issuers (as defined in Rule
10A-3 under the Securities Exchange Act of 1934).

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the report to shareholders filed
under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASES.

Not applicable to open-end investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant's Co-Chief Executive Officers and Chief Financial
Officer have reviewed the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the "Act")) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based
on their review, such officers have concluded that the disclosure
controls and procedures are effective in ensuring that information
required to be disclosed in this report is appropriately recorded,
processed, summarized and reported and made known to them by others
within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the second fiscal quarter of 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.

ITEM 12. EXHIBITS.

(A) (1) ANY CODE OF ETHICS OR AMENDMENT THERETO, THAT IS SUBJECT OF THE
DISCLOSURE REQUIRED BY ITEM 2, TO THE EXTENT THAT THE REGISTRANT
INTENDS TO SATISFY ITEM 2 REQUIREMENTS THROUGH FILING AN EXHIBIT. Not
applicable.

(2) CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002. Filed herewith.

(3) ANY WRITTEN SOLICITATION TO PURCHASE SECURITIES UNDER RULE 23C-1
UNDER THE ACT SENT OR GIVEN DURING THE PERIOD COVERED BY THE REPORT BY
OR ON BEHALF OF THE REGISTRANT TO 10 OR MORE PERSONS. Not applicable to
open-end investment companies.

(B) CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

PRIMECAP Odyssey Funds

By /s/ Joel P. Fried
--------------------------------------------------------------
Joel P. Fried, Co-Chief Executive Officer