As filed with the Securities and Exchange Commission on July, 2008

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
----------

Date of reporting period: APRIL 30, 2008
--------------

ITEM 1. REPORT TO STOCKHOLDERS.

SEMIANNUAL REPORT
FOR THE SIX MONTHS ENDED APRIL 30, 2008

LOGO PRIMECAP(R)
-------------ODYSSEY FUNDS

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

TABLE OF CONTENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------

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

Performance Graphs ........................................................ 8

Expense Example ........................................................... 11

Sector Breakdown .......................................................... 13

Schedule of Investments ................................................... 15

PRIMECAP Odyssey Stock Fund ......................................... 15

PRIMECAP Odyssey Growth Fund ........................................ 19

PRIMECAP Odyssey Aggressive Growth Fund ............................. 23

Statements of Assets and Liabilities ...................................... 26

Statements of Operations .................................................. 27

Statement of Changes in Net Assets ........................................ 28

PRIMECAP Odyssey Stock Fund ............................................... 28

PRIMECAP Odyssey Growth Fund .............................................. 29

PRIMECAP Odyssey Aggressive Growth Fund ................................... 30

Financial Highlights ...................................................... 31

PRIMECAP Odyssey Stock Fund ......................................... 31

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

PRIMECAP Odyssey Aggressive Growth Fund ............................. 33

Notes to Financial Statements ............................................. 34

Additional Information .................................................... 39

Management ................................................................ 40

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

DEAR FELLOW SHAREHOLDERS,

The six months ending April 30, 2008 have been disappointing for the PRIMECAP
Odyssey Funds. The Stock, Growth, and Aggressive Growth Funds all underperformed
the unmanaged Standard & Poor's 500 Composite Stock Price Index (S&P 500). The
funds' returns for the six month period were -10.15%, -12.45%, and -19.19%,
respectively, while the total return of the unmanaged S&P 500 during the same
period was -9.64%.

During the past six months, we have seen a two tiered market - energy and
everything else. During a period when the S&P 500 declined nearly 10%, the S&P
energy sector gained over 6%. All other sectors posted losses for the period.
PRIMECAP Odyssey shareholders have suffered during this period, as we had
underweighted energy stocks in all three funds.

All three funds were also hurt by both substantial overweighting and poor
selections in the technology and health care sectors. The information technology
sector was particularly disappointing, as its -15.3% return was the second-worst
performing sector (next to financials). Our information technology selections in
all three funds underperformed the S&P information technology sector, thus
compounding the effect of having made a heavy allocation to this sector.

Similar to technology, the funds were significantly overweight in health care,
and our selections have performed poorly. We have been surprised and
disappointed with the difficulties companies have encountered in the FDA
approval process. As the FDA has increased its emphasis on safety and decreased
its emphasis on efficacy, we have seen a number of promising drugs experience
unexpected difficulties in obtaining FDA approval.

Our investments in airlines also detracted from the performance of all three
funds. While the airlines have made enormous strides in dramatically slashing
their cost structures and imposing stringent control over capacity, they could
not adapt quickly enough to $125 oil, particularly with an economy teetering on
the precipice of recession and demand likely to slow at the margin.

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

PRIMECAP ODYSSEY STOCK FUND

From November 1, 2007 to April 30, 2008, the Stock Fund's total return of
- -10.15% lagged the -9.64% return recorded by the S&P 500 by 51 basis points. The
Stock Fund's underperformance was driven primarily by sector allocation.
Individual stock selection helped overall returns, but our selections were not
strong enough to offset poor sector allocation, most notably the underweighting
of energy and consumer staples.

Consumer staples represented only 0.1% of the overall holdings of the Stock
Fund, significantly less than the 10.6% weighting for the S&P 500. As the
economy anticipated a slow-down and potential recession, the constituents of the
consumer staples sector outperformed the overall index. Our lack of involvement
in the sector caused the Stock Fund to lose 0.9% to the overall market.

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

Our stock selections in industrials also detracted from total returns. The Stock
Fund has significant airline holdings. American Airlines and JetBlue Airways
returned -63.5% and -44.8% respectively, as the airline industry has continued
to struggle under rising jet fuel prices.

The largest sector exposure for the Stock Fund is health care. For the past six
months, the fund's holdings had a total return of -12.0% which was slightly
behind the S&P 500 health care sector's return of -11.9%. Large holdings Eli
Lilly and Novartis produced total returns of -9.5% and -2.9%, respectively, for
the past six months.

The Stock Fund continued to benefit from limited exposure as well as favorable
selections in financials, the worst performing sector for the period.
Performance of the fund's holdings exceeded the S&P financials sector by a
margin of 5.1%, driven by Marsh & McLennan and Berkshire Hathaway, which gained
8.2% and 1.0%, respectively. The Stock Fund benefited significantly from our
limited exposure to this sector. Financials make up 17.6% of the S&P 500 (down
from 22.1% one year ago) and continue to be the largest individual S&P sector.
The Stock Fund's financials holdings totaled approximately 7.0% of the
portfolio.

The table below lists the top 10 holdings, which collectively represent 26.8% of
the total portfolio at the period end.

PRIMECAP ODYSSEY STOCK FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/08 TOTAL PORTFOLIO*
-----------------------------------------------------------------
Eli Lilly & Co. 4.40

Novartis AG (ADS) 3.32

Medtronic Inc. 3.08

EOG Resources Inc. 2.94

Amgen Inc. 2.92

Roche Holding AG 2.14

Southwest Airlines Co. 2.09

Sony Corp. (ADS) 2.04

Boston Scientific Corp. 1.97

GlaxoSmithKline PLC (ADS) 1.91
-----------------------------------------------------------------
TOTAL % OF PORTFOLIO 26.81
-----------------------------------------------------------------

* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Stock Fund.

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

PRIMECAP ODYSSEY GROWTH FUND

From November 1, 2007 to April 30, 2008, the Growth Fund's total return of
- -12.45% trailed the -9.64% return of the S&P 500 by 2.81% and the Russell
1000(R) Growth Index's total return of -9.28% by 3.17%. Disappointing stock
selection and sector allocation contributed to the Growth Fund's
underperformance.

The most heavily weighted sector in the Growth Fund is information technology,
which constituted 35% of the total portfolio during the period. The Growth
Fund's information technology holdings produced a total return of -17.0%,
compared to the S&P information technology sector return of -15.3%. Large
positions in FormFactor and EMC, which returned -50.7% and -39.3%, respectively,
detracted the most from our performance in this sector.

The Growth Fund's heavy allocation to the health care sector and our selections
within the sector both contributed to our underperformance for the period. Our
health care investments represented approximately 27.4% of the overall holdings
of the Growth Fund, compared to 12.1% for the S&P 500. Our selections returned
- -13.2% vs. the S&P health care sector return of -11.9%. Our investments in
Affymetrix and Amgen, which returned -57.2% and -28.0%, respectively, were our
largest detractors in this sector.

Airlines continued to struggle under rising energy costs, and the Growth Fund's
holdings in this industry have continued to hurt total returns. Operational
efficiencies and favorable capacity trends have not been sufficient to offset
skyrocketing jet fuel costs.

The table below lists the top 10 holdings, which collectively represent 25.8% of
the total portfolio at the period end.

PRIMECAP ODYSSEY GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/08 TOTAL PORTFOLIO*
------------------------------------------------------------------
Eli Lilly & Co. 4.59

Medtronic Inc. 3.07

Novartis AG (ADS) 2.61

Conceptus Inc. 2.58

NAVTEQ Corp. 2.45

EOG Resources Inc. 2.31

Amgen Inc. 2.20

Roche Holding AG 2.20

Arch Coal Inc. 1.94

FormFactor Inc. 1.83
------------------------------------------------------------------
TOTAL % OF PORTFOLIO 25.78
------------------------------------------------------------------

* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Growth Fund.

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

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND

From November 1, 2007 to April 30, 2008, the Aggressive Growth Fund's total
return of -19.19% trailed the -9.64% return recorded by the S&P 500 by 9.55%.
The Aggressive Growth Fund's total return of -19.19% also trailed the Russell
Midcap(R) Growth Index's total return of -8.44%. Disappointing stock selection
and sector allocation contributed to this fund's underperformance.

Information technology holdings accounted for approximately 46.4% of the
Aggressive Growth Fund. Our largest detractors in this sector were FormFactor
(-50.7%) and Cymer (-38.9%). FormFactor and Cymer are both involved in the
semiconductor chip manufacturing process; the sector has been hit by low priced
competition and a slowdown in demand. The poor relative performance of the
sector is also tied to growing concerns of the ability of such companies to grow
in an increasingly difficult economic environment.

Our health care selections accounted for 23.9% of portfolio, compared to 12.1%
for the S&P 500. The largest detractor among our health care selections was
Affymetrix (-57.2%), which has lost market share to its largest competitor. The
largest holding in the fund, Conceptus, which is the innovator behind the
Essure(R) alternative to tubal ligation, returned -17.8%, as acceptance and
adoption of their innovative procedure has taken time.

The table below lists the top 10 holdings, which collectively represent 30.6% of
the total portfolio at the period end.

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/08 TOTAL PORTFOLIO*
-----------------------------------------------------------------------
Conceptus Inc. 4.29

NAVTEQ Corp. 3.76

Brocade Communications Systems Inc. 3.52

Roche Holding AG 3.36

FormFactor Inc. 3.04

Boston Scientific Corp. 2.84

Altera Corp. 2.80

Rambus Inc. 2.42

American Italian Pasta Co. (Cl A) 2.31

ASML Holding N.V. 2.26
-----------------------------------------------------------------------
TOTAL % OF PORTFOLIO 30.60
-----------------------------------------------------------------------

* The percentage is calculated by using the ending market value of the
security divided by the total investments of the Aggressive Growth
Fund.

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

STRUCTURE OF THE PORTFOLIO, POSITIONING, AND OUTLOOK

The current period's results have been very disappointing for all three funds.
Having underweighted energy was clearly a mistake for both the current period
and the last 3 1/2 years. We believe, however, that it would be another mistake
to extrapolate a continuity of the rising commodity price trend from that which
has occurred over the last few years. Rising commodity prices eventually elicit
a supply response, a reduction in demand, technological improvements in
efficiency, and an increase in the adoption of substitutes. These counter-forces
have taken more time to develop than we anticipated, but we believe that
fundamental economics will ultimately triumph, and we remain underweight in
energy in all three funds. We also believe that a reversal in oil prices would
significantly benefit our airline investments, which could see dramatic earnings
growth in a more benign fuel cost environment.

While our heavy allocation to and stock selections within the health care sector
have detracted from our results for years, we continue to believe in the
long-term theses of our investments in this sector. The bearish arguments on the
group are well known and widely disseminated: a difficult FDA approval process,
patent expirations, generic competition, price controls, and government
intervention. We feel that little attention is being paid to promising drug
pipelines, exciting and innovative new medical devices, aging populations in the
U.S. and abroad, longer global life expectancies, greater purchasing power for
health care products internationally, and valuations that we believe are very
compelling.

We have been and continue to be significantly overweight in technology stocks.
Historically, technology spending has been cyclical, and the stocks are trading
at valuations suggesting this is still the case. Additionally, there is
pervasive fear that the meltdown in the financial sector will wreak havoc on
technology spending, as the financial sector is traditionally a large consumer
of information technology. Certainly, there are cyclical elements to technology
companies, but we think the industry has changed rather dramatically over the
last 10 years. Companies are much more global in nature, and many of our
holdings generate more than half of their revenues overseas, insulating
themselves somewhat from a difficult U.S. economy. Financially, the industry
appears to be very strong, with cash laden balance sheets and very little debt.
Although the companies fundamentally are still doing quite well, we have seen
some softness, particularly in the semiconductor and semiconductor equipment
names. These are typically the most cyclical names in the group but also tend to
be early cycle stocks that anticipate economic upturns.

We have been and continue to be underweight in financials in all three funds. We
believe that the mis-pricing of credit is not limited to those instruments that
have already seen corrections. It has also become increasingly evident that the
use of derivatives has exposed many financial institutions to risks that are not
identifiable in their financial reports, or even via due diligence and extensive
management team meetings. The extent of this risk is often exposed only when
liquidity problems arise, at which point a solvency crisis can ensue quickly and
drastically.

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

As shareholders of our own funds, we have been and continue to be participants
in our own successes and failures. We are disappointed with our current results
and remain focused on improving them.

We appreciate the confidence you have demonstrated in us. We will continue to
work diligently to prove worthy of that confidence.

Sincerely,

PRIMECAP Management Company

- --------------------------------------------------------------------------------
THE STANDARD & POOR'S 500 CORPORATE STOCK PRICE INDEX is a broad based index of
500 stocks, which is widely recognized as representative of the market in
general. THE RUSSELL 1000(R) 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 MID CAP(R) GROWTH INDEX measures
the performance of those Russell Mid Cap companies with higher price-to-book
ratios and higher forecasted growth values. These indices do not incur expenses
and are not available for investment. A basis point equals 0.01%.

THE FUNDS INVEST IN SMALLER COMPANIES, WHICH INVOLVES ADDITIONAL RISKS SUCH AS
LIMITED LIQUIDITY AND GREATER VOLATILITY. 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.

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.

(6/08)

- --------------
Note: Sector weightings are based on average weight for the period.

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,
2008 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
Stock Fund Index
-----------------------------
11/1/2004 $10,000 $10,000
1/31/2005 $10,610 $10,493
4/30/2005 $10,490 $10,324
7/31/2005 $11,530 $11,064
10/31/2005 $11,480 $10,868
1/31/2006 $12,767 $11,581
4/30/2006 $13,047 $11,914
7/31/2006 $12,496 $11,658
10/31/2006 $13,487 $12,643
1/31/2007 $14,158 $13,261
4/30/2007 $14,632 $13,729
7/31/2007 $14,673 $13,539
10/31/2007 $15,359 $14,483
1/31/2008 $13,769 $12,955
4/30/2008 $13,799 $13,088

TOTAL RETURN
PERIOD ENDED APRIL 30, 2008
------------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------ ---------------

PRIMECAP Odyssey Stock Fund -5.69% 9.66%
S&P 500 Index* -4.68% 8.01%

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,
2008 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
Growth Fund Index
-----------------------------

11/1/2004 $10,000 $10,000
1/31/2005 $10,550 $10,493
4/30/2005 $10,450 $10,324
7/31/2005 $11,540 $11,064
10/31/2005 $11,620 $10,868
1/31/2006 $12,908 $11,581
4/30/2006 $13,208 $11,914
7/31/2006 $12,688 $11,658
10/31/2006 $13,769 $12,643
1/31/2007 $14,420 $13,261
4/30/2007 $14,845 $13,729
7/31/2007 $14,764 $13,539
10/31/2007 $15,898 $14,483
1/31/2008 $13,807 $12,955
4/30/2008 $13,919 $13,088

TOTAL RETURN
PERIOD ENDED APRIL 30, 2008
-----------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
-------- ---------------

PRIMECAP Odyssey Growth Fund -6.24% 9.93%
S&P 500 Index* -4.68% 8.01%

- -----------
* 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 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, 2008 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
Aggressive S&P 500
Growth Fund Index
-----------------------------
11/1/2004 $10,000 $10,000
1/31/2005 $10,500 $10,493
4/30/2005 $9,890 $10,324
7/31/2005 $11,220 $11,064
10/31/2005 $11,240 $10,868
1/31/2006 $12,790 $11,581
4/30/2006 $13,110 $11,914
7/31/2006 $12,310 $11,658
10/31/2006 $13,920 $12,643
1/31/2007 $14,915 $13,261
4/30/2007 $15,280 $13,729
7/31/2007 $14,915 $13,539
10/31/2007 $16,253 $14,483
1/31/2008 $13,205 $12,955
4/30/2008 $13,134 $13,088

TOTAL RETURN
PERIOD ENDED APRIL 30, 2008
----------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
-------- ----------------

PRIMECAP Odyssey Aggressive Growth Fund -14.05% 8.12%
S&P 500 Index* - 4.68% 8.01%

- --------------
* 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.

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

As a shareholder of one or more of the funds, you incur ongoing costs, including
management fees and other fund expenses. This expense 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 expense 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, 2007 to
April 30, 2008.

ACTUAL EXPENSES

The information in the table adjacent to 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 column 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
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------
(UNAUDITED), (CONTINUED)

- --------------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID EXPENSE RATIO
ACCOUNT ACCOUNT DURING PERIOD* DURING PERIOD*
VALUE VALUE (10/31/07 TO (10/31/07 TO
(10/31/07) (04/30/08) 04/30/08) 04/30/08)
- --------------------------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND
Actual Performance $ 1,000.00 $ 898.50 $ 3.79 0.80%
Hypothetical Performance
(5% return before $ 1,000.00 $ 1,020.87 $ 4.03 0.80%
expenses)
- --------------------------------------------------------------------------------------
PRIMECAP ODYSSEY GROWTH FUND
Actual Performance $ 1,000.00 $ 875.50 $ 3.40 0.73%
Hypothetical Performance
(5% return before $ 1,000.00 $ 1,021.24 $ 3.66 0.73%
expenses)
- --------------------------------------------------------------------------------------
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
Actual Performance $ 1,000.00 $ 808.10 $ 3.58 0.80%
Hypothetical Performance
(5% return before $ 1,000.00 $ 1,020.90 $ 4.00 0.80%
expenses)
- --------------------------------------------------------------------------------------

- --------------
* 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 (182),
then divided by the number of days in the fiscal year (366) to reflect
the one-half year period.

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

PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------
Consumer Discretionary 16.0%
Consumer Staples 0.0%
Energy 8.2%
Financials 5.3%
Health Care 25.2%
Industrials 14.6%
Information Technology 18.1%
Materials 6.0%
Telecommunication Services 1.6%
Short Term Investments 5.0%
--------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------

PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------
Consumer Discretionary 11.3%
Energy 8.7%
Financials 4.6%
Health Care 25.4%
Industrials 7.3%
Information Technology 35.6%
Materials 0.6%
Telecommunication Services 1.2%
Short Term Investments 5.3%
--------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------

The tables above list sector allocations as a percentage of each fund's total
investments as of April 30, 2008. 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 7.3%
Consumer Staples 2.3%
Energy 6.5%
Financials 1.8%
Health Care 23.9%
Industrials 4.6%
Information Technology 45.1%
Telecommunication Services 1.3%
Short Term Investments 7.2%
--------------------------------------------------------------
TOTAL 100.0%
--------------------------------------------------------------

The table above lists sector allocations as a percentage of the fund's total
investments as of April 30, 2008. 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.

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 94.7%

CONSUMER DISCRETIONARY: 16.0%
43,000 Amazon.com, Inc. (a) ......................... $ 3,381,090
87,000 Bed Bath & Beyond, Inc. (a) .................. 2,827,500
172,100 CarMax, Inc. (a) ............................. 3,571,075
20,000 Carnival Corp. ............................... 803,400
57,400 Chico's FAS, Inc. (a) ........................ 405,818
160,000 Collective Brands, Inc. (a) .................. 1,979,200
56,500 DIRECTV Group, Inc. (The) (a) ................ 1,392,160
160,000 Dress Barn, Inc. (a) ......................... 2,153,600
30,000 Eastman Kodak Co. ............................ 536,700
50,200 Kohl's Corp. (a) ............................. 2,452,270
60,000 Mattel, Inc. ................................. 1,125,000
7,000 Men's Wearhouse, Inc. ........................ 186,410
95,000 Sony Corp. - ADR ............................. 4,350,050
4,050 Target Corp. ................................. 215,176
95,950 TJX Cos, Inc. ................................ 3,091,509
15,000 Viacom, Inc. (a) ............................. 576,600
53,500 Walt Disney Co. (The) ........................ 1,735,005
46,000 Whirlpool Corp. .............................. 3,347,880
------------
34,130,443
------------
CONSUMER STAPLES: 0.0%
30,700 Cott Corp. (a) ............................... 91,793
------------
ENERGY: 8.1%
27,400 Arch Coal, Inc. .............................. 1,571,664
20,000 EnCana Corp. ................................. 1,616,200
48,000 EOG Resources, Inc. .......................... 6,263,040
8,000 Murphy Oil Corp. ............................. 722,720
24,000 National Oilwell Varco, Inc. (a) ............. 1,642,800
4,000 Patriot Coal Corp. (a) ....................... 264,200
40,000 Peabody Energy Corp. ......................... 2,445,200
28,600 Schlumberger Ltd. ............................ 2,875,730
------------
17,401,554
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

FINANCIALS: 5.3%
38,300 American International Group, Inc. ........... $ 1,769,460
34,151 Bank of New York Mellon Corp. (The) .......... 1,486,593
620 Berkshire Hathaway, Inc. - Class B (a) ....... 2,763,340
10,000 Chubb Corp. .................................. 529,700
72,700 Discover Financial Services .................. 1,323,867
5,500 Fifth Third Bancorp .......................... 117,865
109,950 Marsh & McLennan Cos, Inc. ................... 3,033,521
15,000 Progressive Corp. (The) ...................... 272,850
------------
11,297,196
------------
HEALTH CARE: 25.1%
119,300 Affymetrix, Inc. (a) ......................... 1,301,563
148,600 Amgen, Inc. (a) .............................. 6,221,882
64,000 Biogen Idec, Inc. (a) ........................ 3,884,160
315,656 Boston Scientific Corp. (a) .................. 4,207,694
194,800 Eli Lilly & Co. .............................. 9,377,672
7,000 Genentech, Inc. (a) .......................... 477,400
92,500 GlaxoSmithKline PLC - ADR .................... 4,080,175
134,700 Medtronic, Inc. .............................. 6,557,196
140,750 Novartis AG - ADR ............................ 7,083,948
27,300 Roche Holding AG - CHF ....................... 4,552,854
25,000 Sanofi-Aventis - ADR ......................... 964,500
67,100 Sepracor, Inc. (a) ........................... 1,446,005
36,000 Waters Corp. (a) ............................. 2,212,560
30,000 Wyeth ........................................ 1,334,100
------------
53,701,709
------------
INDUSTRIALS: 14.6%
35,000 Alaska Air Group, Inc. (a) ................... 751,800
23,400 Alexander & Baldwin, Inc. .................... 1,175,382
216,500 AMR Corp. (a) ................................ 1,898,705
38,000 Avery Dennison Corp. ......................... 1,831,220
12,000 Boeing Co. ................................... 1,018,320
2,200 Burlington Northern Santa Fe Corp. ........... 225,610
32,000 Canadian National Railway Co. ................ 1,676,480
15,200 Caterpillar, Inc. ............................ 1,244,576
24,000 Chicago Bridge & Iron Co. N.V. - ADR ......... 956,160
4,000 Deere & Co. .................................. 336,280
6,000 FedEx Corp. .................................. 575,220
49,000 General Electric Co. ......................... 1,602,300

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

INDUSTRIALS (CONTINUED)
7,800 Honeywell International, Inc. ................ $ 463,320
50,000 Ingersoll-Rand Co. ........................... 2,219,000
29,600 JetBlue Airways Corp. (a) .................... 149,184
74,200 McDermott International, Inc. (a) ............ 3,975,636
5,200 Norfolk Southern Corp. ....................... 309,816
24,700 Pall Corp. ................................... 858,819
336,900 Southwest Airlines Co. ....................... 4,460,556
2,300 Thomas & Betts Corp. (a) ..................... 86,158
11,800 Union Pacific Corp. .......................... 1,713,242
50,500 United Parcel Service, Inc. .................. 3,656,705
------------
31,184,489
------------
INFORMATION TECHNOLOGY: 18.1%
26,650 Accenture Ltd. - Class A ..................... 1,000,707
7,000 Agilent Technologies, Inc. (a) ............... 211,470
107,900 Applied Materials, Inc. ...................... 2,013,414
79,699 ASML Holding N.V. - ADR ...................... 2,260,264
13,700 Cisco Systems, Inc. (a) ...................... 351,268
55,000 Corning, Inc. ................................ 1,469,050
161,400 EMC Corp. (a) ................................ 2,485,560
80,000 Intel Corp. .................................. 1,780,800
115,000 Intuit, Inc. (a) ............................. 3,101,550
70,000 KLA-Tencor Corp. ............................. 3,057,600
76,000 L.M. Ericsson Telephone Co. - ADR ............ 1,916,720
135,700 Microsoft Corp. .............................. 3,870,164
90,000 Motorola, Inc. ............................... 896,400
33,200 Nortel Networks Corp. (a) .................... 283,528
82,000 NVIDIA Corp. (a) ............................. 1,685,100
86,500 Oracle Corp. (a) ............................. 1,803,525
20,400 Research In Motion Ltd. (a) .................. 2,481,252
186,900 Symantec Corp. (a) ........................... 3,218,418
105,000 Texas Instruments, Inc. ...................... 3,061,800
857 Verigy Ltd. (a) .............................. 18,314
19,300 Xilinx, Inc. ................................. 478,061
43,000 Yahoo!, Inc. (a) ............................. 1,178,630
------------
38,623,595
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

MATERIALS: 5.9%
18,500 Alcoa, Inc. .................................. $ 643,430
142,474 Domtar Corp. (a) ............................. 850,570
3,000 Dow Chemical Co. (The) ....................... 120,450
18,000 Freeport-McMoRan Copper & Gold, Inc. ......... 2,047,500
50,000 International Paper Co. ...................... 1,308,500
14,300 Monsanto Co. ................................. 1,630,486
18,000 Newmont Mining Corp. ......................... 795,780
18,000 Potash Corp. of Saskatchewan ................. 3,311,100
5,950 Praxair, Inc. ................................ 543,294
15,000 Vulcan Materials Co. ......................... 1,032,300
6,525 Weyerhaeuser Co. ............................. 416,817
------------
12,700,227
------------
TELECOMMUNICATION SERVICES: 1.6%
61,700 NeuStar, Inc. - Class A (a) .................. 1,697,367
219,950 Sprint Nextel Corp. .......................... 1,757,401
------------
3,454,768
------------
TOTAL COMMON STOCKS
(Cost $198,284,440) ...................................... 202,585,774
------------

Principal
Amount
- --------------------------------------------------------------------------------

SHORT-TERM INVESTMENTS: 5.0%
$10,551,098 Dreyfus Treasury & Agency Cash Management .... 10,551,098
------------
(Cost $10,551,098)

TOTAL INVESTMENTS
(Cost $208,835,538): 99.7% ............................... 213,136,872
Other Assets in Excess of Liabilities: 0.3% ................... 687,884
------------
TOTAL NET ASSETS: 100.0% $213,824,756
============

- ---------------
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.

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 94.6%

CONSUMER DISCRETIONARY: 11.3%
250,000 99 Cents Only Stores (a) ..................... $ 2,377,500
34,000 Amazon.com, Inc. (a) ......................... 2,673,420
178,200 Bed Bath & Beyond, Inc. (a) .................. 5,791,500
350,000 CarMax, Inc. (a) ............................. 7,262,500
40,000 Carnival Corp. ............................... 1,606,800
133,300 Chico's FAS, Inc. (a) ........................ 942,431
47,300 DIRECTV Group, Inc. (The) (a) ................ 1,165,472
360,000 Dress Barn, Inc. (a) ......................... 4,845,600
199,000 Gentex Corp. ................................. 3,717,320
67,150 Kohl's Corp. (a) ............................. 3,280,277
130,000 Mattel, Inc. ................................. 2,437,500
20,000 Men's Wearhouse, Inc. ........................ 532,600
443,800 Quiksilver, Inc. (a) ......................... 4,318,174
170,000 Sony Corp. - ADR ............................. 7,784,300
128,250 TJX Cos, Inc. ................................ 4,132,215
30,000 Viacom, Inc. (a) ............................. 1,153,200
3,500 Walt Disney Co. (The) ........................ 113,505
------------
54,134,314
------------
ENERGY: 8.6%
162,000 Arch Coal, Inc. .............................. 9,292,320
1,196 Chevron Corp. ................................ 114,995
40,000 EnCana Corp. ................................. 3,232,400
85,000 EOG Resources, Inc. .......................... 11,090,800
10,000 Murphy Oil Corp. ............................. 903,400
60,000 National Oilwell Varco, Inc. (a) ............. 4,107,000
100,000 Oceaneering International, Inc. (a) .......... 6,678,000
59,800 Schlumberger Ltd. ............................ 6,012,890
------------
41,431,805
------------
FINANCIALS: 4.6%
69,350 American International Group, Inc. ........... 3,203,970
66,736 Bank of New York Mellon Corp. (The) .......... 2,905,018
1,100 Berkshire Hathaway, Inc. - Class B (a) ....... 4,902,700
20,000 Chubb Corp. .................................. 1,059,400
170,000 Hanmi Financial Corp. ........................ 1,188,300
235,250 Marsh & McLennan Cos, Inc. ................... 6,490,548
100,000 Progressive Corp. (The) ...................... 1,819,000
4,600 State Street Corp. ........................... 331,844
------------
21,900,780
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED),(CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

HEALTH CARE: 25.4%
390,000 Accuray, Inc. (a) ............................ $ 3,053,700
275,500 Affymetrix, Inc. (a) ......................... 3,005,705
251,900 Amgen, Inc. (a) .............................. 10,547,053
91,000 Biogen Idec, Inc. (a) ........................ 5,522,790
435,300 Boston Scientific Corp. (a) .................. 5,802,549
685,200 Conceptus, Inc. (a) .......................... 12,347,304
457,100 Eli Lilly & Co. .............................. 22,004,794
20,000 Genentech, Inc. (a) .......................... 1,364,000
112,000 GlaxoSmithKline PLC - ADR .................... 4,940,320
120,000 Kinetic Concepts, Inc. (a) ................... 4,759,200
301,700 Medtronic, Inc. .............................. 14,686,756
150,000 Micrus Endovascular Corp. (a) ................ 1,707,000
248,150 Novartis AG - ADR ............................ 12,489,390
60,000 OraSure Technologies, Inc. (a) ............... 387,600
63,300 Roche Holding AG - CHF ....................... 10,556,618
120,700 Sepracor, Inc. (a) ........................... 2,601,085
77,000 SurModics, Inc. (a) .......................... 3,424,190
44,000 Waters Corp. (a) ............................. 2,704,240
------------
121,904,294
------------
INDUSTRIALS: 7.3%
485,300 AMR Corp. (a) ................................ 4,256,081
40,000 Avery Dennison Corp. ......................... 1,927,600
13,700 Caterpillar, Inc. ............................ 1,121,756
18,500 FedEx Corp. .................................. 1,773,595
146,250 JetBlue Airways Corp. (a) .................... 737,100
140,000 McDermott International, Inc. (a) ............ 7,501,200
68,400 Pall Corp. ................................... 2,378,268
616,700 Southwest Airlines Co. ....................... 8,165,108
95,200 United Parcel Service, Inc. .................. 6,893,432
------------
34,754,140
------------
INFORMATION TECHNOLOGY: 35.6%
59,950 Accenture Ltd. - Class A ..................... 2,251,123
20,000 Adobe Systems, Inc. (a) ...................... 745,800
140,000 Akamai Technologies, Inc. (a) ................ 5,007,800
320,000 Altera Corp. ................................. 6,809,600
155,300 Applied Materials, Inc. ...................... 2,897,898
219,333 ASML Holding N.V. - ADR ...................... 6,220,284
341,900 Avid Technology, Inc. (a) .................... 7,135,453
138,900 Avocent Corp. (a) ............................ 2,709,939

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED),(CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

INFORMATION TECHNOLOGY (CONTINUED)
1,126,500 Brocade Communications Sys, Inc. (a) ......... $ 8,065,740
30,000 Cisco Systems, Inc. (a) ...................... 769,200
3,300 Comverse Technology, Inc. (a) ................ 57,585
151,900 Corning, Inc. ................................ 4,057,249
194,700 Cree, Inc. (a) ............................... 5,062,200
37,000 Cymer, Inc. (a) .............................. 961,630
476,700 EMC Corp. (a) ................................ 7,341,180
300,000 Flextronics International Ltd. (a) ........... 3,117,000
453,900 FormFactor, Inc. (a) ......................... 8,746,653
10,800 Google, Inc. - Class A (a) ................... 6,202,332
110,000 Intel Corp. .................................. 2,448,600
160,000 Intersil Corp. - Class A ..................... 4,275,200
276,000 Intuit, Inc. (a) ............................. 7,443,720
85,000 KLA-Tencor Corp. ............................. 3,712,800
160,000 L.M. Ericsson Telephone Co. - ADR ............ 4,035,200
49,000 McAfee, Inc. (a) ............................. 1,629,250
127,200 Micron Technology, Inc. (a) .................. 981,984
240,600 Microsoft Corp. .............................. 6,861,912
90,000 Motorola, Inc. ............................... 896,400
157,900 NAVTEQ Corp. (a) ............................. 11,717,759
49,670 Nortel Networks Corp. (a) .................... 424,182
150,000 Nuance Communications, Inc. (a) .............. 3,042,000
120,000 NVIDIA Corp. (a) ............................. 2,466,000
189,600 Oracle Corp. (a) ............................. 3,953,160
50,600 QUALCOMM, Inc. ............................... 2,185,414
379,800 Rambus, Inc. (a) ............................. 8,720,208
38,250 Research In Motion Ltd. (a) .................. 4,652,347
8,400 Silicon Laboratories, Inc. (a) ............... 283,668
180,000 Stratasys, Inc. (a) .......................... 3,499,200
291,700 Symantec Corp. (a) ........................... 5,023,074
207,200 Texas Instruments, Inc. ...................... 6,041,952
24,000 Trimble Navigation Ltd. (a) .................. 786,960
170,000 Xilinx, Inc. ................................. 4,210,900
120,300 Yahoo!, Inc. (a) ............................. 3,297,423
------------
170,747,979
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED),(CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

14,000 Monsanto Co. ................................. $ 1,596,280
14,000 Praxair, Inc. ................................ 1,278,340
------------
2,874,620
------------
TELECOMMUNICATION SERVICES: 1.2%
121,800 NeuStar, Inc. - Class A (a) .................. 3,350,718
323,750 Sprint Nextel Corp. .......................... 2,586,762
------------
5,937,480
------------
TOTAL COMMON STOCKS
(Cost $461,221,953) ...................................... 453,685,412
------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.3%
$25,434,081 Dreyfus Treasury & Agency Cash Management .... 25,434,081
------------
(Cost $25,434,081)
TOTAL INVESTMENTS
(Cost $486,656,034): 99.9% ............................... 479,119,493
Other Assets in Excess of Liabilities: 0.1% ................... 338,864
------------
TOTAL NET ASSETS: 100.0% ...................................... 479,458,357
============

- ---------------
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.
22

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
--------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 93.0%

CONSUMER DISCRETIONARY: 7.3%
158,300 AC Moore Arts & Crafts, Inc. (a) ............. $ 1,046,363
63,000 Amazon.com, Inc. (a) ......................... 4,953,690
193,400 CarMax, Inc. (a) ............................. 4,013,050
115,500 Chico's FAS, Inc. (a) ........................ 816,585
74,400 DIRECTV Group, Inc. (The) (a) ................ 1,833,216
140,000 Gentex Corp. ................................. 2,615,200
549,000 Quiksilver, Inc. (a) ......................... 5,341,770
------------
20,619,874
------------
CONSUMER STAPLES: 2.3%
756,300 American Italian Pasta Co. - Class A (a) ..... 6,504,180
------------
ENERGY: 6.5%
90,000 Arch Coal, Inc. .............................. 5,162,400
44,000 EOG Resources, Inc. .......................... 5,741,120
40,000 National Oilwell Varco, Inc. (a) ............. 2,738,000
68,000 Oceaneering International, Inc. (a) .......... 4,541,040
------------
18,182,560
------------
FINANCIAL: 1.8%
100,000 Hanmi Financial Corp. ........................ 699,000
486,520 MarketAxess Holdings, Inc. (a) ............... 4,276,511
------------
4,975,511
------------
HEALTH CARE: 24.0%
318,200 Abiomed, Inc. (a) ............................ 4,642,538
230,000 Accuray, Inc. (a) ............................ 1,800,900
222,000 Affymetrix, Inc. (a) ......................... 2,422,020
33,000 Biogen Idec, Inc. (a) ........................ 2,002,770
20,000 BioMarin Pharmaceuticals, Inc. (a) ........... 729,200
600,700 Boston Scientific Corp. (a) .................. 8,007,331
610,000 Cardica, Inc. (a) ............................ 4,306,600
670,650 Conceptus, Inc. (a) .......................... 12,085,113
192,000 Dendreon Corp. (a) ........................... 1,011,840
850,000 Dyax Corp. (a) ............................... 3,408,500
60,000 ev3, Inc. (a) ................................ 498,600
21,600 Greatbatch, Inc. (a) ......................... 392,688
92,000 Kinetic Concepts, Inc. (a) ................... 3,648,720
450,000 Medarex, Inc. (a) ............................ 3,226,500
290,000 Micrus Endovascular Corp. (a) ................ 3,300,200

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

HEALTH CARE (CONTINUED)
1,063,900 Pharmacyclics, Inc. (a) ...................... $ 904,315
56,800 Roche Holding AG - CHF ....................... 9,472,605
81,450 Sepracor, Inc. (a) ........................... 1,755,248
86,000 SurModics, Inc. (a) .......................... 3,824,420
------------
67,440,108
------------
INDUSTRIALS: 4.7%
103,000 Alaska Air Group, Inc. (a) ................... 2,212,440
262,200 AMR Corp. (a) ................................ 2,299,494
116,325 JetBlue Airways Corp. (a) .................... 586,278
50,000 Monster Worldwide, Inc. (a) .................. 1,216,500
37,900 Pall Corp. ................................... 1,317,783
286,300 Southwest Airlines Co. ....................... 3,790,612
90,000 US Airways Group, Inc. (a) ................... 773,100
60,000 Vitran Corp, Inc. (a) ........................ 859,800
------------
13,056,007
------------
INFORMATION TECHNOLOGY: 45.2%
131,000 Akamai Technologies, Inc. (a) ................ 4,685,870
370,000 Altera Corp. ................................. 7,873,600
224,288 ASML Holding N.V. - ADR ...................... 6,360,808
260,400 Avid Technology, Inc. (a) .................... 5,434,548
225,800 Avocent Corp. (a) ............................ 4,405,358
1,383,400 Brocade Communications Sys, Inc. (a) ......... 9,905,144
145,600 Cree, Inc. (a) ............................... 3,785,600
96,500 Cymer, Inc. (a) .............................. 2,508,035
90,000 eBay, Inc. (a) ............................... 2,816,100
60,000 EMC Corp. (a) ................................ 924,000
77,500 Emulex Corp. (a) ............................. 1,014,475
80,000 Faro Technologies, Inc. (a) .................. 2,819,200
443,800 FormFactor, Inc. (a) ......................... 8,552,026
6,200 Google, Inc. (a) ............................. 3,560,598
170,000 Guidance Software, Inc. (a) .................. 1,730,600
93,800 Intermec, Inc. (a) ........................... 1,981,056
60,000 Internap Network Svcs Corp. (a) .............. 288,600
200,000 Intuit, Inc. (a) ............................. 5,394,000
133,200 KLA-Tencor Corp. ............................. 5,818,176
60,000 McAfee, Inc. (a) ............................. 1,995,000
156,500 Micron Technology, Inc. (a) .................. 1,208,180
142,700 NAVTEQ Corp. (a) ............................. 10,589,767

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------

63,000 Nortel Networks Corp. (a) .................... $ 538,020
140,000 Nuance Communications, Inc. (a) .............. 2,839,200
140,650 NVIDIA Corp. (a) ............................. 2,890,357
296,800 Rambus, Inc. (a) ............................. 6,814,528
49,200 Research In Motion Ltd. (a) .................. 5,984,196
6,000 Silicon Laboratories, Inc. (a) ............... 202,620
214,300 SonicWALL, Inc. (a) .......................... 1,647,967
242,400 Stratasys, Inc. (a) .......................... 4,712,256
400,000 Sycamore Networks, Inc. (a) .................. 1,288,000
180,900 Symantec Corp. (a) ........................... 3,115,098
32,000 Trimble Navigation Ltd. (a) .................. 1,049,280
80,200 Yahoo!, Inc. (a) ............................. 2,198,282
------------
126,930,545
------------
TELECOMMUNICATION SERVICES: 1.3%
130,500 NeuStar, Inc. - Class A (a) .................. 3,590,055
------------
TOTAL COMMON STOCKS
(Cost $278,667,773) ...................................... 261,298,840
------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 7.2%
$20,301,903 Dreyfus Treasury & Agency Cash Management .... 20,301,903
------------
(Cost $20,301,904)
TOTAL INVESTMENTS
(Cost $298,969,676): 100.3% .............................. 281,600,743
Liabilities in Excess of Other Assets: (0.3)% ................. (772,760)
------------
TOTAL NET ASSETS: 100.0% ...................................... $280,827,983
============

- ------------------
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.
25

STATEMENTS OF ASSETS AND LIABILITIES
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------
APRIL 30, 2008 - (UNAUDITED)

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

ASSETS

Investments, at cost ............... $ 208,835,538 $ 486,656,034 $ 298,969,676
============= ============= =============

Investments, at value .............. $ 213,136,872 $ 479,119,493 $ 281,600,743
Cash ............................... 70,999 396,536 --
Receivables:
Securities sold ................... 775,200 1,550,399 --
Dividends and interest ............ 262,203 486,411 193,613
Fund shares sold .................. 301,764 686,272 190,749
Prepaid expenses and other assets .. 26,269 38,320 41,474
------------- ------------- -------------
Total assets ...................... 214,573,307 482,277,431 282,026,579
------------- ------------- -------------

LIABILITIES
Payable for securities purchased ... 275,665 1,309,518 --
Payable for fund shares repurchased 87,106 699,094 571,299
Payable to advisor (Note 5) ........ 290,030 643,521 387,231
Payable to the custodian ........... -- -- 118,803
Other accrued expenses & liabilities 95,750 166,941 121,263
------------- ------------- -------------
Total liabilities ................. 748,551 2,819,074 1,198,596
------------- ------------- -------------

NET ASSETS ........................... $ 213,824,756 $ 479,458,357 $ 280,827,983
============= ============= =============

Number of shares issued and
outstanding (unlimited shares
authorized, $0.01 par value) ....... 15,848,693 35,060,276 21,815,227
============= ============= =============

NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE ......... $ 13.49 $ 13.68 $ 12.87
============= ============= =============

COMPONENTS OF NET ASSETS
Paid-in capital .................... $ 209,859,293 $ 481,780,388 $ 304,968,442
Undistributed net
investment income ................. 491,386 516,822 --
Accumulated net realized gain (loss)
on investments ..................... (827,257) 4,697,688 (6,771,526)
Accumulated net unrealized
appreciation (depreciation)
on investments ..................... 4,301,334 (7,536,541) (17,368,933)
------------- ------------- -------------
Net assets ........................ $ 213,824,756 $ 479,458,357 $ 280,827,983
============= ============= =============

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

STATEMENTS OF OPERATIONS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2008 - (UNAUDITED)

PRIMECAP PRIMECAP PRIMECAP
ODYSSEY ODYSSEY ODYSSEY AGGRESSIVE
STOCK FUND GROWTH FUND GROWTH FUND
------------ ------------ ------------
INVESTMENT INCOME

Income
Dividends (net of foreign taxes
withheld of $75,803, $148,822,
and $47,277, respectively) ...... $ 1,303,144 $ 2,253,983 $ 472,093
Interest income ................... 162,363 385,596 165,374
------------ ------------ ------------
Total income ..................... 1,465,507 2,639,579 637,467
------------ ------------ ------------
Expenses
Advisory fees ..................... 583,983 1,335,628 853,806
Fund administration and
accounting costs ................. 76,134 180,602 117,768
Professional fees ................. 27,061 41,055 35,157
Shareholder servicing
fees and expenses ................ 64,225 80,225 95,425
Federal and State Registration fees 16,873 17,548 21,185
Custody fees ...................... 16,165 32,660 23,250
Trustee fees and expenses ......... 12,683 12,242 12,597
Printing and mailing .............. 7,780 10,681 22,880
Other expenses .................... 11,439 25,441 19,913
------------ ------------ ------------
Total expenses ................... 816,343 1,736,082 1,201,981
------------ ------------ ------------

NET INVESTMENT INCOME (LOSS) .... 649,164 903,497 (564,514)
------------ ------------ ------------

CHANGE IN REALIZED AND
UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss)
on investments ................... (787,565) 4,698,342 (6,725,180)
Net unrealized depreciation on
investments ...................... (21,305,000) (71,599,468) (64,158,362)
------------ ------------ ------------
Net realized and unrealized loss
on investments ................... (22,092,565) (66,901,126) (70,883,542)
------------ ------------ ------------

NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS ....... $(21,443,401) $(65,997,629) $(71,448,056)
============ ============ ============

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

STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2008(1) OCTOBER 31, 2007
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income .............................. $ 649,164 $ 918,714
Net realized gain (loss) on investments ............ (787,565) 1,731,207
Net unrealized appreciation (depreciation)
on investments .................................... (21,305,000) 16,329,193
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................ (21,443,401) 18,979,114
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income .............................. (1,004,697) (283,401)
Realized gain on investments ....................... (1,730,950) (549,042)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ............... (2,735,647) (832,443)
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold .......................... 42,767,812 122,435,134
Proceeds from reinvestment of distribution ......... 2,729,617 794,364
Cost of shares redeemed ............................ (23,891,980) (13,355,576)
Redemption fee proceeds ............................ 11,121 12,526
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ...... 21,616,570 109,886,448
------------- -------------

TOTAL INCREASE (DECREASE) IN NET ASSETS ........... (2,562,478) 128,033,119

NET ASSETS
Beginning of period ................................ 216,387,234 88,354,115
------------- -------------
End of period (includes undistributed net investment
income of $491,386 and $846,919, respectively) .... $ 213,824,756 $ 216,387,234
============= =============

CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ............ 14,221,625 6,553,093
------------- -------------
Shares sold ........................................ 3,186,578 8,521,970
Shares issued on reinvestment of distributions ..... 195,810 57,688
Shares repurchased ................................. (1,755,320) (911,126)
------------- -------------
Net increase in capital shares .................... 1,627,068 7,668,532
------------- -------------
Shares Outstanding, end of period .................. 15,848,693 14,221,625
============= =============

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

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

STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2008(1) OCTOBER 31, 2007
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income .............................. $ 903,497 $ 1,047,907
Net realized gain on investments ................... 4,698,342 1,319,799
Net unrealized appreciation (depreciation)
on investments .................................... (71,599,468) 47,397,293
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................ (65,997,629) 49,764,999
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income .............................. (1,327,014) (330,728)
Realized gain on investments ....................... (1,320,226) (2,361,145)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ............... (2,647,240) (2,691,873)
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold .......................... 93,133,029 306,329,318
Proceeds from reinvestment of distribution ......... 2,590,543 2,668,390
Cost of shares redeemed ............................ (59,659,379) (46,321,761)
Redemption fee proceeds ............................ 22,740 44,097
Other capital contributions ........................ -- 13,908
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ...... 36,086,933 262,733,952
------------- -------------

TOTAL INCREASE (DECREASE) IN NET ASSETS ........... (32,557,936) 309,807,078

NET ASSETS
Beginning of period ................................ 512,016,293 202,209,215
------------- -------------
End of period (includes undistributed net investment
income of $516,822 and $940,339, respectively) .... $ 479,458,357 $ 512,016,293
============= =============

CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ............ 32,598,060 14,690,643
------------- -------------
Shares sold ........................................ 6,557,329 20,886,040
Shares issued on reinvestment of distributions ..... 180,904 191,009
Shares repurchased ................................. (4,276,017) (3,169,632)
------------- -------------
Net increase in capital shares .................... 2,462,216 17,907,417
------------- -------------
Shares Outstanding, end of period .................. 35,060,276 32,598,060
============= =============

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

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

STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
--------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2008(1) OCTOBER 31, 2007
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss) ................. $ (564,514) $ (666,698)
Net realized gain (loss) on investments ...... (6,725,180) 2,761,913
Net unrealized appreciation (depreciation)
on investments .............................. (64,158,362) 35,345,050
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................. (71,448,056) 37,440,265
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
Realized gain on investments ................. (2,095,284) (2,133,775)
------------- -------------

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold .................... 38,662,236 276,071,965
Proceeds from reinvestment of distribution ... 2,053,073 2,101,368
Cost of shares redeemed ...................... (61,603,392) (58,191,283)
Redemption fee proceeds ...................... 25,877 53,191
------------- -------------
NET INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS ................. (20,862,206) 220,035,241
------------- -------------

TOTAL INCREASE (DECREASE) IN NET ASSETS ..... (94,405,546) 255,341,731

NET ASSETS
Beginning of period .......................... 375,233,529 119,891,798
------------- -------------
End of period ................................ $ 280,827,983 $ 375,233,529
============= =============

CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ...... 23,401,238 8,614,450
------------- -------------
Shares sold .................................. 2,894,130 18,456,545
Shares issued on reinvestment of distributions 146,753 145,928
Shares repurchased ........................... (4,626,894) (3,815,685)
------------- -------------
Net increase in capital shares .............. (1,586,011) 14,786,788
------------- -------------
Shares Outstanding, end of period ............ 21,815,227 23,401,238
============= =============

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

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

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 YEAR PERIOD
ENDED ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2008(1) 2007 2006 2005(5)
---------- ---------- --------- ---------

Net asset value, beginning of period ... $ 15.22 $ 13.48 $ 11.48 $ 10.00
---------- ---------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......... 0.04 0.07 0.03 (0.01)
Net realized and unrealized
gain (loss) on investments .......... (1.58) 1.79 1.97 1.49
---------- ---------- --------- ---------
Total from investment operations ..... (1.54) 1.86 2.00 1.48
---------- ---------- --------- ---------

LESS DISTRIBUTIONS:
Dividends from net investment income . (0.07) (0.04) 0.00(4) 0.00
Distributions from realized gain ..... (0.12) (0.08) 0.00(4) 0.00
---------- ---------- --------- ---------
Total distributions .................... (0.19) (0.12) 0.00 0.00
---------- ---------- --------- ---------

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

Net asset value, end of period ......... $ 13.49 $ 15.22 $ 13.48 $ 11.48
========== ========== ========= =========

Total return ........................... (10.15%)(3) 13.88% 17.48% 14.80%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 213.8 $ 216.4 $ 88.4 $ 30.1

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ................ 0.80%(2) 0.81% 0.99% 1.80%
After fees waived and expenses
absorbed or recouped .............. 0.80%(2) 0.81% 0.99% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ........... 0.64%(2) 0.59% 0.41% (0.11%)

Portfolio turnover rate ................ 3.39%(3) 5.87% 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.
31

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 YEAR PERIOD
ENDED ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2008(1) 2007 2006 2005(5)
---------- ---------- ---------- ---------

Net asset value, beginning of period ... $ 15.71 $ 13.76 $ 11.62 $ 10.00
---------- ---------- ---------- ---------

INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......... 0.03 0.04 0.01 (0.01)
Net realized and unrealized
gain (loss) on investments .......... (1.98) 2.07 2.14 1.63
---------- ---------- ---------- ---------
Total from investment operations ....... (1.95) 2.11 2.15 1.62
---------- ---------- ---------- ---------

LESS DISTRIBUTIONS:
Dividends from net investment income . (0.04) (0.02) 0.00(4) 0.00
Distributions from realized gain ..... (0.04) (0.14) (0.01) 0.00
---------- ---------- ---------- ---------
Total distributions .................... (0.08) (0.16) (0.01) 0.00
---------- ---------- ---------- ---------

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

Net asset value, end of period ......... $ 13.68 $ 15.71 $ 13.76 $ 11.62
========== ========== ========== =========

Total return ........................... (12.45%)(3) 15.46% 18.49% 16.20%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 479.5 $ 512.0 $ 202.2 $ 46.6

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ................ 0.73%(2) 0.75% 0.89% 1.79%
After fees waived and expenses
absorbed or recouped ................ 0.73%(2) 0.75% 0.89% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ......... 0.38%(2) 0.30% 0.19% (0.27%)

Portfolio turnover rate ................ 6.93%(3) 4.83% 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.
32

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 YEAR PERIOD
ENDED ENDED ENDED ENDED
APRIL 30, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2008(1) 2007 2006 2005(5)
---------- ---------- ---------- ---------

Net asset value, beginning of period ... $ 16.03 $ 13.92 $ 11.24 $ 10.00
---------- ---------- ---------- ---------

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .................. (0.03) (0.03) (0.02) (0.06)
Net realized and unrealized
gain (loss) on investments .......... (3.04) 2.34 2.70 1.30
---------- ---------- ---------- ---------
Total from investment operations ....... (3.07) 2.31 2.68 1.24
---------- ---------- ---------- ---------

LESS DISTRIBUTIONS:
Distributions from realized gain ..... (0.09) (0.20) 0.00 0.00
---------- ---------- ---------- ---------
Total distributions .................... (0.09) (0.20) 0.00 0.00
---------- ---------- ---------- ---------

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

Net asset value, end of period ......... $ 12.87 $ 16.03 $ 13.92 $ 11.24
========== ========== ========== =========

Total return ........................... (19.19%)(3) 16.76% 23.84% 12.40%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) . $ 280.8 $ 375.2 $ 119.9 $ 22.8

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ................ 0.80%(2) 0.78% 0.99% 1.82%
After fees waived and expenses
absorbed or recouped ................ 0.80%(2) 0.78% 0.99% 1.25%

RATIO OF NET INVESTMENT LOSS
TO AVERAGE NET ASSETS ................ (0.37%)(2) (0.25%) (0.33%) (0.82%)

Portfolio turnover rate ................ 6.31%(3) 6.02% 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.
33

NOTES TO FINANCIAL STATEMENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2008 - (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 are 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 are 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 1940 Act.

NOTES TO FINANCIAL STATEMENTS
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2008 - (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. Effective April 30, 2008, the Fund
adopted Financial Accounting Standards Board (FASB) Interpretation No.
48 (FIN 48), Accounting for Uncertainty in Income Taxes, a
clarification of FASB Statement No. 109, Accounting for Income Taxes.
FIN 48 established financial reporting rules regarding recognition and
measurements of tax positions taken or expected to be taken on a tax
return. The adoption of FIN 48 had no impact on the Fund's net assets
or results of operations.

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.
35

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, 2008 were as follows:

FUND PURCHASES SALES
- ---- --------- -----
PRIMECAP Odyssey Stock Fund .............. $ 26,399,505 $ 6,643,571
PRIMECAP Odyssey Growth Fund ............. $ 71,043,356 $ 31,965,966
PRIMECAP Odyssey Aggressive Growth Fund .. $ 18,718,796 $ 51,200,426

(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, 2007, the components of capital 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(a) ........... $ 190,772,012 $ 448,595,861 $ 328,999,171
============= ============= =============
Gross tax unrealized
appreciation .................. 35,801,293 86,353,535 71,116,324
Gross tax unrealized
depreciation .................. (10,234,856) (22,290,608) (24,372,442)
------------- ------------- -------------
Net tax unrealized appreciation . $ 25,566,437 $ 64,062,927 $ 46,743,882
============= ============= =============
Currently distributable
ordinary income ............... $ 1,360,644 $ 1,772,164 $ 1,834,245
Currently distributable long-term
capital gain .................. 1,217,430 487,747 260,240
------------- ------------- -------------
Currently total distributable
earnings ...................... $ 2,578,074 $ 2,259,911 $ 2,094,485
------------- ------------- -------------
Total accumulated earnings ...... $ 28,144,511 $ 66,322,838 $ 48,838,367
============= ============= =============

- ------------
(a) At October 31, 2007, the basis of investments for federal income tax
purposes differs from the cost for financial reporting purposes due to
the tax deferral of losses on wash sales.

Tax components of dividends paid during the six months ended April 30, 2008 and
the year ended October 31, 2007 were as follows:
APRIL 30, 2008
----------------------------
ORDINARY LONG-TERM
INCOME CAPITAL GAIN
DISTRIBUTIONS DISTRIBUTIONS
------------- -------------
PRIMECAP Odyssey Stock Fund .................... $1,518,528 $1,217,119
PRIMECAP Odyssey Growth Fund ................... $2,158,519 $ 488,721
PRIMECAP Odyssey Aggressive Growth Fund ........ $1,833,948 $ 261,336

OCTOBER 31, 2007
---------------------------
ORDINARY LONG-TERM
INCOME CAPITAL GAIN
DISTRIBUTIONS DISTRIBUTIONS
---------------------------
PRIMECAP Odyssey Stock Fund $ 406,744 $ 425,699
PRIMECAP Odyssey Growth Fund $ 1,637,946 $ 1,053,927
PRIMECAP Odyssey Aggressive Growth Fund $ 1,122,121 $ 1,011,654

The Funds designated as long-term capital gain dividend, pursuant to Internal
Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and
profits of the Funds related to net capital gain to zero for the tax year ended
October 31, 2007.

(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:
FOR THE FIRST ASSETS IN 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%

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.

In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities" ("SFAS 161") was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161 is
intended to improve financial reporting for derivative instruments by requiring
enhanced disclosure that enables investors to understand how and why an entity
uses derivatives, how derivatives are accounted for, and how derivative
instruments affect an entity's results of operations and financial position.
Management is currently evaluating the implications of SFAS 161. The impact on
the Funds' financial statement disclosures, if any, is currently being assessed.

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

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 SEC'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 1-800-SEC-0330. This information is also available,
without charge, by calling toll-free 1-800-729-2307.

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

PORTFOLIO MANAGERS

PRIMECAP Management Company has five portfolio managers who together have more
than 160 years of investment experience. Each of these five individuals manages
a portion of the PRIMECAP Odyssey Stock Fund and the PRIMECAP Odyssey Growth
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 Investment Advisor's research
department. The portfolio managers primarily responsible for overseeing the
Funds' investments are:

NAME YEARS OF EXPERIENCE
---------------------------------------------------
Howard B. Schow 52
Mitchell J. Milias 44
Theo A. Kolokotrones 38
Joel P. Fried 23
Alfred W. Mordecai 11

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 at 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
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------
(UNAUDITED), (CONTINUED)

Joel P. Fried Co-Chief Indefinite; Executive Vice President, Director,
225 South Lake Ave., Executive Since 09/04 Portfolio Manager, and Principal
Suite 400, Pasadena, Officer and PRIMECAP Management Company
CA 91101-3005 Trustee
(1962)
- -------------------------------------------------------------------------------------------------
David H. Van Slooten Chief Financial Indefinite; Executive 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 Indefinite; Vice President, Financial Analyst, and
225 South Lake Ave., and Chief Since 10/04 Principal, PRIMECAP Management
Suite 400, Pasadena, Administrative Company (1/04 - Present); Chief Executive
CA 91101-3005 Officer Officer, The Share Group, Inc. (9/01 - 1/03)
(1970)
- -------------------------------------------------------------------------------------------------
Karen Chen Vice President ofIndefinite; 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)
- -------------------------------------------------------------------------------------------------

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

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

Benjamin F. Hammon Chairman Indefinite; Retired; Director, 3 None
225 South Lake Ave., of the Since 09/04 Institutional Equity Sales,
Suite 400, Pasadena, Board and Salomon Smith Barney
CA 91101-3005 Trustee Inc. (1963-1998)
(1935)
- ------------------------------------------------------------------------------------------
Wayne H. Smith Chairman ofIndefinite; Retired; President, 3 None
225 South Lake Ave., the Audit Since 09/04 Wayne H. Smith
Suite 400, Pasadena, Committee Consulting, Inc.
CA 91101-3005 and Trustee (2002-2007); Vice
(1941) President, Financial
Services, Avery
Dennison
Corporation
(2001-2002);
Vice President,
Financial
Services, and
Treasurer,
Avery Dennison
Corporation
(1999-2001)
- ------------------------------------------------------------------------------------------
Joseph G. Uzelac Trustee Indefinite; Retired; Managing 3 None
225 South Lake Ave., Since 10/07 Director, Lehman
Suite 400, Pasadena, Brothers Global
CA 91101-3005 Investment Bank
(1944) (1988-2007)
- ------------------------------------------------------------------------------------------

(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
PRIMECAP ODYSSEY FUNDS
- --------------------------------------------------------------------------------
(UNAUDITED), (CONTINUED)

"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.

Joel P. Fried(1) Co-Chief Indefinite; Executive Vice 3 None
225 South Lake Ave., Executive Since 09/04 President,
Suite 400, Pasadena, Officer and Director, Portfolio
CA 91101-3005 Manager, and Principal PRIMECAP
(1962) Trustee 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
o
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
o
Transfer Agent
U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street, 3rd Floor
Milwaukee, Wisconsin 53202
o
Administrator
U.S. BANCORP FUND SERVICES, LLC
2020 East Financial Way, Suite 100
Glendora, California 91741
o
Legal Counsel
PAUL, HASTINGS, JANOFSKY & WALKER LLP
515 South Flower Street
Los Angeles, California 90071
o
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 PURCHASERS.

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 directors/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. Incorporated by
reference to the Registrant's Form N-CSR filed January 3, 2008

(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

Date JUNE 30, 2008
-------------------------------------------------

By /S/ HOWARD B. SCHOW
-----------------------------------------------------
Howard B. Schow, Co-Chief Executive Officer

Date JUNE 30, 2008
--------------------------------------------------

By /S/ THEO A. KOLOKOTRONES
------------------------------------------------------
Theo A. Kolokotrones, Co-Chief Executive Officer

Date JUNE 30, 2008
--------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By /S/ JOEL P. FRIED
-----------------------------------------------------
Joel P. Fried, Co-Chief Executive Officer

Date JUNE 30, 2008
-------------------------------------------------

By /S/ HOWARD B. SCHOW
-----------------------------------------------------
Howard B. Schow, Co-Chief Executive Officer

Date JUNE 30, 2008
--------------------------------------------------

By /S/ THEO A. KOLOKOTRONES
------------------------------------------------------
Theo A. Kolokotrones, Co-Chief Executive Officer

Date JUNE 30, 2008
--------------------------------------------------

By /S/ DAVID H. VAN SLOOTEN
------------------------------------------------------
David H. Van Slooten, Chief Financial Officer

Date JUNE 30, 2008
--------------------------------------------------