As filed with the Securities and Exchange Commission on July 2, 2009

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

225 SOUTH LAKE AVENUE, SUITE 400
PASADENA, CA 91101
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(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

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Registrant's telephone number, including area code

Date of fiscal year end: OCTOBER 31
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Date of reporting period: APRIL 30, 2009
--------------

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMIANNUAL REPORT
For the Six Months Ended April 30, 2009

[LOGO] PRIMECAP(R)
ODYSSEY FUNDS

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

[GRAPHIC] TABLE OF CONTENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

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

Performance Graphs ........................................................ 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 .................................................... 41

Management ................................................................ 42

[GRAPHIC] LETTER TO SHAREHOLDERS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

DEAR FELLOW SHAREHOLDERS,

The PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund, and PRIMECAP
Odyssey Aggressive Growth Fund posted total returns of -2.29%, +0.16%, and
+4.76%, respectively, for the six months ended April 30, 2009. By comparison,
the unmanaged Standard & Poor's 500 Composite Stock Price Index (S&P 500)
produced a total return of -8.53% for the period.

The global financial crisis that began in mid-2007 and intensified throughout
2008 continues to impact the global economy and almost every financial asset
class, including U.S. equities. While some areas of the financial markets, such
as inter-bank lending and commercial paper issuance, have shown signs of
stabilization, it is still too early to tell if the unprecedented and
far-reaching government programs created to address the credit crisis and
bolster the financial system will prove effective. Following the failure of
several major financial institutions last fall and the fear of additional
failures, the credit markets essentially shut down. Given the unavailability of
credit and heightened risk aversion, the U.S. economy slowed significantly in
the last three months of 2008. Consumer spending declined, businesses reduced
output, home prices continued to fall, and the unemployment rate rose steadily.

The PRIMECAP Odyssey Funds continue to focus on investing in high quality
companies that, in our judgment, offer better earnings growth prospects than are
anticipated by the market. We remain very overweight in the health care and
information technology sectors and very underweight in the financials and
consumer staples sectors. The overweight position in health care stocks hurt the
funds' performance in the past six months, particularly after President Obama
proposed his program to reform health care in late February. Despite the
potential negative impact of the proposed reforms on pricing and industry
profitability, we maintain our commitment to the health care sector. We continue
to believe that the substantial investment in research and development will
result in new products and services that will help the world meet the growing
health care needs of an aging population.

Our significant holdings in the technology sector, which was the best performing
sector in the S&P 500 (+5.61%), helped performance over the past six months.
While businesses are reducing their technology spending during the current
recession, earnings at many technology companies have not declined as
dramatically as they have in past downturns. The consolidation of market share
has enabled firms to maintain greater pricing power. Good expense and capital
management has led to lower earnings volatility as companies reduced their fixed
costs and better anticipated changes in demand. Also, technology companies
typically have very strong balance sheets with substantial net cash positions.
This is particularly valuable during a period of scarce credit and financing.

LETTER TO SHAREHOLDERS
PRIMECAP Odyssey Funds
- --------------------------------------------------------------------------------

We are very underweight in the financials sector, as we have been since the
inception of the PRIMECAP Odyssey Funds in 2004. In our view, financial
institutions remain highly leveraged companies with opaque balance sheets that
are based, in no small way, on assumptions about future losses. The funds
benefited from a minimal weighting in the financials sector, the worst sector in
the market for the six-month period (-29.13%). However, the financials sector
has led the recent rally in the stock market, and the funds' underweight
position has hurt performance since early March.

In addition to health care and information technology stocks, we have taken the
opportunity over the past six months to modestly increase our positions in
economically sensitive companies in the industrials and materials sectors,
particularly in the PRIMECAP Odyssey Stock and PRIMECAP Odyssey Growth Funds.

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

PRIMECAP ODYSSEY STOCK FUND

From October 31, 2008 to April 30, 2009, the Stock Fund's total return was
- -2.29%. Although this was better than the S&P 500's total return of -8.53% for
the period, it is still disappointing on an absolute basis. On a relative basis,
our underweight position in the financials sector and our overweight position
and stock selection in the consumer discretionary sector benefited the fund.
This benefit was partially offset by our overweight position in the health care
sector and our exposure to airline stocks.

Four of the top five contributors to fund performance were retailers: Dress
Barn, Amazon.com, CarMax, and Bed Bath & Beyond. Retail stocks have typically
been "early cycle" stocks that tend to outperform the broader market when sales
declines begin to decelerate. In our view, Dress Barn is ideally positioned as a
"recession" destination during times of economic difficulty. Amazon.com and
CarMax both have potentially huge market share growth opportunities in their
respective markets. Bed Bath & Beyond has benefited from the bankruptcy of its
largest competitor. The fifth top contributor was the pharmaceutical company,
Wyeth, which agreed to be acquired by Pfizer in January.

Hurting our performance were Medtronic and Novartis, two of the fund's largest
holdings which underperformed the market during the period. Southwest Airlines
also detracted from the fund's performance; in addition to a slowdown in airline
traffic, the company incurred significant losses on its hedges as fuel prices
declined.

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

The top 10 holdings, which collectively represent 30.2% of the portfolio at the
period end, are listed below:

PRIMECAP ODYSSEY STOCK FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/09 TOTAL PORTFOLIO*
------------------------------------------------------------------
Eli Lilly & Co. 4.7
Medtronic Inc. 3.4
Roche Holding AG 3.4
Novartis AG (ADS) 3.1
Amgen Inc. 3.1
Waters Corp. 2.9
Biogen Idec Inc. 2.7
GlaxoSmithKline PLC (ADS) 2.5
Marsh & McLennan Cos. 2.3
Monsanto Co. 2.1
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TOTAL % OF PORTFOLIO 30.2%
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* The percentage is calculated by using the ending market value
of the security divided by the total investments of the fund.

PRIMECAP ODYSSEY GROWTH FUND

From October 31, 2008 to April 30, 2009, the Growth Fund's total return was
+0.16%, compared with the S&P 500's total return of -8.53% and the Russell 1000
Growth Index's total return of -1.52% for the period. Our positioning in two
sectors, information technology and financials, helped the Growth Fund on a
relative basis. We were very overweight in the information technology sector,
which was up 5.61% and was the best performing sector within the S&P 500. We
were very underweight in the financials sector, which declined 29.13% and was
the worst performing sector within the S&P 500. Our stock selection in the
information technology and consumer discretionary sectors further helped
performance. While the biggest contributor to fund performance was Oceaneering
International, a provider of engineered products and services to the offshore
oil and gas industry, the other top contributors included technology companies
Nuance Communications, Rambus Inc., and Cree Inc., as well as retailers Dress
Barn, CarMax, and Amazon.com.

The Growth Fund was hurt by our overweight position and poor stock selection in
the health care sector, as well as by our positions in airline stocks.
Medtronic, Novartis, and Amgen, all significant holdings, were three of the five
largest detractors from performance. Medtronic, a medical device manufacturer,
was down 20% for the period. Novartis, a leader in global pharmaceuticals,
dropped 23%, while Amgen, one of the top contributors to performance during the
previous fiscal year, declined 19% during the period. The other two top
detractors were Southwest Airlines, off 41%, and AMR Corp., down 53%.

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

The top 10 holdings, which collectively represent 26.8% of the portfolio at the
period end, are listed below:

PRIMECAP ODYSSEY GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/09 TOTAL PORTFOLIO*
------------------------------------------------------------------
Eli Lilly & Co. 4.0
Google Inc. (Cl A) 3.2
Conceptus Inc. 3.0
Roche Holding AG 2.9
Amgen Inc. 2.6
Medtronic Inc. 2.5
C.H. Robinson Worldwide Inc. 2.4
EMC Corp. 2.1
Novartis AG (ADS) 2.1
FormFactor Inc. 2.0
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TOTAL % OF PORTFOLIO 26.8%
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* The percentage is calculated by using the ending market value
of the security divided by the total investments of the fund.

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND

From October 31, 2008 to April 30, 2009, the Aggressive Growth Fund's total
return was +4.76%. This compares to the S&P 500's total return of -8.53% and the
Russell Midcap Growth Index's total return of +2.71.%. Our underweight position
in the financials sector and our overweight position in the information
technology sector helped performance on a relative basis, but this benefit was
offset somewhat by our stock selection in the health care sector.

American Italian Pasta and Dendreon Corp. were two of the largest individual
contributors for the period. American Italian Pasta continued its recovery from
an earlier decline related to poor financial controls. New management has
brought stability and growth back to one of the premier producers of dried
pastas. The company's stock posted a total return of +147% for the period.
Dendreon Corp. released the results of a clinical study that showed that its
drug Provenge extended the lives of patients with advanced prostate cancer.
Dendreon's stock was up 331%.

On the negative side, other health care stocks were major detractors from
performance. Abiomed, which had been one of the largest positive contributors to
performance in the previous fiscal year, was down 54%. Medarex, BioMarin
Pharmaceuticals, and Conceptus all declined considerably more than the S&P 500
Index and the Russell Midcap Growth Index.

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

The top 10 holdings, which collectively represent 37.5% of the portfolio at the
period end, are listed below:

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND ENDING % OF
TOP 10 HOLDINGS AS OF 4/30/09 TOTAL PORTFOLIO*
------------------------------------------------------------------------
American Italian Pasta Co. (Cl A) 9.2
Conceptus Inc. 4.0
Medarex Inc. 4.0
Roche Holding AG 3.9
FormFactor Inc. 3.4
Cepheid 3.4
Google Inc. (Cl A) 2.7
ASML Holding N.V. 2.4
MarketAxess Holdings Inc. 2.3
Altera Corp. 2.2
------------------------------------------------------------------------
TOTAL % OF PORTFOLIO 37.5%
------------------------------------------------------------------------

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

OUTLOOK FOR THE NEXT FISCAL YEAR

The outlook for the second half of fiscal 2009 remains uncertain. The economy is
mired in what will likely be the most severe and prolonged recession since the
Great Depression. Unemployment has continued to mount. Consumer spending has
remained weak. Home prices may continue to decline across the nation. The
financial system remains stressed, despite signs of improvement in the
short-term funding markets. Banks and other financial institutions have
continued to experience increasing credit losses from loans and securities that
were originated during an extended period of underpriced risk and excessive
leverage. The government has expanded its involvement in our financial
institutions and private industry through a myriad of programs and initiatives,
the potential long-term impact and unintended consequences of which are unclear.
We believe that, over time, scarce economic resources such as capital and labor
are better allocated by free markets than by regulations and other government
involvement.

In our last annual letter, we discussed several reasons to be constructive
despite the many obstacles facing the economy. In particular, the massive
decline in the stock market appeared to have anticipated the worsening economic
conditions ahead. This remained the case through early March 2009, at which
point the market, as measured by the S&P 500 Index, had declined 30% since
October 2008 and 57% from its high in October 2007. Since then, the S&P 500 has
rebounded sharply on signs that the economy may be stabilizing or at least
declining less rapidly than before. Still, as we write this letter, the S&P 500
has declined more than 40% from its high in October 2007. Our analysis indicates
that valuations for many high quality companies remain attractive, if not as
compelling as they were two months ago.

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

Looking forward, we believe there are still attractive investment opportunities
in U.S. equities despite the recent rally and the likely difficult economic
environment ahead. Even in the most challenging markets, we believe that
companies that evolve more favorably than expectations should prove to be good
investments. In our assessment, most of the holdings in PRIMECAP Odyssey Funds
are companies with innovative products, sustainable competitive advantages,
expanding markets, strong balance sheets, and low valuations. We will continue
to evaluate those that may no longer possess these characteristics and seek to
find additional companies that do.

We appreciate the trust you have placed in us, and we remain committed to
working diligently to maintain that trust.

Sincerely,

PRIMECAP Management Company

- --------------------------------------------------------------------------------

THE FUNDS INVEST IN SMALLER COMPANIES, WHICH INVOLVE 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.

CURRENT AND FUTURE PORTFOLIO HOLDINGS ARE SUBJECT TO RISK.

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 GROWTH INDEX is an index that measures the performance
of those Russell 1000 companies (the large-cap segment of the U.S. equity
universe) with higher price-to-book ratios and higher forecasted growth values.
THE RUSSELL MID CAP GROWTH INDEX measures the performance of those Russell Mid
Cap companies (the mid-cap segment of the U.S. equity universe) with higher
price-to-book ratios and higher forecasted growth values. These indices do not
incur expenses and are not available for investment.

PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.

THE INFORMATION PROVIDED HEREIN REPRESENTS THE OPINIONS OF PRIMECAP MANAGEMENT
COMPANY AND IS NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF
FUTURE RESULTS, OR INVESTMENT ADVICE.

(06/09)

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

[GRAPHIC] PERFORMANCE GRAPHS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------

The following chart compares the value of a hypothetical $10,000 investment in
the PRIMECAP Odyssey Stock Fund from November 1, 2004 (inception) to April 30,
2009, 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.

[The following table was represented as a line chart in the printed material.]

PRIMECAP ODYSSEY
STOCK FUND S&P 500 INDEX
- --------------------------------------------------------------------------------
11/1/2004 8,000 11/1/2004
11/1/2004 8,000 11/1/2004 $10,000 $10,000
1/31/2005 8,000 1/31/2005 $10,610 $10,493
4/30/2005 8,000 4/30/2005 $10,490 $10,324
7/31/2005 8,000 7/31/2005 $11,530 $11,064
10/31/2005 8,000 10/31/2005 $11,480 $10,868
1/31/2006 8,000 1/31/2006 $12,767 $11,581
4/30/2006 8,000 4/30/2006 $13,047 $11,914
7/31/2006 8,000 7/31/2006 $12,496 $11,658
10/31/2006 8,000 10/31/2006 $13,487 $12,643
1/31/2007 8,000 1/31/2007 $14,158 $13,261
4/30/2007 8,000 1/31/2007 $14,632 $13,729
7/31/2007 8,000 7/31/2007 $14,673 $13,539
10/31/2007 8,000 10/31/2007 $15,359 $14,483
1/31/2008 8,000 1/31/2008 $13,769 $12,955
4/30/2008 8,000 4/30/2008 $13,799 $13,088
7/31/2008 8,000 7/31/2008 $13,544 $12,038
10/31/2008 8,000 10/31/2008 $10,332 $9,256
1/31/2009 8,000 1/31/2009 $9,116 $7,950
4/30/2009 8,000 4/30/2009 $10,095 $8,465

TOTAL RETURN
PERIOD ENDED APRIL 30, 2009
------------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
----------- ----------------
PRIMECAP Odyssey Stock Fund -26.84% 0.21%
S&P 500 Index* -35.31% -3.63%

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,
2009, 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.

[The following table was represented as a line chart in the printed material.]

PRIMECAP ODYSSEY
GROWTH FUND S&P 500 INDEX
- --------------------------------------------------------------------------------
11/1/2004 8,000 11/1/2004 $10,000 $10,000
1/31/2005 8,000 1/31/2005 $10,550 $10,493
4/30/2005 8,000 4/30/2005 $10,450 $10,324
7/31/2005 8,000 7/31/2005 $11,540 $11,064
10/31/2005 8,000 10/31/2005 $11,620 $10,868
1/31/2006 8,000 1/31/2006 $12,908 $11,581
4/30/2006 8,000 4/30/2006 $13,208 $11,914
7/31/2006 8,000 7/31/2006 $12,688 $11,658
10/31/2006 8,000 10/31/2006 $13,769 $12,643
1/31/2007 8,000 1/31/2007 $14,420 $13,261
4/30/2007 8,000 4/30/2007 $14,845 $13,729
7/31/2007 8,000 7/31/2007 $14,764 $13,539
10/31/2007 8,000 10/31/2007 $15,898 $14,483
1/31/2008 8,000 1/31/2008 $13,807 $12,955
4/30/2008 8,000 4/30/2008 $13,919 $13,088
7/31/2008 8,000 7/31/2008 $13,359 $12,038
10/31/2008 8,000 10/31/2008 $10,246 $9,256
1/31/2009 8,000 1/31/2009 $9,200 $7,950
4/30/2009 8,000 4/30/2009 $10,262 $8,465

TOTAL RETURN
PERIOD ENDED APRIL 30, 2009
----------------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------------- ------------------
PRIMECAP Odyssey Growth Fund -26.27% 0.58%
S&P 500 Index* -35.31% -3.63%

- -------------
* 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, 2009, 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.

[The following table was represented as a line chart in the printed material.]

PRIMECAP ODYSSEY
AGGRESSIVE GROWTH FUND S&P 500 INDEX
- --------------------------------------------------------------------------------
11/1/2004 8,000 11/1/2004 $10,000 $10,000
1/31/2005 8,000 1/31/2005 $10,500 $10,493
4/30/2005 8,000 4/30/2005 $9,890 $10,324
7/31/2005 8,000 7/31/2005 $11,220 $11,064
10/31/2005 8,000 10/31/2005 $11,240 $10,868
1/31/2006 8,000 1/31/2006 $12,790 $11,581
4/30/2006 8,000 4/30/2006 $13,110 $11,914
7/31/2006 8,000 7/31/2006 $12,310 $11,658
10/31/2006 8,000 10/31/2006 $13,920 $12,643
1/31/2007 8,000 1/31/2007 $14,915 $13,261
4/30/2007 8,000 4/30/2007 $15,280 $13,729
7/31/2007 8,000 7/31/2007 $14,915 $13,539
10/31/2007 8,000 10/31/2007 $16,253 $14,483
1/31/2008 8,000 1/31/2008 $13,205 $12,955
4/30/2008 8,000 4/30/2008 $13,134 $13,088
7/31/2008 8,000 7/31/2008 $12,685 $12,038
10/31/2008 8,000 10/31/2008 $9,654 $9,256
1/31/2009 8,000 1/31/2009 $9,174 $7,950
4/30/2009 8,000 4/30/2009 $10,113 $8,465

TOTAL RETURN
PERIOD ENDED APRIL 30, 2009
----------------------------------
ANNUALIZED
SINCE INCEPTION
1 YEAR (11/01/04)
------------- ------------------

PRIMECAP Odyssey Aggressive Growth Fund -23.00% 0.25%
S&P 500 Index* -35.31% -3.63%

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

[GRAPHIC] EXPENSE EXAMPLE
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, 2008 to
April 30, 2009.

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 (10/31/08 TO (10/31/08 TO
(10/31/08) (04/30/09) (04/30/09) 04/30/09)
- -----------------------------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND
Actual Performance $1,000.00 $ 977.10 $4.03 0.82%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,020.72 $4.12 0.82%
- -----------------------------------------------------------------------------------------
PRIMECAP ODYSSEY GROWTH FUND
Actual Performance $1,000.00 $1,001.60 $3.65 0.74%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,021.14 $3.69 0.74%
- -----------------------------------------------------------------------------------------
PRIMECAP ODYSSEY
AGGRESSIVE GROWTH FUND
Actual Performance $1,000.00 $1,047.60 $4.17 0.82%
Hypothetical Performance
(5% return before expenses) $1,000.00 $1,020.72 $4.12 0.82%
- -----------------------------------------------------------------------------------------

- ------------
* Expenses are equal to a fund's annualized expense ratio as indicated ,
multiplied by the average account value over the period, multiplied by the
number of days in the most recent fiscal half-year period (181), then
divided by the number of days in the fiscal year (365) to reflect the
one-half year period.

[GRAPHIC] SECTOR BREAKDOWN
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------

PRIMECAP ODYSSEY STOCK FUND
-------------------------------------------------------
Consumer Discretionary 16.1%
Consumer Staples 0.8%
Energy 5.5%
Financials 4.9%
Health Care 30.3%
Industrials 13.3%
Information Technology 19.1%
Materials 7.1%
Telecommunications Services 0.3%
Utilities 0.6%
Short Term Investments and Other Net Assets 2.0%
-------------------------------------------------------
TOTAL 100.0%
-------------------------------------------------------

PRIMECAP ODYSSEY GROWTH FUND
-------------------------------------------------------
Consumer Discretionary 11.4%
Consumer Staples 0.2%
Energy 5.7%
Financials 3.7%
Health Care 32.1%
Industrials 9.9%
Information Technology 32.4%
Materials 1.2%
Telecommunications Services 0.3%
Short Term Investments and Other Net Assets 3.1%
-------------------------------------------------------
TOTAL 100.0%
-------------------------------------------------------

The tables above list sector allocations as a percentage of each fund's total
net assets as of April 30, 2009. 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
- --------------------------------------------------------------------------------
(CONTINUED)

PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
-------------------------------------------------------
Consumer Discretionary 5.0%
Consumer Staples 9.2%
Energy 3.4%
Financials 2.3%
Health Care 32.8%
Industrials 5.1%
Information Technology 35.8%
Telecommunications Services 0.5%
Short Term Investments and Other Net Assets 5.9%
-------------------------------------------------------
TOTAL 100.0%
-------------------------------------------------------

The table above lists sector allocations as a percentage of the fund's total net
assets as of April 30, 2009. The management report makes reference to average
allocations during the period. As a result, the sector allocations above may
differ from those discussed in the management report.

[GRAPHIC] SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 98.0%

CONSUMER DISCRETIONARY: 16.1%
40,500 Amazon.com, Inc. (a) .............................. $ 3,261,060
99,700 Bed Bath & Beyond, Inc. (a) .. .................... 3,032,874
247,300 CarMax, Inc. (a) .................................. 3,155,548
149,500 Collective Brands, Inc. (a) .. .................... 2,170,740
62,900 DIRECTV Group, Inc. (The) (a) ..................... 1,555,517
220,000 Dress Barn, Inc. (a) .............................. 3,330,800
34,200 Kohl's Corp. (a) .................................. 1,550,970
70,000 Mattel, Inc. ...................................... 1,047,200
8,100 Men's Wearhouse, Inc. ............................. 150,984
60,300 Sony Corp. - ADR .................................. 1,559,358
93,050 TJX Cos, Inc. ..................................... 2,602,608
52,000 Walt Disney Co. (The) ............................. 1,138,800
62,000 Whirlpool Corp. ................................... 2,799,920
------------
27,356,379
------------
CONSUMER STAPLES: 0.8%
115 American Italian Pasta Co. (a) .................... 3,616
20,000 Procter & Gamble Co. .............................. 988,800
16,000 Sysco Corp. ....................................... 373,280
------------
1,365,696
------------
ENERGY: 5.5%
14,000 ConocoPhillips .................................... 574,000
20,000 EnCana Corp. ...................................... 914,600
42,900 EOG Resources, Inc. ............................... 2,723,292
37,400 National Oilwell Varco, Inc. (a) .................. 1,132,472
81,800 Plains Exploration & Production Co. ............... 1,543,566
48,434 Schlumberger Ltd. ................................. 2,372,782
------------
9,260,712
------------
FINANCIALS: 4.9%
800 Berkshire Hathaway, Inc. - Class B ................ 2,452,000
30,000 Chubb Corp. ....................................... 1,168,500
103,900 Discover Financial Services .. .................... 844,707
183,150 Marsh & McLennan Cos, Inc. ........................ 3,862,633
------------
8,327,840
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED) (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
HEALTH CARE: 30.3%
80,500 Affymetrix, Inc. (a) .............................. $ 377,545
107,900 Amgen, Inc. (a) ................................... 5,229,913
96,300 Biogen Idec, Inc. (a) ............................. 4,655,142
318,800 Boston Scientific Corp. (a) .. .................... 2,681,108
240,800 Eli Lilly & Co. ................................... 7,927,136
136,500 GlaxoSmithKline PLC - ADR ......................... 4,198,740
25,000 Johnson & Johnson ................................. 1,309,000
181,400 Medtronic, Inc. ................................... 5,804,800
138,150 Novartis AG - ADR ................................. 5,237,266
45,700 Roche Holding AG - CHF ............................ 5,785,824
39,000 Sanofi-Aventis - ADR .............................. 1,120,080
110,000 Waters Corp. (a) .................................. 4,858,700
49,700 Wyeth ............................................. 2,107,280
------------
51,292,534
------------
INDUSTRIALS: 13.3%
23,800 Alaska Air Group, Inc. (a) ........................ 399,364
50,000 Alexander & Baldwin, Inc. ......................... 1,332,000
248,500 AMR Corp. (a) ..................................... 1,182,860
80,400 Boeing Co. ........................................ 3,220,020
23,600 Caterpillar, Inc. ................................. 839,688
6,500 Deere & Co. ....................................... 268,190
15,500 FedEx Corp. ....................................... 867,380
94,300 Honeywell International, Inc. ..................... 2,943,103
26,200 JetBlue Airways Corp. (a) ......................... 129,166
85,100 McDermott International, Inc. (a) ................. 1,373,514
5,200 Norfolk Southern Corp. ............................ 185,536
29,800 Pall Corp. ........................................ 787,018
55,000 Rockwell Automation, Inc. ......................... 1,737,450
404,700 Southwest Airlines Co. ............................ 2,824,806
1,900 Thomas & Betts Corp. (a) .......................... 59,128
20,000 Union Pacific Corp. ............................... 982,800
66,600 United Parcel Service, Inc. .. .................... 3,485,844
------------
22,617,867
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED) (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY: 19.1%
20,650 Accenture Ltd. - Class A .......................... $ 607,730
140,100 Applied Materials, Inc. ........................... 1,710,621
70,321 ASML Holding N.V. - ADR ........................... 1,487,289
55,000 Corning, Inc. ..................................... 804,100
263,500 EMC Corp. (a) ..................................... 3,301,655
2,300 Google, Inc. (a) .................................. 910,731
30,000 Hewlett-Packard Co. ............................... 1,079,400
80,000 Intel Corp. ....................................... 1,262,400
49,100 Intersil Corp. .................................... 569,560
57,300 Intuit, Inc. (a) .................................. 1,325,349
54,900 KLA-Tencor Corp. .................................. 1,522,926
228,000 L.M. Ericsson Telephone Co. - ADR ................. 1,944,840
135,700 Microsoft Corp. ................................... 2,749,282
120,000 Motorola, Inc. .................................... 663,600
76,400 NeuStar, Inc. - Class A (a) .. .................... 1,452,364
62,700 NVIDIA Corp. (a) .................................. 719,796
90,700 Oracle Corp. (a) .................................. 1,754,138
31,000 Research In Motion Ltd. (a) .. .................... 2,154,500
124,200 Symantec Corp. (a) ................................ 2,142,450
160,600 Texas Instruments, Inc. ........................... 2,900,436
47,700 Xilinx, Inc. ...................................... 974,988
25,000 Yahoo!, Inc. (a) .................................. 357,250
------------
32,395,405
------------
MATERIALS: 7.1%
107,100 Domtar Corp. (a) .................................. 194,922
22,900 Freeport-McMoRan Copper & Gold, Inc ............... 976,685
50,000 International Paper Co. ........................... 633,000
41,700 Monsanto Co. ...................................... 3,539,913
30,000 Newmont Mining Corp. .............................. 1,207,200
19,900 Potash Corp. of Saskatchewan ...................... 1,721,151
8,250 Praxair, Inc. ..................................... 615,533
20,000 Vulcan Materials Co. .............................. 951,000
62,700 Weyerhaeuser Co. .................................. 2,210,802
------------
12,050,206
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY STOCK FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED) (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
Telecommunications Services: 0.3%
114,750 Sprint Nextel Corp. (a) ........................... $ 500,310
------------
Utilities: 0.6%
20,000 FPL Group, Inc. ................................... 1,075,800
------------
TOTAL COMMON STOCKS
(Cost $195,136,784) .......................................... $166,242,749
------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 1.9%
$3,147,489 Dreyfus Treasury Prime Cash Management ............ $ 3,147,489
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $3,147,489) ............................................ 3,147,489
------------
TOTAL INVESTMENTS
(Cost $198,284,273): 99.9% ................................... 169,390,238
Other Assets in Excess of Liabilities: 0.1% .................... 175,987
------------
TOTAL NET ASSETS: 100.0% ....................................... $169,566,225
============

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

[GRAPHIC] SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED)

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 96.9%
CONSUMER DISCRETIONARY: 11.4%
250,000 99 Cents Only Stores (a) .......................... $ 2,685,000
63,000 Amazon.com, Inc. (a) .............................. 5,072,760
206,800 Bed Bath & Beyond, Inc. (a) ....................... 6,290,856
700,000 CarMax, Inc. (a) .................................. 8,932,000
40,000 Carnival Corp. .................................... 1,075,200
74,500 DIRECTV Group, Inc. (The) (a) ..................... 1,842,385
342,800 Dress Barn, Inc. (a) .............................. 5,189,992
228,500 Gentex Corp. ...................................... 3,055,045
53,550 Kohl's Corp. (a) .................................. 2,428,492
180,000 Mattel, Inc. ...................................... 2,692,800
343,800 Quiksilver, Inc. (a) .............................. 567,270
308,000 Sony Corp. - ADR .................................. 7,964,880
128,250 TJX Cos, Inc. ..................................... 3,587,153
------------
51,383,833
------------
CONSUMER STAPLES: 0.2%
20,800 Procter & Gamble Co. .............................. 1,028,352
------------
ENERGY: 5.7%
20,000 ConocoPhillips .................................... 820,000
50,000 EnCana Corp. ...................................... 2,286,500
100,000 EOG Resources, Inc. ............................... 6,348,000
100,000 National Oilwell Varco, Inc. (a) .................. 3,028,000
170,000 Oceaneering International, Inc. (a) ............... 7,746,900
111,300 Schlumberger Ltd. ................................. 5,452,587
------------
25,681,987
------------
FINANCIALS: 3.7%
29,000 Bank of New York Mellon Corp. (The) ............... 738,920
1,724 Berkshire Hathaway, Inc. - Class B (a) ............ 5,284,060
40,000 Chubb Corp. ....................................... 1,558,000
50,000 Hanmi Financial Corp. ............................. 77,500
344,050 Marsh & McLennan Cos, Inc. ........................ 7,256,015
120,000 Progressive Corp. (The) (a) ....................... 1,833,600
------------
16,748,095
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED) (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
HEALTH CARE: 32.1%
350,000 Abiomed, Inc. (a) ................................. $ 2,334,500
512,600 Accuray, Inc. (a) ................................. 3,101,230
275,500 Affymetrix, Inc. (a) .............................. 1,292,095
245,000 Amgen, Inc. (a) ................................... 11,875,150
149,700 Biogen Idec, Inc. (a) ............................. 7,236,498
274,900 BioMarin Pharmaceuticals, Inc. (a) ................ 3,535,214
432,000 Boston Scientific Corp. (a) ....................... 3,633,120
58,000 Cepheid, Inc. (a) ................................. 562,600
126,000 Cerner Corp. (a) .................................. 6,778,800
69,900 Charles River Laboratories International, Inc. (a) 1,932,735
1,016,000 Conceptus, Inc. (a) ............................... 13,756,640
548,200 Eli Lilly & Co. ................................... 18,046,744
172,200 GlaxoSmithKline PLC - ADR ......................... 5,296,872
170,000 Illumina, Inc. (a) ................................ 6,349,500
39,500 Johnson & Johnson ................................. 2,068,220
180,000 Kinetic Concepts, Inc. (a) ........................ 4,456,800
1,335,000 Medarex, Inc. (a) ................................. 7,903,200
349,300 Medtronic, Inc. ................................... 11,177,600
288,100 Micrus Endovascular Corp. (a) ..................... 1,993,652
251,300 Novartis AG - ADR ................................. 9,526,783
114,300 OraSure Technologies, Inc. (a) .................... 413,766
101,900 Roche Holding AG - CHF ............................ 12,900,994
136,200 SurModics, Inc. (a) ............................... 2,955,540
139,000 Waters Corp. (a) .................................. 6,139,630
------------
145,267,883
------------
INDUSTRIALS: 9.9%
645,400 AMR Corp. (a) ..................................... 3,072,104
200,000 C. H. Robinson Worldwide, Inc. .................... 10,632,000
134,400 Caterpillar, Inc. ................................. 4,781,952
123,800 Expeditors International Washington, Inc. ......... 4,297,098
49,500 FedEx Corp. ....................................... 2,770,020
282,750 JetBlue Airways Corp. (a) ......................... 1,393,958
133,300 McDermott International, Inc. (a) ................. 2,151,462
65,800 Pall Corp. ........................................ 1,737,778
29,300 Rockwell Automation, Inc. ......................... 925,587
1,062,900 Southwest Airlines Co. ............................ 7,419,042
108,700 United Parcel Service, Inc. ....................... 5,689,358
------------
44,870,359
------------

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED) (CONTINUED)

INFORMATION TECHNOLOGY: 32.4%
56,450 Accenture Ltd. - Class A .......................... $ 1,661,323
78,200 Adobe Systems, Inc. (a) ........................... 2,138,770
133,300 Akamai Technologies, Inc. (a) ..................... 2,935,266
307,600 Altera Corp. ...................................... 5,016,956
279,700 Applied Materials, Inc. ........................... 3,415,137
277,744 ASML Holding N.V. - ADR ........................... 5,874,286
198,000 Avid Technology, Inc. (a) ......................... 2,191,860
134,300 Avocent Corp. (a) ................................. 1,939,292
100,000 Brocade Communications Sys, Inc. (a) .............. 578,000
30,000 Cisco Systems, Inc. (a) ........................... 579,600
195,000 Corning, Inc. ..................................... 2,850,900
194,700 Cree, Inc. (a) .................................... 5,332,833
37,000 Cymer, Inc. (a) ................................... 1,051,170
765,600 EMC Corp. (a) ..................................... 9,592,968
1,180,000 Flextronics International Ltd. (a) ................ 4,578,400
529,700 FormFactor, Inc. (a) .............................. 9,232,671
36,300 Google, Inc. - Class A (a) ........................ 14,373,711
40,000 Hewlett-Packard Co. ............................... 1,439,200
180,000 Intel Corp. ....................................... 2,840,400
152,400 Intersil Corp. - Class A .......................... 1,767,840
282,800 Intuit, Inc. (a) .................................. 6,541,164
85,000 KLA-Tencor Corp. .................................. 2,357,900
580,000 L.M. Ericsson Telephone Co. - ADR ................. 4,947,400
49,000 McAfee, Inc. (a) .................................. 1,839,460
42,000 Micron Technology, Inc. (a) ....................... 204,960
235,600 Microsoft Corp. ................................... 4,773,256
200,000 Motorola, Inc. .................................... 1,106,000
190,700 NeuStar, Inc. - Class A (a) ....................... 3,625,207
360,000 Nuance Communications, Inc. (a) ................... 4,806,000
200,000 NVIDIA Corp. (a) .................................. 2,296,000
224,900 Oracle Corp. (a) .................................. 4,349,566
49,000 QUALCOMM, Inc. .................................... 2,073,680
379,800 Rambus, Inc. (a) .................................. 4,550,004
71,650 Research In Motion Ltd. (a) ....................... 4,979,675
151,800 SanDisk Corp. (a) ................................. 2,386,296
171,400 Stratasys, Inc. (a) ............................... 1,604,304

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (CONTINUED)
280,500 Symantec Corp. (a) ................................ $ 4,838,625
290,000 Texas Instruments, Inc. ........................... 5,237,400
22,900 Trimble Navigation Ltd. (a) ....................... 490,976
155,000 Xilinx, Inc. ...................................... 3,168,200
63,500 Yahoo!, Inc. (a) .................................. 907,415
------------
146,474,071
------------
MATERIALS: 1.2%
29,500 Monsanto Co. ...................................... 2,504,255
36,600 Praxair, Inc. ..................................... 2,730,726
------------
5,234,981
------------
TELECOMMUNICATIONS SERVICES: 0.3%
284,550 Sprint Nextel Corp. (a) ........................... 1,240,638
------------
TOTAL COMMON STOCKS
(Cost $560,246,658) .......................................... $437,930,199
------------

Principal
Amount
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 3.1%
$14,179,800 Dreyfus Treasury Prime Cash Management ............ $ 14,179,800
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $14,179,800) ........................................... 14,179,800
------------
TOTAL INVESTMENTS
(Cost $574,426,458): 100.0% .................................. 452,109,999
Liabilities in Excess of Other Assets: 0.0% .................... (167,195)
------------
TOTAL NET ASSETS: 100.0% ....................................... $451,942,804
============

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

[GRAPHIC] SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
APRIL 30, 2009 - (UNAUDITED)
--------------------------------------------------------------------

Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS: 94.2%
CONSUMER DISCRETIONARY: 5.0%
63,000 Amazon.com, Inc. (a) .............................. $ 5,072,760
273,400 CarMax, Inc. (a) .................................. 3,488,584
74,400 DIRECTV Group, Inc. (The) (a) ..................... 1,839,912
140,000 Gentex Corp. ...................................... 1,871,800
229,000 Quiksilver, Inc. (a) .............................. 377,850
------------
12,650,906
------------
CONSUMER STAPLES: 9.2%
736,999 American Italian Pasta Co. - Class A (a) .......... 23,171,249
------------
ENERGY: 3.4%
30,000 EOG Resources, Inc. ............................... 1,904,400
60,000 National Oilwell Varco, Inc. (a) .................. 1,816,800
74,000 Oceaneering International, Inc. (a) ............... 3,372,180
34,000 Range Resources Corp. ............................. 1,358,980
------------
8,452,360
------------
FINANCIAL: 2.3%
49,400 Hanmi Financial Corp. ............................. 76,570
605,820 MarketAxess Holdings, Inc. (a) .................... 5,809,814
------------
5,886,384
------------
HEALTH CARE: 32.8%
754,673 Abiomed, Inc. (a) ................................. 5,033,669
290,000 Accuray, Inc. (a) ................................. 1,754,500
222,000 Affymetrix, Inc. (a) .............................. 1,041,180
65,000 Biogen Idec, Inc. (a) ............................. 3,142,100
350,300 BioMarin Pharmaceuticals, Inc. (a) ................ 4,504,858
650,700 Boston Scientific Corp. (a) ....................... 5,472,387
591,693 Cardica, Inc. (a) ................................. 1,567,986
877,800 Cepheid, Inc. (a) ................................. 8,514,660
50,900 Charles River Laboratories International, Inc. (a) 1,407,385
749,550 Conceptus, Inc. (a) ............................... 10,148,907
192,000 Dendreon Corp. (a) ................................ 4,070,400
1,250,000 Dyax Corp. (a) .................................... 2,450,000
60,000 ev3, Inc. (a) ..................................... 501,600
198,500 Kinetic Concepts, Inc. (a) ........................ 4,914,860

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
1,677,400 Medarex, Inc. (a) ................................. $ 9,930,208
315,000 Micrus Endovascular Corp. (a) ..................... 2,179,800
452,600 OraSure Technologies, Inc. (a) .................... 1,638,412
954,835 Pharmacyclics, Inc. (a) ........................... 1,193,544
76,300 Roche Holding AG - CHF ............................ 9,659,920
41,450 Sepracor, Inc. (a) ................................ 589,005
116,000 SurModics, Inc. (a) ............................... 2,517,200
------------
82,232,581
------------
INDUSTRIALS: 5.1%
110,000 Alaska Air Group, Inc. (a) ........................ 1,845,800
511,100 AMR Corp. (a) ..................................... 2,432,836
50,000 C. H. Robinson Worldwide, Inc. .................... 2,658,000
243,825 JetBlue Airways Corp. (a) ......................... 1,202,057
53,000 Monster Worldwide, Inc. (a) ....................... 731,400
52,600 Pall Corp. ........................................ 1,389,166
246,300 Southwest Airlines Co. ............................ 1,719,174
90,000 US Airways Group, Inc. (a) ........................ 341,100
60,000 Vitran Corp, Inc. (a) ............................. 408,000
------------
12,727,533
------------
INFORMATION TECHNOLOGY: 35.8%
160,000 Akamai Technologies, Inc. (a) ..................... 3,523,200
340,000 Altera Corp. ...................................... 5,545,400
283,288 ASML Holding N.V. - ADR ........................... 5,991,541
155,000 Avid Technology, Inc. (a) ......................... 1,715,850
205,000 Avocent Corp. (a) ................................. 2,960,200
375,000 Brocade Communications Sys, Inc. (a) .............. 2,167,500
145,600 Cree, Inc. (a) .................................... 3,987,984
96,500 Cymer, Inc. (a) ................................... 2,741,565
110,000 eBay, Inc. (a) .................................... 1,811,700
180,000 EMC Corp. (a) ..................................... 2,255,400
170,000 FARO Technologies, Inc. (a) ....................... 2,577,200
493,800 FormFactor, Inc. (a) .............................. 8,606,934
17,100 Google, Inc. (a) .................................. 6,771,087
400,000 Guidance Software, Inc. (a) ....................... 1,472,000
93,800 Intermec, Inc. (a) ................................ 1,133,104

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

SCHEDULE OF INVESTMENTS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED), (CONTINUED)

Shares Value
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (CONTINUED)
200,000 Intuit, Inc. (a) .................................. $ 4,626,000
165,300 KLA-Tencor Corp. .................................. 4,585,422
57,500 McAfee, Inc. (a) .................................. 2,158,550
40,000 Micron Technology, Inc. (a) ....................... 195,200
149,200 NeuStar, Inc. - Class A (a) ....................... 2,836,292
240,000 Nuance Communications, Inc. (a) ................... 3,204,000
186,550 NVIDIA Corp. (a) .................................. 2,141,594
296,800 Rambus, Inc. (a) .................................. 3,555,664
46,900 Research In Motion Ltd. (a) ....................... 3,259,550
96,700 SanDisk Corp. (a) ................................. 1,520,124
214,300 SonicWALL, Inc. (a) ............................... 1,163,649
262,400 Stratasys, Inc. (a) ............................... 2,456,064
180,900 Symantec Corp. (a) ................................ 3,120,525
32,000 Trimble Navigation Ltd. (a) ....................... 686,080
75,000 Yahoo!, Inc. (a) .................................. 1,071,750
------------
89,841,129
------------
TELECOMMUNICATIONS SERVICES: 0.5%
296,700 Sprint Nextel Corp. (a) ........................... 1,293,612
------------
TOTAL COMMON STOCKS
(Cost $304,725,469) .......................................... $236,255,754
------------

Principal
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.9%
$14,708,949 Dreyfus Treasury Prime Cash Management ............ $ 14,708,949
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $14,708,949) ........................................... 14,708,949
------------
TOTAL INVESTMENTS
(Cost $319,434,418): 100.0% .................................. 250,964,703
Liabilities in Excess of Other Assets: 0.0% .................... (121,066)
------------
TOTAL NET ASSETS: 100.0% ....................................... $250,843,637
============

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

[GRAPHIC] STATEMENTS OF ASSETS AND LIABILITIES
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------
APRIL 30, 2009 - (UNAUDITED)

PRIMECAP PRIMECAP PRIMECAP
Odyssey Odyssey Odyssey Aggressive
Stock Fund Growth Fund Growth Fund
------------- ------------- -------------

ASSETS
Investments, at cost .................... $ 198,284,273 $ 574,426,458 $ 319,434,418
============= ============= =============
Investments, at value ................... $ 169,390,238 $ 452,109,999 $ 250,964,703
Cash .................................... 35,265 89,710 --
Receivables:
Securities sold -- -- 26,531
Dividends and interest ................ 277,040 395,592 125,604
Fund shares sold ...................... 176,252 783,663 364,291
Prepaid expenses and other assets ....... 30,077 44,339 32,383
------------- ------------- -------------
Total assets .......................... 169,908,872 453,423,303 251,513,512
------------- ------------- -------------
LIABILITIES
Payable for securities purchased ........ -- 310,936 205,527
Payable for fund shares repurchased ..... 27,629 519,359 71,326
Payable to advisor (Note 6) ............. 234,541 549,502 303,873
Other accrued expenses & liabilities .... 80,477 100,702 89,149
------------- ------------- -------------
Total liabilities ..................... 342,647 1,480,499 669,875
------------- ------------- -------------
NET ASSETS ................................ $ 169,566,225 $ 451,942,804 $ 250,843,637
============= ============= =============
Number of shares issued and
outstanding (unlimited shares
authorized, $0.01 par value) ............ 17,307,518 44,977,521 25,313,321
============= ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE .............. $ 9.80 $ 10.05 $ 9.91
============= ============= =============
COMPONENTS OF NET ASSETS
Paid-in capital ......................... $ 231,018,398 $ 600,279,698 $ 342,887,573
Undistributed net investment income ..... 864,869 1,014,623 --
Accumulated net realized loss
on investments ........................ (33,423,007) (27,035,058) (23,574,221)
Accumulated net unrealized
depreciation on investments ........... (28,894,035) (122,316,459) (68,469,715)
------------- ------------- -------------
Net assets .............................. $ 169,566,225 $ 451,942,804 $ 250,843,637
============= ============= =============

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

[GRAPHIC] STATEMENTS OF OPERATIONS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2009 - (UNAUDITED)

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

INVESTMENT INCOME
Income
Dividends (net of foreign taxes
withheld of $92,476, $162,268,
and $47,051, respectively) ........... $ 1,862,699 $ 2,832,134 $ 436,290
Interest income ........................ 8,609 14,368 9,727
------------ ------------ ------------
Total income ......................... 1,871,308 2,846,502 446,017
------------ ------------ ------------
Expenses
Advisory fees .......................... 497,281 1,081,338 607,246
Fund administration and
accounting costs ..................... 50,048 106,880 59,597
Professional fees ...................... 32,968 49,231 38,099
Shareholder servicing fees
and expenses ......................... 62,210 81,785 81,875
Federal and state registration fees .... 15,385 16,305 15,703
Custody fees ........................... 11,998 18,100 11,293
Trustee fees and expenses .............. 14,288 14,616 14,438
Printing and mailing ................... 8,964 16,244 25,386
Other expenses ......................... 13,461 29,943 16,374
------------ ------------ ------------
Total expenses ....................... 706,603 1,414,442 870,011
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ......... 1,164,705 1,432,060 (423,994)
------------ ------------ ------------
CHANGE IN REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized loss on investments ......... (28,498,227) (25,348,249) (20,128,996)
Net unrealized appreciation
on investments ......................... 18,482,643 23,924,164 31,591,178
------------ ------------ ------------
Net realized and unrealized gain
(loss) on investments ................ (10,015,584) (1,424,085) 11,462,182
------------ ------------ ------------
Net increase (decrease) in
net assets resulting from
operations ......................... $ (8,850,879) $ 7,975 $ 11,038,188
============ ============ ============

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

[GRAPHIC] STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY STOCK FUND
--------------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2009(1) OCTOBER 31, 2008
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income ........................................ $ 1,164,705 $ 1,050,452
Net realized loss on investments ............................. (28,498,227) (4,884,429)
Net unrealized appreciation (depreciation) on investments .... 18,482,643 (72,983,012)
------------- -------------
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................................ (8,850,879) (76,816,989)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ........................................ (1,193,169) (1,004,697)
Realized gain on investments ................................. -- (1,730,950)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................ (1,193,169) (2,735,647)
------------- -------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold .................................... 71,082,330 105,717,172
Proceeds from reinvestment of distribution ................... 1,191,178 2,729,618
Cost of shares redeemed ...................................... (79,693,008) (58,327,033)
Redemption fee proceeds ...................................... 58,622 16,796
------------- -------------
NET INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS .... (7,360,878) 50,136,553
------------- -------------
TOTAL DECREASE IN NET ASSETS ............................... (17,404,926) (29,416,083)
NET ASSETS
Beginning of period .......................................... 186,971,151 216,387,234
------------- -------------
End of period (including undistributed net investment
income of $864,869 and $893,333, respectively) ............. $ 169,566,225 $ 186,971,151
============= =============
CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ...................... 18,503,767 14,221,625
------------- -------------
Shares sold ................................................ 7,878,877 8,671,951
Shares issued on reinvestment of distributions ............. 129,476 195,812
Shares repurchased ......................................... (9,204,602) (4,585,621)
------------- -------------
Net increase (decrease) in capital shares ................ (1,196,249) 4,282,142
------------- -------------
Shares Outstanding, end of period ............................ 17,307,518 18,503,767
============= =============

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

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

[GRAPHIC] STATEMENT OF CHANGES IN NET ASSETS
PRIMECAP ODYSSEY GROWTH FUND
--------------------------------------------------------------------

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2009(1) OCTOBER 31, 2008
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income ........................................ $ 1,432,060 $ 1,260,052
Net realized loss on investments ............................. (25,348,249) (1,685,524)
Net unrealized appreciation (depreciation) on investments .... 23,924,164 (210,303,550)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................................ 7,975 (210,729,022)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ........................................ (1,291,445) (1,327,014)
Realized gain on investments ................................. -- (1,320,226)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................ (1,291,445) (2,647,240)
------------- -------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold .................................... 148,574,770 219,128,199
Proceeds from reinvestment of distribution ................... 1,224,200 2,590,543
Cost of shares redeemed ...................................... (108,987,051) (108,029,238)
Redemption fee proceeds ...................................... 34,499 50,321
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ............... 40,846,418 113,739,825
------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS .................... 39,562,948 (99,636,437)
NET ASSETS
Beginning of period .......................................... 412,379,856 512,016,293
------------- -------------
End of period (including undistributed net investment
income of $1,014,623 and $874,008, respectively) ........... $ 451,942,804 $ 412,379,856
============= =============
CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ...................... 40,960,083 32,598,060
------------- -------------
Shares sold ................................................ 16,313,684 16,494,850
Shares issued on reinvestment of distributions ............. 132,203 180,904
Shares repurchased ......................................... (12,428,449) (8,313,731)
------------- -------------
Net increase in capital shares ........................... 4,017,438 8,362,023
------------- -------------
Shares Outstanding, end of period ............................ 44,977,521 40,960,083
============= =============

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

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

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

SIX MONTHS
ENDED YEAR ENDED
APRIL 30, 2009(1) OCTOBER 31, 2008
----------------- ----------------

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment loss ........................................... $ (423,994) $ (1,315,073)
Net realized loss on investments .............................. (20,128,996) (3,398,525)
Net unrealized appreciation (depreciation) on investments ..... 31,591,178 (146,850,322)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................................. 11,038,188 (151,563,920)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
Realized gain on investments .................................. -- (2,095,284)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold ..................................... 51,030,840 95,788,080
Proceeds from reinvestment of distribution .................... -- 2,053,073
Cost of shares repurchased .................................... (36,678,943) (94,028,746)
Redemption fee proceeds ....................................... 25,242 41,578
------------- -------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS ................ 14,377,139 3,853,985
------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ..................... 25,415,327 (149,805,219)
NET ASSETS
Beginning of period ........................................... 225,428,310 375,233,529
------------- -------------
End of period ................................................. $ 250,843,637 $ 225,428,310
============= =============
CHANGE IN CAPITAL SHARES
Shares Outstanding, beginning of period ....................... 23,820,611 23,401,238
------------- -------------
Shares sold ................................................. 5,782,987 7,717,895
Shares issued on reinvestment of distributions .............. -- 146,753
Shares repurchased .......................................... (4,290,277) (7,445,275)
------------- -------------
Net increase in capital shares ............................ 1,492,710 419,373
------------- -------------
Shares Outstanding, end of period ............................. 25,313,321 23,820,611
============= =============

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

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

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

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

SIX MONTHS YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
APRIL 30, OCT. 31, OCT. 31, OCT. 31, OCT. 31,
2009(1) 2008 2007 2006 2005(5)
-------- -------- -------- -------- --------

Net asset value, beginning of period ..... $ 10.10 $ 15.22 $ 13.48 $ 11.48 $ 10.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........... 0.06 0.06 0.07 0.03 (0.01)
Net realized and unrealized
gain (loss) on investments ........... (0.30) (4.99) 1.79 1.97 1.49
-------- -------- -------- -------- --------
Total from investment operations ......... (0.24) (4.93) 1.86 2.00 1.48
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ... (0.06) (0.07) (0.04) 0.00(4) 0.00
Distributions from realized gain ....... 0.00 (0.12) (0.08) 0.00(4) 0.00
-------- -------- -------- -------- --------
Total distributions ...................... (0.06) (0.19) (0.12) 0.00 0.00
-------- -------- -------- -------- --------
Redemption fee proceeds 0.00(4) 0.00(4) 0.00(4) 0.00(4) 0.00(4)
-------- -------- -------- -------- --------
Net asset value, end of period ........... $ 9.80 $ 10.10 $ 15.22 $ 13.48 $ 11.48
======== ======== ======== ======== ========
Total return ............................. (2.29%)(3) (32.73%) 13.88% 17.48% 14.80%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) ... $ 169.6 $ 187.0 $ 216.4 $ 88.4 $ 30.1

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ................. 0.82%(2) 0.79% 0.81% 0.99% 1.80%
After fees waived and expenses
absorbed or recouped ................. 0.82%(2) 0.79% 0.81% 0.99% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ........... 1.36%(2) 0.51% 0.59% 0.41% (0.11%)
Portfolio turnover rate .................. 27.96%(3) 9.66% 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.

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

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

SIX MONTHS YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
APRIL 30, OCT. 31, OCT. 31, OCT. 31, OCT. 31,
2009(1) 2008 2007 2006 2005(5)
-------- -------- -------- -------- --------

Net asset value, beginning of period ......... $ 10.07 $ 15.71 $ 13.76 $ 11.62 $ 10.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............... 0.03 0.03 0.04 0.01 (0.01)
Net realized and unrealized
gain (loss) on investments ............... (0.02) (5.59) 2.07 2.14 1.63
-------- -------- -------- -------- --------
Total from investment operations ............. 0.01 (5.56) 2.11 2.15 1.62
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ....... (0.03) (0.04) (0.02) 0.00(4) 0.00
Distributions from realized gain ........... 0.00 (0.04) (0.14) (0.01) 0.00
-------- -------- -------- -------- --------
Total distributions .......................... (0.03) (0.08) (0.16) (0.01) 0.00
-------- -------- -------- -------- --------
Redemption fee proceeds ...................... 0.00(4) 0.00(4) 0.00(4) 0.00(4) 0.00(4)
-------- -------- -------- -------- --------
Net asset value, end of period ............... $ 10.05 $ 10.07 $ 15.71 $ 13.76 $ 11.62
======== ======== ======== ======== ========
Total return ................................. 0.16%(3) (35.55%) 15.46% 18.49% 16.20%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) ....... $ 451.9 $ 412.4 $ 512.0 $ 202.2 $ 46.6

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped ..................... 0.74%(2) 0.71% 0.75% 0.89% 1.79%
After fees waived and expenses
absorbed or recouped ..................... 0.74%(2) 0.71% 0.75% 0.89% 1.25%

RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS ............... 0.75%(2) 0.26% 0.30% 0.19% (0.27%)

Portfolio turnover rate ...................... 7.34%(3) 12.72% 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.

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

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

SIX MONTHS YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
APRIL 30, OCT. 31, OCT. 31, OCT. 31, OCT. 31,
2009(1) 2008 2007 2006 2005(5)
-------- -------- -------- -------- --------

Net asset value, beginning of period ........ $ 9.46 $ 16.03 $ 13.92 $ 11.24 $ 10.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ....................... (0.02) (0.06) (0.03) (0.02) (0.06)
Net realized and unrealized
gain (loss) on investments .............. 0.47 (6.42) 2.34 2.70 1.30
-------- -------- -------- -------- --------
Total from investment operations ............ 0.45 (6.48) 2.31 2.68 1.24
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from realized gain .......... 0.00 (0.09) (0.20) 0.00 0.00
-------- -------- -------- -------- --------
Redemption fee proceeds ..................... 0.00(4) 0.00(4) 0.00(4) 0.00(4) 0.00(4)
-------- -------- -------- -------- --------
Net asset value, end of period .............. $ 9.91 $ 9.46 $ 16.03 $ 13.92 $ 11.24
======== ======== ======== ======== ========
Total return ................................ 4.76%(3) (40.60%) 16.76% 23.84% 12.40%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) ...... $ 250.8 $ 225.4 $ 375.2 $ 119.9 $ 22.8

RATIO OF EXPENSES TO AVERAGE NET ASSETS:
Before fees waived and expenses
absorbed or recouped .................... 0.82%(2) 0.78% 0.78% 0.99% 1.82%
After fees waived and expenses
absorbed or recouped .................... 0.82%(2) 0.78% 0.78% 0.99% 1.25%

RATIO OF NET INVESTMENT LOSS
TO AVERAGE NET ASSETS ..................... (0.40%)(2) (0.46%) (0.25%) (0.33%) (0.82%)

Portfolio turnover rate ..................... 6.54%(3) 24.32% 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.

[GRAPHIC] NOTES TO FINANCIAL STATEMENTS
PRIMECAP ODYSSEY FUNDS
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2009 - (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 Trust's board
of trustees. In determining fair value, the Funds take into account
all relevant factors and available information. Consequently, the
price of a security used by a Fund to calculate its net asset value
per share ("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, 2009 - (UNAUDITED), (CONTINUED)

The Funds adopted the provisions of Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("SFAS
157"), effective with the beginning of the Funds' fiscal year. SFAS
157 establishes a hierarchy that prioritizes the inputs to valuation
techniques giving the highest priority to readily available
unadjusted quoted prices in active markets for identical assets
(level 1 measurements) and the lowest priority to unobservable
inputs (level 3 measurements) when market prices are not readily
available or reliable. See Note 4 - Fair Value of Financial
Instruments for further disclosure.

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. SHARE VALUATION.

The net asset value per share ("NAV") of a Fund is calculated by
dividing the sum of the value of the securities held by the Fund,
plus cash or other assets, minus all liabilities (including
estimated accrued expenses) by the total number of 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.

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 Trust's organizational documents, its current and former
officers and trustees are indemnified against certain liabilities
arising out of the performance of their duties to the Funds. In
addition, in the normal course of business, the Funds enter into
contracts that contain a variety of representations and warranties
that provide general indemnifications. The Funds' maximum exposure
under these arrangements is unknown as this would involve future
claims that may be made against the Funds that have not yet
occurred. Based on experience, the Funds would expect the risk of
loss to be 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, 2009 were as follows:

FUND PURCHASES SALES
- ---- ----------- -----------
PRIMECAP Odyssey Stock Fund .................. $48,406,738 $45,873,636
PRIMECAP Odyssey Growth Fund ................. $75,927,236 $27,674,743
PRIMECAP Odyssey Aggressive Growth Fund ...... $26,804,852 $13,508,551

(4) FAIR VALUE OF FINANCIAL INSTRUMENTS

In September 2006, the Financial Accounting Standards Board issued Standard No.
157, "Fair Value Measurements", effective for fiscal years beginning after
November 15, 2007. SFAS 157 clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value, and requires
additional disclosure about the use of fair value measurements in an effort to
make the measurement of fair value more consistent and comparable. The Funds
adopted SFAS 157 effective November 1, 2008. A summary of the fair value
hierarchy under SFAS 157 is described below.

Various inputs are used in determining the value of a Fund's investments. These
inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments).

The following tables provide the fair value measurements of applicable Fund
assets by level within the fair value hierarchy for each Fund as of April 30,
2009. These assets are measured on a recurring basis.

QUOTED PRICES SIGNIFICANT
IN ACTIVE OTHER SIGNIFICANT
MARKETS FOR OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
FUND DESCRIPTION TOTAL (LEVEL 1) (LEVEL 2) (LEVEL 3)
- ---- ----------- ----- --------- --------- ---------

PRIMECAP Assets:
ODYSSEY STOCK Securities $ 169,390,238 $ 169,390,238 $ -- $ --
FUND ============= ============= ====== ======
Total $ 169,390,238 $ 169,390,238 $ -- $ --

PRIMECAP Assets:
ODYSSEY GROWTH Securities $ 452,109,999 $ 452,109,999 $ -- $ --
FUND ============= ============= ====== ======
Total $ 452,109,999 $ 452,109,999 $ -- $ --

PRIMECAP Assets:
ODYSSEY Securities $ 250,964,703 $ 250,964,703 $ -- $ --
AGGRESSIVE ============= ============= ====== ======
GROWTH FUND Total $ 250,964,703 $ 250,964,703 $ -- $ --

(5) DISTRIBUTION TO SHAREHOLDERS

Net investment income and net realized gains differ for financial statement and
tax purposes due to differing treatments of deferred wash sale losses. As of
October 31, 2008, 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) ................ $ 230,427,435 $ 558,080,341 $ 325,127,403
============= ============= =============
Gross tax unrealized
appreciation ....................... 9,874,770 11,783,360 10,913,788
Gross tax unrealized
depreciation ....................... (57,291,345) (158,023,983) (111,020,228)
------------- ------------- -------------
Net tax unrealized depreciation ...... $ (47,416,575) $(146,240,623) $(100,106,440)
============= ============= =============
Currently distributable
ordinary income .................... $ 893,333 $ 874,008 $ --
Currently distributable long-term
capital gain ....................... -- -- --
------------- ------------- -------------
Currently total distributable
earnings ........................... $ 893,333 $ 874,008 $ --
------------- ------------- -------------
Other accumulated loss ............... $ (4,884,883) $ (1,686,809) $ (3,399,678)
------------- ------------- -------------
Total accumulated loss ............... $ (51,408,125) $(147,053,424) $(103,506,118)
============= ============= =============

- ----------
(a) At October 31, 2008, 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.

U.S. Generally Accepted Accounting Principles (GAAP) require that certain
components of net assets relating to permanent differences be reclassified
between financial and tax reporting. These reclassifications have no effect on
net assets or net asset value per share. During the fiscal year ended October
31, 2008 the reclassifications were as follows:

UNDISTRIBUTED ACCUMULATED
NET INVESTMENT NET REALIZED
INCOME LOSS PAID IN CAPITAL
-------------- ------------ ---------------
PRIMECAP Odyssey
Stock Fund ................. 659 (659) --
PRIMECAP Odyssey
Growth Fund ................ 631 (631) --
PRIMECAP Odyssey
Aggressive Growth Fund ..... 1,315,073 (354) (1,314,719)

The permanent differences primarily relate to net operating loss and foreign
currency adjustments with differing book and tax methods for accounting. At
October 31, 2008, the PRIMECAP Odyssey Stock Fund, PRIMECAP Odyssey Growth Fund,
and PRIMECAP Odyssey Aggressive Growth Fund had capital loss carryovers of
$4,884,883, $1,686,809, and $3,399,678, respectively, expiring October 31, 2016.
Tax components of dividends paid during the six months ended April 30, 2009 and
the year ended October 31, 2008 were as follows:

April 30, 2009
-----------------------------
Ordinary Long-Term
Income Capital Gain
Distributions Distributions
------------- -------------
PRIMECAP Odyssey Stock Fund ................ $1,193,169 $ --
PRIMECAP Odyssey Growth Fund ............... $1,291,445 $ --
PRIMECAP Odyssey Aggressive Growth Fund .... $ -- $ --

October 31, 2008
-----------------------------
Ordinary Long-Term
Income Capital Gain
Distributions Distributions
------------- -------------
PRIMECAP Odyssey Stock Fund ................ $1,518,217 $1,217,430
PRIMECAP Odyssey Growth Fund ............... $2,159,493 $ 487,747
PRIMECAP Odyssey Aggressive Growth Fund .... $1,834,245 $ 261,039

The Funds designated as long-term capital gain dividends, pursuant to Internal
Revenue Code Section 852(b)(3), the amounts necessary to reduce the earnings and
profits of the Funds related to net capital gains to zero for the tax year ended
October 31, 2008.

(6) 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%

The Bank of New York Mellon Corporation 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.

(7) ACCOUNTING PRONOUNCEMENTS

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.

[GRAPHIC] 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.

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

PORTFOLIO MANAGERS

PRIMECAP Management Company has five portfolio managers who together have more
than 160 years of investment experience. 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

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.

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

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").

Joel P. Fried Co-Chief Executive Indefinite; Executive Vice President, Director,
225 South Lake Ave., Officer and Trustee Since 09/04 Portfolio Manager, and Principal PRIMECAP
Suite 400, Pasadena, CA Management Company
91101-3005
(1962)
- ----------------------------------------------------------------------------------------------------------------
David H. Van Slooten Chief Financial Indefinite; Executive Vice President, Portfolio Manager,
225 South Lake Ave., Officer, Chief Since 06/04 Financial Analyst, and Principal PRIMECAP
Suite 400, Pasadena, CA Administrative Management Company
91101-3005 Officer, and
(1963) Secretary
- ----------------------------------------------------------------------------------------------------------------
Karen Chen Vice President of Indefinite; Chief Compliance Officer, Director of
225 South Lake Ave., Compliance and Since 10/04 Compliance and Reporting, PRIMECAP
Suite 400, Pasadena, CA Chief Compliance Management Company (10/04 - Present); Team
91101-3005 Officer and AML Lead - Legal and Compliance, Pacific
(1973) 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 FUND OTHER
POSITION(S) OFFICE; COMPLEX DIRECTOR-
NAME, ADDRESS HELD LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY SHIPS HELD
(YEAR OF BIRTH) WITH TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE(1) BY TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------

Benjamin F. Hammon Chairman of Indefinite; Retired; Director, 3 None
225 South Lake Ave., the Board Since 09/04 Institutional Equity Sales,
Suite 400, Pasadena, CA and Trustee Salomon Smith Barney Inc.
91101-3005 (1963-1998)
(1935)
- -----------------------------------------------------------------------------------------------------------------------
Wayne H. Smith Chairman of Indefinite; Retired; President, Wayne 3 None
225 South Lake Ave., the Audit Since 09/04 H. Smith Consulting, Inc.
Suite 400, Pasadena, CA Committee (2002-2007); Vice
91101-3005 and Trustee President, Financial
(1941) Services, Avery Dennison
Corporation (2001-2002);
Vice President, Financial
Services, and Treasurer,
Avery Dennison Corporation
(1999-2001)
- -----------------------------------------------------------------------------------------------------------------------
Joseph G. Uzelac Trustee Indefinite; Retired; Managing Director, 3 None
225 South Lake Ave., Since 10/07 Lehman Brothers Global
Suite 400, Pasadena, CA Investment Bank (1988-2007)
91101-3005
(1944)
- -----------------------------------------------------------------------------------------------------------------------
Elizabeth D. Obershaw Trustee Indefinite; Managing Director, Horsley 3 None
225 South Lake Ave., Since 06/08 Bridge Partners
Suite 400, Pasadena, CA (2007-Current); Vice
91101-3005 President and Chief
(1960) Investment Officer,
Hewlett-Packard Company
(1991-2007);
Hewlett-Packard Company
(1983-1991)

(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.

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

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

(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.

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

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

Custodian
THE BANK OF NEW YORK MELLON CORPORATION
One Wall Street New York,
New York 10286

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

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

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

Independent Registered Public Accounting Firm
PRICEWATERHOUSECOOPERS LLP
Three Embarcadero Center
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. 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 THE SUBJECT OF THE
DISCLOSURE REQUIRED BY ITEM 2, TO THE EXTENT THAT THE REGISTRANT INTENDS
TO SATISFY ITEM 2 REQUIREMENTS THROUGH FILING AN EXHIBIT. Incorporated by
reference to the Registrant's Form N-CSR filed December 24, 2008

(2) A SEPARATE CERTIFICATION FOR EACH PRINCIPAL EXECUTIVE AND PRINCIPAL
FINANCIAL OFFICER 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) CERTIFICATIONS 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 JULY 2, 2009

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

Date JULY 2, 2009

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

Date JULY 2, 2009

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 JULY 2, 2009

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

Date JULY 2, 2009

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

Date JULY 2, 2009

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

Date JULY 2, 2009

PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.