-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, KkJleLmhtplrCTEtcUoUhN/2vrKUq8O2v3xaACvKKOM9Eo6y5kptadWAp6mKf0+h w5WFXHjgaEXQlmzT22VUXg== 0000081280-94-000006.txt : 19940331 0000081280-94-000006.hdr.sgml : 19940331 ACCESSION NUMBER: 0000081280-94-000006 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940131 FILED AS OF DATE: 19940328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VOYAGER FUND CENTRAL INDEX KEY: 0000081280 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 046187125 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 40 SEC FILE NUMBER: 811-01682 FILM NUMBER: 94518229 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VOYAGER FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 N-30D 1 SEMI-ANNUAL REPORT (logo) Putnam Voyager Fund Semiannual Report January 31, 1994 (artwork) For investors aggressively seeking capital appreciation through common stocks A member of the Putnam Family of Funds Contents 2 How your fund performed 3 From the Chairman 4 Report from Putnam Management Semiannual Report 6 Portfolio of investments owned 12 Financial statements 22 Fund performance supplement 23 Your Trustees How your fund performed For periods ended January 31, 1994 Total return* Fund Class A Class B S&P Consumer NAV POP NAV CDSC 500 Index Price Index 6 months 15.96% 9.31% 15.50% 10.50% 8.94% 1.24% 1 year 21.58 14.60 20.59 15.59 12.79 2.53 5 years 146.82 132.74 -- -- 89.75 20.73 annualized 19.81 18.41 -- -- 13.67 3.84 10 years 451.65 419.99 -- -- 316.74 43.48 annualized 18.62 17.92 -- -- 15.34 3.68 Life-of-class+ (class B shares) -- -- 42.38 38.38 21.99 4.80 annualized -- -- 22.23 20.27 11.96 2.70 Share data Class A Class B NAV POP NAV July 31, 1993 $11.02 $11.69 $10.89 January 31, 1994 $12.30 $13.05 $12.10 Distributions 6 months ended Investment January 31, 1994 Number income Capital gains Total Class A 1 -- $0.456 $0.456 Class B 1 -- $0.456 $0.456 Total return at end of most recent calendar quarter Periods ended December 31, 1993 Class A Class B NAV POP NAV CDSC 1 year 18.41% 11.61% 17.59% 12.59% 5 years 155.83 141.05 -- -- annualized 20.67 19.24 -- -- 10 years 392.46 364.37 -- -- annualized 17.28 16.60 -- -- Life-of-class (class B shares) -- -- 38.97 34.97 annualized -- -- 21.64 19.54 *Performance data represent past results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. +Effective April 27, 1992, the fund began offering Class B shares. Performance for each share class will differ. Terms you need to know Total return is the change in value of an investment from the beginning to the end of a period, assuming the reinvestment of all distributions. It may be shown at net asset value or at public offering price. Net asset value (NAV) is the value of all your fund's assets, minus any liabilities, divided by the number of outstanding shares, not reflecting any sales charge. Public offering price (POP) is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. Contingent deferred sales charge (CDSC) is a charge applied at the time of the redemption of shares rather than the time of purchase. It generally declines and eventually disappears over a stated period. Class A shares are the shares of your fund offered subject to an initial sales charge. Your fund's POP includes the maximum 5.75% sales charge. Class B shares are the shares of your fund offered with no initial sales charge. Within the first six years of purchase, they are subject to a CDSC declining from 5% to 1%. After the sixth year, the CDSC no longer applies. Please see the fund performance supplement on page 22 for additional information about performance comparisons. From the Chairman (photograph of George Putnam) (C) Karsh, Ottawa George Putnam Chairman of the Trustees Dear Shareholder: I am very pleased to report that Putnam Voyager Fund turned in an outstanding performance during the six months ended January 31, 1994, primarily as a result of rewarding growth opportunities for the stocks of small and medium-sized companies that make up two-thirds of the portfolio. We are pleased with these results, of course. But success over such a short period doesn't reflect the true nature of your fund's potential. What counts more is how it has done over the long term. The tables on the facing page provide an overview of your fund's track record over the past decade. I think you'll find them impressive. The fund's performance has earned it a four-star rating out of a possible five stars, from Morningstar Inc., for performance as of January 31, 1994. Morningstar rates a fund against funds with similar objectives every two weeks based on risk-adjusted 3-, 5-, and 10-year total return, as applicable, adjusted for sales charges. Your fund's success over the years has gained the attention of many long-term growth investors. This increase in popularity has also brought a significant increase in fund assets. To address this, we have recently added two senior portfolio managers to your fund's management team. Douglas Foreman and Charles Swanberg, who have been at Putnam for 8 and 10 years, respectively, will work in collaboration with your fund manager Matthew Weatherbie. Together, they will continue to use the same strategy and approach that Matt developed and that has proven so effective over the years. Respectfully yours, (signature) George Putnam March 16, 1994 Report from Putnam Management Top 10 holdings (1/31/94)* Liberty Media Corp. Class A LIN Broadcasting Corp. Reuters Holdings PLC ADR Tele-Communications, Inc. Class A H&R Block, Inc. Cisco Systems, Inc. Comcast Corp. Special Class A Telephone & Data Systems, Inc. Century Telephone Enterprises, Inc. Hospitality Franchise Systems, Inc. *Reflects 22.5% of portfolio, based on net assets as of 1/31/94. Holdings are subject to change. Putnam Voyager Fund's journey through the first half of fiscal 1994 not only validates the fund's investment approach but also illustrates the strength of its performance potential. During the six months ended January 31, 1994, the fund's total return at net asset value for both class A and B shares significantly outpaced the stock market as measured by the Standard & Poor's(R) 500 Index. For the six-month period, your fund returned 15.96% at NAV compared to the S&P's 8.94% return for the same period. Returns at public offering price (class A shares) and applicable CDSC (class B shares) also surpassed the S&P for the same period. The explanation behind the fund's strong performance lies in our investment philosophy of careful stock selection, patience, and dedication to long-term results. As is the case with all of our growth funds, we encourage you to take a look at your fund's long-term performance. For the ten full calendar years ended December 31, 1993, the fund ranked in the top 5% of all equity funds -- of any size or objective (425 funds) -- tracked by Lipper Analytical Services, an independent industry analyst. Start with a strong foundation We continue to focus on stocks of small and midsized aggressive-growth companies because we believe they offer exceptional appreciation potential over the long term. As in the past, we are targeting companies that display strong balance sheets, distinct competitive advantages in the markets they serve, and demonstrated growth potential. In our opinion, these foundation growth stocks, as we call them, have the potential to increase their earnings to a greater extent than larger companies. As a result, they are instrumental in helping us build a "foundation" for growth. We should point out that such companies often have limited product lines, markets, or financial resources, so we expend a great deal of time and energy researching portfolio candidates, choosing only those that meet our strict criteria and investment philosophy. Foundation growth stocks made up approximately 68% of the portfolio during the first half of fiscal 1994. Most of those we hold are found in the consumer goods and services, media, health care, and technology industries. Throughout the period, these stocks performed quite well. Our heavy weighting in this area helped your fund's performance during the period. Add some opportunity Approximately 27% of the portfolio is now invested in what we call opportunity growth stocks, defined as larger-company stocks undergoing positive change. In this category, we focus on stocks of out-of-favor companies that may be undergoing turnarounds, as well as cyclical companies, whose performance is closely linked to the pace of economic growth. Opportunity growth companies often have new product innovations and rejuvenated management teams. One opportunity growth focus during the period was a move into financial/insurance stocks. In hindsight, this move has proven to be premature. During the latter part of 1993 and into early 1994, the rise in long-term interest rates caused some of these stocks to underperform. The insurance industry remains mired in the doldrums, with six years of weak pricing of property/casualty insurance companies and inadequate returns. We have decreased our weighting in this area to minimize any impact on the portfolio's value, but continue to maintain a position in the belief that the insurance industry's fundamentals will improve. Outlook Putnam Management believes the recent backup in interest rates will prove to be temporary and that the economy will continue to exhibit moderate growth in 1994. This, in turn, should foster a favorable environment for growth stocks. The current strategy of emphasizing foundation growth stocks should continue to serve the fund well in the coming months. Top industry sectors (1/31/94)* (bar chart) Broadcasting .................................11.1% Computer software ............................8.5% Business services ..........................8.1% Health care services .......................6.7% Retail .....................6.1% *Based on percentage of net assets. Portfolio of investments owned January 31, 1994 (Unaudited) Common Stocks (91.3%)(a) Number of Shares Value Broadcasting (11.1%) 250,000 Cablevision Systems Corp.(b) $ 15,875,000 1,200,000 Century Communications Corp. Class A 12,750,000 153,700 Clear Channel Communications, Inc.(b) 6,128,787 2,441,745 Comcast Corp. Special Class A 77,525,404 1,222,500 Infinity Broadcasting Corp. Class A(b) 39,731,250 4,366,488 Liberty Media Corp. Class A(b) 113,529,665 277,600 QVC Network, Inc.(b) 12,214,400 1,000,000 TCA Cable TV, Inc. 25,875,000 3,306,625 Tele-Communications, Inc. Class A(b) 90,105,531 100,000 Valuevision International, Inc. Class A(b) 1,225,000 210,560 Viacom, Inc. Class B(b) 7,316,960 1,079,100 Westwood One, Inc.(b) 9,172,350 411,449,347 Computer Software (8.5%) 189,433 Broderbund Software, Inc.(b) 6,914,304 872,020 CUC International, Inc.(b) 27,904,640 1,214,956 Cisco Systems, Inc.(b) 88,084,310 266,000 Computer Associates International, Inc. 9,808,750 250,000 FTP Software, Inc.(b) 7,000,000 60,100 Lotus Development Corp. 3,500,825 200,000 Oracle Systems Corp.(b) 6,425,000 1,149,600 Parametric Technology Corp.(b) 38,367,900 350,000 PeopleSoft, Inc.(b) 11,112,500 919,680 Sybase, Inc.(b) 42,305,280 354,631 Synopsys, Inc.(b) 16,002,724 250,000 Wall Data, Inc.(b) 13,125,000 610,166 Wellfleet Communications, Inc.(b) 45,304,826 315,856,059 Business Services (8.1%) 900,000 Airgas, Inc.(b) 22,725,000 116,300 BISYS Group, Inc. 2,224,237 2,012,710 Block (H & R), Inc. 88,307,651 415,182 Danka Business Systems ADR(c) 17,126,258 294,080 First USA, Inc. 9,741,400 310,000 General Motors Corp. Class E 9,300,000 350,000 ITEL Corp.(b) 10,018,750 161,040 Information Resources, Inc.(b) 6,039,000 420,538 Interim Svcs., Inc.(b) 10,566,017 1,019,344 Interpublic Group of Cos. Inc. 32,364,172 862,100 Kelly Services, Inc. Class A 25,647,475 350,000 Loewen Group, Inc. 9,318,750 524,275 Olsten Corp. (The) 16,383,594 393,475 Paychex, Inc. 15,739,000 253,667 Pharmaceutical Marketing Services, Inc.(b) 4,058,672 104,100 Robert Half International, Inc.(b) 3,279,150 800,000 Westcott Communications, Inc.(b) 18,300,000 301,139,126 Health Care Services (6.7%) 400,000 Amgen, Inc.(b) 19,500,000 512,241 Biogen N.V.(b) 26,700,562 122,000 Biomet, Inc.(b) 1,296,250 400,000 Coventry Corp.(b) 20,400,000 250,000 HEALTHSOUTH Rehabilitation Corp.(b) 7,062,500 787,845 Health Management Assoc., Inc.(b) 25,506,482 300,000 Healthsource, Inc.(b) 18,037,500 500,000 Homedco Group, Inc.(b) 17,875,000 350,000 Horizon Healthcare Corp.(b) 7,700,000 57,070 Integrated Health Services, Inc.(b) 2,011,718 1,019,700 Lincare Holdings, Inc.(b) 22,433,400 285,400 Medaphis Corp.(b) 10,345,750 350,000 Oxford Health Plan(b) 23,100,000 237,800 Pacificare Health Systems, Inc. Class B(b) 10,641,550 357,300 Target Therapeutics, Inc.(b) 8,575,200 100,000 U.S. Healthcare Inc. 6,650,000 255,289 United Healthcare Corp. 21,827,210 17,455 Value Health, Inc.(b) 691,654 23,900 Vencor Inc. 776,500 251,131,276 Retail (6.1%) 200,000 American Stores Co. 8,475,000 68,400 Amway Asia Pacific Ltd. 2,573,550 61,000 AnnTaylor(b) 1,303,875 619,130 Autozone Inc. 34,903,454 628,550 Bed Bath & Beyond, Inc.(b) 19,013,638 300,000 Books-A-Million, Inc.(b) 6,225,000 3,329 Castorama Dubois Investirre(c) 518,203 178,900 Gap Inc. 7,558,500 358,850 Gymboree Corp.(b) 13,860,581 195,100 Heilig-Meyers Co. 6,877,275 618,080 Home Depot, Inc. (The) 24,105,120 270 Hornbach Holding(b) 272,570 400,300 Kohl's Corp.(b) 19,364,513 217,770 Kroger Co.(b) 4,872,604 286,710 Limited Inc. (The) 5,089,103 158,457 Lowes' Cos., Inc. 9,665,877 1,133,275 Office Depot, Inc.(b) 41,222,878 800,000 Stein Mart, Inc.(b) 13,800,000 15,837 Sysco Corp. 431,558 230,900 TJX Cos., Inc. (The) 6,522,925 19,012 Talbots, Inc.(b) 494,312 227,150,536 Insurance (5.5%) 76,250 Aetna Life & Casualty Co. 4,841,875 183,000 American General Corp. 5,238,375 161,100 American International Group, Inc. 14,921,888 531,560 Bankers Life Holding Corp. 11,893,655 350,000 Berkley (W.R.) 12,512,500 186,800 Cincinnati Financial Corp. 10,881,100 508,000 EXEL Ltd. 22,161,500 543,709 Gallagher (Arthur J.) & Co. 16,854,979 152,200 General Re Corp. 17,369,825 400,000 Integon Corp. 7,350,000 300,000 Life Partners Group, Inc. 5,175,000 366,900 Lincoln National Corp. 15,593,250 201,840 NWNL Companies, Inc. 6,332,730 342,220 Old Republic International Corp. 7,828,283 143,480 Rentokil Group(c) 585,585 77,500 Sunamerica, Inc. 3,167,813 220,800 Torchmark Corp. 10,515,600 360,900 Transatlantic Holdings Inc. 19,217,925 650,000 USF&G Corp. 9,100,000 164,720 Zurich Reinsurance Centre Holdings, Inc.(b) 4,426,850 205,968,733 Telephone Services (5.5%) 500,000 ALC Communications Corp.(b) 16,000,000 2,736,628 Century Telephone Enterprises, Inc. 74,573,113 278,300 MFS Communications Company, Inc.(b) 10,714,550 300,000 Pacific Telesis Group 17,287,500 250,000 Sprint Corp. 9,062,500 7,576 Telefonos de Mexico S.A., Ser. L, ADR (Mexico) 559,677 1,551,230 Telephone & Data Systems, Inc. 76,591,981 204,789,321 Cellular Broadcasting (5.1%) 210,100 Associated Communications Corp. Class B 5,672,700 276,200 Cellular Communications of Puerto Rico, Inc. 6,628,800 363,000 Cellular Communications, Inc. Class A(b) 16,425,750 200,000 DSC Communications Corp. 12,025,000 806,000 LIN Broadcasting Corp.(b) 93,496,000 221,200 McCaw Cellular Communications, Inc.(b) 11,944,800 362,357 Pactel Corp.(b) 9,149,514 1,243,340 Paging Network, Inc.(b) 35,746,025 191,088,589 Restaurants (3.6%) 975,000 Applebee's International, Inc. 22,912,500 350,000 Bertucci's Inc.(b) 6,300,000 240,200 Brinker International, Inc.(b) 10,148,450 1,525,000 Buffets Inc.(b) 40,412,500 301,419 McDonald's Corp. 18,311,204 400,000 Outback Steakhouse, Inc.(b) 15,800,000 357,000 Sonic, Inc.(b) 8,568,000 304,300 Taco Cabana, Inc.(b) 5,781,700 260,143 Wendy's International, Inc. 4,454,949 132,689,303 Publishing (3.2%) 917,700 Marvel Enterainment Group, Inc.(b) 26,728,013 1,019,000 Reuters Holdings PLC ADR 91,582,625 10,030 Wolters Kluwer N.V. (Netherlands)(c) 660,399 118,971,037 Semiconductors (2.9%) 420,000 Advanced Micro Devices, Inc.(b) 8,610,000 152,500 Altera Corp.(b) 4,594,063 260,000 Intel Corp. 16,965,000 222,200 Lattice Semiconductor Corp.(b) 3,555,200 513,056 Linear Technology Corp. 22,189,672 610,510 Maxim Integrated Products Inc.(b) 30,372,873 140,000 Texas Instruments, Inc. 9,835,000 382,500 Zilog Inc.(b) 13,005,000 109,126,808 Medical Supplies (2.6%) 168,300 Datascope Corp.(b) 2,440,350 230,000 Johnson & Johnson 9,746,250 406,000 Medtronic, Inc. 34,104,000 9,012 Pyxis Corp.(b) 660,129 407,000 SCI-Med Life Systems, Inc.(b) 17,297,500 928,967 Stryker Corp. 32,513,845 96,762,074 Recreation (2.6%) 255,000 Boomtown, Inc.(b) 4,653,750 400,000 Casino America, Inc.(b) 11,000,000 283,758 Disney (Walt) Productions, Inc. 13,407,566 819,600 Hospitality Franchise Systems, Inc.(b) 45,385,350 467,400 Mirage Resorts, Inc.(b) 11,626,575 400,000 Players International Inc.(b) 10,300,000 96,373,241 Oil and Gas (2.2%) 305,900 Apache Corp. 7,647,500 208,000 Burlington Resources Inc. 10,010,000 315,200 Destec Energy, Inc.(b) 4,728,000 130,000 Exxon Corp. 8,645,000 220,000 Louisiana Land & Exploration Co. 9,157,500 340,000 MascoTech, Inc. 8,627,500 510,000 Production Operators Corp. 12,750,000 153,000 Royal Dutch Petroleum Co. ADR 16,830,000 198,860 Tidewater, Inc. 4,225,775 82,621,275 Finance (2.2%) 389,600 Bear Stearns Companies, Inc. 9,496,500 400,000 Beneficial Corp. 15,850,000 240,000 Dean Witter Discover & Co. 9,210,000 234,810 Federal Home Loan Mtge. Corp. 13,677,683 36,070 Federal National Mortgage 3,151,616 300,000 Financial Federal Corp.(b) 4,987,500 264,966 MBNA Corp. 9,207,569 307,500 Student Loan Marketing Association 15,029,063 80,609,931 Pharmaceuticals (1.9%) 290,000 Abbott Laboratories 8,555,000 566,900 Elan Corp., PLC ADR(b) 25,510,500 10,011 Genentech Inc.(b) 504,304 300,000 Genzyme Corp.(b) 9,600,000 255,000 ICN Pharmaceuticals, Inc.(b) 2,263,125 16,400 Perrigo Co.(b) 500,200 196,200 Pfizer, Inc. 12,679,425 200,537 SPI Pharmaceuticals Inc. 3,459,256 245,560 Upjohn Co. 7,366,800 70,438,610 Banks (1.9%) 370,000 Bank of Boston Corp. 9,481,250 178,000 Baybanks, Inc. 9,567,500 330,000 Comerica Inc. 9,281,250 540,000 First Bank Systems, Inc. 16,942,500 380,000 First Fidelity Bancorp (New Jersey) 16,767,500 157,500 Golden West Financial Corp. 6,989,062 69,029,062 Computer Services (1.7%) 255,200 America Online, Inc.(b) 16,269,000 943,200 First Data Corp. 43,151,400 50,000 Policy Management Systems Corp.(b) 1,650,000 39,775 Powersoft Corp.(b) 2,227,400 63,297,800 Aerospace (1.7%) 1,027,000 FlightSafety International, Inc. 35,688,250 600,000 GenCorp Inc. 8,775,000 300,000 Textron Inc. 17,737,500 62,200,750 Automotive (1.3%) 140,000 Chrysler Corp. 8,610,000 250,000 Echlin, Inc. 8,687,500 362,300 General Motors Corp. 22,236,163 250,000 Snap-On Tools Corp. 10,718,750 50,252,413 Medical Equipment and Supplies (1.1%) 72,500 Ballard Medical Products 1,096,563 100,000 Boston Scientific Corp.(b) 1,525,000 656,800 Haemonetics Corp.(b) 15,270,600 191,600 Molecular Dynamics, Inc.(b) 2,538,000 500,000 Sofamor/Danek Group, Inc.(b) 17,750,000 62,400 Zoll Medical Corp.(b) 2,246,400 40,426,563 Specialty Consumer Products (0.8%) 204,000 Fastenal Co. 6,987,000 450,000 Harcourt General, Inc. 16,200,000 23,870 Luxottica Group ADS 698,198 160,000 Petsmart, Inc.(c) 5,400,000 29,285,198 Steel (0.7%) 136,000 CBI Industries, Inc. 4,250,000 282,500 Shiloh Industries, Inc.(b) 3,707,813 1,000,000 Worthington Industries, Inc. 19,750,000 27,707,813 Chemicals (0.6%) 160,000 du Pont (E.I.) de Nemours & Co., Ltd. 8,960,000 185,000 FMC Corp.(b) 8,926,250 15,787 Schulman (A.), Inc. 526,891 121,241 Witco Chemical Corp. 3,985,797 22,398,938 Tobacco (0.5%) 240,000 American Brands, Inc. 8,580,000 150,000 Philip Morris Cos., Inc. 9,037,500 73,200 UST Inc. 2,086,200 19,703,700 Consumer Services (0.5%) 20,555 Blockbuster Entertainment Corp. 567,832 6,200 Ed. Alternatives 223,200 200,000 Premark International, Inc. 17,225,000 33,400 Stewart Enterprises, Inc. Class A 901,800 18,917,832 Medical Management Services (0.5%) 370,900 HBO & Co. 17,849,563 Food and Beverages (0.4%) 103,956 Au Bon Pain Co., Inc. 2,624,889 1,500,000 Food Lion, Inc. Class A 10,031,250 167,710 Iceland Group(c) 431,904 13,088,043 Apparel (0.4%) 436,800 Jones Apparel Group, Inc.(b) 13,049,400 Electrical Equipment (0.3%) 480,000 Baldor Electric Co. 12,600,000 Lodging (0.3%) 195,000 Promus Companies, Inc.(b) 9,871,875 Containers (0.3%) 800,000 Owens-Illinois Inc.(b) 9,300,000 Alcoholic Bevergages (0.2%) 300,000 Seagram Co. Ltd. 9,225,000 Conglomerate (0.2%) 200,000 Varity Corp.(b) 9,000,000 Environmental Control (0.1%) 200,000 Mid-American Waste Systems, Inc. 1,975,000 Soft Drinks (--%) 3,000 Coca-Cola Company 122,623 64,154 Cott Corp. 1,732,158 1,854,781 Basic Industrial Products (--%) 41,800 Goetz Co. 1,107,700 Nursing Homes (--%) 130,000 Takare PLC(c) 524,689 Total Common Stock (cost $2,459,862,021) $3,398,831,386 Convertible Preferred Stocks (1.5%)(a) Number of Shares Value 880,900 Cellular Communications, Inc. $0.01, cv. pfd. $ 39,860,725 225,900 Equitable Cos. $3.00 cv. pfd.(d) 15,191,775 Total Convertible Preferred Stocks (cost $37,691,409) $ 55,052,500 Short-Term Investments (5.8%)(a) Principal Amount Value $10,000,000 Corporate Asset Funding Corp. 3.12s, April 15, 1994 $ 9,936,733 10,000,000 Corporate Receivables Corp. 3.05s, February 25, 1994 9,979,667 15,000,000 First Boston Group 3.06s, February 28, 1994 14,965,575 15,000,000 Ford Motor Co. 3.36s, February 2, 1994 14,997,200 15,000,000 General Electric Capital Corp. 3.05s, March 28, 1994 14,930,104 15,000,000 Goldman Sachs Group 3.37s, March 3, 1994 14,957,877 15,000,000 Heller Financial 3.05s, March 28, 1994 14,930,104 35,000,000 Merrill Lynch & Co., Inc. 3.1s, with various maturities to March 7, 1994 34,929,819 20,000,000 Shearson Lehman Brothers Holdings Inc. 3.05s, February 4, 1994 19,994,917 20,000,000 Federal Home Loan Banks 3.05s, February 25, 1994 19,959,999 10,000,000 Preferred Receivables Corp. 3.10s, March 11, 1994 9,967,278 36,864,000 Interest in $517,526,000 repurchase agreement dated Janaury 31, 1994 with Bankers Trust due February 1, 1994 with respect to various U.S. Treasury obligations--maturity value of $38,867,256 for an effective yield of 3.18% 36,867,256 Total Short-Term Investments (cost $216,416,529) $ 216,416,529 Total Investments (cost $2,713,969,959)(e) $3,670,300,415 (a) Percentages indicated are based on total net assets of $3,721,793,427, which correspond to a net asset value per Class A and Class B share of $12.30 and $12.10, respectively. (b) Non-income-producing security. (c) Securities whose value is determined or significantly influenced by trading on exchanges not located in the United States or Canada. (c) ADR or ADS after the name of a foreign security stands for American Depository Receipt and American Depository Shares, respectively, representing ownership of foreign securities on deposit with a domestic custodian bank. (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration normally to qualified institutional buyers. At Janaury 31, 1994, this security was valued at $15,191,775 or 0.4% of net assets. (e) The aggregate identified cost for federal income tax purposes is $2,719,988,254, resulting in gross unrealized appreciation and depreciation of $1,017,053,022 and $66,740,861, respectively, or net unrealized appreciation of $950,312,161.
Statement of assets and liabilities January 31, 1994 (unaudited) Assets Investments in securities, at value (identified cost $2,713,969,959) (Note 1) $3,670,300,415 Dividends, interest and other receivables 1,504,500 Receivable for shares of the Fund sold 28,092,351 Receivable for securities sold 117,404,404 Total assets 3,817,301,670 Liabilities Payable for subcustodian bank (Note 2) $ 556,200 Payable for securities purchased 83,885,092 Payable for shares of the Fund repurchased 3,225,227 Payable for compensation of Manager (Note 2) 4,748,231 Payable for investor servicing and custodian fees (Note 2) 1,611,506 Payable for administrative services (Note 2) 23,416 Payable for distribution fees (Note 2) 1,198,111 Other accrued expenses 260,460 Total liabilities 95,508,243 Net assets $3,721,793,427 Represented by Paid-in capital (Note 4) $2,703,073,396 Distributions in excess of net investment income (4,929,031) Accumulated net realized gain on investment transactions 67,318,606 Net unrealized appreciation of investments and options 956,330,456 Total -- Representing net assets applicable to capital shares outstanding $3,721,793,427 Computation of net asset value and offering price Net asset value and redemption price of Class A shares ($3,015,554,241 divided by 245,237,687 shares) $12.30 Offering price per Class A shares (100/94.25 of $12.30)* $13.05 Net asset value and offering price of Class B shares ($706,239,186 divided by 58,361,863 shares)** $12.10 *On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced. **Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. /TABLE
Statement of operations Six months ended January 31, 1994 (unaudited) Investment income: Dividends (net of foreign tax of $161,853) $12,389,181 Interest 1,920,272 Total investment income 14,309,453 Expenses: Compensation of Manager (Note 2) $9,086,094 Investor servicing and custodian fees (Note 2) 3,164,681 Compensation of Trustees (Note 2) 40,494 Distribution fees -- Class A (Note 2) 3,416,944 Distribution fees -- Class B (Note 2) 2,740,205 Reports to shareholders 40,329 Auditing 31,024 Legal 22,685 Postage 199,123 Administrative services (Note 2) 50,411 Registration fees 138,629 Other 132,086 Total expenses 19,062,705 Net investment loss (4,753,252) Net realized gain on investments (Notes 1 and 3) 119,911,822 Net unrealized appreciation of investments during the year 358,432,526 Net gain on investments 478,344,348 Net increase in net assets resulting from operations $473,591,096 /TABLE
Statement of changes in net assets Six months ended Year ended January 31 July 31 1994* 1993 Increase in net assets Operations: Net investment loss $ (4,753,252) $ (4,392,957) Net realized gain on investments 119,911,822 112,163,843 Net realized loss on options -- (1,185,231) Net unrealized appreciation of investments and options 358,432,526 269,280,865 Net increase in net assets resulting from operations 473,591,096 375,866,520 Distributions to shareholders from: Net investment income -- Class A -- (170,569) Net realized gain on investments Class A (104,896,450) (90,141,397) Class B (22,949,719) (6,173,738) Increase from capital share transactions (Note 4)564,355,360 940,692,692 Total increase in net assets 910,100,287 1,220,073,508 Beginning of year 2,811,693,140 1,591,619,632 End of year (including distributions in excess of net investment income ($4,929,031 and $318,367, respectively) $3,721,793,427 $2,811,693,140 *Unaudited /TABLE
Financial highlights* (For a share outstanding throughout the period) April 27, 1992 Six months (commencement Six months ended Year ended of operations) to ended January 31 July 31 July 31 January 31 Year ended July 31 1994*** 1993 1992 1994*** 1993 1992 Class B Class A Net Asset Value, Beginning of Period $10.89 $9.63 $9.34 $11.02 $9.67 $9.00 Investment operations Net Investment Income (Loss) (.03) (.03) (.04) (.01) (.02) .02 Net Realized and Unrealized Gain (Loss) on Investments 1.70 1.81 .33 1.75 1.89 1.16 Total from investment operations 1.67 1.78 .29 1.74 1.87 1.18 Less Distributions from: Net Investment Income -- -- -- -- -- (.03) Net Realized Gain on Investments (.46) (.52) -- (.46) (.52) (.48) Total Distributions (.46) (.52) -- (.46) (.52) (.51) Net Asset Value, End of Period $12.10 $10.89 $9.63 $12.30 $11.02 $9.67 Total Investment Return at Net Asset Value (%)(b) 31.00(c) 18.79 14.50(c) 31.92(c) 19.69 13.39 Net Assets, End of Period (in thousands) $706,239 $408,361 $42,492 $3,015,554 $2,403,332 $1,549,128 Ratio of Interest Expense to Average Net Assets (%) -- -- -- -- -- -- Ratio of Other Operating Expenses to Average Net Assets (%) 1.78(c) 1.87 2.42(c) 1.04(c) 1.12 1.20 Ratio of Total Expenses to Average Net Assets (%) 1.78(c) 1.87 2.42(c) 1.04(c) 1.12 1.20 Ratio of Net Investment Income (Loss) to Average Net Assets (%) (.92)(c) (.91) (1.50)(c) (.16)(c) (.14) .27 Portfolio Turnover (%)** 26.69 64.62 44.17 26.69 64.62 44.17 See page 16 for notes to Financial highlights. /TABLE
Financial Highlights* (continued) Year ended July 31 1991 1990 1989 1988 1987 1986 1985 1984 Class A Net Asset Value, Beginning of Period $7.98 $8.51 $6.56 $8.71 $7.43 $6.05 $4.77 $6.36 Investment operations Net Investment Income (Loss) .02 .09 .08 .04(a) .02 .04 .05 .07 Net Realized and Unrealized Gain (Loss) on Investments 1.70 .28 2.02 (.84) 2.22 1.71 1.64 (1.27) Total from investment operations 1.72 .37 2.10 (.80) 2.24 1.75 1.69 (1.20) Less Distributions from: Net Investment Income (.07) (.10) (.02) (.03) (.05) (.05) (.05) (.03) Net Realized Gain on Investments (.63) (.80) (.13) (1.32) (.91) (.32) (.36) (.36) Total Distributions (.70) (.90) (.15) (1.35) (.96) (.37) (.41) (.39) Net Asset Value, End of Period $9.00 $7.98 $8.51 $6.56 $8.71 $7.43 $6.05 $4.77 Total Investment Return at Net Asset Value (%)(b) 24.04 4.80 32.59 (10.26) 35.71 31.33 37.12 (20.01) Net Assets, End of Period (in thousands) $1,016,539 $755,550 $697,248 $549,799 $610,966 $378,532 $282,868 $191,880 Ratio of Interest Expense to Average Net Assets (%) -- -- -- -- .19 .01 .06 -- Ratio of Other Operating Expenses to Average Net Assets (%) 1.10 .97 1.00 1.05(a) 1.01 .88 .96 1.04 Ratio of Total Expenses to Average Net Assets (%) 1.10 .97 1.00 1.05(a) 1.20 .89 1.02 1.04 Ratio of Net Investment Income (Loss) to Average Net Assets (%) .29 1.10 1.04 .68(a) .41 .72 .99 1.37 Portfolio Turnover (%)** 49.43 61.71 70.87 65.75 79.10 75.57 60.29 136.10 *Financial highlights for periods ended through July 31, 1992 have been restated to conform with requirements issued by the SEC in April 1993. Table has been restated to reflect a 3-for-1 share split declared by the Fund to shareholders of record on October 27, 1989, payable on October 28, 1989. **Portfolio turnover calculations for fiscal 1985 and thereafter include transactions in U.S. government securities with maturities greater than one year. Prior year portfolio turnover calculations excluded all U.S. government securities. ***Unaudited. (a)Reflects an expense limitation during the six months ended July 31, 1988. As a result of such limitation, expenses reflect a reduction of less than $0.01 per share. (b)Total investment return assumes dividend reinvestment and does not reflect the effect of sales charges. (c)Annualized. (d)Not annualized. /TABLE Notes to financial statements January 31, 1994 (unaudited) Note 1 Significant accounting policies The Fund is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund invests primarily in common stocks of small to medium-sized companies that Putnam Management believes have potential for capital appreciation significantly greater than that of the market averages. The Fund offers both Class A and Class B shares. The Fund commenced its public offering of Class B shares on April 27, 1992. Class A shares are sold with a maximum front-end sales charge of 5.75%. Class B shares do not pay a front-end sales charge, but pay a higher ongoing distribution fee than Class A shares, and may be subject to a contingent deferred sales charge, if those shares are redeemed within six years of purchase. Expenses of the Fund are borne pro-rata by the holders of both classes of shares, except that each class bears expenses unique to that class including the distribution fees applicable to such class and votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. Shares of each class would receive their pro-rata share of the net assets of the Fund, if the Fund were liquidated. In addition, the Trustees declare separate dividends on each class of shares. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. A) Security valuation Investments for which market quotations are readily available are stated at market value, which is determined using the last reported sale price, or, if no sales are reported- - -as in the case of some securities traded over the counter--the last reported bid price, except that certain U.S. government obligations are stated at the mean between the bid and asked prices. Short-term investments having remaining maturities of 60 days or less are stated at amortized cost which approximates market, and other investments are stated at fair value following procedures approved by the Trustees. B) Joint trading account Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Fund may transfer uninvested cash balances into a joint trading account, along with the cash of other registered investment companies managed by Putnam Investment Management, Inc. (Putnam Management) (formerly known as The Putnam Management Company, Inc.), the Fund's Manager, a wholly-owned subsidiary of Putnam Investments, Inc., (formerly, The Putnam Companies, Inc.) and certain other accounts. These balances may be invested in one or more repurchase agreements and/or short-term money market instruments. C) Repurchase agreements The Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. The Fund's Manager is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. D) Security transactions and related investment income Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the Fund is informed of the ex-dividend date. Foreign currency-denominated receivables and payables are "marked-to-market" using the current exchange rate. The fluctuation between the original exchange rate and the current exchange rate is recorded as unrealized translation gain or loss. Upon receipt or payment, the Fund realizes a gain or loss on foreign currency amounting to the difference between the original value and the ending value of the receivable or payable. Foreign currency gains and losses related to dividends receivable are reported as part of dividend income. E) Option accounting principles When the Fund writes a call or put option, an amount equal to the premium received by the Fund is included in the Fund's "Statement of Assets and Liabilities" as an asset and an equivalent liability. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. The current market value of an option is the last sale price or, in the absence of a sale, the last offering price. If an option expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchases upon exercise of the option. The premium paid by the Fund for the purchase of a call or put option is included in the Fund's "Statement of Assets and Liabilities" as an investment and subsequently "marked-to-market" to reflect the current market value of the option. If an option which the Fund has purchased expires on the stipulated expiration date, the Fund realizes a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid. Stock index options are similar to options on individual securities in that the purchaser of an index option acquires the right to buy, and the writer undertakes the obligation to sell, an index at a stated exercise price during the term of the option. Instead of giving the right to take or make actual delivery of securities, the holder of a stock index option has the right to receive a cash "exercise settlement account." This amount is equal to the amount by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of the exercise, multiplied by a fixed "index multiplier." The Fund writes options on stock indices only to the extent that it holds in its portfolio underlying securities, which, in the judgment of Putnam Management, correlate closely with the stock index. F) Federal taxes It is the policy of the Fund to distribute all of its taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. It is also the intention of the Fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Internal Revenue Code of 1986. Therefore, no provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held and for excise tax on income and capital gains. G) Distributions to shareholders Distributions to shareholders are recorded by the Fund on the ex-dividend date. Note 2 Management fee, administrative services, and other transactions Compensation of Putnam Management, for management and investment advisory services is paid quarterly based on the average net assets of the Fund for the quarter. Such fee is based on the following annual rates: 0.70% of the first $500 million of average net assets, 0.60% of the next $500 million, 0.55% of the next $500 million, and 0.50% of any amount over $1.5 billion, subject to reduction in any year to the extent that expenses (exclusive of brokerage, interest, distribution fees and taxes) of the Fund exceed 2.5% of the first $30 million of average net assets, 2.0% of the next $70 million and 1.5% of any amount over $100 million, and by the amount of certain brokerage commissions and fees (less expenses) received by affiliates of the Manager on the Fund's portfolio transactions. The Fund also reimburses the Manager for the compensation and related expenses of certain officers of the Fund and their staff who provide administrative services to the Fund. The aggregate amount of all such reimbursements is determined annually by the Trustees. For the six months ended January 31, 1994, the Fund paid $50,411 for these services. Trustees of the Fund receive an annual Trustee's fee of $2,960, and an additional fee for each Trustees' meeting attended. Trustees who are not interested persons of the Manager and who serve on committees of the Trustees receive additional fees for attendance at certain committee meetings. Custodial functions for the Fund's assets are provided by Putnam Fiduciary Trust Company (PFTC), a subsidiary of Putnam Investments, Inc. Investor servicing agent functions are provided to the Fund by Putnam Investor Services, a division of PFTC. Fees paid for these investor servicing and custodial functions for the six months ended January 31, 1994 amounted to $3,164,681. Investor servicing and custodian fees reported in the Statement of operations for the six months ended January 31, 1994 have been reduced by credits allowed by PFTC. The Fund has adopted a distribution plan with respect to class A shares (the "class A Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The purpose of the class A Plan is to compensate Putnam Mutual Funds Corp. (formerly known as Putnam Financial Services, Inc.), a wholly-owned subsidiary of Putnam Investments, Inc., for services provided and expenses incurred by it in distributing class A shares. The Trustees have approved payment by the Fund to Putnam Mutual Funds Corp., at an annual rate of 0.25% of the Fund's average net assets attributable to class A shares. For the six months ended January 31, 1994, the Fund paid $3,416,944 in distribution fees for class A shares. During the six months ended January 31, 1994, Putnam Mutual Funds Corp., acting as an underwriter, received net commissions of $1,074,762 from the sale of Class A shares of the Fund. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares purchased as part of an investment of $1 million or more. For the six months ended July 1993, Putnam Mutual Funds Corp., acting as underwriter, received $3,048 on Class A redemptions. The Fund has adopted a distribution plan with respect to its Class B shares (the "Class B Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The purpose of Class B Plan is to compensate Putnam Mutual Funds Corp. for services provided and expenses incurred by it in distributing Class B shares. The Class B Plan provides for payments by the Fund to Putnam Mutual Funds Corp. at an annual rate of up to 1.00% of the Fund's average net assets attributable to Class B shares. Payments under the plan cannot exceed 1.00% without shareholder approval. For the six months ended January 31, 1994, the Fund paid Putnam Mutual Funds Corp. distribution fees of $2,740,205 for Class B shares. Putnam Mutual Funds Corp. also receives the proceeds on the contingent deferred sales charges on its Class B share redemptions within six years of purchase. The charge is based on declining rates, which begin at 5.00% of the net asset value of the redeemed shares. For the six months ended January 31, 1994, Putnam Mutual Funds Corp., acting as an underwriter, received $382,766 in contingent deferred sales charges from redemptions. As part of the custodian contract between PFTC and the subcustodian bank, the subcustodian has a lien on the securities of the Fund to the extent permitted by the Fund's investment restrictions to cover any advances made by the Fund. At January 31, 1994 payable to subcustodian represents the amount due for cash advanced for the settlement of a security purchased. Note 3 Purchases and sales of securities During the six months ended January 31, 1994, purchases and sales of investment securities other than short-term investments aggregated $1,191,998,695 and $834,526,284, respectively. There were no purchases or sales of U.S. government obligations. In determining the net gain or loss on securities sold, the cost of securities has been determined on the identified cost basis.
Note 4 Capital shares At January 31, 1994, there was an unlimited number of shares of beneficial interest authorized, divided into two classes, Class A and Class B capital shares. Transactions in capital shares were as follows: Six months ended Year ended January 31 July 31 1994 1993 Class A Shares Amount Shares Amount Shares sold 52,134,339 $617,262,164 103,905,106 $1,074,340,482 Shares issued in connection with reinvestment of distributions 8,465,994 99,305,978 7,987,904 82,835,225 60,600,333 716,568,142 111,893,010 1,157,175,707 Shares repurchased (33,462,185) (396,417,811) (54,026,950) (555,944,066) Net increase 27,138,148 $320,150,331 57,866,060 $ 601,231,641 Six months ended Year ended January 31 July 31 1994 1993 Class B Shares Amount Shares Amount Shares sold 23,303,430 $273,093,316 36,505,966 $ 374,601,722 Shares issued in connection with reinvestment of distributions 1,838,348 21,232,726 548,375 5,648,264 25,141,778 294,326,042 37,054,341 380,249,986 Shares repurchased (4,268,182) (50,121,013) (3,976,467) (40,788,935) Net Increase 20,873,596 $244,205,029 33,077,874 $ 339,461,051 /TABLE Note 5 Reclassification of Capital Accounts Effective August 1, 1993, Putnam Voyager Fund has adopted the provisions of Statement of Position 93-2 "Determination, Disclosure and Financial Statement Presentation of Income, Capital Gain and Return of Capital Distributions by Investment Companies (SOP)." The purpose of this SOP is to report the accumulated net investment income (loss) and accumulated net realized gain (loss) accounts in such a manner as to approximate amounts available for future distributions (or to offset future realized capital gains) and to achieve uniformity in the presentation of distributions by investment companies. As a result of the SOP, the Fund has reclassified $142,588 reducing distributions in excess of net investment income, $4,470,089 increasing accumulated net realized gain and $4,612,677 decreasing additional paid-in capital. These adjustments represent the cumulative amounts necessary to report these balances through July 31, 1993, the close of the Fund most recent fiscal year-end, for financial reporting and tax purposes. Fund performance supplement Putnam Voyager Fund is a portfolio managed for capital appreciation primarily through investment in common stocks. Standard & Poor's 500 Index is an unmanaged list of large-capitalization common stocks; it assumes reinvestment of all distributions. The index does not take into account brokerage commissions or other costs. The fund's portfolio contains securities that do not match those in the index. The Consumer Price Index is a commonly used measure of inflation; it does not represent an investment return. Fund performance data do not take into account any adjustment made for payments under the fund's class A distribution plan prior to its implementation in fiscal 1990, or taxes payable on reinvested distributions. The fund performance supplement has been prepared by Putnam Management to provide additional information about the fund and the indexes used for performance comparisons. The information is not part of the portfolio of investments owned or the financial statements. Your Trustees George Putnam Chairman Chairman and President, The Putnam Funds William F. Pounds Vice Chairman Professor of Management, Alfred P. Sloan School of Management, Massachusetts Institute of Technology Jameson Adkins Baxter President, Baxter Associates, Inc. Hans H. Estin Vice Chairman, North American Management Corporation John A. Hill Principal and Managing Director, First Reserve Corp. Elizabeth T. Kennan President, Mount Holyoke College Lawrence J. Lasser President and Chief Executive Officer, Putnam Investments, Inc. Robert E. Patterson Executive Vice President, Cabot Partners Limited Partnership Donald S. Perkins Director of various corporations George Putnam, III President, New Generation Research, Inc. A.J.C. Smith Chairman of the Board and Chief Executive Officer Marsh & McLennan Companies, Inc. W. Nicholas Thorndike Director of various corporations Putnam Voyager Fund Fund information Investment manager Putnam Investment Management, Inc. One Post Office Square Boston, MA 02109 Marketing services Putnam Mutual Funds Corp. One Post Office Square Boston, MA 02109 Investor servicing agent Putnam Investor Services Mailing address: P.O. Box 41203 Providence, RI 02940-1203 1-800-225-1581 Custodian Putnam Fiduciary Trust Company Legal counsel Ropes & Gray (DALBAR logo) Putnam Investor Services has received the DALBAR award each year since the award's 1990 inception. In more than 10,000 tests of 38 shareholder service components, Putnam outperformed the industry standard in every category. 07/54-11146 Officers George Putnam President Charles E. Porter Executive Vice President Patricia C. Flaherty Senior Vice President Lawrence J. Lasser Vice President Gordon H. Silver Vice President Peter Carman Vice President Matthew A. Weatherbie Vice President and Fund Manager William N. Shiebler Vice President John R. Verani Vice President Paul O'Neil Vice President John D. Hughes Vice President and Treasurer Beverly Marcus Clerk and Assistant Treasurer This report is for the information of shareholders of Putnam Voyager Fund. It may also be used as sales literature when preceded or accom- panied by the current prospectus, which gives details of sales charges, investment objectives, and operating policies of the fund. PUTNAMINVESTMENTS The Putnam Funds One Post Office Square Boston, Massachusetts 02109 - ----------------- Bulk Rate U.S. Postage Paid Boston, MA Permit No. 53749 - ------------------ APPENDIX TO FORM N30D FILINGS TO DESCRIBE DIFFERENCES BETWEEN PRINTED AND EDGAR-FILED TEXTS: (1) Rule lines for tables are omitted. (2) Boldface and italic typefaces are displayed in normal type. (3) Headers (e.g, the name of the fund) and footers (e.g., page numbers and "The accompanying notes are an integral part of these financial statements") are omitted. (4) Because the printed page breaks are not reflected, certain tabular and columnar headings and symbols are displayed differently in this filing. (5) Bullet points and similar graphic signals are omitted. (6) Page numbering is different. (7) The (R) symbol is used to represent registered trademarks. -----END PRIVACY-ENHANCED MESSAGE-----