-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JADD4nh30R/Vih6Uo3AJbCsGwJSJwRAiBz/+4TtVyC+EZ72j/hZWgrnH7Ch0MCvJ m4fXg9o/Vpep+S85DdDyFA== 0000928816-09-001347.txt : 20091230 0000928816-09-001347.hdr.sgml : 20091230 20091230110046 ACCESSION NUMBER: 0000928816-09-001347 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091031 FILED AS OF DATE: 20091230 DATE AS OF CHANGE: 20091230 EFFECTIVENESS DATE: 20091230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VOYAGER FUND CENTRAL INDEX KEY: 0000081280 IRS NUMBER: 046187125 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01682 FILM NUMBER: 091265283 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 0000081280 S000006573 PUTNAM VOYAGER FUND C000017940 Class A Shares PVOYX C000017941 Class B Shares PVOBX C000017942 Class C Shares PVFCX C000017943 Class M Shares PVOMX C000017944 Class R Shares PVYRX C000017945 Class Y Shares PVYYX N-Q 1 a_voyagerfund.htm PUTNAM VOYAGER FUND a_voyagerfund.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY
 
Investment Company Act file number: (811-01682)   
 
Exact name of registrant as specified in charter:  Putnam Voyager Fund 
 
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 
 
Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 
 
Registrant’s telephone number, including area code:  (617) 292-1000   
 
Date of fiscal year end: July 31, 2010   
 
Date of reporting period: October 31, 2009   

Item 1. Schedule of Investments:



Putnam Voyager Fund     

The fund's portfolio     
10/31/09 (Unaudited)     
 
COMMON STOCKS (95.7%)(a)     
  Shares  Value 

 
Aerospace and defense (3.9%)     
BAE Systems PLC (United Kingdom)  2,806,204  $14,469,433 
Goodrich Corp. (S)  180,646  9,818,110 
Lockheed Martin Corp.  232,800  16,014,312 
Northrop Grumman Corp.  141,100  7,073,343 
Precision Castparts Corp. (S)  103,100  9,849,143 
Raytheon Co. (S)  778,200  35,236,896 
United Technologies Corp. (S)  607,000  37,300,150 
    129,761,387 

 
Airlines (0.5%)     
UAL Corp. (NON) (S)  1,417,704  9,229,253 
US Airways Group, Inc. (NON) (S)  2,172,413  6,647,584 
    15,876,837 

 
Automotive (0.1%)     
Hertz Global Holdings, Inc. (NON)  336,700  3,134,677 
    3,134,677 

 
Banking (5.3%)     
Bank of America Corp.  3,287,961  47,938,471 
JPMorgan Chase & Co.  1,001,100  41,815,947 
PNC Financial Services Group, Inc.  72,300  3,538,362 
State Street Corp.  962,400  40,401,552 
Wells Fargo & Co. (S)  1,499,600  41,268,992 
    174,963,324 

 
Beverage (0.4%)     
PepsiCo, Inc. (S)  226,900  13,738,795 
    13,738,795 

 
Biotechnology (4.8%)     
Amgen, Inc. (NON)  1,006,900  54,100,737 
Auxilium Pharmaceuticals, Inc. (NON) (S)  244,900  7,704,554 
Dendreon Corp. (NON)  226,500  5,723,655 
Genzyme Corp. (NON) (S)  1,663,000  84,147,800 
Gilead Sciences, Inc. (NON)  116,200  4,944,310 
Talecris Biotherapeutics Holdings Corp. (NON) (S)  157,509  3,159,631 
    159,780,687 

 
Broadcasting (2.5%)     
CBS Corp. Class B (S)  1,912,018  22,504,452 
Liberty Media Corp. - Capital Ser. A (NON)  399,385  8,263,276 
Liberty Media Corp. - Entertainment Class A (NON)  1,631,793  50,291,860 
Sirius XM Radio, Inc. (NON)  774,935  454,112 
    81,513,700 

 
Building materials (0.2%)     
Owens Corning, Inc. (NON)  246,200  5,443,482 
    5,443,482 

 
Cable television (5.8%)     
Comcast Corp. Class A  2,415,700  35,027,650 
DIRECTV Group, Inc. (The) (NON) (S)  2,006,100  52,760,430 
DISH Network Corp. Class A (NON)  250,400  4,356,960 
Time Warner Cable, Inc. (S)  2,505,008  98,797,516 
    190,942,556 

 
Chemicals (1.7%)     
Dow Chemical Co. (The) (S)  625,900  14,696,132 
Monsanto Co.  270,800  18,192,344 
Potash Corp. of Saskatchewan, Inc. (Canada)  62,500  5,798,750 
Solutia, Inc. (NON)  431,800  4,749,800 
W.R. Grace & Co. (NON) (S)  515,942  11,293,970 
    54,730,996 

 
Combined utilities (1.5%)     
El Paso Corp.  5,019,500  49,241,295 
    49,241,295 

 
Commercial and consumer services (1.7%)     
AerCap Holdings NV (Netherlands) (NON)  205,823  1,724,797 
Alliance Data Systems Corp. (NON) (S)  1,004,398  55,221,802 
    56,946,599 

 
Communications equipment (7.2%)     
Cisco Systems, Inc. (NON) (S)  3,588,820  82,004,537 



Harris Corp.  322,200  13,442,184 
Motorola, Inc. (S)  3,638,500  31,181,945 
Nokia OYJ ADR (Finland) (S)  2,368,300  29,864,263 
Qualcomm, Inc.  1,837,200  76,078,452 
Research in Motion, Ltd. (Canada) (NON)  75,800  4,451,734 
    237,023,115 

 
Computers (5.7%)     
Apple, Inc. (NON) (S)  671,300  126,540,050 
EMC Corp. (NON) (S)  1,618,000  26,648,460 
Emdeon, Inc. Class A (NON)  59,780  895,504 
Fujitsu, Ltd. (Japan)  1,314,000  7,643,135 
Hewlett-Packard Co. (S)  113,500  5,386,710 
IBM Corp.  165,200  19,924,772 
    187,038,631 

 
Conglomerates (0.7%)     
Honeywell International, Inc. (S)  310,200  11,133,078 
SPX Corp. (S)  172,500  9,104,550 
Tyco International, Ltd.  57,400  1,925,770 
    22,163,398 

 
Consumer finance (1.3%)     
Mastercard, Inc. Class A (S)  183,000  40,080,660 
SLM Corp. (NON) (S)  412,700  4,003,190 
    44,083,850 

 
Consumer goods (0.7%)     
Energizer Holdings, Inc. (NON) (S)  172,000  10,469,640 
Estee Lauder Cos., Inc. (The) Class A (S)  102,639  4,362,158 
Procter & Gamble Co. (The)  116,600  6,762,800 
    21,594,598 

 
Electric utilities (0.2%)     
EnerNOC, Inc. (NON) (S)  240,500  6,909,565 
    6,909,565 

 
Electrical equipment (0.6%)     
WESCO International, Inc. (NON) (S)  243,700  6,228,972 
Yingli Green Energy Holding Co., Ltd. ADR (China)     
(NON) (S)  1,084,200  12,555,036 
    18,784,008 

 
Electronics (2.8%)     
Agilent Technologies, Inc. (NON) (S)  575,700  14,242,818 
Epistar Corp. (Taiwan)  1,241,000  3,648,407 
Epistar Corp. 144A GDR (Taiwan) (F)(NON)  179,436  2,668,142 
Infineon Technologies AG (Germany) (NON)  1,351,900  6,083,063 
Integrated Device Technology, Inc. (NON)  1,952,097  11,478,330 
Micron Technology, Inc. (NON) (S)  1,467,573  9,964,821 
National Semiconductor Corp. (S)  224,600  2,906,324 
Texas Instruments, Inc. (S)  1,739,200  40,784,240 
    91,776,145 

 
Energy (oil field) (1.3%)     
Schlumberger, Ltd.  129,600  8,061,120 
Weatherford International, Ltd. (Switzerland) (NON)  1,946,969  34,130,367 
    42,191,487 

 
Energy (other) (0.5%)     
Canadian Solar, Inc. (Canada) (NON) (S)  186,854  2,724,331 
Solarfun Power Holdings Co., Ltd. ADR (China) (NON) (S)  1,059,400  5,032,150 
Trina Solar, Ltd. ADR (China) (NON) (S)  280,400  9,107,392 
    16,863,873 

 
Entertainment (0.2%)     
Royal Caribbean Cruises, Ltd. (NON) (S)  394,700  7,984,781 
    7,984,781 

 
Financial (0.2%)     
CME Group, Inc. (S)  9,500  2,874,795 
Fortress Investment Group LLC Class A (NON) (S)  1,104,900  4,629,531 
    7,504,326 

 
Food (0.4%)     
Campbell Soup Co.  207,800  6,597,650 
Kraft Foods, Inc. Class A  202,900  5,583,808 
    12,181,458 

 
Health-care services (1.9%)     
Express Scripts, Inc. (NON)  438,638  35,055,949 
Medco Health Solutions, Inc. (NON) (S)  182,100  10,219,452 
Omnicare, Inc. (S)  289,200  6,266,964 
Vivus, Inc. (NON) (S)  317,000  2,504,300 
WellPoint, Inc. (NON)  198,400  9,277,184 



    63,323,849 

 
 
Insurance (5.4%)     
Aflac, Inc. (S)  2,151,984  89,285,816 
Arch Capital Group, Ltd. (NON) (S)  144,800  9,755,176 
Assured Guaranty, Ltd. (Bermuda) (S)  1,539,351  25,522,440 
Hartford Financial Services Group, Inc. (The)  1,481,176  36,318,436 
RenaissanceRe Holdings, Ltd.  164,065  8,613,413 
XL Capital, Ltd. Class A  436,994  7,171,072 
    176,666,353 

 
Investment banking/Brokerage (1.5%)     
E*Trade Financial Corp. (NON)  6,822,200  9,960,412 
GFI Group, Inc.  318,139  1,638,416 
Goldman Sachs Group, Inc. (The) (S)  225,271  38,334,366 
    49,933,194 

 
Lodging/Tourism (0.6%)     
Marriott International, Inc. Class A (S)  623,700  15,629,922 
Wyndham Worldwide Corp. (S)  336,570  5,738,519 
    21,368,441 

 
Machinery (0.2%)     
Cummins, Inc.  153,400  6,605,404 
    6,605,404 

 
Manufacturing (0.2%)     
ITT Corp. (S)  98,300  4,983,810 
    4,983,810 

 
Media (0.4%)     
News Corp., Ltd. (The) Class A  827,305  9,530,554 
Virgin Media, Inc. (S)  310,746  4,341,122 
    13,871,676 

 
Medical technology (3.4%)     
Baxter International, Inc.  322,200  17,418,132 
Boston Scientific Corp. (NON)  1,438,200  11,678,184 
China Medical Technologies, Inc. ADR (China) (S)  459,900  7,220,430 
Covidien PLC (Ireland)  437,300  18,419,076 
Hospira, Inc. (NON)  180,300  8,048,592 
Medtronic, Inc.  1,153,700  41,187,090 
St. Jude Medical, Inc. (NON)  261,500  8,911,920 
    112,883,424 

 
Metals (1.9%)     
ArcelorMittal Class A (NY Shares) (Luxembourg) (S)  128,047  4,356,159 
Barrick Gold Corp. (Canada) (S)  90,900  3,266,037 
Cameco Corp. (Canada)  349,100  9,499,011 
Coeur d'Alene Mines Corp. (NON) (S)  400,200  8,036,016 
Freeport-McMoRan Copper & Gold, Inc. Class B (S)  123,160  9,035,018 
Steel Dynamics, Inc.  303,500  4,063,865 
United States Steel Corp. (S)  510,600  17,610,594 
Vale SA ADR (Brazil) (S)  196,480  5,008,275 
Xstrata PLC (United Kingdom) (NON)  157,751  2,264,031 
    63,139,006 

 
Oil and gas (2.6%)     
Anadarko Petroleum Corp.  242,500  14,775,525 
Chevron Corp. (S)  315,900  24,178,986 
Newfield Exploration Co. (NON) (S)  412,400  16,916,648 
Occidental Petroleum Corp.  217,560  16,508,453 
PetroHawk Energy Corp. (NON)  560,300  13,178,256 
XTO Energy, Inc.  1,000  41,560 
    85,599,428 

 
Pharmaceuticals (4.5%)     
Abbott Laboratories  1,315,200  66,509,664 
Johnson & Johnson  51,200  3,023,360 
Pfizer, Inc.  3,709,832  63,178,439 
Teva Pharmaceutical Industries, Ltd. ADR (Israel) (S)  285,386  14,406,285 
    147,117,748 

 
Publishing (0.7%)     
Gannett Co., Inc. (S)  2,205,608  21,659,071 
    21,659,071 

 
Retail (7.1%)     
Big Lots, Inc. (NON) (S)  131,200  3,286,560 
Coach, Inc.  447,473  14,753,185 
CVS Caremark Corp.  2,088,611  73,727,968 
GameStop Corp. Class A (NON) (S)  1,798,733  43,691,225 
Home Depot, Inc. (The) (S)  164,800  4,134,832 
Lowe's Cos., Inc.  494,100  9,669,537 
Macy's, Inc. (S)  1,536,977  27,004,686 
Target Corp. (S)  479,300  23,212,499 



Urban Outfitters, Inc. (NON) (S)    530,900  16,659,642 
Wal-Mart Stores, Inc.    221,100  10,984,248 
Walgreen Co.    218,400  8,262,072 
      235,386,454 

 
Schools (1.8%)       
Apollo Group, Inc. Class A (NON)    856,300  48,894,730 
DeVry, Inc.    196,600  10,870,014 
      59,764,744 

 
Semiconductor (1.9%)       
Atmel Corp. (NON)    9,932,860  36,950,239 
Formfactor, Inc. (NON) (S)    578,092  9,821,783 
Himax Technologies, Inc. ADR (Taiwan) (S)    2,277,464  6,012,505 
KLA-Tencor Corp. (S)    209,600  6,814,096 
Lam Research Corp. (NON) (S)    109,800  3,702,456 
Taiwan Semiconductor Manufacturing Co., Ltd. ADR       
(Taiwan)    1,226  11,696 
      63,312,775 

 
Software (3.5%)       
Longtop Financial Technologies Ltd. ADR (China) (NON)    301,837  7,998,681 
Microsoft Corp.    3,328,800  92,307,624 
Oracle Corp.    722,200  15,238,420 
      115,544,725 

 
Technology (0.2%)       
Unisys Corp. (NON) (S)    261,810  7,629,143 
      7,629,143 

 
Technology services (1.3%)       
Google, Inc. Class A (NON) (S)    54,296  29,109,172 
Yahoo!, Inc. (NON) (S)    839,800  13,352,820 
      42,461,992 

 
Telephone (1.4%)       
Leap Wireless International, Inc. (NON) (S)    532,600  7,040,972 
Qwest Communications International, Inc. (S)    11,086,096  39,799,078 
      46,840,050 

 
Tobacco (2.8%)       
Lorillard, Inc.    708,063  55,030,656 
Philip Morris International, Inc.    779,160  36,901,018 
      91,931,674 

 
Toys (2.2%)       
Nintendo Co., Ltd. ADR (Japan) (S)    2,322,738  72,957,201 
      72,957,201 

 
Transportation (--%)       
Genesis Lease, Ltd. ADR (Ireland)    97,486  809,134 
      809,134 
Total common stocks (cost $2,970,878,022)      $3,155,962,866 
 
INVESTMENT COMPANIES (2.3%)(a)       
    Shares  Value 

KKR Private Equity Investors LP (Unit) (NON)    7,634,413  $67,795,027 
SPDR S&P Homebuilders ETF    463,900  6,397,181 

Total investment companies (cost $26,512,989)      $74,192,208 
 
PURCHASED OPTIONS OUTSTANDING (1.8%)(a)       
  Expiration date/  Contract   
  strike price  amount  Value 

Aflac, Inc. (Call)  Jan-10/$40.00  $2,644,969  $10,123,229 
Aflac, Inc. (Call)  Jan-10/35.00  1,079,568  7,959,674 
Alliance Data Systems Corp. (Call)  Dec-09/50.00  390,100  2,463,169 
Appolo Group, Inc. Class A (Call)  Jan-10/60.00  510,422  2,220,336 
Comcast Corp. Class A (Call)  Nov-09/15.00  2,726,089  1,077,822 
Comcast Corp. Class A (Call)  Nov-09/16.00  5,818,119  719,969 
Directv Group, Inc. (Call)  Dec-09/27.50  3,918,935  2,701,969 
Financial Select Sector SPDR (Call)  Dec-09/17.00  18,376,148  1,364,264 
Genzyme Corp. (Call)  Jan-10/55.00  2,279,149  3,766,216 
Human Genome Sciences, Inc. (Call)  Nov-09/25.00  1,140,351  1,674,937 
Mead Johnson Nutrition Co. (Call)  Feb-10/50.00  1,578,500  2,036,980 
Motorola, Inc. (Call)  Jan-10/8.50  15,749,196  13,931,161 
Time Warner Cable, Inc. (Call)  Jan-10/32.50  1,358,650  10,329,972 

Total purchased options outstanding (cost $68,284,854)      $60,369,698 
 
CONVERTIBLE PREFERRED STOCKS (0.1%)(a)       
    Shares  Value 

Vale Capital, Ltd. Ser. RIO, $2.75 cv. pfd. (Brazil)    94,300  $4,648,990 

Total convertible preferred stocks (cost $3,349,536)      $4,648,990 



U.S. TREASURY OBLIGATIONS (0.3%)(a)     
  Principal amount  Value 

U.S. Treasury Notes zero%, May 15, 2013 (i)  3,392,000  $3,674,283 
U.S. Treasury Notes zero%, May 15, 2010 (i)  3,260,000  3,382,543 
U.S. Treasury Inflation Protected Securities zero%, January 15, 2025 (i)  2,226,597  2,372,016 

Total U.S. Treasury Obligations (cost $9,428,842)    $9,428,842 
 
 
SHORT-TERM INVESTMENTS (21.7%)(a)     
  Principal amount/shares  Value 

U.S. Treasury Cash Management Bills for an effective     
yield of 0.310%, July 15, 2010 (SEGSF)  $3,494,000  $3,485,440 
U.S. Treasury Cash Management Bills for an effective     
yield of 0.341%, June 10, 2010 (SEGSF)  254,000  253,404 
U.S. Treasury Bills for an effective yield of 0.643%,     
December 17, 2009 (SEGSF)  1,802,000  1,800,550 
U.S. Treasury Bills zero%, December 17, 2009 (i)  1,795,000  1,795,000 
Short-term investments held as collateral for loaned     
securities with a yield of 0.35% and due date     
of November 2, 2009 (d)  673,949,899  673,936,795 
Putnam Money Market Liquidity Fund (e)  35,742,430  35,742,430 

Total short-term investments (cost $717,015,490)    $717,013,619 
 
 
TOTAL INVESTMENTS     

Total investments (cost $3,795,469,733) (b)    $4,021,616,223 



FORWARD CURRENCY CONTRACTS TO SELL at 10/31/09 (aggregate face value $134,098,736) (Unaudited)   
        Unrealized 
    Aggregate  Delivery  appreciation/ 
  Value  face value  date  (depreciation) 

British Pound  $16,153,223  $15,800,077  11/18/09  $(353,146) 
Euro  40,119,794  40,158,724  11/18/09  38,930 
Japanese Yen  77,616,673  78,139,935  11/18/09  523,262 

Total        $209,046 



WRITTEN OPTIONS OUTSTANDING at 10/31/09 (premiums received $27,316,458) (Unaudited)   
  Contract  Expiration date/   
  amount  strike price  Value 

Aflac, Inc. (Call)  $1,079,568  Jan-10/$40.00  $4,131,888 
Aflac, Inc. (Call)  2,644,969  Jan-10/45.00  4,065,548 
Alliance Data Systems Corp. (Call)  390,100  Dec-09/60.00  557,141 
Apollo Group, Inc. Class A (Call)  510,422  Jan-10/70.00  692,000 
Comcast Corp. Class A (Call)  2,726,089  Nov-09/16.00  337,343 
Comcast Corp. Class A (Call)  5,818,119  Nov-09/17.00  175,178 
Financial Select Sector SPDR (Call)  6,811,003  Dec-09/19.00  78,265 
Genzyme Corp. (Call)  2,279,149  Jan-10/60.00  1,366,067 
Human Genome Sciences, Inc. (Call)  1,140,351  Nov-09/27.50  915,736 
Mead Johnson Nutrition Co. (Call)  1,578,500  Feb-10/55.00  938,336 
Motorola, Inc. (Call)  15,749,196  Jan-10/10.00  5,253,948 
Time Warner Cable, Inc. (Call)  1,358,650  Jan-10/42.50  2,039,627 
Time Warner Cable, Inc. (Put)  577,300  Jan-10/25.00  42,023 

Total      $20,593,100 



TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/09 (Unaudited)       
  Upfront    Fixed payments  Total return   
Swap counterparty /  premium  Termination  received (paid) by  received by  Unrealized 
Baskets received (paid)  date  fund per annum  or paid by fund  depreciation 

 
Goldman Sachs International           
204,380  $--  7/20/10  (3 month USD-  A basket  $(8,475,568) 
      LIBOR-BBA plus 20  (GSCBAIRP)   
      bps)  of common stocks   

20,713  --  7/20/10  (3 month USD-  A basket  (858,961) 
      LIBOR-BBA plus 20  (GSCBAIRP)   
      bps)  of common stocks   

20,597  --  7/20/10  (3 month USD-  A basket  (854,151) 
      LIBOR-BBA plus 20  (GSCBAIRP)   
      bps)  of common stocks   

18,319  --  10/11/10  (1 month USD-  A basket  (393,826) 
      LIBOR-BBA plus 40  (GSPMTGCC)   
      bp)  of common stocks   

23,808  --  10/28/10  (3 month USD-  A basket  (156,542) 
      LIBOR-BBA plus 20  (GSCBAIRP)   
      bp)  of common stocks   

10,488  --  6/11/10  (1 month USD-  A basket  (113,538) 
      LIBOR-BBA plus 40  (GSCBBCAR)   
      bp)  of common stocks   

44,082  --  6/11/10  (1 month USD-  A basket  (477,210) 
      LIBOR-BBA plus 40  (GSCBBCAR)   
      bp)  of common stocks   

2,845  --  6/11/10  (1 month USD-  A basket  (30,798) 
      LIBOR-BBA plus 40  (GSCBBCAR)   
      bp)  of common stocks   

Total          $(11,360,594) 



Key to holding's abbreviations

ADR American Depository Receipts

ETF Exchange Traded Fund

GDR Global Depository Receipts

NOTES

(a) Percentages indicated are based on net assets of $3,297,116,857.

(b) The aggregate identified cost on a tax basis is $3,803,102,140, resulting in gross unrealized appreciation and depreciation of $412,103,307 and $193,589,224, respectively, or net unrealized appreciation of $218,514,083.

(NON) Non-income-producing security.

(SEGSF) These securities, in part or in entirety, were pledged and segregated with the custodian for collateral on certain derivative contracts at October 31, 2009.

(d) The fund may lend securities, through its agents, to qualified borrowers in order to earn additional income. The loans are collateralized by cash and/or securities in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. At October 31, 2009, the value of securities loaned amounted to $633,273,800. Certain of these securities were sold prior to period-end. The fund received cash collateral of $673,936,795 which is pooled with collateral of other Putnam funds into a single broker cash account covered under the FDIC Temporary Liquidity Guarantee Program.

(e) The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Investment Management, LLC ("Putnam Management"), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income and totaled $40,318 for the period ended October 31, 2009. During the period ended October 31, 2009, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $363,692,619 and $451,555,630, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.

(F) Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures ("ASC 820") based on the securities valuation inputs. On October 31, 2009, fair value pricing was also used for certain foreign securities in the portfolio (Note 1).

(i) Securities purchased with cash or securities received, that were pledged to the fund for collateral on certain derivative contracts.

(S) Securities on loan, in part or in entirety, at October 31, 2009.

At October 31, 2009, liquid assets totaling $1,184,454,465 have been designated as collateral for open swap contracts, forward contracts and options.

144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR and GDR after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank.

Security valuation: Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported-- as in the case of some securities traded over-the-counter-- a security is valued at its last reported bid price. Market quotations are not considered to be readily available for certain debt obligations; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally



recognized by institutional traders, between securities (which considers such factors as security prices, yields, maturities and ratings) . Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors, including movements in the U.S. securities markets. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At October 31, 2009, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Futures and options contracts: The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns, owned or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, interest or exchange rates moving unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a writte n call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.” Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. The fund had an average contract amount of appoximately $50,200,000 on Purchased options contracts for the period ended October 31, 2009. The fund had an average contract amount of appoximately $38,700,000 on Written options contracts for the period ended October 31, 2009. For the period ended October 31, 2009 the fund did not have any activity on Futures contracts.

Forward currency contracts: The fund may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which its portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a fund intends to buy are denominated, when a fund holds cash reserves and short term investments), or for other investment purposes. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. When the contract is closed , the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. The fund had an average contract amount of appoximately $126,200,000 on Forward currency contracts for the period ended October 31, 2009.

Total return swap contracts: The fund may enter into total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount to help enhance the funds return and manage the fund’s exposure to credit risk. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty. Outstanding notional on Total return swap contracts at the period ended October 31, 2009 are indicative of the volume of activity during the period.

Master agreements: The fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (“Master Agreements”) with certain counterparties that govern over the counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio. Collateral posted to the fund which can not be sold or repledged totaled $20,907,609 at October 31, 2009. Collateral pledged by the fu nd is segregated by the fund’s custodian



and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund's future derivative activity.

At October 31, 2009, the fund had a net liability position of $8,279,376 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $5,371,566.



In September 2006, Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures ("ASC 820") was issued. ASC 820 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. While the adoption of ASC 820 does not have a material effect on the fund’s net asset value, it does require additional disclosures about fair value measurements. ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1 – Valuations based on quoted prices for identical securities in active markets.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of October 31, 2009:

    Valuation inputs   

Investments in securities: Level 1  Level 2  Level 3 

Common stocks:      

Basic materials  $ 115,605,971  $  2,264,031  $  - 

Capital goods  145,665,176  14,469,433  -- 

Communication services  237,782,606  --  -- 

Conglomerates  22,163,398  --  -- 

Consumer cyclicals  438,276,042  --  -- 

Consumer staples  281,201,309  --  -- 

Energy  144,654,788  --  -- 

Financial  453,151,047  --  -- 

Health care  483,105,708  --  -- 

Technology  724,743,779  17,374,605  2,668,142 

Transportation  16,685,971  --  -- 

Utilities and power  56,150,860  --  -- 

Total common stocks 3,119,186,655  34,108,069  2,668,142 

Convertible preferred stocks --  4,648,990  -- 

Investment companies 6,397,181  67,795,027  -- 

Purchased options outstanding --  60,369,698  -- 

U.S. Treasury Obligations --  9,428,842  -- 

Short-term investments 35,742,430  681,271,189  -- 

Totals by level $3,161,326,266  $857,621,815  $2,668,142 

 
 
 
 
  Level 1  Level 2  Level 3 

  $ --  $(31,744,648)  $ -- 


Other financial instruments include written options, swaps and forward currency contracts.

The following is a reconciliation of Level 3 assets as of October 31, 2009:

Investments in securities:              Net  Balance 
    Balance  Accrued    Change in net  Net  transfers in  as of 
    as of July 31  discounts/  Realized  unrealized  purchases/  and/or out  October 31, 
    2009  premiums  gain/(loss)  appreciation †  sales  of Level 3  2009 

Common stocks:                 

  Technology  $--  --  --  335,474  2,332,668  $--  $2,668,142 

Total common stocks    $--  --  --  335,474  2,332,668  --  $2,668,142 

Totals:    $--  $--  $--  $335,474  $2,332,668  $--  $2,668,142 


† Includes $335,474 related to Level 3 securities still held at period end.

Market Values of Derivative Instruments as of October 31, 2009

  Asset derivatives  Liability derivatives 
 
Derivatives not accounted for as hedging instruments under Statement 133  Market value  Market value 

Foreign exchange contracts  $803,221  $594,175 

Equity contracts  60,369,698  31,953,694 

Total  $61,172,919  $32,547,869 


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed 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.

Putnam Voyager Fund

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: December 30, 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 (Signature and Title):

/s/ Charles E. Porter
Charles E. Porter
Principal Executive Officer
Date: December 30, 2009

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: December 30, 2009


EX-99.CERT 2 b_voyagerfundcert.htm EX-99.CERT b_voyager007cert.htm

Certifications

I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Charles E. Porter
_____________________________
Date: December 29, 2009
Charles E. Porter
Principal Executive Officer



Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Steven D. Krichmar
_______________________________
Date: December 29, 2009
Steven D. Krichmar
Principal Financial Officer



Attachment A 
NQ 
Period (s) ended October 31, 2009 

Putnam AMT- Free Municipal Fund
Putnam Tax-Free High Yield Fund
The George Putnam Fund of Boston
Putnam Voyager Fund
Putnam Research Fund
Putnam Vista Fund
Putnam Premier Income Trust
Putnam Investors Fund
Putnam Growth Opportunities Fund

Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam RetirementReady 2015 Fund
Putnam RetirementReady 2010 Fund
Putnam RetirementReady Maturity Fund


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