N-Q 1 a_voyager.htm PUTNAM VOYAGER FUND
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 
  800 Boylston Street 
  Boston, Massachusetts 02199-3600 
 
Registrant’s telephone number, including area code:  (617) 292-1000 
 
Date of fiscal year end: July 31, 2011     
 
Date of reporting period: October 31, 2010     

 

Item 1. Schedule of Investments:


Putnam Voyager Fund     
The fund's portfolio     
10/31/10 (Unaudited)     
 
COMMON STOCKS (95.1%)(a)     
  Shares  Value 
 
Advertising and marketing services (0.2%)     
Focus Media Holding, Ltd. ADR (China) (NON)  284,995  $7,053,626 
    7,053,626 
 
Aerospace and defense (4.0%)     
Empresa Brasileira de Aeronautica SA (Embraer) ADR     
(Brazil)  705,775  20,361,609 
L-3 Communications Holdings, Inc.  231,700  16,726,423 
Northrop Grumman Corp.  751,600  47,508,636 
Precision Castparts Corp.  210,300  28,722,774 
Raytheon Co.  316,084  14,565,151 
United Technologies Corp.  490,500  36,674,685 
    164,559,278 
 
Airlines (0.3%)     
United Continental Holdings, Inc. (NON) (S)  160,700  4,666,728 
US Airways Group, Inc. (NON) (S)  582,277  6,865,046 
    11,531,774 
 
Automotive (2.8%)     
Dongfeng Motor Group Co., Ltd. (China)  970,000  2,125,724 
Ford Motor Co. (NON) (S)  2,081,200  29,407,356 
Lear Corp. (NON)  102,900  9,096,360 
Nissan Motor Co., Ltd. (Japan) (NON)  2,540,200  22,276,943 
Porsche Automobil Holding SE (Preference) (Germany)  192,805  9,863,542 
Renault SA (France) (NON)  258,968  14,367,488 
Visteon Corp. 144A (NON)  321,062  19,263,720 
Volkswagen AG (Preference) (Germany)  64,906  9,740,885 
    116,142,018 
 
Banking (3.4%)     
Bond Street Holdings, LLC 144A Class A (F) (NON)  167,181  3,427,211 
Citigroup, Inc. (NON)  3,710,500  15,472,785 
Governor & Co. of The Bank of Ireland (The) (Ireland)     
(NON)  4,662,033  3,452,966 
JPMorgan Chase & Co.  330,400  12,432,952 
State Street Corp.  1,118,900  46,725,264 
Wells Fargo & Co.  2,144,800  55,936,384 
Wilmington Trust Corp. (S)  229,016  1,628,304 
    139,075,866 
 
Beverage (0.6%)     
Coca-Cola Enterprises, Inc.  353,400  8,485,134 
Hansen Natural Corp. (NON) (S)  84,400  4,322,124 
PepsiCo, Inc.  177,700  11,603,810 
    24,411,068 
 
Biotechnology (2.8%)     
Amgen, Inc. (NON)  109,000  6,233,710 
Auxilium Pharmaceuticals, Inc. (NON) (S)  300,300  7,432,425 
Celgene Corp. (NON)  734,700  45,602,829 
Dendreon Corp. (NON)  427,175  15,591,888 
Gilead Sciences, Inc. (NON)  214,700  8,517,149 
Human Genome Sciences, Inc. (NON)  665,400  17,885,952 
Ironwood Pharmaceuticals, Inc. (NON)  759,300  8,496,567 
Sequenom, Inc. (NON) (S)  582,600  3,699,510 
    113,460,030 
 
Broadcasting (0.7%)     
Liberty Media Corp. - Capital Ser. A (NON)  306,485  17,635,147 
Sirius XM Radio, Inc. (NON) (S)  744,435  1,112,930 
TiVo, Inc. (NON)  738,395  8,225,720 
    26,973,797 
 
Building materials (0.3%)     
Masco Corp.  730,400  7,786,064 
Mohawk Industries, Inc. (NON)  74,400  4,266,096 
    12,052,160 
 
Cable television (2.0%)     
Comcast Corp. Class A  1,733,338  35,672,096 
DIRECTV Class A (NON)  563,469  24,488,363 
Time Warner Cable, Inc.  363,600  21,041,532 
    81,201,991 
 
Chemicals (1.3%)     
Agrium, Inc. (Canada)  93,200  8,249,132 
Celanese Corp. Ser. A  357,600  12,748,440 
CF Industries Holdings, Inc.  35,200  4,313,056 

 


Dow Chemical Co. (The)  305,336  9,413,509 
Mosaic Co. (The)  30,000  2,194,800 
Potash Corp. of Saskatchewan, Inc. (Canada)  57,500  8,342,675 
Syngenta AG (Switzerland)  22,462  6,204,431 
    51,466,043 
 
Coal (0.6%)     
Walter Energy, Inc.  262,600  23,098,296 
    23,098,296 
 
Commercial and consumer services (1.8%)     
Alliance Data Systems Corp. (NON) (S)  123,030  7,470,382 
Mastercard, Inc. Class A  136,200  32,696,172 
Priceline.com, Inc. (NON)  22,300  8,402,863 
Visa, Inc. Class A (S)  343,700  26,867,029 
    75,436,446 
 
Communications equipment (5.5%)     
Cisco Systems, Inc. (NON)  3,433,620  78,389,545 
Corning, Inc.  683,600  12,496,208 
Harris Corp.  665,953  30,094,416 
Qualcomm, Inc.  2,302,509  103,912,231 
    224,892,400 
 
Computers (12.4%)     
Apple, Inc. (NON)  728,700  219,243,969 
Brocade Communications Systems, Inc. (NON)  2,876,000  18,176,320 
EMC Corp. (NON)  839,900  17,646,299 
Hewlett-Packard Co.  3,343,900  140,644,434 
Juniper Networks, Inc. (NON)  527,100  17,072,769 
Polycom, Inc. (NON) (S)  1,095,900  37,019,502 
Seagate Technology (NON) (S)  1,957,923  28,683,572 
Western Digital Corp. (NON)  857,600  27,460,352 
    505,947,217 
 
Conglomerates (1.4%)     
General Electric Co.  1,246,900  19,975,338 
Tyco International, Ltd.  962,100  36,829,188 
    56,804,526 
 
Construction (0.2%)     
China National Materials Co., Ltd. (China)  10,104,000  9,070,191 
    9,070,191 
 
Consumer finance (0.1%)     
Air Lease Corp. 144A  197,533  4,049,427 
    4,049,427 
 
Consumer goods (0.6%)     
Colgate-Palmolive Co.  53,700  4,141,344 
hhgregg, Inc. (NON) (S)  870,172  20,048,763 
    24,190,107 
 
Consumer services (1.1%)     
Avis Budget Group, Inc. (NON) (S)  1,184,254  13,749,189 
Hertz Global Holdings, Inc. (NON) (S)  2,924,581  33,106,257 
    46,855,446 
 
Electric utilities (0.2%)     
AES Corp. (The) (NON)  708,100  8,454,714 
    8,454,714 
 
Electrical equipment (0.2%)     
China High Speed Transmission Equipment Group Co.,     
Ltd. (China)  1,749,000  3,579,018 
Emerson Electric Co.  53,400  2,931,660 
    6,510,678 
 
Electronics (2.9%)     
Elster Group SE ADR (Germany) (NON)  427,000  6,362,300 
Marvell Technology Group, Ltd. (NON)  2,999,500  57,920,345 
Micron Technology, Inc. (NON)  581,573  4,809,609 
Sensata Technologies Holding NV (Netherlands) (NON)  854,353  19,778,272 
Texas Instruments, Inc. (S)  907,200  26,825,904 
Woongjin Energy Co., Ltd. (South Korea) (NON)  97,810  1,879,209 
    117,575,639 
 
Energy (oil field) (2.4%)     
Helix Energy Solutions Group, Inc. (NON) (S)  742,400  9,421,056 
National Oilwell Varco, Inc.  322,200  17,321,472 
Schlumberger, Ltd.  793,087  55,428,850 
Weatherford International, Ltd. (Switzerland) (NON)  844,400  14,194,364 
    96,365,742 

 


Energy (other) (1.8%)     
First Solar, Inc. (NON) (S)  532,461  73,309,230 
    73,309,230 
 
Financial (0.9%)     
CME Group, Inc.  13,800  3,997,170 
KKR & Co. LP  1,874,313  23,766,289 
MGIC Investment Corp. (NON) (S)  808,697  7,132,708 
Radian Group, Inc.  499,233  3,789,178 
    38,685,345 
 
Food (--%)     
Global Bio-Chem Technology Group Co., Ltd. (China)     
(NON)  8,016,000  1,309,264 
    1,309,264 
 
Forest products and packaging (0.4%)     
International Paper Co.  637,200  16,108,416 
    16,108,416 
 
Health-care services (2.6%)     
Aetna, Inc.  1,316,000  39,295,760 
Alapis Hldg. Industrial and Commercial SA     
of Pharmaceutical Chemical Products (Greece)  3,406,504  5,964,434 
Express Scripts, Inc. (NON)  300,376  14,574,244 
Lincare Holdings, Inc. (S)  537,800  14,101,116 
WellPoint, Inc. (NON)  631,100  34,293,974 
    108,229,528 
 
Homebuilding (0.1%)     
Lennar Corp. (S)  229,300  3,327,143 
    3,327,143 
 
Household furniture and appliances (0.4%)     
Tempur-Pedic International, Inc. (NON)  382,600  13,199,700 
Whirlpool Corp.  46,900  3,556,427 
    16,756,127 
 
Industrial (0.3%)     
China Ming Yang Wind Power Group, Ltd. ADS (China)     
(NON)  962,287  11,306,872 
    11,306,872 
 
Insurance (4.4%)     
Aflac, Inc.  1,360,946  76,063,272 
Assured Guaranty, Ltd. (Bermuda)  2,789,775  53,145,214 
Hartford Financial Services Group, Inc. (The)  2,152,576  51,618,772 
    180,827,258 
 
Investment banking/Brokerage (1.3%)     
Blackstone Group LP (The)  912,100  12,295,108 
Charles Schwab Corp. (The)  460,600  7,093,240 
E*Trade Financial Corp. (NON)  667,770  9,549,111 
Goldman Sachs Group, Inc. (The)  149,351  24,038,043 
    52,975,502 
 
Leisure (0.3%)     
Brunswick Corp. (S)  733,079  11,597,310 
    11,597,310 
 
Machinery (0.5%)     
Cummins, Inc.  46,100  4,061,410 
Lonking Holdings, Ltd. (China)  6,889,000  3,705,541 
Parker Hannifin Corp.  180,200  13,794,310 
    21,561,261 
 
Manufacturing (1.4%)     
Ingersoll-Rand PLC (S)  1,377,400  54,145,594 
Xinjiang Goldwind Science & Technology Co., Ltd.     
(China) (NON)  443,200  1,146,320 
    55,291,914 
 
Medical technology (2.3%)     
Baxter International, Inc.  412,700  21,006,430 
Boston Scientific Corp. (NON)  1,271,000  8,108,980 
China Medical Technologies, Inc. ADR (China) (NON) (S)  751,100  9,073,288 
Covidien PLC (Ireland)  1,232,445  49,137,582 
Medtronic, Inc.  203,500  7,165,235 
    94,491,515 
 
Metals (3.5%)     
Cliffs Natural Resources, Inc.  96,800  6,311,360 

 


Freeport-McMoRan Copper & Gold, Inc. Class B  75,160  7,116,149 
Rio Tinto PLC (United Kingdom)  213,201  13,783,587 
Teck Resources, Ltd. Class B (Canada)  293,600  13,123,074 
U.S. Steel Corp. (S)  637,500  27,278,625 
Vallourec SA (France)  62,146  6,439,722 
Vedanta Resources PLC (United Kingdom) (S)  2,123,179  70,571,046 
    144,623,563 
 
Oil and gas (4.9%)     
Apache Corp.  313,520  31,671,790 
Cairn Energy PLC (United Kingdom) (NON)  2,055,407  12,705,579 
Chevron Corp.  270,800  22,370,788 
EOG Resources, Inc.  167,800  16,061,816 
Occidental Petroleum Corp.  144,900  11,393,487 
Petrohawk Energy Corp. (NON)  2,307,913  39,257,600 
Petroleo Brasileiro SA ADR (Brazil)  1,838,600  62,733,032 
Southwestern Energy Co. (NON) (S)  176,500  5,974,525 
    202,168,617 
 
Pharmaceuticals (3.1%)     
Abbott Laboratories  840,800  43,149,856 
Merck & Co., Inc.  293,400  10,644,552 
Pfizer, Inc.  3,111,032  54,131,957 
Teva Pharmaceutical Industries, Ltd. ADR (Israel)  346,086  17,961,863 
    125,888,228 
 
Power producers (0.2%)     
China WindPower Group, Ltd. (China) (NON)  35,310,000  3,606,052 
China Power New Energy Development Co., Ltd. (China)     
(NON)  44,092,000  4,398,053 
    8,004,105 
 
Publishing (1.2%)     
Gannett Co., Inc.  1,188,600  14,084,910 
R. R. Donnelley & Sons Co. (S)  1,887,306  34,820,796 
    48,905,706 
 
Railroads (0.1%)     
CSX Corp.  76,200  4,682,490 
    4,682,490 
 
Real estate (0.1%)     
KB Home  380,700  4,001,157 
    4,001,157 
 
Retail (6.4%)     
Bed Bath & Beyond, Inc. (NON)  321,500  14,113,850 
CVS Caremark Corp.  779,571  23,480,679 
Kohl's Corp. (NON)  484,900  24,826,880 
Lowe's Cos., Inc.  2,946,600  62,850,978 
Macy's, Inc.  182,277  4,309,028 
Nordstrom, Inc.  278,300  10,717,333 
Office Depot, Inc. (NON)  1,437,300  6,453,477 
OfficeMax, Inc. (NON) (S)  572,348  10,130,560 
Staples, Inc.  790,500  16,181,535 
Talbots, Inc. (The) (NON) (S)  1,332,600  13,032,828 
Target Corp.  642,900  33,392,226 
Urban Outfitters, Inc. (NON) (S)  1,373,700  42,268,749 
    261,758,123 
 
Schools (0.3%)     
Apollo Group, Inc. Class A (NON)  295,529  11,076,427 
    11,076,427 
 
Semiconductor (1.0%)     
Atmel Corp. (NON)  1,237,427  10,963,603 
FormFactor, Inc. (NON)  732,106  7,123,391 
Himax Technologies, Inc. ADR (Taiwan) (S)  1,779,370  4,145,932 
KLA-Tencor Corp. (S)  152,600  5,450,872 
Lam Research Corp. (NON)  152,760  6,994,880 
Novellus Systems, Inc. (NON)  277,674  8,110,858 
    42,789,536 
 
Software (3.0%)     
Electronic Arts, Inc. (NON)  225,300  3,571,005 
Longtop Financial Technologies Ltd. ADR (Hong Kong)     
(NON) (S)  178,300  6,479,422 
Microsoft Corp.  2,874,700  76,582,008 
Oracle Corp.  1,100,200  32,345,875 
VMware, Inc. Class A (NON)  50,100  3,830,646 
    122,808,956 
 
Technology services (3.7%)     
AOL, Inc. (NON)  161,700  4,314,156 
Google, Inc. Class A (NON)  118,283  72,506,296 
Unisys Corp. (NON) (S) (AFF)  2,768,125  63,805,281 
VeriSign, Inc. (NON)  183,400  6,373,150 

 


Yahoo!, Inc. (NON)      266,400  4,398,264 
        151,397,147 
 
Telecommunications (0.7%)         
Iridium Communications, Inc. (NON) (S)      320,500  2,644,125 
Sprint Nextel Corp. (NON)      6,247,025  25,737,743 
        28,381,868 
 
Textiles (0.5%)         
Hanesbrands, Inc. (NON)      774,200  19,200,160 
Liz Claiborne, Inc. (NON) (S)      522,383  3,196,984 
        22,397,144 
 
Tobacco (1.3%)         
Philip Morris International, Inc.      877,569  51,337,787 
        51,337,787 
 
Trucks and parts (0.6%)         
ArvinMeritor, Inc. (NON)      1,476,319  24,477,369 
        24,477,369 
Total common stocks (cost $3,662,628,418)        $3,887,653,388 
 
 
WARRANTS (1.8%)(a)(NON)         
  Expiration date  Strike price  Warrants  Value 
Bank of America Corp. (W)  10/28/18  $30.79  2,983,547  $6,116,271 
Hartford Financial Services Group, Inc. (The)  6/26/19  9.79  571,000  8,890,470 
JPMorgan Chase & Co. (W)  10/28/18  42.42  2,872,072  36,618,918 
Visteon Corp. (F)  10/01/10  9.66  20,310  1,081,304 
Wells Fargo & Co. (W)  10/28/18  34.01  2,711,400  22,369,050 
Total warrants (cost $75,118,712)        $75,076,013 
 
 
INVESTMENT COMPANIES (0.9%)(a)         
      Shares  Value 
iShares FTSE/Xinhua China 25 Index Fund (S)      195,600  $8,798,088 
Market Vectors Gold Miners ETF (S)      84,700  4,311,230 
SPDR KBW Bank ETF      360,700  8,148,213 
SPDR KBW Regional Banking ETF (S)      251,100  5,682,393 
SPDR S&P Homebuilders ETF (S)      630,600  9,774,300 
Total investment companies (cost $36,161,534)        $36,714,224 
 
 
PURCHASED OPTIONS OUTSTANDING (0.9%)(a)         
    Expiration date/  Contract  Value 
    strike price  amount   
Aflac, Inc. (Call)    Jan-11/$55.00  1,136,144  $3,953,796 
Financial Select Sector SPDR Fund (Call)    Nov-10/16.00  6,132,265  245,904 
General Electric Co. (Call)    Dec-10/18.00  5,847,759  383,321 
Hartfod Financial Services Group, Inc. (The) (Call)    Dec-10/27.00  3,295,033  1,746,367 
Hewlett-Packard Co. (Call)    Dec-10/42.00  1,602,202  3,060,206 
Hewlett-Packard Co. (Call)    Dec-10/42.00  959,046  1,850,383 
Hewlett-Packard Co. (Call)    Nov-11/42.00  847,289  1,125,285 
JPMorgan Chase & Co. (Call)    Jan-12/45.00  738,710  1,922,626 
Petrohawk Energy Corp. (Call)    Jan-11/21.00  3,446,770  1,431,030 
Pfizer, Inc. (Call)    Dec-10/18.00  6,597,792  1,649,448 
Pfizer, Inc. (Call)    Dec-10/17.00  1,738,000  1,225,029 
Powershares QQQ (Put)    Nov-10/52.00  1,022,470  552,134 
SPDR S&P ETF Trust (Put)    Nov-10/117.00  857,555  840,404 
State Street Corp. (Call)    Dec-10/42.00  3,405,790  6,540,377 
WellPoint, Inc. (Call)    Jan-11/55.00  2,135,133  6,489,715 
Wells Fargo & Co. (Call)    Jan-11/31.00  4,386,432  1,359,794 
Wells Fargo & Co. (Call)    Jan-11/32.50  4,628,429  786,833 
Wells Fargo & Co. (Call)    Jan-11/30.00  1,485,681  668,556 
Total purchased options outstanding (cost $51,860,349)        $35,831,208 
 
 
U.S. TREASURY OBLIGATIONS (0.3%)(a)         
      Principal amount  Value 
U.S Treasury Inflation Protected Securities         
3s, July 15, 2012 (i)      $353,268  $378,530 
2 1/2s, July 15, 2016 (i)      4,701,567  5,445,826 
2s, July 15, 2014 (i)      216,540  237,995 
U.S. Treasury Bonds 4 1/2s, May 15, 2038 (i)      159,000  176,679 
U.S. Treasury Notes         
4 7/8s, May 31, 2011 (i)      1,349,000  1,412,902 
3 1/4s, December 31, 2016 (i)      1,700,000  1,880,064 
2 3/4s, February 15, 2019 (i)      895,000  932,250 
1 3/8s, September 15, 2012 (i)      1,282,000  1,309,166 
7/8s, January 31, 2011 (i)      371,000  372,475 
Total U.S. treasury obligations (cost $12,145,887)        $12,145,887 
 
 
MORTGAGE-BACKED SECURITIES (0.1%)(a)         
      Principal amount  Value 
Federal National Mortgage Association, Ser. 2006-21,         
Class CA 5 1/2s, March 25, 2029 (i)      $4,302,742  $4,505,057 
Total mortgage-backed securities (cost $4,505,057)        4,505,057 
 
SHORT-TERM INVESTMENTS (11.3%)(a)         

 


  Principal amount/shares  Value 
U.S. Treasury Bills for an effective yield of 0.24%,     
July 28, 2011 (SEGSF)  $3,700,000  $3,692,963 
U.S. Treasury Bills for effective yields from 0.20% to     
0.23%, June 2, 2011 (SEGSF)  7,109,000  7,097,661 
U.S. Treasury Bills zero%, September 22, 2011 (i)  1,358,000  1,355,420 
Putnam Cash Collateral Pool, LLC 0.21% (d)  382,153,015  382,153,015 
Putnam Money Market Liquidity Fund 0.16% (e)  68,561,787  68,561,787 
Total short-term investments (cost $462,863,800)    $462,860,846 
 
 
TOTAL INVESTMENTS     
Total investments (cost $4,305,283,757) (b)    $4,514,786,623 

 


FORWARD CURRENCY CONTRACTS at 10/31/10 (aggregate face value $122,111,412) (Unaudited)  
 
    Contract  Delivery    Aggregate  Unrealized 
Counterparty  Currency  type  date  Value  face value  depreciation 
Credit Suisse AG             
  Euro  Sell  11/22/10  $41,951,483  $41,362,945  $(588,538) 
  Japanese Yen  Sell  11/22/10  22,456,974  21,685,777  (771,197) 
 
UBS AG             
  British Pound  Sell  11/22/10  59,689,923  59,062,690  (627,233) 
Total            $(1,986,968) 

 


WRITTEN OPTIONS OUTSTANDING at 10/31/10 (premiums received $22,415,544) (Unaudited)   
  Contract  Expiration date/   
  amount  strike price  Value 
Aflac, Inc. (Call)  1,136,144  Jan-11/$60.00  $1,525,692 
Hartford Financial Services Group, Inc. (The) (Call)  3,295,033  Dec-10/30.00  560,156 
Hewlett-Packard Co. (Call)  1,602,202  Dec-10/45.00  1,201,652 
Hewlett-Packard Co. (Call)  959,046  Dec-10/45.00  726,861 
Hewlett-Packard Co. (Call)  847,289  Nov-10/45.00  288,332 
Pfizer, Inc. (Call)  6,597,792  Dec-10/18.00  1,649,448 
Pfizer, Inc. (Call)  1,738,000  Dec-10/20.00  52,140 
Powershares QQQ (Put)  1,022,470  Nov-10/50.00  153,371 
SPDR S&P ETF Trust (Put)  857,555  Nov-10/115.00  441,641 
State Street Corp. (Call)  3,405,790  Dec-10/45.00  2,522,362 
WellPoint, Inc. (Call)  2,135,133  Jan-11/57.50  4,288,927 
Wells Fargo & Co. (Call)  4,386,432  Jan-11/34.00  438,643 
Wells Fargo & Co. (Call)  4,628,429  Jan-11/35.00  323,989 
Wells Fargo & Co. (Call)  1,485,681  Jan-11/32.50  252,566 
Total      $14,425,780 

 


TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/10 (Unaudited)    
 
    Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty /    premium  Termination  received (paid) by  received by  appreciation/ 
Notional amount    received (paid)  date  fund per annum  or paid by fund  (depreciation) 
 
Goldman Sachs International          
baskets  121,978  $--  9/30/11  (1 month USD-  A basket  $119,921 
        LIBOR-BBA minus  (GSCBMSU0)   
        5 bps)  of common stocks   
baskets  40,410  --  9/30/11  (1 month USD-  A basket  132,785 
        LIBOR-BBA minus  (GSCBMSU0)   
        5 bps)  of common stocks   
baskets  3,596  --  10/7/11  (3 month USD-  A basket  94,376 
        LIBOR-BBA plus 60  (GSECFRON)   
        bps)  of common stocks   
baskets  3,552  --  10/7/11  (3 month USD-  A basket  131 
        LIBOR-BBA)  (GSECFRON)   
          of common stocks   
baskets  79,134  --  9/17/11  (1 month USD-  A basket  (118,177) 
        LIBOR-BBA plus 60  (GSGLMIN2)   
        bp)  of common stocks   
Total            $229,036 

 


Key to holding's abbreviations
  
ADR  American Depository Receipts 
ADS  American Depository Shares 
ETF  Exchange Traded Fund 
SPDR  S&P 500 Index Depository Receipts 

 

Notes to the fund's portfolio

Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2010 through October 31, 2010 (the reporting period).

(a) Percentages indicated are based on net assets of $4,086,022,525.

(b) The aggregate identified cost on a tax basis is $4,319,119,151, resulting in gross unrealized appreciation and depreciation of $378,605,330 and $182,937,858, respectively, or net unrealized appreciation of $195,667,472.

(NON) Non-income-producing security.

(AFF) Transactions during the period with companies in which the fund owned at least 5% of the voting securities were as follows:

  Purchase  Sales  Dividend  Market 
Affiliates  cost  proceeds  income  Value 
Unisys Corp.  $13,723,722  $--  $--  $63,805,281 
 
Total $13,723,722  $--  $--  $63,805,281 
 
Market values are shown for those securities affiliated at period end.

 

(SEGSF) These securities, in part or in entirety, were pledged and segregated with the custodian for collateral on certain derivatives contracts at the close of the reporting period.

(d) The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash 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 agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. At the close of the reporting period, the value of securities loaned amounted to $367,709,426. Certain of these securities were sold prior to the close of the reporting period. The fund received cash collateral of $382,153,015 which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. There are no management fees charged by Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close fo the reporting period.

(e) The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Management. 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 $26,117 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $401,646,926 and $488,029,637, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

(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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.

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

(S) Securities on loan, in part or in entirety, at the close of the reporting period.

(W) Warrants issued to the U.S. Treasury under the Troubled Asset Relief Program (TARP).

At the close of the reporting period, the fund maintained liquid assets totaling $1,860,200 to cover certain derivatives contracts.

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 ADS, after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank.

The dates shown on debt obligations are the original maturity dates.

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 and are classified as Level 1 securities. 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 and is generally categorized as a Level 2 security. 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 Investment Management, LLC (Putnam Management), the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. 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, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which will generally represent a transfer from a Level 1 to a Level 2 security, will be classified as Level 2. 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 the close of the reporting period, 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. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. 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.

Options contracts: The fund uses options contracts to hedge against changes in the values of securities the fund owns, owned or expects to purchase.


The potential risk to the fund is that the change in value of 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, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written 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.

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 average contract amounts of approximately 39,800,000 on written options contracts and 52,500,000 on purchased options contracts for the reporting period.

Forward currency contracts: The fund buys and sells 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 manage foreign exchange risk. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. 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 approximately $105,300,000 on forward currency contracts for the reporting period.

Total return swap contracts: The fund enters 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 manage the fund’s exposure to specific sectors or industries. 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. The fund had an average notional amount of approximately $50,800,000 on total return swap contracts for the reporting 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 cannot be sold or repledged totaled $6,020,018 at the close of the reporting period. Collateral pledged by the fund 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 the close of the reporting period, the fund had a net liability position of $1,986,968 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $669,123.


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 the close of the reporting period:

      Valuation inputs   
Investments in securities:    Level 1  Level 2  Level 3 
Common stocks:         
  Basic materials  $212,198,022  $9,070,191  $-- 
  Capital goods  275,276,493  8,430,879  -- 
  Communication services  109,583,859  --  -- 
  Conglomerates  56,804,526  --  -- 
  Consumer cyclicals  535,252,534  43,666,387  -- 
  Consumer staples  181,351,514  1,309,264  -- 
  Energy  394,941,885  --  -- 
  Financials  412,137,917  4,049,427  3,427,211 
  Health care  442,069,301  --  -- 
  Technology  1,163,531,686  1,879,209  -- 
  Transportation  16,214,264  --  -- 
  Utilities and power  8,454,714  8,004,105  -- 
Total common stocks    3,807,816,715  76,409,462  3,427,211 
Investment Companies    36,714,224  --  -- 
Mortgage-backed securities    --  4,505,057  -- 
Purchased options outstanding    --  35,831,208  -- 
U.S. Treasury Obligations    --  12,145,887  -- 
Warrants    73,994,709  --  1,081,304 
Short-term investments    68,561,787  394,299,059  -- 
Totals by level    $3,987,087,435  $523,190,673  $4,508,515 
      Valuation inputs   
Other financial instruments:    Level 1  Level 2  Level 3 
Forward currency contracts    $--  $(1,986,968)  $-- 
Total return swap contracts    --  229,036  -- 
Written options    --  (14,425,780)  -- 
Totals by level    $--  $(16,183,712)  $-- 

 

At the start and/or close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio.

Market Values of Derivative Instruments as of the close of the reporting period

  Asset derivatives  Liability derivatives 
 
Derivatives not accounted for as hedging instruments under ASC 815  Market value  Market value 
Foreign exchange contracts  $--  $1,986,968 
Equity contracts  111,254,434  14,543,957 
Total  $111,254,434  $16,530,925 

 

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 29, 2010

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/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: December 29, 2010

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: December 29, 2010