0000928816-11-001810.txt : 20111229 0000928816-11-001810.hdr.sgml : 20111229 20111229150322 ACCESSION NUMBER: 0000928816-11-001810 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20111229 DATE AS OF CHANGE: 20111229 EFFECTIVENESS DATE: 20111229 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: 111286407 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_voyager.htm PUTNAM VOYAGER FUND a_voyager.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
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: July 31, 2012
Date of reporting period: October 31, 2011



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
10/31/11 (Unaudited)
COMMON STOCKS (93.0%)(a)
Shares Value
Aerospace and defense (3.2%)
Embraer SA ADR (Brazil) 794,800 $22,111,336
GeoEye, Inc.(NON) 284,900 9,564,093
Honeywell International, Inc. 695,800 36,459,920
Northrop Grumman Corp. 98,000 5,659,500
Precision Castparts Corp. 148,000 24,146,200
Safran SA (France) 242,949 7,907,306
United Technologies Corp. 306,200 23,877,476
129,725,831
Airlines (1.4%)
Delta Air Lines, Inc.(NON) 2,928,100 24,947,412
United Continental Holdings, Inc.(NON)(S) 1,259,498 24,333,501
US Airways Group, Inc.(NON)(S) 1,038,728 5,993,461
55,274,374
Auto components (1.2%)
Goodyear Tire & Rubber Co. (The)(NON) 1,422,239 20,423,352
Johnson Controls, Inc. 160,149 5,273,707
Tenneco Automotive, Inc.(NON)(S) 553,344 18,105,416
Valeo SA (France) 83,208 4,167,092
47,969,567
Automobiles (2.3%)
Fiat SpA (Italy)(S) 2,972,103 18,171,665
Ford Motor Co.(NON) 814,500 9,513,360
General Motors Co.(NON) 836,999 21,636,424
Nissan Motor Co., Ltd. (Japan) 991,200 9,131,792
Porsche Automobil Holding SE (Preference) (Germany) 387,513 22,612,481
Volkswagen AG (Preference) (Germany) 69,981 12,242,338
93,308,060
Beverages (0.6%)
Beam, Inc. 236,000 11,665,480
Coca-Cola Enterprises, Inc. 524,100 14,056,362
25,721,842
Biotechnology (1.6%)
Celgene Corp.(NON)(S) 265,600 17,218,848
Cubist Pharmaceuticals, Inc.(NON)(S) 278,400 10,526,304
Dendreon Corp.(NON)(S) 791,900 8,663,386
Human Genome Sciences, Inc.(NON)(S) 2,242,200 23,004,972
United Therapeutics Corp.(NON)(S) 162,100 7,088,633
66,502,143
Building products (0.9%)
Fortune Brands Home & Security, Inc.(NON) 764,848 11,113,241
Owens Corning, Inc.(NON) 915,100 25,970,538
37,083,779
Capital markets (2.4%)
Apollo Global Management, LLC. Class A 352,000 4,664,000
Blackstone Group LP (The) 1,372,363 20,187,460
Goldman Sachs Group, Inc. (The) 200,205 21,932,458
KKR & Co. LP 939,759 12,667,951
State Street Corp. 942,803 38,079,813
97,531,682
Chemicals (3.0%)
Celanese Corp. Ser. A 606,000 26,391,300
CF Industries Holdings, Inc. 66,000 10,709,820
Dow Chemical Co. (The) 1,008,359 28,113,049
LyondellBasell Industries NV Class A (Netherlands) 751,600 24,697,576
Monsanto Co. 197,900 14,397,225
Mosaic Co. (The) 72,300 4,233,888
Potash Corp. of Saskatchewan, Inc. (Canada) 245,200 11,605,316
120,148,174
Commercial banks (1.1%)
China Construction Bank Corp. (China) 3,299,000 2,397,983
Fifth Third Bancorp 926,100 11,122,461
Industrial and Commercial Bank of China, Ltd. (China) 4,566,000 2,803,379
Wells Fargo & Co. 1,078,100 27,933,571
44,257,394
Communications equipment (4.7%)
Cisco Systems, Inc. 2,069,047 38,339,441
F5 Networks, Inc.(NON) 109,000 11,330,550
Juniper Networks, Inc.(NON) 500,200 12,239,894
Polycom, Inc.(NON) 1,071,100 17,705,283
Qualcomm, Inc. 2,182,009 112,591,664
192,206,832
Computers and peripherals (10.6%)
Apple, Inc.(NON) 748,200 302,856,396
EMC Corp.(NON)(S) 1,547,100 37,919,421
Hewlett-Packard Co. 842,200 22,410,942
NetApp, Inc.(NON) 200,400 8,208,384
SanDisk Corp.(NON) 846,400 42,887,088
Seagate Technology 235,800 3,808,170
Western Digital Corp.(NON) 430,886 11,478,803
429,569,204
Construction and engineering (1.1%)
Fluor Corp. 220,100 12,512,685
KBR, Inc. 589,800 16,461,318
KEPCO Engineering & Construction Co., Inc. (South Korea) 242,897 14,044,424
43,018,427
Construction materials (0.2%)
BBMG Corp. (China) 4,460,000 3,789,874
China Shanshui Cement Group, Ltd. (China) 7,308,000 5,452,278
9,242,152
Diversified financial services (0.6%)
Citigroup, Inc. 766,200 24,204,258
JPMorgan Chase & Co. 61,400 2,134,264
26,338,522
Diversified telecommunication services (0.6%)
CenturyLink, Inc. 587,200 20,704,672
Verizon Communications, Inc. 122,500 4,530,050
25,234,722
Electrical equipment (0.6%)
Emerson Electric Co.(S) 156,900 7,550,028
GrafTech International, Ltd.(NON)(S) 1,154,600 18,138,766
25,688,794
Electronic equipment, instruments, and components (1.8%)
Corning, Inc. 3,314,300 47,361,347
Hollysys Automation Technologies, Ltd. (China)(NON)(S) 323,540 2,814,798
KEMET Corp.(NON) 1,052,744 9,706,300
TE Connectivity, Ltd. (Switzerland) 414,900 14,749,695
74,632,140
Energy equipment and services (4.5%)
Baker Hughes, Inc. 737,700 42,779,223
Halliburton Co. 757,700 28,307,672
Key Energy Services, Inc.(NON) 605,827 7,833,343
National Oilwell Varco, Inc. 644,000 45,936,520
Schlumberger, Ltd. 805,293 59,164,877
184,021,635
Food products (0.3%)
Zhongpin, Inc. (China)(NON) 1,146,100 10,578,503
10,578,503
Health-care equipment and supplies (0.5%)
Baxter International, Inc. 255,300 14,036,394
China Medical Technologies, Inc. ADR (China)(NON)(S) 932,200 4,670,322
18,706,716
Health-care providers and services (2.6%)
Aetna, Inc. 766,700 30,483,992
CIGNA Corp. 424,300 18,813,462
Express Scripts, Inc.(NON) 1,015,109 46,420,935
Lincare Holdings, Inc.(S) 404,100 9,516,555
105,234,944
Health-care technology (0.3%)
SXC Health Solutions Corp. (Canada)(NON) 272,371 12,752,410
12,752,410
Hotels, restaurants, and leisure (1.1%)
Carnival Corp.(S) 296,636 10,444,554
Home Inns & Hotels Management, Inc. ADR (China)(NON)(S) 227,600 7,774,816
Las Vegas Sands Corp.(NON) 101,200 4,751,340
Starbucks Corp.(S) 489,000 20,704,260
43,674,970
Household durables (1.8%)
Lennar Corp.(S) 148,300 2,452,882
NVR, Inc.(NON) 6,500 4,177,875
PDG Realty SA Empreendimentos e Participacoes (Brazil) 4,060,000 17,901,506
Pulte Group, Inc.(NON)(S) 1,291,800 6,691,524
Rossi Residencial SA (Brazil) 2,271,200 14,353,333
Skyworth Digital Holdings, Ltd. (China) 33,600,000 17,303,139
SodaStream International, Ltd. (Israel)(NON) 282,562 9,629,713
72,509,972
Household products (0.1%)
Procter & Gamble Co. (The) 72,500 4,639,275
4,639,275
Independent power producers and energy traders (0.1%)
China Power New Energy Development Co., Ltd. (China)(NON) 26,872,000 1,122,963
China WindPower Group, Ltd. (China)(NON) 35,310,000 1,602,358
2,725,321
Industrial conglomerates (2.6%)
General Electric Co. 2,219,400 37,086,174
Tyco International, Ltd. 1,505,600 68,580,080
105,666,254
Insurance (3.6%)
Aflac, Inc. 279,346 12,595,711
Assured Guaranty, Ltd. (Bermuda) 6,092,773 77,621,928
Hartford Financial Services Group, Inc. (The) 1,609,276 30,978,563
MBIA, Inc.(NON)(S) 1,035,762 9,114,706
Ping An Insurance (Group) Co. of China, Ltd. (China) 2,254,500 16,337,109
146,648,017
Internet and catalog retail (0.8%)
Priceline.com, Inc.(NON) 61,300 31,123,236
31,123,236
Internet software and services (2.1%)
Baidu, Inc. ADR (China)(NON)(S) 289,300 40,554,074
Google, Inc. Class A(NON) 76,047 45,068,494
85,622,568
IT Services (1.7%)
Accenture PLC Class A 16,500 994,290
Unisys Corp.(NON)(AFF) 2,349,736 61,069,639
Visa, Inc. Class A(S) 79,607 7,424,149
69,488,078
Leisure equipment and products (0.7%)
Brunswick Corp.(S) 279,300 4,932,438
Hasbro, Inc. 566,000 21,541,960
26,474,398
Life sciences tools and services (0.8%)
Sequenom, Inc.(NON)(S) 1,859,199 9,240,219
Thermo Fisher Scientific, Inc.(NON) 436,600 21,947,882
31,188,101
Machinery (4.8%)
China National Materials Co., Ltd. (China) 15,342,000 7,547,969
Cummins, Inc. 182,800 18,175,804
Eaton Corp. 263,800 11,823,516
Ingersoll-Rand PLC(S) 221,900 6,907,747
Meritor, Inc.(NON) 3,134,488 29,840,326
Parker Hannifin Corp. 517,000 42,161,350
Stanley Black & Decker, Inc. 587,447 37,508,491
Terex Corp.(NON) 474,100 7,889,024
Timken Co. 748,680 31,534,402
193,388,629
Media (3.0%)
Comcast Corp. Class A 2,834,888 66,478,124
DIRECTV Class A(NON)(S) 174,369 7,926,815
Interpublic Group of Companies, Inc. (The) 2,887,994 27,378,183
Liberty Media Corp. - Liberty Capital Class A(NON) 31,985 2,457,088
Walt Disney Co. (The) 480,500 16,759,840
121,000,050
Metals and mining (3.4%)
Cliffs Natural Resources, Inc.(S) 389,244 26,554,226
Freeport-McMoRan Copper & Gold, Inc. Class B (Indonesia) 839,214 33,786,756
Goldcorp, Inc. (Toronto Exchange) (Canada) 78,600 3,838,824
Rio Tinto PLC (United Kingdom) 567,434 30,683,107
Teck Resources, Ltd. Class B (Canada) 234,200 9,389,147
U.S. Steel Corp. 448,000 11,361,280
Vedanta Resources PLC (United Kingdom) 791,855 16,171,601
Xstrata PLC (United Kingdom) 415,083 6,915,071
138,700,012
Multiline retail (0.5%)
Kohl's Corp. 216,113 11,456,150
Target Corp. 151,400 8,289,150
19,745,300
Office electronics (1.2%)
Xerox Corp. 6,085,170 49,776,691
49,776,691
Oil, gas, and consumable fuels (4.4%)
Apache Corp. 285,720 28,466,284
BG Group PLC (United Kingdom) 632,550 13,707,902
Cairn Energy PLC (United Kingdom)(NON) 1,625,375 7,655,350
Hess Corp. 430,400 26,925,824
Newfield Exploration Co.(NON) 451,500 18,177,390
Noble Energy, Inc. 296,200 26,462,508
Occidental Petroleum Corp. 289,800 26,934,012
Petroleo Brasileiro SA ADR (Brazil) 678,700 18,331,687
Southwestern Energy Co.(NON) 318,200 13,377,128
180,038,085
Paper and forest products (0.3%)
International Paper Co. 380,800 10,548,160
10,548,160
Pharmaceuticals (1.3%)
Auxilium Pharmaceuticals, Inc.(NON) 811,800 12,631,608
Elan Corp. PLC ADR (Ireland)(NON) 1,005,200 12,052,348
Jazz Pharmaceuticals, Inc.(NON) 172,400 6,716,704
Merck & Co., Inc. 141,000 4,864,500
Pfizer, Inc. 419,732 8,084,038
Sanofi (France) 9,035 646,755
Sanofi CVR (France)(NON) 2,181,700 1,941,713
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 100,500 4,105,425
51,043,091
Real estate investment trusts (REITs) (0.1%)
CreXus Investment Corp.(R) 419,800 4,013,288
4,013,288
Real estate management and development (1.2%)
BR Malls Participacoes SA (Brazil) 1,112,692 12,022,271
CBRE Group, Inc.(NON)(S) 1,965,400 34,944,812
46,967,083
Road and rail (0.3%)
Hertz Global Holdings, Inc.(NON)(S) 1,062,056 12,319,850
12,319,850
Semiconductors and semiconductor equipment (3.6%)
Advanced Micro Devices, Inc.(NON)(S) 6,864,414 40,019,534
First Solar, Inc.(NON)(S) 1,444,870 71,911,180
JinkoSolar Holding Co., Ltd. ADR (China)(NON)(S) 672,760 6,223,030
Marvell Technology Group, Ltd.(NON) 870,598 12,179,666
Novellus Systems, Inc.(NON)(S) 312,900 10,810,695
Yingli Green Energy Holding Co., Ltd. ADR (China)(NON)(S) 782,798 3,178,160
144,322,265
Software (4.1%)
Longtop Financial Technologies Ltd. ADR (Hong Kong)(NON) 478,830 105,343
Microsoft Corp. 1,053,800 28,062,694
Oracle Corp. 3,701,889 121,310,903
Perfect World Co., Ltd. ADR (China)(NON) 83,975 1,092,515
Salesforce.com, Inc.(NON)(S) 38,950 5,186,972
Synchronoss Technologies, Inc.(NON)(S) 146,600 4,406,796
VMware, Inc. Class A(NON)(S) 80,400 7,859,100
168,024,323
Specialty retail (2.4%)
Abercrombie & Fitch Co. Class A 111,000 8,258,400
Bed Bath & Beyond, Inc.(NON) 116,700 7,216,728
Best Buy Co., Inc.(S) 1,253,300 32,874,052
Cia Hering (Brazil) 495,800 11,074,893
Lowe's Cos., Inc. 1,019,400 21,427,788
Staples, Inc.(S) 997,100 14,916,616
95,768,477
Thrifts and mortgage finance (0.1%)
MGIC Investment Corp.(NON)(S) 1,733,600 4,611,376
4,611,376
Tobacco (0.7%)
Philip Morris International, Inc. 415,669 29,042,793
29,042,793
Trading companies and distributors (0.1%)
United Rentals, Inc.(NON)(S) 228,319 5,344,948
5,344,948
Total common stocks (cost $4,112,348,103) $3,769,162,458

WARRANTS (3.0%)(a)(NON)
Expiration date Strike Price Warrants Value
Bank of America Corp.(W) 10/28/18 $ 30.79 14,136,171 $10,884,852
Citigroup, Inc. 01/04/19 106.10 18,571,813 7,874,449
Ford Motor Co. 01/01/13 9.20 5,738,176 19,337,653
General Motors Co. 07/10/16 10.00 532,390 9,024,011
Hartford Financial Services Group, Inc. (The)(W) 06/26/19 9.73 $955,528 11,055,459
JPMorgan Chase & Co.(W) 10/28/18 42.42 3,153,860 33,115,530
Wells Fargo & Co.(W) 10/28/18 34.01 $3,497,724 30,535,131
Total warrants (cost $160,457,354) $121,827,085

PURCHASED OPTIONS OUTSTANDING (1.7%)(a)
Expiration date/ Contract
strike price amount Value
Advanced Micro Devices, Inc. (Call) Jan-12/$10.00 $4,108,324 $146,256
Advanced Micro Devices, Inc. (Call) Jan-12/7.50 2,519,847 485,086
Aetna, Inc. (Call) Dec-11/42.00 1,047,919 1,151,579
Aflac, Inc. (Call) Jan-12/40.00 1,107,950 7,237,681
Assured Guaranty, Ltd. (Call) Dec-11/15.00 2,068,436 289,581
Baker Hughes, Inc. (Call) Jan-12/55.00 313,060 2,130,999
Best Buy Co., Inc. (Call) Jan-12/30.00 3,275,548 1,318,474
Celanese Corp. (Call) Dec-11/45.00 930,796 474,706
Cisco Systems, Inc. (Call) Dec-11/19.00 3,538,373 2,401,848
CurrencyShares Euro Trust (Put) Nov-11/130.00 4,379,247 1,229,736
Financial Select Sector SPDR Fund (Call) Dec-11/14.00 2,686,678 1,112,419
First Solar, Inc. (Call) Mar-12/75.00 379,148 727,964
First Solar, Inc. (Call) Mar-12/90.00 882,629 661,910
First Solar, Inc. (Call) Mar-12/85.00 600,438 611,912
First Solar, Inc. (Call) Dec-11/90.00 775,570 113,931
First Solar, Inc. (Call) Dec-11/120.00 642,528 66,021
First Solar, Inc. (Call) Dec-11/130.00 881,596 41,336
First Solar, Inc. (Call) Dec-11/100.00 435,998 7,804
Ford Motor Co. (Call) Dec-11/12.00 3,310,017 1,662,277
General Electric Co. (Call) Dec-11/20.00 2,073,578 88,376
Hartfod Financial Services Group, Inc. (The) (Call) Dec-11/20.00 1,045,495 1,202,319
Hewlett-Packard Co. (Call) May-12/30.00 2,030,038 3,764,827
Hewlett-Packard Co. (Call) Dec-11/38.00 5,493,213 265,048
Hewlett-Packard Co. (Call) Dec-11/38.00 2,547,306 122,908
Hewlett-Packard Co. (Call) Dec-11/42.00 1,294,100 17,949
Industrial Select Sector SPDR Fund (Call) Dec-11/40.00 2,264,372 76,989
Industrial Select Sector SPDR Fund (Call) Dec-11/34.00 1,213,965 1,220,836
iShares FTSE China 25 Index Fund (Call) Dec-11/42.00 4,603,716 939,296
iShares MSCI Emerging Markets Index (Call) Dec-11/45.00 2,729,163 1,465,997
JPMorgan Chase & Co. (Call) Jan-12/50.00 1,891,902 45,324
JPMorgan Chase & Co. (Call) Jan-12/50.00 793,609 31,744
Materials Select Sector SPDR Trust (Call) Dec-11/35.00 1,504,765 2,031,899
Newfield Exploration Co. (Call) Dec-11/47.45 721,739 152,792
Parker Hannifin Corp. (Call) Dec-11/85.00 531,884 449,867
Qualcomm, Inc. (Call) Jan-12/60.00 2,089,282 1,032,377
SPDR Dow Jones Industrial Average ETF Trust (Call) Nov-11/123.00 3,799,017 2,984,052
SPDR S&P 500 ETF Trust (Put) Dec-11/120.00 1,060,031 349,810
SPDR S&P 500 ETF Trust (Put) Nov-11/121.00 10,734,911 17,207,526
SPDR S&P 500 ETF Trust (Put) Nov-11/125.00 4,361,352 5,931,439
SPDR S&P 500 ETF Trust (Put) Nov-11/118.00 3,374,902 642,784
State Street Corp. (Call) Jan-12/50.00 3,632,984 1,029,769
Unisys Corp. (Call) Jan-12/22.50 481,198 2,385,775
Unisys Corp. (Call) Jan-12/22.50 414,327 2,054,229
Wells Fargo & Co. (Call) Jan-12/35.00 3,772,793 41,342
Total purchased options outstanding (cost $86,975,888) $67,406,794

INVESTMENT COMPANIES (0.4%)(a)
Shares Value
SPDR S&P Homebuilders ETF(S) 1,051,900 $16,977,666
Total investment Companies (cost $17,431,079) $16,977,666

CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
Shares Value
Unisys Corp. Ser. A, 6.25% cv. pfd. 127,113 $9,930,703
Total convertible preferred stocks (cost $10,575,838) $9,930,703

U.S. TREASURY OBLIGATIONS (0.2%)(a)
Principal amount Value
U.S. Treasury Bond 4 1/2s February 15, 2036(i) 902,000 1,124,154
U.S. Treasury Inflation Protected Securities
     1/8s April 15, 2016(i) 1,418,930 1,487,351
     2 5/8s July 15, 2017(i) 1,382,240 1,657,596
U.S. Treasury Note
     1/2s August 15, 2014(i) 317,000 318,312
     1s March 31, 2012(i) 923,000 927,364
     1 1/2s July 15, 2012(i) 2,297,000 2,329,503
Total U.S. treasury Obligations (cost $7,844,280) $7,844,280

SHORT-TERM INVESTMENTS (12.0%)(a)
Principal amount/shares Value
U.S. Treasury Bills with effective yields ranging from 0.082% to 0.111%, July 26, 2012(SEGSF) $27,073,000 28,150,357
U.S. Treasury Bills zero %, July 26, 2012(i) 1,100,000 1,099,340
U.S. Treasury Bills with effective yields ranging from 0.074% to 0.080%, June 28, 2012 5,878,000 5,875,049
U.S. Treasury Bills with effective yields ranging from 0.088% to 0.130%, May 3, 2012 8,115,000 8,110,534
U.S. Treasury Bills with effective yields ranging from 0.084% to 0.097%, February 9, 2012 3,031,000 3,030,271
U.S Treasury Bills zero% March 8, 2012(i) 3,850,000 3,849,615
Putnam Cash Collateral Pool, LLC 0.18%(d) 391,602,570 391,602,570
Putnam Money Market Liquidity Fund 0.05%(e) 38,509,503 38,509,503
SSgA Prime Money Market Fund 0.03%(i)(P) 7,180,000 7,180,000
Total short-term investments (cost $487,407,239) $487,407,239

TOTAL INVESTMENTS
Total investments (cost $4,883,039,781)(b) $4,480,556,225













FORWARD CURRENCY CONTRACTS at 10/31/11 (aggregate face value $204,750,032) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Barclays Bank PLC
Danish Krone Sell 11/16/11 $11,225,139 $10,778,774 $(446,365)
Credit Suisse AG
Euro Sell 11/16/11 109,523,986 105,916,152 (3,607,834)
Japanese Yen Sell 11/16/11 8,524,983 8,691,706 166,723
UBS AG
Brazilian Real Sell 11/16/11 254,239 234,585 (19,654)
British Pound Sell 11/16/11 65,326,811 63,212,525 (2,114,286)
Canadian Dollar Sell 11/16/11 16,731,188 15,916,290 (814,898)
Total $(6,836,314)












WRITTEN OPTIONS OUTSTANDING at 10/31/11 (premiums received $37,817,180) (Unaudited)


Contract          Expiration date/
amount          strike price Value
Advanced Micro Devices, Inc. (Call) 2,519,847          Jan-12/9.00 $178,884
Aetna, Inc. (Call) 1,047,919          Dec-11/47.00 158,948
Aflac, Inc. (Call) 1,107,950          Jan-12/43.00 4,875,667
Baker Hughes, Inc. (Call) 313,060          Jan-12/65.00 693,115
Best Buy Co., Inc. (Call) 3,275,548          Jan-12/35.00 229,288
Cisco Systems, Inc. (Call) 3,538,373          Dec-11/21.00 494,665
CurrencyShares Euro Trust (Put) 4,379,247          Nov-11/129.00 919,642
First Solar, Inc. (Call) 882,629          Mar-12/100.00 361,648
First Solar, Inc. (Call) 600,438          Mar-12/95.00 332,330
First Solar, Inc. (Call) 379,148          Mar-12/85.00 314,693
First Solar, Inc. (Call) 642,528          Dec-11/130.00 48,846
Fist Solar, Inc. (Call) 881,596          Dec-11/135.00 35,837
Ford Motor Co. (Call) 3,310,017          Dec-11/13.00 618,844
General Electric Co. (Call) 2,073,578          Dec-11/22.00 11,591
Hewlett-Packard Co. (Call) 5,493,213          Dec-11/40.00 127,827
Hewlett-Packard Co. (Call) 2,547,306          Dec-11/40.00 59,276
Hewlett-Packard Co. (Call) 1,294,100          Dec-11/44.00 10,521
Industrial Select Sector SPDR Fund (Call) 2,264,372          Dec-11/42.00 25,882
Industrial Select Sector SPDR Fund (Call) 1,213,965          Dec-11/36.00 399,989
iShares FTSE China 25 Index Fund (Call) 4,603,716          Dec-11/43.00 620,406
iShares MSCI Emerging Markets Index (Call) 2,729,163          Dec-11/50.00 249,909
Materials Select Sector SPDR Trust (Call) 1,504,765          Dec-11/37.00 852,088
Qualcomm, Inc. (Call) 2,089,282          Jan-12/65.00 240,852
SPDR Dow Jones Industrial Average ETF Trust (Call) 3,799,017          Nov-11/126.00 797,794
SPDR S&P 500 ETF Trust (Put) 10,734,911          Nov-11/120.00 14,942,569
SPDR S&P 500 ETF Trust (Put) 4,361,352          Nov-11/124.00 4,361,352
SPDR S&P 500 ETF Trust (Put) 3,374,902          Nov-11/116.00 345,657
State Street Corp. (Call) 3,632,984          Jan-12/55.00 288,822
Total $32,596,942













TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/11 (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)
Bank of America, N.A.
baskets 31,506 $—      7/27/12 (12 month USD-LIBOR-BBA) A basket (MLTROFC) of common stocks $178,954
Merrill Lynch International
baskets 442,329 —      7/27/12 (12 month USD-LIBOR-BBA) A basket (MLTROFC) of common stocks (12,635,220)
Total $(12,456,266)










Key to holding's abbreviations
ADR American Depository Receipts
CVR Contingent Value Rights
ETF Exchange Traded Fund
SPDR S&P 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, 2011 through October 31, 2011 (the reporting period).
(a) Percentages indicated are based on net assets of $4,055,030,827.
(b) The aggregate identified cost on a tax basis is $4,897,692,953, resulting in gross unrealized appreciation and depreciation of $268,572,422 and $685,709,150, respectively, or net unrealized depreciation of $417,136,728.
(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:
Affiliates Market Value at beginning of reporting periodPurchase costSale proceedsDividened incomeMarket Value at end of reporting period
Unisys Corp. $ 58,717,953$ 7,267,057$ 24,032,293$--$61,069,639
Totals $ 58,717,953$ 7,267,057$ 24,032,293$--$61,069,639
Market values are shown for those securities affiliated at the close of the reporting period.
(SEGSF) This security, in part or in entirety, was 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 $366,749,725. The fund received cash collateral of $391,602,570 which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Investment Management, LLC (Putnam Management), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. 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 of 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 $18,321 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $697,995,094 and $713,878,092, 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.
(i) Security purchased with cash or security received, that was pledged to the fund for collateral on certain derivatives contracts.
(P) Security purchased with cash or security received, that was pledged to the fund for collateral on certain derivatives contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R) Real Estate Investment Trust.
(S) Security 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 $21,467,856 to cover certain derivatives contracts.
ADR 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, 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 and other investments; 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). These securities will generally be categorized as Level 2.
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. 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 values of securities it owns, owned or expects to own.
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. Outstanding contracts on purchased options contracts and written options contracts at the close of the reporting period are indicative of the volume of activity during 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 hedge 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 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. 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 when the contract matures or by delivery of the currency. 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. Outstanding forward currency contracts at the close of the reporting period are indicative of the volume of activity during 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 gain exposure to specific sectors/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 an independent pricing service or 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 $80,300,000 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 $13,592,300 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 $16,076,330 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $6,128,321.












Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (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:
    Consumer discretionary $467,945,523 $83,628,507 $—
    Consumer staples 69,982,413 — —
    Energy 342,696,468 21,363,252 —
    Financials 348,828,891 21,538,471 —
    Health care 284,780,650 646,755 —
    Industrials 578,011,187 29,499,699 —
    Information technology 1,213,642,101 — —
    Materials 215,626,567 63,011,931 —
    Telecommunication services 25,234,722 — —
    Utilities — 2,725,321 —
Total common stocks 3,546,748,522 222,413,936 —
Convertible preferred stocks $— $9,930,703 $—
Investment Companies 16,977,666 — —
Purchased options outstanding — 67,406,794 —
U.S. treasury obligations — 7,844,280 —
Warrants 121,827,085 — —
Short-term investments 45,689,503 441,717,736 —
Totals by level $3,731,242,776 $749,313,449 $—



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3


Forward currency contracts $— $(6,836,314) $—
Written options — (32,596,942) —
Total return swap contracts — (12,456,266) —
Totals by level $— $(51,889,522) $—


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 $166,723 $7,003,037
Equity contracts 189,412,833 45,232,162
Total $189,579,556 $52,235,199


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: During the period, State Street Bank and Trust Company, which provides certain administrative, pricing and bookkeeping services for the Putnam funds pursuant to an agreement with Putnam Investment Management, LLC, began utilizing different accounting systems and systems support in providing services for the fund.

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, 2011

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, 2011

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: December 29, 2011

EX-99.CERT 2 b_voyagercert.htm EX-99.CERT b_voyagercert.htm

Certifications

I, Jonathan S. Horwitz, 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/ Jonathan S. Horwitz
_____________________________

Date: December 29, 2011
Jonathan S. Horwitz
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, 2011
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended October 31, 2011
               Putnam AMT-Free Municipal Fund
               Putnam Tax-Free High Yield Fund
               George Putnam Balanced Fund
               Putnam Voyager Fund
               Putnam Research Fund
               Putnam Premier Income Trust
               Putnam Investors Fund
               Putnam Growth Opportunities Fund
               Putnam Short Duration Income Fund
               Putnam RetirementReady 2055 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 Retirement Income Fund Lifestyle 1