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: Robert T. Burns, 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: April 30, 2012



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
4/30/12 (Unaudited)
COMMON STOCKS (93.3%)(a)
Shares Value
Aerospace and defense (4.2%)
Embraer SA ADR (Brazil) 534,748 $18,523,671
General Dynamics Corp. 88,000 5,940,000
Honeywell International, Inc. 872,800 52,944,048
L-3 Communications Holdings, Inc. 177,000 13,016,580
Northrop Grumman Corp. 68,400 4,328,352
Precision Castparts Corp. 171,100 30,176,907
United Technologies Corp. 600,200 49,000,328
173,929,886
Air freight and logistics (0.3%)
FedEx Corp. 137,300 12,115,352
12,115,352
Auto components (2.5%)
Allison Transmission Holdings, Inc.(NON) 377,900 7,898,110
Goodyear Tire & Rubber Co. (The)(NON) 1,816,400 19,944,072
Johnson Controls, Inc.(S) 1,461,449 46,722,525
Tenneco Automotive, Inc.(NON)(S) 148,619 4,581,924
TRW Automotive Holdings Corp.(NON) 360,700 16,487,597
Valeo SA (France) 165,325 8,118,992
103,753,220
Automobiles (2.2%)
Brilliance China Automotive Holdings, Inc. (China)(NON) 3,364,000 3,650,749
Fiat SpA (Italy)(NON)(S) 6,093,313 29,423,748
Ford Motor Co. 669,100 7,547,448
General Motors Co.(NON) 171,900 3,953,700
Nissan Motor Co., Ltd. (Japan) 1,598,000 16,732,565
Porsche Automobil Holding SE (Preference) (Germany) 178,992 10,926,109
Tesla Motors, Inc.(NON)(S) 316,500 10,485,645
Volkswagen AG (Preference) (Germany) 34,053 6,450,371
89,170,335
Beverages (0.3%)
Coca-Cola Enterprises, Inc. 437,000 13,162,440
13,162,440
Biotechnology (1.2%)
Celgene Corp.(NON) 127,600 9,304,592
Cubist Pharmaceuticals, Inc.(NON) 278,400 11,770,752
Dendreon Corp.(NON)(S) 1,386,800 16,156,220
Human Genome Sciences, Inc.(NON) 705,613 10,379,567
United Therapeutics Corp.(NON) 79,700 3,486,875
51,098,006
Building products (0.9%)
Fortune Brands Home & Security, Inc.(NON) 653,448 14,859,408
Owens Corning, Inc.(NON)(S) 598,100 20,544,735
35,404,143
Capital markets (2.7%)
Blackstone Group LP (The) 1,422,263 19,285,886
Charles Schwab Corp. (The) 1,548,100 22,137,830
Goldman Sachs Group, Inc. (The) 160,105 18,436,091
KKR & Co. LP 1,379,559 19,479,373
State Street Corp. 702,703 32,478,933
111,818,113
Chemicals (2.4%)
Celanese Corp. Ser. A 374,300 18,138,578
CF Industries Holdings, Inc. 23,200 4,478,992
Dow Chemical Co. (The) 351,859 11,920,983
LyondellBasell Industries NV Class A (Netherlands) 245,879 10,272,825
Monsanto Co. 197,400 15,037,932
Potash Corp. of Saskatchewan, Inc. (Canada) 90,200 3,831,696
Tronox, Inc.(NON) 183,600 34,360,740
98,041,746
Commercial banks (0.6%)
Wells Fargo & Co. 710,000 23,735,300
23,735,300
Communications equipment (3.9%)
Cisco Systems, Inc. 1,338,147 26,963,662
Juniper Networks, Inc.(NON) 464,588 9,956,121
Polycom, Inc.(NON) 1,791,300 23,770,551
Qualcomm, Inc. 1,549,309 98,907,887
159,598,221
Computers and peripherals (10.4%)
Apple, Inc.(NON) 604,600 353,231,499
EMC Corp.(NON) 1,102,600 31,104,346
Hewlett-Packard Co. 557,100 13,793,796
NetApp, Inc.(NON)(S) 261,300 10,146,279
SanDisk Corp.(NON) 521,500 19,300,715
427,576,635
Construction and engineering (0.1%)
Fluor Corp. 78,300 4,521,825
4,521,825
Construction materials (0.3%)
BBMG Corp. (China) 8,572,000 7,402,370
China Shanshui Cement Group, Ltd. (China) 7,308,000 5,924,654
13,327,024
Consumer finance (0.6%)
Capital One Financial Corp. 469,300 26,036,764
26,036,764
Diversified financial services (1.9%)
Citigroup, Inc. 976,300 32,256,952
JPMorgan Chase & Co. 1,099,300 47,247,914
79,504,866
Diversified telecommunication services (0.6%)
CenturyLink, Inc. 377,800 14,567,968
Verizon Communications, Inc. 219,100 8,847,258
23,415,226
Electronic equipment, instruments, and components (1.1%)
Corning, Inc. 628,100 9,013,235
Hollysys Automation Technologies, Ltd. (China)(NON)(S) 1,001,502 9,944,915
KEMET Corp.(NON) 1,052,744 8,958,851
TE Connectivity, Ltd. (Switzerland) 471,000 17,172,660
45,089,661
Energy equipment and services (5.1%)
Baker Hughes, Inc.(S) 409,800 18,076,278
Cameron International Corp.(NON) 1,079,500 55,324,375
Halliburton Co.(S) 1,686,310 57,705,528
National Oilwell Varco, Inc. 321,500 24,356,840
Noble Corp. (Switzerland)(S) 263,300 10,021,198
Schlumberger, Ltd. 564,093 41,821,855
207,306,074
Food products (0.6%)
Post Holdings, Inc.(NON) 305,000 9,073,750
Sara Lee Corp. 616,700 13,592,068
Zhongpin, Inc. (China)(NON) 250,940 2,368,874
25,034,692
Health-care equipment and supplies (2.4%)
Baxter International, Inc. 594,100 32,919,081
China Medical Technologies, Inc. ADR (China)(NON)(S) 932,200 1,985,586
Covidien PLC (Ireland) 403,100 22,263,213
St. Jude Medical, Inc. 326,500 12,642,080
Stryker Corp. 317,900 17,347,803
Zimmer Holdings, Inc. 168,100 10,578,533
97,736,296
Health-care providers and services (1.6%)
Aetna, Inc. 534,200 23,526,168
CIGNA Corp. 209,000 9,662,070
Express Scripts Holding Co.(NON) 608,760 33,962,720
67,150,958
Health-care technology (0.3%)
SXC Health Solutions Corp. (Canada)(NON) 141,390 12,807,106
12,807,106
Hotels, restaurants, and leisure (1.4%)
Home Inns & Hotels Management, Inc. ADR (China)(NON)(S) 227,600 5,407,776
Las Vegas Sands Corp. 166,200 9,222,438
Sands China, Ltd. (Hong Kong) 3,395,200 13,346,858
Starbucks Corp. 489,000 28,058,820
56,035,892
Household durables (0.2%)
Lennar Corp.(S) 277,900 7,708,946
7,708,946
Household products (0.1%)
Colgate-Palmolive Co. 42,800 4,234,632
4,234,632
Independent power producers and energy traders (0.1%)
AES Corp. (The)(NON) 419,100 5,247,132
5,247,132
Industrial conglomerates (1.5%)
General Electric Co. 1,193,900 23,376,562
Tyco International, Ltd. 683,900 38,387,307
61,763,869
Insurance (2.6%)
Aflac, Inc. 1,011,546 45,560,032
Assured Guaranty, Ltd. (Bermuda) 1,900,409 26,947,800
Hartford Financial Services Group, Inc. (The) 862,576 17,725,937
MetLife, Inc. 397,800 14,332,734
104,566,503
Internet and catalog retail (1.4%)
Amazon.com, Inc.(NON) 67,700 15,699,630
HomeAway, Inc.(NON)(S) 531,897 13,855,917
Priceline.com, Inc.(NON) 36,597 27,843,730
57,399,277
Internet software and services (3.9%)
Baidu, Inc. ADR (China)(NON) 359,200 47,665,840
eBay, Inc.(NON) 568,700 23,345,135
Google, Inc. Class A(NON) 143,947 87,121,043
158,132,018
IT Services (2.3%)
Accenture PLC Class A(S) 232,900 15,126,855
Total Systems Services, Inc. 172,800 4,064,256
Unisys Corp.(NON)(AFF) 3,331,884 62,172,955
VeriFone Systems, Inc.(NON) 175,300 8,351,292
Visa, Inc. Class A(S) 46,107 5,670,239
95,385,597
Leisure equipment and products (0.6%)
Brunswick Corp.(S) 545,900 14,351,711
Hasbro, Inc. 292,100 10,731,754
25,083,465
Life sciences tools and services (0.6%)
Sequenom, Inc.(NON)(S) 1,079,199 5,525,499
Thermo Fisher Scientific, Inc. 377,700 21,019,005
26,544,504
Machinery (2.0%)
China National Materials Co., Ltd. (China) 15,342,000 5,932,218
Eaton Corp. 241,000 11,611,380
Joy Global, Inc.(S) 342,500 24,238,725
Meritor, Inc.(NON) 1,272,869 8,286,377
Timken Co. 467,980 26,445,550
Titan International, Inc. 130,393 3,767,054
80,281,304
Media (3.3%)
Comcast Corp. Class A 1,122,835 34,055,586
DIRECTV Class A(NON) 819,369 40,370,311
Liberty Media Corp. - Liberty Capital Class A(NON) 80,885 7,072,584
News Corp. Class A(S) 948,900 18,598,440
Sirius XM Radio, Inc.(NON)(S) 2,691,600 6,083,016
Time Warner, Inc. 425,400 15,935,484
Walt Disney Co. (The)(S) 271,800 11,717,298
133,832,719
Metals and mining (3.0%)
Cliffs Natural Resources, Inc.(S) 432,444 26,923,963
Freeport-McMoRan Copper & Gold, Inc. Class B (Indonesia) 588,714 22,547,746
Goldcorp, Inc. (Canada) 337,800 12,924,228
Molycorp, Inc.(NON)(S) 413,717 11,195,182
Rio Tinto PLC (United Kingdom) 476,763 26,558,576
Vedanta Resources PLC (United Kingdom) 670,240 13,237,703
Walter Energy, Inc. 144,300 9,568,533
122,955,931
Multiline retail (0.2%)
Target Corp. 128,100 7,422,114
7,422,114
Office electronics (0.7%)
Xerox Corp. 3,609,470 28,081,677
28,081,677
Oil, gas, and consumable fuels (5.1%)
Alpha Natural Resources, Inc.(NON) 1,105,857 17,837,473
Anadarko Petroleum Corp. 108,700 7,957,927
Apache Corp. 348,920 33,475,385
BG Group PLC (United Kingdom) 825,608 19,434,945
Cabot Oil & Gas Corp. Class A 806,000 28,322,840
Cobalt International Energy, Inc.(NON) 141,898 3,797,190
Hess Corp. 749,400 39,073,716
Marathon Oil Corp. 1,028,921 30,188,542
Noble Energy, Inc. 122,500 12,166,700
Petroleo Brasileiro SA ADR (Brazil) 245,500 5,779,070
Southwestern Energy Co.(NON)(S) 323,000 10,200,340
208,234,128
Personal products (0.4%)
Avon Products, Inc. 787,200 17,003,520
17,003,520
Pharmaceuticals (2.2%)
Auxilium Pharmaceuticals, Inc.(NON) 400,400 7,175,168
Elan Corp. PLC ADR (Ireland)(NON) 337,100 4,648,609
Jazz Pharmaceuticals PLC (Ireland)(NON) 466,200 23,790,186
Medicines Co. (The)(NON) 595,854 13,162,415
Merck & Co., Inc. 141,000 5,532,840
Pfizer, Inc. 324,032 7,430,054
Shire PLC ADR (Ireland) 87,200 8,507,232
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 115,900 5,301,266
Warner Chilcott PLC Class A (Ireland)(NON) 640,000 13,920,000
89,467,770
Professional services (0.8%)
Nielsen Holdings NV(NON) 426,900 12,474,018
Verisk Analytics, Inc. Class A(NON) 443,600 21,714,220
34,188,238
Real estate management and development (0.9%)
BR Malls Participacoes SA (Brazil) 821,992 10,211,563
CBRE Group, Inc.(NON) 1,329,700 25,011,657
35,223,220
Road and rail (0.8%)
Hertz Global Holdings, Inc.(NON) 1,672,303 25,770,189
Localiza Rent a Car SA (Brazil) 375,300 6,408,738
32,178,927
Semiconductors and semiconductor equipment (3.6%)
Advanced Micro Devices, Inc.(NON)(S) 4,394,614 32,344,359
Cymer, Inc.(NON) 85,100 4,411,584
First Solar, Inc.(NON)(S) 1,394,470 25,658,248
Skyworks Solutions, Inc.(NON) 1,187,300 32,223,322
Spreadtrum Communications, Inc. ADR (China)(S) 447,700 6,178,260
Texas Instruments, Inc. 1,446,000 46,185,240
147,001,013
Software (4.1%)
Facebook, Inc. Class B(F) 115,920 4,173,120
Longtop Financial Technologies Ltd. ADR (Hong Kong)(F)(NON) 478,830 —
Microsoft Corp. 1,732,000 55,458,640
Oracle Corp. 2,342,089 68,833,996
Perfect World Co., Ltd. ADR (China) 603,227 7,365,402
Salesforce.com, Inc.(NON)(S) 157,850 24,581,981
VMware, Inc. Class A(NON) 85,200 9,518,544
169,931,683
Specialty retail (3.6%)
Bed Bath & Beyond, Inc.(NON) 142,900 10,058,731
Best Buy Co., Inc.(S) 2,078,159 45,864,969
Cia Hering (Brazil) 627,000 15,558,639
hhgregg, Inc.(NON)(S) 482,456 5,046,490
Lowe's Cos., Inc. 504,500 15,876,615
Office Depot, Inc.(NON) 8,210,996 24,961,428
OfficeMax, Inc.(NON)(S) 2,370,407 11,022,393
Staples, Inc. 1,164,100 17,927,140
146,316,405
Textiles, apparel, and luxury goods (0.7%)
Coach, Inc. 363,700 26,608,292
26,608,292
Thrifts and mortgage finance (0.1%)
MGIC Investment Corp.(NON) 503,900 1,743,494
Radian Group, Inc.(S) 593,600 1,852,032
3,595,526
Tobacco (0.7%)
Lorillard, Inc. 132,200 17,885,338
Philip Morris International, Inc. 122,769 10,989,053
28,874,391
Trading companies and distributors (0.2%)
WESCO International, Inc.(NON)(S) 98,600 6,546,054
6,546,054
Total common stocks (cost $3,821,269,611) $3,821,178,636

WARRANTS (3.3%)(a)(NON)
Expiration date Strike Price Warrants Value
Bank of America Corp.(W) 10/28/18 $ 30.79 19,401,439 $17,267,281
Citigroup, Inc. 1/4/19 106.10 $38,441,283 15,953,132
Ford Motor Co. 1/1/13 9.20 4,863,329 11,866,523
General Motors Co. 7/10/16 10.00 400,790 5,647,131
Hartford Financial Services Group, Inc. (The)(W) 6/26/19 9.70 $955,528 12,163,871
JPMorgan Chase & Co.(W) 10/28/18 42.42 2,526,332 31,579,150
Wells Fargo & Co.(W) 10/28/18 34.01 $3,694,600 39,162,760
Total warrants (cost $161,228,082) $133,639,848

PURCHASED OPTIONS OUTSTANDING (0.9%)(a)
Expiration date/ Contract
strike price amount Value
Advanced Micro Devices, Inc. (Call) July-12/$10.00 $4,573,571 $274,414
Advanced Micro Devices, Inc. (Call) July-12/8.00 1,789,658 225,497
Aflac, Inc. (Call) Jun-12/52.50 699,604 25,885
Aflac, Inc. (Call) May-12/47.50 1,327,737 301,927
Aflac, Inc. (Call) May-12/50.00 605,453 15,136
Aflac, Inc. (Call) May-12/55.00 735,193 10,057
Amazon.com, Inc. (Call) May-12/225.00 108,278 1,173,543
Apple, Inc. (Call) July-12/650.00 651,246 7,680,173
Apple, Inc. (Call) July-12/590.00 79,493 563,741
Baker Hughes, Inc. (Call) July-12/50.00 343,090 147,254
Baker Hughes, Inc. (Call) July-12/60.00 748,559 15,795
Best Buy Co., Inc. (Call) Jun-12/20.00 839,430 2,195,647
Best Buy Co., Inc. (Call) Jun-12/30.00 1,286,289 51,117
Best Buy Co., Inc. (Call) Jun-12/30.00 791,598 31,458
Best Buy Co., Inc. (Call) Jun-12/27.00 2,058,310 2
DIRECTV (Call) Dec-12/55.00 1,764,332 2,081,912
DIRECTV (Call) Dec-12/50.00 1,029,125 250,798
Energy Select Sector SPDR Fund (Call) Jun-12/80.00 1,029,054 16,465
Energy Select Sector SPDR Fund (Call) Jun-12/85.00 1,234,865 6,211
FTS Eurofirst80 Index (Call) Sep-12/4.40 6,053,673 313,318
FTS Eurofirst80 Index (Call) Sep-12/5.20 2,518,733 205,444
General Electric Co. (Call) May-12/20.00 5,096,128 842,900
Hang Seng Index (Call) May-12/22,000.00 93,021 977,623
Hang Seng Index (Call) May-12/21,553.06 40,620 875,818
Hartford Financial Services Group, Inc. (The) (Call) Jun-12/14.00 326,556 2,147,741
Hess Corp. (Call) May-12/63.00 190,490 4,762
Hewlett-Packard Co. (Call) May-12/30.00 1,015,019 10,150
iShares FTSE China 25 Index Fund (Call) May-12/40.00 2,572,529 343,690
iShares FTSE China 25 Index Fund (Call) May-12/41.00 3,428,798 167,051
JPMorgan Chase & Co. (Call) Jun-12/41.00 358,858 1,001,178
JPMorgan Chase & Co. (Call) Jun-12/45.00 1,097,550 650,847
Schlumberger Ltd. (Call) Aug-12/80.00 628,435 1,212,880
Skyworks Solutions Inc. (Call) Jan-13/30.00 1,028,632 3,265,907
SPDR S&P 500 ETF Trust (Call) May-12/145.00 2,228,087 973,228
SPDR S&P 500 ETF Trust (Call) May-12/145.00 8,254,288 1,155,600
SPDR S&P 500 ETF Trust (Put) May-12/134.00 4,364,799 2,127,403
SPDR S&P 500 ETF Trust (Put) May-12/136.00 2,131,992 1,553,412
SPDR S&P 500 ETF Trust (Put) May-12/132.00 2,572,738 797,549
SPDR S&P 500 ETF Trust (Put) May-12/134.00 1,029,064 123,385
Xerox Corp. (Call) Jun-12/6.00 2,005,995 3,620,239
Total purchased options outstanding (cost $52,284,926) $37,437,157

INVESTMENT COMPANIES (0.4%)(a)
Shares Value
iShares Dow Jones US Home Construction Index Fund(S) 297,100 $4,593,166
SPDR S&P Homebuilders ETF(S) 591,800 12,741,454
Total investment Companies (cost $14,204,765) $17,334,620

CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
Shares Value
Unisys Corp. Ser. A, 6.25% cv. pfd. 159,420 $9,491,867
Total convertible preferred stocks (cost $12,472,615) $9,491,867

U.S. TREASURY OBLIGATIONS (0.1%)(a)
Principal amount Value
U.S. Treasury Inflation Protected Securities 1 1/8s, January 15, 2021(i) $1,806,688 $2,079,426
U.S. Treasury Notes
2 3/4s, November 30, 2016(i) 2,492,000 2,746,882
1/8s, December 31, 2013(i) 172,000 171,714
Total U.S. treasury Obligations (cost $4,998,022) $4,998,022

SHORT-TERM INVESTMENTS (9.0%)(a)
Principal amount/shares Value
U.S. Treasury bills with effective yields ranging from 0.082% to 0.111%, July 26, 2012 $7,079,000 $7,077,436
U.S. Treasury bills with effective yields ranging from 0.104% to 0.107%, December 13, 2012(SEGSF) 3,167,000 3,164,020
U.S. Treasury bills with an effective yield of 0.106%, October 18, 2012 412,000 411,723
U.S. Treasury bills with effective yields ranging from 0.090% to 0.093%, November 15, 2012 1,653,000 1,651,659
Putnam Cash Collateral Pool, LLC 0.20%(d) 270,602,438 270,602,438
Putnam Money Market Liquidity Fund 0.10%(e) 69,689,936 69,689,936
SSgA Prime Money Market Fund 0.12%(P) 15,927,703 15,927,703
Total short-term investments (cost $368,526,105) $368,524,915

TOTAL INVESTMENTS
Total investments (cost $4,434,984,126)(b) $4,392,605,065













FORWARD CURRENCY CONTRACTS at 4/30/12 (aggregate face value $238,028,237) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Barclays Bank PLC
Danish Krone Sell 5/16/12 $10,743,793 $10,659,382 $(84,411)
Credit Suisse AG
Euro Sell 5/16/12 127,304,128 127,870,046 565,918
Japanese Yen Sell 5/16/12 8,346,594 8,110,461 (236,133)
UBS AG
British Pound Sell 5/16/12 65,939,706 65,048,200 (891,506)
Canadian Dollar Sell 5/16/12 26,551,753 26,340,148 (211,605)
Total $(857,737)












WRITTEN OPTIONS OUTSTANDING at 4/30/12 (premiums received $17,832,935) (Unaudited)


Contract       Expiration date/
amount       strike price Value
Advanced Micro Devices, Inc. (Call) $4,573,571       July-12/$11.00 $124,781
Aflac, Inc. (Call) 699,604       Jun-12/57.50 2,498
Aflac, Inc. (Call) 1,327,737       May-12/50.00 89,881
Aflac, Inc. (Call) 735,193       May-12/60.00 3,422
Amazon.com, Inc. (Call) 108,278       May-12/250.00 140,112
Apple, Inc. (Call) 651,246       July-12/675.00 4,827,482
Baker Hughes, Inc. (Call) 748,559       July-12/65.00 3,728
Best Buy Co., Inc. (Call) 1,286,289       Jun-12/33.00 16,014
Best Buy Co., Inc. (Call) 791,598       Jun-12/33.00 12,903
DIRECTV (Call) 1,764,332       Dec-12/60.00 617,516
Energy Select Sector SPDR Fund (Call) 1,234,865       Jun-12/90.00 753
FTS Eurofirst80 Index (Call) 2,518,733       Sep-12/6.00 75,850
General Electric Co. (Call) 5,096,128       May-12/21.00 119,657
Hang Seng Index (Call) 93,021       May-12/23,000.00 159,389
Hang Seng Index (Call) 40,620       May-12/22,560.21 153,342
Hess Corp. (Call) 190,490       May-12/72.00 190
iShares FTSE China 25 Index Fund (Call) 6,001,327       May-12/42.00 107,964
JPMorgan Chase & Co. (Call) 358,858       Jun-12/45.00 212,803
JPMorgan Chase & Co. (Call) 1,097,550       Jun-12/48.00 95,487
Schlumberger Ltd. (Call) 628,435       Aug-12/90.00 207,384
Skyworks Solutions Inc. (Call) 1,028,632       Jan-13/35.00 1,789,305
SPDR S&P 500 ETF Trust (Call) 2,228,087       May-12/147.00 385,905
SPDR S&P 500 ETF Trust (Call) 8,254,288       May-12/147.00 473,218
SPDR S&P 500 ETF Trust (Put) 4,364,799       May-12/132.00 1,380,149
SPDR S&P 500 ETF Trust (Put) 2,131,992       May-12/134.00 976,516
SPDR S&P 500 ETF Trust (Put) 2,572,738       May-12/130.00 540,275
Total $12,516,524












TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 4/30/12 (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)
Barclay's Bank, PLC
baskets 331,279 $—      1/25/13 (3 month USD-LIBOR-BBA) A basket (BCSU116) of common stocks $1,967,089
baskets 415,414 —      1/25/13 (3 month USD-LIBOR-BBA) A basket (BCSU115) of common stocks (3,269,953)
Total $(1,302,864)










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
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 April 30, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.
(a) Percentages indicated are based on net assets of $4,097,217,202.
(b) The aggregate identified cost on a tax basis is $4,449,637,299, resulting in gross unrealized appreciation and depreciation of $386,637,616 and $443,669,850, respectively, or net unrealized depreciation of $57,032,234.
(NON) Non-income-producing security.
(AFF) Transactions during the period with a company which is under common ownership, or with companies in which the fund owned at least 5% of the voting securities, were as follows:
Name of affiliates Market value at the beginning of the reporting period Purchase cost Sales proceeds Dividend incomeMarket value at the end of the reporting period
Unisys Corp.$58,717,953$35,828,421$38,204,730$—$62,172,955
Totals $58,717,953 $35,828,421$38,204,730$— $62,172,955
Market values are shown for those securities affiliated at period end.
(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative 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 $262,429,217. Certain of these securities were sold prior to the close of the reporting period.
The fund received cash collateral of $270,602,438, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to 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 $43,588 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $1,676,596,256 and $1,661,298,821, 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 ASC 820 based on the securities' valuation inputs.
(i) Security purchased with cash or security received, that was pledged to the fund for collateral on certain derivative 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.
(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 $4,780,936 to cover certain derivatives contracts.
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.
Investments in other open-end investment companies (excluding exchange traded funds), which are classified as Level 1 securities, are based on their net asset value. The net asset value of an investment company equals the total value of its assets less its liabilities and divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange each day that the exchange is open.
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. 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 used 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.
The fund had an average contract amount of approximately 84,600,000 on purchased options contracts for the reporting period. The fund had an average contract amount of approximately 62,900,000 on written 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 were 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 entered 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 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 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 $98,000,000 on total return swap contracts for the reporting period.
Master agreements: The fund is a party to ISDA (International Swaps 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 $2,712,898 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 $835,867 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $793,285.












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 $653,330,665 $— $—
    Consumer staples 88,309,675 — —
    Energy 415,540,202 — —
    Financials 384,480,292 — —
    Health care 344,804,640 — —
    Industrials 440,929,598 — —
    Information technology 1,226,623,385 — 4,173,120
    Materials 234,324,701 — —
    Telecommunication services 23,415,226 — —
    Utilities 5,247,132 — —
Total common stocks 3,817,005,516 — 4,173,120
Convertible preferred stocks — 9,491,867 —
Investment Companies 17,334,620 — —
Purchased options outstanding — 37,437,157 —
U.S. Treasury Obligations — 4,998,022 —
Warrants 133,639,848 — —
Short-term investments 85,617,639 282,907,276 —
Totals by level $4,053,597,623 $334,834,322 $4,173,120



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


Forward currency contracts $(857,737)
Written options (12,516,524)
Total return swap contracts (1,302,864)
Totals by level $— $(14,677,125) $—


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 $565,918 $1,423,655
Equity contracts 173,044,094 15,786,477
Total $173,610,012 $17,210,132


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: June 28, 2012

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: June 28, 2012

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 28, 2012