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, 2013
Date of reporting period: October 31, 2012



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
10/31/12 (Unaudited)
COMMON STOCKS (94.1%)(a)
Shares Value
Aerospace and defense (4.7%)
General Dynamics Corp. 274,100 $18,660,728
Honeywell International, Inc. 755,000 46,236,200
L-3 Communications Holdings, Inc. 285,000 21,033,000
Precision Castparts Corp. 125,800 21,772,206
United Technologies Corp. 710,200 55,509,232
163,211,366
Air freight and logistics (0.4%)
FedEx Corp. 137,300 12,630,227
12,630,227
Airlines (0.4%)
Delta Air Lines, Inc.(NON) 1,620,710 15,607,437
15,607,437
Auto components (2.7%)
American Axle & Manufacturing Holdings, Inc.(NON)(S) 484,381 5,265,221
Goodyear Tire & Rubber Co. (The)(NON) 2,135,873 24,370,311
Johnson Controls, Inc. 1,166,649 30,041,212
Tenneco, Inc.(NON)(S) 554,519 16,940,555
Valeo SA (France) 375,519 16,500,830
93,118,129
Automobiles (1.4%)
Fiat SpA (Italy)(NON) 1,551,165 7,600,207
General Motors Co.(NON)(S) 111,100 2,833,050
Nissan Motor Co., Ltd. (Japan) 1,749,300 14,650,378
Tesla Motors, Inc.(NON)(S) 852,696 23,986,338
49,069,973
Biotechnology (0.6%)
Celgene Corp.(NON) 104,400 7,654,608
Dendreon Corp.(NON)(S) 1,386,800 5,269,840
Gilead Sciences, Inc.(NON) 137,600 9,241,216
22,165,664
Building products (0.9%)
Fortune Brands Home & Security, Inc.(NON) 264,400 7,519,536
Owens Corning, Inc.(NON)(S) 707,423 23,762,339
USG Corp.(NON)(S) 62,959 1,681,635
32,963,510
Capital markets (2.0%)
Blackstone Group LP (The) 771,163 11,845,064
Charles Schwab Corp. (The) 2,112,100 28,682,318
KKR & Co. LP 618,359 9,306,303
Morgan Stanley 885,800 15,395,204
State Street Corp. 132,903 5,923,487
71,152,376
Chemicals (4.1%)
Celanese Corp. Ser. A 764,300 29,035,757
Monsanto Co. 221,800 19,090,326
Sherwin-Williams Co. (The) 23,900 3,407,662
Tronox, Ltd. Class A(AFF) 4,527,522 92,316,174
143,849,919
Commercial banks (0.2%)
Wells Fargo & Co. 259,900 8,756,031
8,756,031
Commercial services and supplies (0.5%)
ADT Corp. (The)(NON) 173,550 7,204,061
Tyco International, Ltd. 354,400 9,522,728
16,726,789
Communications equipment (4.1%)
Cisco Systems, Inc. 759,347 13,015,208
F5 Networks, Inc.(NON) 166,200 13,708,176
Polycom, Inc.(NON) 2,267,688 22,722,234
Qualcomm, Inc. 1,615,509 94,628,440
144,074,058
Computers and peripherals (12.1%)
Apple, Inc. 505,250 300,674,261
EMC Corp.(NON) 2,496,800 60,971,856
Hewlett-Packard Co. 834,800 11,561,980
NetApp, Inc.(NON) 138,700 3,731,030
SanDisk Corp.(NON)(S) 1,064,100 44,436,816
421,375,943
Construction materials (0.2%)
China Shanshui Cement Group, Ltd. (China) 7,308,000 5,435,692
5,435,692
Consumer finance (0.3%)
Capital One Financial Corp. 160,554 9,660,534
9,660,534
Diversified financial services (2.0%)
Bank of America Corp. 336,300 3,134,316
Citigroup, Inc. 883,500 33,034,065
JPMorgan Chase & Co. 692,700 28,871,736
Moody's Corp. 77,600 3,737,216
68,777,333
Electronic equipment, instruments, and components (0.7%)
Corning, Inc. 400,800 4,709,400
Hollysys Automation Technologies, Ltd. (China)(NON)(S) 1,220,402 12,667,773
TE Connectivity, Ltd.(S) 266,700 8,582,406
25,959,579
Energy equipment and services (4.5%)
Cameron International Corp.(NON) 304,500 15,419,880
Halliburton Co. 1,870,210 60,389,081
National Oilwell Varco, Inc. 96,800 7,134,160
Oil States International, Inc.(NON)(S) 224,500 16,410,950
Petrofac, Ltd. (United Kingdom) 284,003 7,369,737
Schlumberger, Ltd. 707,093 49,164,176
155,887,984
Food and staples retail (0.6%)
Kroger Co. (The)(S) 466,700 11,770,174
Walgreen Co. 253,600 8,934,328
20,704,502
Food products (0.5%)
Mead Johnson Nutrition Co. 260,600 16,068,596
16,068,596
Health-care equipment and supplies (1.6%)
Baxter International, Inc.(S) 590,500 36,983,015
Covidien PLC 83,200 4,571,840
St. Jude Medical, Inc.(S) 342,300 13,096,398
54,651,253
Health-care providers and services (3.3%)
Aetna, Inc.(S) 387,300 16,925,010
Catamaran Corp. (Canada)(NON)(S) 460,682 21,725,763
Express Scripts Holding Co.(NON) 554,431 34,119,684
Humana, Inc. 301,500 22,392,405
UnitedHealth Group, Inc. 352,500 19,740,000
114,902,862
Hotels, restaurants, and leisure (2.8%)
Las Vegas Sands Corp. 911,000 42,306,840
Penn National Gaming, Inc.(NON)(S) 190,500 7,701,915
Sands China, Ltd. (Hong Kong) 1,362,400 5,116,647
Starbucks Corp. 932,800 42,815,520
97,940,922
Household durables (0.3%)
Lennar Corp. Class A(S) 97,600 3,657,072
Techtronic Industries Co. (Hong Kong) 3,056,500 5,785,968
9,443,040
Insurance (5.0%)
Aflac, Inc. 823,246 40,981,186
Assured Guaranty, Ltd. 4,092,306 56,842,130
Hartford Financial Services Group, Inc. (The)(S) 1,786,276 38,780,052
MetLife, Inc. 603,200 21,407,568
Porto Seguro SA (Brazil) 354,200 3,766,879
Prudential PLC (United Kingdom) 871,304 11,972,788
173,750,603
Internet and catalog retail (1.6%)
HomeAway, Inc.(NON)(S) 622,400 16,001,904
Priceline.com, Inc.(NON) 67,097 38,498,246
54,500,150
Internet software and services (3.4%)
eBay, Inc.(NON) 256,600 12,391,214
Facebook, Inc. Class A(NON) 423,056 8,932,827
Facebook, Inc. Class B(F)(NON) 115,920 2,325,268
Google, Inc. Class A(NON) 133,332 90,635,094
Millennial Media, Inc.(NON) 248,350 3,981,051
118,265,454
IT Services (2.2%)
Cognizant Technology Solutions Corp.(NON) 92,300 6,151,795
Computer Sciences Corp.(S) 456,800 13,909,560
Unisys Corp.(NON)(S) 1,375,246 23,447,944
Visa, Inc. Class A 245,900 34,121,084
77,630,383
Leisure equipment and products (0.9%)
Brunswick Corp.(S) 1,361,911 32,127,480
32,127,480
Life sciences tools and services (0.6%)
Thermo Fisher Scientific, Inc. 366,600 22,384,596
22,384,596
Machinery (2.3%)
China National Materials Co., Ltd. (China) 15,342,000 4,781,089
Cummins, Inc. 155,700 14,570,406
Eaton Corp.(S) 744,200 35,141,124
Navistar International Corp.(NON)(S) 532,700 9,988,125
Parker Hannifin Corp. 43,100 3,390,246
Stanley Black & Decker, Inc.(S) 129,900 9,002,070
Timken Co.(S) 110,891 4,379,086
81,252,146
Media (1.5%)
Comcast Corp. Class A(S) 585,535 21,963,418
DIRECTV(NON) 205,669 10,511,743
DISH Network Corp. Class A 399,900 14,248,437
News Corp. Class A 292,800 7,003,776
53,727,374
Metals and mining (1.9%)
Cliffs Natural Resources, Inc.(S) 134,821 4,889,958
Freeport-McMoRan Copper & Gold, Inc. Class B (Indonesia) 737,514 28,674,544
Rio Tinto PLC (United Kingdom) 203,678 10,155,654
Rio Tinto PLC ADR (United Kingdom) 75,600 3,778,488
Vedanta Resources PLC (United Kingdom)(S) 420,531 7,729,558
Walter Energy, Inc.(S) 344,488 12,043,300
67,271,502
Multiline retail (0.2%)
J.C. Penney Co., Inc.(S) 224,600 5,392,646
5,392,646
Office electronics (0.1%)
Xerox Corp. 773,270 4,979,859
4,979,859
Oil, gas, and consumable fuels (4.9%)
Alpha Natural Resources, Inc.(NON)(S) 1,356,142 11,622,137
Anadarko Petroleum Corp. 411,000 28,280,910
Cabot Oil & Gas Corp. 506,700 23,804,766
Cairn Energy PLC (United Kingdom) 2,455,404 11,125,149
Gulfport Energy Corp.(NON) 110,900 3,679,662
Kodiak Oil & Gas Corp.(NON) 407,300 3,763,452
Marathon Oil Corp. 926,321 27,845,209
Noble Energy, Inc. 331,000 31,448,310
Royal Dutch Shell PLC Class A (United Kingdom) 512,964 17,591,158
Southwestern Energy Co.(NON)(S) 311,000 10,791,700
169,952,453
Personal products (0.3%)
Avon Products, Inc.(S) 628,000 9,727,720
9,727,720
Pharmaceuticals (3.1%)
Auxilium Pharmaceuticals, Inc.(NON) 355,000 7,270,400
Elan Corp. PLC ADR (Ireland)(NON)(S) 1,267,877 13,693,072
Eli Lilly & Co. 369,700 17,978,511
Jazz Pharmaceuticals PLC(NON) 661,151 35,523,643
Johnson & Johnson(S) 56,800 4,022,576
Merck & Co., Inc. 46,700 2,130,921
Pfizer, Inc. 324,032 8,058,676
Warner Chilcott PLC Class A 829,200 9,602,136
Watson Pharmaceuticals, Inc.(NON) 112,800 9,695,160
107,975,095
Professional services (0.3%)
Verisk Analytics, Inc. Class A(NON) 192,900 9,837,900
9,837,900
Real estate management and development (0.4%)
CBRE Group, Inc. Class A(NON) 189,279 3,410,808
Realogy Holdings Corp.(NON) 327,698 11,646,387
15,057,195
Semiconductors and semiconductor equipment (3.6%)
Advanced Micro Devices, Inc.(NON)(S) 2,384,790 4,888,820
Avago Technologies, Ltd. (Singapore) 360,300 11,900,709
First Solar, Inc.(NON)(S) 1,935,659 47,055,870
Micron Technology, Inc.(NON)(S) 1,694,200 9,191,035
SK Hynix, Inc. (South Korea)(NON) 271,620 6,194,019
Texas Instruments, Inc. 1,451,900 40,783,871
Xilinx, Inc.(S) 214,700 7,033,572
127,047,896
Software (4.1%)
Citrix Systems, Inc.(NON) 128,600 7,948,766
Infoblox, Inc.(NON) 104,062 1,728,470
Longtop Financial Technologies Ltd. ADR (Hong Kong)(F)(NON) 478,830 —
Microsoft Corp. 2,759,500 78,742,333
Oracle Corp. 763,189 23,697,018
Perfect World Co., Ltd. ADR (China) 603,227 6,412,303
Salesforce.com, Inc.(NON)(S) 78,850 11,510,523
VMware, Inc. Class A(NON)(S) 150,600 12,766,362
142,805,775
Specialty retail (5.5%)
AutoZone, Inc.(NON) 71,000 26,625,000
Bed Bath & Beyond, Inc.(NON) 675,500 38,962,840
Best Buy Co., Inc.(S) 4,445,145 67,610,655
GameStop Corp. Class A(S) 409,100 9,339,753
Lowe's Cos., Inc. 937,800 30,365,964
Office Depot, Inc.(NON)(S) 5,052,112 12,529,238
Staples, Inc.(S) 199,300 2,294,940
Ulta Salon, Cosmetics & Fragrance, Inc. 40,200 3,707,244
191,435,634
Textiles, apparel, and luxury goods (0.7%)
Coach, Inc.(S) 412,500 23,120,625
23,120,625
Thrifts and mortgage finance (0.1%)
MGIC Investment Corp.(NON)(S) 561,500 965,780
Radian Group, Inc.(S) 520,000 2,438,800
3,404,580
Tobacco (0.5%)
Lorillard, Inc. 53,200 6,171,732
Philip Morris International, Inc. 122,769 10,872,423
17,044,155
Total common stocks (cost $3,454,891,777) $3,282,824,940

WARRANTS (3.7%)(a)(NON)
Expiration date Strike Price Warrants Value
Bank of America Corp.(W) 10/28/18 $30.79 19,401,439 $16,248,705
Citigroup, Inc. 1/4/19 106.10 $38,441,283 15,222,748
Ford Motor Co. 1/1/13 9.20 3,281,910 7,187,383
General Motors Co. 7/10/19 18.33 1,455,144 14,944,329
General Motors Co. 7/10/16 10.00 400,790 6,592,996
Hartford Financial Services Group, Inc. (The)(W) 6/26/19 9.70 $955,528 12,622,525
JPMorgan Chase & Co.(W) 10/28/18 42.42 2,361,505 26,992,002
Wells Fargo & Co.(W) 10/28/18 34.01 $3,087,063 29,543,193
Total warrants (cost $160,217,180) $129,353,881

PURCHASED EQUITY OPTIONS OUTSTANDING (1.1%)(a)
Expiration Contract
date/ strike amount Value
Amazon.com, Inc. (Call) Nov-12/$250.00 407,581 52,986
Amazon.com, Inc. (Call) Nov-12/260.00 429,032 47,194
Amazon.com, Inc. (Call) Nov-12/270.00 274,135 —
Apple, Inc. (Call) Dec-12/730.00 152,174 220,260
Apple, Inc. (Call) Dec-12/670.00 222,077 206,532
Apple, Inc. (Call) Dec-12/700.00 391,304 160,435
Apple, Inc. (Call) Nov-12/710.00 527,912 78,411
Apple, Inc. (Call) Nov-12/680.00 483,345 48,335
Baidu, Inc. (Call) Dec-12/130.00 328,157 69,635
Baidu, Inc. (Call) Dec-12/150.00 494,423 36,043
Best Buy Co., Inc. (Call) Dec-12/23.00 2,594,961 445,861
Best Buy Co., Inc. (Call) Dec-12/23.00 1,648,077 283,169
Best Buy Co., Inc. (Call) Dec-12/25.00 2,303,843 221,123
Best Buy Co., Inc. (Call) Dec-12/23.00 236,136 40,572
Best Buy Co., Inc. (Call) Nov-12/14.00 1,020,759 1,543,584
Best Buy Co., Inc. (Call) Nov-12/14.00 729,577 1,103,261
Best Buy Co., Inc. (Call) Nov-12/13.00 208,486 477,675
Best Buy Co., Inc. (Call) Nov-12/19.00 1,711,323 318,768
DIRECTV (Call) Dec-12/55.00 1,323,249 529,660
First Solar, Inc. (Call) Nov-12/15.00 360,962 3,378,308
General Dynamics Corp. (Call) Jan-13/72.50 674,972 422,059
General Electric Co. (Call) Dec-12/24.00 1,060,238 28,255
General Motors Co. (Call) Dec-12/25.00 1,480,528 2,216,469
Google, Inc. (Call) Dec-12/720.00 204,765 1,361,687
Halliburton Co. (Call) Jan-13/42.00 5,927,977 280,215
Halliburton Co. (Call) Jan-13/38.00 1,826,037 219,490
Halliburton Co. (Call) Jan-13/41.00 3,160,448 204,244
Halliburton Co. (Call) Jan-13/39.00 1,946,098 89,521
Hartford Financial Services Group, Inc. (The) (Call) Dec-12/14.00 484,128 3,751,203
Health Care Select Sector SPDR Fund (Call) Nov-12/42.00 3,718,114 427,583
Hewlett-Packard Co. (Call) Jan-13/23.00 961,797 3,963
Hewlett-Packard Co. (Call) Dec-12/23.00 3,341,516 3
Humana, Inc. (Call) Nov-12/85.00 2,082,093 361,168
Humana, Inc. (Call) Nov-12/80.00 423,564 419,752
iShares MSCI Emerging Markets Index (Call) Nov-12/42.00 1,450,922 429,473
iShares MSCI Emerging Markets Index (Call) Nov-12/44.00 1,915,036 63,196
JPMorgan Chase & Co. (Call) Dec-12/40.00 1,855,495 4,839,415
JPMorgan Chase & Co. (Call) Dec-12/42.00 1,953,553 2,627,947
JPMorgan Chase & Co. (Call) Dec-12/42.00 1,505,804 2,033,287
JPMorgan Chase & Co. (Call) Dec-12/40.00 3,171,459 1,000,912
JPMorgan Chase & Co. (Call) Dec-12/44.00 1,308,855 753,900
Microsoft Corp. (Call) Dec-12/30.00 4,346,874 1,285,584
Microsoft Corp. (Call) Dec-12/32.00 6,083,027 $402,465
Nintendo Co., Ltd. (Call) Dec-12/JPY13,000.00 145,037 33,139
Qualcomm, Inc. (Call) Jan-13/$60.00 704,474 1,434,309
SPDR S&P 500 ETF Trust (Call) Dec-12/150.00 956,033 71,416
SPDR S&P 500 ETF Trust (Call) Dec-12/155.00 1,027,736 66,495
SPDR S&P 500 ETF Trust (Call) Nov-12/151.00 7,480,861 120,591
SPDR S&P 500 ETF Trust (Call) Nov-12/148.00 6,161,187 909,576
SPDR S&P 500 ETF Trust (Call) Nov-12/147.00 2,738,090 590,195
SPDR S&P 500 ETF Trust (Call) Nov-12/145.00 2,053,588 472,325
SPDR S&P 500 ETF Trust (Call) Nov-12/150.00 10,739,288 269,556
SPDR S&P 500 ETF Trust (Call) Nov-12/146.00 1,103,815 220,763
SPDR S&P 500 ETF Trust (Call) Nov-12/146.00 1,471,752 206,045
SPDR S&P 500 ETF Trust (Call) Nov-12/148.00 3,364,899 136,077
SPDR S&P 500 ETF Trust (Call) Nov-12/149.00 3,697,460 78,645
SPDR S&P 500 ETF Trust (Call) Nov-12/151.00 2,799,827 3
SPDR S&P 500 ETF Trust (Put) Nov-12/139.00 2,282,624 316,600
Visa, Inc. (Call) Dec-12/150.00 318,512 453,433
Xerox Corp. (Call) Jan-13/6.00 2,817,766 1,837,355
Total purchased equity options outstanding (cost $65,164,717) $39,700,126

INVESTMENT COMPANIES (0.7%)(a)
Shares Value
iShares FTSE A50 China Index ETF (China)(S) 9,112,100 $11,441,784
Market Vectors Gold Miners ETF(S) 113,500 5,998,475
SPDR S&P Homebuilders ETF(S) 249,400 6,484,400
SPDR S&P Metals & Mining ETF(S) 42,000 1,869,000
Total investment Companies (cost $22,565,633) $25,793,659

CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
Shares Value
Unisys Corp. Ser. A, 6.25% cv. pfd. 159,420 $8,568,825
Total convertible preferred stocks (cost $12,472,615) $8,568,825

U.S. TREASURY OBLIGATIONS (0.2%)(a)
Principal amount Value
U.S. Treasury Bonds 4 1/2s, May 15, 2038(i) $2,153,000 $2,924,506
U.S. Treasury Notes
     1/2s, November 15, 2013(i) 3,176,000 3,192,547
     1/4s, June 30, 2014(i) 624,000 624,306
Total U.S. treasury Obligations (cost $6,741,359) $6,741,359

SHORT-TERM INVESTMENTS (12.5%)(a)
Principal amount/shares Value
Putnam Money Market Liquidity Fund 0.16%(AFF) 9,528,028 $9,528,028
U.S. Treasury Bills with an effective yield of 0.156%, July 25, 2013(SEGSF) $1,383,000 1,381,342
U.S. Treasury Bills with an effective yield of 0.102%, December 31, 2012 876,000 875,890
U.S. Treasury Bills with effective yields ranging from 0.090% to 0.093%, November 15, 2012(SEGSF) 802,000 801,971
SSgA Prime Money Market Fund 0.12%(P) 13,534,612 13,534,612
Putnam Cash Collateral Pool, LLC 0.21%(d) 409,027,103 409,027,103
Total short-term investments (cost $435,148,994) $435,148,946

TOTAL INVESTMENTS
Total investments (cost $4,157,202,275)(b) $3,928,131,736













FORWARD CURRENCY CONTRACTS at 10/31/12 (aggregate face value $183,509,331) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Citibank, N.A.
Danish Krone Buy 11/21/12 $10,493,936 $10,624,382 $(130,446)
Danish Krone Sell 11/21/12 10,493,936 10,485,629 (8,307)
Credit Suisse AG
Euro Sell 11/21/12 35,203,798 34,849,506 (354,292)
Japanese Yen Sell 11/21/12 8,347,923 8,542,115 194,192
UBS AG
British Pound Sell 11/21/12 65,569,333 65,667,873 98,540
Canadian Dollar Buy 11/21/12 26,259,821 26,667,839 (408,018)
Canadian Dollar Sell 11/21/12 26,259,821 26,671,987 412,166
Total $(196,165)












WRITTEN EQUITY OPTIONS OUTSTANDING at 10/31/12 (premiums received $21,059,718) (Unaudited)


Expiration       Contract
Date/strike       amount Value
Amazon.com, Inc. (Call) Nov-12/$270.00        429,032 $9,718
Amazon.com, Inc. (Call) Nov-12/300.00        274,135 —
Apple, Inc. (Call) Dec-12/750.00        152,174 152,877
Apple, Inc. (Call) Nov-12/740.00        527,912 49,254
Baidu, Inc. (Call) Dec-12/165.00        494,423 11,065
Best Buy Co., Inc. (Call) Dec-12/25.00        236,136 22,664
Best Buy Co., Inc. (Call) Dec-12/25.00        2,594,961 249,064
Best Buy Co., Inc. (Call) Dec-12/25.00        1,648,077 158,182
Best Buy Co., Inc. (Call) Dec-12/27.00        2,303,843 93,306
Best Buy Co., Inc. (Call) Nov-12/21.00        1,711,323 142,211
DIRECTV (Call) Dec-12/60.00        1,323,249 76,134
First Solar, Inc. (Call) Nov-12/25.00        360,962 577,268
General Motors Co. (Call) Dec-12/27.00        1,480,528 1,014,179
Google, Inc. (Call) Dec-12/740.00        204,765 655,248
Halliburton Co. (Call) Jan-13/43.00        3,160,448 95,446
Halliburton Co. (Call) Jan-13/44.00        5,927,977 85,956
Hartford Financial Services Group, Inc. (Call) Dec-12/14.00        246,515 1,910,089
Health Care Select Sector SPDR Fund (Call) Nov-12/43.00        3,718,114 74,362
Hewlett-Packard Co. (Call) Jan-13/25.00        961,797 29
Hewlett-Packard Co. (Call) Dec-12/25.00        3,341,516 3
Humana, Inc. (Call) Nov-12/90.00        2,082,093 103,901
Humana, Inc. (Call) Nov-12/85.00        423,564 73,473
iShares MSCI Emerging Markets Index (Call) Nov-12/46.00        1,915,036 3,677
JPMorgan Chase & Co. (Call) Dec-12/42.00        1,855,495 2,505,479
JPMorgan Chase & Co. (Call) Dec-12/44.00        1,953,553 1,109,813
JPMorgan Chase & Co. (Call) Dec-12/44.00        1,505,804 858,158
JPMorgan Chase & Co. (Call) Dec-12/48.00        1,308,855 87,693
Microsoft Corp. (Call) Dec-12/32.00        4,346,874 287,598
Microsoft Corp. (Call) Dec-12/34.00        6,083,027 108,302
Nintendo Co., Ltd. (Call) Dec-12/JPY15,000.00        145,037 1,485
Qualcomm, Inc. (Call) Jan-13/$65.00        704,474 433,956
SPDR S&P 500 ETF Trust (Call) Dec-12/160.00        1,027,736 31,161
SPDR S&P 500 ETF Trust (Call) Nov-12/150.00        6,161,187 386,306
SPDR S&P 500 ETF Trust (Call) Nov-12/149.00        2,738,090 300,861
SPDR S&P 500 ETF Trust (Call) Nov-12/152.00        10,739,288 117,488
SPDR S&P 500 ETF Trust (Call) Nov-12/150.00        3,364,899 84,459
SPDR S&P 500 ETF Trust (Call) Nov-12/153.00        7,480,861 81,167
SPDR S&P 500 ETF Trust (Call) Nov-12/148.00        1,103,815 44,153
SPDR S&P 500 ETF Trust (Call) Nov-12/148.00        1,471,752 29,435
SPDR S&P 500 ETF Trust (Call) Nov-12/151.00        3,697,460 1,046
SPDR S&P 500 ETF Trust (Call) Nov-12/153.00        2,799,827 3
SPDR S&P 500 ETF Trust (Put) Nov-12/137.00        2,282,624 71,674
Visa, Inc. (Call) Dec-12/160.00        318,512 127,312
Total $12,225,655






TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/12 (Unaudited)
Upfront     Fixed payments Total return
Swap counterparty / premium     Termination received (paid) by received by Unrealized
Notional amount received (paid)     date fund per annum or paid by fund appreciation/
Barclay’s Bank, PLC
baskets 339,576 $—      1/25/13 (3 month USD-LIBOR-BBA) A basket (BCSU115) of common stocks $1,283,280
Total $1,283,280










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, 2012 through October 31, 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 $3,489,822,439.
(b) The aggregate identified cost on a tax basis is $4,200,347,065, resulting in gross unrealized appreciation and depreciation of $246,756,104 and $518,971,433, respectively, or net unrealized depreciation of $272,215,329.
(NON) Non-income-producing security.
(AFF) Affiliated company. For investments in Putnam Money Market Liquidity Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. 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 Sale proceeds Investment income Market value at the end of the reporting period
Putnam Money Market Liquidity Fund * $48,686,257 $274,229,523 $313,387,752 $6,163 $9,528,028
Tronox, Ltd. Class A 101,488,307 9,487,216 5,720,732 1,053,415 92,316,174
Totals $150,174,564 $283,716,739 $319,108,484 $1,059,578 $101,844,202
Market values are shown for those securities affiliated at period end.
* Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.
(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 $402,812,546. Certain of these securities were sold prior to the close of the reporting period.
The fund received cash collateral of $409,027,103, 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.
(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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(i) Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P) Security was pledged, or purchased with cash 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.
At the close of the reporting period, the fund maintained liquid assets totaling $245,750 to cover certain derivatives contracts.
Debt obligations are considered secured unless otherwise indicated.
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.
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 would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. 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 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. Certain options contracts include premiums that do not settle until the expiration date of the contract.
Outstanding contracts on purchased options contracts and written options contracts at the close of the reporting period are indicative of the volume of activity for each 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 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.
Outstanding notional amount on total return swap contracts at the close of the reporting period are indicative of the volume of activity during 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 $11,791,819 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 $160,100 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $206,849.












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 $560,221,943 $49,654,030 $—
    Consumer staples 63,544,973 — —
    Energy 289,754,393 36,086,044 —
    Financials 338,585,864 11,972,788 —
    Health care 322,079,470 — —
    Industrials 327,448,286 4,781,089 —
    Information technology 1,053,619,660 6,194,019 2,325,268
    Materials 193,236,209 23,320,904 —
Total common stocks 3,148,490,798 132,008,874 2,325,268
Convertible preferred stocks — 8,568,825 —
Investment Companies 14,351,875 11,441,784 —
Purchased equity options outstanding — 39,700,126 —
U.S. Treasury Obligations — 6,741,359 —
Warrants 129,353,881 — —
Short-term investments 23,062,640 412,086,306 —
Totals by level $3,315,259,194 $610,547,274 $2,325,268



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(196,165) $—
Written equity options outstanding — (12,225,655) —
Total return swap contracts — 1,283,280 —
Totals by level $— $(11,138,540) $—


At the start and 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 $704,898 $901,063
Equity contracts 170,337,287 12,225,655
Total $171,042,185 $13,126,718


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 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: December 28, 2012

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