N-Q 1 a_voyagerfund.htm PUTNAM VOYAGER FUND a_voyagerfund.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-01682)
Exact name of registrant as specified in charter: Putnam Voyager Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: July 31, 2015
Date of reporting period: October 31, 2014



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
10/31/14 (Unaudited)
COMMON STOCKS (95.6%)(a)
Shares Value
Aerospace and defense (2.7%)
General Dynamics Corp. 49,500 $6,918,120
Honeywell International, Inc. 283,400 27,240,408
L-3 Communications Holdings, Inc. 212,200 25,773,812
Northrop Grumman Corp. 141,200 19,479,952
United Technologies Corp. 331,400 35,459,800
114,872,092
Airlines (2.0%)
American Airlines Group, Inc. 1,069,600 44,227,960
Delta Air Lines, Inc. 606,010 24,379,782
Spirit Airlines, Inc.(NON) 204,200 14,929,062
83,536,804
Auto components (0.5%)
Goodyear Tire & Rubber Co. (The) 354,900 8,599,227
Visteon Corp.(NON) 136,200 12,789,180
21,388,407
Automobiles (1.5%)
Fiat Chrysler Automobiles NV (United Kingdom)(NON)(S) 1,891,576 21,677,461
General Motors Co. 665,600 20,899,840
Tesla Motors, Inc.(NON)(S) 71,600 17,305,720
Toyota Motor Corp. (Japan) 103,300 5,975,904
65,858,925
Banks (1.5%)
Bank of Ireland (Ireland)(NON) 12,708,416 4,984,698
Citigroup, Inc. 109,400 5,856,182
Dubai Islamic Bank PJSC (United Arab Emirates)(NON) 5,443,024 11,203,175
Fifth Third Bancorp 858,100 17,153,419
KeyCorp 316,200 4,173,840
Regions Financial Corp. 423,700 4,207,341
Societe Generale SA (France) 242,857 11,691,078
UniCredit SpA (Italy) 582,150 4,202,043
63,471,776
Biotechnology (7.8%)
Aegerion Pharmaceuticals, Inc.(NON)(S) 919,707 18,568,884
AMAG Pharmaceuticals, Inc.(NON) 324,100 10,698,541
Biogen Idec, Inc.(NON) 132,800 42,639,424
Celgene Corp.(NON) 577,800 61,876,602
Cubist Pharmaceuticals, Inc.(NON)(S) 426,400 30,824,456
Dynavax Technologies Corp.(NON)(S) 6,310,900 10,349,876
Gilead Sciences, Inc.(NON) 1,358,500 152,152,000
Vertex Pharmaceuticals, Inc.(NON) 55,309 6,230,006
333,339,789
Building products (0.3%)
Assa Abloy AB Class B (Sweden) 128,455 6,803,593
Ply Gen Holdings, Inc.(NON) 402,686 4,570,486
11,374,079
Capital markets (2.3%)
Carlyle Group LP (The) 420,464 11,672,081
Charles Schwab Corp. (The) 1,288,400 36,938,428
E*Trade Financial Corp.(NON) 617,000 13,759,100
KKR & Co. LP 1,537,400 33,146,344
RCS Capital Corp. Class A 254,100 4,169,781
99,685,734
Chemicals (2.3%)
CF Industries Holdings, Inc. 33,800 8,788,000
Chemtura Corp.(NON) 454,056 10,574,964
Dow Chemical Co. (The) 131,700 6,505,980
Huntsman Corp. 397,400 9,696,560
Monsanto Co. 402,300 46,280,592
Tronox, Ltd. Class A 684,921 16,561,390
98,407,486
Commercial services and supplies (0.1%)
Regus PLC (United Kingdom)(S) 1,516,327 4,785,845
4,785,845
Communications equipment (1.2%)
Alcatel-Lucent ADR (France)(NON)(S) 7,504,300 22,512,900
Qualcomm, Inc. 386,509 30,344,822
52,857,722
Consumer finance (0.2%)
American Express Co. 97,700 8,788,115
8,788,115
Diversified consumer services (0.7%)
H&R Block, Inc. 327,100 10,568,601
ITT Educational Services, Inc.(NON)(S)(AFF) 1,995,959 20,179,145
30,747,746
Diversified financial services (0.3%)
Eurazeo SA (France) 60,267 4,029,184
Interactive Brokers Group, Inc. Class A 338,000 8,727,160
12,756,344
Diversified telecommunication services (0.2%)
Telecom Italia SpA RSP (Italy) 9,025,102 8,063,893
Zayo Group Holdings, Inc.(NON) 32,705 765,624
8,829,517
Electrical equipment (0.9%)
Eaton Corp PLC 365,100 24,969,189
Generac Holdings, Inc.(NON)(S) 297,200 13,475,048
38,444,237
Electronic equipment, instruments, and components (0.5%)
Anixter International, Inc. 254,949 21,714,006
21,714,006
Energy equipment and services (2.8%)
Aker Solutions ASA 144A (Norway)(NON) 1,158,721 7,507,262
Ezion Holdings, Ltd. (Singapore) 14,909,600 17,524,322
Halliburton Co. 1,116,403 61,558,461
Schlumberger, Ltd. 220,593 21,763,705
Transocean, Ltd. (Switzerland)(S) 434,300 12,955,169
121,308,919
Food and staples retail (0.2%)
CVS Health Corp. 55,500 4,762,455
Diplomat Pharmacy, Inc.(NON) 115,008 2,472,672
7,235,127
Gas utilities (0.1%)
Tokyo Gas Co., Ltd. (Japan) 731,000 4,137,724
4,137,724
Health-care equipment and supplies (1.2%)
Abbott Laboratories 160,900 7,013,631
Baxter International, Inc. 103,100 7,231,434
Medtronic, Inc. 112,600 7,674,816
St. Jude Medical, Inc. 102,700 6,590,259
TransEnterix, Inc.(NON)(S) 1,067,276 4,375,832
Zimmer Holdings, Inc. 165,300 18,387,972
51,273,944
Health-care providers and services (0.3%)
Cardinal Health, Inc. 81,600 6,403,968
McKesson Corp. 21,000 4,271,610
10,675,578
Health-care technology (0.2%)
Castlight Health, Inc. Class B(NON)(S) 595,440 7,448,954
7,448,954
Hotels, restaurants, and leisure (3.8%)
Burger King Worldwide, Inc.(S) 281,700 9,205,956
Hilton Worldwide Holdings, Inc.(NON) 89,700 2,264,028
Las Vegas Sands Corp. 290,200 18,067,852
Melco Crown Entertainment, Ltd. ADR (Hong Kong) 629,900 17,095,486
Starbucks Corp. 221,500 16,736,540
Thomas Cook Group PLC (United Kingdom)(NON) 34,358,663 68,264,756
Wynn Resorts, Ltd. 162,400 30,857,624
162,492,242
Household durables (4.0%)
Beazer Homes USA, Inc.(NON)(S) 489,739 8,781,020
Panasonic Corp. (Japan) 2,080,300 24,169,076
PulteGroup, Inc. 4,429,400 85,000,186
Skyworth Digital Holdings, Ltd. (China) 14,380,000 7,880,570
Sony Corp. (Japan) 643,000 11,861,082
Whirlpool Corp. 205,636 35,379,674
173,071,608
Industrial conglomerates (1.9%)
Siemens AG (Germany) 413,492 46,588,444
Toshiba Corp. (Japan) 7,549,000 32,501,192
79,089,636
Insurance (2.8%)
American International Group, Inc. 260,300 13,944,271
Assured Guaranty, Ltd. 2,522,539 58,220,200
Genworth Financial, Inc. Class A(NON) 1,015,200 14,202,648
Hartford Financial Services Group, Inc. (The) 789,930 31,265,429
117,632,548
Internet and catalog retail (2.7%)
Amazon.com, Inc.(NON) 48,900 14,936,994
Bigfoot GmbH (acquired 8/2/13, cost $9,275,858) (Private) (Brazil)(F)(RES)(NON) 422 5,690,086
Ctrip.com International, Ltd. ADR (China)(NON) 215,100 12,540,330
Priceline Group, Inc. (The)(NON) 54,997 66,337,931
Zalando SE (acquired 9/30/13, cost $15,738,412) (Germany)(F)(S)(RES)(NON) 656,370 13,695,127
Zalando SE (Germany)(NON)(S) 93,736 2,173,108
115,373,576
Internet software and services (10.6%)
Alibaba Group Holding, Ltd. ADR (China)(NON) 412,943 40,716,180
AOL, Inc.(NON) 40,100 1,745,553
Facebook, Inc. Class A(NON) 1,599,081 119,915,084
Google, Inc. Class A(NON) 420,294 238,672,357
Monster Worldwide, Inc.(NON) 1,524,300 5,883,798
Pandora Media, Inc.(NON) 1,029,400 19,846,832
Qihoo 360 Technology Co., Ltd. ADR (China)(NON)(S) 77,600 5,663,248
Twitter, Inc.(NON) 270,800 11,230,076
Yahoo!, Inc.(NON) 231,300 10,651,365
454,324,493
IT Services (2.8%)
MasterCard, Inc. Class A 170,300 14,262,625
Unisys Corp.(NON) 343,414 8,805,135
Visa, Inc. Class A 405,400 97,875,722
120,943,482
Leisure products (0.2%)
Brunswick Corp. 198,325 9,281,610
9,281,610
Life sciences tools and services (0.8%)
Agilent Technologies, Inc. 310,300 17,153,384
Thermo Fisher Scientific, Inc. 156,400 18,387,948
35,541,332
Machinery (0.1%)
Pall Corp. 56,200 5,137,804
5,137,804
Media (4.2%)
Atresmedia Corporacion de Medios de Comunicacion SA (Spain)(S) 572,926 8,392,979
CBS Corp. Class B (non-voting shares) 271,900 14,742,418
Charter Communications, Inc. Class A(NON) 66,800 10,580,452
Comcast Corp. Class A 968,735 53,619,482
DISH Network Corp. Class A(NON) 458,859 29,206,375
Liberty Global PLC Ser. A (United Kingdom)(NON) 271,951 12,365,612
Lions Gate Entertainment Corp. 256,300 8,491,219
Live Nation Entertainment, Inc.(NON) 598,200 15,553,200
Mediaset SpA (Italy)(NON) 2,588,045 8,639,908
Walt Disney Co. (The) 189,200 17,289,096
178,880,741
Metals and mining (0.6%)
Barrick Gold Corp. (Canada) 517,800 6,146,286
Freeport-McMoRan, Inc. (Indonesia) 163,114 4,648,749
Hi-Crush Partners LP (Units) 38,800 1,673,444
Newmont Mining Corp. 340,500 6,387,780
Steel Dynamics, Inc. 289,500 6,661,395
25,517,654
Multiline retail (0.2%)
Macy's, Inc. 173,500 10,031,770
10,031,770
Oil, gas, and consumable fuels (3.5%)
Cobalt International Energy, Inc.(NON) 233,500 2,734,285
CONSOL Energy, Inc. 272,100 10,013,280
EnCana Corp. (Canada) 284,400 5,298,372
EOG Resources, Inc. 475,500 45,196,275
EP Energy Corp. Class A(NON)(S) 1,034,802 15,108,109
Genel Energy PLC (United Kingdom)(NON) 1,189,209 13,364,207
Gulfport Energy Corp.(NON) 218,700 10,974,366
MarkWest Energy Partners LP 140,300 9,828,015
QEP Resources, Inc. 211,400 5,299,798
Scorpio Tankers, Inc. 1,539,800 13,442,454
Whiting Petroleum Corp.(NON) 280,800 17,196,192
148,455,353
Personal products (1.3%)
Avon Products, Inc. 1,623,611 16,885,554
Coty, Inc. Class A(NON) 2,420,053 40,172,880
57,058,434
Pharmaceuticals (6.0%)
AbbVie, Inc. 398,800 25,307,848
Actavis PLC(NON) 238,985 58,011,219
Allergan, Inc. 76,200 14,482,572
Endo International PLC(NON) 490,800 32,844,336
Impax Laboratories, Inc.(NON) 176,700 5,118,999
Jazz Pharmaceuticals PLC(NON) 598,701 101,084,677
Medicines Co. (The)(NON)(S) 328,200 8,310,024
Mylan, Inc.(NON) 91,800 4,915,890
Valeant Pharmaceuticals International, Inc.(NON) 47,500 6,319,400
256,394,965
Real estate investment trusts (REITs) (0.4%)
Hibernia REIT PLC (Ireland)(NON)(R)(FWC) 12,988,789 17,904,593
17,904,593
Real estate management and development (0.5%)
RE/MAX Holdings, Inc. Class A(S) 690,168 22,085,376
22,085,376
Road and rail (0.8%)
Genesee & Wyoming, Inc. Class A(NON) 130,986 12,600,853
Union Pacific Corp. 167,200 19,470,440
32,071,293
Semiconductors and semiconductor equipment (3.3%)
Avago Technologies, Ltd. 48,100 4,148,625
Broadcom Corp. Class A 156,500 6,554,220
Canadian Solar, Inc. (Canada)(NON)(S) 112,900 3,601,510
Lam Research Corp. 272,600 21,224,636
Micron Technology, Inc.(NON) 2,920,054 96,624,587
Skyworks Solutions, Inc. 189,300 11,024,832
143,178,410
Software (3.6%)
Activision Blizzard, Inc. 569,300 11,357,535
Longtop Financial Technologies, Ltd. ADR (Hong Kong)(F)(NON) 478,830 —
Microsoft Corp. 1,031,400 48,424,230
Oracle Corp. 1,177,389 45,977,040
TiVo, Inc.(NON) 2,294,200 29,939,310
Zynga, Inc. Class A(NON) 6,492,337 16,555,459
152,253,574
Specialty retail (3.1%)
Gap, Inc. (The) 340,300 12,893,967
Home Depot, Inc. (The) 428,500 41,787,320
Lowe's Cos., Inc. 112,600 6,440,720
Michaels Cos., Inc. (The)(NON) 447,400 8,178,472
Office Depot, Inc.(NON)(S) 11,363,371 59,316,797
Sears Hometown and Outlet Stores, Inc.(NON)(S) 150,031 2,256,466
Tile Shop Holdings, Inc.(NON)(S) 225,293 1,939,773
132,813,515
Technology hardware, storage, and peripherals (6.4%)
Apple, Inc. 2,007,347 216,793,476
EMC Corp. 346,900 9,966,437
SanDisk Corp. 347,600 32,723,064
Western Digital Corp. 161,480 15,884,788
275,367,765
Textiles, apparel, and luxury goods (0.3%)
Michael Kors Holdings, Ltd.(NON) 160,300 12,597,977
12,597,977
Thrifts and mortgage finance (0.3%)
Radian Group, Inc. 642,100 10,819,385
10,819,385
Tobacco (0.4%)
Japan Tobacco, Inc. (Japan) 523,100 17,538,345
17,538,345
Wireless telecommunication services (1.2%)
SoftBank Corp. (Japan) 298,900 21,125,903
Vodafone Group PLC ADR (United Kingdom) 914,100 30,366,402
51,492,305
Total common stocks (cost $3,684,688,168) $4,090,288,656

PURCHASED OPTIONS OUTSTANDING (1.0%)(a)
Expiration Contract
date/strike price amount Value
Anixter International, Inc. (Call) Nov-14/$110.00 $915,977 $15,283
DISH Network Corp. (Call) Jan-15/75.00 265,460 324,339
Fortune Brands Home & Security, Inc. (Call) Nov-14/30.00 279,167 3,699,462
Huntsman Corp. (Call) Nov-14/19.00 960,247 5,189,981
Jazz Pharmaceuticals PLC (Call) Dec-14/170.00 634,526 5,953,079
Jazz Pharmaceuticals PLC (Call) Dec-14/180.00 562,817 3,405,139
Jazz Pharmaceuticals PLC (Call) Dec-14/190.00 634,526 1,880,267
Lions Gate Entertainment Corp. (Call) Dec-14/37.00 1,086,770 588,703
Pandora Media, Inc. (Call) Nov-14/18.00 480,501 807,449
PulteGroup, Inc. (Call) Dec-14/22.00 1,648,700 194,134
Qihoo 360 Technology Co., Ltd. (Call) Dec-14/120.00 1,194,511 28,723
Qihoo 360 Technology Co., Ltd. (Call) Nov-14/55.00 311,156 5,687,773
SPDR S&P 500 ETF Trust (Call) Dec-14/206.00 2,899,500 4,670,950
Vodafone Group PLC (Call) Jan-15/40.00 1,377,329 133,284
Whirlpool Corp. (Call) Jan-15/175.00 225,596 1,211,331
Whirlpool Corp. (Call) Dec-14/165.00 666,945 6,579,273
Whirlpool Corp. (Call) Dec-14/175.00 274,435 1,119,722
Zynga, Inc. (Call) Dec-14/4.00 3,434,989 145,472
Total purchased options outstanding (cost $33,914,875) $41,634,364

WARRANTS (0.8%)(a)(NON)
Expiration date Strike Price Warrants Value
Global Mediacom Tbk PT 144A (Indonesia) 10/4/16 $0.00 22,345,500 $3,611,368
JPMorgan Chase & Co.(W) 10/28/18 42.42 354,054 7,010,269
Wells Fargo & Co.(W) 10/28/18 34.01 1,018,855 21,864,628
Total warrants (cost $17,922,048) $32,486,265

INVESTMENT COMPANIES (0.2%)(a)
Shares Value
iShares Dow Jones U.S. Home Construction Index Fund(S) 352,600 $8,487,082
Total investment companies (cost $8,035,828) $8,487,082

U.S. TREASURY OBLIGATIONS (0.1%)(a)
Principal amount Value
U.S. Treasury Notes
     3/8s, April 15, 2015(i) $4,350,000 $4,356,308
     1 3/8s, July 31, 2018(i) 625,000 629,306
     3 5/8s, February 15, 2021(i) 211,000 233,792
     1/4s, February 29, 2016(i) 161,000 161,087
     3 1/2s, May 15, 2020(i) 102,000 113,070
Total U.S. treasury obligations (cost $5,493,563) $5,493,563

SHORT-TERM INVESTMENTS (7.8%)(a)
Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 0.18%(d) Shares 212,141,877 $212,141,877
Putnam Short Term Investment Fund 0.09%(AFF) Shares 94,982,447 94,982,447
SSgA Prime Money Market Fund Class N 0.00%(P) Shares 13,832,703 13,832,703
U.S. Treasury Bills with an effective yield of 0.01%, January 8, 2015(SEGSF) $1,320,000 1,319,976
U.S. Treasury Bills with effective yields ranging from 0.00% to 0.01%, December 18, 2014(SEGSF) 4,140,000 4,139,975
U.S. Treasury Bills with effective yields ranging from 0.00% to 0.01%, December 4, 2014(SEGSF) 2,980,000 2,979,984
U.S. Treasury Bills with effective yields ranging from 0.00% to 0.05%, November 13, 2014 2,200,000 2,199,991
U.S. Treasury Bills with an effective yield of zero% June 25, 2015(i) 10,000 9,995
Total short-term investments (cost $331,606,943) $331,606,948

TOTAL INVESTMENTS
Total investments (cost $4,081,661,425)(b) $4,509,996,878













FORWARD CURRENCY CONTRACTS at 10/31/14 (aggregate face value $378,268,320) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Credit Suisse International
British Pound Sell 12/17/14 $47,028,664 $48,180,792 $1,152,128
Euro Sell 12/17/14 134,216,550 140,627,624 6,411,074
Japanese Yen Sell 11/19/14 99,148,728 108,452,738 9,304,010
UBS AG
British Pound Sell 12/17/14 78,523,004 81,007,166 2,484,162
Total $19,351,374












WRITTEN OPTIONS OUTSTANDING at 10/31/14 (premiums $12,519,025) (Unaudited)


Expiration       Contract
date/strike price       amount Value
Anixter International, Inc. (Call) Nov-14/$115.00        $915,977 $10,030
DISH Network Corp. (Call) Jan-15/85.00        265,460 75,523
Jazz Pharmaceuticals PLC (Call) Dec-14/180.00        1,269,052 7,677,981
Jazz Pharmaceuticals PLC (Call) Dec-14/200.00        562,817 947,797
Lions Gate Entertainment Corp. (Call) Dec-14/39.00        1,086,770 390,911
PulteGroup, Inc. (Call) Dec-14/24.00        1,648,700 70,762
Qihoo 360 Technology Co., Ltd. (Call) Dec-14/130.00        1,194,511 10,333
SPDR S&P 500 ETF Trust (Call) Dec-14/208.00        2,899,500 2,899,384
Vodafone Group PLC (Call) Jan-15/45.00        1,377,329 54,173
Whirlpool Corp. (Call) Jan-15/185.00        225,596 478,247
Whirlpool Corp. (Call) Dec-14/175.00        666,945 2,721,202
Whirlpool Corp. (Call) Dec-14/185.00        274,435 345,494
Zynga, Inc. (Call) Dec-14/5.00        3,434,989 54,194
Total $15,736,031













OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/14 (Unaudited)
Upfront     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)
Deutsche Bank AG
baskets 539,839 $—      7/28/15 (3 month USD-LIBOR-BBA plus 0.32%) A basket (DBPTMATR) of common stocks $1,022,912
Total$—      $1,022,912










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF Exchange Traded Fund
PJSC Public Joint Stock Company
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, 2014 through October 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $4,277,833,815.
(b) The aggregate identified cost on a tax basis is $4,091,787,982, resulting in gross unrealized appreciation and depreciation of $632,827,215 and $214,618,319, respectively, or net unrealized appreciation of $418,208,896.
(NON) Non-income-producing security.
(RES) Security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $19,385,213, or 0.5% of net assets.
(AFF) Affiliated company. For investments in Putnam Short Term Investment 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 control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Fair value at the end of the reporting period
Putnam Short Term Investment Fund * $218,450,175 $415,560,782 $539,028,510 $18,492$94,982,447
ITT Educational Services, Inc. 26,697,942 1,981,152 838,092 —20,179,145
Totals $245,148,117 $417,541,934 $539,866,602 $18,492$115,161,592
* Management fees charged to Putnam Short Term Investment Fund Fund have been waived by Putnam Management.
(FWC) Forward commitment, in part or in entirety.
(d) Affiliated company. 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 fair value of the securities loaned. The fair 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.
The fund received cash collateral of $212,141,877, 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. At the close of the reporting period, the value of securities loaned amounted to $194,525,174. Certain of these securities were sold prior to the close of the reporting period.
(F) Security 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 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 derivative 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 $15,088,964 to cover certain derivatives contracts and the settlement of certain securities.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
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 under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
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 consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value and are classified as Level 2 securities.
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. 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 in accordance with policies and procedures approved by the Trustees. 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 and to manage downside risks.
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. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
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 fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair 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.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Total return swap contracts: The fund entered into OTC 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 markets or countries and 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. OTC 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 OTC 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.
For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC 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, is presented in the fund’s portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $17,208,095 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 did not have a net liability position on open derivative contracts subject to the Master Agreements.












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 $893,152,904 $— $19,385,213
    Consumer staples 81,831,906 — —
    Energy 269,764,272 — —
    Financials 353,143,871 — —
    Health care 694,674,562 — —
    Industrials 369,311,790 — —
    Information technology 1,220,639,452 — —
    Materials 123,925,140 — —
    Telecommunication services 60,321,822 — —
    Utilities 4,137,724 — —
Total common stocks 4,070,903,443 — 19,385,213
Investment companies 8,487,082 — —
Purchased options outstanding — 41,634,364 —
U.S. treasury obligations — 5,493,563 —
Warrants 28,874,897 3,611,368 —
Short-term investments 108,815,150 222,791,798 —
Totals by level $4,217,080,572 $273,531,093 $19,385,213



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $19,351,374 $—
Written options outstanding — (15,736,031) —
Total return swap contracts — 1,022,912 —
Totals by level $— $4,638,255 $—


* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.

Fair Value 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 Fair value Fair value
Foreign exchange contracts $19,351,374 $—
Equity contracts 75,143,541 15,736,031
Total $94,494,915 $15,736,031


The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount)$32,700,000
Written equity option contracts (contract amount)$29,400,000
Forward currency contracts (contract amount)$374,700,000
OTC total return swap contracts (notional)$41,500,000
Warrants (number of warrants)23,700,000
                         
  The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
                         
      Bank of America N.A. Barclays Bank PLC Citibank, N.A. Credit Suisse International Deutsche Bank AG Goldman Sachs International Morgan Stanley & Co. International PLC UBS AG   Total
                         
  Assets:                      
  OTC Total return swap contracts*#    $–  $–  $–  $–  $1,022,912  $–  $–  $–    1,022,912
  Forward currency contracts#    –  –  –  16,867,212  –  –  –  2,484,162    19,351,374
  Purchased options#    485,094  8,027,480  9,714,842  8,598,053  8,399,135  588,703  5,687,773  133,284    41,634,364
                         
  Total Assets  $485,094  $8,027,480  $9,714,842  $25,465,265  $9,422,047  $588,703  $5,687,773  $2,617,446  $62,008,650
                         
  Liabilities:                      
  OTC Total return swap contracts*#    –  –  –  –  –  –  –  –    –
  Forward currency contracts#    –  –  –  –  –  –  –  –    –
  Written options#    139,747  7,748,743  1,293,291  3,199,449  2,909,717  390,911  –  54,173    15,736,031
                         
  Total Liabilities  $139,747  $7,748,743  $1,293,291  $3,199,449  $2,909,717  $390,911  $–  $54,173  $15,736,031
                         
  Total Financial and Derivative Net Assets    $345,347  $278,737  $8,421,551  $22,265,816  $6,512,330  $197,792  $5,687,773  $2,563,273    $46,272,619
  Total collateral received (pledged)##†    $313,703  $278,737  $7,219,000  $14,986,633  $(7,140,000)  $197,792  $5,687,773  $1,959,005    
  Net amount    $31,644  $–  $1,202,551  $7,279,183  $13,652,330  $–  $–  $604,268    
                         
* Excludes premiums, if any.                      
                         
†  Additional collateral may be required from certain brokers based on individual agreements.
                         
# Covered by master netting agreement.
                         
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

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



Item 2. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Voyager Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: December 29, 2014

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, 2014

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: December 29, 2014