0000928816-15-000856.txt : 20150626 0000928816-15-000856.hdr.sgml : 20150626 20150626102035 ACCESSION NUMBER: 0000928816-15-000856 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150430 FILED AS OF DATE: 20150626 DATE AS OF CHANGE: 20150626 EFFECTIVENESS DATE: 20150626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM VOYAGER FUND CENTRAL INDEX KEY: 0000081280 IRS NUMBER: 046187125 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01682 FILM NUMBER: 15953638 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM VOYAGER FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 0000081280 S000006573 PUTNAM VOYAGER FUND C000017940 Class A Shares PVOYX C000017941 Class B Shares PVOBX C000017942 Class C Shares PVFCX C000017943 Class M Shares PVOMX C000017944 Class R Shares PVYRX C000017945 Class Y Shares PVYYX C000118076 Class R5 C000118077 Class R6 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:         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: April 30, 2015



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
4/30/15 (Unaudited)
COMMON STOCKS (95.0%)(a)
Shares Value
Aerospace and defense (2.9%)
Airbus Group NV (France) 321,320 $22,313,178
Bombardier, Inc. Class B (Canada) 6,067,859 12,271,509
Honeywell International, Inc. 360,500 36,381,660
Northrop Grumman Corp. 76,400 11,768,656
Raytheon Co. 275,400 28,641,600
United Technologies Corp. 123,600 14,059,500
125,436,103
Airlines (2.6%)
American Airlines Group, Inc. 1,029,200 49,694,922
Spirit Airlines, Inc.(NON) 913,700 62,561,039
112,255,961
Auto components (0.1%)
Goodyear Tire & Rubber Co. (The) 82,896 2,351,345
2,351,345
Automobiles (1.8%)
Fiat Chrysler Automobiles NV (United Kingdom)(NON)(S) 1,051,876 15,515,171
Tesla Motors, Inc.(NON)(S) 117,900 26,651,295
Yamaha Motor Co., Ltd. (Japan) 1,495,200 35,113,204
77,279,670
Banks (1.9%)
Bank of America Corp. 2,207,519 35,165,778
Citigroup, Inc. 247,600 13,202,032
JPMorgan Chase & Co. 448,336 28,361,735
Wells Fargo & Co. 121,100 6,672,610
83,402,155
Biotechnology (9.2%)
Aegerion Pharmaceuticals, Inc.(NON)(S) 262,642 6,109,053
AMAG Pharmaceuticals, Inc.(NON)(S) 832,207 42,417,591
ARIAD Pharmaceuticals, Inc.(NON)(S) 1,835,268 15,911,774
Biogen, Inc.(NON) 201,400 75,309,502
Celgene Corp.(NON) 926,000 100,063,560
Gilead Sciences, Inc.(NON) 1,215,328 122,152,617
PTC Therapeutics, Inc.(NON)(S) 279,696 16,432,140
United Therapeutics Corp.(NON) 68,958 11,011,903
Vertex Pharmaceuticals, Inc.(NON) 34,800 4,290,144
393,698,284
Building products (0.5%)
Fortune Brands Home & Security, Inc. 519,900 23,187,540
23,187,540
Capital markets (2.4%)
Charles Schwab Corp. (The) 555,600 16,945,800
Goldman Sachs Group, Inc. (The) 81,400 15,988,588
KKR & Co. LP 2,166,600 48,770,166
Morgan Stanley 570,200 21,274,162
102,978,716
Chemicals (2.0%)
CF Industries Holdings, Inc. 45,200 12,993,644
Monsanto Co. 277,200 31,589,712
Sherwin-Williams Co. (The) 77,200 21,461,600
Tronox, Ltd. Class A 888,729 18,618,873
84,663,829
Commercial services and supplies (0.5%)
Tyco International PLC 564,600 22,233,948
22,233,948
Communications equipment (0.5%)
Cisco Systems, Inc. 295,600 8,522,148
QUALCOMM, Inc. 170,009 11,560,612
20,082,760
Consumer finance (0.3%)
Discover Financial Services 214,500 12,434,565
12,434,565
Diversified consumer services (0.3%)
ITT Educational Services, Inc.(NON)(S)(AFF) 2,140,359 11,301,096
11,301,096
Diversified financial services (0.2%)
Challenger, Ltd. (Australia) 1,582,473 8,813,824
8,813,824
Electric utilities (0.3%)
Exelon Corp. 378,300 12,869,766
12,869,766
Electrical equipment (0.1%)
Jiangnan Group, Ltd. (China) 1,664,000 533,574
SolarCity Corp.(NON)(S) 77,300 4,641,865
5,175,439
Electronic equipment, instruments, and components (0.2%)
Japan Display, Inc. (Japan)(NON) 2,478,800 10,220,736
10,220,736
Energy equipment and services (1.7%)
Baker Hughes, Inc. 588,500 40,288,710
Ezion Holdings, Ltd. (Singapore)(S) 11,911,100 10,778,150
Halliburton Co. 475,879 23,294,277
74,361,137
Food products (0.8%)
Keurig Green Mountain, Inc. 242,600 28,231,362
WH Group, Ltd. 144A (Hong Kong)(NON) 6,456,500 4,506,241
32,737,603
Health-care equipment and supplies (1.1%)
Becton Dickinson and Co. 60,800 8,564,896
Boston Scientific Corp.(NON) 1,099,400 19,591,308
C.R. Bard, Inc. 114,700 19,106,726
47,262,930
Health-care providers and services (0.1%)
China Pioneer Pharma Holdings, Ltd. (China) 2,829,000 2,198,173
2,198,173
Health-care technology (0.2%)
Castlight Health, Inc. Class B(NON)(S) 1,354,540 10,199,686
10,199,686
Hotels, restaurants, and leisure (2.2%)
Hilton Worldwide Holdings, Inc.(NON) 479,100 13,874,736
Las Vegas Sands Corp. 104,300 5,515,384
Melco Crown Entertainment, Ltd. ADR (Hong Kong)(S) 991,000 20,236,220
Restaurant Brands International LP (Units) (Canada)(S) 4,381 171,318
Restaurant Brands International, Inc. (Canada) 444,919 18,143,797
Thomas Cook Group PLC (United Kingdom)(NON) 16,140,443 35,526,139
93,467,594
Household durables (1.8%)
Panasonic Corp. (Japan) 1,981,500 28,405,150
PulteGroup, Inc. 2,043,652 39,442,484
Whirlpool Corp. 56,300 9,886,280
77,733,914
Household products (0.3%)
Energizer Holdings, Inc. 80,600 11,011,572
11,011,572
Independent power and renewable electricity producers (0.5%)
Calpine Corp.(NON) 388,600 8,475,366
NRG Energy, Inc. 498,000 12,569,520
21,044,886
Industrial conglomerates (0.3%)
Siemens AG (Germany) 40,598 4,443,705
Toshiba Corp. (Japan) 2,024,000 8,094,143
12,537,848
Insurance (2.5%)
American International Group, Inc. 236,500 13,312,585
Assured Guaranty, Ltd. 1,695,057 44,054,531
Genworth Financial, Inc. Class A(NON) 3,865,500 33,977,745
Hartford Financial Services Group, Inc. (The) 371,730 15,155,432
106,500,293
Internet and catalog retail (3.6%)
Amazon.com, Inc.(NON) 151,700 63,984,026
Ctrip.com International, Ltd. ADR (China)(NON) 277,800 17,690,304
FabFurnish GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) 140 118
Global Fashion Holding SA (acquired 8/2/13, cost $9,259,308) (Private) (Brazil)(F)(RES)(NON) 218,573 5,098,421
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) 140 118
New Middle East Other Assets GmbH (acquired 8/2/13, cost $76) (Private) (Brazil)(F)(RES)(NON) 57 48
Priceline Group, Inc. (The)(NON) 41,197 50,994,059
TripAdvisor, Inc.(NON) 229,700 18,488,553
156,255,647
Internet software and services (13.1%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S) 1,014,943 82,504,716
AOL, Inc.(NON) 480,200 19,159,980
Baidu, Inc. ADR (China)(NON) 97,800 19,587,384
Facebook, Inc. Class A(NON) 2,026,181 159,602,277
Google, Inc. Class A(NON) 418,694 229,766,706
Monster Worldwide, Inc.(NON)(S) 3,363,351 19,810,137
Tencent Holdings, Ltd. (China) 424,000 8,756,638
Twitter, Inc.(NON) 282,400 11,002,304
Yahoo!, Inc.(NON) 290,700 12,373,646
562,563,788
IT Services (2.8%)
MasterCard, Inc. Class A 220,500 19,891,305
Visa, Inc. Class A 1,484,800 98,071,040
117,962,345
Life sciences tools and services (0.3%)
Agilent Technologies, Inc. 321,300 13,292,181
13,292,181
Machinery (0.1%)
Manitowoc Co., Inc. (The)(S) 301,100 5,940,703
5,940,703
Media (3.3%)
Charter Communications, Inc. Class A(NON)(S) 116,600 21,811,196
Comcast Corp. Class A 623,035 35,986,502
DISH Network Corp. Class A(NON) 406,913 27,531,734
Liberty Global PLC Ser. A (United Kingdom)(NON) 359,151 18,726,133
Lions Gate Entertainment Corp. 227,500 7,054,775
Time Warner Cable, Inc. 22,432 3,488,625
Time Warner, Inc. 185,255 15,637,375
Walt Disney Co. (The) 121,000 13,155,120
143,391,460
Oil, gas, and consumable fuels (2.8%)
Anadarko Petroleum Corp. 163,100 15,347,710
EOG Resources, Inc. 132,100 13,071,295
EP Energy Corp. Class A(NON)(S) 428,092 6,322,919
Genel Energy PLC (United Kingdom)(NON) 2,135,744 20,586,985
Gulfport Energy Corp.(NON) 484,600 23,716,324
MarkWest Energy Partners LP 184,000 12,412,640
Pioneer Natural Resources Co. 25,700 4,440,446
Scorpio Tankers, Inc. 1,817,235 16,972,975
Whiting Petroleum Corp.(NON) 181,631 6,885,631
119,756,925
Paper and forest products (0.7%)
Louisiana-Pacific Corp.(NON)(S) 1,173,800 17,888,712
Norbord, Inc. (Canada)(S) 596,400 12,031,808
29,920,520
Personal products (0.4%)
Avon Products, Inc.(S) 1,526,072 12,468,008
Estee Lauder Cos., Inc. (The) Class A 82,200 6,682,038
19,150,046
Pharmaceuticals (8.2%)
AbbVie, Inc. 406,500 26,284,290
Actavis PLC(NON) 278,207 78,693,632
Bristol-Myers Squibb Co. 333,100 21,228,463
Jazz Pharmaceuticals PLC(NON)(S) 660,201 117,977,919
Mylan NV(NON) 266,400 19,250,064
Pacira Pharmaceuticals, Inc.(NON)(S) 147,700 10,114,496
Perrigo Co. PLC 168,500 30,882,680
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 747,000 45,133,740
349,565,284
Real estate investment trusts (REITs) (0.5%)
American Tower Corp.(R) 88,300 8,346,999
Hibernia REIT PLC (Ireland)(R) 8,391,188 11,563,251
19,910,250
Real estate management and development (0.8%)
Kennedy-Wilson Holdings, Inc. 503,588 12,478,911
RE/MAX Holdings, Inc. Class A(AFF) 646,977 21,861,353
34,340,264
Road and rail (1.2%)
Genesee & Wyoming, Inc. Class A(NON)(S) 139,386 12,955,929
Union Pacific Corp. 375,500 39,889,365
52,845,294
Semiconductors and semiconductor equipment (5.1%)
Avago Technologies, Ltd. 88,400 10,332,192
Broadcom Corp. Class A 776,200 34,311,921
Canadian Solar, Inc. (Canada)(NON)(S) 595,493 21,080,452
Intel Corp. 554,600 18,052,230
Lam Research Corp. 211,300 15,970,054
Micron Technology, Inc.(NON) 2,814,654 79,176,217
NXP Semiconductor NV(NON) 103,100 9,909,972
ON Semiconductor Corp.(NON) 1,300,600 14,982,912
SunEdison, Inc.(NON)(S) 495,800 12,553,656
216,369,606
Software (5.1%)
Autodesk, Inc.(NON) 106,800 6,069,444
Longtop Financial Technologies, Ltd. ADR (Hong Kong)(F)(NON) 478,830 —
Microsoft Corp. 1,031,400 50,167,296
Mobileye NV (Israel)(NON)(S) 618,506 27,746,179
Oracle Corp. 715,689 31,218,354
Salesforce.com, Inc.(NON) 910,800 66,324,456
TiVo, Inc.(NON) 2,475,300 27,352,065
Zynga, Inc. Class A(NON)(S) 3,020,137 7,399,336
216,277,130
Specialty retail (1.6%)
Gap, Inc. (The) 220,300 8,732,692
Home Depot, Inc. (The) 385,800 41,272,884
Lowe's Cos., Inc. 240,700 16,574,602
66,580,178
Technology hardware, storage, and peripherals (5.8%)
Apple, Inc. 1,738,047 217,516,582
Casetek Holdings, Ltd. (Taiwan) 1,831,000 11,108,607
Lenovo Group, Ltd. (China) 3,830,000 6,607,824
Western Digital Corp. 132,480 12,948,595
248,181,608
Tobacco (0.4%)
Philip Morris International, Inc. 191,200 15,959,464
15,959,464
Trading companies and distributors (0.4%)
HD Supply Holdings, Inc.(NON) 526,500 17,374,500
17,374,500
Transportation infrastructure (0.2%)
Aena SA (Spain)(NON) 90,984 8,549,138
8,549,138
Wireless telecommunication services (1.3%)
SoftBank Corp. (Japan) 313,800 19,610,447
Vodafone Group PLC ADR (United Kingdom) 1,042,900 36,710,081
56,320,528
Total common stocks (cost $3,571,592,249) $4,067,948,232

PURCHASED OPTIONS OUTSTANDING (0.9%)(a)
Expiration Contract
date/strike price amount Value
Alibaba Group Holding, Ltd. ADR (Call) Jul-15/$100.00 $673,715 $414,874
Alibaba Group Holding, Ltd. ADR (Call) Jul-15/90.00 195,520 368,301
Alibaba Group Holding, Ltd. ADR (Call) Jul-15/110.00 195,520 46,070
Alibaba Group Holding, Ltd. ADR (Call) Jan-16/110.00 518,358 883,349
Coca-Cola Co. (The) (Call) Aug-15/50.00 1,725,294 59,074
Huntsman Corp. (Call) May-15/16.00 1,677,536 11,830,655
L-3 Communications Holdings, Inc. (Call) May-15/105.00 234,500 2,235,020
Michael Kors Holdings, Ltd. (Call) Jun-15/70.00 1,095,370 602,245
Michael Kors Holdings, Ltd. (Call) May-15/50.00 634,115 7,526,945
Pandora Media, Inc. (Call) May-15/11.00 1,184,652 8,109,654
Powershares QQQ Trust Ser. 1 (Call) May-15/110.00 590,598 4,425
Powershares QQQ Trust Ser. 1 (Call) May-15/111.00 2,117,825 3,812
Qihoo 360 Technology Co., Ltd. (Call) May-15/40.00 266,909 5,418,787
SPDR S&P 500 ETF Trust (Call) May-15/214.00 4,176,802 414,756
SPDR S&P 500 ETF Trust (Call) May-15/214.50 9,357,265 392,069
SPDR S&P 500 ETF Trust (Call) May-15/215.00 2,591,987 207,359
SPDR S&P 500 ETF Trust (Call) May-15/215.00 941,945 2,637
SPDR S&P 500 ETF Trust (Call) May-15/214.00 3,331,084 600
SPDR S&P 500 ETF Trust (Call) May-15/214.50 8,998,270 540
SPDR S&P 500 ETF Trust (Call) May-15/215.00 5,625,444 281
SPDR S&P 500 ETF Trust (Call) May-15/214.00 1,036,258 187
SPDR S&P 500 ETF Trust (Call) May-15/216.00 9,975,019 10
Wynn Resorts, Ltd. (Call) May-15/110.00 232,915 866,068
Total purchased options outstanding (cost $49,269,636) $39,387,718

WARRANTS (0.8%)(a)(NON)
Expiration date Strike Price Warrants Value
Gree Electric Appliances, Inc. of Zhuhai 144A (China) 3/24/16 $0.00 1,273,300 $11,700,860
Wells Fargo & Co.(W) 10/28/18 34.01 813,312 17,209,682
Wuliangye Yibin Co., Ltd. 144A (China) 4/15/16 0.00 1,087,400 4,577,290
Total warrants (cost $20,499,491) $33,487,832

CONVERTIBLE PREFERRED STOCKS (0.8%)(a)
Shares Value
Actavis PLC Ser. A, 5.50% cv. pfd.(NON) 9,434 $9,440,226
Oportun Financial Corp. Ser. H, 8.00 % cv. pfd. (acquired 2/6/15, cost $6,422,373) (Private)(F)(RES)(NON) 2,255,601 5,780,135
Uber Technologies, Inc. Ser. E, 8.00% cv. pfd. (acquired 2/18/15, cost $18,899,994) (Private)(F)(RES)(NON) 567,268 17,009,995
Total convertible preferred stocks (cost $34,756,367) $32,230,356

INVESTMENT COMPANIES (0.7%)(a)
Shares Value
iShares Dow Jones U.S. Home Construction Index Fund(S) 156,300 $4,051,296
Market Vectors Junior Gold Miners ETF(S) 719,200 17,936,848
SPDR S&P Regional Banking ETF(S) 185,972 7,645,309
Total investment companies (cost $29,396,842) $29,633,453

U.S. TREASURY OBLIGATIONS (—%)(a)
Principal amount Value
U.S. Treasury Notes 3/8s, June 30, 2015(i) $358,000 $358,647
Total U.S. treasury obligations (cost $358,647) $358,647

SHORT-TERM INVESTMENTS (13.0%)(a)
Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 0.22%(d) Shares 421,633,316 $421,633,316
Putnam Short Term Investment Fund 0.07%(AFF) Shares 94,876,908 94,876,908
SSgA Prime Money Market Fund Class N 0.03%(P) Shares 38,217,000 38,217,000
U.S. Treasury Bills with an effective yield of 0.02%, July 2, 2015 $630,000 629,997
U.S. Treasury Bills with an effective yield of 0.01%, May 21, 2015 120,000 119,999
Total short-term investments (cost $555,477,205) $555,477,220

TOTAL INVESTMENTS
Total investments (cost $4,261,350,437)(b) $4,758,523,458













FORWARD CURRENCY CONTRACTS at 4/30/15 (aggregate face value $238,959,948) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Credit Suisse International
British Pound Sell 6/17/15 $46,679,500 $46,288,004 $(391,496)
Euro Sell 6/17/15 35,038,130 37,558,069 2,519,939
Japanese Yen Sell 5/20/15 79,216,486 81,163,599 1,947,113
State Street Bank and Trust Co.
Canadian Dollar Sell 7/15/15 28,312,463 27,119,262 (1,193,201)
UBS AG
British Pound Sell 6/17/15 45,497,908 46,831,014 1,333,106
Total $4,215,461












WRITTEN OPTIONS OUTSTANDING at 4/30/15 (premiums $1,915,848) (Unaudited)


Expiration Contract
date/strike price amount Value
Alibaba Group Holding ADR (Call) Jul-15/$100.00 $391,040 $241,718
Alibaba Group Holding ADR (Call) Jul-15/120.00 673,715 78,205
Alibaba Group Holding, Ltd. ADR (Call) Jan-16/130.00 518,358 300,699
Coca-Cola Co. (The) (Call) Aug-15/55.00 1,725,294 15,093
Michael Kors Holdings, Ltd. (Call) Jun-15/80.00 1,095,370 70,370
SPDR S&P 500 ETF Trust (Call) May-15/215.50 9,357,265 155,892
SPDR S&P 500 ETF Trust (Call) May-15/215.50 8,998,270 360
SPDR S&P 500 ETF Trust (Call) May-15/216.00 2,072,278 2
Total $862,339













OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 4/30/15 (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 749,952 $—      7/31/15 (3 month USD-LIBOR-BBA plus 32 bp) A basket (DBPTMATR) of common stocks $(507,724)
JPMorgan Chase Bank N.A.
baskets 129,810 —      7/16/15 (3 month USD-LIBOR-BBA plus 30 bp) A basket (JPCMPTMD) of common stocks (4,848)
baskets 42,385 —      7/16/15 (3 month USD-LIBOR-BBA minu 20 bp) A basket (JPCMPTMD) of common stocks (1,583)
Total$—     $(514,155)










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
bp Basis points
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, 2014 through April 30, 2015 (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 $4,282,573,775.
(b) The aggregate identified cost on a tax basis is $4,271,476,994, resulting in gross unrealized appreciation and depreciation of $657,407,937 and $170,361,473, respectively, or net unrealized appreciation of $487,046,464.
(NON) This security is non-income-producing.
(RES) This 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 $27,888,835, or 0.7% 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 $ 1,324,490,931 $ 1,448,064,198 $ 63,864 $ 94,876,908
ITT Educational Services, Inc. 26,697,942 2,795,871 838,092 — 11,301,096
RE/MAX Holdings, Inc. Class A† — 2,689,086 — 1,051,338 21,861,353
Totals $245,148,117 $1,329,975,888 $1,448,902,290 $1,115,202 $128,039,357
* Management fees charged to Putnam Short Term Investment Fund Fund have been waived by Putnam Management.
† Security was only in affiliation for a portion of the reporting period.

(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 $421,633,316 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 $397,670,327. Certain of these securities were sold prior to the close of the reporting period.
(F) This 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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P) This 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) This security is 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 $5,113,764 to cover certain derivative 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: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
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. 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 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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 $17,687,520 at the close of the reporting period.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $1,199,632 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these 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 $524,217,706 $99,044,493 $5,098,705
    Consumer staples 74,352,444 4,506,241 —
    Energy 162,752,927 31,365,135 —
    Financials 348,002,992 20,377,075 —
    Health care 814,018,365 2,198,173 —
    Industrials 341,602,736 43,933,738 —
    Information technology 1,354,964,168 36,693,805 —
    Materials 114,584,349 — —
    Telecommunication services 36,710,081 19,610,447 —
    Utilities 33,914,652 — —
Total common stocks 3,805,120,420 257,729,107 5,098,705
Convertible preferred stocks 9,440,226 — 22,790,130
Investment companies 29,633,453 — —
Purchased options outstanding — 39,387,718 —
U.S. treasury obligations — 358,647 —
Warrants 17,209,682 16,278,150 —
Short-term investments 133,093,908 422,383,312 —
Totals by level $3,994,497,689 $736,136,934 $27,888,835



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $4,215,461 $—
Written options outstanding — (862,339) —
Total return swap contracts — (514,155) —
Totals by level $— $2,838,967 $—


* 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 $5,800,158 $1,584,697
Equity contracts 72,875,550 1,376,494
Total $78,675,708 $2,961,191


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)$39,900,000
Written equity option contracts (contract amount)$25,800,000
Forward currency contracts (contract amount)$418,400,000
OTC total return swap contracts (notional)$64,400,000
Warrants (number of warrants)10,800,000
   
  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.
   
      Barclays Bank PLC Citibank, N.A. Credit Suisse International Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank N.A. Morgan Stanley & Co. International PLC State Street Bank and Trust Co. UBS AG   Total
                           
  Assets:                        
  OTC Total return swap contracts*#   $— $— $— $— $— $— $— $— $—    —
  Forward currency contracts#    —  —  4,467,052  — — — — —  1,333,106    5,800,158
  Purchased options#    6,699,611  12,701,475  —  11,228,220  1,023,568 —  540 —  7,734,304    39,387,718
                           
  Total Assets  $6,699,611  $12,701,475  $4,467,052  $11,228,220  $1,023,568 $—  $540 $—  $9,067,410  $45,187,876
                           
  Liabilities:                        
  OTC Total return swap contracts*#    —  —  —  507,724 —  6,431 — — —    514,155
  Forward currency contracts#    —  —  391,496  — — — —  1,193,201 —    1,584,697
  Written options#    —  412,705  —  300,699  148,575 —  360 — —    862,339
                           
  Total Liabilities $—  $412,705  $391,496  $808,423  $148,575  $6,431  $360  $1,193,201 $—  $2,961,191
                           
  Total Financial and Derivative Net Assets    $6,699,611  $12,288,770  $4,075,556  $10,419,797  $874,993  $(6,431)  $180  $(1,193,201)  $9,067,410    $42,226,685
  Total collateral received (pledged)##†    $6,699,611  $12,019,000  $4,075,556  $10,419,797  $874,993 $—  $180 $—  $9,067,410    
  Net amount   $—  $269,770 $— $— $—  $(6,431) $—  $(1,193,201) $—    
                           
* 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: June 26, 2015

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 26, 2015

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 26, 2015

EX-99.CERT 2 b_007certifications.htm EX-99.CERT b_007certifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Jonathan S. Horwitz
_____________________________

Date: June 25, 2015
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Steven D. Krichmar
_______________________________

Date: June 25, 2015
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended April 30, 2015
               Putnam Premier Income Trust
               Putnam Research Fund
               Putnam Investors Fund
               Putnam Voyager Fund
               Putnam Tax Free High Yield Fund
               Putnam AMT-Free Insured Municipal Fund
               Putnam Growth Opportunities Fund
               The George Putnam Fund of Boston
               Putnam Short Duration Income Fund
               Putnam Short Term Investment Fund
               Putnam Strategic Volatility Equity Fund
               Putnam Low Volatility Equity Fund

               Putnam RetirementReady — Funds:
               Putnam RetirementReady — 2055
               Putnam RetirementReady — 2050
               Putnam RetirementReady — 2045
               Putnam RetirementReady — 2040
               Putnam RetirementReady — 2035
               Putnam RetirementReady — 2030
               Putnam RetirementReady — 2025
               Putnam RetirementReady — 2020
               Putnam RetirementReady — 2015
               Putnam Retirement Income Fund Lifestyle 1