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, 2016 |
Date of reporting period: | October 31, 2015 |
Item 1. Schedule of Investments: |
Putnam Voyager Fund | ||||||
The fund's portfolio | ||||||
10/31/15 (Unaudited) | ||||||
COMMON STOCKS (93.9%)(a) | ||||||
Shares | Value | |||||
Aerospace and defense (1.9%) | ||||||
Airbus Group SE (France) | 149,048 | $10,356,459 | ||||
Bombardier, Inc. Class B (Canada)(S) | 11,744,359 | 12,753,892 | ||||
Honeywell International, Inc. | 239,275 | 24,712,322 | ||||
Northrop Grumman Corp. | 55,852 | 10,486,213 | ||||
United Technologies Corp. | 142,400 | 14,013,584 | ||||
72,322,470 | ||||||
Airlines (3.3%) | ||||||
Air Canada (Canada)(NON) | 2,320,100 | 19,091,676 | ||||
American Airlines Group, Inc. | 1,838,400 | 84,970,848 | ||||
Spirit Airlines, Inc.(NON) | 561,510 | 20,843,251 | ||||
124,905,775 | ||||||
Automobiles (3.1%) | ||||||
Fiat Chrysler Automobiles NV (United Kingdom)(NON) | 2,480,976 | 36,321,489 | ||||
Tesla Motors, Inc.(NON)(S) | 95,800 | 19,823,894 | ||||
Yamaha Motor Co., Ltd. (Japan) | 2,703,400 | 60,572,824 | ||||
116,718,207 | ||||||
Banks (1.4%) | ||||||
Bank of America Corp. | 1,385,819 | 23,254,043 | ||||
JPMorgan Chase & Co. | 338,756 | 21,765,073 | ||||
Virgin Money Holdings UK PLC (United Kingdom) | 1,436,133 | 8,572,340 | ||||
53,591,456 | ||||||
Beverages (0.4%) | ||||||
Molson Coors Brewing Co. Class B | 173,500 | 15,285,350 | ||||
15,285,350 | ||||||
Biotechnology (11.2%) | ||||||
AbbVie, Inc. | 254,700 | 15,167,385 | ||||
AMAG Pharmaceuticals, Inc.(NON)(S) | 1,696,962 | 67,878,480 | ||||
Amgen, Inc. | 181,700 | 28,741,306 | ||||
ARIAD Pharmaceuticals, Inc.(NON)(S) | 2,687,808 | 18,384,607 | ||||
Biogen, Inc.(NON) | 102,300 | 29,719,173 | ||||
Celgene Corp.(NON)(S) | 760,404 | 93,309,175 | ||||
Gilead Sciences, Inc. | 887,728 | 95,990,029 | ||||
Merrimack Pharmaceuticals, Inc.(NON)(S) | 782,300 | 7,306,682 | ||||
PTC Therapeutics, Inc.(NON)(S) | 664,860 | 16,535,068 | ||||
TESARO, Inc.(NON)(S) | 97,709 | 4,442,828 | ||||
United Therapeutics Corp.(NON) | 59,108 | 8,667,006 | ||||
Vertex Pharmaceuticals, Inc.(NON) | 327,000 | 40,789,980 | ||||
426,931,719 | ||||||
Capital markets (2.9%) | ||||||
AllianceBernstein Holding LP (Partnership shares) | 307,500 | 7,915,050 | ||||
Bank of New York Mellon Corp. (The) | 288,200 | 12,003,530 | ||||
Charles Schwab Corp. (The) | 654,300 | 19,969,236 | ||||
E*Trade Financial Corp.(NON) | 322,400 | 9,191,624 | ||||
Goldman Sachs Group, Inc. (The) | 11,100 | 2,081,250 | ||||
KKR & Co. LP | 2,718,600 | 46,623,990 | ||||
Morgan Stanley | 396,700 | 13,079,199 | ||||
110,863,879 | ||||||
Chemicals (1.9%) | ||||||
Axalta Coating Systems, Ltd.(NON) | 281,700 | 7,783,371 | ||||
Dow Chemical Co. (The) | 146,600 | 7,574,822 | ||||
E.I. du Pont de Nemours & Co. | 307,200 | 19,476,480 | ||||
Monsanto Co. | 34,500 | 3,216,090 | ||||
Sherwin-Williams Co. (The) | 126,847 | 33,846,585 | ||||
71,897,348 | ||||||
Commercial services and supplies (0.5%) | ||||||
Tyco International PLC | 555,600 | 20,246,064 | ||||
20,246,064 | ||||||
Consumer finance (0.4%) | ||||||
American Express Co. | 174,800 | 12,805,848 | ||||
Oportun Financial Corp. (acquired 6/23/15, cost $1,923,622) (Private)(F)(RES)(NON) | 674,955 | 1,731,260 | ||||
14,537,108 | ||||||
Diversified consumer services (0.6%) | ||||||
Houghton Mifflin Harcourt Co.(NON) | 803,116 | 15,733,042 | ||||
ITT Educational Services, Inc.(NON)(S)(AFF) | 2,179,992 | 7,193,974 | ||||
22,927,016 | ||||||
Electrical equipment (0.2%) | ||||||
Jiangnan Group, Ltd. (China) | 10,034,000 | 2,292,157 | ||||
SolarCity Corp.(NON)(S) | 113,700 | 3,371,205 | ||||
5,663,362 | ||||||
Energy equipment and services (1.0%) | ||||||
Baker Hughes, Inc. | 294,500 | 15,514,260 | ||||
Halliburton Co. | 454,879 | 17,458,256 | ||||
Weatherford International PLC(NON) | 381,100 | 3,902,464 | ||||
36,874,980 | ||||||
Food and staples retail (1.0%) | ||||||
CVS Health Corp. | 299,700 | 29,604,366 | ||||
Walgreens Boots Alliance, Inc. | 77,700 | 6,579,636 | ||||
36,184,002 | ||||||
Food products (0.3%) | ||||||
Nomad Foods, Ltd. (United Kingdom)(NON) | 308,285 | 4,500,034 | ||||
TreeHouse Foods, Inc.(NON) | 65,600 | 5,617,984 | ||||
10,118,018 | ||||||
Health-care equipment and supplies (0.1%) | ||||||
Edwards Lifesciences Corp.(NON) | 24,400 | 3,834,460 | ||||
3,834,460 | ||||||
Health-care providers and services (1.1%) | ||||||
Brookdale Senior Living, Inc.(NON) | 676,000 | 14,135,160 | ||||
Cardinal Health, Inc. | 296,200 | 24,347,640 | ||||
China Pioneer Pharma Holdings, Ltd. (China) | 5,038,000 | 2,186,256 | ||||
40,669,056 | ||||||
Hotels, restaurants, and leisure (0.4%) | ||||||
Hilton Worldwide Holdings, Inc. | 184,400 | 4,608,156 | ||||
Melco Crown Entertainment, Ltd. ADR (Hong Kong)(S) | 572,600 | 10,724,798 | ||||
Restaurant Brands International LP (Units) (Canada)(S) | 4,381 | 173,685 | ||||
15,506,639 | ||||||
Household durables (1.6%) | ||||||
Panasonic Corp. (Japan) | 2,337,400 | 27,429,053 | ||||
PulteGroup, Inc. | 1,111,730 | 20,378,011 | ||||
Skyworth Digital Holdings, Ltd. (China) | 6,396,271 | 4,708,451 | ||||
Whirlpool Corp. | 51,330 | 8,219,986 | ||||
60,735,501 | ||||||
Independent power and renewable electricity producers (1.4%) | ||||||
8Point3 Energy Partners LP | 480,500 | 6,467,530 | ||||
NRG Energy, Inc. | 1,549,300 | 19,970,477 | ||||
TerraForm Global, Inc. Class A(NON)(S) | 2,127,500 | 16,232,825 | ||||
TerraForm Power, Inc. Class A(NON)(S) | 571,399 | 10,428,032 | ||||
53,098,864 | ||||||
Industrial conglomerates (0.3%) | ||||||
Danaher Corp. | 123,533 | 11,526,864 | ||||
11,526,864 | ||||||
Insurance (1.7%) | ||||||
Assured Guaranty, Ltd.(S) | 1,209,385 | 33,185,524 | ||||
Genworth Financial, Inc. Class A(NON) | 4,340,787 | 20,314,883 | ||||
Hartford Financial Services Group, Inc. (The) | 84,000 | 3,885,840 | ||||
Prudential PLC (United Kingdom) | 335,386 | 7,828,228 | ||||
65,214,475 | ||||||
Internet and catalog retail (4.9%) | ||||||
Amazon.com, Inc.(NON) | 184,450 | 115,447,255 | ||||
Ctrip.com International, Ltd. ADR (China)(NON)(S) | 251,500 | 23,381,955 | ||||
Delivery Hero Holding GmbH (acquired 6/2/15, cost $6,723,847) (Private) (Germany)(F)(RES)(NON) | 873 | 5,913,002 | ||||
FabFurnish GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) | 140 | 115 | ||||
Global Fashion Holding SA (acquired 8/2/13, cost $9,259,308) (Private) (Brazil)(F)(RES)(NON) | 218,573 | 5,602,237 | ||||
Netflix, Inc.(NON) | 171,800 | 18,619,684 | ||||
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) | 140 | 115 | ||||
New Middle East Other Assets GmbH (acquired 8/2/13, cost $76) (Private) (Brazil)(F)(RES)(NON) | 57 | 47 | ||||
Priceline Group, Inc. (The)(NON) | 10,897 | 15,846,853 | ||||
184,811,263 | ||||||
Internet software and services (15.3%) | ||||||
Alibaba Group Holding, Ltd. ADR (China)(NON)(S) | 596,243 | 49,983,051 | ||||
Alphabet, Inc. Class A(NON) | 374,414 | 276,089,142 | ||||
Baidu, Inc. ADR (China)(NON) | 45,500 | 8,529,885 | ||||
Criteo SA ADR (France)(NON)(S) | 86,800 | 3,303,608 | ||||
Facebook, Inc. Class A(NON) | 1,589,181 | 162,048,787 | ||||
GrubHub, Inc.(NON) | 117,700 | 2,822,446 | ||||
IAC/InterActive Corp. | 137,500 | 9,213,875 | ||||
linkedIn Corp.(NON) | 27,400 | 6,599,838 | ||||
Monster Worldwide, Inc.(NON)(S) | 2,478,656 | 15,541,173 | ||||
Tencent Holdings, Ltd. (China) | 1,176,100 | 22,072,066 | ||||
Twitter, Inc.(NON) | 217,300 | 6,184,358 | ||||
Yahoo!, Inc.(NON) | 467,200 | 16,641,664 | ||||
579,029,893 | ||||||
IT Services (3.4%) | ||||||
MasterCard, Inc. Class A | 58,500 | 5,790,915 | ||||
Visa, Inc. Class A | 1,577,600 | 122,390,208 | ||||
128,181,123 | ||||||
Leisure products (0.2%) | ||||||
Brunswick Corp. | 136,000 | 7,318,160 | ||||
7,318,160 | ||||||
Media (1.8%) | ||||||
Atresmedia Corporacion de Medios de Comunicacion SA (Spain) | 526,149 | 6,743,412 | ||||
Charter Communications, Inc. Class A(NON)(S) | 41,500 | 7,924,010 | ||||
Comcast Corp. Class A | 304,235 | 19,051,196 | ||||
Discovery Communications, Inc. Class A(NON)(S) | 455,600 | 13,412,864 | ||||
Liberty Global PLC Ser. A (United Kingdom)(NON) | 330,601 | 14,718,357 | ||||
Live Nation Entertainment, Inc.(NON)(S) | 156,300 | 4,263,864 | ||||
66,113,703 | ||||||
Metals and mining (0.2%) | ||||||
Glencore PLC (United Kingdom) | 4,332,785 | 7,462,453 | ||||
7,462,453 | ||||||
Multiline retail (1.0%) | ||||||
Hudson's Bay Co. (Canada) | 491,400 | 8,542,002 | ||||
Macy's, Inc. | 540,900 | 27,575,082 | ||||
36,117,084 | ||||||
Oil, gas, and consumable fuels (3.7%) | ||||||
Anadarko Petroleum Corp. | 229,400 | 15,342,272 | ||||
Devon Energy Corp. | 241,900 | 10,142,867 | ||||
EOG Resources, Inc. | 75,000 | 6,438,750 | ||||
EnVen Energy Corp. 144A | 415,000 | 4,150,000 | ||||
Genel Energy PLC (United Kingdom)(NON) | 5,275,214 | 20,726,999 | ||||
Gulfport Energy Corp.(NON) | 909,900 | 27,724,653 | ||||
MarkWest Energy Partners LP | 228,200 | 9,967,776 | ||||
Scorpio Tankers, Inc. | 1,848,335 | 16,856,815 | ||||
Suncor Energy, Inc. (Canada) | 772,000 | 22,972,255 | ||||
Whiting Petroleum Corp.(NON) | 433,031 | 7,461,124 | ||||
141,783,511 | ||||||
Personal products (2.0%) | ||||||
Avon Products, Inc.(S) | 7,180,891 | 28,938,991 | ||||
Coty, Inc. Class A(S) | 509,300 | 14,744,235 | ||||
Edgewell Personal Care Co. | 368,800 | 31,241,048 | ||||
74,924,274 | ||||||
Pharmaceuticals (8.0%) | ||||||
Allergan PLC(NON) | 300,107 | 92,574,006 | ||||
Bristol-Myers Squibb Co. | 368,300 | 24,289,385 | ||||
Jazz Pharmaceuticals PLC(NON) | 952,471 | 130,755,219 | ||||
Pacira Pharmaceuticals, Inc.(NON)(S) | 141,300 | 7,057,935 | ||||
Teva Pharmaceutical Industries, Ltd. ADR (Israel) | 834,175 | 49,374,818 | ||||
304,051,363 | ||||||
Real estate investment trusts (REITs) (0.8%) | ||||||
American Tower Corp.(R) | 93,815 | 9,590,707 | ||||
Gaming and Leisure Properties, Inc.(R)(S) | 737,900 | 21,524,543 | ||||
31,115,250 | ||||||
Real estate management and development (0.6%) | ||||||
Kennedy-Wilson Holdings, Inc. | 863,119 | 21,163,678 | ||||
21,163,678 | ||||||
Road and rail (1.3%) | ||||||
Genesee & Wyoming, Inc. Class A(NON) | 197,711 | 13,266,408 | ||||
Union Pacific Corp. | 415,100 | 37,089,185 | ||||
50,355,593 | ||||||
Semiconductors and semiconductor equipment (2.5%) | ||||||
Avago Technologies, Ltd. | 265,800 | 32,727,954 | ||||
Canadian Solar, Inc. (Canada)(NON)(S) | 494,887 | 10,803,383 | ||||
Lam Research Corp. | 162,000 | 12,407,580 | ||||
Micron Technology, Inc.(NON) | 692,500 | 11,467,800 | ||||
NXP Semiconductor NV(NON) | 184,900 | 14,486,915 | ||||
SunEdison, Inc.(NON)(S) | 1,861,370 | 13,588,001 | ||||
95,481,633 | ||||||
Software (3.7%) | ||||||
Microsoft Corp. | 944,100 | 49,697,424 | ||||
Mobileye NV (Israel)(NON)(S) | 310,500 | 14,133,960 | ||||
Nintendo Co., Ltd. (Japan) | 77,400 | 12,355,820 | ||||
Oracle Corp. | 113,971 | 4,426,634 | ||||
Salesforce.com, Inc.(NON) | 409,029 | 31,785,644 | ||||
TiVo, Inc.(NON) | 2,958,700 | 26,864,996 | ||||
139,264,478 | ||||||
Specialty retail (2.4%) | ||||||
Advance Auto Parts, Inc. | 100,700 | 19,981,901 | ||||
Gap, Inc. (The) | 400,000 | 10,888,000 | ||||
GNC Holdings, Inc. Class A | 199,800 | 5,944,050 | ||||
Home Depot, Inc. (The) | 307,488 | 38,017,816 | ||||
Lowe's Cos., Inc. | 128,198 | 9,464,858 | ||||
Office Depot, Inc.(NON) | 283,900 | 2,163,318 | ||||
Staples, Inc. | 432,000 | 5,611,680 | ||||
92,071,623 | ||||||
Technology hardware, storage, and peripherals (5.5%) | ||||||
Apple, Inc. | 1,311,547 | 156,729,867 | ||||
EMC Corp. | 559,000 | 14,656,980 | ||||
HP, Inc. | 464,000 | 12,509,440 | ||||
Lenovo Group, Ltd. (China) | 13,354,000 | 12,386,847 | ||||
Western Digital Corp. | 159,112 | 10,631,864 | ||||
206,914,998 | ||||||
Transportation infrastructure (0.2%) | ||||||
Aena SA (Spain)(NON) | 65,265 | 7,280,864 | ||||
7,280,864 | ||||||
Wireless telecommunication services (0.1%) | ||||||
Vodafone Group PLC ADR (United Kingdom) | 111,900 | 3,689,343 | ||||
3,689,343 | ||||||
Total common stocks (cost $3,200,239,991) | $3,566,782,900 | |||||
PURCHASED OPTIONS OUTSTANDING (2.0%)(a) | ||||||
Expiration | Contract | |||||
date/strike price | amount | Value | ||||
Agilent Technologies, Inc. (Call) | Nov-15/$32.50 | $366,290 | $1,948,886 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/70.00 | 310,663 | 4,667,152 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/80.00 | 475,413 | 3,506,271 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/90.00 | 358,508 | 955,571 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/110.00 | 518,358 | 141,491 | |||
American Airlines Group, Inc. $41.80, Celgene Corp $116.99 Macy's, Inc $56.06 (Call)(WOC) | Nov-15/110.00 | 52,445,166 | 650,320 | |||
American Airlines Group, Inc. $44.31, Celgene Corp $125.62 Macy's, Inc $57.12 (Call)(WOC) | Nov-15/110.00 | 66,606,614 | 372,997 | |||
Avon Products, Inc. (Call) | Dec-15/6.00 | 5,028,721 | 502,872 | |||
Avon Products, Inc. (Call) | Nov-15/5.00 | 3,433,253 | 539,810 | |||
Bombardier, Inc. (Call) | Nov-15/1.75 | 6,354,291 | 201,670 | |||
Bombardier, Inc. (Call) | Nov-15/2.00 | 9,656,255 | 12,362 | |||
Bombardier, Inc. (Call) | Nov-15/2.25 | 4,170,098 | 1,894 | |||
Calpine Corp. (Call) | Nov-15/12.00 | 2,146,697 | 7,550,985 | |||
DISH Network Corp. (Call) | Dec-15/50.00 | 227,281 | 3,065,043 | |||
Freeport-McMoran, Inc. (Call) | Nov-15/5.00 | 496,917 | 3,366,116 | |||
Hilton Worldwide Holdings, Inc. (Call) | Nov-15/20.00 | 1,485,223 | 7,467,954 | |||
L-3 Communications Holdings, Inc. (Call) | Nov-15/90.00 | 268,291 | 9,597,770 | |||
NIKE, Inc. Class B (Call) | Jan-16/135.00 | 271,477 | 995,310 | |||
Pandora Media, Inc. (Call) | Nov-15/14.00 | 644,585 | 90,371 | |||
Powershares QQQ Trust Ser. 1 ETF (Put) | Nov-15/109.00 | 1,437,666 | 433,652 | |||
SPDR S&P 500 ETF Trust (Call) | Nov-15/215.00 | 2,737,419 | 835,953 | |||
SPDR S&P 500 ETF Trust (Put) | Nov-15/200.00 | 6,507,347 | 2,830,696 | |||
SPDR S&P 500 ETF Trust (Put) | Nov-15/200.00 | 7,360,785 | 1,140,922 | |||
Staples, Inc. (Call) | Dec-15/17.00 | 2,076,628 | 308,026 | |||
Staples, Inc. (Call) | Nov-15/18.00 | 1,891,887 | 12,706 | |||
Tronox, Ltd. Class A (Call) | Feb-16/3.00 | 1,648,106 | 5,603,560 | |||
Tronox, Ltd. Class A (Call) | Feb-16/4.00 | 1,337,082 | 3,369,336 | |||
Tronox, Ltd. Class A (Call) | Feb-16/5.00 | 1,575,914 | 2,944,833 | |||
Tronox, Ltd. Class A (Call) | Feb-16/4.00 | 433,349 | 1,092,004 | |||
Tronox, Ltd. Class A (Call) | Jan-16/12.00 | 2,837,872 | 661,792 | |||
Wynn Resorts, Ltd. (Call) | Nov-15/40.00 | 423,435 | 12,684,203 | |||
Total purchased options outstanding (cost $71,712,096) | $77,552,528 | |||||
CONVERTIBLE PREFERRED STOCKS (0.8%)(a) | ||||||
Shares | Value | |||||
Oportun Financial Corp. Ser. A-1, 8.00% cv. pfd. (acquired 6/23/15, cost $5,253) (Private)(F)(RES)(NON) | 1,843 | $4,727 | ||||
Oportun Financial Corp. Ser. B-1, 8.00% cv. pfd. (acquired 6/23/15, cost $100,457) (Private)(F)(RES)(NON) | 31,891 | 90,411 | ||||
Oportun Financial Corp. Ser. C-1, 8.00% cv. pfd. (acquired 6/23/15, cost $235,942) (Private)(F)(RES)(NON) | 46,354 | 212,348 | ||||
Oportun Financial Corp. Ser. D-1, 8.00% cv. pfd. (acquired 6/23/15, cost $342,236) (Private)(F)(RES)(NON) | 67,237 | 308,013 | ||||
Oportun Financial Corp. Ser. E-1, 8.00% cv. pfd. (acquired 6/23/15, cost $191,914) (Private)(F)(RES)(NON) | 34,957 | 172,723 | ||||
Oportun Financial Corp. Ser. F, 8.00% cv. pfd. (acquired 6/23/15, cost $579,325) (Private)(F)(RES)(NON) | 75,433 | 521,393 | ||||
Oportun Financial Corp. Ser. F-1, 8.00% cv. pfd. (acquired 6/23/15, cost $1,624,930) (Private)(F)(RES)(NON) | 570,151 | 1,462,437 | ||||
Oportun Financial Corp. Ser. G, 8.00% cv. pfd. (acquired 6/23/15, cost $2,054,710) (Private)(F)(RES)(NON) | 720,951 | 1,849,239 | ||||
Oportun Financial Corp. Ser. H, 8.00% cv. pfd. (acquired 2/6/15, cost $6,422,273) (Private)(F)(RES)(NON) | 2,255,601 | 5,780,135 | ||||
Uber Technologies, Inc. Ser. E, 8.00% cv. pfd. (acquired 2/18/15, cost $19,183,494) (Private)(F)(RES)(NON) | 567,268 | 20,237,129 | ||||
Total convertible preferred stocks (cost $30,740,634) | $30,638,555 | |||||
WARRANTS (0.7%)(a)(NON) | ||||||
Expiration date | Strike Price | Warrants | Value | |||
Gree Electric Appliances, Inc. of Zhuhai 144A (China) | 6/24/16 | $0.00 | 1,391,400 | $3,821,256 | ||
Wells Fargo & Co.(W) | 10/28/18 | 34.01 | 813,312 | 16,469,568 | ||
Wuliangye Yibin Co., Ltd. 144A (China) | 4/15/16 | 0.00 | 1,902,400 | 8,115,638 | ||
Total warrants (cost $15,018,317) | $28,406,462 | |||||
INVESTMENT COMPANIES (0.5%)(a) | ||||||
Shares | Value | |||||
Market Vectors Junior Gold Miners ETF(S) | 841,300 | $17,212,998 | ||||
Total investment companies (cost $21,504,028) | $17,212,998 | |||||
CONVERTIBLE BONDS AND NOTES (0.2%)(a) | ||||||
Principal amount | Value | |||||
AMAG Pharmaceuticals, Inc. cv. sr. unsec. unsub. notes 2 1/2s, 2019 | $4,320,000 | $7,014,600 | ||||
Total convertible bonds and notes (cost $6,630,353) | $7,014,600 | |||||
U.S. TREASURY OBLIGATIONS (0.1%)(a) | ||||||
Principal amount | Value | |||||
U.S. Treasury Inflation Protected Securities 2.125%, February 15, 2041(i) | $3,171,598 | $3,845,943 | ||||
Total U.S. treasury obligations (cost $3,845,943) | $3,845,943 | |||||
SHORT-TERM INVESTMENTS (11.6%)(a) | ||||||
Principal amount/shares | Value | |||||
Putnam Cash Collateral Pool, LLC 0.26%(d) | Shares | 327,095,035 | $327,095,035 | |||
Putnam Short Term Investment Fund 0.15%(AFF) | Shares | 88,586,545 | 88,586,545 | |||
SSgA Prime Money Market Fund Class N 0.09%(P) | Shares | 16,764,000 | 16,764,000 | |||
U.S. Treasury Bills 0.07%, April 14, 2016(SEGSF) | $2,239,000 | 2,237,151 | ||||
U.S. Treasury Bills 0.06%, April 7, 2016 | 504,000 | 503,648 | ||||
U.S. Treasury Bills 0.07%, February 18, 2016 | 510,000 | 509,887 | ||||
U.S. Treasury Bills 0.19%, February 11, 2016(SEGSF) | 2,671,000 | 2,670,391 | ||||
U.S. Treasury Bills 0.09%, February 4, 2016 | 1,157,000 | 1,156,681 | ||||
Total short-term investments (cost $439,524,237) | $439,523,338 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $3,789,215,599)(b) | $4,170,977,324 | |||||
FORWARD CURRENCY CONTRACTS at 10/31/15 (aggregate face value $257,544,035) (Unaudited) | |||||||
Unrealized | |||||||
Contract | Delivery | Aggregate | appreciation/ | ||||
Counterparty | Currency | type | date | Value | face value | (depreciation) | |
Credit Suisse International | |||||||
British Pound | Sell | 12/16/15 | $10,545,540 | $9,815,289 | $(730,251) | ||
Chinese Yuan | Sell | 11/18/15 | 114,268,425 | 110,763,022 | (3,505,403) | ||
Euro | Sell | 12/16/15 | 17,663,423 | 18,093,345 | 429,922 | ||
Japanese Yen | Sell | 11/18/15 | 60,741,483 | 58,357,999 | (2,383,484) | ||
State Street Bank and Trust Co. | |||||||
Canadian Dollar | Sell | 1/20/16 | 18,571,197 | 18,353,467 | (217,730) | ||
UBS AG | |||||||
British Pound | Sell | 12/16/15 | 42,456,201 | 42,160,913 | (295,288) | ||
| |||||||
Total | $(6,702,234) |
WRITTEN OPTIONS OUTSTANDING at 10/31/15 (premiums $6,357,651) (Unaudited) | ||||||
Expiration | Contract | |||||
date/strike price | amount | Value | ||||
| ||||||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/$80.00 | $310,663 | $2,291,205 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/90.00 | 475,413 | 1,267,171 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/110.00 | 358,508 | 96,055 | |||
Alibaba Group Holding, Ltd. ADR (Call) | Jan-16/130.00 | 518,358 | 40,587 | |||
Avon Products, Inc. (Call) | Nov-15/7.00 | 3,433,253 | 41,680 | |||
NIKE, Inc. Class B (Call) | Jan-16/145.00 | 271,477 | 277,270 | |||
Powershares QQQ Trust Ser. 1 ETF (Put) | Nov-15/107.00 | 1,437,666 | 215,650 | |||
SPDR S&P 500 ETF Trust (Call) | Nov-15/218.00 | 2,737,419 | 261,998 | |||
SPDR S&P 500 ETF Trust (Put) | Nov-15/198.00 | 6,507,347 | 1,984,676 | |||
SPDR S&P 500 ETF Trust (Put) | Nov-15/198.00 | 7,360,785 | 779,139 | |||
Staples, Inc. (Call) | Dec-15/19.00 | 2,076,628 | 179,587 | |||
Tronox, Ltd. Class A (Call) | Jan-16/14.00 | 2,837,872 | 405,078 | |||
| ||||||
Total | $7,840,096 |
OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/15 (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 | 1,654,241 | $— | 7/28/16 | (3 month USD-LIBOR-BBA plus 0.32%) | A basket (DBPTMATR) of common stocks | $(1,842,539) | ||
Goldman Sachs International | ||||||||
baskets | 34,030 | — | 12/15/20 | (1 month USD-LIBOR-BBA minus 1.50%) | A basket (GSCBMSU5) of common stocks | (28,973) | ||
baskets | 130,416 | — | 12/15/20 | (1 month USD-LIBOR-BBA minus 1.50%) | A basket (GSCBMSU5) of common stocks | (634,198) | ||
baskets | 33,307 | — | 12/15/20 | (1 month USD-LIBOR-BBA minus 1.50%) | A basket (GSCBMSU5) of common stocks | (82,127) | ||
| ||||||||
Total | $— | $(2,587,837) |
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, 2015 through October 31, 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 $3,800,468,763. | |||||
(b) | The aggregate identified cost on a tax basis is $3,826,088,469, resulting in gross unrealized appreciation and depreciation of $663,952,509 and $319,063,654, respectively, or net unrealized appreciation of $344,888,855. | |||||
(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 $43,885,331, or 1.2% of net assets. | |||||
(AFF) | Affiliated company. For investments in Putnam Money Market Liquidity Fund and 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 any 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* | $89,817,978 | $569,559,023 | $570,790,456 | $19,492 | $88,586,545 | |
ITT Educational Services, Inc. | 8,022,371 | — | — | — | 7,193,974 | |
Totals | $97,840,349 | $569,559,023 | $570,790,456 | $19,492 | $95,780,519 | |
* Management fees charged to Putnam Short Term Investment Fund 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) | 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 $327,095,035, 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 $319,545,129. | ||||||
(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). | |||||
(WOC) | Represents a worst-of-call-option that is a basket of common stocks. All mature on the option's expiration date but have different underliers. At expiration, only one settles and this is chosen in the issuer's favor. | |||||
At the close of the reporting period, the fund maintained liquid assets totaling $20,015,987 to cover certain derivative contracts and the settlement of certain securities. | ||||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
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, to enhance the returns on securities owned 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 a basket of securities 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 $38,093,239 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 $5,560,926 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $4,599,512 and may include amounts related to unsettled 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 | $491,349,940 | $99,453,740 | $11,515,516 | |
Consumer staples | 132,011,610 | 4,500,034 | — | |
Energy | 157,931,492 | 20,726,999 | — | |
Financials | 278,354,018 | 16,400,568 | 1,731,260 | |
Health care | 773,300,342 | 2,186,256 | — | |
Industrials | 272,371,512 | 19,929,480 | — | |
Information technology | 1,102,057,392 | 46,814,733 | — | |
Materials | 71,897,348 | 7,462,453 | — | |
Telecommunication services | 3,689,343 | — | — | |
Utilities | 53,098,864 | — | — | |
Total common stocks | 3,336,061,861 | 217,474,263 | 13,246,776 | |
Convertible bonds and notes | — | 7,014,600 | — | |
Convertible preferred stocks | — | — | 30,638,555 | |
Investment companies | 17,212,998 | — | — | |
Purchased options outstanding | — | 77,552,528 | — | |
U.S. treasury obligations | — | 3,845,943 | — | |
Warrants | 16,469,568 | 11,936,894 | — | |
Short-term investments | 105,350,545 | 334,172,793 | — | |
|
|
|
||
Totals by level | $3,475,094,972 | $651,997,021 | $43,885,331 | |
Valuation inputs | ||||
| ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Forward currency contracts | $— | $(6,702,234) | $— | |
Written options outstanding | — | (7,840,096) | — | |
Total return swap contracts | — | (2,587,837) | — | |
|
|
|
||
Totals by level | $— | $(17,130,167) | $— | |
The following is a reconciliation of Level 3 assets as of the close of the reporting period: | ||||||||||
Investments in securities: | Balance as of 7/31/15 | Accrued discounts/ premiums | Realized gain/(loss) | Change in net unrealized appreciation/ (depreciation)# | Purchases | Sales | Total transfers into Level 3† | Total transfers out of Level 3† | Balance as of 10/31/15 | |
| ||||||||||
Common stocks*: | ||||||||||
Consumer discretionary | $11,500,859 | $— | $— | $14,657 | $— | $— | $— | $— | $11,515,516 | |
Financials | $1,731,260 | — | — | — | — | — | — | — | 1,731,260 | |
Total common stocks | $13,232,119 | — | — | 14,657 | — | — | — | — | $13,246,776 | |
Convertible preferred stocks | $30,638,542 | — | — | 13 | — | — | — | — | $30,638,555 | |
|
|
|
|
|
|
|
|
|
||
Totals | $43,870,661 | $— | $— | $14,670 | $— | $— | $— | $— | $43,885,331 | |
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||||||||
† Transfers during the reporting period are accounted for using the end of period market value and did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. | ||||||||||
# Includes $14,670 related to Level 3 securities still held at period end. |
During the reporting period, transfers between level 1 and level 2 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. Transfers are accounted for using the end of period pricing valuation method. | ||||||
The table below represents quantitative information on internally priced Level 3 securities that were valued using unobservable inputs: | ||||||
Description | Fair Value | Valuation Techniques | Unobservable Input | Range of unobservable inputs (Weighted Average) | Impact to Valuation from an Increase in Input (1) | |
| ||||||
Private Equity | $38,282,817 | Market transaction price | Liquidity discount | 10% | Decrease | |
Private Equity | $5,602,514 | Comparable multiples | EV/sales multiple | 0.8x-2.5x (1.7x) | Increase | |
Liquidity discount | 25% | Decrease | ||||
(1) Expected directional change in fair value that would result from an increase in the unobservable input. |
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 | $429,922 | $7,132,156 | ||
Equity contracts | 105,958,990 | 10,427,933 | ||
|
|
|||
Total | $106,388,912 | $17,560,089 | ||
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 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) | $154,700,000 | |||
Written equity option contracts (contract amount) | $31,600,000 | |||
Forward currency contracts (contract amount) | $363,600,000 | |||
OTC total return swap contracts (notional) | $77,100,000 | |||
Warrants (number of warrants) | 4,400,000 |
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 | State Street Bank and Trust Co. | UBS AG | Total | ||||
Assets: | ||||||||||||
OTC Total return swap contracts*# | $— | $— | $— | $— | $— | $— | $— | $— | — | |||
Forward currency contracts# | — | — | — | 429,922 | — | — | — | — | 429,922 | |||
Purchased options# | 4,667,152 | 6,106,432 | 7,269,206 | 2,830,696 | 14,706,199 | 15,064,368 | — | 26,908,475 | 77,552,528 | |||
Total Assets | $4,667,152 | $6,106,432 | $7,269,206 | $3,260,618 | $14,706,199 | $15,064,368 | $— | $26,908,475 | $77,982,450 | |||
Liabilities: | ||||||||||||
OTC Total return swap contracts*# | — | — | — | — | 1,842,539 | 745,298 | — | — | 2,587,837 | |||
Forward currency contracts# | — | — | — | 6,619,138 | — | — | 217,730 | 295,288 | 7,132,156 | |||
Written options# | 2,291,205 | — | 810,242 | 1,984,676 | 707,663 | 779,139 | — | 1,267,171 | 7,840,096 | |||
Total Liabilities | $2,291,205 | $— | $810,242 | $8,603,814 | $2,550,202 | $1,524,437 | $217,730 | $1,562,459 | $17,560,089 | |||
Total Financial and Derivative Net Assets | $2,375,947 | $6,106,432 | $6,458,964 | $(5,343,196) | $12,155,997 | $13,539,931 | $(217,730) | $25,346,016 | $60,422,361 | |||
Total collateral received (pledged)##† | $2,320,000 | $3,845,943 | $6,019,000 | $(4,599,512) | $9,615,340 | $12,464,610 | $— | $24,438,289 | ||||
Net amount | $55,947 | $2,260,489 | $439,964 | $(743,684) | $2,540,657 | $1,075,321 | $(217,730) | $907,727 | ||||
* | 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, 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: December 29, 2015 |
By (Signature and Title): |
/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: December 29, 2015 |
Certifications | |
I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting. | |
/s/ Jonathan S. Horwitz | |
_____________________________ | |
Date: December 29, 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: December 29, 2015 | |
Steven D. Krichmar | |
Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended October 31, 2015 | |
Putnam Premier Income Trust | |
Putnam Research Fund | |
Putnam Investors Fund | |
Putnam Voyager Fund | |
Putnam Tax-Free High Yield Fund | |
Putnam AMT-Free Municipal Fund | |
Putnam Growth Opportunities Fund | |
George Putnam Balanced Fund | |
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 |