a_voyager.htm

Message from the Trustees

Dear Fellow Shareholder:

In markets around the world, 2016 began with a sharp downturn, driven mainly by fears of weak global growth. Equity and fixed-income markets are again showing some of the negative trends seen during late summer of 2015. Generally speaking, only high-quality bonds appear to be weathering the storm. Of course, as in any downturn, attractive valuation opportunities may be emerging.

While economic growth may be muted in many parts of the world, notably in China and in emerging markets, the U.S. economy appears to be among the more resilient. The unemployment rate has fallen below 5%, with some signs of moderate wage growth and solid housing market conditions. Low energy prices, while a negative for energy companies, mean more money in consumers’ pockets, helping to buoy consumption. Moreover, divergent economic policies among central banks around the globe may create potential opportunities for capturing growth.

Although no one can predict where markets will head going forward, Putnam’s experienced portfolio managers are actively seeking fundamental insights to maneuver in all types of conditions, relying on a proprietary global research framework to help guide their investment decisions. The interview on the following pages provides an overview of your fund’s performance for the reporting period ended January 31, 2016, as well as an outlook for the coming months.

For questions on market turbulence, it may be helpful for you to consult your financial advisor to ensure that your portfolio is aligned with your investment goals, time horizon, and risk tolerance.

As always, thank you for investing with Putnam.

Interview with your fund’s portfolio manager

Rob, how was the market environment during the six-month reporting period ended January 31, 2016?

Volatility and uncertainty were the major themes for the period. Fears that an economic slowdown in China could trigger a global recession, plummeting oil prices, and worries about U.S. Federal Reserve action all weighed on investor sentiment. At the start of the period in August, stocks declined precipitously and, for the first time in years, the market entered correction territory — defined as a drop of 10% or more from a recent peak. In the middle of August, the Chinese government surprised markets by devaluing its currency, the yuan. As a result, investors began to ask themselves about the seriousness of China’s slowdown, and about the possible consequences if there were further devaluation of the yuan. The market’s poor performance carried over into September, before recovering in October.

At the same time, U.S. investors were keenly aware that the Fed was on the cusp of raising short-term interest rates, and this uncertainty hung over markets throughout much of the period. The Fed’s long-anticipated initial move came in December, when it raised short-term rates by 0.25%, the first increase in almost a decade. The stock market’s performance in December was essentially flat.

In the first week of 2016, U.S. stocks had their worst start in history to a calendar year.

This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 1/31/16. See pages 2 and 8–10 for additional fund performance information. Index descriptions can be found on page 12.


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Market turmoil in China, combined with the country’s weak manufacturing data, was behind much of the selling. Although U.S. stocks recovered during the second half of January, it was not enough to lift them into positive territory. At its meeting in mid January, the Fed decided to keep rates unchanged and adopt a “wait-and-see” policy. U.S. stocks fell sharply after the central bank’s meeting, as investors interpreted the Fed’s statement as leaving open the possibility of a rate increase in March. Stock market returns were negative for the month.

How would you describe your investment process?

My investment process is thematic. At any given time, I have two or three dozen themes at play, in every sector of the global economy. For me, this means finding companies that have durable growth potential and are disruptive — that is, they are capable of transforming their marketplaces. I think of my investment themes as problems and solutions. I am identifying problems or challenges, and then I’m looking for companies that can offer innovative solutions over the long term. With these companies, I also want to see top-line, or revenue, growth as well as earnings growth. The idea is that, over time, stock prices should follow earnings. Whenever I consider investing in a stock for the portfolio, I want to be able to answer the question: What is the theme behind this holding?

How did the fund perform for the period?

The fund’s class A shares returned –18.48% during the period, underperforming its benchmark, the Russell 1000 Growth Index, which returned –7.18%, and the average return of its Lipper peer group, Large-Cap Growth Funds, which was –9.31%.

Allocations are shown as a percentage of the fund’s net assets as of 1/31/16. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.


4	Voyager Fund

What were some holdings that aided fund performance during the period?

The stock of Alphabet, formerly known as Google, was a top contributor to performance for the period. Investors responded positively to the company’s reorganization, which occurred in October 2015. Under the new structure, Google, the search engine portion of the business, will be managed separately from the company’s other businesses.

Social networking company Facebook was also among the contributors to performance for the period. Its stock price surged in response to strong advertising growth and success in many of the company’s business segments, such as Instagram and its Messenger app.

The fund’s underweight position versus the benchmark in The Walt Disney Company also aided relative performance, as the stock declined. One reason Disney’s shares struggled was a loss of subscribers for its sports channel, ESPN. Investors were concerned that such declines may be a long-term trend as more individuals cancel or downsize their cable TV subscriptions. By period end, we no longer held Disney in the portfolio.

What holdings held back fund performance during the period?

Among the top detractors from performance for the period was AMAG Pharmaceuticals, a specialty drug company that focuses on maternal health, anemia, and cancer supportive care. The stock has been pressured due to investor concerns about

This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 1/31/16. Short-term investments and derivatives, if any, are excluded. Holdings may vary over time.


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generic competition for Makena, the company’s key product, which is designed to prevent preterm birth.

Jazz Pharmaceuticals, a midsize drug company, also detracted from performance. The company is known for its pricing power and lineup of quality drugs, including its blockbuster narcolepsy drug, Xyrem. During the period, Jazz underperformed due to concerns about high prices across the pharmaceutical industry, which has garnered a great deal of attention as a presidential campaign topic.

Another detractor was Genel Energy, which is not a component of the fund’s benchmark. The company has an oil asset in Northern Iraq in Kurdish territory, where political strife has made it difficult to do business. The stock struggled as investors grew skittish about the situation.

What role did derivatives play in the portfolio?

Although derivative investments were not a significant part of the portfolio, they did affect performance during the period. Specifically, forward currency contracts were used in an attempt to hedge foreign exchange risk, and purchased and written options were used to seek to manage downside risks, enhance returns, and hedge against changes in values of securities that are currently held or expected to be purchased. In addition, total return swaps were used to gain exposure to a basket of securities or to specific sectors or industries.

How would you gauge the risk of a U.S. recession today?

I believe that the risk is low. In my view, it would be difficult for the U.S. economy to fall into a real recession when the U.S. consumer is doing relatively well. Moreover, we have declining unemployment and plummeting

This chart shows the fund’s largest allocation shifts, by percentage, over the past six months. Allocations are shown as a percentage of the fund’s net assets. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.


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energy costs, which, historically, have not been recessionary factors. If anything, in the United States we are experiencing a kind of hybrid recession, with recessionary forces at play only in certain sectors, such as energy, industrials, and some areas of retail.

For the American consumer, conditions are improving. The dramatic decline in oil prices has helped the consumer “balance sheet.” That is, lower prices for gasoline and home heating oil have helped many families to pay down debt and increase their savings. Unemployment is trending down, new home building is relatively strong, and the automobile industry is experiencing record sales. While financial markets are very good at focusing on the negatives, I believe there is some strength underpinning the U.S. economy.

What is your outlook for U.S. stock market investing in the coming months?

I believe we are likely to see continued volatility, and at this point, it appears that stock market returns are likely to be in the low- to mid-single digits for 2016. In any market environment, I will be looking for companies that can be disruptive in their markets, gaining a competitive advantage and boosting their profitability with innovative products and services.

Thank you, Rob, for your time and insights today.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.

Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

Portfolio Manager Robert M. Brookby has an M.B.A. from Harvard Business School and a B.A. from Northwestern University. Rob joined Putnam in 2008 and has been in the investment industry since 1999.

IN THE NEWS

The world may be awash in more oil than previously thought — and low oil prices may remain with us for the near term, according to the International Energy Agency (IEA). In January, the per-barrel price of crude dropped below $30, hitting a 12-year low. As Organization of Petroleum Exporting Countries (OPEC) members Iran and Iraq boost oil production and global demand growth slows, supply may exceed consumption by an average of 1.75 million barrels a day in the first six months of 2016, compared with the IEA’s estimate in January of 1.5 million barrels per day. The excess in supply could swell even further if OPEC adds output, the Paris-based IEA noted in its February market report. In January, Iran ramped up oil production following the removal of international oil sanctions, Iraqi volumes notched a record high, and Saudi Arabia, OPEC’s largest producer, “turned up the taps,” the IEA said. For 2016, the IEA has lowered its global oil demand estimates by 100,000 barrels per day, leaving the level of growth for this year unchanged at 1.2 million barrels per day.


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Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended January 31, 2016, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from the fund’s current prospectus. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class R, R5, R6, and Y shares are not available to all investors. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.

Fund performance Total return for periods ended 1/31/16


	Class A		Class B		Class C		Class M		Class R	Class R5	Class R6	Class Y
(inception dates)	(4/1/69)		(4/27/92)		(7/26/99)		(12/1/94)		(1/21/03)	(7/2/12)	(7/2/12)	(3/31/94)

	Before	After					Before	After	Net	Net	Net	Net
	sales	sales	Before	After	Before	After	sales	sales	asset	asset	asset	asset
	charge	charge	CDSC	CDSC	CDSC	CDSC	charge	charge	value	value	value	value

Annual average
(life of fund)	10.27%	10.13%	10.08%	10.08%	9.44%	9.44%	9.60%	9.52%	9.99%	10.41%	10.42%	10.40%

10 years	71.12	61.29	61.13	61.13	58.77	58.77	62.86	57.16	66.99	76.03	76.62	75.53
Annual average	5.52	4.90	4.89	4.89	4.73	4.73	5.00	4.62	5.26	5.82	5.85	5.79

5 years	22.40	15.37	17.94	16.05	17.89	17.89	19.43	15.25	20.92	24.35	24.76	23.99
Annual average	4.13	2.90	3.35	3.02	3.35	3.35	3.62	2.88	3.87	4.45	4.52	4.39

3 years	26.41	19.14	23.60	20.61	23.61	23.61	24.54	20.18	25.45	27.64	28.02	27.40
Annual average	8.12	6.01	7.32	6.45	7.32	7.32	7.59	6.32	7.85	8.48	8.58	8.41

1 year	–13.06	–18.06	–13.70	–17.75	–13.71	–14.53	–13.47	–16.50	–13.26	–12.78	–12.71	–12.82

6 months	–18.48	–23.17	–18.77	–22.58	–18.79	–19.56	–18.65	–21.49	–18.59	–18.35	–18.32	–18.35

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A and M shares reflect the deduction of the maximum 5.75% and 3.50% sales charge, respectively, levied at the time of purchase. Class B share returns after contingent deferred sales charge (CDSC) reflect the applicable CDSC, which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns after CDSC reflect a 1% CDSC for the first year that is eliminated thereafter. Class R, R5, R6, and Y shares have no initial sales charge or CDSC. Performance for class B, C, M, R, and Y shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares, except for class Y shares, for which 12b-1 fees are not applicable. Performance for class R5 and R6 shares prior to their inception is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R5 and R6 shares; had it, returns would have been higher.

Recent performance may have benefited from one or more legal settlements.

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

Class B share performance reflects conversion to class A shares after eight years.


8	Voyager Fund

Comparative index returns For periods ended 1/31/16


		Lipper Large-Cap Growth
	Russell 1000 Growth Index	Funds category average*

Annual average (life of fund)	—†	9.63%

10 years	110.45%	87.58
Annual average	7.72	6.42

5 years	73.69	63.18
Annual average	11.67	10.23

3 years	44.37	39.37
Annual average	13.02	11.67

1 year	1.32	–0.62

6 months	–7.18	–9.31

Index and Lipper results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 1/31/16, there were 705, 668, 614, 543, 390, and 9 funds, respectively, in this Lipper category.

† The fund’s benchmark, the Russell 1000 Growth Index, was introduced on 12/31/78, which post-dates the inception of the fund’s class A shares.

Fund price and distribution information For the six-month period ended 1/31/16


Distributions	Class A		Class B	Class C	Class M		Class R	Class R5	Class R6	Class Y

Number	1		1	1	1		1	1	1	1

Income	$0.317		$0.132	$0.107	$0.185		$0.165	$0.404	$0.441	$0.380

Capital gains

Long-term gains	0.742		0.742	0.742	0.742		0.742	0.742	0.742	0.742

Short-term gains	0.522		0.522	0.522	0.522		0.522	0.522	0.522	0.522

Total	$1.581		$1.396	$1.371	$1.449		$1.429	$1.668	$1.705	$1.644

	Before	After	Net	Net	Before	After	Net	Net	Net	Net
	sales	sales	asset	asset	sales	sales	asset	asset	asset	asset
Share value	charge	charge	value	value	charge	charge	value	value	value	value

7/31/15	$31.47	$33.39	$25.53	$28.54	$28.44	$29.47	$30.78	$33.23	$33.26	$33.13

1/31/16	24.25	25.73	19.50	21.96	21.85	22.64	23.79	25.65	25.65	25.59

The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A and M shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (5.75% for class A shares and 3.50% for class M shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.


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Fund performance as of most recent calendar quarter
Total return for periods ended 12/31/15


	Class A		Class B		Class C		Class M		Class R	Class R5	Class R6	Class Y
(inception dates)	(4/1/69)		(4/27/92)		(7/26/99)		(12/1/94)		(1/21/03)	(7/2/12)	(7/2/12)	(3/31/94)

	Before	After					Before	After	Net	Net	Net	Net
	sales	sales	Before	After	Before	After	sales	sales	asset	asset	asset	asset
	charge	charge	CDSC	CDSC	CDSC	CDSC	charge	charge	value	value	value	value

Annual average
(life of fund)	10.53%	10.39%	10.34%	10.34%	9.70%	9.70%	9.86%	9.78%	10.26%	10.67%	10.68%	10.67%

10 years	92.05	81.01	80.82	80.82	78.19	78.19	82.76	76.37	87.38	97.51	98.24	97.00
Annual average	6.74	6.11	6.10	6.10	5.95	5.95	6.22	5.84	6.48	7.04	7.08	7.02

5 years	39.07	31.07	33.94	31.94	33.92	33.92	35.65	30.90	37.37	41.19	41.71	40.82
Annual average	6.82	5.56	6.02	5.70	6.01	6.01	6.29	5.53	6.56	7.14	7.22	7.09

3 years	47.82	39.32	44.50	41.50	44.52	44.52	45.61	40.51	46.71	49.23	49.72	48.94
Annual average	13.92	11.69	13.05	12.27	13.06	13.06	13.34	12.01	13.63	14.28	14.40	14.20

1 year	–6.25	–11.64	–6.95	–11.33	–6.96	–7.84	–6.71	–9.98	–6.48	–5.97	–5.88	–6.00

6 months	–8.19	–13.47	–8.54	–12.84	–8.52	–9.38	–8.41	–11.62	–8.27	–8.04	–7.98	–8.05

See the discussion following the fund performance table on page 8 for information about the calculation of fund performance.

Your fund’s expenses

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Expense ratios


	Class A	Class B	Class C	Class M	Class R	Class R5	Class R6	Class Y

Total annual operating expenses for
the fiscal year ended 7/31/15	1.05%	1.80%	1.80%	1.55%	1.30%	0.75%	0.65%	0.80%

Annualized expense ratio for the
six-month period ended 1/31/16*	0.98%	1.73%	1.73%	1.48%	1.23%	0.68%	0.58%	0.73%

Fiscal-year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

* Includes a decrease of 0.06% from annualizing the performance fee adjustment for the six months ended 1/31/16.


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Expenses per $1,000

The following table shows the expenses you would have paid on a $1,000 investment in each class of the fund from 8/1/15 to 1/31/16. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


	Class A	Class B	Class C	Class M	Class R	Class R5	Class R6	Class Y

Expenses paid per $1,000*†	$4.47	$7.88	$7.88	$6.75	$5.61	$3.10	$2.65	$3.33

Ending value (after expenses)	$815.20	$812.30	$812.10	$813.50	$814.10	$816.50	$816.80	$816.50

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 1/31/16. The expense ratio may differ for each share class.

† Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended 1/31/16, use the following calculation method. To find the value of your investment on 8/1/15, call Putnam at 1-800-225-1581.

Compare expenses using the SEC’s method

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


	Class A	Class B	Class C	Class M	Class R	Class R5	Class R6	Class Y

Expenses paid per $1,000*†	$4.98	$8.77	$8.77	$7.51	$6.24	$3.46	$2.95	$3.71

Ending value (after expenses)	$1,020.21	$1,016.44	$1,016.44	$1,017.70	$1,018.95	$1,021.72	$1,022.22	$1,021.47

† Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period; and then dividing that result by the number of days in the year.


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Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Before sales charge, or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions, and are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

After sales charge is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 5.75% maximum sales charge for class A shares and 3.50% for class M shares.

Contingent deferred sales charge (CDSC) is generally a charge applied at the time of the redemption of class B or C shares and assumes redemption at the end of the period. Your fund’s class B CDSC declines over time from a 5% maximum during the first year to 1% during the sixth year. After the sixth year, the CDSC no longer applies. The CDSC for class C shares is 1% for one year after purchase.

Share classes

Class A shares are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class B shares are not subject to an initial sales charge and may be subject to a CDSC.

Class C shares are not subject to an initial sales charge and are subject to a CDSC only if the shares are redeemed during the first year.

Class M shares have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC.

Class R shares are not subject to an initial sales charge or CDSC and are available only to employer-sponsored retirement plans.

Class R5 and R6 shares are not subject to an initial sales charge or CDSC, and carry no 12b-1 fee. They are only available to employer-sponsored retirement plans.

Class Y shares are not subject to an initial sales charge or CDSC, and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

Comparative indexes

Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

BofA Merrill Lynch U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

Lipper is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.


12	Voyager Fund

Other information for shareholders

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2015, are available in the Individual Investors section of putnam.com, and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Form N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the Public Reference Room.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of January 31, 2016, Putnam employees had approximately $463,000,000 and the Trustees had approximately $124,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.


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Financial statements

A guide to financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.


14	Voyager Fund

The fund’s portfolio 1/31/16 (Unaudited)


COMMON STOCKS (90.4%)*	Shares	Value

Aerospace and defense (3.3%)
Airbus Group SE (France)	390,271	$24,547,240

Bombardier, Inc. Class B (Canada) † ^S	13,780,071	9,639,853

General Dynamics Corp.	121,800	16,293,186

Honeywell International, Inc.	271,875	28,057,500

Northrop Grumman Corp.	69,052	12,778,763

United Technologies Corp.	158,900	13,933,941

		105,250,483
Airlines (3.4%)
Air Canada (Canada) †	3,681,100	20,627,193

American Airlines Group, Inc.	2,104,100	82,038,859

Delta Air Lines, Inc.	138,100	6,116,449

		108,782,501
Automobiles (2.0%)
Fiat Chrysler Automobiles NV (United Kingdom) ^S	2,816,276	19,826,583

Tesla Motors, Inc. † ^S	107,520	20,557,824

Yamaha Motor Co., Ltd. (Japan)	1,211,700	24,219,774

		64,604,181
Banks (1.3%)
Bank of America Corp.	1,355,419	19,165,625

JPMorgan Chase & Co.	363,956	21,655,382

		40,821,007
Beverages (0.2%)
Anheuser-Busch InBev SA/NV ADR (Belgium)	52,200	6,568,848

		6,568,848
Biotechnology (9.6%)
AbbVie, Inc.	382,200	20,982,780

AMAG Pharmaceuticals, Inc. † ^S	1,696,962	38,877,399

Amgen, Inc.	111,200	16,983,576

Biogen, Inc. †	51,300	14,007,978

Celgene Corp. †	1,022,313	102,558,440

Gilead Sciences, Inc.	1,062,228	88,164,924

Merrimack Pharmaceuticals, Inc. † ^S	1,365,868	8,427,406

PTC Therapeutics, Inc. † ^S	550,260	13,107,193

		303,109,696
Capital markets (1.9%)
Charles Schwab Corp. (The)	709,900	18,123,747

E*Trade Financial Corp. †	249,000	5,866,440

KKR & Co. LP	1,650,100	22,490,863

Morgan Stanley	514,500	13,315,260

		59,796,310
Chemicals (1.7%)
Dow Chemical Co. (The)	143,100	6,010,200

E.I. du Pont de Nemours & Co.	307,200	16,207,872

Sherwin-Williams Co. (The)	119,447	30,539,014

		52,757,086
Commercial services and supplies (0.1%)
Tyco International PLC	52,800	1,815,792

		1,815,792
Communications equipment (0.2%)
QUALCOMM, Inc.	114,800	5,205,032

		5,205,032


Voyager Fund	15


COMMON STOCKS (90.4%)* cont.	Shares	Value

Consumer finance (0.2%)
Discover Financial Services	130,900	$5,993,911

Oportun Financial Corp. (acquired 6/23/15, cost $1,923,622)
(Private) † ∆∆ ^F	674,955	1,731,260

		7,725,171
Diversified consumer services (0.2%)
ITT Educational Services, Inc. † ^SΩ	2,179,992	5,907,778

		5,907,778
Diversified telecommunication services (0.2%)
Nippon Telegraph & Telephone Corp. (Japan)	114,700	4,879,400

		4,879,400
Electrical equipment (—%)
Jiangnan Group, Ltd. (China)	10,034,000	1,490,914

		1,490,914
Energy equipment and services (0.7%)
Baker Hughes, Inc.	200,100	8,706,351

Halliburton Co.	454,879	14,460,603

		23,166,954
Food and staples retail (1.4%)
CVS Health Corp.	349,300	33,738,887

Walgreens Boots Alliance, Inc.	136,200	10,857,864

		44,596,751
Food products (0.3%)
Nomad Foods, Ltd. (United Kingdom) †	308,285	2,697,494

TreeHouse Foods, Inc. † ^S	81,582	6,474,348

		9,171,842
Health-care equipment and supplies (0.2%)
Intuitive Surgical, Inc. †	9,600	5,192,160

		5,192,160
Health-care providers and services (1.1%)
Brookdale Senior Living, Inc. †	495,600	8,068,368

Cardinal Health, Inc.	296,200	24,101,794

China Pioneer Pharma Holdings, Ltd. (China)	5,038,000	1,187,532

		33,357,694
Hotels, restaurants, and leisure (0.6%)
Chipotle Mexican Grill, Inc. †	3,300	1,494,801

Melco Crown Entertainment, Ltd. ADR (Hong Kong) ^S	632,300	9,636,252

Restaurant Brands International LP (Units) (Canada)	4,381	146,638

Yum! Brands, Inc.	91,600	6,629,092

		17,906,783
Household durables (1.2%)
Panasonic Corp. (Japan)	1,270,800	11,897,169

PulteGroup, Inc.	722,230	12,104,575

Skyworth Digital Holdings, Ltd. (China)	8,088,271	4,228,026

Tempur Sealy International, Inc. †	160,100	9,660,434

		37,890,204
Independent power and renewable electricity producers (1.1%)
NRG Energy, Inc.	1,607,700	17,105,928

TerraForm Global, Inc. Class A ^S	2,127,500	8,999,325

TerraForm Power, Inc. Class A † ^S	740,599	7,339,336

		33,444,589
Industrial conglomerates (0.3%)
Danaher Corp.	99,233	8,598,539

		8,598,539


16	Voyager Fund


COMMON STOCKS (90.4%)* cont.	Shares	Value

Insurance (2.0%)
American International Group, Inc.	360,600	$20,366,688

Assured Guaranty, Ltd.	1,124,620	26,743,464

Genworth Financial, Inc. Class A †	3,932,887	10,933,426

Prudential PLC (United Kingdom)	335,386	6,592,444

		64,636,022
Internet and catalog retail (6.0%)
Amazon.com, Inc. †	210,850	123,768,950

Ctrip.com International, Ltd. ADR (China) † ^S	423,000	18,053,640

Delivery Hero Holding GmbH (acquired 6/2/15, cost $6,723,847)
(Private) (Germany) † ∆∆ ^F	873	5,825,086

FabFurnish GmbH (acquired 8/2/13, cost $186) (Private)
(Brazil) † ∆∆ ^F	140	114

Global Fashion Holding SA (acquired 8/2/13, cost $9,259,308)
(Private) (Brazil) † ∆∆ ^F	218,573	5,518,941

Netflix, Inc. †	72,200	6,630,848

New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $186)
(Private) (Brazil) † ∆∆ ^F	140	114

New Middle East Other Assets GmbH (acquired 8/2/13, cost $76)
(Private) (Brazil) † ∆∆ ^F	57	46

Priceline Group, Inc. (The) †	29,097	30,987,432

		190,785,171
Internet software and services (16.4%)
Alibaba Group Holding, Ltd. ADR (China) † ^S	623,943	41,822,899

Alphabet, Inc. Class A †	315,914	240,521,124

Criteo SA ADR (France) † ^S	263,715	7,800,690

Facebook, Inc. Class A †	1,468,681	164,800,695

Monster Worldwide, Inc. † ^S	3,360,556	16,769,174

Tencent Holdings, Ltd. (China)	1,322,400	24,982,882

Yahoo!, Inc. †	772,000	22,781,720

		519,479,184
IT Services (4.3%)
Computer Sciences Corp.	275,200	8,825,664

MasterCard, Inc. Class A	36,300	3,231,789

PayPal Holdings, Inc. †	194,800	7,040,072

Visa, Inc. Class A	1,577,600	117,515,424

		136,612,949
Leisure products (0.3%)
Brunswick Corp.	214,900	8,563,765

		8,563,765
Media (1.3%)
Atresmedia Corporacion de Medios de Comunicacion SA (Spain)	526,149	4,982,241

Charter Communications, Inc. Class A † ^S	43,300	7,419,888

Comcast Corp. Class A	274,635	15,299,916

Liberty Global PLC Ser. A (United Kingdom) †	64,101	2,205,715

Live Nation Entertainment, Inc. †	567,400	12,879,980

		42,787,740
Metals and mining (0.3%)
Glencore PLC (United Kingdom)	8,277,241	10,709,566

		10,709,566


Voyager Fund	17


COMMON STOCKS (90.4%)* cont.	Shares	Value

Oil, gas, and consumable fuels (3.8%)
Anadarko Petroleum Corp.	417,300	$16,312,257

ConocoPhillips	127,500	4,982,700

EnVen Energy Corp. 144A ^F	415,000	3,527,500

EOG Resources, Inc.	79,600	5,653,192

Genel Energy PLC (United Kingdom) †	3,325,734	5,016,119

Gulfport Energy Corp. †	689,900	20,386,545

Pioneer Natural Resources Co.	151,900	18,828,005

Scorpio Tankers, Inc.	4,444,635	27,112,274

Suncor Energy, Inc. (Canada)	530,600	12,567,141

Whiting Petroleum Corp. † ^S	747,131	5,491,413

		119,877,146
Personal products (1.4%)
Avon Products, Inc. ^S	6,892,491	23,365,544

Coty, Inc. Class A	857,200	21,095,692

		44,461,236
Pharmaceuticals (8.5%)
Allergan PLC †	283,807	80,723,225

Bristol-Myers Squibb Co.	242,500	15,073,800

Jazz Pharmaceuticals PLC †	931,751	119,953,624

Perrigo Co. PLC ^S	192,800	27,875,024

Teva Pharmaceutical Industries, Ltd. ADR (Israel)	444,675	27,338,619

		270,964,292
Real estate investment trusts (REITs) (0.4%)
Gaming and Leisure Properties, Inc. ^R^S	535,400	13,963,232

		13,963,232
Real estate management and development (0.7%)
Kennedy-Wilson Holdings, Inc.	1,053,619	21,367,393

		21,367,393
Road and rail (1.2%)
Genesee & Wyoming, Inc. Class A † ^S	49,411	2,449,797

Union Pacific Corp.	485,502	34,956,144

		37,405,941
Semiconductors and semiconductor equipment (2.1%)
Avago Technologies, Ltd. ^S	176,800	23,639,928

Canadian Solar, Inc. (Canada) † ^S	153,787	3,101,884

Intel Corp.	378,900	11,753,478

Micron Technology, Inc. †	1,025,300	11,309,059

NXP Semiconductor NV †	122,700	9,175,506

SunEdison, Inc. † ^S	2,722,470	8,521,331

		67,501,186
Software (3.6%)
Adobe Systems, Inc. †	43,900	3,912,807

Microsoft Corp.	1,067,300	58,797,557

Nintendo Co., Ltd. (Japan)	77,400	10,901,343

salesforce.com, Inc. †	409,029	27,838,514

TiVo, Inc. †	1,644,200	13,120,716

		114,570,937
Specialty retail (1.7%)
Gap, Inc. (The) ^S	333,700	8,249,064

Home Depot, Inc. (The)	307,588	38,682,267

Lowe’s Cos., Inc.	83,398	5,976,301

		52,907,632


18	Voyager Fund


COMMON STOCKS (90.4%)* cont.	Shares	Value

Technology hardware, storage, and peripherals (4.2%)
Apple, Inc.	1,212,747	$118,048,793

EMC Corp.	368,900	9,137,653

Western Digital Corp.	159,112	7,634,194

		134,820,640
Textiles, apparel, and luxury goods (0.7%)
NIKE, Inc. Class B	371,000	23,005,710

		23,005,710
Thrifts and mortgage finance (0.1%)
Radian Group, Inc.	315,200	3,170,912

		3,170,912
Trading companies and distributors (0.2%)
AerCap Holdings NV (Netherlands) †	221,000	6,786,909

		6,786,909

Total common stocks (cost $2,732,032,871)		$2,866,417,278


PURCHASED OPTIONS	Expiration date/	Contract
OUTSTANDING (2.0%)*	strike price	amount	Value

Advanced Auto Parts, Inc. (Call)	Feb-16/$120.00	$162,573	$5,257,162

Agilent Technologies, Inc. (Call)	Feb-16/30.00	174,030	1,339,364

Alibaba Group Holding, Ltd. ADR (Call)	Mar-16/95.00	308,573	10,825

Avon Products, Inc. (Call)	Feb-16/4.00	1,620,112	243,114

Calpine Corp. (Call)	Feb-16/12.00	1,553,846	5,357,708

Discovery Communications, Inc. Class A (Call)	Feb-16/20.00	639,035	4,855,034

DISH Network Corp. (Call)	Feb-16/50.00	226,456	240,669

Edgewell Personal Care Co. (Call)	Feb-16/55.00	302,304	5,764,305

Hilton Worldwide Holdings, Inc. (Call)	Feb-16/15.00	1,276,333	3,715,431

KKR & Co. LP (Call)	Mar-16/11.00	2,332,758	6,375,917

L-3 Communications Holdings, Inc. (Call)	Feb-16/100.00	92,182	1,566,449

Lam Research Corp. (Call)	Feb-16/65.00	130,281	938,023

Mobileye NV (Call)	Mar-16/16.00	198,810	2,264,993

Mobileye NV (Call)	Feb-16/27.00	543,667	1,140,599

Pandora Media, Inc. (Call)	Feb-16/9.00	1,215,001	1,611,322

SPDR S&P 500 ETF Trust (Call)	Feb-16/213.00	1,876,141	22,739

SPDR S&P 500 ETF Trust (Call)	Feb-16/205.00	2,999,168	345,744

SPDR S&P 500 ETF Trust (Call)	Feb-16/207.00	4,040,343	244,279

SPDR S&P 500 ETF Trust (Call)	Feb-16/209.00	5,683,134	204,650

SPDR S&P 500 ETF Trust (Call)	Feb-16/211.00	5,081,283	152,438

SPDR S&P 500 ETF Trust (Call)	Feb-16/218.00	4,951,424	45,172

SPDR S&P 500 ETF Trust (Put)	Feb-16/187.00	2,922,691	2,761,066

Tronox, Ltd. Class A (Call)	May-16/3.00	415,199	392,591

Tronox, Ltd. Class A (Call)	Feb-16/3.00	1,648,106	1,153,674

Tronox, Ltd. Class A (Call)	Feb-16/4.00	1,337,082	366,278

Tronox, Ltd. Class A (Call)	Feb-16/5.00	1,575,914	157,733

Tronox, Ltd. Class A (Call)	Feb-16/4.00	433,349	118,711

Tronox, Ltd. Class A (Call)	Feb-16/7.00	1,585,753	38,294

Tyco International PLC (Call)	Feb-16/24.00	505,440	5,257,395

United Technologies Corp. (Call)	Feb-16/105.00	450,216	86

Wynn Resorts, Ltd. (Call)	Feb-16/40.00	385,296	10,559,414

Total purchased options outstanding (cost $92,533,461)			$62,501,179


Voyager Fund	19


CONVERTIBLE PREFERRED STOCKS (1.4%)*	Shares	Value

Fiat Chrysler Automobiles NV Ser. FCAU, $7.875 cv. pfd.
(United Kingdom) †	140,883	$9,086,954

Oportun Financial Corp. Ser. A-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $5,253) (Private) † ∆∆ ^F	1,843	4,727

Oportun Financial Corp. Ser. B-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $100,457) (Private) † ∆∆ ^F	31,891	90,411

Oportun Financial Corp. Ser. C-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $235,942) (Private) † ∆∆ ^F	46,354	212,348

Oportun Financial Corp. Ser. D-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $342,236) (Private) † ∆∆ ^F	67,237	308,013

Oportun Financial Corp. Ser. E-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $191,914) (Private) † ∆∆ ^F	34,957	172,723

Oportun Financial Corp. Ser. F, 8.00% cv. pfd. (acquired 6/23/15, cost
$579,325) (Private) † ∆∆ ^F	75,433	521,393

Oportun Financial Corp. Ser. F-1, 8.00% cv. pfd. (acquired 6/23/15,
cost $1,624,930) (Private) † ∆∆ ^F	570,151	1,462,437

Oportun Financial Corp. Ser. G, 8.00% cv. pfd. (acquired 6/23/15, cost
$2,054,710) (Private) † ∆∆ ^F	720,951	1,849,239

Oportun Financial Corp. Ser. H, 8.00% cv. pfd. (acquired 2/6/15, cost
$6,422,273) (Private) † ∆∆ ^F	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	567,268	24,900,115

Total convertible preferred stocks (cost $39,907,804)		$44,388,495


INVESTMENT COMPANIES (1.0%)*	Shares	Value

Market Vectors Junior Gold Miners ETF	1,088,100	$20,771,829

SPDR S&P Regional Banking ETF ^S	337,100	12,358,086

Total investment companies (cost $39,821,360)		$33,129,915


CONVERTIBLE BONDS AND NOTES (0.9%)*	Principal amount	Value

AMAG Pharmaceuticals, Inc. cv. sr. unsec. unsub. notes
2 1/2s, 2019	$13,886,000	$14,519,549

Jazz Investments I, Ltd. cv. company guaranty sr. unsec. sub.
bonds 1 7/8s, 2021 (Ireland)	7,247,000	7,369,293

Pandora Media, Inc. 144A cv. sr. unsec. notes 1 3/4s, 2020	6,629,000	5,899,810

Total convertible bonds and notes (cost $30,960,099)		$27,788,652


*WARRANTS (0.7%) †**	Expiration	Strike
	date	price	Warrants	Value

EnVen Energy Corp. 144A ^F	11/6/20	$12.50	415,000	$42

EnVen Energy Corp. 144A ^F	11/6/20	15.00	415,000	42

Gree Electric Appliances, Inc. of Zhuhai
144A (China)	6/24/16	0.00	1,391,400	3,961,348

Wells Fargo & Co. ^W	10/28/18	34.01	813,312	13,500,979

Wuliangye Yibin Co., Ltd. 144A (China)	4/15/16	0.00	1,472,000	5,293,901

Total warrants (cost $13,168,371)				$22,756,312


20	Voyager Fund


U.S. TREASURY OBLIGATIONS (0.1%)*	Principal amount	Value

U.S. Treasury Inflation Protected Securities
5/8s, February 15, 2043 ⁱ	$866,335	$761,093
2 1/8s, February 15, 2041 ⁱ	44,447	54,455

U.S. Treasury Notes
1s, May 31, 2018 ⁱ	589,000	591,615
1 3/4s, April 30, 2022 ⁱ	393,000	398,679
3 1/2s, May 15, 2020 ⁱ	145,000	159,528

U.S. Treasury FRN 0.473%, October 31, 2017 ⁱ	555,000	554,806

Total U.S. treasury obligations (cost $2,520,176)		$2,520,176


SHORT-TERM INVESTMENTS (11.6%)*	Principal amount/shares		Value

Putnam Cash Collateral Pool, LLC 0.53% ^d	Shares	252,122,371	$252,122,371

Putnam Short Term Investment Fund 0.39% ^L	Shares	66,252,107	66,252,107

SSgA Prime Money Market Fund Class N 0.31% ^P	Shares	43,618,000	43,618,000

U.S. Treasury Bills 0.07%, April 14, 2016		$2,239,000	2,237,706

U.S. Treasury Bills 0.06%, April 7, 2016		504,000	503,749

U.S. Treasury Bills 0.07%, February 18, 2016		510,000	509,950

U.S. Treasury Bills 0.19%, February 11, 2016		2,671,000	2,670,845

U.S. Treasury Bills 0.09%, February 4, 2016		1,157,000	1,156,983

Total short-term investments (cost $369,072,968)			$369,071,711


TOTAL INVESTMENTS

Total investments (cost $3,320,017,110)			$3,428,573,718

Key to holding’s abbreviations


ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF	Exchange Traded Fund
FRN	Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period
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 January 31, 2016 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.

* Percentages indicated are based on net assets of $3,171,182,839.

† This security is non-income-producing.

∆∆ 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 $48,377,102, or 1.5% of net assets.

Ω Affiliated company (Note 5).

^dAffiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

^FThis security is valued by Putnam Management 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 (Note 1).


Voyager Fund	21

ⁱThis security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (Note 1).

^LAffiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

^PThis 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 (Note 1).

^RReal Estate Investment Trust.

^SSecurity on loan, in part or in entirety, at the close of the reporting period (Note 1).

^WWarrants 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 $2,732,525 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.

FORWARD CURRENCY CONTRACTS at 1/31/16 (aggregate face value $246,234,831) (Unaudited)


						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)

Credit Suisse International
	British Pound	Sell	3/16/16	$9,749,880	$10,319,310	$569,430

	Chinese Yuan
	(Offshore)	Sell	2/17/16	109,518,864	113,005,372	3,486,508

	Euro	Sell	3/16/16	17,407,946	17,102,551	(305,395)

	Japanese Yen	Sell	2/17/16	30,067,112	29,690,132	(376,980)

State Street Bank and Trust Co.
	Canadian Dollar	Buy	4/20/16	17,342,220	17,096,209	246,011

	Canadian Dollar	Sell	4/20/16	17,342,220	17,473,100	130,880

UBS AG
	British Pound	Sell	3/16/16	39,252,888	41,548,157	2,295,269

Total						$6,045,723


22	Voyager Fund

WRITTEN OPTIONS OUTSTANDING at 1/31/16 (premiums $4,710,577) (Unaudited)


	Expiration	Contract
	date/strike price	amount	Value

Alibaba Group Holding, Ltd. ADR (Call)	Mar-16/$105.00	$308,573	$1,815

SPDR S&P 500 ETF Trust (Call)	Feb-16/207.00	2,999,168	181,330

SPDR S&P 500 ETF Trust (Call)	Feb-16/211.00	5,683,134	170,494

SPDR S&P 500 ETF Trust (Call)	Feb-16/209.00	4,040,343	121,210

SPDR S&P 500 ETF Trust (Call)	Feb-16/213.00	5,081,283	61,585

SPDR S&P 500 ETF Trust (Call)	Feb-16/215.00	1,876,141	9,737

SPDR S&P 500 ETF Trust (Call)	Feb-16/220.00	4,951,424	7,477

SPDR S&P 500 ETF Trust (Put)	Feb-16/185.00	2,922,691	1,865,934

Tronox, Ltd. Class A (Call)	Feb-16/9.00	1,585,753	15,380

Total			$2,434,962

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/16 (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	2,624,658	$—	7/28/16	(3 month USD-	A basket	$(41,691)
				LIBOR-BBA minus	(DBPTMATR) of
				0.30%)	common stocks

shares	1,306,588	—	11/16/16	(1 month USD-	Fiat Chrysler Auto	(2,397,007)
				LIBOR-BBA plus
				0.30%)

Total		$—				$(2,438,698)


Voyager Fund	23

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	$387,687,453	$45,327,210		$11,344,301

Consumer staples	104,798,677	—		—

Energy	134,500,481	8,543,619		—

Financials	203,156,343	6,592,444		1,731,260

Health care	611,436,310	1,187,532		—

Industrials	244,092,925	26,038,154		—

Information technology	942,305,703	35,884,225		—

Materials	52,757,086	10,709,566		—

Telecommunication services	—	4,879,400		—

Utilities	33,444,589	—		—

Total common stocks	2,714,179,567	139,162,150		13,075,561

Convertible bonds and notes	—	27,788,652		—

Convertible preferred stocks	—	9,086,954		35,301,541

Investment companies	33,129,915	—		—

Purchased options outstanding	—	62,501,179		—

U.S. treasury obligations	—	2,520,176		—

Warrants	13,500,979	9,255,333		—

Short-term investments	109,870,107	259,201,604		—

Totals by level	$2,870,680,568	$509,516,048		$48,377,102

			Valuation inputs

Other financial instruments:	Level 1	Level 2		Level 3

Forward currency contracts	$—	$6,045,723		$—

Written options outstanding	—	(2,434,962)		—

Total return swap contracts	—	(2,438,698)		—

Totals by level	$—	$1,172,063		$—

* Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.

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 Note 1) 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.


24	Voyager Fund

The following is a reconciliation of Level 3 assets as of the close of the reporting period:


				Change
				in net
				unrealized			Total	Total
	Balance	Accrued		appreciation/		Proceeds	transfers	transfers	Balance
Investments	as of	discounts/	Realized	(deprecia-	Cost of	from	into	out of	as of
in securities:	7/31/15	premiums	gain/(loss)	tion)^#	purchases	sales	Level 3†	Level 3†	1/31/16

Common stocks*:

Consumer
discretionary	$11,500,859	$—	$—	$(156,558)	$—	$—	$—	$—	$11,344,301

Financials	1,731,260	—	—	—	—	—	—	—	1,731,260

Total common
stocks	$13,232,119	$—	$—	$(156,558)	$—	$—	$—	$—	$13,075,561

Convertible
preferred stocks	30,638,542	—	—	4,662,999	—	—	—	—	35,301,541

Totals	$43,870,661	$—	$—	$4,506,441	$—	$—	$—	$—	$48,377,102

* 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 $4,506,441 related to Level 3 securities still held at period end. Total change in unrealized appreciation/(depreciation) for securities (including Level 1 and Level 2) can be found in the Statement of operations.

The table below represents quantitative information on internally priced Level 3 securities that were valued using unobservable inputs:


					Impact to
				Range of	valuation from
		Valuation		unobservable inputs	an increase
Description	Fair value	techniques	Unobservable input	(weighted average)	in input ¹

Private		Market
equity	$42,857,887	transaction	Liquidity discount	10%	Decrease
		price

Private		Comparable	EV/sales multiple	0.8x-2.5x (1.7x)	Increase
equity	$5,519,215	multiples
			Liquidity discount	25%	Decrease

¹Expected directional change in fair value that would result from an increase in the unobservable input.

The accompanying notes are an integral part of these financial statements.


Voyager Fund	25

Statement of assets and liabilities 1/31/16 (Unaudited)


ASSETS

Investment in securities, at value, including $254,175,507 of securities on loan (Note 1):
Unaffiliated issuers (identified cost $2,944,520,481)	$3,104,291,462
Affiliated issuers (identified cost $375,496,629) (Notes 1 and 5)	324,282,256

Foreign currency (cost $61) (Note 1)	59

Dividends, interest and other receivables	2,614,951

Receivable for shares of the fund sold	482,041

Receivable for investments sold	122,161,952

Unrealized appreciation on forward currency contracts (Note 1)	6,728,098

Prepaid assets	62,634

Total assets	3,560,623,453

LIABILITIES

Payable for investments purchased	75,415,911

Payable for shares of the fund repurchased	5,483,736

Payable for compensation of Manager (Note 2)	1,099,627

Payable for custodian fees (Note 2)	62,081

Payable for investor servicing fees (Note 2)	823,077

Payable for Trustee compensation and expenses (Note 2)	1,499,152

Payable for administrative services (Note 2)	34,030

Payable for distribution fees (Note 2)	750,150

Unrealized depreciation on OTC swap contracts (Note 1)	2,438,698

Unrealized depreciation on forward currency contracts (Note 1)	682,375

Written options outstanding, at value (premiums $4,710,577) (Notes 1 and 3)	2,434,962

Collateral on securities loaned, at value (Note 1)	252,122,371

Collateral on certain derivative contracts, at value (Note 1)	46,138,176

Other accrued expenses	456,268

Total liabilities	389,440,614

Net assets	$3,171,182,839


REPRESENTED BY

Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$3,440,670,871

Undistributed net investment income (Note 1)	6,194,905

Accumulated net realized loss on investments and foreign currency transactions (Note 1)	(390,138,124)

Net unrealized appreciation of investments and assets and liabilities in foreign currencies	114,455,187

Total — Representing net assets applicable to capital shares outstanding	$3,171,182,839

(Continued on next page)


26	Voyager Fund

Statement of assets and liabilities (Continued)


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE

Net asset value and redemption price per class A share
($2,687,243,505 divided by 110,806,573 shares)	$24.25

Offering price per class A share (100/94.25 of $24.25)*	$25.73

Net asset value and offering price per class B share ($69,597,919 divided by 3,569,157 shares)**	$19.50

Net asset value and offering price per class C share ($119,234,769 divided by 5,429,142 shares)**	$21.96

Net asset value and redemption price per class M share ($19,492,555 divided by 892,285 shares)	$21.85

Offering price per class M share (100/96.50 of $21.85)*	$22.64

Net asset value, offering price and redemption price per class R share
($8,452,449 divided by 355,286 shares)	$23.79

Net asset value, offering price and redemption price per class R5 share
($1,645,483 divided by 64,158 shares)	$25.65

Net asset value, offering price and redemption price per class R6 share
($31,481,388 divided by 1,227,166 shares)	$25.65

Net asset value, offering price and redemption price per class Y share
($234,034,771 divided by 9,146,848 shares)	$25.59

* On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

** Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.


Voyager Fund	27

Statement of operations Six months ended 1/31/16 (Unaudited)


INVESTMENT INCOME

Dividends (net of foreign tax of $191,274)	$18,246,706

Interest (including interest income of $97,333 from investments in affiliated issuers) (Note 5)	175,528

Securities lending (Note 1)	2,259,577

Total investment income	20,681,811

EXPENSES

Compensation of Manager (Note 2)	9,008,759

Investor servicing fees (Note 2)	3,600,116

Custodian fees (Note 2)	91,340

Trustee compensation and expenses (Note 2)	143,061

Distribution fees (Note 2)	5,100,670

Administrative services (Note 2)	56,449

Other	573,316

Total expenses	18,573,711

Expense reduction (Note 2)	(409,797)

Net expenses	18,163,914

Net investment income	2,517,897


Net realized loss on investments (Notes 1 and 3)	(271,001,309)

Net realized loss on swap contracts (Note 1)	(53,976,357)

Net realized loss on foreign currency transactions (Note 1)	(575,105)

Net realized loss on written options (Notes 1 and 3)	(24,120,952)

Net unrealized appreciation of assets and liabilities in foreign currencies during the period	4,179,914

Net unrealized depreciation of investments, swap contracts and written options
during the period	(409,100,655)

Net loss on investments	(754,594,464)

Net decrease in net assets resulting from operations	$(752,076,567)

The accompanying notes are an integral part of these financial statements.


28	Voyager Fund

Statement of changes in net assets


INCREASE (DECREASE) IN NET ASSETS	Six months ended 1/31/16*	Year ended 7/31/15

Operations:
Net investment income	$2,517,897	$150,719

Net realized gain (loss) on investments
and foreign currency transactions	(349,673,723)	185,168,634

Net unrealized appreciation (depreciation) of investments
and assets and liabilities in foreign currencies	(404,920,741)	240,503,297

Net increase (decrease) in net assets resulting
from operations	(752,076,567)	425,822,650

Distributions to shareholders (Note 1):
From ordinary income
Net investment income

Class A	(34,008,739)	(14,112,895)

Class B	(455,407)	—

Class C	(575,409)	—

Class M	(177,506)	—

Class R	(57,804)	(21,808)

Class R5	(25,256)	(138)

Class R6	(558,223)	(290,011)

Class Y	(3,552,629)	(2,529,833)

Net realized short-term gain on investments

Class A	(55,995,487)	(180,585,426)

Class B	(1,815,317)	(6,372,527)

Class C	(2,807,133)	(9,247,245)

Class M	(500,854)	(1,609,327)

Class R	(182,871)	(903,466)

Class R5	(32,633)	(974)

Class R6	(660,754)	(1,841,676)

Class Y	(4,880,191)	(19,564,188)

From net realized long-term gain on investments
Class A	(79,595,118)	(238,497,301)

Class B	(2,580,393)	(8,416,130)

Class C	(3,990,216)	(12,212,740)

Class M	(711,943)	(2,125,422)

Class R	(259,943)	(1,193,199)

Class R5	(46,387)	(1,286)

Class R6	(939,233)	(2,432,282)

Class Y	(6,936,976)	(25,838,221)

Increase (decrease) from capital share transactions (Note 4)	(101,351,646)	140,179,396

Total increase (decrease) in net assets	(1,054,774,635)	38,205,951

NET ASSETS

Beginning of period	4,225,957,474	4,187,751,523

End of period (including undistributed net investment
income of $6,194,905 and $43,087,981, respectively)	$3,171,182,839	$4,225,957,474

* Unaudited.

The accompanying notes are an integral part of these financial statements.


Voyager Fund	29

Financial highlights (For a common share outstanding throughout the period)


INVESTMENT OPERATIONS:					LESS DISTRIBUTIONS:							RATIOS AND SUPPLEMENTAL DATA:

														Ratio
	Net asset		Net realized										Ratio	of net investment
	value,		and unrealized	Total from	From	From					Total return	Net assets,	of expenses	income (loss)
	beginning	Net investment	gain (loss)	investment	net investment	net realized gain	Total	Redemption	Non-recurring	Net asset value,	at net asset	end of period	to average	to average	Portfolio
Period ended	of period	income (loss)^a	on investments	operations	income	on investments	distributions	fees	reimbursements	end of period	value (%)^b	(in thousands)	net assets (%)^c	net assets (%)	turnover (%)

Class A
January 31, 2016**	$31.47	.02	(5.66)	(5.64)	(.32)	(1.26)	(1.58)	—	—	$24.25	(18.48)*	$2,687,244	.49*	.08*	65*
July 31, 2015	32.36	.01	3.28	3.29	(.14)	(4.04)	(4.18)	—	—	31.47	10.51	3,489,762	1.04	.03	140
July 31, 2014	26.76	.22	5.65	5.87	(.27)	—	(.27)	—	—	32.36	22.01	3,489,890	.97	.73	146
July 31, 2013	20.61	.19	6.22	6.41	(.26)	—	(.26)	—	—	26.76	31.40	3,142,831	1.00	.84	130
July 31, 2012	22.80	.07	(2.26)	(2.19)	—	—	—	—	—^e,g	20.61	(9.61)	2,874,779	1.07	.35	140
July 31, 2011	20.12	.01	2.74	2.75	(.08)	—	(.08)	—^e	.01^f	22.80	13.73	3,692,512	1.17	.05	176

Class B
January 31, 2016**	$25.53	(.07)	(4.57)	(4.64)	(.13)	(1.26)	(1.39)	—	—	$19.50	(18.77)*	$69,598	.87*	(.30)*	65*
July 31, 2015	27.05	(.19)	2.71	2.52	—	(4.04)	(4.04)	—	—	25.53	9.65	94,648	1.79	(.72)	140
July 31, 2014	22.43	—^e	4.73	4.73	(.11)	—	(.11)	—	—	27.05	21.13	104,736	1.72	(.01)	146
July 31, 2013	17.31	.02	5.22	5.24	(.12)	—	(.12)	—	—	22.43	30.40	104,780	1.75	.10	130
July 31, 2012	19.29	(.07)	(1.91)	(1.98)	—	—	—	—	—^e,g	17.31	(10.26)	105,363	1.82	(.40)	140
July 31, 2011	17.09	(.14)	2.33	2.19	—	—	—	—^e	.01^f	19.29	12.87	157,197	1.92	(.70)	176

Class C
January 31, 2016**	$28.54	(.08)	(5.13)	(5.21)	(.11)	(1.26)	(1.37)	—	—	$21.96	(18.79)*	$119,235	.87*	(.30)*	65*
July 31, 2015	29.79	(.21)	3.00	2.79	—	(4.04)	(4.04)	—	—	28.54	9.67	160,428	1.79	(.72)	140
July 31, 2014	24.67	(.01)	5.21	5.20	(.08)	—	(.08)	—	—	29.79	21.12	162,611	1.72	(.03)	146
July 31, 2013	18.98	.03	5.73	5.76	(.07)	—	(.07)	—	—	24.67	30.42	141,971	1.75	.12	130
July 31, 2012	21.15	(.08)	(2.09)	(2.17)	—	—	—	—	—^e,g	18.98	(10.26)	166,329	1.82	(.40)	140
July 31, 2011	18.74	(.15)	2.55	2.40	—	—	—	—^e	.01^f	21.15	12.86	247,712	1.92	(.71)	176

Class M
January 31, 2016**	$28.44	(.04)	(5.10)	(5.14)	(.19)	(1.26)	(1.45)	—	—	$21.85	(18.65)*	$19,493	.74*	(.16)*	65*
July 31, 2015	29.63	(.14)	2.99	2.85	—	(4.04)	(4.04)	—	—	28.44	9.95	28,399	1.54	(.47)	140
July 31, 2014	24.55	.06	5.18	5.24	(.16)	—	(.16)	—	—	29.63	21.37	28,099	1.47	.22	146
July 31, 2013	18.92	.07	5.72	5.79	(.16)	—	(.16)	—	—	24.55	30.77	24,935	1.50	.34	130
July 31, 2012	21.03	(.03)	(2.08)	(2.11)	—	—	—	—	—^e,g	18.92	(10.03)	23,150	1.57	(.15)	140
July 31, 2011	18.59	(.10)	2.53	2.43	—	—	—	—^e	.01^f	21.03	13.13	29,618	1.67	(.45)	176

Class R
January 31, 2016**	$30.78	(.01)	(5.55)	(5.56)	(.17)	(1.26)	(1.43)	—	—	$23.79	(18.59)*	$8,452	.62*	(.03)*	65*
July 31, 2015	31.72	(.07)	3.21	3.14	(.04)	(4.04)	(4.08)	—	—	30.78	10.24	15,080	1.29	(.22)	140
July 31, 2014	26.23	.14	5.54	5.68	(.19)	—	(.19)	—	—	31.72	21.70	18,033	1.22	.48	146
July 31, 2013	20.20	.14	6.09	6.23	(.20)	—	(.20)	—	—	26.23	31.08	17,812	1.25	.61	130
July 31, 2012	22.40	.02	(2.22)	(2.20)	—	—	—	—	—^e,g	20.20	(9.82)	18,921	1.32	.09	140
July 31, 2011	19.80	(.05)	2.71	2.66	(.07)	—	(.07)	—^e	.01^f	22.40	13.46	22,351	1.42	(.20)	176

Class R5
January 31, 2016**	$33.23	.07	(5.99)	(5.92)	(.40)	(1.26)	(1.66)	—	—	$25.65	(18.35)*	$1,645	.34*	.23*	65*
July 31, 2015	33.96	.09	3.47	3.56	(.25)	(4.04)	(4.29)	—	—	33.23	10.84	2,385	.75	.27	140
July 31, 2014	28.07	.34	5.92	6.26	(.37)	—	(.37)	—	—	33.96	22.39	16	.65	1.04	146
July 31, 2013	21.54	.30	6.51	6.81	(.28)	—	(.28)	—	—	28.07	31.95	13	.63	1.19	130
July 31, 2012†	21.85	.01	(.32)	(.31)	—	—	—	—	—	21.54	(1.42)*	10	.05*	.03*	140

Class R6
January 31, 2016**	$33.26	.08	(5.99)	(5.91)	(.44)	(1.26)	(1.70)	—	—	$25.65	(18.32)*	$31,481	.29*	.28*	65*
July 31, 2015	33.99	.14	3.44	3.58	(.27)	(4.04)	(4.31)	—	—	33.26	10.93	40,068	.65	.42	140
July 31, 2014	28.09	.37	5.93	6.30	(.40)	—	(.40)	—	—	33.99	22.53	36,802	.55	1.15	146
July 31, 2013	21.54	.24^d	6.60	6.84	(.29)	—	(.29)	—	—	28.09	32.10	31,033	.53	.89d	130
July 31, 2012†	21.85	.01	(.32)	(.31)	—	—	—	—	—	21.54	(1.42)*	10	.04*	.04*	140

The accompanying notes are an integral part of these financial statements.


30	Voyager Fund	Voyager Fund	31

Financial highlights (Continued)

INVESTMENT OPERATIONS:

LESS DISTRIBUTIONS:

RATIOS AND SUPPLEMENTAL DATA:

Ratio

Net asset

Net realized

Ratio

of net investment

value,

and unrealized

Total from

From

Total return

Net assets,

of expenses

income (loss)

beginning

Net investment

gain (loss)

investment

net investment

net realized gain

Total

Redemption

Non-recurring

Net asset value,

at net asset

end of period

to average

Portfolio

Period ended

of period

income (loss)^a

on investments

operations

income

on investments

distributions

fees

reimbursements

end of period

value (%)^b

(in thousands)

net assets (%)^c

net assets (%)

turnover (%)

Class Y

January 31, 2016**

$33.13

.06

(5.96)

(5.90)

(.38)

(1.26)

(1.64)

—

$25.59

(18.35)*

$234,035

.37*

.21*

65*

July 31, 2015

33.87

.09

3.44

3.53

(.23)

(4.04)

(4.27)

—

33.13

10.77

395,188

.79

.28

140

July 31, 2014

27.98

.31

5.91

6.22

(.33)

—

(.33)

—

33.87

22.33

347,565

.72

.98

146

July 31, 2013

21.54

.27

6.49

6.76

(.32)

—

(.32)

—

27.98

31.73

294,849

.75

1.12

130

July 31, 2012

23.77

.13

(2.36)

(2.23)

—

—^e,g

21.54

(9.38)

325,603

.82

.59

140

July 31, 2011

20.97

.07

2.86

2.93

(.14)

—

(.14)

—^e

.01^f

23.77

13.99

569,805

.92

.29

176

* Not annualized.

** Unaudited.

† For the period July 3, 2012 (commencement of operations) to July 31, 2012.

^a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

^b Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^c Includes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^d The net investment income ratio and per share amount shown for the period ending July 31, 2013 may not correspond with the expected class specific differences for the period due to the timing of subscriptions into the class.

^e Amount represents less than $0.01 per share.

^f Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the SEC which amounted to $0.01 per share outstanding on July 21, 2011. Also reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

^g Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Canadian Imperial Holdings, Inc./CIBC World Markets Corp. which amounted to less than $0.01 per share outstanding on November 29, 2011.


The accompanying notes are an integral part of these financial statements.	The accompanying notes are an integral part of these financial statements.


32	Voyager Fund	Voyager Fund	33

Notes to financial statements 1/31/16 (Unaudited)

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, 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. Unless otherwise noted, the “reporting period” represents the period from August 1, 2015 through January 31, 2016.

Putnam Voyager Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The goal of the fund is to seek capital appreciation. The fund invests mainly in common stocks of midsize and large U.S. companies, with a focus on growth stocks. Growth stocks are issued by companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.

The fund offers class A, class B, class C, class M, class R, class R5, class R6 and class Y shares. Class A and class M shares are sold with a maximum front-end sales charge of 5.75% and 3.50%, respectively. Class A shares generally do not pay a contingent deferred sales charge and class M shares do not pay a contingent deferred sales charge. Prior to November 1, 2015, class M shares were able to pay a contingent deferred sales charge. Class B shares, which convert to class A shares after approximately eight years, do not pay a front-end sales charge and are subject to a contingent deferred sales charge if those shares are redeemed within six years of purchase. Class C shares have a one-year 1.00% contingent deferred sales charge and do not convert to class A shares. Class R shares, which are not available to all investors, are sold at net asset value. The expenses for class A, class B, class C, class M and class R shares may differ based on the distribution fee of each class, which is identified in Note 2. Class R5, class R6 and class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, class B, class C, class M and class R shares, but do not bear a distribution fee and in the case of class R5 and class R6 shares, bear a lower investor servicing fee, which is identified in Note 2. Class R5, class R6 and class Y shares are not available to all investors.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

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.


34	Voyager Fund

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 Accounting Standards Codification 820 Fair Value Measurements and Disclosures (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.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

All premiums/discounts are amortized/accreted on a yield-to-maturity basis.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the


Voyager Fund	35

fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

Options contracts The fund uses options contracts to hedge against changes in values of securities it owns, owned or expects to own, to enhance 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 option 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.

Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

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 are 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. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.

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


36	Voyager Fund

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. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

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 $11,046,831 at the close of the reporting period.

Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.

Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.

At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.

Securities lending 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 remaining maturities of the securities lending transactions are considered overnight and continuous. 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. Income from securities lending is included in investment income on the Statement of operations. Cash collateral 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. At the close of the reporting period, the fund received cash collateral of $252,122,371 and the value of securities loaned amounted to $254,175,507.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Lines of credit The fund participates, along with other Putnam funds, in a $392.5 million syndicated unsecured committed line of credit provided by State Street ($292.5 million) and Northern Trust Company ($100 million) and a $235.5 million unsecured uncommitted line of credit provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the higher of (1) the Federal Funds rate and (2) the overnight LIBOR plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.16% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based


Voyager Fund	37

on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

The aggregate identified cost on a tax basis is $3,356,889,980, resulting in gross unrealized appreciation and depreciation of $496,205,096 and $424,521,358, respectively, or net unrealized appreciation of $71,683,738.

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (base fee) (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:


0.710%	of the first $5 billion,	0.510%	of the next $50 billion,

0.660%	of the next $5 billion,	0.490%	of the next $50 billion,

0.610%	of the next $10 billion,	0.480%	of the next $100 billion and

0.560%	of the next $10 billion,	0.475%	of any excess thereafter.

In addition, the monthly management fee consists of the monthly base fee plus or minus a performance adjustment for the month. The performance adjustment is determined based on performance over the thirty-six month period then ended. Each month, the performance adjustment is calculated by multiplying the performance adjustment rate and the fund’s average net assets over the performance period and dividing the result by twelve. The resulting dollar amount is added to, or subtracted from the base fee for that month. The performance adjustment rate is equal to 0.03 multiplied by the difference between the fund’s annualized performance (measured by the fund’s class A shares) and the annualized performance of the Russell 1000 Growth Index, each measured over the performance period. The maximum annualized performance adjustment rate is +/– 0.12%. The monthly base fee is determined based on the fund’s average net assets for the month, while the performance adjustment is determined based on the fund’s average net assets over the performance period of up to thirty-six months. This means it is possible that, if the fund underperforms significantly over the performance period, and the fund’s assets have declined significantly over that period, the negative performance adjustment may exceed the base fee. In this event, Putnam Management would make a payment to the fund.


38	Voyager Fund

Because the performance adjustment is based on the fund’s performance relative to its applicable benchmark index, and not its absolute performance, the performance adjustment could increase Putnam Management’s fee even if the fund’s shares lose value during the performance period provided that the fund outperformed its benchmark index, and could decrease Putnam Management’s fee even if the fund’s shares increase in value during the performance period provided that the fund underperformed its benchmark index.

For the reporting period, the base fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.277% of the fund’s average net assets before a decrease of $1,178,537 (0.032% of the fund’s average net assets) based on performance.

Putnam Management has contractually agreed, through November 30, 2016, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing (except for class R5 and R6 shares) that included (1) a per account fee for each direct and underlying non-defined contribution account (“retail account”) of the fund and each of the other funds in its specified category, which was totaled and then allocated to each fund in the category based on its average daily net assets; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. Putnam Investor Services has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts will not exceed an annual rate of 0.320% of the fund’s average assets attributable to such accounts. Class R5 shares paid a monthly fee based on the average net assets of class R5 shares at an annual rate of 0.15%. Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:


Class A	$3,031,895	Class R5	1,524

Class B	80,164	Class R6	9,271

Class C	137,985	Class Y	304,526

Class M	24,002	Total	$3,600,116

Class R	10,749

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage/service arrangements. For the reporting period, the fund’s expenses were reduced by $2,718 under the expense offset arrangements and by $407,079 under the brokerage/service arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $2,473, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.


Voyager Fund	39

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted distribution plans (the Plans) with respect to its class A, class B, class C, class M and class R shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide for payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35%, 1.00%, 1.00%, 1.00% and 1.00% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. The Trustees have approved payment by the fund at an annual rate of 0.25%, 1.00%, 1.00%, 0.75% and 0.50% of the average net assets attributable to class A, class B, class C, class M and class R shares, respectively. During the reporting period, the class specific expenses related to distribution fees were as follows:


Class A	$3,867,709	Class M	91,964

Class B	409,205	Class R	27,489

Class C	704,303	Total	$5,100,670

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $90,075 and $538 from the sale of class A and class M shares, respectively, and received $50,799 and $5,368 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% and 0.65% (no longer applicable effective November 1, 2015) is assessed on certain redemptions of class A and class M shares, respectively. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received $68 and no monies on class A and class M redemptions, respectively.

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:


	Cost of purchases	Proceeds from sales

Investments in securities (Long-term)	$2,320,187,187	$2,747,972,037

U.S. government securities (Long-term)	—	—

Total	$2,320,187,187	$2,747,972,037

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.


40	Voyager Fund

Written option transactions during the reporting period are summarized as follows:


	Written option	Written option
	contract amounts	premiums

Written options outstanding at the
beginning of the reporting period	$41,541,308	$9,868,265

Options opened	274,825,537	42,361,818
Options exercised	—	—
Options expired	(232,648,515)	(26,776,154)
Options closed	(54,269,820)	(20,743,352)

Written options outstanding at the
end of the reporting period	$29,448,510	$4,710,577

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:


	Six months ended 1/31/16		Year ended 7/31/15

Class A	Shares	Amount	Shares	Amount

Shares sold	1,639,478	$45,594,311	5,183,879	$163,745,180

Shares issued in connection with
reinvestment of distributions	5,775,679	157,618,297	13,234,495	405,107,902

	7,415,157	203,212,608	18,418,374	568,853,082

Shares repurchased	(7,501,352)	(207,609,106)	(15,366,145)	(488,634,618)

Net increase (decrease)	(86,195)	$(4,396,498)	3,052,229	$80,218,464


	Six months ended 1/31/16		Year ended 7/31/15

Class B	Shares	Amount	Shares	Amount

Shares sold	130,130	$2,914,234	300,779	$7,823,465

Shares issued in connection with
reinvestment of distributions	205,155	4,507,264	549,742	13,721,569

	335,285	7,421,498	850,521	21,545,034

Shares repurchased	(472,888)	(10,644,504)	(1,016,214)	(26,407,772)

Net decrease	(137,603)	$(3,223,006)	(165,693)	$(4,862,738)


	Six months ended 1/31/16		Year ended 7/31/15

Class C	Shares	Amount	Shares	Amount

Shares sold	251,153	$6,327,841	577,230	$16,613,004

Shares issued in connection with
reinvestment of distributions	237,159	5,867,318	601,192	16,767,236

	488,312	12,195,159	1,178,422	33,380,240

Shares repurchased	(680,709)	(16,928,870)	(1,015,979)	(29,414,024)

Net increase (decrease)	(192,397)	$(4,733,711)	162,443	$3,966,216


Voyager Fund	41


	Six months ended 1/31/16		Year ended 7/31/15

Class M	Shares	Amount	Shares	Amount

Shares sold	15,015	$383,491	32,020	$927,365

Shares issued in connection with
reinvestment of distributions	55,315	1,360,746	131,156	3,640,889

	70,330	1,744,237	163,176	4,568,254

Shares repurchased	(176,458)	(4,324,939)	(113,005)	(3,247,091)

Net increase (decrease)	(106,128)	$(2,580,702)	50,171	$1,321,163


	Six months ended 1/31/16		Year ended 7/31/15

Class R	Shares	Amount	Shares	Amount

Shares sold	64,409	$1,820,637	128,375	$3,975,620

Shares issued in connection with
reinvestment of distributions	14,559	389,892	56,040	1,680,074

	78,968	2,210,529	184,415	5,655,694

Shares repurchased	(213,667)	(5,977,435)	(262,953)	(8,180,962)

Net decrease	(134,699)	$(3,766,906)	(78,538)	$(2,525,268)


	Six months ended 1/31/16		Year ended 7/31/15

Class R5	Shares	Amount	Shares	Amount

Shares sold	3,306	$97,631	79,685	$2,463,717

Shares issued in connection with
reinvestment of distributions	3,614	104,276	74	2,398

	6,920	201,907	79,759	2,466,115

Shares repurchased	(14,536)	(433,012)	(8,454)	(273,759)

Net increase (decrease)	(7,616)	$(231,105)	71,305	$2,192,356


	Six months ended 1/31/16		Year ended 7/31/15

Class R6	Shares	Amount	Shares	Amount

Shares sold	120,576	$3,434,091	135,438	$4,517,503

Shares issued in connection with
reinvestment of distributions	74,808	2,158,210	141,431	4,563,969

	195,384	5,592,301	276,869	9,081,472

Shares repurchased	(172,963)	(4,677,399)	(154,999)	(5,198,265)

Net increase	22,421	$914,902	121,870	$3,883,207


	Six months ended 1/31/16		Year ended 7/31/15

Class Y	Shares	Amount	Shares	Amount

Shares sold	736,712	$21,339,112	3,195,462	$108,040,983

Shares issued in connection with
reinvestment of distributions	446,530	12,851,145	1,275,469	41,044,591

	1,183,242	34,190,257	4,470,931	149,085,574

Shares repurchased	(3,963,291)	(117,524,877)	(2,805,292)	(93,099,578)

Net increase (decrease)	(2,780,049)	$(83,334,620)	1,665,639	$55,985,996


42	Voyager Fund

At the close of the reporting period, Putnam Investments, LLC owned the following shares of the fund:


	Shares owned	Percentage of ownership	Value

Class R5	562	0.88%	$14,415

Class R6	564	0.05	14,467

Note 5: Affiliated transactions

Transactions during the reporting 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:


	Fair value at the				Fair value at
	beginning of				the end of
	the reporting			Investment	the reporting
Name of affiliates	period	Purchase cost	Sale proceeds	income	period

Putnam Short Term
Investment Fund*	$89,817,978	$953,892,649	$977,458,520	$97,333	$66,252,107

ITT Educational
Services, Inc.	8,022,371	—	—	—	5,907,778

Totals	$97,840,349	$953,892,649	$977,458,520	$97,333	$72,159,885

* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Note 7: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:


Purchased equity option contracts (contract amount)	$108,400,000

Written equity option contracts (contract amount) (Note 3)	$30,700,000

Forward currency contracts (contract amount)	$337,100,000

OTC total return swap contracts (notional)	$73,500,000

Warrants (number of warrants)	4,500,000

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

Fair value of derivative instruments as of the close of the reporting period


	Asset derivatives		Liability derivatives

Derivatives not
accounted for as	Statement of		Statement of
hedging instruments	assets and		assets and
under ASC 815	liabilities location	Fair value	liabilities location	Fair value

Foreign exchange
contracts	Receivables	$6,728,098	Payables	$682,375

Equity contracts	Investments	85,257,491	Payables	4,873,660

Total		$91,985,589		$5,556,035


Voyager Fund	43

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (see Note 1):

Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments


Derivatives not accounted			Forward
for as hedging instruments			currency
under ASC 815	Warrants	Options	contracts	Swaps	Total

Foreign exchange
contracts	$—	$—	$(67,534)	$—	$(67,534)

Equity contracts	(4,181,079)	(64,422,464)	—	(53,976,357)	(122,579,900)

Total	$(4,181,079)	$(64,422,464)	$(67,534)	$(53,976,357)	$(122,647,434)

Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments


Derivatives not accounted			Forward
for as hedging instruments			currency
under ASC 815	Warrants	Options	contracts	Swaps	Total

Foreign exchange
contracts	$—	$—	$4,053,236	$—	$4,053,236

Equity contracts	(5,091,857)	(15,736,632)	—	3,933,773	(16,894,716)

Total	$(5,091,857)	$(15,736,632)	$4,053,236	$3,933,773	$(12,841,480)


44	Voyager Fund

Note 8: Offsetting of financial and derivative assets and liabilities

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 or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.


	Bank of America N.A.	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^#	—	—	—	4,055,938	—	—	—	—	376,891	2,295,269	6,728,098

Purchased options**^#	430,885	2,335,976	14,866,094	45,172	7,790,073	13,666,224	4,855,034	11,021,700	—	7,490,021	62,501,179

Total Assets	$430,885	$2,335,976	$14,866,094	$4,101,110	$7,790,073	$13,666,224	$4,855,034	$11,021,700	$376,891	$9,785,290	$69,229,277

Liabilities:

OTC Total return swap contracts*^#	—	—	—	—	2,438,698	—	—	—	—	—	2,438,698

Forward currency contracts^#	—	—	—	682,375	—	—	—	—	—	—	682,375

Written options^#	15,380	121,210	170,494	7,477	—	2,047,264	—	—	—	73,137	2,434,962

Total Liabilities	$15,380	$121,210	$170,494	$689,852	$2,438,698	$2,047,264	$—	$—	$—	$73,137	$5,556,035

Total Financial and Derivative Net Assets	$415,505	$2,214,766	$14,695,600	$3,411,258	$5,351,375	$11,618,960	$4,855,034	$11,021,700	$376,891	$9,712,153	$63,673,242

Total collateral received (pledged)†^##	$415,505	$2,214,766	$13,049,000	$2,790,000	$5,351,375	$11,046,831	$4,570,000	$6,250,000	$376,891	$8,645,000

Net amount	$—	$—	$1,646,600	$621,258	$—	$572,129	$285,034	$4,771,700	$—	$1,067,153

* Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.

** Included with Investments in securities on the Statement of assets and liabilities.

† Additional collateral may be required from certain brokers based on individual agreements.

^#Covered by master netting agreement (Note 1).

^##Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.


46	Voyager Fund	Voyager Fund	47

Putnam family of funds

The following is a list of Putnam’s open-end mutual funds offered to the public. Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.


Growth	International Value Fund
Growth Opportunities Fund	Multi-Cap Value Fund
International Growth Fund	Small Cap Value Fund
Multi-Cap Growth Fund
Small Cap Growth Fund	Income
Voyager Fund	American Government Income Fund
	Diversified Income Trust
Blend	Emerging Markets Income Fund
Asia Pacific Equity Fund	Floating Rate Income Fund
Capital Opportunities Fund	Global Income Trust
Capital Spectrum Fund	High Yield Advantage Fund
Emerging Markets Equity Fund	High Yield Trust
Equity Spectrum Fund	Income Fund
Europe Equity Fund	Money Market Fund*
Global Equity Fund	Short Duration Income Fund
International Capital Opportunities Fund	U.S. Government Income Trust
International Equity Fund
Investors Fund	Tax-free Income
Low Volatility Equity Fund	AMT-Free Municipal Fund
Multi-Cap Core Fund	Intermediate-Term Municipal Income Fund
Research Fund	Short-Term Municipal Income Fund
Strategic Volatility Equity Fund	Tax Exempt Income Fund
	Tax-Free High Yield Fund
Value
Convertible Securities Fund	State tax-free income funds†:
Equity Income Fund	Arizona, California, Massachusetts, Michigan,
Global Dividend Fund	Minnesota, New Jersey, New York, Ohio,
The Putnam Fund for Growth and Income	and Pennsylvania.


48	Voyager Fund


Absolute Return	Retirement Income Lifestyle Funds —
Absolute Return 100 Fund^®	portfolios with managed allocations to
Absolute Return 300 Fund^®	stocks, bonds, and money market
Absolute Return 500 Fund^®	investments to generate retirement income.
Absolute Return 700 Fund^®
	Retirement Income Fund Lifestyle 1
Global Sector	Retirement Income Fund Lifestyle 2
Global Consumer Fund	Retirement Income Fund Lifestyle 3
Global Energy Fund
Global Financials Fund	RetirementReady^® Funds — portfolios with
Global Health Care Fund	adjusting allocations to stocks, bonds, and
Global Industrials Fund	money market instruments, becoming more
Global Natural Resources Fund	conservative over time.
Global Sector Fund
Global Technology Fund	RetirementReady^® 2060 Fund
Global Telecommunications Fund	RetirementReady^® 2055 Fund
Global Utilities Fund	RetirementReady^® 2050 Fund
	RetirementReady^® 2045 Fund
Asset Allocation	RetirementReady^® 2040 Fund
George Putnam Balanced Fund	RetirementReady^® 2035 Fund
	RetirementReady^® 2030 Fund
Global Asset Allocation Funds — four	RetirementReady^® 2025 Fund
investment portfolios that spread your	RetirementReady^® 2020 Fund
money across a variety of stocks, bonds, and
money market instruments.

Dynamic Asset Allocation Balanced Fund
Dynamic Asset Allocation Conservative Fund
Dynamic Asset Allocation Growth Fund
Dynamic Risk Allocation Fund

* An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

† Not available in all states.

Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.


Voyager Fund	49

Services for shareholders

Investor services

Systematic investment plan Tell us how much you wish to invest regularly — weekly, semimonthly, or monthly — and the amount you choose will be transferred automatically from your checking or savings account. There’s no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.

Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.

Systematic exchange You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

Dividends PLUS You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

Free exchange privilege You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

Reinstatement privilege If you’ve sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund’s current net asset value — with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.

Check-writing service You have ready access to many Putnam accounts. It’s as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our website.

Dollar cost averaging When you’re investing for long-term goals, it’s time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund’s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

For more information

Visit the Individual Investors section at putnam.com A secure section of our website contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.

Call us toll free at 1-800-225-1581 Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.


50	Voyager Fund

Putnam’s commitment to confidentiality

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Within the Putnam organization, your information is shared with those who need it to service your account or provide you with information about other Putnam products or services. Under certain circumstances, we must also share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. It is also our policy to share account information with your financial advisor, if you've provided us with information about your advisor and that person is listed on your Putnam account.

If you would like clarification about our confidentiality policies or have any questions or concerns, please don't hesitate to contact us at 1-800-225-1581, Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time.


Voyager Fund	51

Fund information

Founded over 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.


Investment Manager	Trustees	Robert T. Burns
Putnam Investment	Jameson A. Baxter, Chair	Vice President and
Management, LLC	Liaquat Ahamed	Chief Legal Officer
One Post Office Square	Ravi Akhoury
Boston, MA 02109	Barbara M. Baumann	James F. Clark
	Robert J. Darretta	Chief Compliance Officer
Investment Sub-Manager	Katinka Domotorffy
Putnam Investments Limited	John A. Hill	Michael J. Higgins
57–59 St James’s Street	Paul L. Joskow	Vice President, Treasurer,
London, England SW1A 1LD	Kenneth R. Leibler	and Clerk
	Robert E. Patterson
Marketing Services	George Putnam, III	Janet C. Smith
Putnam Retail Management	Robert L. Reynolds	Vice President,
One Post Office Square	W. Thomas Stephens	Principal Accounting Officer,
Boston, MA 02109		and Assistant Treasurer
	Officers
Custodian	Robert L. Reynolds	Susan G. Malloy
State Street Bank	President	Vice President and
and Trust Company		Assistant Treasurer
	Jonathan S. Horwitz
Legal Counsel	Executive Vice President,	James P. Pappas
Ropes & Gray LLP	Principal Executive Officer, and	Vice President

	Steven D. Krichmar	Mark C. Trenchard
	Vice President and	Vice President and
	Principal Financial Officer	BSA Compliance Officer

		Nancy E. Florek
		Vice President, Director of
		Proxy Voting and Corporate
		Governance, Assistant Clerk,
		and Associate Treasurer


52	Voyager Fund


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


	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 reporting period:	August 1, 2015 — January 31, 2016


	The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:


Message from the Trustees	1

Performance snapshot	2

Interview with your fund’s portfolio manager	3

Your fund’s performance	8

Your fund’s expenses	10

Terms and definitions	12

Other information for shareholders	13

Financial statements	14


	The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	FORM N-CSR


	Item 1. Report to Stockholders:


	Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:


	Item 8. Portfolio Managers of Closed-End Investment Companies


	Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:


	Item 10. Submission of Matters to a Vote of Security Holders:


	(b) Changes in internal control over financial reporting: Not applicable


	(a)(2) 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.


	(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.


	/s/Janet C. Smith Janet C. Smith Principal Accounting Officer


	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.


	/s/Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer


	/s/Steven D. Krichmar Steven D. Krichmar Principal Financial Officer