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


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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-01682)
Exact name of registrant as specified in charter: Putnam Voyager Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: July 31, 2016
Date of reporting period: April 30, 2016



Item 1. Schedule of Investments:













Putnam Voyager Fund

The fund's portfolio
4/30/16 (Unaudited)
COMMON STOCKS (93.2%)(a)
Shares Value
Aerospace and defense (4.0%)
Airbus Group SE (France) 390,271 $24,422,223
General Dynamics Corp. 201,100 28,258,572
Honeywell International, Inc. 241,075 27,547,640
Northrop Grumman Corp. 161,252 33,259,838
United Technologies Corp. 141,700 14,789,229
128,277,502
Airlines (1.6%)
American Airlines Group, Inc. 1,156,000 40,101,640
Delta Air Lines, Inc. 244,600 10,192,482
50,294,122
Automobiles (1.1%)
Fiat Chrysler Automobiles NV (Italy)(S) 1,206,476 9,760,391
Tesla Motors, Inc.(NON)(S) 39,611 9,536,744
Yamaha Motor Co., Ltd. (Japan) 1,043,100 16,884,618
36,181,753
Banks (1.2%)
Bank of America Corp. 1,586,819 23,104,085
JPMorgan Chase & Co. 258,656 16,347,059
39,451,144
Beverages (2.0%)
Anheuser-Busch InBev SA/NV ADR (Belgium) 240,900 29,914,962
Monster Beverage Corp.(NON) 112,300 16,195,906
PepsiCo, Inc. 192,000 19,768,320
65,879,188
Biotechnology (9.0%)
AMAG Pharmaceuticals, Inc.(NON)(S) 776,062 20,581,164
Amgen, Inc. 80,000 12,664,000
ARIAD Pharmaceuticals, Inc.(NON) 1,945,500 13,968,690
Biogen, Inc.(NON) 119,200 32,778,808
Celgene Corp.(NON) 1,070,113 110,660,385
Gilead Sciences, Inc. 874,428 77,133,294
Medivation, Inc.(NON) 174,600 10,091,880
Merrimack Pharmaceuticals, Inc.(NON)(S) 1,569,268 11,110,417
288,988,638
Capital markets (2.0%)
Charles Schwab Corp. (The) 647,900 18,406,839
E*Trade Financial Corp.(NON) 305,200 7,684,936
KKR & Co. LP 1,650,100 22,441,360
Morgan Stanley 582,200 15,754,332
64,287,467
Chemicals (1.3%)
Dow Chemical Co. (The) 143,100 7,528,491
E.I. du Pont de Nemours & Co. 176,800 11,652,888
Sherwin-Williams Co. (The) 56,147 16,131,595
Symrise AG (Germany) 120,581 7,983,989
43,296,963
Commercial services and supplies (1.0%)
Tyco International PLC 832,100 32,052,492
32,052,492
Consumer finance (0.5%)
Oportun Financial Corp. (acquired 6/23/15, cost $1,923,622) (Private)(F)(RES)(NON) 674,955 1,731,260
Synchrony Financial(NON) 464,700 14,205,879
15,937,139
Diversified consumer services (0.1%)
ITT Educational Services, Inc.(NON)(S)(AFF) 1,601,462 3,443,143
3,443,143
Diversified telecommunication services (0.3%)
Inmarsat PLC (United Kingdom) 239,694 3,252,153
Nippon Telegraph & Telephone Corp. (Japan) 114,700 5,077,542
8,329,695
Energy equipment and services (0.3%)
Halliburton Co. 215,579 8,905,568
8,905,568
Food and staples retail (1.8%)
CVS Health Corp. 349,300 35,104,650
Walgreens Boots Alliance, Inc. 271,700 21,540,376
56,645,026
Food products (0.3%)
Nomad Foods, Ltd. (United Kingdom)(NON) 370,440 3,015,382
TreeHouse Foods, Inc.(NON)(S) 73,982 6,540,009
9,555,391
Health-care equipment and supplies (1.7%)
Becton Dickinson and Co. 145,700 23,495,582
Cooper Cos., Inc. (The) 83,600 12,797,488
Intuitive Surgical, Inc.(NON) 30,100 18,853,436
55,146,506
Health-care technology (0.3%)
Cerner Corp.(NON) 177,300 9,953,622
9,953,622
Hotels, restaurants, and leisure (0.9%)
Chipotle Mexican Grill, Inc.(NON) 3,300 1,389,201
Hilton Worldwide Holdings, Inc. 285,600 6,297,480
Melco Crown Entertainment, Ltd. ADR (Hong Kong) 418,100 6,187,880
Restaurant Brands International LP (Units) (Canada) 4,381 189,074
Wynn Resorts, Ltd.(S) 170,400 15,046,320
29,109,955
Household durables (0.3%)
Skyworth Digital Holdings, Ltd. (China) 8,088,271 5,266,461
Tempur Sealy International, Inc.(NON)(S) 100,300 6,085,201
11,351,662
Independent power and renewable electricity producers (0.6%)
NRG Energy, Inc. 1,207,200 18,228,720
18,228,720
Industrial conglomerates (0.8%)
Danaher Corp. 272,733 26,386,918
26,386,918
Insurance (1.2%)
American International Group, Inc. 235,200 13,128,864
Assured Guaranty, Ltd. 569,185 14,724,816
Prudential PLC (United Kingdom) 481,509 9,525,448
37,379,128
Internet and catalog retail (6.7%)
Amazon.com, Inc.(NON) 218,750 144,285,313
Ctrip.com International, Ltd. ADR (China)(NON)(S) 423,000 18,447,030
Delivery Hero Holding GmbH (acquired 6/2/15, cost $6,723,847) (Private) (Germany)(F)(RES)(NON) 873 4,827,103
FabFurnish GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) 140 120
Global Fashion Holding SA (acquired 8/2/13, cost $9,259,308) (Private) (Brazil)(F)(RES)(NON) 218,573 3,729,175
Netflix, Inc.(NON) 72,200 6,500,166
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $186) (Private) (Brazil)(F)(RES)(NON) 140 120
New Middle East Other Assets GmbH (acquired 8/2/13, cost $76) (Private) (Brazil)(F)(RES)(NON) 57 49
Priceline Group, Inc. (The)(NON) 29,097 39,096,475
216,885,551
Internet software and services (15.7%)
Alibaba Group Holding, Ltd. ADR (China)(NON)(S) 502,643 38,673,352
Alphabet, Inc. Class A(NON) 318,114 225,186,538
Criteo SA ADR (France)(NON)(S) 361,615 15,075,729
Facebook, Inc. Class A(NON) 1,401,981 164,844,926
Shopify, Inc. Class A (Canada)(NON) 172,700 5,500,495
Tencent Holdings, Ltd. (China) 1,322,400 26,834,572
Yahoo!, Inc.(NON) 772,000 28,255,200
504,370,812
IT Services (4.2%)
PayPal Holdings, Inc.(NON) 194,800 7,632,264
Visa, Inc. Class A 1,655,700 127,886,268
135,518,532
Leisure products (0.4%)
Brunswick Corp.(S) 252,700 12,137,181
12,137,181
Life sciences tools and services (0.3%)
Agilent Technologies, Inc. 204,200 8,355,864
8,355,864
Media (1.9%)
Charter Communications, Inc. Class A(NON)(S) 31,800 6,749,232
Comcast Corp. Class A 274,635 16,686,823
Liberty Global PLC Ser. A (United Kingdom)(NON) 434,001 16,374,858
Live Nation Entertainment, Inc.(NON) 990,433 21,274,501
61,085,414
Oil, gas, and consumable fuels (4.4%)
Anadarko Petroleum Corp. 376,800 19,879,968
EnVen Energy Corp. 144A(F) 415,000 3,527,500
EOG Resources, Inc. 254,500 21,026,790
Gulfport Energy Corp.(NON) 582,400 18,229,120
Pioneer Natural Resources Co. 139,200 23,121,120
Scorpio Tankers, Inc. 4,706,735 29,464,161
Suncor Energy, Inc. (Canada) 648,418 19,033,422
Whiting Petroleum Corp.(NON)(S) 747,131 8,965,572
143,247,653
Personal products (1.9%)
Avon Products, Inc.(S) 5,185,640 24,424,364
Coty, Inc. Class A 637,400 19,376,960
Edgewell Personal Care Co. 199,800 16,397,586
60,198,910
Pharmaceuticals (7.9%)
Allergan PLC(NON) 239,107 51,781,012
Bristol-Myers Squibb Co. 403,000 29,088,540
Jazz Pharmaceuticals PLC(NON) 944,151 142,283,556
Perrigo Co. PLC 136,600 13,205,122
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 355,775 19,371,949
255,730,179
Real estate investment trusts (REITs) (0.6%)
Communications Sales & Leasing, Inc.(R) 141,300 3,282,399
Gaming and Leisure Properties, Inc.(R)(S) 535,400 17,555,766
20,838,165
Real estate management and development (0.8%)
Kennedy-Wilson Holdings, Inc. 1,155,638 24,973,337
24,973,337
Road and rail (1.2%)
Union Pacific Corp. 445,202 38,834,970
38,834,970
Semiconductors and semiconductor equipment (2.8%)
Applied Materials, Inc. 774,100 15,845,827
Broadcom, Ltd. 217,700 31,729,775
Micron Technology, Inc.(NON) 1,178,100 12,664,575
NXP Semiconductor NV(NON) 194,000 16,544,320
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan) 567,300 13,382,607
90,167,104
Software (4.3%)
Adobe Systems, Inc.(NON) 86,100 8,112,342
Electronic Arts, Inc.(NON) 297,600 18,406,560
Microsoft Corp. 1,067,300 53,226,251
Mobileye NV (Israel)(NON)(S) 178,500 6,809,775
Nintendo Co., Ltd. (Japan) 99,600 13,397,894
salesforce.com, Inc.(NON) 495,429 37,553,518
137,506,340
Specialty retail (2.4%)
Advance Auto Parts, Inc. 93,400 14,579,740
Gap, Inc. (The)(S) 140,500 3,256,790
Home Depot, Inc. (The) 437,311 58,551,570
76,388,100
Technology hardware, storage, and peripherals (3.6%)
Apple, Inc. 1,251,547 117,320,016
117,320,016
Textiles, apparel, and luxury goods (0.7%)
NIKE, Inc. Class B 371,000 21,866,740
21,866,740
Thrifts and mortgage finance (0.2%)
Radian Group, Inc. 535,100 6,843,929
6,843,929
Tobacco (0.7%)
Philip Morris International, Inc. 240,800 23,627,296
23,627,296
Trading companies and distributors (0.2%)
AerCap Holdings NV (Ireland)(NON) 170,200 6,809,701
6,809,701
Total common stocks (cost $2,548,677,322) $3,001,787,536

CONVERTIBLE PREFERRED STOCKS (1.6%)(a)
Shares Value
Fiat Chrysler Automobiles NV Ser. FCAU, $7.875 cv. pfd. (Italy) 241,404 $17,513,860
Oportun Financial Corp. Ser. A-1, 8.00% cv. pfd. (acquired 6/23/15, cost $5,253) (Private)(F)(RES)(NON) 1,843 4,727
Oportun Financial Corp. Ser. B-1, 8.00% cv. pfd. (acquired 6/23/15, cost $100,457) (Private)(F)(RES)(NON) 31,891 90,411
Oportun Financial Corp. Ser. C-1, 8.00% cv. pfd. (acquired 6/23/15, cost $235,942) (Private)(F)(RES)(NON) 46,354 212,348
Oportun Financial Corp. Ser. D-1, 8.00% cv. pfd. (acquired 6/23/15, cost $342,236) (Private)(F)(RES)(NON) 67,237 308,013
Oportun Financial Corp. Ser. E-1, 8.00% cv. pfd. (acquired 6/23/15, cost $191,914) (Private)(F)(RES)(NON) 34,957 172,723
Oportun Financial Corp. Ser. F, 8.00% cv. pfd. (acquired 6/23/15, cost $579,325) (Private)(F)(RES)(NON) 75,433 521,393
Oportun Financial Corp. Ser. F-1, 8.00% cv. pfd. (acquired 6/23/15, cost $1,624,930) (Private)(F)(RES)(NON) 570,151 1,462,437
Oportun Financial Corp. Ser. G, 8.00% cv. pfd. (acquired 6/23/15, cost $2,054,710) (Private)(F)(RES)(NON) 720,951 1,849,239
Oportun Financial Corp. Ser. H, 8.00% cv. pfd. (acquired 2/6/15, cost $6,422,273) (Private)(F)(RES)(NON) 2,255,601 5,780,135
Uber Technologies, Inc. Ser. E, 8.00% cv. pfd. (acquired 2/18/15, cost $19,183,494) (Private)(F)(RES)(NON) 567,268 24,900,115
Total convertible preferred stocks (cost $45,976,880) $52,815,401

CONVERTIBLE BONDS AND NOTES (1.2%)(a)
Principal amount Value
AMAG Pharmaceuticals, Inc. cv. sr. unsec. unsub. notes 2 1/2s, 2019 $13,886,000 $16,480,946
Jazz Investments I, Ltd. cv. company guaranty sr. unsec. sub. bonds 1 7/8s, 2021 (Ireland) 13,414,000 14,923,075
Pandora Media, Inc. 144A cv. sr. unsec. notes 1 3/4s, 2020 6,629,000 6,036,533
Total convertible bonds and notes (cost $36,802,678) $37,440,554

WARRANTS (0.8%)(a)(NON)
Expiration date Strike 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 4,770,318
Wells Fargo & Co.(W) 10/28/18 34.01 813,312 13,216,320
Wuliangye Yibin Co., Ltd. 144A (China) 4/17/17 0.00 1,472,000 6,446,880
Total warrants (cost $13,638,291) $24,433,602

PURCHASED OPTIONS OUTSTANDING (0.3%)(a)
Expiration Contract
date/strike price amount Value
Tronox, Ltd. Class A (Call) May-16/$2.00 $1,640,869 $8,663,772
Tronox, Ltd. Class A (Call) May-16/3.00 415,199 1,777,110
Total purchased options outstanding (cost $3,585,604) $10,440,882

U.S. GOVERNMENT AGENCY OBLIGATIONS (—%)(a)
Principal amount Value
Federal National Mortgage Association Pass-Through Certificates
     5s, January 1, 2029(i) $152,416 $170,422
     3 1/2s, May 1, 2042(i) 261,939 277,045
     3.844s, February 1, 2018(i) 155,000 163,589
Total U.S. government agency obligations (cost $611,056) $611,056

U.S. TREASURY OBLIGATIONS (0.2%)(a)
Principal amount Value
U.S. Treasury Inflation Protected Securities 2 1/8s, February 15, 2041(i) $6,069,336 $7,902,640
Total U.S. treasury obligations (cost $7,902,640) $7,902,640

INVESTMENT COMPANIES (0.2%)(a)
Shares Value
VanEck Vectors Junior Gold Miners ETF 178,205 $6,864,457
Total investment companies (cost $3,425,999) $6,864,457

SHORT-TERM INVESTMENTS (8.3%)(a)
Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 0.58%(d) Shares 175,313,931 $175,313,931
Putnam Short Term Investment Fund 0.44%(AFF) Shares 61,984,738 61,984,738
SSgA Prime Money Market Fund Class N 0.41%(P) Shares 15,730,000 15,730,000
U.S. Treasury Bills 0.30%, June 9, 2016(SEGSF) $3,738,000 3,737,451
U.S. Treasury Bills 0.26%, May 26, 2016(SEGSF) 420,000 419,954
U.S. Treasury Bills 0.30%, May 19, 2016(SEGSF) 1,790,000 1,789,869
U.S. Treasury Bills 0.21%, May 12, 2016(SEGSF) 1,609,000 1,608,936
U.S. Treasury Bills 0.18%, May 5, 2016 5,478,000 5,477,945
Total short-term investments (cost $266,061,942) $266,062,824

TOTAL INVESTMENTS
Total investments (cost $2,926,682,412)(b) $3,408,358,952









FORWARD CURRENCY CONTRACTS at 4/30/16 (aggregate face value $167,185,641) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Credit Suisse International
British Pound Sell 6/15/16 $9,998,308 $9,623,615 $(374,693)
Chinese Yuan (Offshore) Sell 5/18/16 111,511,366 107,492,996 (4,018,370)
Euro Sell 6/15/16 18,403,772 17,473,989 (929,783)
Japanese Yen Sell 5/18/16 34,211,105 30,143,343 (4,067,762)
UBS AG
British Pound Sell 6/15/16 2,664,852 2,451,698 (213,154)
Total $(9,603,762)













OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 4/30/16 (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 2,134,552 $—      7/28/16 (3 month USD-LIBOR-BBA minus 0.30%) A basket (DBPTMATR) of common stocks $8,143,780
shares 1,306,588 —      11/16/16 (1 month USD-LIBOR-BBA plus 0.30%) Fiat Chrysler Auto 429,100
shares 927,135 —      11/16/16 (1 month USD-LIBOR-BBA plus 0.30%) Fiat Chrysler Auto 304,483
shares 497,126 —      11/16/16 (1 month USD-LIBOR-BBA plus 0.30%) Fiat Chrysler Auto 163,263
shares 246,000 —      11/16/16 (1 month USD-LIBOR-BBA plus 0.30%) Fiat Chrysler Auto 80,790
Total$—     $9,121,416










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF Exchange Traded Fund
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 April 30, 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, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $3,221,619,654.
(b) The aggregate identified cost on a tax basis is $2,963,555,282, resulting in gross unrealized appreciation and depreciation of $595,716,446 and $150,912,776, respectively, or net unrealized appreciation of $444,803,670.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $45,589,368, or 1.4% of net assets.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with a company which is under common ownership or control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Fair value at the end of the reporting period
Putnam Short Term Investment Fund* $89,817,978 $1,197,806,839 $1,225,640,079 $174,605 $61,984,738
ITT Educational Services, Inc. 8,022,371 — 1,380,921 — 3,443,143
Totals $97,840,349 $1,197,806,839 $1,227,021,000 $174,605 $65,427,881
* Management fees charged to Putnam Short Term Investment Fund Fund have been waived by Putnam Management.

(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.
(d) Affiliated company. The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The 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.
The fund received cash collateral of $175,313,931 which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $169,740,223. Certain of these securities were sold prior to the close of the reporting period.
(F) This 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.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R) Real Estate Investment Trust.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
(W) Warrants issued to the U.S. Treasury under the Troubled Asset Relief Program (TARP).
At the close of the reporting period, the fund maintained liquid assets totaling $9,458,224 to cover certain derivative contracts and the settlement of certain securities.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.

Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) 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.
Many securities markets and exchanges outside the U.S. close prior to the scheduled 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 scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Options contracts: The fund used options contracts to hedge against changes in values of securities it owns, owned or expects to own, to enhance the return on securities owned and to manage downside risks.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Total return swap contracts: The fund entered into OTC total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to gain exposure to a basket of securities and to gain exposure to specific sectors or industries.
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty.
For the fund's average notional amount on OTC total return swap contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio.
Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.
At the close of the reporting period, the fund had a net liability position of $9,603,762 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $7,493,876 and may include amounts related to unsettled agreements.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:

 Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
    Consumer discretionary $437,741,853 $22,151,079 $8,556,567
    Consumer staples 215,905,811 — —
    Energy 148,625,721 3,527,500 —
    Financials 198,453,601 9,525,448 1,731,260
    Health care 618,174,809 — —
    Industrials 258,233,482 24,422,223 —
    Information technology 944,650,338 40,232,466 —
    Materials 35,312,974 7,983,989 —
    Telecommunication services — 8,329,695 —
    Utilities 18,228,720 — —
Total common stocks 2,875,327,309 116,172,400 10,287,827
Convertible bonds and notes — 37,440,554 —
Convertible preferred stocks — 17,513,860 35,301,541
Investment companies 6,864,457 — —
Purchased options outstanding — 10,440,882 —
U.S. government agency obligations — 611,056 —
U.S. treasury obligations — 7,902,640 —
Warrants 13,216,320 11,217,282 —
Short-term investments 77,714,738 188,348,086 —
Totals by level $2,973,122,824 $389,646,760 $45,589,368



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(9,603,762) $—
Total return swap contracts — 9,121,416 —
Totals by level $— $(482,346) $—


* 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 the Security valuation note above), did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.

The following is a reconciliation of Level 3 assets as of the close of the reporting period:
Investments in securities: Balance as of July 31, 2015 Accrued discounts/premiums Realized gain/(loss) Change in net unrealized appreciation/(depreciation)#  Cost of purchases Proceeds from sales Total transfers into Level 3† Total transfers out of Level 3† Balance as of April 30, 2016
Common stocks*:                  
Consumer discretionary  $11,500,859  $—  $—  $(2,944,292)  $—  $—  $—  $—  $8,556,567
Financials  1,731,260  —  —  —  —  —  —  —  1,731,260
Total common stocks  $13,232,119  $—  $—  $(2,944,292)  $—  $—  $—  $—  $10,287,827
Convertible preferred stocks  $30,638,542  —  —  4,662,999  —  —  —  —  $35,301,541
   
Totals  $43,870,661  $—  $—  $1,718,707  $—  $—  $—  $—  $45,589,368

* 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 $1,718,707 related to Level 3 securities still held at period end.

The table below represents quantitative information on internally priced Level 3 securities that were valued using unobservable inputs:
Description Fair Value Valuation Techniques Unobservable Input Range of unobservable inputs (Weighted Average) Impact to Valuation from an Increase in Input (1)
           
Private equity $4,827,103 Comparable multiples EV/sales multiple  3.1x-5.6x (4.8x) Increase
      Liquidity discount  10% Decrease
           
Private equity $37,032,801 Market transaction price Liquidity Discount  10% Decrease
           
Private equity $289 Market transaction price Liquidity discount  25% Decrease
           
Private equity $3,729,175 Market transaction price Transaction price $17.06 Increase

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

Fair Value of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815 Fair value Fair value
Foreign exchange contracts $— $9,603,762
Equity contracts 43,995,900 —
Total $43,995,900 $9,603,762


The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount)$76,500,000
Forward currency contracts (contract amount)$292,800,000
OTC total return swap contracts (notional)$76,600,000
Warrants (number of warrants)4,500,000
   
  The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
   
      Bank of America N.A. Barclays Bank PLC Credit Suisse International Deutsche Bank AG UBS AG   Total
                   
  Assets:                
  OTC Total return swap contracts*#   $—  $—  $—  $9,121,416  $—    $9,121,416 
  Forward currency contracts#   —  —  —  —  —    — 
  Purchased options#   1,777,110  8,663,772  —  —  —    10,440,882 
                   
  Total Assets   $1,777,110  $8,663,772  $—  $9,121,416  $—    $19,562,298 
                   
  Liabilities:                
  OTC Total return swap contracts*#   —  —  —  —  —    — 
  Forward currency contracts#   —  —  9,390,608  —  213,154    9,603,762 
  Written options#   —  —  —  —  —    — 
                   
  Total Liabilities   $—  $—  $9,390,608  $—  $213,154    $9,603,762 
                   
  Total Financial and Derivative Net Assets   $1,777,110  $8,663,772  $(9,390,608) $9,121,416  $(213,154)   $9,958,536 
  Total collateral received (pledged)##†   $1,777,110  $8,663,772  $(7,373,888) $9,121,416  $(119,988)    
  Net amount   $—  $—  $(2,016,720) $—  $(93,166)    
                   
* Excludes premiums, if any.
                   
†  Additional collateral may be required from certain brokers based on individual agreements.
                   
# Covered by master netting agreement.
                   
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



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

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

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

Putnam Voyager Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: June 28, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: June 28, 2016

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: June 28, 2016