(logo)
Putnam
Voyager
Fund
Semiannual
Report
January 31, 1994
(artwork)
For investors
aggressively seeking
capital appreciation
through common
stocks
A member
of the Putnam
Family of Funds
Contents
2 How your fund performed
3 From the Chairman
4 Report from Putnam Management
Semiannual Report
6 Portfolio of investments owned
12 Financial statements
22 Fund performance supplement
23 Your Trustees
<PAGE>
How your
fund performed
For periods ended January 31, 1994
Total return* Fund
Class A Class B S&P Consumer
NAV POP NAV CDSC 500 Index Price Index
6 months 15.96% 9.31% 15.50% 10.50% 8.94% 1.24%
1 year 21.58 14.60 20.59 15.59 12.79 2.53
5 years 146.82 132.74 -- -- 89.75 20.73
annualized 19.81 18.41 -- -- 13.67 3.84
10 years 451.65 419.99 -- -- 316.74 43.48
annualized 18.62 17.92 -- -- 15.34 3.68
Life-of-class+
(class B shares) -- -- 42.38 38.38 21.99 4.80
annualized -- -- 22.23 20.27 11.96 2.70
Share data Class A Class B
NAV POP NAV
July 31, 1993 $11.02 $11.69 $10.89
January 31, 1994 $12.30 $13.05 $12.10
Distributions
6 months ended Investment
January 31, 1994 Number income Capital gains Total
Class A 1 -- $0.456 $0.456
Class B 1 -- $0.456 $0.456
Total return at end of most recent calendar quarter
Periods ended December 31, 1993
Class A Class B
NAV POP NAV CDSC
1 year 18.41% 11.61% 17.59% 12.59%
5 years 155.83 141.05 -- --
annualized 20.67 19.24 -- --
10 years 392.46 364.37 -- --
annualized 17.28 16.60 -- --
Life-of-class
(class B shares) -- -- 38.97 34.97
annualized -- -- 21.64 19.54
*Performance data represent past results. Investment return and
principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
+Effective April 27, 1992, the fund began offering Class B
shares. Performance for each share class will differ.
<PAGE>
Terms you need to know
Total return is the change in value of an investment from the
beginning to the end of a period, assuming the reinvestment of
all distributions. It may be shown at net asset value or at
public offering price.
Net asset value (NAV) is the value of all your fund's assets,
minus any liabilities, divided by the number of outstanding
shares, not reflecting any sales charge.
Public offering price (POP) is the price of a mutual fund share
plus the maximum sales charge levied at the time of purchase.
Contingent deferred sales charge (CDSC) is a charge applied at
the time of the redemption of shares rather than the time of
purchase. It generally declines and eventually disappears over a
stated period.
Class A shares are the shares of your fund offered subject to an
initial sales charge. Your fund's POP includes the maximum 5.75%
sales charge.
Class B shares are the shares of your fund offered with no
initial sales charge. Within the first six years of purchase,
they are subject to a CDSC declining from 5% to 1%. After the
sixth year, the CDSC no longer applies.
Please see the fund performance supplement on page 22 for
additional information about performance comparisons.
<PAGE>
From the
Chairman
(photograph of George Putnam)
(C) Karsh, Ottawa
George Putnam
Chairman
of the Trustees
Dear Shareholder:
I am very pleased to report that Putnam Voyager Fund turned in an
outstanding performance during the six months ended January 31,
1994, primarily as a result of rewarding growth opportunities for
the stocks of small and medium-sized companies that make up
two-thirds of the portfolio.
We are pleased with these results, of course. But success over
such a short period doesn't reflect the true nature of your
fund's potential. What counts more is how it has done over the
long term. The tables on the facing page provide an overview of
your fund's track record over the past decade. I think you'll
find them impressive.
The fund's performance has earned it a four-star rating out of a
possible five stars, from Morningstar Inc., for performance as of
January 31, 1994. Morningstar rates a fund against funds with
similar objectives every two weeks based on risk-adjusted
3-, 5-, and 10-year total return, as applicable, adjusted for
sales charges.
Your fund's success over the years has gained the attention of
many long-term growth investors. This increase in popularity has
also brought a significant increase in fund assets. To address
this, we have recently added two senior portfolio managers to
your fund's management team. Douglas Foreman and Charles
Swanberg, who have been at Putnam for 8 and 10 years,
respectively, will work in collaboration with your fund manager
Matthew Weatherbie. Together, they will continue to use the same
strategy and approach that Matt developed and that has proven so
effective over the years.
Respectfully yours,
(signature)
George Putnam
March 16, 1994
<PAGE>
Report from
Putnam Management
Top 10 holdings (1/31/94)*
Liberty Media Corp. Class A
LIN Broadcasting Corp.
Reuters Holdings PLC ADR
Tele-Communications, Inc. Class A
H&R Block, Inc.
Cisco Systems, Inc.
Comcast Corp. Special Class A
Telephone & Data Systems, Inc.
Century Telephone Enterprises, Inc.
Hospitality Franchise Systems, Inc.
*Reflects 22.5% of portfolio,
based on net assets as of
1/31/94. Holdings are subject
to change.
Putnam Voyager Fund's journey through the first half of fiscal
1994 not only validates the fund's investment approach but also
illustrates the strength of its performance potential. During the
six months ended January 31, 1994, the fund's total return at net
asset value for both class A and B shares significantly outpaced
the stock market as measured by the Standard & Poor's(R) 500
Index. For the six-month period, your fund returned 15.96% at NAV
compared to the S&P's 8.94% return for the same period. Returns
at public offering price (class A shares) and applicable CDSC
(class B shares) also surpassed the S&P for the same period.
The explanation behind the fund's strong performance lies in our
investment philosophy of careful stock selection, patience, and
dedication to long-term results. As is the case with all of our
growth funds, we encourage you to take a look at your fund's
long-term performance. For the ten full calendar years ended
December 31, 1993, the fund ranked in the top 5% of all equity
funds -- of any size or objective (425 funds) -- tracked by
Lipper Analytical Services, an independent industry analyst.
Start with a strong foundation We continue to focus on stocks of
small and midsized aggressive-growth companies because we believe
they offer exceptional appreciation potential over the long term.
As in the past, we are targeting companies that display strong
balance sheets, distinct competitive advantages in the markets
they serve, and demonstrated growth potential. In our opinion,
these foundation growth stocks, as we call them, have the
potential to increase their earnings to a greater extent than
larger companies. As a result, they are instrumental in helping
us build a "foundation" for growth. We should point out that such
companies often have limited product lines, markets, or financial
resources, so we expend a great deal of time and energy
researching portfolio candidates, choosing only those that meet
our strict criteria and investment philosophy.
Foundation growth stocks made up approximately 68% of the
portfolio during the first half of fiscal 1994. Most of those we
hold are found in the consumer goods and services, media, health
care, and technology industries.
Throughout the period, these stocks performed quite well. Our
heavy weighting in this area helped your fund's performance
during the period.
Add some opportunity Approximately 27% of the portfolio is now
invested in what we call opportunity growth stocks, defined as
larger-company stocks undergoing positive change. In this
category, we focus on stocks of out-of-favor companies that may
be undergoing turnarounds, as well as cyclical companies, whose
performance is closely linked to the pace of economic growth.
Opportunity growth companies often have new product innovations
and rejuvenated management teams.
One opportunity growth focus during the period was a move into
financial/insurance stocks. In hindsight, this move has proven to
be premature. During the latter part of 1993 and into early 1994,
the rise in long-term interest rates caused some of these stocks
to underperform. The insurance industry remains mired in the
doldrums, with six years of weak pricing of property/casualty
insurance companies and inadequate returns. We have decreased our
weighting in this area to minimize any impact on the portfolio's
value, but continue to maintain a position in the belief that the
insurance industry's fundamentals will improve.
Outlook Putnam Management believes the recent backup in interest
rates will prove to be temporary and that the economy will
continue to exhibit moderate growth in 1994. This, in turn,
should foster a favorable environment for growth stocks. The
current strategy of emphasizing foundation growth stocks should
continue to serve the fund well in the coming months.
Top industry sectors (1/31/94)*
(bar chart)
Broadcasting .................................11.1%
Computer software ............................8.5%
Business services ..........................8.1%
Health care services .......................6.7%
Retail .....................6.1%
*Based on percentage of net assets.
<PAGE>
Portfolio of
investments owned
January 31, 1994 (Unaudited)
Common Stocks (91.3%)(a)
Number of Shares Value
Broadcasting (11.1%)
250,000 Cablevision Systems Corp.(b) $ 15,875,000
1,200,000 Century Communications Corp.
Class A 12,750,000
153,700 Clear Channel Communications,
Inc.(b) 6,128,787
2,441,745 Comcast Corp. Special Class A 77,525,404
1,222,500 Infinity Broadcasting Corp.
Class A(b) 39,731,250
4,366,488 Liberty Media Corp. Class A(b) 113,529,665
277,600 QVC Network, Inc.(b) 12,214,400
1,000,000 TCA Cable TV, Inc. 25,875,000
3,306,625 Tele-Communications, Inc.
Class A(b) 90,105,531
100,000 Valuevision International, Inc.
Class A(b) 1,225,000
210,560 Viacom, Inc. Class B(b) 7,316,960
1,079,100 Westwood One, Inc.(b) 9,172,350
411,449,347
Computer Software (8.5%)
189,433 Broderbund Software, Inc.(b) 6,914,304
872,020 CUC International, Inc.(b) 27,904,640
1,214,956 Cisco Systems, Inc.(b) 88,084,310
266,000 Computer Associates
International, Inc. 9,808,750
250,000 FTP Software, Inc.(b) 7,000,000
60,100 Lotus Development Corp. 3,500,825
200,000 Oracle Systems Corp.(b) 6,425,000
1,149,600 Parametric Technology Corp.(b) 38,367,900
350,000 PeopleSoft, Inc.(b) 11,112,500
919,680 Sybase, Inc.(b) 42,305,280
354,631 Synopsys, Inc.(b) 16,002,724
250,000 Wall Data, Inc.(b) 13,125,000
610,166 Wellfleet Communications,
Inc.(b) 45,304,826
315,856,059
Business Services (8.1%)
900,000 Airgas, Inc.(b) 22,725,000
116,300 BISYS Group, Inc. 2,224,237
2,012,710 Block (H & R), Inc. 88,307,651
415,182 Danka Business Systems
ADR(c) 17,126,258
294,080 First USA, Inc. 9,741,400
310,000 General Motors Corp. Class E 9,300,000
350,000 ITEL Corp.(b) 10,018,750
161,040 Information Resources, Inc.(b) 6,039,000
420,538 Interim Svcs., Inc.(b) 10,566,017
1,019,344 Interpublic Group of Cos. Inc. 32,364,172
862,100 Kelly Services, Inc. Class A 25,647,475
350,000 Loewen Group, Inc. 9,318,750
524,275 Olsten Corp. (The) 16,383,594
393,475 Paychex, Inc. 15,739,000
253,667 Pharmaceutical Marketing
Services, Inc.(b) 4,058,672
104,100 Robert Half International, Inc.(b) 3,279,150
800,000 Westcott Communications, Inc.(b) 18,300,000
301,139,126
Health Care Services (6.7%)
400,000 Amgen, Inc.(b) 19,500,000
512,241 Biogen N.V.(b) 26,700,562
122,000 Biomet, Inc.(b) 1,296,250
400,000 Coventry Corp.(b) 20,400,000
250,000 HEALTHSOUTH Rehabilitation
Corp.(b) 7,062,500
787,845 Health Management Assoc.,
Inc.(b) 25,506,482
300,000 Healthsource, Inc.(b) 18,037,500
500,000 Homedco Group, Inc.(b) 17,875,000
350,000 Horizon Healthcare Corp.(b) 7,700,000
57,070 Integrated Health Services,
Inc.(b) 2,011,718
1,019,700 Lincare Holdings, Inc.(b) 22,433,400
285,400 Medaphis Corp.(b) 10,345,750
350,000 Oxford Health Plan(b) 23,100,000
237,800 Pacificare Health Systems,
Inc. Class B(b) 10,641,550
357,300 Target Therapeutics, Inc.(b) 8,575,200
100,000 U.S. Healthcare Inc. 6,650,000
255,289 United Healthcare Corp. 21,827,210
17,455 Value Health, Inc.(b) 691,654
23,900 Vencor Inc. 776,500
251,131,276
Retail (6.1%)
200,000 American Stores Co. 8,475,000
68,400 Amway Asia Pacific Ltd. 2,573,550
61,000 AnnTaylor(b) 1,303,875
619,130 Autozone Inc. 34,903,454
628,550 Bed Bath & Beyond, Inc.(b) 19,013,638
300,000 Books-A-Million, Inc.(b) 6,225,000
3,329 Castorama Dubois Investirre(c) 518,203
178,900 Gap Inc. 7,558,500
358,850 Gymboree Corp.(b) 13,860,581
195,100 Heilig-Meyers Co. 6,877,275
618,080 Home Depot, Inc. (The) 24,105,120
270 Hornbach Holding(b) 272,570
400,300 Kohl's Corp.(b) 19,364,513
217,770 Kroger Co.(b) 4,872,604
286,710 Limited Inc. (The) 5,089,103
158,457 Lowes' Cos., Inc. 9,665,877
1,133,275 Office Depot, Inc.(b) 41,222,878
800,000 Stein Mart, Inc.(b) 13,800,000
15,837 Sysco Corp. 431,558
230,900 TJX Cos., Inc. (The) 6,522,925
19,012 Talbots, Inc.(b) 494,312
227,150,536
Insurance (5.5%)
76,250 Aetna Life & Casualty Co. 4,841,875
183,000 American General Corp. 5,238,375
161,100 American International
Group, Inc. 14,921,888
531,560 Bankers Life Holding Corp. 11,893,655
350,000 Berkley (W.R.) 12,512,500
186,800 Cincinnati Financial Corp. 10,881,100
508,000 EXEL Ltd. 22,161,500
543,709 Gallagher (Arthur J.) & Co. 16,854,979
152,200 General Re Corp. 17,369,825
400,000 Integon Corp. 7,350,000
300,000 Life Partners Group, Inc. 5,175,000
366,900 Lincoln National Corp. 15,593,250
201,840 NWNL Companies, Inc. 6,332,730
342,220 Old Republic International Corp. 7,828,283
143,480 Rentokil Group(c) 585,585
77,500 Sunamerica, Inc. 3,167,813
220,800 Torchmark Corp. 10,515,600
360,900 Transatlantic Holdings Inc. 19,217,925
650,000 USF&G Corp. 9,100,000
164,720 Zurich Reinsurance Centre
Holdings, Inc.(b) 4,426,850
205,968,733
Telephone Services (5.5%)
500,000 ALC Communications
Corp.(b) 16,000,000
2,736,628 Century Telephone
Enterprises, Inc. 74,573,113
278,300 MFS Communications
Company, Inc.(b) 10,714,550
300,000 Pacific Telesis Group 17,287,500
250,000 Sprint Corp. 9,062,500
7,576 Telefonos de Mexico S.A.,
Ser. L, ADR (Mexico) 559,677
1,551,230 Telephone & Data Systems, Inc. 76,591,981
204,789,321
Cellular Broadcasting (5.1%)
210,100 Associated Communications
Corp. Class B 5,672,700
276,200 Cellular Communications of
Puerto Rico, Inc. 6,628,800
363,000 Cellular Communications,
Inc. Class A(b) 16,425,750
200,000 DSC Communications Corp. 12,025,000
806,000 LIN Broadcasting Corp.(b) 93,496,000
221,200 McCaw Cellular
Communications, Inc.(b) 11,944,800
362,357 Pactel Corp.(b) 9,149,514
1,243,340 Paging Network, Inc.(b) 35,746,025
191,088,589
Restaurants (3.6%)
975,000 Applebee's International, Inc. 22,912,500
350,000 Bertucci's Inc.(b) 6,300,000
240,200 Brinker International, Inc.(b) 10,148,450
1,525,000 Buffets Inc.(b) 40,412,500
301,419 McDonald's Corp. 18,311,204
400,000 Outback Steakhouse, Inc.(b) 15,800,000
357,000 Sonic, Inc.(b) 8,568,000
304,300 Taco Cabana, Inc.(b) 5,781,700
260,143 Wendy's International, Inc. 4,454,949
132,689,303
Publishing (3.2%)
917,700 Marvel Enterainment Group,
Inc.(b) 26,728,013
1,019,000 Reuters Holdings PLC ADR 91,582,625
10,030 Wolters Kluwer N.V.
(Netherlands)(c) 660,399
118,971,037
Semiconductors (2.9%)
420,000 Advanced Micro Devices,
Inc.(b) 8,610,000
152,500 Altera Corp.(b) 4,594,063
260,000 Intel Corp. 16,965,000
222,200 Lattice Semiconductor Corp.(b) 3,555,200
513,056 Linear Technology Corp. 22,189,672
610,510 Maxim Integrated Products
Inc.(b) 30,372,873
140,000 Texas Instruments, Inc. 9,835,000
382,500 Zilog Inc.(b) 13,005,000
109,126,808
<PAGE>
Medical Supplies (2.6%)
168,300 Datascope Corp.(b) 2,440,350
230,000 Johnson & Johnson 9,746,250
406,000 Medtronic, Inc. 34,104,000
9,012 Pyxis Corp.(b) 660,129
407,000 SCI-Med Life Systems, Inc.(b) 17,297,500
928,967 Stryker Corp. 32,513,845
96,762,074
Recreation (2.6%)
255,000 Boomtown, Inc.(b) 4,653,750
400,000 Casino America, Inc.(b) 11,000,000
283,758 Disney (Walt) Productions, Inc. 13,407,566
819,600 Hospitality Franchise Systems,
Inc.(b) 45,385,350
467,400 Mirage Resorts, Inc.(b) 11,626,575
400,000 Players International Inc.(b) 10,300,000
96,373,241
Oil and Gas (2.2%)
305,900 Apache Corp. 7,647,500
208,000 Burlington Resources Inc. 10,010,000
315,200 Destec Energy, Inc.(b) 4,728,000
130,000 Exxon Corp. 8,645,000
220,000 Louisiana Land &
Exploration Co. 9,157,500
340,000 MascoTech, Inc. 8,627,500
510,000 Production Operators Corp. 12,750,000
153,000 Royal Dutch Petroleum Co. ADR 16,830,000
198,860 Tidewater, Inc. 4,225,775
82,621,275
Finance (2.2%)
389,600 Bear Stearns Companies, Inc. 9,496,500
400,000 Beneficial Corp. 15,850,000
240,000 Dean Witter Discover & Co. 9,210,000
234,810 Federal Home Loan Mtge.
Corp. 13,677,683
36,070 Federal National Mortgage 3,151,616
300,000 Financial Federal Corp.(b) 4,987,500
264,966 MBNA Corp. 9,207,569
307,500 Student Loan Marketing
Association 15,029,063
80,609,931
Pharmaceuticals (1.9%)
290,000 Abbott Laboratories 8,555,000
566,900 Elan Corp., PLC ADR(b) 25,510,500
10,011 Genentech Inc.(b) 504,304
300,000 Genzyme Corp.(b) 9,600,000
255,000 ICN Pharmaceuticals, Inc.(b) 2,263,125
16,400 Perrigo Co.(b) 500,200
196,200 Pfizer, Inc. 12,679,425
200,537 SPI Pharmaceuticals Inc. 3,459,256
245,560 Upjohn Co. 7,366,800
70,438,610
Banks (1.9%)
370,000 Bank of Boston Corp. 9,481,250
178,000 Baybanks, Inc. 9,567,500
330,000 Comerica Inc. 9,281,250
540,000 First Bank Systems, Inc. 16,942,500
380,000 First Fidelity Bancorp
(New Jersey) 16,767,500
157,500 Golden West Financial Corp. 6,989,062
69,029,062
Computer Services (1.7%)
255,200 America Online, Inc.(b) 16,269,000
943,200 First Data Corp. 43,151,400
50,000 Policy Management Systems
Corp.(b) 1,650,000
39,775 Powersoft Corp.(b) 2,227,400
63,297,800
Aerospace (1.7%)
1,027,000 FlightSafety International, Inc. 35,688,250
600,000 GenCorp Inc. 8,775,000
300,000 Textron Inc. 17,737,500
62,200,750
Automotive (1.3%)
140,000 Chrysler Corp. 8,610,000
250,000 Echlin, Inc. 8,687,500
362,300 General Motors Corp. 22,236,163
250,000 Snap-On Tools Corp. 10,718,750
50,252,413
Medical Equipment and Supplies (1.1%)
72,500 Ballard Medical Products 1,096,563
100,000 Boston Scientific Corp.(b) 1,525,000
656,800 Haemonetics Corp.(b) 15,270,600
191,600 Molecular Dynamics, Inc.(b) 2,538,000
500,000 Sofamor/Danek Group, Inc.(b) 17,750,000
62,400 Zoll Medical Corp.(b) 2,246,400
40,426,563
<PAGE>
Specialty Consumer Products (0.8%)
204,000 Fastenal Co. 6,987,000
450,000 Harcourt General, Inc. 16,200,000
23,870 Luxottica Group ADS 698,198
160,000 Petsmart, Inc.(c) 5,400,000
29,285,198
Steel (0.7%)
136,000 CBI Industries, Inc. 4,250,000
282,500 Shiloh Industries, Inc.(b) 3,707,813
1,000,000 Worthington Industries, Inc. 19,750,000
27,707,813
Chemicals (0.6%)
160,000 du Pont (E.I.) de Nemours &
Co., Ltd. 8,960,000
185,000 FMC Corp.(b) 8,926,250
15,787 Schulman (A.), Inc. 526,891
121,241 Witco Chemical Corp. 3,985,797
22,398,938
Tobacco (0.5%)
240,000 American Brands, Inc. 8,580,000
150,000 Philip Morris Cos., Inc. 9,037,500
73,200 UST Inc. 2,086,200
19,703,700
Consumer Services (0.5%)
20,555 Blockbuster Entertainment Corp. 567,832
6,200 Ed. Alternatives 223,200
200,000 Premark International, Inc. 17,225,000
33,400 Stewart Enterprises, Inc. Class A 901,800
18,917,832
Medical Management Services (0.5%)
370,900 HBO & Co. 17,849,563
Food and Beverages (0.4%)
103,956 Au Bon Pain Co., Inc. 2,624,889
1,500,000 Food Lion, Inc. Class A 10,031,250
167,710 Iceland Group(c) 431,904
13,088,043
Apparel (0.4%)
436,800 Jones Apparel Group, Inc.(b) 13,049,400
<PAGE>
Electrical Equipment (0.3%)
480,000 Baldor Electric Co. 12,600,000
Lodging (0.3%)
195,000 Promus Companies, Inc.(b) 9,871,875
Containers (0.3%)
800,000 Owens-Illinois Inc.(b) 9,300,000
Alcoholic Bevergages (0.2%)
300,000 Seagram Co. Ltd. 9,225,000
Conglomerate (0.2%)
200,000 Varity Corp.(b) 9,000,000
Environmental Control (0.1%)
200,000 Mid-American Waste Systems, Inc. 1,975,000
Soft Drinks (--%)
3,000 Coca-Cola Company 122,623
64,154 Cott Corp. 1,732,158
1,854,781
Basic Industrial Products (--%)
41,800 Goetz Co. 1,107,700
Nursing Homes (--%)
130,000 Takare PLC(c) 524,689
Total Common Stock
(cost $2,459,862,021) $3,398,831,386
Convertible Preferred Stocks (1.5%)(a)
Number of Shares Value
880,900 Cellular Communications,
Inc. $0.01, cv. pfd. $ 39,860,725
225,900 Equitable Cos. $3.00 cv.
pfd.(d) 15,191,775
Total Convertible
Preferred Stocks
(cost $37,691,409) $ 55,052,500
<PAGE>
Short-Term Investments (5.8%)(a)
Principal Amount Value
$10,000,000 Corporate Asset Funding
Corp. 3.12s, April 15, 1994 $ 9,936,733
10,000,000 Corporate Receivables Corp.
3.05s, February 25, 1994 9,979,667
15,000,000 First Boston Group 3.06s,
February 28, 1994 14,965,575
15,000,000 Ford Motor Co. 3.36s,
February 2, 1994 14,997,200
15,000,000 General Electric Capital
Corp. 3.05s, March 28, 1994 14,930,104
15,000,000 Goldman Sachs Group 3.37s,
March 3, 1994 14,957,877
15,000,000 Heller Financial 3.05s,
March 28, 1994 14,930,104
35,000,000 Merrill Lynch & Co., Inc.
3.1s, with various maturities
to March 7, 1994 34,929,819
20,000,000 Shearson Lehman Brothers
Holdings Inc. 3.05s,
February 4, 1994 19,994,917
20,000,000 Federal Home Loan Banks
3.05s, February 25, 1994 19,959,999
10,000,000 Preferred Receivables Corp.
3.10s, March 11, 1994 9,967,278
36,864,000 Interest in $517,526,000
repurchase agreement
dated Janaury 31, 1994
with Bankers Trust due
February 1, 1994 with
respect to various U.S.
Treasury obligations--maturity
value of $38,867,256 for an
effective yield of 3.18% 36,867,256
Total Short-Term Investments
(cost $216,416,529) $ 216,416,529
Total Investments
(cost $2,713,969,959)(e) $3,670,300,415
<PAGE>
(a) Percentages indicated are based on total net assets of
$3,721,793,427, which correspond to a net asset value per Class A
and Class B share of $12.30 and $12.10, respectively.
(b) Non-income-producing security.
(c) Securities whose value is determined or significantly
influenced by trading on exchanges not located in the United
States or Canada.
(c) ADR or ADS after the name of a foreign security stands for
American Depository Receipt and American Depository Shares,
respectively, representing ownership of foreign securities on
deposit with a domestic custodian bank.
(d) Security exempt from registration under Rule 144A of the
Securities Act of 1933. This security may be resold in
transactions exempt from registration normally to qualified
institutional buyers. At Janaury 31, 1994, this security was
valued at $15,191,775 or 0.4% of net assets.
(e) The aggregate identified cost for federal income tax purposes
is $2,719,988,254, resulting in gross unrealized appreciation and
depreciation of $1,017,053,022 and $66,740,861, respectively, or
net unrealized appreciation of $950,312,161.
<PAGE>
<TABLE>
<CAPTION>
Statement of
assets and liabilities
January 31, 1994 (unaudited)
<S> <C> <C>
Assets
Investments in securities, at value (identified cost
$2,713,969,959) (Note 1) $3,670,300,415
Dividends, interest and other receivables 1,504,500
Receivable for shares of the Fund sold 28,092,351
Receivable for securities sold 117,404,404
Total assets 3,817,301,670
Liabilities
Payable for subcustodian bank (Note 2) $ 556,200
Payable for securities purchased 83,885,092
Payable for shares of the Fund repurchased 3,225,227
Payable for compensation of Manager (Note 2) 4,748,231
Payable for investor servicing and custodian fees
(Note 2) 1,611,506
Payable for administrative services (Note 2) 23,416
Payable for distribution fees (Note 2) 1,198,111
Other accrued expenses 260,460
Total liabilities 95,508,243
Net assets $3,721,793,427
Represented by
Paid-in capital (Note 4) $2,703,073,396
Distributions in excess of net investment income (4,929,031)
Accumulated net realized gain on investment transactions 67,318,606
Net unrealized appreciation of investments and options 956,330,456
<PAGE>
Total -- Representing net assets applicable to
capital shares outstanding $3,721,793,427
Computation of net asset value and offering price
Net asset value and redemption price of Class A
shares ($3,015,554,241 divided by 245,237,687 shares) $12.30
Offering price per Class A shares (100/94.25 of $12.30)* $13.05
Net asset value and offering price of Class B shares
($706,239,186 divided by 58,361,863 shares)** $12.10
*On single retail sales of less than $50,000. On sales of $50,000 or more and on group
sales the offering price is reduced.
**Redemption price per share is equal to net asset value less any applicable contingent
deferred sales charge.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Statement of
operations
Six months ended January 31, 1994 (unaudited)
<S> <C> <C>
Investment income:
Dividends (net of foreign tax of $161,853) $12,389,181
Interest 1,920,272
Total investment income 14,309,453
Expenses:
Compensation of Manager (Note 2) $9,086,094
Investor servicing and custodian fees (Note 2) 3,164,681
Compensation of Trustees (Note 2) 40,494
Distribution fees -- Class A (Note 2) 3,416,944
Distribution fees -- Class B (Note 2) 2,740,205
Reports to shareholders 40,329
Auditing 31,024
Legal 22,685
Postage 199,123
Administrative services (Note 2) 50,411
Registration fees 138,629
Other 132,086
Total expenses 19,062,705
Net investment loss (4,753,252)
Net realized gain on investments (Notes 1 and 3) 119,911,822
Net unrealized appreciation of investments during the year 358,432,526
Net gain on investments 478,344,348
Net increase in net assets resulting from operations $473,591,096
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Statement of
changes in net assets
<S> <C> <C>
Six months ended Year ended
January 31 July 31
1994* 1993
Increase in net assets Operations:
Net investment loss $ (4,753,252) $ (4,392,957)
Net realized gain on investments 119,911,822 112,163,843
Net realized loss on options -- (1,185,231)
Net unrealized appreciation of investments and options 358,432,526 269,280,865
Net increase in net assets resulting from operations 473,591,096 375,866,520
Distributions to shareholders from:
Net investment income -- Class A -- (170,569)
Net realized gain on investments
Class A (104,896,450) (90,141,397)
Class B (22,949,719) (6,173,738)
Increase from capital share transactions (Note 4)564,355,360 940,692,692
Total increase in net assets 910,100,287 1,220,073,508
Beginning of year 2,811,693,140 1,591,619,632
End of year (including distributions in excess of
net investment income ($4,929,031 and
$318,367, respectively) $3,721,793,427 $2,811,693,140
*Unaudited
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Financial highlights*
(For a share outstanding
throughout the period)
April 27, 1992
Six months (commencement Six months
ended Year ended of operations) to ended
January 31 July 31 July 31 January 31 Year ended July 31
1994*** 1993 1992 1994*** 1993 1992
Class B Class A
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $10.89 $9.63 $9.34 $11.02 $9.67 $9.00
Investment operations
Net Investment Income (Loss) (.03) (.03) (.04) (.01) (.02) .02
Net Realized and Unrealized
Gain (Loss) on Investments 1.70 1.81 .33 1.75 1.89 1.16
Total from
investment operations 1.67 1.78 .29 1.74 1.87 1.18
Less Distributions from:
Net Investment Income -- -- -- -- -- (.03)
Net Realized Gain
on Investments (.46) (.52) -- (.46) (.52) (.48)
Total Distributions (.46) (.52) -- (.46) (.52) (.51)
Net Asset Value,
End of Period $12.10 $10.89 $9.63 $12.30 $11.02 $9.67
Total Investment Return
at Net Asset Value (%)(b) 31.00(c) 18.79 14.50(c) 31.92(c) 19.69 13.39
Net Assets, End of Period
(in thousands) $706,239 $408,361 $42,492 $3,015,554 $2,403,332 $1,549,128
Ratio of Interest Expense to
Average Net Assets (%) -- -- -- -- -- --
Ratio of Other Operating
Expenses to Average
Net Assets (%) 1.78(c) 1.87 2.42(c) 1.04(c) 1.12 1.20
Ratio of Total Expenses to
Average Net Assets (%) 1.78(c) 1.87 2.42(c) 1.04(c) 1.12 1.20
Ratio of Net Investment Income
(Loss) to Average Net Assets (%) (.92)(c) (.91) (1.50)(c) (.16)(c) (.14) .27
Portfolio Turnover (%)** 26.69 64.62 44.17 26.69 64.62 44.17
See page 16 for notes to Financial highlights.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights* (continued)
Year ended July 31
1991 1990 1989 1988 1987 1986 1985 1984
Class A
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $7.98 $8.51 $6.56 $8.71 $7.43 $6.05 $4.77 $6.36
Investment operations
Net Investment Income (Loss) .02 .09 .08 .04(a) .02 .04 .05 .07
Net Realized and Unrealized
Gain (Loss) on Investments 1.70 .28 2.02 (.84) 2.22 1.71 1.64 (1.27)
Total from
investment operations 1.72 .37 2.10 (.80) 2.24 1.75 1.69 (1.20)
Less Distributions from:
Net Investment Income (.07) (.10) (.02) (.03) (.05) (.05) (.05) (.03)
Net Realized Gain
on Investments (.63) (.80) (.13) (1.32) (.91) (.32) (.36) (.36)
Total Distributions (.70) (.90) (.15) (1.35) (.96) (.37) (.41) (.39)
Net Asset Value,
End of Period $9.00 $7.98 $8.51 $6.56 $8.71 $7.43 $6.05 $4.77
Total Investment
Return at Net
Asset Value (%)(b) 24.04 4.80 32.59 (10.26) 35.71 31.33 37.12 (20.01)
Net Assets, End of Period
(in thousands) $1,016,539 $755,550 $697,248 $549,799 $610,966 $378,532 $282,868 $191,880
<PAGE>
Ratio of Interest Expense to
Average Net Assets (%) -- -- -- -- .19 .01 .06 --
Ratio of Other Operating
Expenses to Average
Net Assets (%) 1.10 .97 1.00 1.05(a) 1.01 .88 .96 1.04
Ratio of Total Expenses to
Average Net Assets (%) 1.10 .97 1.00 1.05(a) 1.20 .89 1.02 1.04
Ratio of Net Investment Income
(Loss) to Average Net Assets (%) .29 1.10 1.04 .68(a) .41 .72 .99 1.37
Portfolio Turnover (%)** 49.43 61.71 70.87 65.75 79.10 75.57 60.29 136.10
*Financial highlights for periods ended through July 31, 1992 have been restated to conform with requirements issued by
the SEC in April 1993. Table has been restated to reflect a 3-for-1 share split declared by the Fund to shareholders of
record on October 27, 1989, payable on October 28, 1989.
**Portfolio turnover calculations for fiscal 1985 and thereafter include transactions in U.S. government securities with
maturities greater than one year.
Prior year portfolio turnover calculations excluded all U.S. government securities.
***Unaudited.
(a)Reflects an expense limitation during the six months ended July 31, 1988. As a result of such limitation, expenses
reflect a reduction of less than $0.01 per share.
(b)Total investment return assumes dividend reinvestment and does not reflect the effect of sales charges.
(c)Annualized.
(d)Not annualized.
/TABLE
<PAGE>
Notes to
financial statements
January 31, 1994 (unaudited)
Note 1 Significant accounting policies
The Fund is registered under the Investment Company Act of 1940,
as amended, as a diversified, open-end management investment
company. The Fund invests primarily in common stocks of small to
medium-sized companies that Putnam Management believes have
potential for capital appreciation significantly greater than
that of the market averages.
The Fund offers both Class A and Class B shares. The Fund
commenced its public offering of Class B shares on April 27,
1992. Class A shares are sold with a maximum front-end sales
charge of 5.75%. Class B shares do not pay a front-end sales
charge, but pay a higher ongoing distribution fee than Class A
shares, and may be subject to a contingent deferred sales charge,
if those shares are redeemed within six years of purchase.
Expenses of the Fund are borne pro-rata by the holders of both
classes of shares, except that each class bears expenses unique
to that class including the distribution fees applicable to such
class and 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. Shares of each
class would receive their pro-rata share of the net assets of the
Fund, if the Fund were liquidated. In addition, the Trustees
declare separate dividends on each class of shares.
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with
generally accepted accounting principles.
A) Security valuation Investments for which market quotations are
readily available are stated at market value, which is determined
using the last reported sale price, or, if no sales are reported-
- -as in the case of some securities traded over the counter--the
last reported bid price, except that certain U.S. government
obligations are stated at the mean between the bid and asked
prices. Short-term investments having remaining maturities of 60
days or less are stated at amortized cost which approximates
market, and other investments are stated at fair value following
procedures approved by the Trustees.
B) Joint trading account Pursuant to an exemptive order issued by
the Securities and Exchange Commission, the Fund may transfer
uninvested cash balances into a joint trading account, along with
the cash of other registered investment companies managed by
Putnam Investment Management, Inc. (Putnam Management) (formerly
known as The Putnam Management Company, Inc.), the Fund's
Manager, a wholly-owned subsidiary of Putnam Investments, Inc.,
(formerly, The Putnam Companies, Inc.) and certain other
accounts. These balances may be invested in one or more
repurchase agreements and/or short-term money market instruments.
C) Repurchase agreements The Fund, through its custodian,
receives delivery of the underlying securities, the market value
of which at the time of purchase is required to be in an amount
at least equal to the resale price, including accrued interest.
The Fund's Manager is responsible for determining that the value
of these underlying securities is at all times at least equal to
the resale price, including accrued interest.
D) Security transactions and related investment income Security
transactions are accounted for on the trade date (date the order
to buy or sell is executed). Interest income is recorded on the
accrual basis and dividend income is recorded on the ex-dividend
date, except that certain dividends from foreign securities are
recorded as soon as the Fund is informed of the ex-dividend date.
Foreign currency-denominated receivables and payables are
"marked-to-market" using the current exchange rate. The
fluctuation between the original exchange rate and the current
exchange rate is recorded as unrealized translation gain or loss.
Upon receipt or payment, the Fund realizes a gain or loss on
foreign currency amounting to the difference between the original
value and the ending value of the receivable or payable. Foreign
currency gains and losses related to dividends receivable are
reported as part of dividend income.
E) Option accounting principles When the Fund writes a call or
put option, an amount equal to the premium received by the Fund
is included in the Fund's "Statement of Assets and Liabilities"
as an asset and an equivalent liability. The amount of the
liability is subsequently "marked-to-market" to reflect the
current market value of the option written. The current market
value of an option is the last sale price or, in the absence of a
sale, the last offering price. If an option expires on its
stipulated expiration date, or if the Fund enters into a closing
purchase transaction, the Fund realizes a gain (or loss if the
cost of a closing purchase transaction exceeds the premium
received when the option was written) without regard to any
unrealized gain or loss on the underlying security, and the
liability related to such option is extinguished. If a written
call option is exercised, the Fund realizes a gain or a loss from
the sale of the underlying security and the proceeds of the sale
are increased by the premium originally received. If a written
put option is exercised, the amount of the premium originally
received reduces the cost of the security which the Fund
purchases upon exercise of the option.
The premium paid by the Fund for the purchase of a call or put
option is included in the Fund's "Statement of Assets and
Liabilities" as an investment and subsequently "marked-to-market"
to reflect the current market value of the option. If an option
which the Fund has purchased expires on the stipulated expiration
date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the
Fund realizes a gain or loss, depending on whether proceeds from
the closing sale transaction are greater or less than the cost of
the option. If the Fund exercises a call option, the cost of the
securities acquired by exercising the call is increased by the
premium paid to buy the call. If the Fund exercises a put option,
it realizes a gain or loss from the sale of the underlying
security and the proceeds from such sale are decreased by the
premium originally paid.
Stock index options are similar to options on individual
securities in that the purchaser of an index option acquires the
right to buy, and the writer undertakes the obligation to sell,
an index at a stated exercise price during the term of the
option. Instead of giving the right to take or make actual
delivery of securities, the holder of a stock index option has
the right to receive a cash "exercise settlement account." This
amount is equal to the amount by which the fixed exercise price
of the option exceeds (in the case of a put) or is less than (in
the case of a call) the closing value of the underlying index on
the date of the exercise, multiplied by a fixed "index
multiplier." The Fund writes options on stock indices only to the
extent that it holds in its portfolio underlying securities,
which, in the judgment of Putnam Management, correlate closely
with the stock index.
F) Federal taxes It is the policy of the Fund to distribute all
of its taxable income within the prescribed time and otherwise
comply with the provisions of the Internal Revenue 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 Internal
Revenue Code of 1986. Therefore, no provision has been made for
federal taxes on income, capital gains or unrealized appreciation
on securities held and for excise tax on income and capital
gains.
G) Distributions to shareholders Distributions to shareholders
are recorded by the Fund on the ex-dividend date.
Note 2 Management fee, administrative services, and other
transactions
Compensation of Putnam Management, for management and investment
advisory services is paid quarterly based on the average net
assets of the Fund for the quarter. Such fee is based on the
following annual rates: 0.70% of the first $500 million of
average net assets, 0.60% of the next $500 million, 0.55% of the
next $500 million, and 0.50% of any amount over $1.5 billion,
subject to reduction in any year to the extent that expenses
(exclusive of brokerage, interest, distribution fees and taxes)
of the Fund exceed 2.5% of the first $30 million of average net
assets, 2.0% of the next $70 million and 1.5% of any amount over
$100 million, and by the amount of certain brokerage commissions
and fees (less expenses) received by affiliates of the Manager on
the Fund's portfolio transactions.
The Fund also reimburses the Manager 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. For the six months ended January 31, 1994, the Fund
paid $50,411 for these services.
Trustees of the Fund receive an annual Trustee's fee of $2,960,
and an additional fee for each Trustees' meeting attended.
Trustees who are not interested persons of the Manager and who
serve on committees of the Trustees receive additional fees for
attendance at certain committee meetings.
Custodial functions for the Fund's assets are provided by Putnam
Fiduciary Trust Company (PFTC), a subsidiary of Putnam
Investments, Inc. Investor servicing agent functions are provided
to the Fund by Putnam Investor Services, a division of PFTC.
Fees paid for these investor servicing and custodial functions
for the six months ended January 31, 1994 amounted to $3,164,681.
Investor servicing and custodian fees reported in the Statement
of operations for the six months ended January 31, 1994 have been
reduced by credits allowed by PFTC.
The Fund has adopted a distribution plan with respect to class A
shares (the "class A Plan") pursuant to Rule 12b-1 under the
Investment Company Act of 1940. The purpose of the class A Plan
is to compensate Putnam Mutual Funds Corp. (formerly known as
Putnam Financial Services, Inc.), a wholly-owned subsidiary of
Putnam Investments, Inc., for services provided and expenses
incurred by it in distributing class A shares. The Trustees have
approved payment by the Fund to Putnam Mutual Funds Corp., at an
annual rate of 0.25% of the Fund's average net assets
attributable to class A shares. For the six months ended January
31, 1994, the Fund paid $3,416,944 in distribution fees for class
A shares.
During the six months ended January 31, 1994, Putnam Mutual Funds
Corp., acting as an underwriter, received net commissions of
$1,074,762 from the sale of Class A shares of the Fund.
A deferred sales charge of up to 1% is assessed on certain
redemptions of Class A shares purchased as part of an investment
of $1 million or more. For the six months ended July 1993, Putnam
Mutual Funds Corp., acting as underwriter, received $3,048 on
Class A redemptions.
The Fund has adopted a distribution plan with respect to its
Class B shares (the "Class B Plan") pursuant to Rule 12b-1 under
the Investment Company Act of 1940. The purpose of Class B Plan
is to compensate Putnam Mutual Funds Corp. for services provided
and expenses incurred by it in distributing Class B shares. The
Class B Plan provides for payments by the Fund to Putnam Mutual
Funds Corp. at an annual rate of up to 1.00% of the Fund's
average net assets attributable to Class B shares. Payments under
the plan cannot exceed 1.00% without shareholder approval. For
the six months ended January 31, 1994, the Fund paid Putnam
Mutual Funds Corp. distribution fees of $2,740,205 for Class B
shares.
Putnam Mutual Funds Corp. also receives the proceeds on the
contingent deferred sales charges on its Class B share
redemptions within six years of purchase. The charge is based on
declining rates, which begin at 5.00% of the net asset value of
the redeemed shares. For the six months ended January 31, 1994,
Putnam Mutual Funds Corp., acting as an underwriter, received
$382,766 in contingent deferred sales charges from redemptions.
As part of the custodian contract between PFTC and the
subcustodian bank, the subcustodian has a lien on the securities
of the Fund to the extent permitted by the Fund's investment
restrictions to cover any advances made by the Fund. At January
31, 1994 payable to subcustodian represents the amount due for
cash advanced for the settlement of a security purchased.
Note 3 Purchases and sales of securities
During the six months ended January 31, 1994, purchases and sales
of investment securities other than short-term investments
aggregated $1,191,998,695 and $834,526,284, respectively. There
were no purchases or sales of U.S. government obligations. In
determining the net gain or loss on securities sold, the cost of
securities has been determined on the identified cost basis.
<PAGE>
<TABLE>
<CAPTION>
Note 4 Capital shares
At January 31, 1994, there was an unlimited number of shares of beneficial interest
authorized, divided into two classes, Class A and Class B capital shares. Transactions in
capital shares were as follows:
Six months ended Year ended
January 31 July 31
1994 1993
Class A Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares sold 52,134,339 $617,262,164 103,905,106 $1,074,340,482
Shares issued in connection
with reinvestment of
distributions 8,465,994 99,305,978 7,987,904 82,835,225
60,600,333 716,568,142 111,893,010 1,157,175,707
Shares repurchased (33,462,185) (396,417,811) (54,026,950) (555,944,066)
Net increase 27,138,148 $320,150,331 57,866,060 $ 601,231,641
Six months ended Year ended
January 31 July 31
1994 1993
Class B Shares Amount Shares Amount
Shares sold 23,303,430 $273,093,316 36,505,966 $ 374,601,722
Shares issued in connection
with reinvestment of
distributions 1,838,348 21,232,726 548,375 5,648,264
25,141,778 294,326,042 37,054,341 380,249,986
Shares repurchased (4,268,182) (50,121,013) (3,976,467) (40,788,935)
Net Increase 20,873,596 $244,205,029 33,077,874 $ 339,461,051
/TABLE
<PAGE>
Note 5 Reclassification of Capital Accounts
Effective August 1, 1993, Putnam Voyager Fund has adopted the
provisions of Statement of Position 93-2 "Determination,
Disclosure and Financial Statement Presentation of Income,
Capital Gain and Return of Capital Distributions by Investment
Companies (SOP)." The purpose of this SOP is to report the
accumulated net investment income (loss) and accumulated net
realized gain (loss) accounts in such a manner as to approximate
amounts available for future distributions (or to offset future
realized capital gains) and to achieve uniformity in the
presentation of distributions by investment companies.
As a result of the SOP, the Fund has reclassified $142,588
reducing distributions in excess of net investment income,
$4,470,089 increasing accumulated net realized gain and
$4,612,677 decreasing additional paid-in capital.
These adjustments represent the cumulative amounts necessary to
report these balances through July 31, 1993, the close of the
Fund most recent fiscal year-end, for financial reporting and tax
purposes.
Fund
performance
supplement
Putnam Voyager Fund is a portfolio managed for capital
appreciation primarily through investment in common stocks.
Standard & Poor's 500 Index is an unmanaged list of
large-capitalization common stocks; it assumes reinvestment of
all distributions. The index does not take into account brokerage
commissions or other costs. The fund's portfolio contains
securities that do not match those in the index. The Consumer
Price Index is a commonly used measure of inflation; it does not
represent an investment return.
Fund performance data do not take into account any adjustment
made for payments under the fund's class A distribution plan
prior to its implementation in fiscal 1990, or taxes payable on
reinvested distributions.
The fund performance supplement has been prepared by Putnam
Management to provide additional information about the fund and
the indexes used for performance comparisons. The information is
not part of the portfolio of investments owned or the financial
statements.
<PAGE>
Your
Trustees
George Putnam
Chairman
Chairman and President,
The Putnam Funds
William F. Pounds
Vice Chairman
Professor of Management,
Alfred P. Sloan
School of Management,
Massachusetts Institute of
Technology
Jameson Adkins Baxter
President,
Baxter Associates, Inc.
Hans H. Estin
Vice Chairman,
North American
Management Corporation
John A. Hill
Principal and
Managing Director,
First Reserve Corp.
Elizabeth T. Kennan
President,
Mount Holyoke College
Lawrence J. Lasser
President and
Chief Executive Officer,
Putnam Investments, Inc.
Robert E. Patterson
Executive Vice President,
Cabot Partners
Limited Partnership
Donald S. Perkins
Director of various
corporations
George Putnam, III
President, New Generation
Research, Inc.
<PAGE>
A.J.C. Smith
Chairman of the Board
and Chief Executive Officer
Marsh & McLennan
Companies, Inc.
W. Nicholas Thorndike
Director of various
corporations
<PAGE>
Putnam
Voyager
Fund
Fund information
Investment manager
Putnam Investment
Management, Inc.
One Post Office Square
Boston, MA 02109
Marketing services
Putnam Mutual Funds Corp.
One Post Office Square
Boston, MA 02109
Investor servicing agent
Putnam Investor Services
Mailing address:
P.O. Box 41203
Providence, RI 02940-1203
1-800-225-1581
Custodian
Putnam Fiduciary
Trust Company
Legal counsel
Ropes & Gray
(DALBAR logo)
Putnam Investor Services
has received the DALBAR
award each year since the
award's 1990 inception.
In more than 10,000 tests
of 38 shareholder
service components,
Putnam outperformed
the industry standard
in every category.
07/54-11146<PAGE>
Officers
George Putnam
President
Charles E. Porter
Executive Vice President
Patricia C. Flaherty
Senior Vice President
Lawrence J. Lasser
Vice President
Gordon H. Silver
Vice President
Peter Carman
Vice President
Matthew A. Weatherbie
Vice President
and Fund Manager
William N. Shiebler
Vice President
John R. Verani
Vice President
Paul O'Neil
Vice President
John D. Hughes
Vice President
and Treasurer
Beverly Marcus
Clerk and
Assistant Treasurer
This report is for the information
of shareholders of Putnam Voyager
Fund. It may also be used as sales
literature when preceded or accom-
panied by the current prospectus,
which gives details of sales charges,
investment objectives, and operating
policies of the fund.
<PAGE>
PUTNAMINVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
- -----------------
Bulk Rate
U.S. Postage
Paid
Boston, MA
Permit No. 53749
- ------------------
<PAGE>
APPENDIX TO FORM N30D FILINGS TO DESCRIBE DIFFERENCES BETWEEN
PRINTED AND EDGAR-FILED TEXTS:
(1) Rule lines for tables are omitted.
(2) Boldface and italic typefaces are displayed in normal type.
(3) Headers (e.g, the name of the fund) and footers (e.g., page
numbers and "The accompanying notes are an integral part of these
financial statements") are omitted.
(4) Because the printed page breaks are not reflected, certain
tabular and columnar headings and symbols are displayed
differently in this filing.
(5) Bullet points and similar graphic signals are omitted.
(6) Page numbering is different.
(7) The (R) symbol is used to represent registered trademarks.
