Putnam Voyager Fund - Putnam Investments

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Putnam Voyager FundA veteran stockpicker targets largegrowing companiesA combination of earnings growth and attractive stock pricesNick looks for companies that are poised for rapid growth, but he also keeps a careful eyeon stock prices. Overall, companies in the fund’s portfolio have higher projected earningsgrowth rates relative to those in the fund’s benchmark, but their price/earnings ratiosare projected to be lower, which means the stocks are generally less expensive. Seekingattractive valuations helps mitigate risk if a company’s anticipated growth fails to materialize.For more than 40 years, Putnam Voyager Fund has invested in the growth potentialof U.S. companies. Today, the fund is managed by industry veteran Nick Thakore,who began his career in 1993 and has invested through many market environments.Backed by a team of skilled analysts, Nick looks for companies that have the potentialto grow revenues and earnings at a rate that the market underestimates.Seeking growth — without paying too muchPutnam Voyager Fund holdingsRussell 1000 Growth Index holdings19.2%17.8x14.7% 14.3x“In difficult markets, I try to capitalize oninvestor skepticism. I keep my focus onthe companies themselves and don’tget distracted by the ‘noise.’ When themarket is strong, rather than get caughtup in the rally, I try to be disciplinedabout selling companies that havediscounted their growth outlook.”Nick C. ThakorePortfolio ManagerCo-Head of U.S. EquitiesData as of 6/30/14.Earnings-per-share growth(projected 5-year growth rate)Sources: Putnam research and IBES.Price/earnings ratio(forward 12 months)The Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000Index chosen for their growth orientation. You cannot invest directly in an index. Price/earnings ratio is ameasure of a company’s market capitalization divided by its total earnings. Earnings-per-share growthrates reflect the projected average change in a company’s total earnings per share each year over the nextfive years.2 Voyager Fund Voyager Fund3
PerformancesnapshotAnnualized total return (%) comparison as of 7/31/14The fund — class A shares before sales chargePutnam Voyager Fund (PVOYX)Fund’s benchmarkRussell 1000 Growth IndexFund’s Lipper peer group averageLarge-Cap Growth Funds22.0118.69 18.2017.2514.7215.5016.0514.3813.1710.889.728.358.668.02LIFE OF FUND*(since 4/1/69)10 YEARS 5 YEARS 3 YEARS 1 YEARCurrent performance may be lower or higher thanthe quoted past performance, which cannot guaranteefuture results. Share price, principal value,and return will fluctuate, and you may have a gainor a loss when you sell your shares. Performance ofclass A shares assumes reinvestment of distributionsand does not account for taxes. Fund returnsin the bar chart do not reflect a sales charge of5.75%; had they, returns would have been lower.See pages 5 and 10–12 for additional performanceinformation. For a portion of the periods, the fundhad expense limitations, without which returnswould have been lower. To obtain the most recentmonth-end performance, visit putnam.com.* The fund’s benchmark, the Russell 1000 GrowthIndex, was introduced on 12/31/78, which post-datesthe inception of the fund’s class A shares.4 Voyager Fund
Page 2 and 3: PutnamVoyagerFundAnnual report7 | 3
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Page 16 and 17: Terms and definitionsImportant term
Page 18 and 19: Important notice regarding Putnam
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Page 28 and 29: COMMON STOCKS (90.7%)* cont. Shares
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Page 32 and 33: PURCHASED OPTIONSOUTSTANDING (2.2%)
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Note 8: Offsetting of financial and
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Shareholder meeting results (Unaudi
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Paul L. JoskowBorn 1947, Trustee si
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Fund informationFounded over 75 yea
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Putnam Voyager Fund - Putnam Investments

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