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EU025 269517 Cover.Indd Putnam World Trust 31 | 12 | 14 Semi-annual report Report and unaudited fi nancial statements for the period ended 31 December 2014. An Umbrella Unit Trust authorised by the Central Bank of Ireland and established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), (the “Regulations”). Table of contents Contents Page Contents Page Background to the Trust 3 Notes to the Financial Statements 133 Investment Objectives 4 Schedule of Portfolio Changes Policies 5 Putnam Asia Pacific (Ex-Japan) Equity Fund 155 Investment Manager’s Report 6 Putnam Emerging Markets Equity Fund 156 Total Expense Ratio (“TER”) 16 Putnam Global Core Equity Fund 157 Portfolio Turnover Rate (“PTR”) 16 Putnam Global Fixed Income Alpha Fund S2 158 Schedule of Investments Putnam Global High Yield Bond Fund 159 Putnam Asia Pacific (Ex-Japan) Equity Fund 17 Putnam Total Return Fund 160 Putnam Emerging Markets Equity Fund 20 Putnam U.S. Large Cap Growth Fund 161 Putnam Global Core Equity Fund 24 Important Information for Investors in Germany 162 Putnam Global Fixed Income Alpha Fund S2 29 Organisation 163 Putnam Global High Yield Bond Fund 60 Putnam Total Return Fund 74 Putnam U.S. Large Cap Growth Fund 111 Profit and Loss Account 115 Balance Sheet 122 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 130 This Report includes, inter alia, information in relation to Putnam Asia Pacific (Ex-Japan) Equity Fund, Putnam Emerging Markets Equity Fund and Putnam Global Core Equity Fund. These Funds have not been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Act (nor does their distribution benefit from the transitional rules under section 355 German Capital Investment Act) and Units in those Funds will not be marketed to investors within Germany. 2Putnam New Flag Euro High Yield Fund plc Background to the Trust Putnam World Trust (the “Trust”) is an umbrella Unit Trust established as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities ("UCITS")) Regulations, 2011 (as amended) (the “Regulations”) and authorised by the Central Bank of Ireland (the “Central Bank”). The Trust was constituted on 18 February 2000 and commenced operations on 22 February 2000. Effective 1 July 2011, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) came into operation in Ireland giving effect to Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009. The Trust has adopted specific policies and procedures in order to comply with its obligations under these Regulations. The Trust is an umbrella Unit Trust comprising Funds (collectively the "Funds") in which different classes of Units may be issued from time to time. Each Fund represents interests in a trust comprising a separate and distinct portfolio of investments. The Manager may issue different classes of Units in each Fund. Each Fund will bear its own liabilities and shall not bear the liabilities of any other Fund. Putnam World Trust Funds (other than Putnam Global Fixed Income Alpha Fund S2 and Putnam U.S. Large Cap Growth Fund) are listed on the Irish Stock Exchange. There is another Fund of the Trust, the Putnam Global Fixed Income Alpha Fund S1, which terminated on 10 August 2014. A separate set of annual audited financial statements was prepared for the Putnam Global Fixed Income Alpha Fund S1 for the period 1 July 2013 to 10 August 2014. These financial statements are available free of charge on request from the Manager. Application will be made to the Central Bank to deauthorise this Fund in the near future. As of 31 December 2014, the following Funds and Classes of Units are in issue: Fund Classes of Units currently in issue Base Fund Currency Putnam Asia Pacific (Ex-Japan) Equity Fund Classes A, B, C, I, M and T US Dollar Putnam Emerging Markets Equity Fund Classes A, B, C, I, M and T US Dollar Putnam Global Core Equity Fund Classes A, B, C, I, M and T US Dollar Putnam Global Fixed Income Alpha Fund S2 Class S Sterling Putnam Global High Yield Bond Fund Classes A, B, C, E, I and S US Dollar Putnam Total Return Fund Classes A, B, C, E, I, M and S US Dollar Putnam U.S. Large Cap Growth Fund Classes A and M US Dollar For Funds with Class E Units and Class M Units, Units are stated in euro (€) throughout this report. For Funds with Class S Units and Class T Units, Units are stated in sterling (£) throughout this report. Putnam World Trust 3 Investment Objectives The assets of each Fund will be invested separately in accordance Putnam Global High Yield Bond Fund with the investment objectives and policies of the Fund. Each The Fund seeks high current income. Capital growth is a Fund has its own investment goal and strategy for pursuing it. secondary objective when consistent with the objective of high current income. Putnam Asia Pacific (Ex-Japan) Equity Fund The investment objective of the Fund is to seek capital The Fund seeks to achieve its objective by investing at least two- appreciation. The Fund seeks its objective by investing at least thirds of its total assets (after deduction of ancillary liquid assets) two-thirds of its total assets (after deduction of ancillary liquid in high-yielding, lower-rated debt securities worldwide such as assets) in equity securities and equity related securities such as those rated lower than S&P’s BBB or Moody’s Baa and listed or warrants, convertible stocks or preferred stocks issued by Asian traded on Recognised Exchanges (including unleveraged freely and Pacific region (other than Japanese) companies. transferable loan participations securitised and traded on a Recognised Exchange, zero-coupon bond and payment-in-kind Putnam Emerging Markets Equity Fund bonds) constituting a portfolio which the Investment Advisor The Fund’s investment objective is to seek capital appreciation. believes does not involve undue risk to income or principal. The Fund seeks to achieve its objective by investing at least two- thirds of its total assets (after deduction of ancillary liquid assets) Putnam Total Return Fund in equity securities and equity related securities such as warrants, The Fund’s investment objective is to provide positive total return, convertible stocks or preferred stocks issued from developing or both relative and absolute, throughout varying market conditions. “emerging” markets. Emerging markets include countries that are The Fund seeks to achieve its objective by investing its net assets included in the MSCI Emerging Market Free Index, the in a diversified multi-asset class portfolio. The portfolio allocation composition of which may change from time to time. To will draw upon various sources to drive the risk/return target of determine whether a company is based in an emerging market, the Fund, including exposure to equities (e.g. U.S., non-U.S. The Putnam Advisory Company, LLC. (the "Investment Advisor"), emerging markets, large cap and small cap), fixed income (e.g. looks at the following factors: where the company’s securities U.S., non-U.S. high yield and emerging markets), currencies and trade, where the company is located or organised, or where the alternative assets classes (e.g. real estate investment trusts company derives its revenues or profits. ("REITS") or other real estate instruments), treasury inflated protected securities (“TIPS”). The portfolio will also use various Putnam Global Core Equity Fund overlay techniques (e.g. global asset tactical allocation, currency The Fund’s investment objective is to seek capital appreciation. and index options) in an attempt to add incremental return to the The Fund seeks to achieve its objective by investing at least two- total portfolio. thirds of its total assets (after deduction of ancillary liquid assets) in equity securities and equity related securities such as warrants, Putnam U.S. Large Cap Growth Fund convertible stocks or preferred stocks issued worldwide. The The investment objective of the Fund is to seek capital Fund will not invest more than 20% of its assets, at the time of appreciation. The Fund seeks to achieve its objective by investing purchase, outside of those countries included in the MSCI World at least two-thirds of its total assets (after deduction of ancillary Index, the composition of which may change from time to time. liquid assets) in equity securities and equity-related securities Additionally the Fund will not invest more than 20 percentage such as warrants, convertible stocks or preferred stocks issued by points greater than the weighting in the MSCI World Index in large capitalisation U.S. companies which are listed or traded on securities of emerging market countries, at the time of purchase. Recognised Exchanges globally, with a focus on growth stocks. Growth stocks are issued by companies whose earnings are Putnam Global Fixed Income Alpha Fund S2 expected to grow faster than those of similar firms, and whose The Fund’s investment objective is to achieve an annual total business growth and other characteristics may lead to an increase return that exceeds six-month Sterling LIBOR by 2.0% or more, as in stock price. The Investment Advisor uses fundamental measured over rolling three year periods. investment research to seek opportunities and may consider, The Fund seeks to achieve its objective by investing principally among other factors, a company’s valuation, financial strength, and at least two-thirds of the Fund’s total assets (after deduction growth potential, competitive position in the industry, projected of ancillary liquid assets), in listed transferable securities i.e.
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