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. in future earnings, cash flows and dividends when deciding whether investment grade and non-investment grade government, to buy or sell investments. agency, supranational, corporate and securitised bonds (including commercial paper and convertible bonds), collateralised mortgage obligations, asset-backed and mortgage-backed securities, collateralised securities, securitised loan interests, certificates of deposit and other short-term instruments. There is also no limit on the percentage of the Fund’s assets that may be invested in any credit rating category or in unrated categories, and, accordingly, the Fund’s fixed income securities may include investment in high-yielding, lower-rated debt securities such as those rated lower than BBB by Standard & Poor’s (“S&P”) or its equivalent by Moody’s Investor Services (“Moody’s”) or Fitch Ratings or deemed to be of equivalent quality by the Investment Advisor.

4 Putnam World Trust

Policies

Distribution Policy Calculation of Sales Charges Each of the Funds is certified (with respect to certain classes of An initial sales charge of up to 6.25% of the Net Asset Value per Units) as a Reporting Fund under Regulation 51 of the Offshore Unit may be charged on certain classes or a contingent deferred Funds (Tax) Regulations 2009. sales charge (“CDSC”) of up to 4% of the Net Asset Value per Unit may be charged at the discretion of the Manager. Each Fund has its own specific distribution policy. If the Manager decides to make a distribution, it will be paid at the Manager’s Currently, Class A Units, Class M Units and Class T Units may be discretion as set out in the relevant Prospectus Supplement for subject to a sales charge of up to 6.25% of the Net Asset Value the Fund. For certain Funds, the Manager will distribute all net per Unit. Certain Class A Units that are part of a subscription of investment income of a Fund at least annually and sometimes US$1 million or more (US$500,000 or more for Putnam Global more frequently as specified in the relevant supplement. High Yield Bond Fund and Putnam Total Return Fund), may be Distributions shall be made to the Unitholders on record on the subject to a 1.00% CDSC if redeemed within nine months of date of distribution in accordance with the number of Units held purchase, provided, however, that no other initial sales charge has in that particular Fund. The distributions payable to Unitholders been imposed in respect of the Class A Units to which the CDSC is will be reinvested in Classes of Units of the relevant Fund unless applied. otherwise requested by the Unitholder. Currently, Class B Units and Class C Units are offered without an Distributions are payable to Unitholders who have elected to initial sales charge at the time of purchase but a higher ongoing receive distributions in cash by transfer of funds (any charges management fee is paid out of assets allocated to the relevant being at the expense of the Unitholder) unless the amount of such Fund and Class. Unitholders who purchase Class B Units may distribution is US$50 or less or such other amount as determined incur a CDSC of up to 4% if Units are redeemed within four years by the Manager from time to time. Such amount shall not be as set out in the Prospectus. Unitholders who purchase Class C distributed but shall be retained and reinvested. Units may incur a 1% CDSC if Units are redeemed within one year of purchase. The Manager does not currently intend to distribute net investment income with respect to the following Funds and There are no initial or deferred sales charges with respect to Class Classes; not all classes listed below are currently in issue, see the E Units, Class E2 Units, Class I Units, Class S Units and Class Y section entitled “Background to the Trust”. Units. • Class E Units, Class I Units and Class Y Units of Putnam Global Any initial sales charges are accounted for before monies come Fixed Income Alpha Fund S2; into the Fund. • Class A Units, Class B Units, Class C Units, Class E2 Units, Class I Financial Derivative Instruments Units, Class M Units and Class Y Units of Putnam Total Return The Manager may, on behalf of each Fund, employ techniques Fund. and instruments relating to transferable securities and money market instruments under and in accordance with conditions or • Class A Units, Class B Units, Class C Units, Class I Units, Class M requirements imposed by the Central Bank. The derivatives used Units and Class Y Units of Putnam Asia Pacific (Ex-Japan) by the Funds may include futures, swaps, swaptions, options, TBA Equity Fund, Putnam Emerging Markets Equity Fund and purchases and sales, forward contracts, and contracts for Putnam Global Core Equity Fund; and difference, and they may be used for hedging and for investment • Class A and M Units of Putnam U.S. Large Cap Growth Fund. purposes, including as a substitute for direct investment in securities or to obtain additional exposure beyond that which If, in the future, it is determined that these Classes will distribute might be obtained from a traditional securities portfolio, subject net investment income, the amount to be distributed to always to the restrictions and requirements of the Central Bank. Unitholders will be decided upon by the Manager. Details of the derivatives that may be used are set out in the Calculation of Net Asset Value derivatives risk management process filed with the Central Bank. The Net Asset Value of each Fund will be expressed in the base The Funds may also use forward foreign exchange contracts and currency of the relevant Fund and will be calculated on each other currency instruments for hedging or to alter the currency Dealing Day by ascertaining the value of the assets of the Fund on exposure characteristics of transferable securities held by the such Dealing Day and deducting, from such value, the liabilities of Funds as an alternative currency exposure management strategy. the Fund on such Dealing Day. The Net Asset Value per Unit is The techniques and instruments that the Manager may use on calculated by dividing the Net Asset Value of the relevant Fund by behalf of the Trust or any Fund are set out in Appendix II of the the number of Units then outstanding for that Fund, or the Net Prospectus and, if applicable to a particular Fund, the relevant Asset Value of the relevant Fund attributable to the Class of Unit supplement. divided by the number of Units in that Class then in issue or For the purpose of providing margin or collateral in respect of the deemed to be in issue on such Dealing Day and rounding the application of transactions in techniques and instruments, the result to the nearest unit of currency. Trustee may transfer, mortgage, charge, or encumber any assets The most recently available Net Asset Value per Unit and the Net or cash forming part of the relevant Fund. Asset Value per Unit per Class on each Dealing Day will be made public at the registered office of the administrator and at the following website addresses: www.fundinfo.com for investors in Switzerland, www.europerformance.fr for investors in France or www.putnam.com/ucits (for all other investors) and/or in such other publication that the Manager may from time to time determine. Investors should note that the Trust and the Manager are not responsible for any other content (other than Net Asset Value) provided on the foregoing non-Putnam websites, and do not guarantee or assume responsibility for their contents. Putnam World Trust 5

Investment Manager’s Report

Dear Unitholder: Global stocks and bonds posted gains in 2014 despite tepid returns outside the United States, amid recessionary pressure in parts of Asia, as well as anemic growth in Europe. The U.S. stock market closed near an all-time high, supported by low interest rates and strong corporate profits. Meanwhile, the MSCI EAFE Index, a measure of non-U.S. developed stock markets, returned -4.77% in U.S. dollar terms for the year, hampered by late-period deflationary concerns in the eurozone. Global taxable investment-grade bonds posted a slightly positive return, also on a U.S. dollar basis, as prices benefited from continued central bank stimulus that sought to address worries about economic growth, especially in Japan, China, and Europe. The U.S. dollar strengthened versus all other major currencies during the second half of the year, and oil prices declined sharply. The falling price of oil has captured headlines in recent months, and is having a sustained effect on markets and economies worldwide. Cheaper oil allows many consumers and businesses to shift spending to other priorities. At the same time, the decline reflects greater pessimism about global growth, and it is having a negative impact on the energy sector worldwide. In all types of market conditions, Putnam offers a wide range of flexible strategies. Our experienced investment teams employ new ways of thinking about building portfolios for both the opportunities and risks in today’s markets. In this dynamic environment, it may be an opportune time for you to meet with your financial advisor to ensure that your portfolio is properly aligned with your goals and tolerance for risk. I would like to take this opportunity to welcome new unitholders to the Trust and, on behalf of everyone at Putnam Investments (Ireland) Limited, to thank all of our investors for your continued confidence in the Putnam World Trust family of funds. Respectfully yours,

F. Peter Ferrelli Director Putnam Investments (Ireland) Limited 22 January 2015

The views expressed here are exclusively those of Putnam as of 22 January 2015. They are not meant as investment advice. Expectations about future market performance are subject to change. Please note that the holdings discussed in this report may not have been held by the relevant Fund for the entire period. Portfolio composition is subject to review in accordance with each Fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

6 Putnam World Trust

Total Return* for the period ended 31 December 2014

Class A Class B Class C Class E Class I Class M Class S Class T NAV % NAV % CDSC % NAV % CDSC % NAV % NAV % NAV % NAV % NAV % Putnam Asia Pacific (Ex-Japan) Equity Fund 6 months -7.65 -7.88 -11.56 -7.68 -8.60 - -7.30 -18.32 - -15.64 1 year -1.24 -1.78 -5.71 -1.34 -2.33 - -0.60 -13.10 - -6.81 5 year Cumulative 19.40 16.32 16.32 18.65 18.65 - 23.76 -2.38 - 12.97 Annualised 3.61 3.07 3.07 3.48 3.48 - 4.36 -0.48 - 2.47 Life of Fund (since 30/10/2008) Cumulative 122.20 115.20 115.20 120.10 120.10 - 132.30 96.06 - 99.88 Annualised 13.81 13.22 13.22 13.63 13.63 - 14.63 11.53 - 11.87 Putnam Emerging Markets Equity Fund 6 months -7.28 -7.50 -11.20 -7.30 -8.23 - -6.84 -18.06 - -15.48 1 year -1.15 -1.68 -5.62 -1.27 -2.26 - -0.26 -13.03 - -6.87 5 year Cumulative 2.03 -0.62 -0.62 1.24 1.24 - 7.08 -17.36 - -3.52 Annualised 0.40 -0.13 -0.13 0.25 0.25 - 1.38 -3.74 - -0.71 Life of Fund (since 30/10/2008) Cumulative 80.90 75.20 75.20 79.00 79.00 - 92.10 57.56 - 61.29 Annualised 10.08 9.51 9.51 9.89 9.89 - 11.16 7.64 - 8.05 Putnam Global Core Equity Fund 6 months -4.28 -4.56 -8.38 -4.39 -5.35 - -3.92 -15.36 - -12.70 1 year 0.10 -0.43 -4.41 -0.05 -1.05 - 0.85 -11.87 - -5.54 5 year Cumulative 58.06 54.09 54.09 56.48 56.48 - 63.65 27.72 - 49.04 Annualised 9.59 9.03 9.03 9.37 9.37 - 10.35 5.01 - 8.31 Life of Fund (since 16/10/2008) Cumulative 92.20 86.30 86.30 89.50 89.50 - 100.80 58.37 - 61.63 Annualised 11.10 10.54 10.54 10.84 10.84 - 11.88 7.69 - 8.04 Putnam Global Fixed Income Alpha Fund S2 6 months ------0.28 - 1 year ------1.69 - 5 years Cumulative ------11.43 - Annualised ------2.19 - Life of Fund (since 25/02/2008) Cumulative ------22.40 - Annualised ------2.99 - Putnam Global High Yield Bond Fund† 6 months -3.48 -3.84 -7.60 -3.82 -4.76 -14.39 -3.02 - -11.66 - 1 year 1.48 0.94 -2.92 1.04 0.08 -10.04 2.18 - -3.59 - 5 years Cumulative 45.75 41.87 41.87 42.62 42.62 26.10 50.96 - 45.77 - Annualised 7.83 7.25 7.25 7.36 7.36 4.75 8.59 - 7.83 - 10 years Cumulative 81.80 72.90 72.90 74.58 74.58 64.31 90.11 - 60.09 - Annualised 6.16 5.63 5.63 5.73 5.73 5.09 6.64 - 4.82 - Life of Fund (since 18/02/2000) Cumulative 121.31 104.84 104.84 110.12 110.12 136.95 136.41 - 87.17 - Annualised 5.49 4.94 4.94 5.12 5.12 7.72 5.96 - 5.91 - Putnam Total Return Fund** 6 months -4.23 -4.50 -8.32 -4.35 -5.30 -15.09 -3.95 -15.34 -12.26 - 1 year 1.10 0.58 -3.42 0.90 -0.10 -10.39 1.81 -10.97 -3.81 - 5 years Cumulative 35.39 31.99 31.99 33.77 33.77 - - 12.80 34.24 - Annualised 6.25 5.71 5.71 5.99 5.99 - - 2.44 6.07 - Life of Fund (since 30/06/2006) Cumulative 64.73 42.70 42.70 45.46 45.46 7.47 7.10 46.91 28.99 - Annualised 6.05 4.87 4.87 5.14 5.14 2.93 3.47 4.63 3.20 -

Putnam World Trust 7

Total Return* for the period ended 31 December 2014 cont.

Class A Class B Class C Class E Class I Class M Class S Class T NAV % NAV % CDSC % NAV % CDSC % NAV % NAV % NAV % NAV % NAV % Putnam U.S. Large Cap Growth Fund 6 months 4.28 ------7.70 - - 1 year 11.39 ------1.95 -- Life of Fund (since 18/04/2012) Cumulative 43.80------30.74 -- Annualised 14.39 ------10.43 --

* Total return is the change in Unit value and assumes reinvestment of all distributions back into the Fund. Performance data represent past results. Past performance may not be a reliable guide to future performance. Investment returns and principal value will fluctuate so an investor’s Units, when sold, may be worth more or less than their original cost. Fund performance data does not take into account any adjustment for taxes payable on reinvested distributions. All performance in this table is based on U.S. Dollar valuations, except for Putnam Global Fixed Income Alpha Fund S2, which is shown in Sterling, that Funds’ Base Currency. ** Class A and Class M Units of Putnam Total Return Fund launched on 30 June, 2006, Class S Units launched on 30 November, 2006, Class B and Class C Units launched on 10 July, 2007, Class E Units launched on 2 July, 2012 and Class I Units launched on 28 December, 2012. † Returns shown for Class C and Class I Units for the periods prior to inception are derived from the historical performance of Class A Units adjusted to reflect the lower operating expenses applicable to such Units. Class I Units launched on 8 June, 2000, Class E Units launched on 23 May, 2003, Class S Units launched on 30 January, 2004 and Class C Units launched on 27 February, 2004.

Data is historical. Past performance is not a guarantee of future results. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Units. More recent returns may be less or more than those shown. Investment return, Net Asset Value, and market price will fluctuate, and you may have a gain or a loss when you sell your Units. Performance assumes reinvestment of distributions at NAV and does not account for any taxes or sales charges. The payment of any sales charges will reduce performance. The difference at any one time between the issue price and the redemption price of Fund Units means that the investment should be viewed as medium to long term. For Funds with income as an objective, income may fluctuate in accordance with market conditions and taxation arrangements. Changes in the exchange rate may have an adverse effect on the value, price, or income of the Funds. The Funds are sub-funds of Putnam World Trust, an umbrella Unit Trust domiciled in Ireland. Prior to 18 February 2000, Putnam Global High Yield Bond Fund was domiciled in the Cayman Islands and was subject to lower fees and expenses. The Trust is established as an undertaking for collective investment in transferable securities pursuant to the Regulations.

8 Putnam World Trust

Putnam Asia Pacific (Ex-Japan) Equity Fund Putnam Emerging Markets Equity Fund For the six months ended 31 December 2014, the Fund lagged its For the six months ended 31 December 2014, most of the Fund’s U.S. dollar benchmark, partially due to the robust rise in the value unit classes outpaced its benchmark, although absolute of the U.S. currency. Stock selection and sector positioning performance was negative. Country allocations and sector hampered the Fund’s relative performance, while country postioning aided relative performance, while security selection allocations helped versus the benchmark. modestly detracted. From a country perspective, an underweight in Malaysia, From a country perspective, underweights in Malaysia, Turkey and combined with overweights in China and Indonesia, added the Qatar added the most value, while overweights in the United Arab most value. On a sector basis, lighter-than-benchmark allocations Emirates and Greece hampered relative results. On a sector basis, in energy, materials and consumer staples were the largest lighter-than-benchmark allocations in energy and materials, contributors. Conversely, overweights in consumer discretionary combined with an overweight in information technology, were the and industrials, along with underweights in financials and largest contributors. On the downside, adverse positioning in telecommunication services, worked against the Fund’s relative telecommunication services and consumer discretionary results. As for stock selection, picks in information technology, dampened the Fund’s performance versus the benchmark. consumer discretionary and utilities aided performance, while Security selection was strongest in health care, technology and choices in energy, financials, consumer staples and materials were financials, but weak picks in energy, consumer staples and less productive. Security selection in Indonesia was most consumer discretionary negated this positive result. beneficial, while selection in Singapore and Australia lagged. Top individual contributors to relative performance included out- Top individual contributors to relative performance included out- of-benchmark investments in Cuckoo Electronics (consumer of-benchmark investments in Cuckoo Electronics (consumer discretionary), Pembangunan Perumahan (industrials) and China discretionary), Pembangunan Perumahan (industrials) and China Water Affairs (utilities), along with an overweight in China Water Affairs (utilities). Overweight positions in China Railway Railway (industrials). (industrials) and Lend Lease (financials) also aided performance versus the benchmark. For the period, the Fund generated the following returns by unit class: -7.28% for Class A Units, -7.50% for Class B Units, -7.30% for For the period, the Fund generated the following returns by unit Class C Units, -6.84% for Class I Units, -18.06% (-7.15% in euro class: -7.65% for Class A Units, -7.88% for Class B Units, -7.68% for terms) for Class M Units, and -15.48% (-7.17% in sterling terms) for Class C Units, -7.30% for Class I Units, -18.32% (-7.57% in euro Class T Units, all at net asset value (NAV, or without sales terms) for Class M Units, and -15.64% (-7.39% in sterling terms) for charges). The Fund’s benchmark, the MSCI Emerging Markets Class T Units, all at net asset value (NAV, or without sales Index (ND), declined 7.84% in U.S. dollar terms. charges). The Fund’s benchmark, the MSCI All-Country Pacific ex. Japan Index (ND), declined 4.39%, in U.S. dollar terms. Our near-term outlook is cautious, partly due to continued pressure on commodities exporters as a result of lower oil prices. At period-end, we continued to closely monitor both the macro- Additionally, a strong U.S. dollar and the potential for higher and microeconomic issues affecting the Asia-Pacific region. We interest rates given anticipated changes in U.S. monetary policy think U.S. interest rates are likely to move higher in 2015, and are likely, in our view, to create some degree of turbulence in rising rates could lead to further volatility in global markets. In our emerging markets in 2015. We think countries such as South view, however, markets in Latin America and Eastern Europe may Africa and to some extent Brazil, may be at greatest risk. These be more hampered by higher rates than markets in the Asia- nations run twin deficits - a fiscal deficit, where expenses exceed Pacific region. Within this environment, the portfolio’s largest revenues, and a current account deficit, where imports are greater overweights were in China and Taiwan, and the biggest than exports. We believe other countries, such as Mexico and underweights were in Australia and South Korea. From a sector possibly India, could continue to make gains as they undertake perspective, our emphasis was on technology and health care. economic reforms. We also have a positive outlook for the United Our largest underweights were in financials and consumer staples. Arab Emirates, Saudi Arabia and Turkey. Conversely, we are Class A Class B Class C Class I Class M* Class T** largely steering clear of South Africa, South Korea and Russia. Unit value NAV NAV NAV NAV NAV NAV From a sector perspective, our largest underweights at period- 30/06/14 $24.06 $23.36 $23.84 $25.06 € 22.72 £21.78 end were in technology, consumer discretionary and health care. 31/12/14 22.22 21.52 22.01 23.23 21.00 20.17 Our biggest underweights were in materials, energy and The Fund made no distributions during the period consumer staples. * Values stated in euro. Class A Class B Class C Class I Class M* Class T** ** Values stated in pound sterling. Unit value NAV NAV NAV NAV NAV NAV 30/06/14 $19.51 $18.94 $19.31 $20.62 € 18.19 £18.00 International investing involves certain risks, such as currency 31/12/14 18.09 17.52 17.90 19.21 16.89 16.71 fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market The Fund made no distributions during the period. securities, including illiquidity and volatility. The Fund invests * Values stated in euro. some or all of its assets in small and/or midsize companies. Such ** Values stated in pound sterling. investments increase the risk of greater price fluctuations. The Fund invests in fewer issuers or concentrates its investments by region or sector, and involves more risk than a fund that invests more broadly. The views expressed here are exclusively those of Putnam as of 22 January 2015. They are not meant as investment advice. Expectations about future market performance are subject to change.

Putnam World Trust 9

Putnam Emerging Markets Equity Fund cont. Putnam Global Core Equity Fund International investing involves certain risks, such as currency For the six months ended 31 December 2014, the Fund lagged its fluctuations, economic instability, and political developments. U.S. dollar benchmark, partially due to the robust rise in the value Additional risks may be associated with emerging-market of the U.S. currency. Security selection and country allocations securities, including illiquidity and volatility. The Fund invests detracted from relative results, while sector positioning aided some or all of its assets in small and/or midsize companies. Such performance versus the benchmark. investments increase the risk of greater price fluctuations. The From a country perspective, exposure to Portugal, Indonesia, Fund invests in fewer issuers or concentrates its investments by Mexico and Italy hampered performance, while allocations in region or sector, and involves more risk than a fund that invests Canada, Ireland and Germany contributed. On a sector basis, an more broadly underweight in the lagging energy sector provided the biggest The views expressed here are exclusively those of Putnam as of boost to performance. Stock picks in industrials, materials and 22 January 2015. They are not meant as investment advice. health care bolstered the Fund’s return, but weak selections in Expectations about future market performance are subject to financials, energy and consumer discretionary more than offset change. this positive result. Top individual contributors included American Airlines and Assa Abloy (industrials), Boise Cascade and Sealed Air (materials), and Astellas Pharma and Celgene (health care). On the downside, the biggest individual detractors were Genworth Financial and Banco Espirito Santo (financials), Kodiak Oil & Gas and Ezion Holdings (energy), and Global Mediacom and Tile Shop Holdings (consumer discretionary). For the period, the Fund generated the following returns by unit class: -4.28% for Class A Units, -4.56% for Class B Units, -4.39% for Class C Units, -3.92% for Class I Units, -15.36% (-4.18% in euro terms) for Class M Units, and -12.70% (-4.16% in sterling terms) for Class T Units, all at net asset value (NAV, or without sales charges). The Fund’s benchmark, the MSCI World Index (ND), declined 1.17%, in U.S. dollar terms. While prospects for a robust economic recovery in several regions of the world dimmed as 2014 came to a close, this does not necessarily mean that stock markets won’t perform well in 2015, in our view. It does suggest, however, that finding strong- performing stocks may prove somewhat challenging. This is particularly true in Europe, where pressure from economic sanctions on Russia and slowing growth in China are likely to remain considerable headwinds for exporters. One potentially positive offset to this pressure is a weaker euro, which could enhance the competitiveness of European companies abroad. Interestingly, emerging markets have until recently exerted an inflationary force on global markets. Now, however, as developing markets, such as China, begin to slow down, they are beginning to exert a deflationary force. Compounding this deflation potential are the stimulative monetary policies being pursued by Europe and Japan, which has fuelled U.S. dollar strength. A strong U.S. dollar over against a weak euro and Japanese yen forces U.S. companies to lower the price of exported goods in order to maintain their competitiveness with other exporters. All told, we expect to see increased global deflationary pressures in the months ahead, which could produce periods of significant market volatility.

Class A Class B Class C Class I Class M* Class T** Unit value NAV NAV NAV NAV NAV NAV 30/06/14 $20.08 $19.52 $19.82 $20.90 € 18.44 £18.27 31/12/14 19.22 18.63 18.95 20.08 17.67 17.51

The Fund made no distributions during the period. * Values stated in euro. ** Values stated in pound sterling.

10 Putnam World Trust

Putnam Global Core Equity Fund cont. Putnam Global Fixed Income Alpha Fund S2 International investing involves certain risks, such as currency For the six months ended 31 December 2014, the Fund trailed its fluctuations, economic instability, and political developments. benchmark in both local-currency and U.S. dollar terms. The Additional risks may be associated with emerging-market Fund's Class S Units declined 9.20% (-0.28% in U.S. dollar terms), securities, including illiquidity and volatility. The Fund invests at net asset value (NAV, or without sales charges), and the Fund's some or all of its assets in small and/or midsize companies. Such benchmark, the 6-Month LIBOR Index, gained 0.35% (0.17% in U.S. investments increase the risk of greater price fluctuations. dollar terms). The views expressed here are exclusively those of Putnam as of Several interest-rate and yield-curve strategies were the primary 22 January 2015. They are not meant as investment advice. detractors from performance. The Fund was defensively Expectations about future market performance are subject to positioned for a rising-rate environment in the United States, change. resulting in an overall duration - a key measure of interest-rate sensitivity - that was modestly negative on a net basis. However, with rates generally declining during the six-month period, this positioning hampered the Fund’s results. Outside the United States, a long-duration position in Greece held against a short- duration position in Germany detracted as Greek yields widened versus German yields, mainly due to increasing political uncertainty in Greece. Our investments in emerging-markets debt, specifically U.S. dollar-denominated holdings in Venezuela and Russia, also detracted. Declining oil prices soured investor sentiment toward the bonds of these oil-exporting countries. During the latter months of the period, our holdings of high-yield bonds worked against the Fund’s performance, as yields over Treasuries in the sector considerably widened due to concern about the impact of lower oil prices on energy-related high-yield issuers. On the plus side, our active currency strategy was the leading contributor for the semiannual period. The U.S. dollar outpaced every other major currency, and our long-dollar strategy bolstered the Fund’s return. Short positions in the euro, the Japanese yen, the Australian dollar and the Swiss franc, all of which weakened relative to the U.S. dollar, also aided the Fund’s performance. Elsewhere, our mortgage credit investments, specifically positions in subordinated mezzanine commercial mortgage-backed securities (CMBS) also helped the Fund’s results. These securities benefited from supportive commercial real estate fundamentals amid an improving U.S. economy, along with persistent investor demand for higher-yielding bonds. Our prepayment strategies, which we implemented with securities such as interest-only government-agency collateralised mortgage obligations (IO CMOs), provided a further boost to the Fund’s return. Refinancing activity in the mortgage pools underlying our CMO holdings remained subdued. As a result, mortgage prepayment speeds continued to be relatively slow, providing a tailwind to our IO CMO positions. We believe U.S. economic growth may accelerate in 2015, given improving trends in employment and a pickup in consumer and business spending. If this occurs, we think it sets the stage for the Federal Reserve to begin raising its target for short-term interest rates. That said, with U.S. inflation still running below the central bank’s 2% target, we believe lower oil prices may allow the Fed to take a more dovish stance and defer the first rate increase until the latter part of 2015. We’ll be monitoring these factors closely in the weeks to come. As for portfolio positioning, we plan to maintain our diversified mortgage, corporate and sovereign credit exposure primarily through allocations to mezzanine CMBS, high- yield bonds and peripheral European sovereign bonds, respectively. We continue to find prepayment risk attractive, given the potential for higher interest rates amid a strengthening U.S. economy. As a result, we will continue our efforts to try to capitalise on anticipated slower prepayment speeds via allocations to agency IO CMOs.

Putnam World Trust 11

Putnam Global Fixed Income Alpha Fund S2 Putnam Global High Yield Bond Fund cont. For the six months ended 31 December 2014, the Fund lagged its Class S* U.S. dollar benchmark, partially due to the robust rise in the value Unit value NAV of the U.S. currency. At the sector/industry level, underweights in 30/06/14 £7.24 metals/mining, financials and housing bolstered the Fund’s 31/12/14 7.22 relative return. Conversely, adverse overall positioning in retail and energy, along with a modest overweight in The Fund made no distributions during the period. telecommunications hampered the Fund’s performance versus * Values stated in pound sterling. the benchmark. Additionally, having lighter-than-benchmark exposure to higher-quality Ba-rated securities - which Global investing involves certain risks, such as currency outperformed B-rated and Caa-rated bonds during the period - fluctuations, economic instability, and political developments. also worked against the Fund’s relative performance. Lower-rated bonds may offer higher yields in return for more risk. In terms of individual holdings, top contributors included Funds that invest in government securities are not guaranteed. underweights in casino and resort operator Caesars Mortgage-backed securities are subject to prepayment risk. The Entertainment - which filed for bankruptcy protection shortly use of derivatives involves special risks and may result in losses. after the period ended - telecommunication services provider Funds that invest in bonds are subject to certain risks including Telecom Italia, Austria-based bank Heta Asset Resolution, and interest-rate risk, credit risk, and inflation risk. As interest rates Arch Coal, the second-largest U.S. coal producer. On the rise, the prices of bonds fall. Long-term bonds are more exposed downside, the primary detractors were United Kingdom-based to interest-rate risk than short-term bonds. Unlike bonds, bond mobile phone retailer Phones4U, along with overweights in two funds have ongoing fees and expenses. offshore energy exploration and production companies - Paragon The views expressed here are exclusively those of Putnam as of Offshore and Vantage Drilling - and oilfield services provider 22 January 2015. They are not meant as investment advice. Seventy Seven Energy. Expectations about future market performance are subject to For the period, the Fund generated the following returns by unit change. class: -3.48% for Class A Units, -3.84% for Class B Units, -3.82% for Class C Units, -14.39% (-3.10% in euro terms) for Class E Units, -3.02% for Class I Units, and -11.66% (-2.81% in sterling terms) for Class S Units, all at net asset value (NAV, or without sales charges). The Fund’s benchmark, the BofA Merrill Lynch Global High Yield Investment Grade Country Constrained Index (100% USD Hedged), declined 2.57% in U.S. dollar terms. In our view, U.S. corporate fundamentals are likely to remain strong. Corporate earnings continue to trend higher, and we believe revenue growth could become a more meaningful driver of earnings growth in 2015. High-yield issuers appear to be in reasonably good financial shape. Corporations continue to take a conservative approach toward managing their assets and liabilities. This can be seen by the fact that most of the new-issue activity during the reporting period was to refinance existing debt, which helps issuers lower their overall borrowing costs. The U.S. high-yield default rate rose in December to 2.96%, but remained below the long-term average of 3.8%. Excluding bankrupt electric utility TXU Energy - a larger issuer in both the high-yield and bank-loan markets - the high-yield default rate was 1.63%. We believe the default rate is likely to remain low overall, but sustained weakness in energy prices would likely elevate defaults among energy-related issuers. All told, excluding the energy sector, we continue to have a reasonably positive outlook for the asset class. Despite the challenges presented by energy, we believe the Fund has held up relatively well amid the recent market selloff. With valuations improved after the selloff, we believe the yield advantage that high-yield bonds provide over U.S. Treasuries offers the potential for attractive loss-adjusted returns versus other fixed-income alternatives.

Class A Class B Class C Class E* Class I Class S** Unit value NAV NAV NAV NAV NAV NAV 30/06/14 $7.12 $7.08 $9.02 € 8.03 $2.73 £5.19 31/12/14 6.70 6.66 8.48 7.55 2.57 4.90

12 Putnam World Trust

Putnam Global High Yield Bond Fund cont. Putnam Total Return Fund Distributions Number Income Capital gain Total For the six months ended 31 December 2014, the Fund trailed Class A 6 $0.1740 - $0.1740 both its cash and global 60/40 benchmarks in both U.S. dollar and Class B 6 $0.1500 - $0.1500 local-currency terms, but outperformed its strategic policy Class C 6 $0.1980 - $0.1980 portfolio. Substantial commodity weakness was the primary Class E* 6 €0.2330 - €0.2330 reason for the negative total return, though our holdings of Class I 6 $0.0780 - $0.0780 international equities also notably struggled. Overall, both Class S** 6 £0.1450 - £0.1450 dynamic asset allocation and active execution contributed for the reporting period. * Values stated in euro. ** Values stated in pound sterling. Within the portfolio, dynamic asset allocation was bolstered by an underweight in commodities, by far the worst-performing asset International investing involves certain risks, such as currency class during the past six months. Our U.S. equity overweight was fluctuations, economic instability, and political developments. also a major contributor, as both large- and small-cap equities Additional risks may be associated with emerging-market performed well during second half of 2014. A lighter-than- securities, including illiquidity and volatility Lower-rated bonds benchmark stake in U.S. investment-grade bonds was one of the may offer higher yields in return for more risk. Funds that invest in few notable asset-allocation detractors, but its impact was not government securities are not guaranteed. Mortgage-backed strong enough to meaningfully offset allocation decisions securities are subject to prepayment risk. Funds that invest in elsewhere in the portfolio. bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of Active execution was also positive during the period. Lower bonds fall. Long-term bonds are more exposed to interest-rate exposure to energy-sensitive assets led to strong commodity risk than short-term bonds. Unlike bonds, bond funds have selection, which was the primary driver of outperformance versus ongoing fees and expenses the strategic policy portfolio. In addition, currency positioning was also one of the major contributors for the period, as both active The views expressed here are exclusively those of Putnam as of currency and foreign exchange hedging benefited from a rallying 22 January 2015. They are not meant as investment advice. U.S. dollar. Fixed-income selection, which emphasised Expectations about future market performance are subject to prepayment and mortgage credit strategies, was one of the few change. notable detractors during the past six months. For the period, the Fund generated the following returns by unit class: -4.23% for Class A Units, -4.50% for Class B Units, -4.35% for Class C Units, -3.95% for Class I Units, -15.09% (-3.93% in euro terms) for Class E Units, -15.34% (-4.26% in euro terms) for Class M Units, and -12.26% (-3.67% in sterling terms) for Class S Units, all at net asset value (NAV, or without sales charges). The Fund’s benchmark, the BofA Merrill Lynch 1-Month USD LIBOR Index, returned 0.08%. At period-end, we believed the macroeconomic backdrop in the United States remained supportive for taking equity risk. Economic growth and employment had improved, inflation remained low and corporate fundamentals continued to look solid. As long as key indicators of inflation, such as wage growth, remain subdued, we don’t think the Federal Reserve will be in any hurry to raise interest rates. In fact, with inflation that was still below the central bank’s 2% target, it’s possible that sharply lower oil prices may allow the Fed to take a more dovish stance and defer the first rate increase until the latter part of 2015. U.S. stocks were volatile late in the period due to falling oil prices. Investors are worried that persistently low oil prices could exacerbate deflationary pressures in the U.S. economy, leading to lower prices overall, higher unemployment and weakening growth. Additionally, a strong U.S. dollar combined with lower prices for oil and other commodities hampers commodity exporters such as Canada and various emerging-market countries. Ultimately, however, lower oil prices may benefit U.S. consumers, as we’re already seeing via reduced gasoline prices. Moreover, any uptick in deflationary concerns in the United States could spur increased demand for bonds.

Putnam World Trust 13

Putnam Total Return Fund cont. Putnam U.S. Large Cap Growth Fund Class A Class B Class C Class E* Class I Class M* For the six months ended 31 December 2014, the Fund lagged its Unit value NAV NAV NAV NAV NAV NAV benchmark in both U.S. dollar and local-currency terms. Relative 30/06/14 $14.42 $12.66 $12.88 € 11.42 $11.15 € 10.57 to the benchmark, security selection aided the Fund’s 31/12/14 13.81 12.09 12.32 10.83 10.71 10.12 performance, sector positioning had a neutral effect, and currency exposure detracted. Class S** Unit value NAV From a sector perspective, an overweight in health care provided 30/06/14 £3.72 the biggest boost, while a small overweight in energy - a sector 31/12/14 3.52 that performed very poorly during the reporting period - was the

primary detractor. Stock picks in consumer staples and financials Distributions Number Income Capital gain Total bolstered the Fund’s relative return, while choices in energy, Class A - - - - materials and health care hampered performance. A modest cash Class B - - - - allocation also slightly dampened the Fund’s performance versus Class C - - - - the benchmark. Class E* 1 € 0.1420 - € 0.1420 Class I - - - - In terms of individual holdings, top contributors included avoiding Class M* - - - - index heavyweight and technology giant IBM, along with Class S** 1 £0.0640 - £0.0640 overweights in bio-pharmaceutical company Cubist Pharmaceuticals, global appliance manufacturer Whirlpool and * Values stated in euro. retail pharmacy operator CVS Health. Cubist Pharmaceuticals was ** Values stated in pound sterling. acquired by Merck in January 2015. On the downside, overweights in oil services provider Halliburton and Internet services giant Global investing involves certain risks, such as currency Google dampened relative performance, as did an out-of- fluctuations, economic instability, and political developments. The benchmark position in energy exploration and production Fund invests some or all of its assets in small and/or midsize company Kodiak Oil & Gas. Kodiak was acquired by Whiting companies. Such investments increase the risk of greater price Petroleum in December 2014. fluctuations. Lower rated bonds may offer higher yields in return for more risk. The Fund may have a significant portion of its For the period, the Fund generated the following returns by unit holdings in bonds. The use of derivatives involves special risks and class: 4.28% for Class A Units and -7.70% (4.42% in euro terms) may result in losses. Mutual funds that invest in bonds are subject for Class M Units. The Fund’s benchmark, the Russell 1000 Growth to certain risks including interest-rate risk, credit risk, and inflation Index gained 6.34% in U.S. dollar terms (20.32% in euro terms). risk. As interest rates rise, the prices of bonds fall. Long-term At period-end, we assessed the U.S. equity market on the basis of bonds are more exposed to interest-rate risk than short-term two key features. First, quantitative easing has a limited and bonds. Unlike bonds, bond funds have ongoing fees and decreasing impact as a tool to stimulate real economy activity, expenses. Diversification does not assure a profit or protect and may even be counterproductive now, in our view. Investors against loss. It is possible to lose money in a diversified portfolio. are waking up to this. After nearly four years of a zero interest The views expressed here are exclusively those of Putnam as of rate policy, the U.S. economy has found an equilibrium around 22 January 2015. They are not meant as investment advice. very low rates. Low rates themselves no longer add incremental Expectations about future market performance are subject to stimulus, and of course the prospect of higher rates engenders change. fear of disequilibrium. Secondly, it remains to be seen whether the United States can decouple from the economic weakness emerging in nearly every other corner of the world. Ultimately it seems likely that a flat-lining Europe and a decelerating China will have some sort of drag on American businesses, especially those that generate revenue abroad. Recent high-frequency data points in the U.S. have softened meaningfully, lending evidence to what has already been a stutter-step recovery pattern. Europe, in particular, has failed at implementing substantive economic reforms under the cover of a more accommodative European Central Bank, in our view. Within this environment, the Fund’s largest overweights versus the benchmark at period-end were in health care, financials and materials, while consumer staples was our largest underweight.

Class A Class M* Unit value NAV NAV 30/06/14 $13.79 € 13.56 31/12/14 14.38 14.16

The Fund made no distributions during the period. * Values stated in euro.

14 Putnam World Trust

Putnam U.S. Large Cap Growth Fund cont. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The Fund invests some or all of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. The Fund invests in fewer issuers or concentrates its investments by region or sector, and involves more risk than a fund that invests more broadly. The views expressed here are exclusively those of Putnam as of 22 January 2015. They are not meant as investment advice. Expectations about future market performance are subject to change.

Putnam World Trust 15

Total Expense Ratio (“TER”)*

The TER for each of the Funds for the period from 1 July to 31 December 2014 is presented below:

Class A Class B Class C Class E Class I Class M Class S Class T Fund %%%%%%%% Putnam Asia Pacific (Ex-Japan) Equity Fund 1.80% 2.30% 2.05% - 1.10% 1.80% - 1.80% Putnam Emerging Markets Equity Fund 2.05% 2.55% 2.30% - 1.10% 2.05% - 2.05% Putnam Global Core Equity Fund 1.80% 2.30% 2.05% - 1.10% 1.80% - 1.80% Putnam Global Fixed Income Alpha Fund S2 ------0.40% - Putnam Global High Yield Bond Fund 1.61% 2.11% 2.01% 0.90% 0.92% - 0.91% - Putnam Total Return Fund 1.80% 2.30% 2.05% 1.10% 1.10% 1.80% 1.10% - Putnam U.S. Large Cap Growth Fund 1.82%----1.83%--

* The TER is calculated as the total operating expenses for each Unit Class of each Fund in the accounting currency of the Fund for the period in question as a percentage of the average net assets of the Fund for the period in question. The TER for each Unit Class of each Fund is annualised for 12 months. Average net assets are calculated using figures based on the authorised Fund’s net assets at each calculation of the Net Asset Value. All Funds are valued daily with the exception of Putnam Global Fixed Income Alpha Fund S2 which is valued weekly. As of 31 December 2014, the performance fees of Putnam Global Fixed Income Alpha Fund S2 equalled 0.23% (annualised for 12 months) (30 June 2014: 0.62%). The performance fees of Putnam Global Fixed Income Alpha Fund S2 do not form part of the Fund's TER of 40% for Class S Units. Portfolio Turnover Rate (“PTR”)* The PTR for each of the Funds for the period from 1 July to 31 December 2014 is presented below:

PTR Fund % Putnam Asia Pacific (Ex-Japan) Equity Fund 169 Putnam Emerging Markets Equity Fund 214 Putnam Global Core Equity Fund 189 Putnam Global Fixed Income Alpha Fund S2 1,908 Putnam Global High Yield Bond Fund 65 Putnam Total Return Fund 109 Putnam U.S. Large Cap Growth Fund 123

* Turnover being a Fund’s aggregate value of total cost of securities purchased plus total disposal proceeds of securities sold less the aggregate value of that Fund’s redeemable participating shares’ subscriptions plus redemptions during the reporting period. All values in the turnover calculation are in the functional currency of the respective Fund. The PTR for each Fund is annualised for 12 months.

16 Putnam World Trust

Putnam Asia Pacific (Ex-Japan) Equity Fund

Schedule of Investments (unaudited) 31 December 2014

NON-U.S. EQUITIES (90.70%) NON-U.S. EQUITIES (90.70%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Auto Parts and Equipment (0.95%) Environmental Control (2.25%) 15,400 UMW Holdings Bhd (Malaysia) USD 48,184 0.95 526 Coway Company Limited (South Korea) USD 40,294 0.79 48,184 0.95 64,000 Sound Global Limited (China) 74,071 1.46 Banking (13.78%) 114,365 2.25 1,952 Australia & New Zealand Banking Group Hand/Machine Tools (1.08%) Limited (Australia) 51,107 1.01 17,000 Techtronic Industries Company Limited 121,000 Bank of China Limited (China) 67,746 1.33 (Hong Kong) 54,806 1.08 5,474 Bank of Queensland Limited (Australia) 54,298 1.07 54,806 1.08 18,000 BOC Hong Kong Holdings Limited Health-Care Services (0.87%) (Hong Kong) 60,119 1.18 2,959 Sonic Healthcare Limited (Australia) 44,329 0.87 145,000 China Construction Bank Corporation 44,329 0.87 (China) 118,012 2.32 Home Furnishings (1.02%) 3,000 DBS Group Holdings Limited (Singapore) 46,631 0.92 96,000 Skyworth Digital Holdings Limited 104,000 Industrial & Commercial Bank of China (Hong Kong) 51,991 1.02 Limited (China) 75,549 1.49 51,991 1.02 66,000 King's Town Bank Company Limited Industrial Conglomerates (1.66%) (Taiwan) 68,606 1.35 5,000 Hutchison Whampoa Limited (Hong Kong) 57,449 1.13 26,484 Philippine National Bank (Philippines) 46,891 0.92 4,000 Keppel Corporation Limited (Singapore) 26,694 0.53 6,000 United Overseas Bank Limited (Singapore) 110,973 2.19 84,143 1.66 699,932 13.78 Insurance (6.53%) Biotechnology (1.38%) 23,200 AIA Group Limited (Hong Kong) 128,645 2.53 1,054 China Biologic Products Incorporated 20,027 Cathay Financial Holding Company Limited (China) 70,165 1.38 (Taiwan) 29,722 0.59 70,165 1.38 15,616 Challenger Limited (Australia) 82,613 1.63 Building Materials (0.71%) 11,012 Insurance Australia Group Limited 26,000 China Singyes Solar Technologies Holdings (Australia) 56,099 1.10 Limited (Hong Kong) 36,076 0.71 325 Samsung Life Insurance Company Limited 36,076 0.71 (South Korea) 34,447 0.68 Commercial Services (4.80%) 331,526 6.53 54,612 Affinity Education Group Limited (Australia) 53,948 1.06 Internet (5.73%) 48,960 Ezion Holdings Limited (Singapore) 41,396 0.82 364 Alibaba Group Holding Limited (China) 37,834 0.74 17,673 G8 Education Limited (Australia) 59,733 1.18 272 Baidu Incorporated (China) 61,981 1.22 18,870 John Keells Holdings PLC (Sri Lanka) 35,683 0.70 819 Ctrip.com International Limited (China) 37,256 0.73 1,568 WuXi PharmaTech Cayman Incorporated 39 Naver Corporation (South Korea) 25,263 0.50 (China) 52,795 1.04 9,000 Tencent Holdings Limited (China) 129,135 2.54 243,555 4.80 291,469 5.73 Distribution/Wholesale (0.63%) Iron/Steel (0.09%) 1,000 Jardine Cycle & Carriage Limited (Singapore) 32,129 0.63 237,866 Sundance Resources Limited (Australia) 4,661 0.09 32,129 0.63 4,661 0.09 Diversified Financial Services (3.31%) Lodging/Tourism (0.89%) 26,000 Chailease Holding Company Limited 1,511 Homeinns Hotel Group (China) 45,285 0.89 (Taiwan) 64,749 1.27 45,285 0.89 159,477 CTBC Financial Holding Company Limited Machinery (0.72%) (Taiwan) 103,452 2.04 1,487 Hollysys Automation Technologies Limited 168,201 3.31 (China) 36,313 0.72 Electric Utilities (5.13%) 36,313 0.72 540,000 China Power New Energy Development Medical Technology (1.49%) Company Limited (Hong Kong) 34,397 0.68 24,795 Asaleo Care Limited (Australia) 33,400 0.66 28,000 China Resources Power Holdings Company 20,000 CHC Healthcare Group (Taiwan) 42,086 0.83 Limited (Hong Kong) 72,395 1.43 75,486 1.49 580,000 China WindPower Group Limited Metal Fabricate/Hardware (1.42%) (Hong Kong) 31,039 0.61 6,000 Catcher Technology Company Limited 883 Korea Electric Power Corporation (Taiwan) 46,706 0.92 (South Korea) 34,303 0.68 2,036 Sung Kwang Bend Company Limited 2,674 Origin Energy Limited (Australia) 25,476 0.50 (South Korea) 25,470 0.50 15,800 Tenaga Nasional Bhd (Malaysia) 62,360 1.23 72,176 1.42 259,970 5.13 Mining (2.92%) Engineering and Contruction (2.32%) 4,554 BHP Billiton Limited (Australia) 108,785 2.14 55,000 China Railway Group Limited (China) 45,179 0.89 13,225 Western Areas Limited (Australia) 39,517 0.78 1,000 Hyundai Engineering & Construction 148,302 2.92 Company Limited (South Korea) 38,302 0.75 Oil and Natural Gas Utilities (1.10%) 120,100 Pembangunan Perumahan Persero Tbk PT 57,000 Lextar Electronics Corporation (Taiwan) 55,734 1.10 (Indonesia) 34,619 0.68 55,734 1.10 118,100 2.32

The accompanying notes form an integral part of these financial statements. Putnam World Trust 17

Putnam Asia Pacific (Ex-Japan) Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (90.70%) cont. Number of Value % of Shares USD Fund Pharmaceuticals (0.99%) 64,000 China Pioneer Pharma Holdings Limited (China) USD 50,344 0.99 50,344 0.99 Real Estate (4.62%) 286,200 Bumi Serpong Damai Tbk PT (Indonesia) 41,711 0.82 2,287,800 Kawasan Industri Jababeka Tbk PT (Indonesia) 54,309 1.07 5,410 Lend Lease Group (Australia) 71,772 1.41 66,100 Supalai PCL (Thailand) 48,420 0.95 Surya Semesta Internusa Tbk PT 217,000 (Indonesia) 18,572 0.37 234,784 4.62 Retail (1.28%) 88,000 China ZhengTong Auto Services Holdings Limited (China) 38,936 0.77 27,400 Minor International PCL (Thailand) 26,026 0.51 64,962 1.28 Semiconductors (14.01%) 52,000 Advanced Semiconductor Engineering Incorporated (Taiwan) 62,610 1.23 23,000 Inotera Memories Incorporated (Taiwan) 36,536 0.72 6,000 Phison Electronics Corporation (Taiwan) 41,485 0.82 30,000 Powertech Technology Incorporated (Taiwan) 51,452 1.01 210 Samsung Electronics Company Limited (South Korea) 253,341 4.99 2,406 SK Hynix Incorporated (South Korea) 104,523 2.06 36,219 Taiwan Semiconductor Manufacturing Company Limited (Taiwan) 161,027 3.18 710,974 14.01 Telecommunications (7.32%) 13,000 China Mobile Limited (Hong Kong) 152,051 2.99 94,303 PCCW Limited (Hong Kong) 64,088 1.26 18,878 Spark New Zealand Limited (New Zealand) 45,797 0.90 174,300 Telekomunikasi Indonesia Persero Tbk PT (Indonesia) 40,250 0.79 14,369 Telstra Corporation Limited (Australia) 70,033 1.38 372,219 7.32 Transportation (1.70%) 11,740 Asciano Limited (Australia) 57,699 1.14 71,760 Ezra Holdings Limited (Singapore) 28,441 0.56 86,140 1.70 Total Non-U.S. Equities USD 4,606,32190.70

INVESTMENT COMPANIES (0.98%) Number of Value % of Shares USD Fund 9,000 ChinaAMC ETF Series - ChinaAMC CSI 300 Index ETF USD 49,906 0.98 Total Investment Companies USD 49,906 0.98 Total Value of Investments USD 4,656,227 91.68

The accompanying notes form an integral part of these financial statements. 18 Putnam World Trust

Putnam Asia Pacific (Ex-Japan) Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

PURCHASED EQUITY OPTIONS OUTSTANDING (0.11%) Contract Expiration Value % of Amount date/strike price USD Fund USD 5,317 iShares MSCI Emerging Markets ETF (Put) Jan-15/USD 40.00 USD 5,464 0.11 Total Purchased Equity Options Outstanding USD 5,464 0.11

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.03%) Contract Expiration Value % of Amount date/strike price USD Fund USD (5,317) iShares MSCI Emerging Markets ETF (Put) Jan-15/USD 38.00 USD (1,308) (0.03) Total Written Equity Options Outstanding USD (1,308) (0.03)

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.45%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America, N.A. British Pound Sell 18/03/2015 46,027 45,662 USD (365) (0.01) British Pound Sell 18/03/2015 17,610 17,434 (176) - Euro Buy 18/03/2015 3,398 3,290 108 - Barclays Bank PLC Australian Dollar Sell 21/01/2015 15,575 16,576 1,001 0.02 Citibank, N.A. British Pound Sell 18/03/2015 43,525 43,094 (431) (0.01) Euro Sell 18/03/2015 119,521 115,772 (3,749) (0.08) Credit Suisse International British Pound Sell 18/03/2015 72,142 71,417 (725) (0.01) Euro Sell 18/03/2015 121,420 117,601 (3,819) (0.08) Deutsche Bank AG British Pound Buy 18/03/2015 38,222 38,069 153 - British Pound Sell 18/03/2015 47,928 47,446 (482) (0.01) Euro Buy 18/03/2015 22,185 21,685 500 0.01 HSBC Bank USA, National Association British Pound Sell 18/03/2015 66,538 65,879 (659) (0.01) Euro Buy 18/03/2015 99,734 96,606 3,128 0.07 JPMorgan Chase Bank, N.A. Australian Dollar Sell 21/01/2015 43,137 45,858 2,721 0.05 British Pound Sell 18/03/2015 31,218 30,901 (317) (0.01) State Street Bank & Trust Company British Pound Sell 18/03/2015 87,150 86,284 (866) (0.02) Euro Buy 18/03/2015 26,383 25,554 829 0.01 UBS AG Australian Dollar Buy 21/01/2015 122,480 130,185 (7,705) (0.15) British Pound Sell 18/03/2015 58,134 57,557 (577) (0.01) Euro Buy 18/03/2015 34,377 33,449 928 0.02 Euro Sell 18/03/2015 196,870 190,710 (6,160) (0.12) Westpac Banking Corporation British Pound Sell 18/03/2015 13,208 13,077 (131) - Euro Sell 18/03/2015 191,274 185,249 (6,025) (0.11) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 9,368 0.18 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (32,187) (0.63) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (22,819) (0.45) Total Financial Assets at Fair Value Through Profit or Loss USD 4,671,059 91.98 Total Financial Liabilities at Fair Value Through Profit or Loss USD (33,495) (0.66)

% of Analysis of Total Assets Total Assets (a) Transferable securities admitted to official stock exchange listing 89.41 (b) Investment Companies 0.97 (c) OTC Financial Derivative Instruments 0.18 (d) Exchange traded Financial Derivative Instruments 0.11 (e) Other assets 9.33 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. Putnam World Trust 19

Putnam Emerging Markets Equity Fund

Schedule of Investments (unaudited) 31 December 2014

NON-U.S. EQUITIES (92.52%) NON-U.S. EQUITIES (92.52%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Aerospace and Defense (1.03%) Computers (1.48%) cont. 1,409 Embraer SA (Brazil) USD 51,936 1.03 920 Luxoft Holding Incorporated (Switzerland) USD 35,429 0.70 51,936 1.03 74,940 1.48 Airlines (1.61%) Diversified Financial Services (2.89%) 101,516 Air Arabia PJSC (United Arab Emirates) 41,457 0.82 23,900 Chailease Holding Company Limited 9,644 Turk Hava Yollari (Turkey) 39,781 0.79 (Taiwan) 59,519 1.18 133,255 CTBC Financial Holding Company Limited 81,238 1.61 (Taiwan) 86,442 1.71 Auto Parts and Equipment (2.06%) 14,489 Apollo Tyres Limited (India) 51,244 1.01 145,961 2.89 Electric Utilities (3.98%) 731 Delphi Automotive PLC (United Kingdom) 53,166 1.05 480,000 China Power New Energy Development 104,410 2.06 (Hong Kong) 30,575 0.61 Automotive (1.88%) 24,000 China Resources Power Holdings Company 8,586 Tata Motors Limited (India) 67,371 1.33 Limited (Hong Kong) 62,053 1.23 8,900 UMW Holdings Bhd (Malaysia) 27,847 0.55 530,000 China WindPower Group Limited 95,218 1.88 (Hong Kong) 28,364 0.56 Banking (19.18%) 817 Korea Electric Power Corporation 26,642 Abu Dhabi Commercial Bank PJSC (South Korea) 31,739 0.63 (United Arab Emirates) 49,758 0.98 12,200 Tenaga Nasional Bhd (Malaysia) 48,151 0.95 6,343 Axis Bank Limited (India) 50,419 1.00 200,882 3.98 3,404 Banco Bradesco SA (Brazil) 45,511 0.90 Electrical Components & Equipment (0.99%) 107,000 Bank of China Limited (China) 59,908 1.19 51,000 Lextar Electronics Corporation (Taiwan) 49,867 0.99 97,000 China Construction Bank Corporation 49,867 0.99 (China) 78,946 1.56 Engineering and Construction (4.58%) 8,797 Commercial International Bank Egypt SAE 51,000 China Railway Group Limited (China) 41,894 0.83 (Egypt) 58,008 1.15 75,581 Drake & Scull International PJSC 19,383 Compartamos SAB de CV (Mexico) 38,901 0.77 (United Arab Emirates) 18,375 0.36 443 Credicorp Limited (Peru) 70,938 1.40 909 Hyundai Engineering & Construction 48,438 Dubai Islamic Bank PJSC Company Limited (South Korea) 34,817 0.69 (United Arab Emirates) 90,993 1.80 16,236 IRB Infrastructure Developers Limited 21,742 Federal Bank Limited (India) 52,286 1.03 (India) 67,905 1.34 6,996 Grupo Financiero Banorte SAB de CV 899 Mota-Engil Africa NV (South Africa) 7,724 0.15 (Mexico) 38,418 0.76 9,344 Mota-Engil SGPS SA (Portugal) 30,065 0.59 99,000 Industrial & Commercial Bank of China 108,600 Pembangunan Perumahan Persero Tbk PT Limited (China) 71,917 1.42 (Indonesia) 31,304 0.62 8,287 Itau Unibanco Holding SA (Brazil) 107,731 2.13 232,084 4.58 49,000 King's Town Bank Company Limited Environmental Control (2.11%) (Taiwan) 50,935 1.01 485 Coway Company Limited (South Korea) 37,153 0.74 22,720 Philippine National Bank (Philippines) 40,226 0.80 60,000 Sound Global Limited (China) 69,442 1.37 7,868 Turkiye Garanti Bankasi AS (Turkey) 31,748 0.63 106,595 2.11 11,859 Turkiye Is Bankasi (Turkey) 32,663 0.65 Food (2.30%) 969,306 19.18 3,600 Gruma SAB de CV (Mexico) 38,375 0.76 Biotechnology (0.93%) 3,826 Sao Martinho SA (Brazil) 51,484 1.02 704 China Biologic Products Incorporated 3,299 Ulker Biskuvi Sanayi AS (Turkey) 26,213 0.52 (China) 46,865 0.93 116,072 2.30 46,865 0.93 Health-Care Services (2.27%) Building Materials (0.63%) 6,876 Mediclinic International Limited 23,000 China Singyes Solar Technologies Holdings (South Africa) 59,827 1.18 Limited (Hong Kong) 31,914 0.63 16,774 Netcare Limited (South Africa) 55,030 1.09 31,914 0.63 114,857 2.27 Chemicals (0.73%) Home Furnishings (0.75%) 6,685 UPL Limited (India) 36,733 0.73 70,000 Skyworth Digital Holdings Limited 36,733 0.73 (Hong Kong) 37,910 0.75 Commercial Services (3.47%) 37,910 0.75 4,336 Adani Ports & Special Economic Zone Industrial Conglomerates (0.75%) Limited (India) 21,971 0.43 8,697 Haci Omer Sabanci Holding AS (Turkey) 37,738 0.75 5,356 Estacio Participacoes SA (Brazil) 47,894 0.95 37,738 0.75 30,480 Ezion Holdings Limited (Singapore) 25,771 0.51 Insurance (1.11%) 2,645 Net 1 UEPS Technologies Incorporated 16,635 Cathay Financial Holding Company Limited (South Africa) 30,127 0.60 (Taiwan) 24,688 0.49 1,478 WuXi PharmaTech Cayman Incorporated 296 Samsung Life Insurance Company Limited (China) 49,764 0.98 (South Korea) 31,373 0.62 175,527 3.47 56,061 1.11 Computers (1.48%) Internet (5.43%) 1,266 Infosys Limited (India) 39,511 0.78 339 Alibaba Group Holding Limited (China) 35,236 0.70 264 Baidu Incorporated (China) 60,158 1.19 The accompanying notes form an integral part of these financial statements. 20 Putnam World Trust

Putnam Emerging Markets Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (92.52%) cont. NON-U.S. EQUITIES (92.52%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Internet (5.43%) cont. Semiconductors (13.24%) cont. 765 Ctrip.com International Limited (China) USD 34,800 0.69 34,464 Taiwan Semiconductor Manufacturing 38 Naver Corporation (South Korea) 24,615 0.49 Company Limited (Taiwan) USD 153,224 3.03 8,300 Tencent Holdings Limited (China) 119,091 2.36 669,478 13.24 273,900 5.43 Software (1.14%) Lodging/Tourism (0.89%) 2,267 HCL Technologies Limited (India) 57,571 1.14 1,493 Homeinns Hotel Group (China) 44,745 0.89 57,571 1.14 44,745 0.89 Telecommunications (3.77%) Machinery (0.66%) 5,709 Bharti Infratel Limited (India) 30,389 0.60 1,363 Hollysys Automation Technologies Limited 11,000 China Mobile Limited (Hong Kong) 128,658 2.55 (China) 33,284 0.66 135,100 Telekomunikasi Indonesia Persero Tbk PT 33,284 0.66 (Indonesia) 31,198 0.62 Machinery-Construction and Mining (0.52%) 190,245 3.77 9,672 Hindustan Zinc Limited (India) 26,094 0.52 Total Non-U.S. Equities USD 4,675,28792.52 26,094 0.52 Media (1.44%) U.S. EQUITIES (0.45%) 556 Naspers Limited (South Africa) 72,824 1.44 Number of Value % of 72,824 1.44 Shares USD Fund Medical Technology (0.58%) Retail (0.45%) 14,000 CHC Healthcare Group (Taiwan) 29,460 0.58 406 First Cash Financial Services Incorporated USD 22,602 0.45 29,460 0.58 Total U.S. Equities USD 22,602 0.45 Metal Fabricate/Hardware (0.96%) 4,000 Catcher Technology Company Limited INVESTMENT COMPANIES (0.81%) (Taiwan) 31,137 0.62 Number of Value % of 1,381 Sung Kwang Bend Company Limited Shares USD Fund (South Korea) 17,276 0.34 7,400 ChinaAMC ETF Series - ChinaAMC CSI 300 48,413 0.96 Index ETF USD 41,033 0.81 Oil and Natural Gas Utilities (2.07%) Total Investment Companies USD 41,033 0.81 4,768 Genel Energy PLC (United Kingdom) 52,020 1.03 8,201 Gran Tierra Energy Incorporated (Canada) 31,328 0.62 WARRANTS (4.35%) 2,795 Petroleo Brasileiro SA (Brazil) 21,186 0.42 Number of Value % of Warrants USD Fund 104,534 2.07 1,498 Al Tayyar Travel Group (Curacao)† USD 47,476 0.94 Pharmaceuticals (0.89%) 57,000 China Pioneer Pharma Holdings Limited 703 Bupa Arabia for Cooperative Insurance (China) 44,838 0.89 Company (Curacao)† 31,627 0.63 718 Dallah Healthcare Holding Company 44,838 0.89 (Curacao)† 24,846 0.49 Real Estate (4.13%) 881 Fawaz Abdulaziz Al Hokair & Company 176,400 Bumi Serpong Damai Tbk PT (Indonesia) 25,709 0.51 (Curacao)† 23,228 0.46 18,522 Emaar Properties PJSC (Arab Emirates) 36,610 0.72 17,433 John Keells Holdings PLC (United States)† 33,221 0.66 36,798 Emlak Konut Gayrimenkul Yatirim Ortakligi 2,319 Kuwait Food Company Americana SAK AS (Turkey) 43,662 0.86 (Curacao)† 22,155 0.44 2,079,200 Kawasan Industri Jababeka Tbk PT (Indonesia) 49,357 0.98 2,125 Saudi Telecom Company (Curacao)† 37,208 0.73 51,000 Supalai PCL (Thailand) 37,359 0.74 Total Warrants USD 219,761 4.35 189,300 Surya Semesta Internusa Tbk PT Total Value of Investments USD 4,958,683 98.13 (Indonesia) 16,202 0.32 208,899 4.13 † Single broker sourced priced securities. Retail (2.07%) 80,000 China ZhengTong Auto Services Holdings Limited (China) 35,397 0.70 4,630 Dogus Otomotiv Servis ve Ticaret AS (Turkey) 23,700 0.47 2,309 Jumbo SA (Greece) 23,470 0.46 23,500 Minor International PCL (Thailand) 22,321 0.44 104,888 2.07 Semiconductors (13.24%) 48,000 Advanced Semiconductor Engineering Incorporated (Taiwan) 57,794 1.14 22,000 Inotera Memories Incorporated (Taiwan) 34,947 0.69 6,000 Phison Electronics Corporation (Taiwan) 41,485 0.82 26,000 Powertech Technology Incorporated (Taiwan) 44,592 0.88 198 Samsung Electronics Company Limited (South Korea) 238,865 4.73 2,269 SK Hynix Incorporated (South Korea) 98,571 1.95

The accompanying notes form an integral part of these financial statements. Putnam World Trust 21

Putnam Emerging Markets Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

PURCHASED EQUITY OPTIONS OUTSTANDING (0.11%) Contract Expiration Value % of Amount date/strike price USD Fund USD 5,320 iShares MSCI Emerging Markets ETF (Put) Jan-15/USD 40.00 USD 5,467 0.11 Total Purchased Equity Options Outstanding USD 5,467 0.11

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.03%) Contract Expiration Value % of Amount date/strike price USD Fund USD (5,320) iShares MSCI Emerging Markets ETF (Put) Jan-15/USD 38.00 USD (1,309) (0.03) Total Written Equity Options Outstanding USD (1,309) (0.03)

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.33%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America, N.A. British Pound Sell 18/03/2015 62,736 62,109 USD (627) (0.01) Citibank, N.A. British Pound Sell 18/03/2015 66,138 65,484 (654) (0.01) Euro Sell 18/03/2015 131,113 127,001 (4,112) (0.09) Credit Suisse International British Pound Sell 18/03/2015 63,837 63,195 (642) (0.01) Euro Sell 18/03/2015 54,364 52,654 (1,710) (0.03) Deutsche Bank AG British Pound Buy 18/03/2015 41,724 41,557 167 - British Pound Buy 18/03/2015 15,009 15,012 (3) - British Pound Sell 18/03/2015 21,212 20,999 (213) - Euro Buy 18/03/2015 11,892 11,624 268 0.01 Euro Buy 18/03/2015 87,742 84,979 2,763 0.05 Goldman Sachs International British Pound Sell 18/03/2015 63,737 63,233 (504) (0.01) British Pound Sell 18/03/2015 16,810 16,639 (171) - Euro Buy 18/03/2015 11,892 11,647 245 - Euro Sell 18/03/2015 17,788 17,228 (560) (0.01) HSBC Bank USA, National Association British Pound Sell 18/03/2015 19,611 19,544 (67) - British Pound Sell 18/03/2015 64,837 64,195 (642) (0.01) Euro Buy 18/03/2015 115,024 111,417 3,607 0.07 JPMorgan Chase Bank, N.A. British Pound Sell 18/03/2015 27,316 27,038 (278) (0.01) Euro Sell 18/03/2015 15,889 15,725 (164) - Euro Sell 18/03/2015 52,265 50,614 (1,651) (0.04) Royal Bank of Scotland Group PLC Euro Buy 18/03/2015 11,592 11,265 327 0.01 State Street Bank & Trust Company British Pound Sell 18/03/2015 30,918 30,610 (308) (0.01) Euro Sell 18/03/2015 74,850 72,500 (2,350) (0.05) UBS AG British Pound Sell 18/03/2015 23,313 23,082 (231) - Euro Buy 18/03/2015 26,283 25,573 710 0.02 Euro Sell 18/03/2015 68,255 66,119 (2,136) (0.04) Westpac Banking Corporation British Pound Sell 18/03/2015 50,829 50,325 (504) (0.01) Euro Sell 18/03/2015 228,149 220,963 (7,186) (0.15) Unrealised Appreciation On Forward Foreign Exchange Currency Contracts USD 8,087 0.16 Unrealised Depreciation On Forward Foreign Exchange Currency Contracts USD (24,713) (0.49) Net Unrealised Depreciation On Forward Foreign Exchange Currency Contracts USD (16,626) (0.33) Total Financial Assets at Fair Value Through Profit or Loss USD 4,972,237 98.40 Total Financial Liabilities at Fair Value Through Profit or Loss USD (26,022) (0.52)

The accompanying notes form an integral part of these financial statements. 22 Putnam World Trust

Putnam Emerging Markets Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

% of Analysis of Total Assets Total Assets (a) Transferable securities admitted to official stock exchange listing 96.23 (b) Investment Companies 0.80 (c) OTC financial derivative instruments 0.16 (d) Exchange traded financial derivative instruments 0.11 (e) Other Assets 2.70 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. Putnam World Trust 23

Putnam Global Core Equity Fund

Schedule of Investments (unaudited) 31 December 2014

NON-U.S. EQUITIES (46.55%) NON-U.S. EQUITIES (46.55%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Aerospace and Defense (0.40%) Internet (0.53%) 4,059 BAE Systems PLC (United Kingdom) USD 29,829 0.40 4,900 Com Hem Holding AB (Sweden) USD 39,600 0.53 29,829 0.40 39,600 0.53 Agriculture (2.16%) Leisure Time (2.50%) 869 Imperial Tobacco Group PLC 36,500 Thomas Cook Group PLC (United Kingdom) 72,704 0.98 (United Kingdom) 38,411 0.52 3,226 TUI AG (Germany) 51,839 0.70 4,400 Japan Tobacco Incorporated (Japan) 122,049 1.64 3,000 Yamaha Motor Company Limited (Japan) 61,137 0.82 160,460 2.16 185,680 2.50 Banking (3.29%) Lodging (0.97%) 178,072 Bank of Ireland (Ireland) 67,444 0.91 7,527 Dalata Hotel Group PLC (Ireland) 26,595 0.36 4,133 ING Groep NV (Netherlands) 54,162 0.73 634 Grand Korea Leisure Company Limited 1,022 Metro Bank PLC (United Kingdom) (F) 21,205 0.28 (South Korea) 18,602 0.25 10,072 Natixis SA (France) 66,837 0.90 5,673 NH Hotel Group SA (Spain) 26,772 0.36 8,135 TSB Banking Group PLC (United Kingdom) 35,248 0.47 71,969 0.97 244,896 3.29 Machinery-Construction and Mining (0.81%) Beverages (1.21%) 8,000 Hitachi Limited (Japan) 60,130 0.81 402 Anheuser-Busch InBev NV (Belgium) 45,129 0.61 60,130 0.81 4,301 Britvic PLC (United Kingdom) 45,048 0.60 Media (2.42%) 90,177 1.21 4,206 Atresmedia Corporation de Medios de Chemicals (1.20%) Comunicacion SA (Spain) 58,224 0.78 563 Akzo Nobel NV (Netherlands) 39,200 0.53 284,600 Global Mediacom Tbk PT (Indonesia) 32,631 0.44 821 Symrise AG (Germany) 49,832 0.67 1,047 Liberty Global PLC (United Kingdom) 52,559 0.71 89,032 1.20 8,789 Mediaset SpA (Italy) 36,585 0.49 Commercial Services (1.50%) 179,999 2.42 2,155 Experian PLC (Ireland) 36,544 0.49 Medical Technology (0.13%) 55,160 Ezion Holdings Limited (Singapore) 46,638 0.63 6,940 Asaleo Care Limited (Australia) 9,349 0.13 8,455 G8 Education Limited (Australia) 28,577 0.38 9,349 0.13 111,759 1.50 Metal Fabricate/Hardware (1.28%) Electric Utilities (0.30%) 1,791 Assa Abloy AB (Sweden) 95,299 1.28 2,315 Origin Energy Limited (Australia) 22,056 0.30 95,299 1.28 22,056 0.30 Oil and Natural Gas Utilities (1.69%) Electronics (2.11%) 3,550 BG Group PLC (United Kingdom) 47,855 0.64 300 Murata Manufacturing Company Limited 2,161 Genel Energy PLC (United Kingdom) 23,577 0.32 (Japan) 33,173 0.45 1,619 Royal Dutch Shell PLC (Netherlands) 54,341 0.73 29,000 Toshiba Corporation (Japan) 123,791 1.66 125,773 1.69 156,964 2.11 Pharmaceuticals (5.75%) Engineering and Construction (0.84%) 693 Alkermes PLC (Ireland) 40,575 0.54 621 Gaztransport Et Technigaz SA (France) 36,513 0.49 6,800 Astellas Pharma Incorporated (Japan) 95,687 1.28 412 Mota-Engil Africa NV (South Africa) 3,540 0.05 1,339 AstraZeneca PLC (United Kingdom) 95,072 1.28 6,879 Mota-Engil SGPS SA (Portugal) 22,133 0.30 22,000 China Pioneer Pharma Holdings Limited 62,186 0.84 (China) 17,306 0.23 Environmental Control (0.49%) 268 Jazz Pharmaceuticals PLC (Ireland) 43,861 0.59 474 Coway Company Limited (South Korea) 36,311 0.49 676 Novartis AG (Switzerland) 62,759 0.84 36,311 0.49 405 Sanofi (France) 37,000 0.50 Food (0.89%) 1,400 Shionogi & Company Limited (Japan) 36,467 0.49 901 Nestle SA (Switzerland) 66,066 0.89 428,727 5.75 66,066 0.89 Private Equity (0.56%) Hand/Machine Tools (0.54%) 590 Eurazeo SA (France) 41,394 0.56 12,500 Techtronic Industries Company Limited 41,394 0.56 (Hong Kong) 40,298 0.54 Real Estate (2.10%) 40,298 0.54 1,169 Altisource Residential Corporation Home Furnishings (0.66%) (Virgin Islands) 22,679 0.30 4,100 Panasonic Corporation (Japan) 48,811 0.66 54,057 Hibernia REIT PLC (Ireland) 71,299 0.96 48,811 0.66 8,694 Regus PLC (Luxembourg) 28,171 0.38 Insurance (4.47%) 1,000 Sumitomo Realty & Development Company 1,980 Admiral Group PLC (United Kingdom) 40,797 0.55 Limited (Japan) 34,484 0.46 2,305 Assured Guaranty Limited (Bermuda) 59,930 0.80 156,633 2.10 19,434 Challenger Limited (Australia) 102,811 1.37 Retail (1.98%) 1,486 Delta Lloyd NV (Netherlands) 32,654 0.44 1,660 Inditex SA (Spain) 47,606 0.64 2,753 Prudential PLC (United Kingdom) 64,019 0.86 1,290 Luxottica Group SpA (Italy) 70,883 0.95 2,646 St James's Place PLC (United Kingdom) 33,446 0.45 23,800 Mitra Adiperkasa Tbk PT (Indonesia) 9,608 0.13 333,657 4.47 620 Zalando SE (Germany) 19,146 0.26 147,243 1.98

The accompanying notes form an integral part of these financial statements. 24 Putnam World Trust

Putnam Global Core Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (46.55%) cont. U.S. EQUITIES (51.17%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Semiconductors (1.49%) Cosmetics/Personal Care (0.57%) 38 Samsung Electronics Company Limited 2,050 Coty Incorporated USD 42,353 0.57 (South Korea) USD 45,843 0.62 42,353 0.57 823 SK Hynix Incorporated (South Korea) 35,753 0.48 Diversified Financial Services (3.62%) 2,000 Sumco Corporation (Japan) 29,170 0.39 1,507 Charles Schwab Corporation 45,481 0.61 110,766 1.49 958 CME Group Incorporated 84,927 1.14 Software (0.44%) 1,995 E*trade Financial Corporation 48,379 0.65 874 Fidessa Group PLC (United Kingdom) 32,530 0.44 346 Visa Incorporated 90,721 1.22 32,530 0.44 269,508 3.62 Telecommunications (3.22%) Electric Utilities (2.34%) 6,382 Bharti Infratel Limited (India) 33,971 0.46 2,481 Calpine Corporation 54,880 0.74 13,479 Koninklijke KPN NV (Netherlands) 42,766 0.57 1,537 Exelon Corporation 56,992 0.77 3,513 Telecity Group PLC (United Kingdom) 43,967 0.59 2,308 NRG Energy Incorporated 62,178 0.83 41,581 Telecom Italia SpA (Italy) 34,894 0.47 174,050 2.34 2,490 Vodafone Group PLC (United Kingdom) 85,083 1.13 Food (1.32%) 240,681 3.22 500 Hershey Company 51,940 0.70 Water (0.62%) 1,318 Pinnacle Foods Incorporated 46,512 0.62 2,571 Veolia Environnment SA (France) 45,888 0.62 98,452 1.32 45,888 0.62 Forest Products & Paper (0.54%) Total Non-U.S. Equities USD 3,464,163 46.55 906 MeadWestvaco Corporation 40,235 0.54

40,235 0.54 U.S. EQUITIES (51.17%) Health-Care Services (1.30%) Number of Value % of 653 LifePoint Hospitals Incorporated 46,957 0.63 Shares USD Fund 449 Universal Health Services Incorporated 49,933 0.67 Aerospace and Defense (1.86%) 96,890 1.30 421 General Dynamics Corporation USD 57,9460.78 Home Builders (1.11%) 548 Northrop Grumman Corporation 80,737 1.08 2,558 PulteGroup Incorporated 54,869 0.74 138,683 1.86 3,808 Standard Pacific Corporation 27,722 0.37 Agriculture (1.20%) 82,591 1.11 1,096 Philip Morris International Incorporated 89,258 1.20 Home Furnishings (0.99%) 89,258 1.20 2,471 TiVo Incorporated 29,257 0.39 Airlines (1.50%) 230 Whirlpool Corporation 44,542 0.60 1,029 American Airlines Group Incorporated 55,175 0.74 73,799 0.99 752 Spirit Airlines Incorporated 56,814 0.76 Insurance (4.87%) 111,989 1.50 2,121 American International Group Incorporated 118,797 1.60 Banking (1.63%) 5,751 Genworth Financial Incorporated 48,884 0.66 2,230 Bank of America Corporation 39,895 0.54 3,773 Hartford Financial Services Group 2,098 Morgan Stanley 81,423 1.09 Incorporated 157,296 2.11 121,318 1.63 2,249 Radian Group Incorporated 37,603 0.50 Biotechnology (1.25%) 362,580 4.87 481 Celgene Corporation 53,805 0.72 Internet (3.20%) 422 Gilead Sciences Incorporated 39,774 0.53 146 Amazon.com Incorporated 45,311 0.61 93,579 1.25 836 AOL Incorporated 38,573 0.52 Building Materials (1.20%) 678 Facebook Incorporated 52,898 0.71 834 Boise Cascade Company 30,983 0.42 192 Google Incorporated 101,067 1.36 1,280 Fortune Brands Home & Security Incorporated 57,920 0.78 237,849 3.20 88,903 1.20 Leisure (0.60%) 878 Brunswick Corporation 45,006 0.60 Chemicals (3.42%) 223 Air Products & Chemicals Incorporated 32,150 0.43 45,006 0.60 770 Axiall Corporation 32,710 0.44 Lodging/Tourism (0.49%) 1,400 Hilton Worldwide Holdings Incorporated 36,512 0.49 1,292 Huntsman Corporation 29,432 0.40 36,512 0.49 732 Monsanto Company 87,415 1.17 Media (1.59%) 162 Sherwin-Williams Company 42,624 0.57 181 Charter Communications Incorporated 30,147 0.40 1,279 Tronox Limited 30,530 0.41 739 Comcast Corporation 42,855 0.58 254,861 3.42 627 DISH Network Corporation 45,689 0.61 Commercial Services (0.42%) 118,691 1.59 1,198 Live Nation Entertainment Incorporated 31,268 0.42 Medical Technology Companies (0.49%) 31,268 0.42 225 Cooper Cos Incorporated 36,470 0.49 Computers (0.52%) 36,470 0.49 618 Computer Sciences Corporation 38,965 0.52 Miscellaneous Manufacturers (0.64%) 38,965 0.52 470 Pall Corporation 47,550 0.64

47,550 0.64

The accompanying notes form an integral part of these financial statements. Putnam World Trust 25

Putnam Global Core Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (51.17%) cont. Number of Value % of Shares USD Fund Oil and Natural Gas Utilities (2.36%) 1,747 Cabot Oil & Gas Corporation USD 51,711 0.69 673 Exxon Mobil Corporation 62,205 0.84 1,565 Halliburton Company 61,505 0.83 175,421 2.36 Packaging and Containers (0.83%) 1,465 Sealed Air Corporation 62,131 0.83 62,131 0.83 Pharmaceuticals (3.24%) 567 Cardinal Health Incorporated 45,780 0.61 1,009 Catamaran Corporation 52,206 0.70 1,673 Impax Laboratories Incorporated 52,984 0.71 708 Mylan Incorporated 39,910 0.54 356 Valeant Pharmaceuticals International Incorporated 50,940 0.68 241,820 3.24 Real Estate (2.43%) 1,715 Capital Senior Living Corporation 42,704 0.57 293 Howard Hughes Corporation 38,213 0.51 1,761 Kennedy-Wilson Holdings Incorporated 44,553 0.60 1,628 Re/Max Holdings Incorporated 55,678 0.75 181,148 2.43 Retail (1.77%) 596 Home Depot Incorporated 62,544 0.84 805 Lowe's Companies Incorporated 55,368 0.74 1,591 Tile Shop Holdings Incorporated 14,096 0.19 132,008 1.77 Semiconductors (2.86%) 2,510 Applied Materials Incorporated 62,549 0.84 527 Lam Research Corporation 41,796 0.56 3,114 Micron Technology Incorporated 109,021 1.46 213,366 2.86 Software (0.39%) 1,453 Activision Blizzard Incorporated 29,263 0.39 29,263 0.39 Transportation (0.62%) 388 Union Pacific Corporation 46,215 0.62 46,215 0.62 Total U.S. Equities USD 3,812,732 51.17 Total Value of Investments USD 7,276,895 97.72

(F) is valued at fair value following procedures approved by the Investment Advisor.

Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 29 (“FRS 29”), “Improving Disclosures about Financial Instruments” based on the securities' valuation inputs.

The accompanying notes form an integral part of these financial statements. 26 Putnam World Trust

Putnam Global Core Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (0.02%) Upfront Fixed payments Total return Unrealised Swap Notional premium Termination received (paid) by received by Appreciation % of Counterparty Amount received (paid) Date Fund per annum or (paid) by Fund USD Fund JPMorgan Chase Bank N.A. baskets 299 USD - 16/07/2015 (3 month USD-LIBOR-BBA A basket plus 0.30 bp) (JPCMPTMD) of common stocks USD 1,518 0.02 Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 1,5180.02

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.35%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America, N.A. British Pound Sell 18/03/2015 108,162 107,081 USD (1,081) (0.02) Barclays Bank PLC Canadian Dollar Buy 21/01/2015 23,402 24,300 (898) (0.01) Hong Kong Dollar Buy 13/02/2015 54,030 54,035 (5) - Japanese Yen Buy 13/02/2015 39,041 41,117 (2,076) (0.03) Singapore Dollar Sell 13/02/2015 2,715 2,792 77 - Swiss Franc Sell 18/03/2015 29,208 30,141 933 0.01 Citibank, N.A. Australian Dollar Buy 21/01/2015 28,459 30,251 (1,792) (0.02) Australian Dollar Sell 21/01/2015 26,828 28,546 1,718 0.02 Canadian Dollar Buy 21/01/2015 43,966 45,612 (1,646) (0.02) Danish Krone Buy 18/03/2015 37,071 38,282 (1,211) (0.02) Euro Buy 18/03/2015 102,559 105,136 (2,577) (0.04) Euro Sell 18/03/2015 209,719 216,510 6,791 0.09 Japanese Yen Buy 13/02/2015 83,351 87,759 (4,408) (0.06) Japanese Yen Sell 13/02/2015 108,880 110,918 2,038 0.03 Credit Suisse AG Australian Dollar Buy 21/01/2015 23,648 25,138 (1,490) (0.02) Australian Dollar Sell 21/01/2015 19,734 21,420 1,686 0.02 British Pound Buy 18/03/2015 110,130 111,247 (1,117) (0.02) British Pound Sell 18/03/2015 169,098 167,398 (1,700) (0.02) Canadian Dollar Buy 21/01/2015 30,372 30,302 70 - Euro Buy 18/03/2015 86,091 88,887 (2,796) (0.04) Euro Sell 18/03/2015 89,441 87,826 (1,615) (0.02) Euro Sell 18/03/2015 19,087 18,487 (600) (0.01) New Zealand Dollar Buy 21/01/2015 2,804 2,773 31 - Swiss Franc Buy 18/03/2015 70,603 72,853 (2,250) (0.03) Deutsche Bank AG Australian Dollar Buy 21/01/2015 19,734 21,419 (1,685) (0.02) Australian Dollar Sell 21/01/2015 19,734 21,041 1,307 0.02 British Pound Buy 18/03/2015 37,073 37,222 (149) - British Pound Buy 18/03/2015 52,230 52,021 209 - British Pound Sell 18/03/2015 65,735 66,402 667 0.01 British Pound Sell 18/03/2015 21,808 21,881 73 - British Pound Sell 18/03/2015 43,625 43,187 (438) (0.01) British Pound Sell 18/03/2015 20,212 20,289 77 - Canadian Dollar Buy 21/01/2015 31,404 32,572 (1,168) (0.02) Euro Buy 18/03/2015 141,427 146,026 (4,599) (0.06) Euro Sell 18/03/2015 52,793 53,332 539 0.01 Goldman Sachs International British Pound Sell 18/03/2015 50,429 49,918 (511) (0.01) Euro Sell 18/03/2015 59,561 57,684 (1,877) (0.03) Japanese Yen Buy 13/02/2015 12,484 13,145 (661) (0.01) HSBC Bank USA, National Association British Pound Buy 18/03/2015 22,587 22,766 (179) - British Pound Sell 18/03/2015 189,417 191,313 1,896 0.03 British Pound Sell 18/03/2015 28,917 28,630 (287) - Euro Sell 18/03/2015 130,045 134,256 4,211 0.06

The accompanying notes form an integral part of these financial statements. Putnam World Trust 27

Putnam Global Core Equity Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.35%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund JPMorgan Chase Bank, N.A. British Pound Sell 18/03/2015 77,418 78,212 USD 794 0.01 British Pound Sell 18/03/2015 95,555 94,584 (971) (0.01) Euro Buy 18/03/2015 48,676 50,172 (1,496) (0.02) Euro Sell 18/03/2015 57,273 59,142 1,869 0.02 Euro Sell 18/03/2015 245,937 238,168 (7,769) (0.10) Norwegian Krone Buy 18/03/2015 20,259 20,355 (96) - Norwegian Krone Sell 18/03/2015 1,674 1,801 127 - Singapore Dollar Buy 13/02/2015 20,515 20,695 (180) - Singapore Dollar Sell 13/02/2015 19,459 20,002 543 0.01 Swedish Krona Sell 18/03/2015 1,334 1,384 50 - Swedish Krona Sell 18/03/2015 26,381 26,385 4 - State Street Bank & Trust Company Canadian Dollar Sell 21/01/2015 85,780 89,012 3,232 0.04 Euro Sell 18/03/2015 88,513 91,383 2,870 0.04 Euro Sell 18/03/2015 112,925 109,380 (3,545) (0.05) Israeli Shekel Buy 21/01/2015 13,998 14,983 (985) (0.01) Japanese Yen Buy 13/02/2015 46,479 48,943 (2,464) (0.03) Swedish Krona Sell 18/03/2015 18,644 19,254 610 0.01 UBS AG British Pound Buy 18/03/2015 36,294 36,328 (34) - British Pound Sell 18/03/2015 131,937 133,258 1,321 0.02 British Pound Sell 18/03/2015 27,416 27,144 (272) - British Pound Sell 18/03/2015 30,117 29,880 (237) - Canadian Dollar Buy 21/01/2015 33,383 34,706 (1,323) (0.02) Euro Buy 18/03/2015 57,662 56,105 1,557 0.02 Euro Sell 18/03/2015 21,190 21,778 588 0.01 Euro Sell 18/03/2015 17,488 17,375 (113) - Euro Sell 18/03/2015 25,883 25,073 (810) (0.01) Swiss Franc Buy 18/03/2015 85,005 87,723 (2,718) (0.04) Westpac Banking Corporation British Pound Sell 18/03/2015 143,783 142,357 (1,426) (0.02) Canadian Dollar Buy 21/01/2015 66,938 69,419 (2,481) (0.03) Euro Sell 18/03/2015 68,255 66,105 (2,150) (0.03) Japanese Yen Sell 13/02/2015 108,049 113,756 5,707 0.08 Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 41,595 0.56 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (67,886) (0.91) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (26,291) (0.35) Total Financial Assets at Fair Value through Profit or Loss USD 7,320,008 98.30 Total Financial Liabilities at Fair Value through Profit or Loss USD (67,886) (0.90)

% of Analysis of Total Assets Total Assets (a) Transferable securities admitted to official stock exchange listing 95.90 (b) Transferable securities other than those admitted to an official stock exchange listing 0.28 (c) OTC financial derivative instruments 0.57 (d) Other Assets 3.25 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. 28 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (46.45%) Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund U.S. Government Agency Mortgage Obligations (46.20%) USD 3,622 Federal National Mortgage Association Pass-Through Certificates TBA 5.00 01/02/2038 GBP 2,570 - 28,135 Federal National Mortgage Association Pass-Through Certificates TBA 5.00 01/03/2038 19,960 0.01 13,036 Federal National Mortgage Association Pass-Through Certificates TBA 5.00 01/06/2038 9,248 - 3,656 Federal National Mortgage Association Pass-Through Certificates TBA 5.00 01/12/2038 2,593 - 5,717,334 Federal National Mortgage Association Pass-Through Certificates TBA 4.00 01/07/2042 3,947,808 1.51 43,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 2.50 14/01/2045 27,012,280 10.32 6,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 6.00 14/01/2045 4,363,288 1.67 35,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 3.50 14/01/2045 23,420,944 8.95 10,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 4.00 14/01/2045 6,850,093 2.62 10,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 4.50 14/01/2045 6,966,885 2.66 5,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 5.50 14/01/2045 3,588,956 1.37 34,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 3.00 01/12/2099 22,047,916 8.42 34,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 3.50 01/12/2099 22,692,125 8.67 GBP 120,924,666 46.20 U.S. Government Guaranteed Mortgage Obligations (0.25%) USD 1,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.00 21/01/2045 GBP 656,087 0.25 GBP 656,087 0.25 Total U.S. Government and Agency Mortgage Obligations GBP 121,580,753 46.45

U.S. GOVERNMENT AGENCY OBLIGATIONS (1.18%) Principal Effective Maturity Value % of Amount Yield Dates GBP Fund USD 4,800,000 Federal National Mortgage Association Discount Notes 0.10 15/04/2015 GBP 3,078,813 1.18 Total U.S. Government Agency Obligations GBP 3,078,813 1.18

MORTGAGE-BACKED SECURITIES (30.18%) Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Commercial Mortgage-Backed Securities (16.84%) USD 1,493,000 Banc of America Commercial Mortgage Trust (Class A3)† 5.39 10/09/2047 GBP 962,700 0.37 93,590 Banc of America Commercial Mortgage Trust 2006-6 (Class A2) 5.31 10/10/2045 60,069 0.02 32,295 Banc of America Commercial Mortgage Trust 2007-2 (Class A2)† 5.63 10/04/2049 20,731 0.01 390,000 Banc of America Merrill Lynch Commercial Mortgage Incorporated (Class AJ) 4.77 10/07/2043 246,958 0.09 1,501,000 Banc of America Merrill Lynch Commercial Mortgage Incorporated (Class C)† 5.15 10/07/2045 975,081 0.37 4,414,000 Banc of America Merrill Lynch Commercial Mortgage Incorporated 2005-4 (Class B)† 5.12 10/07/2045 2,860,347 1.09 1,750,000 Banc of America Merrill Lynch Commercial Mortgage Incorporated 2005-5 (Class B)† 5.24 10/10/2045 1,130,437 0.43 817,000 Bear Stearns Commercial Mortgage Securities Trust (Class AJ)† 5.43 11/03/2039 539,258 0.21 968,000 Bear Stearns Commercial Mortgage Securities Trust (Class D)† 5.13 13/02/2042 636,404 0.24 25,058,619 Bear Stearns Commercial Mortgage Securities Trust (Class XW)† 0.64 11/12/2038 156,596 0.06 1,303,000 CFCRE Commercial Mortgage Trust 2011-C1 (Class E)† 5.53 15/04/2044 883,867 0.34 722,000 CFCRE Commercial Mortgage Trust 2011-C2 (Class E)† 5.57 15/12/2047 496,580 0.19 572,000 Citigroup Commercial Mortgage Trust 2013-GC11 (Class D) 4.46 10/04/2046 349,958 0.13 7,326,417 COMM Mortgage Trust (Class XA)† 1.27 10/04/2047 352,458 0.13 186,000 COMM Mortgage Trust 2012-LC4 (Class D)† 5.65 10/12/2044 127,047 0.05 537,000 COMM Mortgage Trust 2013-LC13 (Class D)† 5.05 10/08/2046 343,938 0.13 11,259,162 COMM Mortgage Trust 2013-LC13 (Class XA)† 1.44 10/08/2046 526,260 0.20 200,234 Commercial Mortgage Trust (Class ASB)† 5.28 11/12/2049 130,157 0.05 745,000 Commercial Mortgage Trust (Class D) 4.99 10/08/2042 477,323 0.18 28,755,748 Credit Suisse Commercial Mortgage Trust (Class AX) 0.72 15/12/2039 201,786 0.08 285,852 Credit Suisse First Boston Mortgage Securities Corporation (Class F)† 6.00 17/05/2040 198,305 0.08 2,000,000 GE Capital Commercial Mortgage Corporation (Class K)† 5.07 10/01/2038 1,284,139 0.49 7,973,642 GMAC Commercial Mortgage Securities Incorporated (Class X1) 0.84 10/12/2041 31,416 0.01 2,753,000 GS Mortgage Securities Corporation II (Class B)† 4.84 10/07/2039 1,763,254 0.67 9,841,937 GS Mortgage Securities Corporation II (Class XA)† 1.73 10/02/2046 609,106 0.23 718,000 GS Mortgage Securities Corporation II 2013-GC10 (Class D)† 4.41 10/02/2046 445,495 0.17 1,762,000 GS Mortgage Securities Trust (Class E) 5.00 10/01/2045 993,205 0.38 6,254,796 GS Mortgage Securities Trust (Class XA)† 1.77 10/06/2046 374,459 0.14 6,668,008 GS Mortgage Securities Trust (Class XA)† 1.09 10/06/2047 306,172 0.12 197,272 JP Morgan Chase Commercial Mortgage Securities Trust (Class A2)† 5.12 15/07/2041 126,847 0.05

The accompanying notes form an integral part of these financial statements. Putnam World Trust 29

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

MORTGAGE-BACKED SECURITIES (30.18%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Commercial Mortgage-Backed Securities (16.84%) cont. USD 781,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class AJ)† 6.07 12/02/2051 GBP 520,052 0.20 797,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class C)† 6.17 12/02/2051 484,791 0.19 43,626,095 JP Morgan Chase Commercial Mortgage Securities Trust (Class XA)† 1.57 15/04/2046 2,421,742 0.93 1,212,000 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP6 (Class B) 5.50 15/04/2043 777,620 0.30 633,000 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8 (Class B)† 5.52 15/05/2045 407,315 0.16 919,000 JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6 (Class E) 5.21 15/05/2045 602,872 0.23 1,362,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 (Class E)† 3.50 15/12/2047 641,676 0.25 2,685,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 (Class D) 4.06 15/01/2046 1,619,899 0.62 528,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class D) 4.24 15/04/2046 321,457 0.12 912,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 (Class E)† 3.25 15/04/2046 415,859 0.16 368,000 JPMBB Commercial Mortgage Securities Trust (Class D) 4.09 15/07/2045 220,680 0.08 8,797,514 JPMBB Commercial Mortgage Securities Trust (Class XA) 1.02 15/11/2047 395,597 0.15 691,268 LB-UBS Commercial Mortgage Trust (Class A2)† 5.30 15/11/2038 444,880 0.17 804,000 LB-UBS Commercial Mortgage Trust (Class C)† 5.48 15/09/2039 506,820 0.19 83,418 LB-UBS Commercial Mortgage Trust (Class E)† 5.18 15/08/2036 53,491 0.02 2,000,000 LB-UBS Commercial Mortgage Trust (Class F)† 5.01 15/12/2039 1,281,662 0.49 920,000 LB-UBS Commercial Mortgage Trust (Class G)† 5.03 15/10/2036 599,092 0.23 117,992,090 LB-UBS Commercial Mortgage Trust 2005-C2 (Class XCL) 0.35 15/04/2040 33,310 0.01 672,000 LB-UBS Commercial Mortgage Trust 2006-C1 (Class AJ)† 5.28 15/02/2041 441,719 0.17 25,582,236 LB-UBS Commercial Mortgage Trust 2006-C6 (Class XCL) 0.67 15/09/2039 173,918 0.07 368,000 ML-CFC Commercial Mortgage Trust 2006-3 (Class AJ)† 5.49 12/07/2046 239,854 0.09 491,000 ML-CFC Commercial Mortgage Trust 2006-4 (Class AJ)† 5.24 12/12/2049 318,901 0.12 473,000 Morgan Stanley Bank of America Merrill Lynch Trust (Class D)† 4.42 15/08/2046 285,602 0.11 1,972,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (Class E)† 4.08 15/07/2046 1,155,010 0.44 3,115,751 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 (Class XA)† 1.29 15/08/2047 155,747 0.06 565,130 Morgan Stanley Capital I Trust (Class A2)† 5.61 12/04/2049 362,951 0.14 699,000 Morgan Stanley Capital I Trust (Class AJ)† 5.39 12/11/2041 450,959 0.17 2,797,626 Morgan Stanley Re-REMIC Trust (Class A3B)† 5.25 17/12/2043 1,802,247 0.69 564,000 UBS-Barclays Commercial Mortgage Trust 2012-C3 (Class D)† 4.96 10/08/2049 360,796 0.14 1,022,000 UBS-Barclays Commercial Mortgage Trust 2012-C4 (Class AS)† 3.32 10/12/2045 659,872 0.25 389,000 UBS-Barclays Commercial Mortgage Trust 2013-C6 (Class D)† 4.35 10/04/2046 235,801 0.09 2,707,000 Wachovia Bank Commercial Mortgage Trust Series (Class AJ)† 6.00 15/06/2045 1,749,545 0.67 923,000 Wells Fargo Commercial Mortgage Trust (Class D)† 4.30 15/07/2046 549,168 0.21 827,000 WFRBS Commercial Mortgage Trust (Class E) 3.50 15/03/2048 415,679 0.16 1,176,000 WFRBS Commercial Mortgage Trust (Class F)† 4.50 15/06/2045 629,197 0.24 152,000 WFRBS Commercial Mortgage Trust 2011-C5† 5.63 15/11/2044 104,780 0.04 1,440,000 WFRBS Commercial Mortgage Trust 2013-C12 (Class D)† 4.36 15/03/2048 887,882 0.34 13,310,512 WFRBS Commercial Mortgage Trust 2013-C14 (Class XA)† 0.92 15/06/2046 453,220 0.17 24,991,597 WFRBS Commercial Mortgage Trust 2013-C17 (Class XA) 1.59 15/12/2046 1,338,435 0.51 1,508,000 WFRBS Commercial Mortgage Trust 2013-UBS1 (Class D)† 4.63 15/03/2046 934,851 0.36 1,742,000 WFRBS Commercial Mortgage Trust 2014-C19 (Class D) 4.23 15/03/2047 1,012,657 0.39 GBP 44,077,959 16.84 Residential Mortgage-Backed Securities (Non-Agency) (6.11%) USD 772,051 Alternative Loan Trust (Class A3)† 0.52 25/09/2035 GBP 429,715 0.16 2,120,090 Alternative Loan Trust 2005-51 (Class 3A3A)† 0.49 20/11/2035 1,095,003 0.42 2,008,533 Alternative Loan Trust 2005-59 (Class 1A1)† 0.49 20/11/2035 1,043,828 0.40 2,682,577 Alternative Loan Trust 2005-62 (Class 1A1)† 0.47 25/12/2035 1,424,247 0.54 280,000 BCAP LLC Trust (Class 9A2)† 2.71 26/10/2035 167,540 0.06 1,224,237 BCAP LLC Trust (Class 9A4)† 6.73 26/03/2036 794,505 0.30 892,196 Bear Stearns ALT-A Trust 2005-7 (Class 22A1)† 2.61 25/09/2035 489,431 0.19 1,520,630 Countrywide Home Loans Mortgage Pass-Through Trust 2006-HYB1 (Class 1A1) 2.46 20/03/2036 855,842 0.33 1,380,000 CSMC Trust (Class 1A6)† 0.39 27/02/2036 727,187 0.28 2,520,381 WaMu Mortgage Pass-Through Certificates Trust (Class 1A1B) 1.05 25/05/2046 1,390,688 0.53 1,018,576 WaMu Mortgage Pass-Through Certificates Trust (Class 2A1B)† 1.18 25/01/2046 584,900 0.22 3,879,738 WaMu Mortgage Pass-Through Certificates Trust (Class A1B)† 1.11 25/02/2046 2,023,755 0.77 2,593,297 WaMu Mortgage Pass-Through Certificates Trust (Class A1B2)† 0.62 25/08/2045 1,466,362 0.56 1,167,552 WaMu Mortgage Pass-Through Certificates Trust (Class A1B3)† 0.51 25/11/2045 657,338 0.25 5,121,697 WaMu Mortgage Pass-Through Certificates Trust (Class A1C3) 0.66 25/10/2045 2,891,756 1.10 GBP 16,042,097 6.11

The accompanying notes form an integral part of these financial statements. 30 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

MORTGAGE-BACKED SECURITIES (30.18%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Agency Collateralised Mortgage Obligations (7.23%) USD 7,273,029 Federal Home Loan Mortgage Corporation (Class AS)† 5.83 15/08/2043 GBP 1,051,555 0.40 3,451,554 Federal Home Loan Mortgage Corporation (Class C22)† 3.50 15/12/2042 481,399 0.18 3,028,861 Federal Home Loan Mortgage Corporation (Class ES)† 6.08 15/11/2042 358,834 0.14 4,480,422 Federal Home Loan Mortgage Corporation (Class FO)† - 15/04/2041 2,490,591 0.95 7,439,597 Federal Home Loan Mortgage Corporation (Class GI) 3.00 15/01/2043 533,298 0.20 2,088,470 Federal Home Loan Mortgage Corporation (Class KS)† 6.13 15/10/2036 179,220 0.07 4,501,058 Federal Home Loan Mortgage Corporation (Class PI)† 4.00 15/03/2043 468,764 0.18 1,446,686 Federal Home Loan Mortgage Corporation (Class SA)† 5.83 15/08/2043 211,768 0.08 5,003,601 Federal Home Loan Mortgage Corporation (Class SB)† 6.03 15/05/2041 550,152 0.21 897,148 Federal Home Loan Mortgage Corporation (Class SP)† 27.93 15/04/2032 840,611 0.32 12,071,066 Federal Home Loan Mortgage Corporation (Class TI)† 3.00 15/12/2042 1,006,825 0.38 3,966,825 Federal Home Loan Mortgage Corporation 314 (Class S2) 5.72 15/09/2043 615,866 0.24 947,630 Federal National Mortgage Association (Class 1)† 1.02 25/06/2043 15,200 0.01 2,073,333 Federal National Mortgage Association (Class C16)† 4.00 25/11/2040 251,504 0.10 8,374,340 Federal National Mortgage Association (Class C19)† 3.50 25/02/2033 856,185 0.33 4,440,663 Federal National Mortgage Association (Class C24) 4.00 25/08/2043 585,853 0.22 1,106,830 Federal National Mortgage Association (Class HI)† 4.50 25/12/2040 122,194 0.05 3,338,876 Federal National Mortgage Association (Class IP)† 3.00 25/06/2042 235,143 0.09 3,714,918 Federal National Mortgage Association (Class JI)† 3.00 25/12/2041 293,980 0.11 3,781,692 Federal National Mortgage Association (Class KI) 3.50 25/07/2027 318,466 0.12 7,504,403 Federal National Mortgage Association (Class MI)† 3.00 25/12/2032 603,106 0.23 1,953,331 Federal National Mortgage Association (Class SE)† 5.73 25/10/2043 317,664 0.12 3,860,864 Federal National Mortgage Association (Class SH)† 5.73 25/10/2043 606,452 0.23 2,437,901 Federal National Mortgage Association (Class SK) 5.75 25/10/2043 390,646 0.15 1,675,134 Federal National Mortgage Association (Class UI)† 4.00 25/11/2042 198,832 0.08 1,046,362 Federal National Mortgage Association 2010-46 (Class SB)† 6.28 25/05/2040 104,878 0.04 5,385,807 Federal National Mortgage Association 2013-128 (Class SA)† 5.83 25/12/2043 815,334 0.31 3,627,334 Federal National Mortgage Association 2013-136 (Class SB)† 5.73 25/01/2044 532,207 0.20 1,372,865 Federal National Mortgage Association 2013-92 (Class SA)† 5.78 25/09/2043 218,895 0.08 3,521,990 Federal National Mortgage Association 2013-98 (Class SA)† 5.78 25/09/2043 549,110 0.21 76,658 Federal National Mortgage Association 370 (Class 2)† 6.00 25/06/2036 3,881 - 69,694 Federal National Mortgage Association 371 (Class 2)† 6.50 25/07/2036 9,139 - 257,459 Federal National Mortgage Association 377 (Class 2)† 5.00 25/10/2036 31,541 0.01 64,187 Federal National Mortgage Association 379 (Class 2)† 5.50 25/05/2037 7,226 - 113,676 FHLMC Structured Pass Through Securities (Class 2) (F) - 25/05/2043 3 - 128,414 FHLMC Structured Pass Through Securities (Class A)† 0.52 25/05/2043 1,390 - 1,360,163 Government National Mortgage Association (Class CI) 4.00 20/03/2042 160,554 0.06 7,069,171 Government National Mortgage Association (Class HI)† 3.50 20/04/2040 444,215 0.17 3,566,151 Government National Mortgage Association (Class IA)† 4.50 20/10/2039 280,995 0.11 2,154,024 Government National Mortgage Association (Class IT)† 5.00 20/01/2043 295,861 0.11 1,204,172 Government National Mortgage Association (Class MI)† 6.28 20/04/2041 161,372 0.06 8,030 Government National Mortgage Association (Class OD)† - 16/07/2036 4,578 - 63,308 Government National Mortgage Association (Class PO)† - 16/04/2034 40,185 0.02 1,587,294 Government National Mortgage Association (Class QI)† 4.50 20/01/2040 205,057 0.08 2,881,693 Government National Mortgage Association (Class SB)† 5.93 20/08/2039 234,292 0.09 2,263,000 Government National Mortgage Association (Class SN)† 5.74 16/05/2041 263,847 0.10 3,210,696 Government National Mortgage Association (Class TS) 5.89 16/05/2041 359,468 0.14 3,856,542 Government National Mortgage Association 2009-121 (Class UI)† 5.00 20/12/2039 506,502 0.19 2,031,041 Government National Mortgage Association 2010-163 (Class SI)† 6.47 16/08/2037 149,333 0.06 GBP 18,963,971 7.23 Total Mortgage-Backed Securities GBP 79,084,027 30.18

The accompanying notes form an integral part of these financial statements. Putnam World Trust 31

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

REPURCHASE AGREEMENTS (5.65%) Principal Effective Maturity Value % of Amount Yield Dates GBP Fund USD 2,592,000 Repurchase Agreement - Barclays Capital, Incorporated* 0.05 02/01/2015 GBP 1,663,030 0.64 20,421,000 Repurchase Agreement - Merrill Lynch, Pierce, Fenner and Smith Incorporated** 0.04 02/01/2015 13,102,134 5.01 Total Repurchase Agreements GBP 14,765,164 5.65

* Interest in USD25,000,000 joint repurchase agreement dated 31 December 2014 with Barclays Capital, Inc. due 2 January 2015 - maturity value of USD2,592,007 for an effective yield of 0.05% (collateralised by U.S. Treasury Bills with coupon rate of 2.125% and due date of 31 December 2021 valued at USD25,252,935).

** Interest in USD20,421,000 repurchase agreement dated 31 December 2014 with Merrill Lynch, Pierce, Fenner and Smith Inc. due 2 January 2015 - maturity value of USD20,421,045 for an effective yield of 0.04% (collateralised by U.S. Treasury Bills with coupon rate of 1.500% and due date of 31 August 2018 valued at USD20,719,766).

U.S. CORPORATE BONDS AND NOTES (26.28%) Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Agriculture (0.50%) USD 1,835,000 Archer-Daniels-Midland Company 5.45 15/03/2018 GBP 1,311,440 0.50 1,311,440 0.50 Auto Parts and Equipment (0.27%) 359,000 American Axle & Manufacturing Incorporated 7.75 15/11/2019 257,975 0.10 671,000 Pittsburgh Glass Works LLC 8.00 15/11/2018 454,193 0.17 712,168 0.27 Automotive (1.65%) 149,000 Ford Motor Company 7.70 15/05/2097 126,503 0.05 2,250,000 Ford Motor Company 9.98 15/02/2047 2,331,653 0.89 760,000 General Motors Company 6.25 02/10/2043 582,507 0.22 124,000 Navistar International Corporation 8.25 01/11/2021 77,967 0.03 974,000 Oshkosh Corporation 5.38 01/03/2022 637,418 0.24 915,000 Toyota Motor Credit Corporation 1.25 05/10/2017 585,313 0.22 4,341,361 1.65 Banking (4.89%) 275,000 Bank of America Corporation 6.11 29/01/2037 210,475 0.08 1,835,000 Bank of America Corporation 2.00 11/01/2018 1,176,443 0.45 39,000 Citigroup Incorporated 5.90 29/12/2049 24,397 0.01 1,835,000 Citigroup Incorporated 4.45 10/01/2017 1,244,544 0.48 2,507,000 Commonwealth Bank of Australia 1.13 13/03/2017 1,602,817 0.61 420,000 Dresdner Funding Trust I 8.15 30/06/2031 317,977 0.12 304,000 Fifth Third Bancorp 5.10 29/12/2049 180,662 0.07 910,000 Goldman Sachs Group Incorporated 2.38 22/01/2018 589,753 0.23 227,000 JPMorgan Chase & Company 7.90 29/04/2049 156,756 0.06 1,835,000 JPMorgan Chase & Company 2.00 15/08/2017 1,188,534 0.45 1,794,000 Key Corporation 2.30 13/12/2018 1,155,006 0.44 1,804,000 Morgan Stanley 4.75 22/03/2017 1,232,906 0.47 1,235,000 National Australia Bank Limited 2.30 25/07/2018 805,309 0.31 1,840,000 PNC Bank NA 1.13 27/01/2017 1,179,924 0.45 1,000,000 State Street Capital Trust IV 1.24 15/06/2037 538,143 0.21 1,805,000 Wells Fargo & Company 2.10 08/05/2017 1,177,719 0.45 12,781,365 4.89 Beverages (0.81%) 1,835,000 Anheuser-Busch InBev Finance Incorporated 1.25 17/01/2018 1,164,667 0.44 569,000 Coca-Cola Company 5.35 15/11/2017 404,832 0.15 914,000 PepsiCo Incorporated 1.25 13/08/2017 585,287 0.22 2,154,786 0.81 Biotechnology (0.46%) 1,835,000 Amgen Incorporated 2.13 15/05/2017 1,192,785 0.46 1,192,785 0.46 Building Materials (0.42%) 105,000 Boise Cascade Company 6.38 01/11/2020 70,737 0.03 369,000 Masonite International Corporation 8.25 15/04/2021 252,731 0.10 420,000 Nortek Incorporated 10.00 01/12/2018 282,272 0.11 593,000 Owens Corning 9.00 15/06/2019 460,435 0.18 1,066,175 0.42

The accompanying notes form an integral part of these financial statements. 32 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (26.28%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Chemicals (0.29%) USD 525,000 Celanese US Holdings LLC 5.88 15/06/2021 GBP 357,051 0.14 292,000 Huntsman International LLC 5.13 15/11/2022 184,537 0.07 150,000 Huntsman International LLC 8.63 15/03/2021 103,218 0.04 155,000 WR Grace & Company 5.63 01/10/2024 103,675 0.04 748,481 0.29 Commercial Services (0.30%) 555,000 Ashtead Capital Incorporated 6.50 15/07/2022 378,344 0.14 535,000 Avis Budget Car Rental LLC 5.50 01/04/2023 350,122 0.13 130,000 Service Corporation International 5.38 15/05/2024 85,076 0.03 813,542 0.30 Computers (0.39%) 1,563,000 Hewlett-Packard Company 2.60 15/09/2017 1,021,649 0.39 1,021,649 0.39 Cosmetics/Personal Care (0.12%) 545,000 Elizabeth Arden Incorporated 7.38 15/03/2021 320,825 0.12 320,825 0.12 Diversified Financial Services (1.78%) 130,000 Ally Financial Incorporated 8.00 01/11/2031 106,345 0.04 1,145,000 American Express Company 7.00 19/03/2018 849,936 0.32 700,000 American Express Company 6.15 28/08/2017 500,411 0.19 380,000 Credit Acceptance Corporation 6.13 15/02/2021 243,808 0.09 2,720,000 General Electric Capital Corporation 5.40 15/02/2017 1,894,570 0.72 1,055,000 Icahn Enterprises LP 6.00 01/08/2020 697,331 0.27 575,000 Tiers Trust - 15/03/2046 383,677 0.15 4,676,078 1.78 Electric Utilities (0.99%) 350,000 AES Corporation 8.00 01/06/2020 256,560 0.10 355,000 AES Corporation 8.00 15/10/2017 255,670 0.10 1,166,000 Consolidated Edison Company of New York Incorporated 7.13 01/12/2018 886,913 0.34 285,000 Dynegy Finance I Incorporated 6.75 01/11/2019 186,056 0.07 1,497,000 FirstEnergy Corporation 4.25 15/03/2023 991,033 0.38 2,576,232 0.99 Electrical Components & Equipment (0.01%) 27,000 Belden Incorporated 5.25 15/07/2024 16,630 0.01 16,630 0.01 Electronics (0.05%) 173,000 Jabil Circuit Incorporated 8.25 15/03/2018 126,192 0.05 126,192 0.05 Entertainment (0.20%) 210,000 GLP Capital LP 4.88 01/11/2020 136,420 0.05 455,000 GLP Capital LP 4.38 01/11/2018 298,497 0.11 190,000 Regal Entertainment Group 5.75 15/03/2022 116,419 0.04 551,336 0.20 Environmental Control (0.71%) 2,000,000 Waste Management Incorporated 7.75 15/05/2032 1,869,784 0.71 1,869,784 0.71 Food (0.27%) 1,095,000 HJ Heinz Company 4.25 15/10/2020 709,579 0.27 709,579 0.27 Health-Care Services (0.45%) 502,000 HCA Incorporated 6.50 15/02/2020 360,331 0.14 285,000 Tenet Healthcare Corporation 6.25 01/11/2018 199,313 0.08 821,000 UnitedHealth Group Incorporated 6.00 15/02/2018 592,942 0.23 1,152,586 0.45 Home Builders (0.24%) 555,000 Lennar Corporation 4.75 15/11/2022 348,967 0.13 77,000 PulteGroup Incorporated 7.63 15/10/2017 55,332 0.02 365,000 Standard Pacific Corporation 5.88 15/11/2024 234,184 0.09 638,483 0.24

The accompanying notes form an integral part of these financial statements. Putnam World Trust 33

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (26.28%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Insurance (1.37%) USD 420,000 American International Group Incorporated 8.18 15/05/2058 GBP 365,135 0.14 215,000 Genworth Holdings Incorporated 7.70 15/06/2020 137,596 0.05 1,685,000 Liberty Mutual Group Incorporated 7.80 15/03/2037 1,264,884 0.48 1,835,000 MetLife Incorporated 6.75 01/06/2016 1,269,283 0.48 275,000 Nationwide Mutual Insurance Company 9.38 15/08/2039 280,490 0.11 57,000 Primerica Incorporated 4.75 15/07/2022 40,171 0.02 331,000 Progressive Corporation 6.70 15/06/2037 229,731 0.09 3,587,290 1.37 Internet (0.36%) 915,000 eBay Incorporated 1.35 15/07/2017 582,569 0.22 505,000 Expedia Incorporated 5.95 15/08/2020 362,071 0.14 944,640 0.36 Iron/Steel (0.23%) 600,000 Glencore Funding LLC 4.63 29/04/2024 385,548 0.15 338,000 Steel Dynamics Incorporated 5.25 15/04/2023 220,114 0.08 605,662 0.23 Lodging (0.15%) 627,000 MGM Resorts International 5.25 31/03/2020 399,267 0.15 399,267 0.15 Machinery-Construction and Mining (0.04%) 5,000 Compass Minerals International Incorporated 4.88 15/07/2024 3,120 - 177,000 Terex Corporation 6.00 15/05/2021 115,835 0.04 118,955 0.04 Media (1.97%) 3,116,000 CBS Corporation 7.88 30/07/2030 2,794,154 1.07 65,000 CCOH Safari LLC 5.75 01/12/2024 42,173 0.02 130,000 CCOH Safari LLC 5.50 01/12/2022 84,659 0.03 1,840,000 Comcast Corporation 6.50 15/01/2017 1,303,567 0.50 621,000 DISH DBS Corporation 4.25 01/04/2018 406,901 0.16 165,000 Gannett Company Incorporated 4.88 15/09/2021 105,070 0.04 260,000 Sinclair Television Group Incorporated 5.63 01/08/2024 161,395 0.06 106,000 Time Warner Cable Incorporated 7.30 01/07/2038 93,775 0.04 144,000 Time Warner Entertainment Company LP 8.38 15/07/2033 138,654 0.05 5,130,348 1.97 Medical Technology (0.13%) 65,000 Halyard Health Incorporated 6.25 15/10/2022 42,330 0.02 400,000 Kinetic Concepts Incorporated 10.50 01/11/2018 281,021 0.11 323,351 0.13 Oil and Natural Gas Utilities (0.49%) 130,000 California Resources Corporation 5.00 15/01/2020 72,357 0.03 1,835,000 Phillips 66 2.95 01/05/2017 1,215,935 0.46 1,288,292 0.49 Packaging and Containers (0.40%) 300,000 Crown Americas LLC 4.50 15/01/2023 186,706 0.07 728,000 Reynolds Group Issuer Incorporated 5.75 15/10/2020 478,763 0.18 545,000 Sealed Air Corporation 6.50 01/12/2020 382,891 0.15 1,048,360 0.40 Pharmaceuticals (0.97%) 1,646,000 AbbVie Incorporated 1.75 06/11/2017 1,058,370 0.40 125,000 Endo Finance LLC 5.75 15/01/2022 80,401 0.03 574,000 Johnson & Johnson 5.15 15/07/2018 413,371 0.16 1,580,000 Merck & Company Incorporated 1.30 18/05/2018 1,004,287 0.38 2,556,429 0.97 Pipelines (0.40%) 110,000 Access Midstream Partners LP 5.88 15/04/2021 73,576 0.03 121,000 Kinder Morgan Energy Partners LP 5.40 01/09/2044 77,793 0.03 179,000 Kinder Morgan Energy Partners LP 4.25 01/09/2024 115,077 0.04 425,000 Kinder Morgan Incorporated 7.00 15/06/2017 300,630 0.11 295,000 Regency Energy Partners LP 5.88 01/03/2022 188,799 0.07 540,000 Williams Companies Incorporated 4.55 24/06/2024 322,205 0.12 1,078,080 0.40 The accompanying notes form an integral part of these financial statements. 34 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (26.28%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Real Estate (2.54%) USD 845,000 ARC Properties Operating Partnership LP 4.60 06/02/2024 GBP 500,159 0.19 2,213,000 CBL & Associates LP 5.25 01/12/2023 1,521,369 0.58 963,000 Corrections Corporation of America 4.63 01/05/2023 594,692 0.23 825,000 EPR Properties 5.25 15/07/2023 552,068 0.21 85,000 Hospitality Properties Trust 4.50 15/03/2025 54,900 0.02 415,000 iStar Financial Incorporated 4.88 01/07/2018 261,605 0.10 810,000 Omega Healthcare Investors Incorporated 4.95 01/04/2024 540,817 0.21 4,000,000 Ventas Realty LP 3.13 30/11/2015 2,618,496 1.00 6,644,106 2.54 Retail (1.06%) 1,470,000 Bed Bath & Beyond Incorporated 5.17 01/08/2044 986,808 0.38 1,825,000 CVS Health Corporation 2.25 05/12/2018 1,181,405 0.45 125,000 Dollar General Corporation 3.25 15/04/2023 73,002 0.03 35,000 Macy's Retail Holdings Incorporated 5.13 15/01/2042 24,476 0.01 615,000 Macy's Retail Holdings Incorporated 6.90 01/04/2029 502,261 0.19 2,767,952 1.06 Semiconductors (0.05%) 205,000 Micron Technology Incorporated 5.88 15/02/2022 138,105 0.05 138,105 0.05 Software (0.06%) 222,000 Fidelity National Information Services Incorporated 5.00 15/03/2022 151,061 0.06 151,061 0.06 Telecommunications (1.26%) 1,835,000 AT&T Incorporated 1.70 01/06/2017 1,182,012 0.45 706,000 Qwest Corporation 6.75 01/12/2021 523,774 0.20 250,000 Sprint Corporation 7.25 15/09/2021 158,997 0.06 155,000 T-Mobile USA Incorporated 6.00 01/03/2023 99,697 0.04 1,153,000 Verizon Communications Incorporated 2.63 21/02/2020 731,308 0.28 442,000 Verizon Communications Incorporated 6.35 01/04/2019 328,611 0.13 395,000 Windstream Corporation 7.88 01/11/2017 274,341 0.10 3,298,740 1.26 Total U.S. Corporate Bonds and Notes GBP 68,862,115 26.28

NON U.S. CORPORATE BONDS AND NOTES (19.07%) Banking (10.76%) USD 1,969,000 Abbey National Treasury Services PLC (United Kingdom) 1.38 13/03/2017 GBP 1,261,937 0.48 400,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 9.00 29/05/2049 275,247 0.11 1,835,000 Bank of Montreal (Canada) 2.50 11/01/2017 1,205,782 0.46 1,835,000 Bank of Nova Scotia (Canada) 1.38 18/12/2017 1,169,823 0.45 1,851,000 Bank of Tokyo-Mitsubishi UFJ Limited (Japan) 1.20 10/03/2017 1,178,339 0.45 2,243,000 Barclays PLC (United Kingdom) 6.63 29/06/2049 1,381,547 0.53 415,000 BBVA International Preferred SAU (Spain) 5.92 29/04/2049 271,004 0.10 1,969,000 BNP Paribas SA (France) 1.38 17/03/2017 1,263,292 0.48 1,570,000 Commerzbank AG (Germany) 8.13 19/09/2023 1,158,260 0.44 1,410,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 11.00 29/12/2049 1,164,294 0.44 1,640,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 3.38 19/01/2017 1,097,667 0.42 225,000 Credit Agricole SA (France) 7.88 29/01/2049 146,891 0.06 583,000 Credit Suisse Group AG (Switzerland) 7.50 29/12/2049 387,145 0.15 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 122,546 0.05 1,835,000 Deutsche Bank AG (United Kingdom) 6.00 01/09/2017 1,307,888 0.50 1,540,000 HSBC Capital Funding LP (Jersey) 10.18 29/12/2049 1,487,039 0.57 550,000 Intesa Sanpaolo SpA (Italy) 5.02 26/06/2024 342,476 0.13 3,700,000 Lloyds Banking Group PLC (United Kingdom) 7.50 31/12/2049 2,415,467 0.92 375,000 Lloyds Banking Group PLC (United Kingdom) 6.66 31/12/2049 256,841 0.10 1,840,000 Royal Bank of Canada (Canada) 2.20 27/07/2018 1,193,650 0.46 1,660,000 Royal Bank of Scotland Group PLC (United Kingdom) 5.13 28/05/2024 1,083,367 0.41 370,000 Royal Bank of Scotland Group PLC (United Kingdom) 4.70 03/07/2018 245,688 0.09 900,000 Santander Issuances SAU (Spain) 5.91 20/06/2016 601,909 0.23 720,000 Societe Generale SA (France) 7.88 29/12/2049 450,404 0.17 750,000 Societe Generale SA (France) 2.75 12/10/2017 492,982 0.19

The accompanying notes form an integral part of these financial statements. Putnam World Trust 35

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

NON U.S. CORPORATE BONDS AND NOTES (19.07%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Banking (10.76%) cont. USD 2,720,000 Standard Chartered PLC (United Kingdom) 5.70 25/01/2022 GBP 1,877,193 0.72 949,000 Svenska Handelsbanken AB (Sweden) 2.88 04/04/2017 629,320 0.24 6,434,000 VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.88 29/05/2018 3,484,083 1.33 336,000 Westpac Banking Corporation (Australia) 2.25 30/07/2018 218,730 0.08 28,170,811 10.76 Beverages (0.21%) 863,000 Diageo Capital PLC (United Kingdom) 1.50 11/05/2017 554,438 0.21 554,438 0.21 Chemicals (0.18%) 300,000 INEOS Group Holdings SA (Luxembourg) 5.88 15/02/2019 182,375 0.07 440,000 Methanex Corporation (Canada) 4.25 01/12/2024 281,072 0.11 463,447 0.18 Electric Utilities (1.58%) 545,000 EDP Finance BV (Netherlands) 5.30 14/01/2021 368,111 0.14 3,540,000 Electricite de France SA (France) 5.60 29/12/2049 2,390,736 0.91 2,105,000 Electricite de France SA (France) 5.30 29/01/2049 1,380,958 0.53 4,139,805 1.58 Food (0.22%) 89,000 Delhaize Group SA (Belgium) 4.10 10/04/2019 59,966 0.02 400,000 Grupo Bimbo SAB de CV (Mexico) 4.90 27/06/2044 257,286 0.10 405,000 Grupo Bimbo SAB de CV (Mexico) 3.90 27/06/2024 260,013 0.10 577,265 0.22 Iron/Steel (0.07%) 241,000 ArcelorMittal (Luxembourg) 10.40 01/06/2019 186,711 0.07 186,711 0.07 Machinery-Construction and Mining (0.45%) 1,835,000 Rio Tinto Finance USA PLC (United Kingdom) 1.60 21/08/2017 1,176,852 0.45 1,176,852 0.45 Media (0.51%) 690,000 Grupo Televisa SAB (Mexico) 6.60 18/03/2025 541,995 0.21 425,000 Grupo Televisa SAB (Mexico) 6.00 15/05/2018 302,883 0.12 200,000 Numericable-SFR (France) 6.30 15/05/2024 129,283 0.05 520,000 Quebecor Media Incorporated (Canada) 5.80 15/01/2023 341,139 0.13 1,315,300 0.51 Medical Technology (0.50%) 1,835,000 Covidien International Finance SA (Luxembourg) 6.00 15/10/2017 1,317,548 0.50 1,317,548 0.50 Oil and Natural Gas Utilities (2.70%) 1,835,000 BP Capital Markets PLC (United Kingdom) 1.85 05/05/2017 1,187,006 0.45 1,835,000 Canadian Natural Resources Limited (Canada) 5.70 15/05/2017 1,276,287 0.49 747,000 CHC Helicopter SA (Canada) 9.25 15/10/2020 466,096 0.18 625,000 Pertamina Persero PT (Indonesia) 6.00 03/05/2042 391,477 0.15 300,000 Pertamina Persero PT (Indonesia) 4.30 20/05/2023 183,819 0.07 1,185,000 Petroleos de Venezuela SA (Venezuela) 6.00 15/11/2026 277,508 0.11 923,000 Petroleos de Venezuela SA (Venezuela) 8.50 02/11/2017 338,814 0.13 80,000 Petroleos de Venezuela SA (Venezuela) 8.50 02/11/2017 29,360 0.01 755,000 Petroleos de Venezuela SA (Venezuela) 5.25 12/04/2017 223,434 0.09 1,970,000 Shell International Finance BV (Netherlands) 5.20 22/03/2017 1,372,161 0.52 900,000 Total Capital International SA (France) 1.55 28/06/2017 579,411 0.22 900,000 Weatherford International Limited (Bermuda) 9.88 01/03/2039 720,098 0.28 7,045,471 2.70 Pharmaceuticals (0.50%) 1,835,000 AstraZeneca PLC (United Kingdom) 5.90 15/09/2017 1,320,079 0.50 1,320,079 0.50 Telecommunications (1.36%) 215,000 America Movil SAB de CV (Mexico) 6.13 30/03/2040 163,217 0.06 300,000 America Movil SAB de CV (Mexico) 2.38 08/09/2016 196,172 0.07 1,080,000 SoftBank Corporation (Japan) 4.50 15/04/2020 682,535 0.26 95,000 Telefonica Emisiones SAU (Spain) 7.05 20/06/2036 81,250 0.03 647,000 Telefonica Emisiones SAU (Spain) 4.57 27/04/2023 444,442 0.17

The accompanying notes form an integral part of these financial statements. 36 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

NON U.S. CORPORATE BONDS AND NOTES (19.07%) cont. Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund Telecommunications (1.36%) cont. USD 3,174,000 Vodafone Group PLC (United Kingdom) 1.25 26/09/2017 GBP 2,010,497 0.77 3,578,113 1.36 Transportation (0.03%) 109,000 Kansas City Southern de Mexico SA de CV (Mexico) 2.35 15/05/2020 67,045 0.03 67,045 0.03 Total Non U.S. Corporate Bonds and Notes GBP 49,912,885 19.07

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (5.80%) Principal Coupon Maturity Value % of Amount Rate Dates GBP Fund USD 2,228,000 Argentina (Republic of) 7.00 03/10/2015 GBP 1,414,477 0.54 2,640,000 Argentina (Republic of) 8.80 07/05/2024 1,645,553 0.63 3,560,000 Argentina (Republic of) 7.00 17/04/2017 2,190,451 0.84 792,151 Argentina (Republic of) 8.30 31/12/2033 442,173 0.17 476,693 Argentina (Republic of) 8.30 31/12/2033 253,853 0.10 125,000 Argentina (Republic of) 10.90 26/01/2021 75,388 0.03 778,000 Argentina (Republic of) 11.80 05/10/2015 495,422 0.19 1,050,000 Brazil (Federal Republic of) 4.90 22/01/2021 718,777 0.27 BRL 10,821 Brazil (Federal Republic of) 10.00 01/01/2021 2,360,044 0.90 EUR 245,456 Hellenic (Republic of Greece) 2.00 24/02/2038 95,023 0.04 40,775 Hellenic (Republic of Greece) 2.00 24/02/2037 15,828 0.01 285,570 Hellenic (Republic of Greece) 2.00 24/02/2036 111,038 0.04 233,241 Hellenic (Republic of Greece) 2.00 24/02/2035 91,511 0.03 205,737 Hellenic (Republic of Greece) 2.00 24/02/2034 81,645 0.03 188,287 Hellenic (Republic of Greece) 2.00 24/02/2033 75,195 0.03 173,525 Hellenic (Republic of Greece) 2.00 24/02/2032 69,785 0.03 159,629 Hellenic (Republic of Greece) 2.00 24/02/2031 64,815 0.02 692,925 Hellenic (Republic of Greece) 2.00 24/02/2030 285,837 0.11 169,200 Hellenic (Republic of Greece) 2.00 24/02/2029 70,713 0.03 551,876 Hellenic (Republic of Greece) 2.00 24/02/2028 234,290 0.09 240,032 Hellenic (Republic of Greece) 2.00 24/02/2027 104,172 0.04 628,929 Hellenic (Republic of Greece) 2.00 24/02/2026 279,028 0.11 736,582 Hellenic (Republic of Greece) 2.00 24/02/2025 339,805 0.13 134,483 Hellenic (Republic of Greece) 2.00 24/02/2024 66,104 0.03 458,112 Hellenic (Republic of Greece) 2.00 24/02/2023 225,491 0.09 1,404,000 Hellenic (Republic of Greece) 4.80 17/04/2019 869,011 0.33 914,000 Hellenic (Republic of Greece) 3.40 17/07/2017 565,928 0.22 USD 745,000 Indonesia (Republic of) 3.40 15/04/2023 454,920 0.17 EUR 320,000 Ireland (Republic of) 5.00 18/10/2020 310,717 0.12 USD 1,200,000 South Africa (Republic of) 4.70 17/01/2024 796,868 0.30 880,000 Venezuela (Republic of) 5.80 26/02/2016 352,316 0.13 Total Foreign Government and Agency Bonds and Notes GBP 15,156,178 5.80

COMMERCIAL PAPER (3.65%) Principal Effective Maturity Value % of Amount Yield Dates GBP Fund USD 1,000,000 Airgas Incorporated 0.40 06/02/2015 GBP 641,332 0.25 1,500,000 Chariot Funding LLC 0.16 23/02/2015 962,175 0.37 1,500,000 Collateralized Commercial Paper Company Limited 0.14 05/01/2015 962,385 0.37 250,000 Gotham Funding Corporation 0.14 12/01/2015 160,393 0.06 1,500,000 Gotham Funding Corporation 0.13 05/01/2015 962,387 0.37 4,000,000 HSBC Americas Incorporated 0.17 03/02/2015 2,566,004 0.98 2,000,000 Manhattan Asset Funding 0.06 14/01/2015 1,283,119 0.49 1,000,000 Thunder Bay Funding LLC 0.15 25/02/2015 641,454 0.25 2,100,000 Victory Receivables 0.14 16/01/2015 1,347,278 0.51 Total Commercial Paper GBP 9,526,527 3.65

PREFERRED STOCK (0.30%) Number of Value % of Shares GBP Fund 35,920 Citigroup Incorporated GBP 612,571 0.23 12,390 HSBC USA Incorporated 179,657 0.07 Total Preferred Stock GBP 792,228 0.30 The accompanying notes form an integral part of these financial statements. Putnam World Trust 37

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. TREASURY BILLS (6.51%) Principal Effective Maturity Value % of Amount Yield Dates GBP Fund USD 151,000 U.S. Treasury Bill1 0.04 09/04/2015 GBP 96,871 0.04 51,000 U.S. Treasury Bill2 0.01 19/02/2015 32,721 0.01 5,337,000 U.S. Treasury Bill3 0.02 05/02/2015 3,424,060 1.31 6,024,000 U.S. Treasury Bill4 0.01 22/01/2015 3,864,981 1.48 7,032,000 U.S. Treasury Bill5 0.01 08/01/2015 4,511,731 1.72 7,939,000 U.S. Treasury Bill6 0.01 15/01/2015 5,093,649 1.95 Total U.S. Treasury Bills GBP 17,024,013 6.51 Total Value of Investments GBP 379,782,703 145.07

1Security is fully held as collateral by Barclays and Deutsche Bank. 2Security is fully held as collateral by Barclays. 3Security is partly held as collateral by Barclays, Citi, Credit Suisse, Deutsche Bank, JPMorgan and UBS. 4Security is partly held as collateral by Barclays, JPMorgan and UBS. 5Security is partly held as collateral by Deutsche Bank and JPMorgan. 6Security is partly held as collateral by Barclays, Deutsche Bank, Goldman Sachs, JPMorgan and UBS. †Single broker sourced priced securities. (F) is valued at fair value following procedures approved by the Investment Advisor.

Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 29 (“FRS 29”), “Improving Disclosures about Financial Instruments” based on the securities’ valuation inputs.

PURCHASED SWAP OPTIONS OUTSTANDING (0.38%) Contract Fixed right % to receive or (pay)/floating rate Expiration Value % of Amount Counterparty index/maturity date date/strike GBP Fund Bank of America N.A. USD 10,612,700 2.3925/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.3925 GBP 71,019 0.03 8,583,900 2.38/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.38 54,909 0.02 10,612,700 2.285/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.285 30,777 0.01 8,583,900 2.28/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.28 26,986 0.01 Barclays Bank PLC 10,612,700 2.43/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.43 88,382 0.03 10,612,700 2.33/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.33 43,578 0.02 Citibank, N.A. 19,535,700 2.426/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.426 157,178 0.06 5,306,350 2.528/3 month USD-LIBOR-BBA/Mar-25 Mar-15/2.528 72,721 0.03 19,535,700 2.322/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.322 71,570 0.03 8,583,900 2.20/3 month USD-LIBOR-BBA/May-25 May-15/2.20 48,245 0.02 13,402,000 2.2425/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.2425 29,494 0.01 13,402,000 (2.4775)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.4775 9,373 - Credit Suisse International 24,528,000 2.25/3 month USD-LIBOR-BBA/May-25 May-15/2.25 161,778 0.06 6,233,500 2.40/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.40 44,554 0.02 6,233,500 2.30/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.30 22,357 0.01 24,996,100 (2.60)/3 month USD-LIBOR-BBA/Feb-25 Feb-15/2.60 15,075 0.01 Goldman Sachs International 13,402,000 2.23/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.23 26,312 0.01 2,653,175 (2.89)/3 month USD-LIBOR-BBA/Feb-45 Feb-15/2.89 12,205 - 13,402,000 (2.47)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.47 10,233 - 2,653,175 (2.94)/3 month USD-LIBOR-BBA/Feb-45 Feb-15/2.94 6,673 - 2,653,175 (3.04)/3 month USD-LIBOR-BBA/Feb-45 Feb-15/3.04 2,860 - Total Purchased Swap Options Outstanding GBP 1,006,279 0.38

PURCHASED EQUITY OPTIONS OUTSTANDING (0.03%) Contract Expiration Value % of Amount date/strike price GBP Fund USD 8,000,000 Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/USD 100.37 GBP 26,947 0.01 11,000,000 Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/99.41 18,209 0.01 11,000,000 Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/99.22 15,668 0.01 11,000,000 Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/103.13 423 - 11,000,000 Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/102.94 212 - Total Purchased Equity Options Outstanding GBP 61,459 0.03

The accompanying notes form an integral part of these financial statements. 38 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.04%) Unrealised Upfront Payments Payments Appreciation/ Swap Notional Premium Termination made by received by (Depreciation) % of Counterparty Amount received/(paid) Date Fund per annum Fund per annum GBP Fund Citibank, N.A. AUD 3,935,000 (E) GBP- 31/07/2024 4.5175% 6 month AUD-BBR-BBSW GBP (73,709) (0.03) 738,000 (E) - 06/08/2024 4.63% 6 month AUD-BBR-BBSW (15,533) (0.01) 5,422,000 (E) - 16/10/2024 6 month AUD-BBR-BBSW 4.232% 64,325 0.03 2,972,000 - 05/12/2024 6 month AUD-BBR-BBSW 3.4525% 43,706 0.03 738,000 - 05/12/2024 6 month AUD-BBR-BBSW 3.4575% 11,024 - NOK 4,660,000 - 29/12/2024 6 month NOK-NIBOR-NIBR 2.045% 4,973 - NZD 2,327,000 - 29/10/2024 3 month NZD-BBR-FRA 4.42025% 31,409 0.01 Credit Suisse International AUD 2,222,000 (E) - 16/10/2024 6 month AUD-BBR-BBSW 4.1975% 24,748 0.01 CAD 1,814,000 - 30/10/2024 3 month CAD-BA-CDOR 2.495% 23,520 0.01 CHF 302,000 - 27/10/2024 6 month CHF-LIBOR-BBA 0.785% 5,747 - 282,000 - 28/10/2024 6 month CHF-LIBOR-BBA 0.765% 5,004 - NOK 5,440,000 - 06/11/2024 6 month NOK-NIBOR-NIBR 2.29% 16,779 0.01 1,462,000 - 30/12/2024 6 month NOK-NIBOR-NIBR 2.005% 1,100 - SEK 10,948,000 - 11/11/2019 0.78% 3 month SEK-STIBOR-SIDE (7,385) - 5,678,000 - 11/11/2024 3 month SEK-STIBOR-SIDE 1.49% 11,519 - Deutsche Bank AG NOK 5,440,000 - 06/11/2024 6 month NOK-NIBOR-NIBR 2.29% 16,779 0.01 PLN 6,428,000 - 17/03/2024 4.1072% 6 month PLN-WIBOR-WIBO (218,232) (0.09) 3,205,000 - 18/03/2024 4.12875% 6 month PLN-WIBOR-WIBO (109,948) (0.04) 2,751,000 - 27/03/2024 4.045% 6 month PLN-WIBOR-WIBO (92,807) (0.04) 31,646,000 - 14/07/2016 6 month PLN-WIBOR-WIBO 2.48% 52,473 0.03 Goldman Sachs International AUD 1,066,000 (E) - 06/08/2024 4.525% 6 month AUD-BBR-BBSW (20,064) (0.01) KRW 1,621,000,000 30/10/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.2875% 4,222 - 2,498,000,000 05/11/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.165% (2,051) - 796,000,000 06/11/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.17% (548) - NOK 2,720,000 - 05/11/2024 6 month NOK-NIBOR-NIBR 2.315% 8,946 - 2,720,000 - 05/11/2024 6 month NOK-NIBOR-NIBR 2.32% 9,056 - 1,462,000 - 31/12/2024 6 month NOK-NIBOR-NIBR 1.955% 516 - 5,440,000 - 06/11/2024 6 month NOK-NIBOR-NIBR 2.32% 18,076 0.01 NZD 472,000 - 31/10/2024 3 month NZD-BBR-FRA 4.425% 6,456 - 590,000 - 31/10/2024 3 month NZD-BBR-FRA 4.42% 7,949 - 590,000 - 03/11/2024 3 month NZD-BBR-FRA 4.415% 7,824 - SEK 11,361,000 - 27/10/2024 3 month SEK-STIBOR-SIDE 1.6025% 33,697 0.02 9,485,000 - 29/10/2024 3 month SEK-STIBOR-SIDE 1.58% 26,474 0.01 11,540,000 - 10/11/2019 0.775% 3 month SEK-STIBOR-SIDE (7,569) - 5,861,000 - 10/11/2024 3 month SEK-STIBOR-SIDE 1.4775% 11,332 - JPMorgan Chase Bank N.A. AUD 1,980,000 (E) - 06/08/2024 4.5175% 6 month AUD-BBR-BBSW (36,952) (0.01) CAD 1,863,000 - 30/10/2024 3 month CAD-BA-CDOR 2.5025% 24,868 0.01 KRW 1,621,000,000 06/11/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.165% (1,340) - 796,000,000 03/11/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.245% 1,116 - 796,000,000 04/11/2019 3 month KRW-CD-KSDA- - BLOOMBERG 2.195% 11 - MXN 13,183,000 - 24/07/2029 1 month MXN-TIIE-BANXICO 6.565% 206 - NZD 693,000 - 04/11/2024 3 month NZD-BBR-FRA 4.38% 8,177 - SEK 10,802,000 - 10/11/2019 0.78% 3 month SEK-STIBOR-SIDE (7,304) - 5,620,000 - 10/11/2024 3 month SEK-STIBOR-SIDE 1.485% 11,199 - 5,620,000 - 11/11/2024 3 month SEK-STIBOR-SIDE 1.485% 11,180 - 10,802,000 - 11/11/2019 0.775% 3 month SEK-STIBOR-SIDE (7,067) - Unrealised Appreciation on OTC Interest Rate Swap Contracts Outstanding GBP 504,411 0.19 Unrealised Depreciation on OTC Interest Rate Swap Contracts Outstanding GBP (600,509) (0.23) Net Unrealised Depreciation on OTC Interest Rate Swap Contracts Outstanding GBP (96,098) (0.04)

(E) See Note 2 to the Financial Statements regarding extended effective dates. The accompanying notes form an integral part of these financial statements. Putnam World Trust 39

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (-0.04%) Unrealised Upfront Payments Payments Appreciation/ Notional Premium Termination made by received by (Depreciation) % of Amount received/(paid) Date Fund per annum Fund per annum GBP Fund GBP 226,405,000 (E) GBP 611,395 18/03/2017 1.25% 3 month USD-LIBOR-BBA GBP 67,100 0.03 99,081,000 (E) 1,118,310 18/03/2020 2.25% 3 month USD-LIBOR-BBA (13,499) (0.01) 46,001,000 (E) 1,676,749 18/03/2025 3.00% 3 month USD-LIBOR-BBA (53,645) (0.02) 1,163,000 (E) 103,837 18/03/2045 3.50% 3 month USD-LIBOR-BBA (20,039) (0.01) 17,224,000 (E) (5,856) 16/12/2017 1.835% 3 month USD-LIBOR-BBA (34,810) (0.01) 13,922,000 (E) (45) 16/12/2017 1.897% 3 month USD-LIBOR-BBA (34,346) (0.01) 6,982,000 (E) (23) 16/12/2017 1.86625% 3 month USD-LIBOR-BBA (14,514) (0.01) 18,310,000 (E) (59) 16/12/2017 1.905% 3 month USD-LIBOR-BBA (47,015) (0.02) 4,463,000 (E) (14) 16/12/2017 1.8625% 3 month USD-LIBOR-BBA (9,066) - 38,656,000 (E) (32,566) 16/12/2017 1.882% 3 month USD-LIBOR-BBA (120,488) (0.05) 14,670,000 (E) (50) 16/12/2017 3 month USD-LIBOR-BBA 1.80% 18,125 0.01 10,375,000 (E) (51) 16/12/2018 2.34% 3 month USD-LIBOR-BBA (79,558) (0.03) 7,782,000 (E) (38) 16/12/2018 2.3795% 3 month USD-LIBOR-BBA (65,426) (0.02) 5,374,000 (14) 19/12/2019 1.742% 3 month USD-LIBOR-BBA 3,157 - 14,750,000 (E) (50) 16/12/2017 3 month USD-LIBOR-BBA 1.924% 41,315 0.02 2,594,000 (E) (13) 16/12/2018 2.337% 3 month USD-LIBOR-BBA (19,745) (0.01) 4,699,000 (E) (24) 16/12/2018 2.0025% 3 month USD-LIBOR-BBA (6,334) - 10,829,000 (E) (3,873) 16/12/2018 1.9525% 3 month USD-LIBOR-BBA (8,278) - 9,280,000 (E) (65) 22/10/2024 3 month USD-LIBOR-BBA 3.14875% 74,093 0.03 9,280,000 (E) (64) 22/10/2024 3 month USD-LIBOR-BBA 3.145% 73,123 0.03 1,200,000 (E) (101,235) 18/03/2045 3 month USD-LIBOR-BBA 3.40% 10,067 - 1,309,000 (E) 37,556 18/03/2025 2.90% 3 month USD-LIBOR-BBA (4,027) - 6,772,000 (35) 19/12/2019 1.7285% 3 month USD-LIBOR-BBA 6,805 - 5,374,000 (14) 19/12/2019 1.734% 3 month USD-LIBOR-BBA 4,494 - EUR 4,398,000 (E) (52,198) 18/03/2020 6 month EUR-EURIBOR-REUTERS 0.75% 10,406 - 1,670,000 (E) (67,377) 18/03/2025 6 month EUR-EURIBOR-REUTERS 1.50% 15,625 0.01 1,592,000 (E) (170,078) 18/03/2035 6 month EUR-EURIBOR-REUTERS 2.25% 36,618 0.01 5,000 (E) 627 18/03/2045 2.25% 6 month EUR-EURIBOR- REUTERS (136) - 6,947,000 (E) (62) 22/10/2024 1.75% 6 month EUR-EURIBOR- REUTERS (130,950) (0.05) 6,947,000 (E) (62) 22/10/2024 1.757% 6 month EUR-EURIBOR- REUTERS (132,789) (0.05) GBP 8,123,000 (E) 144,343 18/03/2017 2.00% 6 month GBP-LIBOR-BBA (15,826) (0.01) 7,205,000 (E) (300,094) 18/03/2020 6 month GBP-LIBOR-BBA 2.50% 48,087 0.02 6,868,000 (E) 592,221 18/03/2025 3.00% 6 month GBP-LIBOR-BBA (127,257) (0.05) 1,731,000 (E) (315,746) 18/03/2045 6 month GBP-LIBOR-BBA 3.25% 84,756 0.03 JPY 21,005,000 (4) 24/03/2044 6 month JPY-LIBOR-BBA 1.80% 14,357 0.01 41,131,000 (8) 24/03/2044 6 month JPY-LIBOR-BBA 1.79625% 27,895 0.01 1,148,200,000 (27) 14/03/2019 6 month JPY-LIBOR-BBA 0.3175% 35,516 0.01 251,200,000 (26) 14/03/2044 1.795% 6 month JPY-LIBOR-BBA (170,481) (0.07) 20,364,000 (2) 24/03/2044 6 month JPY-LIBOR-BBA 1.80125% 13,956 0.01 23,000,000 (4) 07/11/2044 6 month JPY-LIBOR-BBA 1.5025% 5,728 - 138,000,000 (26) 07/11/2044 6 month JPY-LIBOR-BBA 1.495% 32,893 0.01 722,000,000 (32) 07/11/2019 0.2475% 6 month JPY-LIBOR-BBA (6,407) - 426,200,000 (19) 07/11/2019 0.25% 6 month JPY-LIBOR-BBA (4,067) - 7,700,000 (1) 07/11/2044 6 month JPY-LIBOR-BBA 1.4975% 1,863 - Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding GBP 625,979 0.24 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding GBP (1,118,703) (0.43) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding GBP (492,724) (0.19) Variation Margin Settlement to Date GBP 380,185 0.15 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date GBP (112,539) (0.04)

(E) See Note 2 to the Financial Statements regarding extended effective dates.

The accompanying notes form an integral part of these financial statements. 40 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

WRITTEN SWAP OPTIONS OUTSTANDING (-0.72%) Contract Fixed Obligation % to receive or (pay)/ Expiration Value % of amount Counterparty Floating rate index/Maturity date date/strike price GBP Fund USD (8,583,900) Bank of America N.A. (2.48)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.48 GBP (93,792) (0.04) (10,612,700) Bank of America N.A. (2.50)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.50 (127,331) (0.05) (10,612,700) Barclays Bank PLC (2.53)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.53 (144,694) (0.06) (5,306,350) Citibank, N.A. (2.28)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.28 (4,085) - (6,701,000) Citibank, N.A. 2.36/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.36 (15,908) (0.01) (6,701,000) Citibank, N.A. (2.36)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.36 (37,233) (0.01) (5,306,350) Citibank, N.A. (2.53)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.53 (73,743) (0.03) (19,535,700) Citibank, N.A. (2.53)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.53 (266,350) (0.10) (6,233,500) Credit Suisse International (2.51)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.51 (77,629) (0.03) (2,653,175) Goldman Sachs International (2.49)/3 month USD-LIBOR-BBA/Feb-45 Feb-15/2.49 (8,494) - (2,653,175) Goldman Sachs International 2.84/3 month USD-LIBOR-BBA/Feb-45 Feb-15/2.84 (14,452) (0.01) (6,701,000) Goldman Sachs International 2.35/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.35 (17,369) (0.01) (6,701,000) Goldman Sachs International (2.35)/3 month USD-LIBOR-BBA/Jan-25 Jan-15/2.35 (34,782) (0.01) (9,641,000) JPMorgan Chase Bank N.A. (6.00 Floor)/3 month USD-LIBOR-BBA/Mar-18 Mar-18/6.00 (946,836) (0.36) Total Written Swap Options Outstanding GBP (1,862,698) (0.72)

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.01%) Contract Expiration Value % of amount date/strike price GBP Fund USD (8,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/USD 99.42 GBP (13,397) (0.01) (11,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/98.53 (8,893) - (11,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/98.34 (7,552) - (8,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/98.48 (6,159) - (11,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/97.66 (4,093) - (11,000,000) Federal National Mortgage Association 30 yr 3.0s TBA commitments (Put) Feb-15/97.47 (3,458) - (11,000,000) Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/102.13 (7) - (11,000,000) Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/101.13 (7) - (11,000,000) Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/101.94 (7) - (11,000,000) Federal National Mortgage Association 30 yr 3.5s TBA commitments (Put) Jan-15/100.94 (7) - Total Written Equity Options Outstanding GBP (43,580) (0.01)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING (0.10%) Unrealised Payments Appreciation/ Swap counterparty/ Upfront Premium received/(paid) by (Depreciation) % of Referenced debt* received/(paid)** Notional amount Termination date Fund per annum GBP Fund Bank of America N.A. CMBX NA BBB- Index GBP 13,046 USD 346,000 11/05/2063 300 bp GBP 13,753 0.01 CMBX NA BBB- Index 13,624 335,000 11/05/2063 300 bp 14,308 0.01 CMBX NA BBB- Index 6,630 167,000 11/05/2063 300 bp 6,971 - CMBX NA BBB- Index 3,324 73,000 11/05/2063 300 bp 3,473 - Barclays Bank PLC CMBX NA BBB- Index 20,413 286,000 11/05/2063 300 bp 20,998 0.01 Credit Suisse International CMBX NA BBB- Index 3,053 750,000 11/05/2063 300 bp 4,585 - CMBX NA BBB- Index 1,930 662,000 11/05/2063 300 bp 3,282 - CMBX NA BBB- Index 16,498 615,000 11/05/2063 300 bp 17,755 0.01 CMBX NA BBB- Index 25,459 510,000 11/05/2063 300 bp 26,502 0.02 CMBX NA BBB- Index 16,989 353,000 11/05/2063 300 bp 17,710 0.01 CMBX NA BBB- Index 3,242 323,000 11/05/2063 300 bp 3,902 - CMBX NA BBB- Index 2,374 314,000 11/05/2063 300 bp 3,016 - CMBX NA BBB- Index 6,169 305,000 11/05/2063 300 bp 6,792 - CMBX NA BBB- Index 3,549 305,000 11/05/2063 300 bp 4,172 - CMBX NA BBB- Index 15,013 301,000 11/05/2063 300 bp 15,628 0.01 CMBX NA BBB- Index 12,865 301,000 11/05/2063 300 bp 13,480 0.01 CMBX NA BBB- Index 21,918 300,000 11/05/2063 300 bp 22,531 0.01 CMBX NA BBB- Index 15,260 300,000 11/05/2063 300 bp 15,872 0.01 CMBX NA BBB- Index 12,239 240,000 11/05/2063 300 bp 12,729 - CMBX NA BBB- Index 909 180,000 11/05/2063 300 bp 1,277 - CMBX NA BBB- Index 1,150 91,000 11/05/2063 300 bp 1,336 - CMBX NA BBB- Index 654 42,000 17/01/2047 300 bp 350 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 41

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING (0.10%) cont. Unrealised Payments Appreciation/ Swap counterparty/ Upfront Premium received/(paid) by (Depreciation) % of Referenced debt* received/(paid)** Notional amount Termination date Fund per annum GBP Fund Credit Suisse International cont. CMBX NA BB Index GBP 1,334 USD 112,000 11/05/2063 (500 bp) GBP 1,019 - CMBX NA BB Index (564) 124,000 11/05/2063 (500 bp) (912) - CMBX NA BB Index (705) 124,000 11/05/2063 (500 bp) (1,053) - CMBX NA BB Index (680) 125,000 11/05/2063 (500 bp) (1,031) - CMBX NA BB Index 3,470 223,000 11/05/2063 (500 bp) 2,844 - CMBX NA BB Index 2,063 224,000 11/05/2063 (500 bp) 1,435 - CMBX NA BB Index 1,452 237,000 11/05/2063 (500 bp) 787 - CMBX NA BB Index (2,900) 277,000 11/05/2063 (500 bp) (3,677) - CMBX NA BB Index (1,166) 374,000 11/05/2063 (500 bp) (2,216) - CMBX NA BB Index (3,207) 275,000 11/05/2063 (500 bp) (3,979) - CMBX NA BBB- Index 3,903 3,161,000 11/05/2063 300 bp 10,362 - CMBX NA BBB- Index (6,331) 555,000 11/05/2063 300 bp (5,197) (0.01) CMBX NA BBB- Index 400 487,000 11/05/2063 300 bp 1,395 - CMBX NA BBB- Index 843 295,000 11/05/2063 300 bp 1,446 - CMBX NA BBB- Index (1,809) 294,000 11/05/2063 300 bp (1,208) - CMBX NA BBB- Index 4,032 281,000 11/05/2063 300 bp 4,606 - CMBX NA BBB- Index (2,980) 277,000 11/05/2063 300 bp (2,414) - CMBX NA BBB- Index 114 277,000 11/05/2063 300 bp 680 - CMBX NA BBB- Index 568 277,000 11/05/2063 300 bp 1,134 - CMBX NA BBB- Index 676 237,000 11/05/2063 300 bp 1,160 - CMBX NA BBB- Index 6,530 223,000 11/05/2063 300 bp 6,986 - CMBX NA BBB- Index 328 205,000 11/05/2063 300 bp 747 - CMBX NA BBB- Index (1,134) 198,000 11/05/2063 300 bp (729) - CMBX NA BBB- Index (406) 197,000 11/05/2063 300 bp (3) - CMBX NA BBB- Index 1,467 196,000 11/05/2063 300 bp 1,868 - CMBX NA BBB- Index 1,224 196,000 11/05/2063 300 bp 1,625 - CMBX NA BBB- Index (1,202) 196,000 11/05/2063 300 bp (802) - CMBX NA BBB- Index (403) 196,000 11/05/2063 300 bp (3) - CMBX NA BBB- Index (1,004) 194,000 11/05/2063 300 bp (608) - CMBX NA BBB- Index 658 183,000 11/05/2063 300 bp 1,032 - CMBX NA BBB- Index 62 150,000 11/05/2063 300 bp 368 - CMBX NA BBB- Index (290) 145,000 11/05/2063 300 bp 6 - CMBX NA BBB- Index 8,503 124,000 11/05/2063 300 bp 8,756 - CMBX NA BBB- Index (576) 102,000 11/05/2063 300 bp (367) - CMBX NA BBB- Index (368) 99,000 11/05/2063 300 bp (165) - Goldman Sachs International CMBX NA BBB- Index 1,104 662,000 11/05/2063 300 bp 2,457 - CMBX NA BBB- Index (1,696) 385,000 11/05/2063 300 bp (909) - CMBX NA BB Index 1,508 112,000 11/05/2063 (500 bp) 1,194 - CMBX NA BB Index (718) 124,000 11/05/2063 (500 bp) (1,066) - CMBX NA BB Index (1,454) 231,000 11/05/2063 (500 bp) (2,103) - CMBX NA BBB- Index (2,748) 277,000 11/05/2063 300 bp (2,182) - CMBX NA BBB- Index (487) 197,000 11/05/2063 300 bp (85) - CMBX NA BBB- Index (1,121) 196,000 11/05/2063 300 bp (720) - CMBX NA BBB- Index (1,201) 196,000 11/05/2063 300 bp (801) - CMBX NA BBB- Index (1,201) 196,000 11/05/2063 300 bp (801) - CMBX NA BBB- Index (964) 194,000 11/05/2063 300 bp (568) - CMBX NA BBB- Index 1,309 193,000 11/05/2063 300 bp 1,703 - CMBX NA BBB- Index 622 168,000 11/05/2063 300 bp 965 - CMBX NA BBB- Index (658) 102,000 11/05/2063 300 bp (450) - Unrealised Appreciation on OTC Credit Default Contracts Outstanding GBP 284,997 0.11 Unrealised Depreciation on OTC Credit Default Contracts Outstanding GBP (34,049) (0.01) Net Unrealised Appreciation on OTC Credit Default Contracts Outstanding GBP 250,948 0.10

* Payments related to the referenced debt are made upon a credit default event. ** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. For information on the credit risks associated with Credit Default Contracts, please refer to Note 5(f) of the financial statements.

The accompanying notes form an integral part of these financial statements. 42 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.03%) Unrealised Upfront Payments Total return Appreciation/ Swap Notional premium Termination received (paid) by received by (Depreciation) % of Counterparty Amount received (paid) Date Fund per annum or (paid) by Fund GBP Fund Bank of America N.A. USD 1,866,750 (E) GBP - 24/06/2024 (2.865%) USA Non Revised Consumer Price Index- Urban (CPI-U) GBP (30,673) (0.01) Barclays Bank PLC 185,408 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 1,108 - 87,463 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Ginnie Mae II pools 540 - 2,385,394 - 12/01/2040 4.50% (1 month USD-LIBOR) Synthetic MBX Index 4.50% 30 year Fannie Mae pools 18,337 0.01 958,410 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (359) - 4,569,779 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (36,059) (0.01) 4,194,491 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 25,077 0.01 3,846,127 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 24,190 0.01 9,295,336 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (5,574) - 1,865,392 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,119) - 11,894,720 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (93,858) (0.05) 15,641,942 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 98,379 0.04 210,171 - 12/01/2040 4.00% (1 month USD-LIBOR) Synthetic MBX Index 4.00% 30 year Fannie Mae pools 1,680 - 925,427 - 12/01/2039 6.00% (1 month USD-LIBOR) Synthetic TRS Index 6.00% 30 year Fannie Mae pools 1,154 - 10,224,190 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (80,676) (0.03) 12,659,594 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 79,621 0.03 3,901,230 - 12/01/2040 4.00% (1 month USD-LIBOR) Synthetic MBX Index 4.00% 30 year Fannie Mae pools 31,189 0.01 2,985,990 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 18,780 0.01 1,253,036 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (9,887) - 2,077,964 - 12/01/2040 4.00% (1 month USD-LIBOR) Synthetic MBX Index 4.00% 30 year Fannie Mae pools 16,612 0.01 7,285,865 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 45,824 0.02 4,315,319 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (34,051) (0.01) 3,643,923 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (2,185) - 491,510 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 2,939 - 63,682 - 12/01/2040 4.50% (1 month USD-LIBOR) Synthetic MBX Index 4.50% 30 year Fannie Mae pools 489 - 162,198 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 970 - 526,462 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 3,148 - 381,739 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 2,282 - 8,516,237 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (67,199) (0.03) 3,545,558 - 12/01/2039 (6.00%) 1 month USD-LIBOR Synthetic MBX Index 6.00% 30 year Fannie Mae pools (25,960) (0.01) 1,290,428 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (8,747) - 645,214 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (4,374) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 43

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.03%) cont. Unrealised Upfront Payments Total return Appreciation/ Swap Notional premium Termination received (paid) by received by (Depreciation) % of Counterparty Amount received (paid) Date Fund per annum or (paid) by Fund GBP Fund Barclays Bank PLC cont. USD 645,214 GBP - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools GBP (4,374) - 1,294,877 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (8,777) - 3,363,025 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (22,796) (0.01) 1,294,877 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (8,777) - 914,763 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic TRS Index 5.00% 30 year Ginnie Mae II pools (53) - 580,057 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic TRS Index 5.00% 30 year Ginnie Mae II pools (34) - 15,238 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 25 - 2,585,305 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (17,524) (0.01) 936,234 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools (189) - 2,301,982 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (18,164) (0.01) 888,875 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 5,591 - Citibank, N.A. 2,134,758 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 13,426 0.01 5,139,773 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 32,326 0.01 1,805,000 - 03/10/2016 1.631% USA Non Revised Consumer Price Index- Urban (CPI-U) 25,421 0.01 EUR 5,330,000 - 21/02/2019 (1.235%) Eurostat Eurozone HICP excluding tobacco (170,405) (0.08) 2,780,000 - 21/02/2024 1.69% Eurostat Eurozone HICP excluding tobacco 156,262 0.07 Credit Suisse International USD 7,446,975 - 12/01/2041 4.50% (1 month USD-LIBOR) Synthetic MBX Index 4.50% 30 year Ginnie Mae II pools 55,375 0.02 1,105,318 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (8,722) - 1,898,815 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic TRS Index 5.00% 30 year Ginnie Mae II pools (110) - 1,932,373 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools (389) - 1,027,712 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools (207) - 2,240,663 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,344) - 4,232,025 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic MBX Index 6.50% 30 year Fannie Mae pools 33,394 0.01 EUR 1,540,000 - 27/03/2019 (1.1913%) Eurostat Eurozone HICP excluding tobacco (46,586) (0.02) 5,330,000 - 20/02/2019 (1.2225%) Eurostat Eurozone HICP excluding tobacco (167,504) (0.07) 2,780,000 - 20/02/2024 1.68% Eurostat Eurozone HICP excluding tobacco 152,346 0.06 1,540,000 - 24/03/2019 (1.1925%) Eurostat Eurozone HICP excluding tobacco (46,665) (0.02) GBP 1,300,000 - 20/03/2019 3.05% GBP Non-revised UK Retail Price Index 29,354 0.01 1,300,000 - 25/03/2019 3.0413% GBP Non-revised UK Retail Price Index 28,730 0.01 Deutsche Bank AG USD 1,105,318 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (8,722) - 1,866,750 (E) - 24/06/2024 2.415% USA Non Revised Consumer Price Index- Urban (CPI-U) 6,725 -

The accompanying notes form an integral part of these financial statements. 44 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.03%) cont. Unrealised Upfront Payments Total return Appreciation/ Swap Notional premium Termination received (paid) by received by (Depreciation) % of Counterparty Amount received (paid) Date Fund per annum or (paid) by Fund GBP Fund Deutsche Bank AG cont. USD 1,805,000 GBP - 30/12/2016 (0.83%) USA Non Revised Consumer Price Index- Urban (CPI-U) GBP (518) - Goldman Sachs International 2,625,840 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 4,282 - 2,025,574 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 3,303 - 6,575,786 - 12/01/2039 6.00% (1 month USD-LIBOR) Synthetic TRS Index 6.00% 30 year Fannie Mae pools 8,202 - 2,544,284 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 4,149 - 2,377,846 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (891) - 2,377,846 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (891) - 3,559,045 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (28,083) (0.01) 1,337,040 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (10,550) - 2,085,386 - 12/01/2040 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,872) - 176,761 - 12/01/2039 6.00% (1 month USD-LIBOR) Synthetic TRS Index 6.00% 30 year Fannie Mae pools 220 - 2,726,090 - 12/01/2039 6.00% (1 month USD-LIBOR) Synthetic TRS Index 6.00% 30 year Fannie Mae pools 3,400 - 4,875,478 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (38,471) (0.01) 190,904 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (1,506) - 509,078 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (4,017) - 572,318 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 933 - 2,877,695 - 12/01/2038 6.50% (1 month USD-LIBOR) Synthetic TRS Index 6.50% 30 year Fannie Mae pools 4,692 - 2,053,810 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (770) - 3,532,785 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,324) - 4,615,254 - 12/01/2039 6.00% (1 month USD-LIBOR) Synthetic TRS Index 6.00% 30 year Fannie Mae pools 5,756 - 1,237,129 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (742) - 1,228,882 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools (247) - JPMorgan Chase Bank N.A. 1,144,366 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (686) - 1,237,129 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (742) - 1,228,882 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools (247) - Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding GBP 946,231 0.36 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding GBP (1,023,620) (0.39) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding GBP (77,389) (0.03)

(E) See Note 2 to the Financial Statements regarding extended effective dates.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 45

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FUTURES CONTRACTS OUTSTANDING (-%) Unrealised Appreciation/ Number of (Depreciation) % of contracts Broker GBP Fund (95) Euro-Bobl 5 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated GBP (41,282) (0.02) 60 Euro-Bund 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 58,159 0.02 (10) Euro-Buxl 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (55,142) (0.02) (5) U.S. Treasury Bond 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (12,838) - 13 U.S. Treasury Bond Ultra 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 62,410 0.03 35 U.S. Treasury Note 5 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (1,446) - (60) U.S. Treasury Note 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (21,276) (0.01) Unrealised Appreciation on Futures Contracts GBP 120,569 0.05 Unrealised Depreciation on Futures Contracts GBP (131,984) (0.05) Net Unrealised Depreciation on Futures Contracts GBP (11,415) - Variation margin settlement to date GBP 11,664 - Cumulative unrealised less variation margin settlement to date GBP 249 -

TBA SALES COMMITMENTS OUTSTANDING (-45.08%) Principal Coupon Settlement Value % of Amount Agency Rate% date GBP Fund USD (34,000,000) Federal Home Loan Mortgage Corporation 3.50 01/12/2099 GBP (22,692,125) (8.67) (34,000,000) Federal Home Loan Mortgage Corporation 3.00 01/12/2099 (22,047,916) (8.42) (2,000,000) Federal National Mortgage Association 4.50 14/01/2045 (1,393,377) (0.53) (11,000,000) Federal National Mortgage Association 4.00 14/01/2045 (7,535,102) (2.88) (35,000,000) Federal National Mortgage Association 3.50 14/01/2045 (23,420,944) (8.95) (63,000,000) Federal National Mortgage Association 3.00 14/01/2045 (40,910,335) (15.63) Total TBA Sales Commitments Outstanding GBP (117,999,799) (45.08)

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Bank of America, N.A. Australian Dollar Buy 21/01/2015 208,937 215,654 GBP (6,717) - Australian Dollar Sell 21/01/2015 317,775 328,904 11,129 - Australian Dollar Sell 21/01/2015 208,937 218,975 10,038 - Canadian Dollar Sell 21/01/2015 334,810 335,695 885 - Canadian Dollar Sell 21/01/2015 333,596 335,173 1,577 - Chinese Yuan Buy 13/02/2015 661,155 662,980 (1,825) - Chinese Yuan Sell 13/02/2015 666,823 663,554 (3,269) - Euro Buy 18/03/2015 324,536 330,914 (6,378) - Euro Buy 18/03/2015 664,463 674,996 (10,533) - Euro Sell 18/03/2015 656,068 666,587 10,519 - South Korean Won Buy 13/02/2015 679,354 668,968 10,386 - South Korean Won Sell 13/02/2015 663,194 657,817 (5,377) - US Dollar Buy 21/01/2015 335,016 335,695 (679) - US Dollar Buy 21/01/2015 331,457 328,904 2,553 - US Dollar Buy 21/01/2015 226,766 218,975 7,791 - US Dollar Buy 21/01/2015 334,591 335,173 (582) - US Dollar Sell 21/01/2015 222,440 215,654 (6,786) - US Dollar Buy 13/02/2015 666,313 663,554 2,759 - US Dollar Buy 13/02/2015 668,427 657,817 10,610 - US Dollar Sell 13/02/2015 674,224 668,968 (5,256) - US Dollar Sell 13/02/2015 666,876 662,980 (3,896) - US Dollar Buy 18/03/2015 669,239 666,587 2,652 - US Dollar Sell 18/03/2015 329,374 330,914 1,540 - US Dollar Sell 18/03/2015 680,108 674,996 (5,112) - Barclays Bank PLC Australian Dollar Buy 21/01/2015 640,312 669,725 (29,413) (0.02) Australian Dollar Buy 21/01/2015 155,827 163,491 (7,664) - Australian Dollar Buy 21/01/2015 165,245 170,557 (5,312) - Australian Dollar Sell 21/01/2015 324,054 330,857 6,803 - Australian Dollar Sell 21/01/2015 320,287 332,005 11,718 - Australian Dollar Sell 21/01/2015 313,537 330,981 17,444 0.01 Australian Dollar Sell 21/01/2015 641,097 664,846 23,749 0.02 The accompanying notes form an integral part of these financial statements. 46 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Barclays Bank PLC cont. Canadian Dollar Buy 21/01/2015 328,792 333,399 GBP (4,607) - Canadian Dollar Buy 21/01/2015 665,646 669,559 (3,913) - Canadian Dollar Sell 21/01/2015 334,093 331,848 (2,245) - Canadian Dollar Sell 21/01/2015 333,044 332,417 (627) - Canadian Dollar Sell 21/01/2015 670,118 673,809 3,691 - Chinese Yuan Buy 13/02/2015 710,777 704,834 5,943 - Chinese Yuan Buy 13/02/2015 658,244 665,573 (7,329) - Japanese Yen Buy 13/02/2015 314,534 320,074 (5,540) - Japanese Yen Sell 13/02/2015 629,069 645,309 16,240 0.01 Mexican Peso Buy 21/01/2015 1,456 1,541 (85) - Mexican Peso Buy 21/01/2015 315,560 333,066 (17,506) (0.01) Mexican Peso Buy 21/01/2015 1,460 1,560 (100)- Mexican Peso Buy 21/01/2015 316,316 337,288 (20,972) (0.01) Mexican Peso Sell 21/01/2015 624,151 653,520 29,369 0.02 New Zealand Dollar Buy 21/01/2015 345,160 337,950 7,210 - New Zealand Dollar Buy 21/01/2015 350,208 343,219 6,989 - New Zealand Dollar Buy 21/01/2015 337,163 333,181 3,982 - New Zealand Dollar Buy 21/01/2015 344,460 331,618 12,842 - New Zealand Dollar Sell 21/01/2015 686,672 663,034 (23,638) (0.02) New Zealand Dollar Sell 21/01/2015 330,416 313,963 (16,453) (0.01) South Korean Won Sell 13/02/2015 663,194 657,817 (5,377) - Swiss Franc Sell 18/03/2015 654,591 673,655 19,064 0.01 US Dollar Buy 21/01/2015 343,655 331,848 11,807 - US Dollar Buy 21/01/2015 345,801 332,417 13,384 0.01 US Dollar Buy 21/01/2015 679,832 653,520 26,312 0.02 US Dollar Buy 21/01/2015 339,656 330,857 8,799- US Dollar Buy 21/01/2015 342,742 332,005 10,737 - US Dollar Buy 21/01/2015 687,708 673,809 13,8990.01 US Dollar Buy 21/01/2015 332,839 330,981 1,858- US Dollar Buy 21/01/2015 680,561 663,034 17,5270.01 US Dollar Buy 21/01/2015 326,604 313,963 12,641- US Dollar Buy 21/01/2015 685,556 664,846 20,710 0.02 US Dollar Sell 21/01/2015 684,756 669,725 (15,031) (0.01) US Dollar Sell 21/01/2015 339,897 337,950 (1,947) - US Dollar Sell 21/01/2015 1,573 1,541 (32) - US Dollar Sell 21/01/2015 341,833 333,066 (8,767) - US Dollar Sell 21/01/2015 1,599 1,560 (39) - US Dollar Sell 21/01/2015 351,023 343,219 (7,804) - US Dollar Sell 21/01/2015 335,368 333,399 (1,969)- US Dollar Sell 21/01/2015 346,279 337,288 (8,991)- US Dollar Sell 21/01/2015 169,131 163,491 (5,640) - US Dollar Sell 21/01/2015 175,862 170,557 (5,305) - US Dollar Sell 21/01/2015 336,292 333,181 (3,111) - US Dollar Sell 21/01/2015 343,803 331,618 (12,185)- US Dollar Sell 21/01/2015 688,591 669,559 (19,032)(0.01) US Dollar Buy 13/02/2015 662,529 645,309 17,2200.01 US Dollar Buy 13/02/2015 668,427 657,817 10,610 - US Dollar Sell 13/02/2015 328,663 320,074 (8,589)- US Dollar Sell 13/02/2015 717,821 704,834 (12,987) - US Dollar Sell 13/02/2015 665,144 665,573 429 - US Dollar Buy 18/03/2015 675,514 673,655 1,859- Citibank, N.A Australian Dollar Buy 21/01/2015 61,745 64,782 (3,037) - Australian Dollar Buy 21/01/2015 575,899 594,412 (18,513) (0.01) Australian Dollar Sell 21/01/2015 317,880 331,145 13,265 0.01 Australian Dollar Sell 21/01/2015 399,142 416,819 17,6770.01 Australian Dollar Sell 21/01/2015 319,764 331,115 11,351 - Brazilian Real Buy 05/01/2015 400,983 419,246 (18,263) (0.01)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 47

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Citibank, N.A cont. Brazilian Real Buy 05/01/2015 1,682,881 1,677,322 GBP 5,559 - Brazilian Real Sell 05/01/2015 972,998 993,990 20,992 0.02 Brazilian Real Sell 05/01/2015 795,569 840,680 45,111 0.03 Brazilian Real Sell 05/01/2015 315,297 313,469 (1,828) - Brazilian Real Sell 02/04/2015 1,643,854 1,634,751 (9,103) - Canadian Dollar Buy 21/01/2015 392,397 400,878 (8,481) - Canadian Dollar Sell 21/01/2015 666,363 663,688 (2,675) - Canadian Dollar Sell 21/01/2015 564,993 563,428 (1,565) - Euro Buy 18/03/2015 641,920 656,710 (14,790) (0.01) Euro Buy 18/03/2015 327,101 332,418 (5,317) - Euro Buy 18/03/2015 664,463 674,996 (10,533) - Euro Sell 18/03/2015 2,040,805 2,101,094 60,289 0.03 Euro Sell 18/03/2015 855 873 18 - Japanese Yen Buy 13/02/2015 145,034 145,689 (655) - Japanese Yen Buy 13/02/2015 679,941 684,274 (4,333) - Japanese Yen Sell 13/02/2015 325,674 328,520 2,846 - Japanese Yen Sell 13/02/2015 629,069 645,122 16,053 0.01 Mexican Peso Buy 21/01/2015 658,916 663,370 (4,454) - New Zealand Dollar Buy 21/01/2015 335,464 331,764 3,700 - New Zealand Dollar Buy 21/01/2015 344,660 335,204 9,456 - New Zealand Dollar Buy 21/01/2015 335,414 331,386 4,028 - New Zealand Dollar Buy 21/01/2015 343,211 336,780 6,431 - New Zealand Dollar Sell 21/01/2015 334,015 329,210 (4,805) - Norwegian Krone Sell 18/03/2015 605,912 650,054 44,142 0.03 Swiss Franc Sell 18/03/2015 641,207 651,952 10,745 - US Dollar Buy 05/01/2015 1,018,798 993,990 24,808 0.02 US Dollar Buy 05/01/2015 863,387 840,680 22,707 0.02 US Dollar Buy 05/01/2015 323,525 313,469 10,056 - US Dollar Sell 05/01/2015 426,766 419,246 (7,520) - US Dollar Sell 05/01/2015 1,681,742 1,677,322 (4,420) - US Dollar Buy 21/01/2015 339,452 331,145 8,307 - US Dollar Buy 21/01/2015 332,061 329,210 2,851 - US Dollar Buy 21/01/2015 667,413 663,688 3,725 - US Dollar Buy 21/01/2015 427,838 416,819 11,019 - US Dollar Buy 21/01/2015 343,554 331,115 12,439 - US Dollar Buy 21/01/2015 586,113 563,428 22,685 0.02 US Dollar Sell 21/01/2015 67,015 64,782 (2,233) - US Dollar Sell 21/01/2015 404,750 400,878 (3,872) - US Dollar Sell 21/01/2015 332,903 331,764 (1,139) - US Dollar Sell 21/01/2015 667,045 663,370 (3,675) - US Dollar Sell 21/01/2015 344,666 335,204 (9,462) - US Dollar Sell 21/01/2015 339,485 331,386 (8,099) - US Dollar Sell 21/01/2015 342,754 336,780 (5,974) - US Dollar Sell 21/01/2015 612,157 594,412 (17,745) (0.01) US Dollar Buy 13/02/2015 328,326 328,520 (194) - US Dollar Buy 13/02/2015 662,337 645,122 17,215 0.01 US Dollar Sell 13/02/2015 147,512 145,689 (1,823) - US Dollar Sell 13/02/2015 691,975 684,274 (7,701) - US Dollar Sell 18/03/2015 29,454,138 29,162,600 (291,538) (0.12) US Dollar Buy 18/03/2015 2,106,891 2,101,094 5,797 - US Dollar Buy 18/03/2015 658,689 651,952 6,737 - US Dollar Buy 18/03/2015 873 873 - - US Dollar Buy 18/03/2015 651,848 650,054 1,794 - US Dollar Sell 18/03/2015 658,397 656,710 (1,687) - US Dollar Sell 18/03/2015 332,447 332,418 (29) - US Dollar Sell 18/03/2015 679,998 674,996 (5,002) - US Dollar Buy 02/04/2015 1,640,674 1,634,751 5,923 -

The accompanying notes form an integral part of these financial statements. 48 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Credit Suisse AG Australian Dollar Buy 21/01/2015 179,478 188,306 GBP (8,828) - Australian Dollar Buy 21/01/2015 330,333 331,795 (1,462) - Australian Dollar Buy 21/01/2015 640,469 669,889 (29,420)(0.02) Australian Dollar Buy 21/01/2015 477,631 492,985 (15,354) (0.01) Australian Dollar Buy 21/01/2015 4,552 4,761 (209)- Australian Dollar Sell 21/01/2015 319,764 332,189 12,425- Australian Dollar Sell 21/01/2015 15,855 16,546 691 - Australian Dollar Sell 21/01/2015 641,044 657,708 16,664 0.01 Australian Dollar Sell 21/01/2015 325,467 338,385 12,918- Australian Dollar Sell 21/01/2015 327,403 330,760 3,357 - Australian Dollar Sell 21/01/2015 330,019 332,175 2,156 - Canadian Dollar Buy 21/01/2015 659,793 663,621 (3,828) - Canadian Dollar Buy 21/01/2015 324,210 329,151 (4,941) - Canadian Dollar Sell 21/01/2015 333,044 332,078 (966)- Canadian Dollar Sell 21/01/2015 670,007 673,952 3,945 - Euro Buy 18/03/2015 641,920 656,710 (14,790) (0.01) Euro Buy 18/03/2015 664,463 677,012 (12,549) - Euro Buy 18/03/2015 205,760 209,021 (3,261) - Euro Sell 18/03/2015 452,640 466,051 13,411 0.01 Euro Sell 18/03/2015 660,809 663,595 2,786- Euro Sell 18/03/2015 641,842 647,783 5,941 - Euro Sell 18/03/2015 651,015 661,800 10,785 - Indian Rupee Buy 13/02/2015 672,423 678,851 (6,428) - Japanese Yen Buy 13/02/2015 662,623 666,698 (4,075)- Japanese Yen Buy 13/02/2015 115,648 120,080 (4,432) - Japanese Yen Sell 13/02/2015 115,648 116,683 1,035 - Japanese Yen Sell 13/02/2015 651,348 657,012 5,664 - New Zealand Dollar Buy 21/01/2015 339,213 333,389 5,824 - New Zealand Dollar Buy 21/01/2015 334,364 332,733 1,631 - New Zealand Dollar Buy 21/01/2015 350,508 341,080 9,428 - New Zealand Dollar Buy 21/01/2015 336,364 334,776 1,588 - New Zealand Dollar Sell 21/01/2015 334,065 329,250 (4,815) - Norwegian Krone Buy 18/03/2015 325,950 330,138 (4,188) - Norwegian Krone Sell 18/03/2015 265,735 276,691 10,956 - Norwegian Krone Sell 18/03/2015 906,512 972,430 65,918 0.04 Swedish Krona Buy 18/03/2015 326,246 331,345 (5,099) - Swiss Franc Sell 18/03/2015 641,207 651,980 10,773 - US Dollar Buy 21/01/2015 345,448 332,078 13,370 0.01 US Dollar Buy 21/01/2015 342,888 332,189 10,699 - US Dollar Buy 21/01/2015 17,011 16,546 465 - US Dollar Buy 21/01/2015 680,222 657,708 22,514 0.02 US Dollar Buy 21/01/2015 349,056 338,385 10,671 - US Dollar Buy 21/01/2015 332,101 329,250 2,851 - US Dollar Buy 21/01/2015 332,521 330,760 1,761- US Dollar Buy 21/01/2015 334,913 332,175 2,738 - US Dollar Buy 21/01/2015 687,854 673,952 13,9020.01 US Dollar Sell 21/01/2015 344,035 333,389 (10,646) - US Dollar Sell 21/01/2015 683,448 663,621 (19,827) (0.01) US Dollar Sell 21/01/2015 194,810 188,306 (6,504)- US Dollar Sell 21/01/2015 330,074 329,151 (923) - US Dollar Sell 21/01/2015 333,310 331,795 (1,515)- US Dollar Sell 21/01/2015 684,949 669,889 (15,060)(0.01) US Dollar Sell 21/01/2015 336,839 332,733 (4,106)- US Dollar Sell 21/01/2015 507,725 492,985 (14,740) (0.01) US Dollar Sell 21/01/2015 4,874 4,761 (113) - US Dollar Sell 21/01/2015 346,900 341,080 (5,820) - US Dollar Sell 21/01/2015 334,607 334,776 169 - US Dollar Buy 13/02/2015 117,610 116,683 927 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 49

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Credit Suisse AG cont. US Dollar Buy 13/02/2015 656,624 657,012 GBP (388) - US Dollar Sell 13/02/2015 672,169 666,698 (5,471) - US Dollar Sell 13/02/2015 687,781 678,851 (8,930) - US Dollar Sell 13/02/2015 121,764 120,080 (1,684) - US Dollar Sell 18/03/2015 30,226,024 29,922,300 (303,724) (0.13) US Dollar Sell 18/03/2015 9,072,062 9,000,000 (72,062) (0.04) US Dollar Buy 18/03/2015 2,405,838 2,394,600 11,238 - US Dollar Buy 18/03/2015 467,337 466,051 1,286 - US Dollar Buy 18/03/2015 667,620 663,595 4,025 - US Dollar Buy 18/03/2015 651,712 647,783 3,929 - US Dollar Buy 18/03/2015 276,593 276,691 (98) - US Dollar Buy 18/03/2015 658,718 651,980 6,738 - US Dollar Buy 18/03/2015 666,346 661,800 4,546 - US Dollar Buy 18/03/2015 975,113 972,430 2,683 - US Dollar Buy 18/03/2015 329,609 328,400 1,209 - US Dollar Buy 18/03/2015 145,816 145,800 16 - US Dollar Buy 18/03/2015 38,599 38,700 (101) - US Dollar Buy 18/03/2015 92,154 92,300 (146) - US Dollar Sell 18/03/2015 330,662 330,138 (524) - US Dollar Sell 18/03/2015 333,979 331,345 (2,634) - US Dollar Sell 18/03/2015 658,405 656,710 (1,695) - US Dollar Sell 18/03/2015 684,383 677,012 (7,371) - US Dollar Sell 18/03/2015 211,354 209,021 (2,333) - US Dollar Sell 18/03/2015 331,297 330,700 (597) - US Dollar Sell 18/03/2015 666,758 664,700 (2,058) - Deutsche Bank AG Australian Dollar Buy 21/01/2015 318,194 333,845 (15,651) (0.01) Australian Dollar Buy 21/01/2015 327,874 340,731 (12,857) - Australian Dollar Sell 21/01/2015 318,194 330,068 11,874 - Australian Dollar Sell 21/01/2015 399,247 416,974 17,727 0.01 Canadian Dollar Sell 21/01/2015 328,682 332,004 3,322 - Canadian Dollar Sell 21/01/2015 799,647 797,239 (2,408) - Euro Buy 18/03/2015 12,437 12,544 (107) - Euro Sell 18/03/2015 1,215,280 1,251,341 36,061 0.02 Euro Sell 18/03/2015 641,920 647,877 5,957 - New Zealand Dollar Buy 21/01/2015 335,514 331,813 3,701 - New Zealand Dollar Buy 21/01/2015 335,664 331,158 4,506 - New Zealand Dollar Buy 21/01/2015 346,010 337,463 8,547 - Norwegian Krone Sell 18/03/2015 610,347 654,455 44,108 0.03 Polish Zloty Buy 18/03/2015 456,909 480,941 (24,032) (0.02) Polish Zloty Sell 18/03/2015 143,218 149,647 6,429 - Swedish Krona Buy 18/03/2015 339,178 353,529 (14,351) (0.01) Swedish Krona Sell 18/03/2015 181,064 180,930 (134) - Turkish Lira Buy 18/03/2015 1,258,544 1,333,485 (74,941) (0.04) Turkish Lira Buy 18/03/2015 654,820 663,527 (8,707) - Turkish Lira Sell 18/03/2015 642,371 643,987 1,616 - Turkish Lira Sell 18/03/2015 642,560 644,754 2,194 - US Dollar Buy 21/01/2015 333,963 332,004 1,959 - US Dollar Buy 21/01/2015 341,314 330,068 11,246 - US Dollar Buy 21/01/2015 427,996 416,974 11,022 - US Dollar Buy 21/01/2015 829,338 797,239 32,099 0.02 US Dollar Sell 21/01/2015 332,948 331,813 (1,135) - US Dollar Sell 21/01/2015 340,970 331,158 (9,812) - US Dollar Sell 21/01/2015 344,475 337,463 (7,012) - US Dollar Sell 21/01/2015 345,357 333,845 (11,512) - US Dollar Sell 21/01/2015 345,747 340,731 (5,016) - US Dollar Sell 18/03/2015 9,072,039 9,000,000 (72,039) (0.04) US Dollar Sell 18/03/2015 29,346,648 29,052,000 (294,648) (0.12)

The accompanying notes form an integral part of these financial statements. 50 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Deutsche Bank AG cont. US Dollar Buy 18/03/2015 2,693,963 2,683,200 GBP 10,763 - US Dollar Buy 18/03/2015 180,959 180,930 29 - US Dollar Buy 18/03/2015 150,242 149,647 595 - US Dollar Buy 18/03/2015 1,254,794 1,251,341 3,453 - US Dollar Buy 18/03/2015 656,260 654,455 1,805 - US Dollar Buy 18/03/2015 651,807 647,877 3,930 - US Dollar Buy 18/03/2015 649,856 643,987 5,869- US Dollar Buy 18/03/2015 650,631 644,754 5,877 - US Dollar Buy 18/03/2015 334,186 331,900 2,286- US Dollar Sell 18/03/2015 12,568 12,544 (24)- US Dollar Sell 18/03/2015 1,313,834 1,333,485 19,6510.02 US Dollar Sell 18/03/2015 656,626 663,527 6,901 - US Dollar Sell 18/03/2015 356,243 353,529 (2,714) - US Dollar Sell 18/03/2015 483,355 480,941 (2,414) - US Dollar Sell 18/03/2015 393,023 391,700 (1,323) - US Dollar Sell 18/03/2015 51,416 50,900 (516)- Goldman Sachs International Australian Dollar Buy 21/01/2015 142,745 142,211 534 - Australian Dollar Sell 21/01/2015 399,247 416,969 17,7220.01 Canadian Dollar Buy 21/01/2015 653,609 667,084 (13,475) (0.01) Canadian Dollar Buy 21/01/2015 332,326 332,591 (265)- Canadian Dollar Sell 21/01/2015 325,700 333,360 7,660 - Canadian Dollar Sell 21/01/2015 653,609 668,980 15,371 0.01 Canadian Dollar Sell 21/01/2015 302,456 301,599 (857)- Canadian Dollar Sell 21/01/2015 334,700 335,011 311 - Canadian Dollar Sell 21/01/2015 29,870 30,039 169 - Euro Buy 18/03/2015 337,284 343,521 (6,237)- Euro Buy 18/03/2015 324,614 330,993 (6,379) - Euro Buy 18/03/2015 325,469 331,765 (6,296) - Euro Sell 18/03/2015 656,145 666,455 10,310- Euro Sell 18/03/2015 2,722,991 2,803,858 80,867 0.04 Japanese Yen Buy 13/02/2015 126,858 127,430 (572) - Japanese Yen Buy 13/02/2015 679,941 676,881 3,060 - Japanese Yen Sell 13/02/2015 126,858 130,112 3,254 - Japanese Yen Sell 13/02/2015 648,909 655,603 6,694- New Zealand Dollar Buy 21/01/2015 338,513 329,786 8,727 - New Zealand Dollar Buy 21/01/2015 336,414 329,700 6,714 - New Zealand Dollar Sell 21/01/2015 317,971 314,985 (2,986) - Swedish Krona Sell 18/03/2015 322,621 326,399 3,778 - US Dollar Buy 21/01/2015 335,947 333,360 2,587- US Dollar Buy 21/01/2015 674,172 668,980 5,192 - US Dollar Buy 21/01/2015 317,429 314,985 2,444 - US Dollar Buy 21/01/2015 427,992 416,969 11,023- US Dollar Buy 21/01/2015 313,742 301,599 12,143- US Dollar Buy 21/01/2015 334,537 335,011 (474) - US Dollar Buy 21/01/2015 31,108 30,039 1,069 - US Dollar Sell 21/01/2015 338,158 329,786 (8,372) - US Dollar Sell 21/01/2015 142,404 142,211 (193) - US Dollar Sell 21/01/2015 338,687 329,700 (8,987) - US Dollar Sell 21/01/2015 676,152 667,084 (9,068) - US Dollar Sell 21/01/2015 342,690 332,591 (10,099) - US Dollar Buy 13/02/2015 133,584 130,112 3,472 - US Dollar Buy 13/02/2015 662,200 655,603 6,597 - US Dollar Sell 13/02/2015 129,018 127,430 (1,588) - US Dollar Sell 13/02/2015 692,004 676,881 (15,123) (0.01) US Dollar Sell 18/03/2015 29,768,075 29,466,200 (301,875) (0.13) US Dollar Sell 18/03/2015 2,313,557 2,301,400 (12,157) - US Dollar Buy 18/03/2015 669,107 666,455 2,652 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 51

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund Goldman Sachs International cont. US Dollar Buy 18/03/2015 329,384 326,399 GBP 2,985- US Dollar Buy 18/03/2015 2,811,595 2,803,858 7,737 - US Dollar Sell 18/03/2015 343,065 343,521 456 - US Dollar Sell 18/03/2015 329,452 330,993 1,541 - US Dollar Sell 18/03/2015 333,643 331,765 (1,878) - HSBC Bank USA, National Association Australian Dollar Buy 21/01/2015 729,737 753,195 (23,458) (0.02) Australian Dollar Buy 21/01/2015 319,920 334,396 (14,476) (0.01) Australian Dollar Sell 21/01/2015 316,938 331,818 14,880 0.01 Australian Dollar Sell 21/01/2015 314,165 333,625 19,460 0.01 Australian Dollar Sell 21/01/2015 318,246 333,495 15,249 0.01 Australian Dollar Sell 21/01/2015 323,426 332,600 9,174 - Canadian Dollar Buy 21/01/2015 333,706 336,064 (2,358) - Canadian Dollar Sell 21/01/2015 1,077,975 1,074,508 (3,467) - Canadian Dollar Sell 21/01/2015 334,921 335,844 923 - Chinese Yuan Buy 13/02/2015 663,243 666,587 (3,344) - Euro Buy 18/03/2015 327,101 331,655 (4,554) - Euro Sell 18/03/2015 96,078 98,916 2,838 - Japanese Yen Buy 13/02/2015 314,534 320,074 (5,540) - Japanese Yen Buy 13/02/2015 679,997 672,004 7,993 - Japanese Yen Sell 13/02/2015 325,674 328,512 2,838 - Japanese Yen Sell 13/02/2015 629,069 645,128 16,059 0.01 New Zealand Dollar Buy 21/01/2015 335,064 331,631 3,433 - Swedish Krona Buy 18/03/2015 429,566 447,741 (18,175) (0.01) Swedish Krona Sell 18/03/2015 318,980 328,211 9,231 - US Dollar Buy 21/01/2015 1,117,770 1,074,508 43,262 0.03 US Dollar Buy 21/01/2015 333,457 331,818 1,639 - US Dollar Buy 21/01/2015 334,823 333,625 1,198 - US Dollar Buy 21/01/2015 345,360 333,495 11,865 - US Dollar Buy 21/01/2015 342,771 335,844 6,927 - US Dollar Buy 21/01/2015 345,308 332,600 12,708 - US Dollar Sell 21/01/2015 333,685 331,631 (2,054) - US Dollar Sell 21/01/2015 775,690 753,195 (22,495) (0.02) US Dollar Sell 21/01/2015 343,158 334,396 (8,762) - US Dollar Sell 21/01/2015 342,987 336,064 (6,923) - US Dollar Buy 13/02/2015 328,318 328,512 (194) - US Dollar Buy 13/02/2015 662,343 645,128 17,215 0.01 US Dollar Sell 13/02/2015 668,604 666,587 (2,017) - US Dollar Sell 13/02/2015 328,671 320,074 (8,597) - US Dollar Sell 13/02/2015 686,276 672,004 (14,272) (0.01) US Dollar Sell 18/03/2015 2,905,334 2,895,300 (10,034) - US Dollar Sell 18/03/2015 28,194,633 27,915,100 (279,533) (0.12) US Dollar Buy 18/03/2015 331,635 328,211 3,424 - US Dollar Buy 18/03/2015 99,189 98,916 273 - US Dollar Sell 18/03/2015 336,865 331,655 (5,210) - US Dollar Sell 18/03/2015 451,499 447,741 (3,758) - US Dollar Sell 18/03/2015 333,347 332,300 (1,047) - JPMorgan Chase Bank, N.A. Australian Dollar Buy 21/01/2015 323,374 337,021 (13,647) (0.01) Australian Dollar Buy 21/01/2015 149,547 156,904 (7,357) - Australian Dollar Buy 21/01/2015 844,121 871,256 (27,135) (0.02) Australian Dollar Sell 21/01/2015 21,454 22,159 705 - Australian Dollar Sell 21/01/2015 328,397 340,354 11,957 - Australian Dollar Sell 21/01/2015 209 217 8 - Australian Dollar Sell 21/01/2015 320,339 330,747 10,408 - Australian Dollar Sell 21/01/2015 318,822 329,759 10,937 - Australian Dollar Sell 21/01/2015 663,283 663,821 538 - Australian Dollar Sell 21/01/2015 322,851 332,754 9,903 -

The accompanying notes form an integral part of these financial statements. 52 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund JPMorgan Chase Bank, N.A. cont. Australian Dollar Sell 21/01/2015 325,310 333,932 GBP 8,622 - Brazilian Real Buy 05/01/2015 492,798 515,244 (22,446) (0.01) Brazilian Real Buy 05/01/2015 795,569 836,667 (41,098) (0.03) Brazilian Real Sell 05/01/2015 972,998 978,792 5,794- Brazilian Real Sell 05/01/2015 315,370 313,553 (1,817) - Canadian Dollar Buy 21/01/2015 67,415 68,171 (756)- Canadian Dollar Buy 21/01/2015 1,822 1,831 (9) - Canadian Dollar Sell 21/01/2015 67,415 69,002 1,587 - Canadian Dollar Sell 21/01/2015 666,308 667,000 692 - Canadian Dollar Sell 21/01/2015 1,822 1,817 (5) - Euro Buy 18/03/2015 654,824 670,603 (15,779) (0.01) Euro Buy 18/03/2015 326,946 332,128 (5,182) - Euro Buy 18/03/2015 664,230 672,387 (8,157) - Euro Buy 18/03/2015 653,114 665,449 (12,335)- Euro Sell 18/03/2015 248,746 256,154 7,408 - Euro Sell 18/03/2015 2,628,079 2,666,145 38,066 0.02 Euro Sell 18/03/2015 650,937 664,666 13,729 0.01 Euro Sell 18/03/2015 322,359 327,256 4,897 - Indian Rupee Buy 13/02/2015 663,639 664,709 (1,070)- Indian Rupee Buy 13/02/2015 6,100 6,159 (59) - Japanese Yen Buy 13/02/2015 333,555 332,485 1,070 - Japanese Yen Buy 13/02/2015 156,244 162,233 (5,989)- Japanese Yen Sell 13/02/2015 651,349 657,028 5,679 - Japanese Yen Sell 13/02/2015 156,244 157,645 1,401 - Malaysian Ringgit Sell 13/02/2015 641,718 653,417 11,699 - Mexican Peso Buy 21/01/2015 655,583 664,177 (8,594) - Mexican Peso Buy 21/01/2015 1,456 1,522 (66)- Mexican Peso Buy 21/01/2015 315,560 333,066 (17,506) (0.01) Mexican Peso Buy 21/01/2015 316,316 337,641 (21,325) (0.01) Mexican Peso Buy 21/01/2015 7,265 7,711 (446)- Mexican Peso Sell 21/01/2015 625,624 655,134 29,510 0.02 New Zealand Dollar Buy 21/01/2015 332,665 333,097 (432) - New Zealand Dollar Buy 21/01/2015 317,971 318,384 (413) - New Zealand Dollar Buy 21/01/2015 341,112 333,041 8,071 - New Zealand Dollar Buy 21/01/2015 344,660 335,204 9,456 - New Zealand Dollar Buy 21/01/2015 2,999 2,991 8 - New Zealand Dollar Buy 21/01/2015 339,512 334,557 4,955 - New Zealand Dollar Buy 21/01/2015 341,112 333,599 7,513 - New Zealand Dollar Buy 21/01/2015 331,716 332,865 (1,149) - New Zealand Dollar Sell 21/01/2015 686,672 663,038 (23,634) (0.02) New Zealand Dollar Sell 21/01/2015 342,561 333,259 (9,302) - New Zealand Dollar Sell 21/01/2015 986,850 938,123 (48,727) (0.03) New Zealand Dollar Sell 21/01/2015 335,664 331,566 (4,098) - Norwegian Krone Sell 18/03/2015 684,805 734,653 49,848 0.03 Singapore Dollar Sell 13/02/2015 660,694 665,992 5,298- Singapore Dollar Sell 13/02/2015 48 48 - - Swedish Krona Buy 18/03/2015 325,529 339,303 (13,774) (0.01) Swedish Krona Sell 18/03/2015 324,335 336,346 12,011 - Swiss Franc Buy 18/03/2015 15,841 15,977 (136)- Swiss Franc Buy 18/03/2015 7,759 7,804 (45)- Swiss Franc Buy 18/03/2015 23,600 23,724 (124) - Swiss Franc Sell 18/03/2015 560,838 577,195 16,357 0.01 Swiss Franc Sell 18/03/2015 652,651 663,142 10,491 - Swiss Franc Sell 18/03/2015 217,895 219,329 1,434 - Taiwan Dollar Sell 13/02/2015 758,802 766,617 7,815 - US Dollar Buy 05/01/2015 1,013,488 978,792 34,696 0.02 US Dollar Buy 05/01/2015 323,612 313,553 10,059- US Dollar Sell 05/01/2015 524,507 515,244 (9,263) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 53

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund JPMorgan Chase Bank, N.A. cont. US Dollar Sell 05/01/2015 864,517 836,667 GBP (27,850) (0.02) US Dollar Buy 21/01/2015 22,992 22,159 833 - US Dollar Buy 21/01/2015 348,892 340,354 8,538 - US Dollar Buy 21/01/2015 224 217 7 - US Dollar Buy 21/01/2015 681,512 655,134 26,378 0.02 US Dollar Buy 21/01/2015 680,565 663,038 17,527 0.01 US Dollar Buy 21/01/2015 69,537 69,002 535 - US Dollar Buy 21/01/2015 342,624 333,259 9,365 - US Dollar Buy 21/01/2015 334,089 330,747 3,342 - US Dollar Buy 21/01/2015 666,484 667,000 (516) - US Dollar Buy 21/01/2015 342,148 329,759 12,389 - US Dollar Buy 21/01/2015 1,890 1,817 73 - US Dollar Buy 21/01/2015 663,308 663,821 (513) - US Dollar Buy 21/01/2015 343,120 332,754 10,366 - US Dollar Buy 21/01/2015 975,895 938,123 37,772 0.02 US Dollar Buy 21/01/2015 345,363 333,932 11,431 - US Dollar Buy 21/01/2015 332,575 331,566 1,009 - US Dollar Sell 21/01/2015 332,116 333,097 981 - US Dollar Sell 21/01/2015 344,860 337,021 (7,839) - US Dollar Sell 21/01/2015 317,446 318,384 938 - US Dollar Sell 21/01/2015 69,834 68,171 (1,663) - US Dollar Sell 21/01/2015 666,076 664,177 (1,899) - US Dollar Sell 21/01/2015 342,552 333,041 (9,511) - US Dollar Sell 21/01/2015 1,533 1,522 (11) - US Dollar Sell 21/01/2015 162,314 156,904 (5,410) - US Dollar Sell 21/01/2015 897,355 871,256 (26,099) (0.02) US Dollar Sell 21/01/2015 344,640 335,204 (9,436) - US Dollar Sell 21/01/2015 341,395 333,066 (8,329) - US Dollar Sell 21/01/2015 344,149 337,641 (6,508) - US Dollar Sell 21/01/2015 1,897 1,831 (66) - US Dollar Sell 21/01/2015 7,961 7,711 (250) - US Dollar Sell 21/01/2015 2,993 2,991 (2) - US Dollar Sell 21/01/2015 342,221 334,557 (7,664) - US Dollar Sell 21/01/2015 343,215 333,599 (9,616) - US Dollar Sell 21/01/2015 334,138 332,865 (1,273) - US Dollar Buy 13/02/2015 671,283 665,992 5,291 - US Dollar Buy 13/02/2015 670,854 653,417 17,437 0.01 US Dollar Buy 13/02/2015 787,075 766,617 20,458 0.02 US Dollar Buy 13/02/2015 656,640 657,028 (388) - US Dollar Buy 13/02/2015 50 48 2 - US Dollar Buy 13/02/2015 158,898 157,645 1,253 - US Dollar Sell 13/02/2015 337,216 332,485 (4,731) - US Dollar Sell 13/02/2015 665,585 664,709 (876) - US Dollar Sell 13/02/2015 164,509 162,233 (2,276) - US Dollar Sell 13/02/2015 6,234 6,159 (75) - US Dollar Sell 18/03/2015 9,902,968 9,824,300 (78,668) (0.04) US Dollar Sell 18/03/2015 29,289,272 28,991,700 (297,572) (0.12) US Dollar Buy 18/03/2015 256,860 256,154 706 - US Dollar Buy 18/03/2015 2,693,956 2,666,145 27,811 0.02 US Dollar Buy 18/03/2015 578,788 577,195 1,593 - US Dollar Buy 18/03/2015 338,657 336,346 2,311 - US Dollar Buy 18/03/2015 669,231 664,666 4,565 - US Dollar Buy 18/03/2015 329,503 327,256 2,247 - US Dollar Buy 18/03/2015 736,680 734,653 2,027 - US Dollar Buy 18/03/2015 668,909 663,142 5,767 - US Dollar Buy 18/03/2015 220,097 219,329 768 - US Dollar Buy 18/03/2015 347,737 345,600 2,137 - US Dollar Buy 18/03/2015 31,925 31,700 225 -

The accompanying notes form an integral part of these financial statements. 54 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund JPMorgan Chase Bank, N.A. cont. US Dollar Buy 18/03/2015 76,014 75,800 GBP 214- US Dollar Buy 18/03/2015 335,217 332,200 3,017 - US Dollar Sell 18/03/2015 15,965 15,977 12 - US Dollar Sell 18/03/2015 675,531 670,603 (4,928) - US Dollar Sell 18/03/2015 342,076 339,303 (2,773) - US Dollar Sell 18/03/2015 335,490 332,128 (3,362) - US Dollar Sell 18/03/2015 680,385 672,387 (7,998) - US Dollar Sell 18/03/2015 668,718 665,449 (3,269)- US Dollar Sell 18/03/2015 7,810 7,804 (6) - US Dollar Sell 18/03/2015 23,903 23,724 (179)- US Dollar Sell 18/03/2015 851,653 843,000 (8,653) - Royal Bank of Scotland PLC Australian Dollar Buy 21/01/2015 323,426 335,573 (12,147) - Australian Dollar Buy 21/01/2015 661,085 663,347 (2,262) - Australian Dollar Buy 21/01/2015 334,938 335,730 (792) - Australian Dollar Sell 21/01/2015 663,283 664,440 1,157 - Australian Dollar Sell 21/01/2015 329,234 336,538 7,304 - Australian Dollar Sell 21/01/2015 36,210 37,947 1,737- Australian Dollar Sell 21/01/2015 313,537 331,008 17,471 0.01 Canadian Dollar Buy 21/01/2015 328,627 335,729 (7,102) - Canadian Dollar Buy 21/01/2015 338,123 340,384 (2,261) - Canadian Dollar Sell 21/01/2015 333,651 334,697 1,046 - Canadian Dollar Sell 21/01/2015 334,810 335,031 221 - Canadian Dollar Sell 21/01/2015 333,099 331,643 (1,456)- Euro Sell 18/03/2015 650,937 660,464 9,527 - Euro Sell 18/03/2015 351,509 361,983 10,474 - New Zealand Dollar Buy 21/01/2015 348,409 340,040 8,369 - New Zealand Dollar Buy 21/01/2015 335,614 331,316 4,298 - Norwegian Krone Buy 18/03/2015 325,950 330,138 (4,188) - Norwegian Krone Sell 18/03/2015 498,806 535,090 36,284 0.02 Singapore Dollar Sell 13/02/2015 657,257 665,852 8,595- Swedish Krona Buy 18/03/2015 320,068 333,610 (13,542) (0.01) Swedish Krona Sell 18/03/2015 323,074 330,482 7,408 - US Dollar Buy 21/01/2015 344,962 334,697 10,265 - US Dollar Buy 21/01/2015 334,934 335,031 (97) - US Dollar Buy 21/01/2015 663,926 664,440 (514)- US Dollar Buy 21/01/2015 345,023 336,538 8,485 - US Dollar Buy 21/01/2015 39,297 37,947 1,350 - US Dollar Buy 21/01/2015 332,866 331,008 1,858 - US Dollar Buy 21/01/2015 344,102 331,643 12,459 - US Dollar Sell 21/01/2015 338,970 335,729 (3,241)- US Dollar Sell 21/01/2015 346,555 340,384 (6,171) - US Dollar Sell 21/01/2015 341,593 335,573 (6,020)- US Dollar Sell 21/01/2015 347,533 340,040 (7,493) - US Dollar Sell 21/01/2015 339,037 331,316 (7,721) - US Dollar Sell 21/01/2015 664,560 663,347 (1,213) - US Dollar Sell 21/01/2015 336,249 335,730 (519)- US Dollar Buy 13/02/2015 670,757 665,852 4,905 - US Dollar Buy 18/03/2015 663,092 660,464 2,628 - US Dollar Buy 18/03/2015 362,982 361,983 999 - US Dollar Buy 18/03/2015 333,357 330,482 2,875 - US Dollar Buy 18/03/2015 536,566 535,090 1,476- US Dollar Sell 18/03/2015 330,651 330,138 (513) - US Dollar Sell 18/03/2015 336,340 333,610 (2,730) - US Dollar Sell 18/03/2015 243,425 241,000 (2,425) - State Street Bank & Trust Company Australian Dollar Buy 21/01/2015 331,641 330,616 1,025 - Australian Dollar Buy 21/01/2015 1,083,565 1,118,397 (34,832) (0.02)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 55

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund State Street Bank & Trust Company cont. Australian Dollar Sell 21/01/2015 313,641 331,551 GBP 17,910 0.01 Australian Dollar Sell 21/01/2015 324,002 334,993 10,991 - Australian Dollar Sell 21/01/2015 142,745 142,600 (145) - Australian Dollar Sell 21/01/2015 316,938 332,047 15,109 0.01 Australian Dollar Sell 21/01/2015 317,880 331,170 13,290 0.01 Brazilian Real Buy 05/01/2015 371,463 388,383 (16,920) (0.01) Brazilian Real Buy 05/01/2015 870,924 868,046 2,878 - Brazilian Real Buy 05/01/2015 190,004 197,355 (7,351) - Brazilian Real Buy 05/01/2015 946,109 947,873 (1,764) - Brazilian Real Buy 05/01/2015 315,370 315,958 (588) - Brazilian Real Buy 05/01/2015 170,912 171,230 (318) - Brazilian Real Sell 05/01/2015 946,109 937,475 (8,634) - Brazilian Real Sell 05/01/2015 315,370 313,614 (1,756) - Brazilian Real Sell 05/01/2015 170,912 178,701 7,789 - Brazilian Real Sell 05/01/2015 870,924 873,204 2,280 - Brazilian Real Sell 05/01/2015 371,463 372,436 973 - Brazilian Real Sell 05/01/2015 190,004 190,501 497 - Brazilian Real Sell 02/04/2015 850,726 845,395 (5,331) - Canadian Dollar Buy 21/01/2015 340,277 337,634 2,643 - Canadian Dollar Buy 21/01/2015 28,048 28,180 (132) - Canadian Dollar Sell 21/01/2015 430,384 429,283 (1,101) - Canadian Dollar Sell 21/01/2015 332,823 333,570 747 - Euro Buy 18/03/2015 328,034 334,100 (6,066) - Euro Buy 18/03/2015 658,477 664,101 (5,624) - Euro Buy 18/03/2015 331,532 335,604 (4,072) - Euro Buy 18/03/2015 371,487 378,503 (7,016) - Euro Buy 18/03/2015 653,036 665,370 (12,334) - Euro Sell 18/03/2015 650,937 664,666 13,729 0.01 Euro Sell 18/03/2015 14,847 14,985 138 - Euro Sell 18/03/2015 465,000 478,753 13,753 0.01 Israeli Shekel Sell 21/01/2015 663,767 670,846 7,079 - Japanese Yen Buy 13/02/2015 629,069 645,121 (16,052) (0.01) Japanese Yen Sell 13/02/2015 629,069 645,201 16,132 0.01 Japanese Yen Sell 13/02/2015 250,097 254,389 4,292 - Malaysian Ringgit Sell 13/02/2015 660,308 665,449 5,141 - Mexican Peso Buy 21/01/2015 620,436 661,145 (40,709) (0.03) Mexican Peso Sell 21/01/2015 618,393 657,502 39,109 0.02 New Zealand Dollar Buy 21/01/2015 331,116 332,599 (1,483) - New Zealand Dollar Buy 21/01/2015 337,363 332,549 4,814 - New Zealand Dollar Buy 21/01/2015 334,414 330,726 3,688 - New Zealand Dollar Buy 21/01/2015 329,866 333,988 (4,122) - New Zealand Dollar Sell 21/01/2015 334,964 331,910 (3,054) - New Zealand Dollar Sell 21/01/2015 232,156 220,755 (11,401) - New Zealand Dollar Sell 21/01/2015 334,065 329,259 (4,806) - Norwegian Krone Sell 18/03/2015 316,795 332,764 15,969 0.01 Norwegian Krone Sell 18/03/2015 10,728 11,507 779 - Swiss Franc Sell 18/03/2015 654,526 673,504 18,978 0.01 Swiss Franc Sell 18/03/2015 652,586 663,117 10,531 - Taiwan Dollar Sell 13/02/2015 37,551 37,949 398 - Turkish Lira Buy 18/03/2015 654,820 663,527 (8,707) - Turkish Lira Buy 18/03/2015 630,679 668,234 (37,555) (0.02) Turkish Lira Sell 18/03/2015 642,398 628,449 (13,949) (0.01) US Dollar Buy 05/01/2015 967,548 937,475 30,073 0.02 US Dollar Buy 05/01/2015 323,674 313,614 10,060 - US Dollar Buy 05/01/2015 184,795 178,701 6,094 - US Dollar Buy 05/01/2015 871,579 873,204 (1,625) - US Dollar Buy 05/01/2015 371,743 372,436 (693) - US Dollar Buy 05/01/2015 190,147 190,501 (354) -

The accompanying notes form an integral part of these financial statements. 56 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund State Street Bank & Trust Company cont. US Dollar Sell 05/01/2015 395,952 388,383 GBP (7,569) - US Dollar Sell 05/01/2015 869,909 868,046 (1,863) - US Dollar Sell 05/01/2015 201,463 197,355 (4,108) - US Dollar Sell 05/01/2015 946,822 947,873 1,051- US Dollar Sell 05/01/2015 315,607 315,958 351 - US Dollar Sell 05/01/2015 171,040 171,230 190 - US Dollar Buy 21/01/2015 333,080 331,910 1,170 - US Dollar Buy 21/01/2015 446,567 429,283 17,284 0.01 US Dollar Buy 21/01/2015 342,388 333,570 8,818- US Dollar Buy 21/01/2015 334,231 331,551 2,680 - US Dollar Buy 21/01/2015 662,816 657,502 5,314 - US Dollar Buy 21/01/2015 229,643 220,755 8,888- US Dollar Buy 21/01/2015 345,267 334,993 10,274 - US Dollar Buy 21/01/2015 691,743 670,846 20,897 0.02 US Dollar Buy 21/01/2015 142,399 142,600 (201)- US Dollar Buy 21/01/2015 341,059 332,047 9,012 - US Dollar Buy 21/01/2015 332,110 329,259 2,851 - US Dollar Buy 21/01/2015 339,478 331,170 8,308 - US Dollar Sell 21/01/2015 333,574 332,599 (975)- US Dollar Sell 21/01/2015 346,671 337,634 (9,037)- US Dollar Sell 21/01/2015 342,095 332,549 (9,546)- US Dollar Sell 21/01/2015 331,870 330,726 (1,144)- US Dollar Sell 21/01/2015 331,076 330,616 (460) - US Dollar Sell 21/01/2015 673,278 661,145 (12,133) - US Dollar Sell 21/01/2015 334,111 333,988 (123) - US Dollar Sell 21/01/2015 29,212 28,180 (1,032) - US Dollar Sell 21/01/2015 1,151,945 1,118,397 (33,548) (0.02) US Dollar Buy 13/02/2015 38,961 37,949 1,012- US Dollar Buy 13/02/2015 662,419 645,201 17,218 0.01 US Dollar Buy 13/02/2015 665,056 665,449 (393) - US Dollar Buy 13/02/2015 260,851 254,389 6,462 - US Dollar Sell 13/02/2015 659,259 645,121 (14,138) (0.01) US Dollar Sell 18/03/2015 29,657,230 29,362,300 (294,930) (0.12) US Dollar Buy 18/03/2015 669,231 664,666 4,565- US Dollar Buy 18/03/2015 335,049 332,764 2,285- US Dollar Buy 18/03/2015 15,037 14,985 52 - US Dollar Buy 18/03/2015 675,363 673,504 1,859- US Dollar Buy 18/03/2015 634,197 628,449 5,748- US Dollar Buy 18/03/2015 480,074 478,753 1,321 - US Dollar Buy 18/03/2015 11,539 11,507 32 - US Dollar Buy 18/03/2015 668,885 663,117 5,768- US Dollar Buy 18/03/2015 334,354 332,000 2,354 - US Dollar Buy 18/03/2015 668,147 664,700 3,447 - US Dollar Sell 18/03/2015 334,082 334,100 18 - US Dollar Sell 18/03/2015 669,152 664,101 (5,051)- US Dollar Sell 18/03/2015 658,318 663,527 5,209 - US Dollar Sell 18/03/2015 340,403 335,604 (4,799) - US Dollar Sell 18/03/2015 658,487 668,234 9,747 - US Dollar Sell 18/03/2015 380,066 378,503 (1,563) - US Dollar Sell 18/03/2015 668,638 665,370 (3,268)- US Dollar Sell 18/03/2015 175,041 173,300 (1,741) - US Dollar Sell 18/03/2015 334,809 336,200 1,391 - US Dollar Sell 18/03/2015 334,294 335,500 1,206 - US Dollar Buy 02/04/2015 848,459 845,395 3,064 - UBS AG Australian Dollar Sell 21/01/2015 316,990 331,764 14,774 0.01 Australian Dollar Sell 21/01/2015 316,729 330,402 13,6730.01 Canadian Dollar Sell 21/01/2015 780,433 781,456 1,023 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 57

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date GBP GBP GBP Fund UBS AG cont. Canadian Dollar Sell 21/01/2015 327,909 333,492 GBP 5,583 - Euro Buy 18/03/2015 664,463 677,012 (12,549) - Euro Sell 18/03/2015 271,755 279,760 8,005 - Euro Sell 18/03/2015 650,937 660,559 9,622 - Euro Sell 18/03/2015 333,553 336,015 2,462 - Hungarian Forint Buy 18/03/2015 634,574 662,735 (28,161) (0.02) Hungarian Forint Sell 18/03/2015 621,070 660,762 39,692 0.03 Hungarian Forint Sell 18/03/2015 13,504 13,669 165 - Japanese Yen Sell 13/02/2015 325,674 328,507 2,833 - Mexican Peso Buy 21/01/2015 7,265 7,679 (414) - Mexican Peso Sell 21/01/2015 7,265 7,686 421 - New Zealand Dollar Buy 21/01/2015 334,414 330,726 3,688 - New Zealand Dollar Sell 21/01/2015 2,999 2,997 (2) - US Dollar Buy 21/01/2015 811,314 781,456 29,858 0.02 US Dollar Buy 21/01/2015 336,188 333,492 2,696 - US Dollar Buy 21/01/2015 7,959 7,686 273 - US Dollar Buy 21/01/2015 2,993 2,997 (4) - US Dollar Buy 21/01/2015 333,711 331,764 1,947 - US Dollar Buy 21/01/2015 337,482 330,402 7,080 - US Dollar Sell 21/01/2015 331,853 330,726 (1,127) - US Dollar Sell 21/01/2015 7,913 7,679 (234) - US Dollar Buy 13/02/2015 328,313 328,507 (194) - US Dollar Sell 18/03/2015 32,418,246 32,096,900 (321,346) (0.13) US Dollar Buy 18/03/2015 2,357,128 2,334,500 22,628 0.02 US Dollar Buy 18/03/2015 280,532 279,760 772 - US Dollar Buy 18/03/2015 663,187 660,559 2,628 - US Dollar Buy 18/03/2015 335,486 336,015 (529) - US Dollar Buy 18/03/2015 662,585 660,762 1,823 - US Dollar Buy 18/03/2015 13,656 13,669 (13) - US Dollar Buy 18/03/2015 2,323 2,300 23 - US Dollar Buy 18/03/2015 85,365 85,100 265 - US Dollar Sell 18/03/2015 670,912 662,735 (8,177) - US Dollar Sell 18/03/2015 684,274 677,012 (7,262) - US Dollar Sell 18/03/2015 362,480 359,000 (3,480) - Westpac Banking Corporation Australian Dollar Buy 21/01/2015 319,868 334,342 (14,474) (0.01) Australian Dollar Buy 21/01/2015 299,775 309,412 (9,637) - Australian Dollar Sell 21/01/2015 399,247 416,974 17,727 0.01 Australian Dollar Sell 21/01/2015 619,643 649,411 29,768 0.02 Canadian Dollar Sell 21/01/2015 666,971 664,876 (2,095) - Euro Sell 18/03/2015 2,000,384 2,059,760 59,376 0.03 New Zealand Dollar Buy 21/01/2015 696,768 681,423 15,345 0.01 New Zealand Dollar Buy 21/01/2015 336,564 336,679 (115) - New Zealand Dollar Sell 21/01/2015 85,815 81,592 (4,223) - South Korean Won Buy 13/02/2015 680,790 668,096 12,694 - US Dollar Buy 21/01/2015 427,996 416,974 11,022 - US Dollar Buy 21/01/2015 691,646 664,876 26,770 0.02 US Dollar Buy 21/01/2015 84,877 81,592 3,285 - US Dollar Buy 21/01/2015 672,516 649,411 23,105 0.02 US Dollar Sell 21/01/2015 706,396 681,423 (24,973) (0.02) US Dollar Sell 21/01/2015 340,268 336,679 (3,589) - US Dollar Sell 21/01/2015 343,133 334,342 (8,791) - US Dollar Sell 21/01/2015 318,619 309,412 (9,207) - US Dollar Sell 13/02/2015 674,465 668,096 (6,369) - US Dollar Buy 18/03/2015 2,065,443 2,059,760 5,683 -

The accompanying notes form an integral part of these financial statements. 58 Putnam World Trust

Putnam Global Fixed Income Alpha Fund S2

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.57%) cont. Unrealised Appreciation/ (Depreciation) % of GBP Fund Unrealised Appreciation on Forward Foreign Exchange Currency Contracts GBP 3,412,401 1.30 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts GBP (4,898,874) (1.87) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts GBP (1,486,473) (0.57) Total Financial Assets at Fair Value through Profit or Loss GBP 385,998,730 147.44 Total Financial Liabilities at Fair Value through Profit or Loss GBP (126,575,668) (48.35)

% of Total Analysis of Total Assets Assets (a) Transferable securities admitted to official stock exchange listing 66.32 (b) Transferable securities other than those admitted to official stock exchange listing or dealt in on another regulated market 2.68 (c) OTC financial derivative instruments 1.12 (d) Exchange Traded financial derivative instruments 0.01 (e) Other assets 29.87 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. Putnam World Trust 59

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Advertising (0.81%) USD 560,000 Alliance Data Systems Corporation 5.38 01/08/2022 USD 553,000 0.17 290,000 Getty Images Incorporated 7.00 15/10/2020 227,650 0.07 430,000 Lamar Media Corporation 5.88 01/02/2022 446,125 0.14 315,000 Lamar Media Corporation 5.38 15/01/2024 324,450 0.10 715,000 Outfront Media Capital LLC 5.63 15/02/2024 722,150 0.22 360,000 Outfront Media Capital LLC 5.88 15/03/2025 362,700 0.11 2,636,075 0.81 Aerospace and Defense (0.57%) 240,000 Moog Incorporated 5.25 01/12/2022 243,000 0.08 125,000 TransDigm Incorporated 6.50 15/07/2024 125,625 0.04 1,475,000 TransDigm Incorporated 5.50 15/10/2020 1,441,813 0.45 1,810,438 0.57 Auto Parts and Equipment (1.26%) 500,000 American Axle & Manufacturing Incorporated 6.63 15/10/2022 530,000 0.16 672,000 American Axle & Manufacturing Incorporated 7.75 15/11/2019 752,640 0.23 335,000 Dana Holding Corporation 5.50 15/12/2024 339,188 0.11 710,000 Dana Holding Corporation 6.00 15/09/2023 741,950 0.23 380,000 Dana Holding Corporation 5.38 15/09/2021 391,400 0.12 175,000 Pittsburgh Glass Works LLC 8.00 15/11/2018 184,625 0.06 1,115,000 Tenneco Incorporated 5.38 15/12/2024 1,142,875 0.35 4,082,678 1.26 Automotive (1.06%) 1,580,000 Chrysler Group LLC 8.25 15/06/2021 1,749,850 0.54 285,000 General Motors Company 5.20 01/04/2045 300,675 0.09 525,000 Navistar International Corporation 8.25 01/11/2021 514,500 0.16 865,000 Oshkosh Corporation 5.38 01/03/2022 882,300 0.27 3,447,325 1.06 Banking (1.22%) 260,000 Bank of America Corporation 6.50 29/10/2049 264,654 0.08 170,000 CIT Group Incorporated 5.00 01/08/2023 173,825 0.05 1,870,000 CIT Group Incorporated 5.00 15/08/2022 1,921,425 0.60 1,000 CIT Group Incorporated 5.38 15/05/2020 1,057 - 145,000 CIT Group Incorporated 3.88 19/02/2019 144,638 0.04 115,000 Citigroup Incorporated 5.90 29/12/2049 112,125 0.03 950,000 Dresdner Funding Trust I 8.15 30/06/2031 1,121,000 0.35 235,000 Provident Funding Associates LP 6.75 15/06/2021 227,363 0.07 3,966,087 1.22 Beverages (0.50%) 60,000 Constellation Brands Incorporated 4.75 15/11/2024 60,750 0.02 95,000 Constellation Brands Incorporated 4.25 01/05/2023 94,406 0.03 1,270,000 Constellation Brands Incorporated 6.00 01/05/2022 1,403,350 0.44 45,000 Constellation Brands Incorporated 3.88 15/11/2019 45,338 0.01 1,603,844 0.50 Building Materials (0.90%) 875,000 Boise Cascade Company 6.38 01/11/2020 918,750 0.29 495,000 Cemex Finance LLC 9.38 12/10/2022 551,925 0.17 60,000 CPG Merger Sub LLC 8.00 01/10/2021 61,350 0.02 655,000 Louisiana-Pacific Corporation 7.50 01/06/2020 689,388 0.21 40,000 Masonite International Corporation 8.25 15/04/2021 42,700 0.01 305,000 Nortek Incorporated 8.50 15/04/2021 326,350 0.10 295,000 Nortek Incorporated 10.00 01/12/2018 309,013 0.10 2,899,476 0.90 Chemicals (1.59%) 430,000 Celanese US Holdings LLC 4.63 15/11/2022 425,700 0.13 760,000 Celanese US Holdings LLC 5.88 15/06/2021 805,600 0.25 546,000 Hexion US Finance Corporation 8.88 01/02/2018 485,940 0.15 145,000 Huntsman International LLC 5.13 15/11/2022 142,825 0.04 520,000 Huntsman International LLC 5.13 15/04/2021 660,322 0.20 170,000 Huntsman International LLC 8.63 15/03/2021 182,325 0.06 1,095,000 Huntsman International LLC 4.88 15/11/2020 1,086,788 0.34 605,000 Momentive Performance Materials Incorporated 3.88 24/10/2021 512,738 0.16 The accompanying notes form an integral part of these financial statements. 60 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Chemicals (1.59%) cont. USD 605,000 MPM Escrow LLC (F) 8.88 15/10/2020 USD 6 - 475,000 WR Grace & Company 5.63 01/10/2024 495,188 0.15 340,000 WR Grace & Company 5.13 01/10/2021 348,500 0.11 5,145,932 1.59 Coal (0.18%) 635,000 CONSOL Energy Incorporated 5.88 15/04/2022 590,550 0.18 590,550 0.18 Commercial Services (3.07%) 455,000 Ashtead Capital Incorporated 5.63 01/10/2024 466,375 0.14 1,225,000 Ashtead Capital Incorporated 6.50 15/07/2022 1,301,563 0.40 715,000 Avis Budget Car Rental LLC 5.50 01/04/2023 729,300 0.23 30,000 Avis Budget Car Rental LLC 5.13 01/06/2022 30,300 0.01 260,000 Avis Budget Car Rental LLC 9.75 15/03/2020 284,050 0.09 770,000 Ceridian HCM Holding Incorporated 11.00 15/03/2021 842,311 0.26 320,000 Igloo Holdings Corporation 8.25 15/12/2017 323,200 0.10 120,000 Jaguar Holding Company I 9.38 15/10/2017 122,640 0.04 105,000 Jaguar Holding Company II 9.50 01/12/2019 112,613 0.03 910,000 Lender Processing Services Incorporated 5.75 15/04/2023 962,325 0.30 580,000 PHH Corporation 6.38 15/08/2021 532,150 0.17 370,000 PHH Corporation 7.38 01/09/2019 370,925 0.12 820,000 Service Corporation International 5.38 15/05/2024 836,400 0.26 1,245,000 Service Corporation International 5.38 15/01/2022 1,276,125 0.40 420,000 TMS International Corporation 7.63 15/10/2021 432,600 0.13 240,000 United Rentals North America Incorporated 5.75 15/11/2024 247,200 0.08 715,000 United Rentals North America Incorporated 6.13 15/06/2023 750,750 0.23 250,000 United Rentals North America Incorporated 7.38 15/05/2020 270,000 0.08 9,890,827 3.07 Computers (0.08%) 245,000 SunGard Data Systems Incorporated 6.63 01/11/2019 247,450 0.08 247,450 0.08 Cosmetics/Personal Care (0.60%) 910,000 Elizabeth Arden Incorporated 7.38 15/03/2021 834,925 0.26 1,085,000 Revlon Consumer Products Corporation 5.75 15/02/2021 1,085,000 0.34 1,919,925 0.60 Distribution/Wholesale (0.59%) 270,000 HD Supply Incorporated 5.25 15/12/2021 274,725 0.09 1,125,000 HD Supply Incorporated 8.00 15/07/2020 1,178,438 0.37 365,000 HD Supply Incorporated 11.50 15/07/2020 417,925 0.13 1,871,088 0.59 Diversified Financial Services (4.74%) 1,610,000 Ally Financial Incorporated 8.00 01/11/2031 2,052,750 0.64 845,000 Ally Financial Incorporated 7.50 15/09/2020 990,763 0.31 250,000 CNG Holdings Incorporated 9.38 15/05/2020 165,000 0.05 280,000 Community Choice Financial Incorporated 10.75 01/05/2019 182,000 0.06 635,000 Credit Acceptance Corporation 6.13 15/02/2021 635,000 0.20 555,000 DFC Finance Corporation 10.50 15/06/2020 470,363 0.15 835,000 E*TRADE Financial Corporation 5.38 15/11/2022 853,788 0.26 630,000 E*TRADE Financial Corporation 6.38 15/11/2019 667,800 0.21 975,000 Icahn Enterprises LP 5.88 01/02/2022 979,266 0.30 925,000 Icahn Enterprises LP 6.00 01/08/2020 952,935 0.30 930,000 International Lease Finance Corporation 5.88 15/08/2022 1,011,375 0.31 380,000 International Lease Finance Corporation 6.25 15/05/2019 415,150 0.13 410,000 Nationstar Mortgage LLC 6.50 01/07/2021 373,100 0.12 500,000 Nationstar Mortgage LLC 7.88 01/10/2020 480,000 0.15 370,000 Navient Corporation 8.45 15/06/2018 412,550 0.13 650,000 Ocwen Financial Corporation 6.63 15/05/2019 594,750 0.18 335,000 OneMain Financial Holdings Incorporated 7.25 15/12/2021 343,375 0.11 365,000 OneMain Financial Holdings Incorporated 6.75 15/12/2019 373,213 0.12 705,000 ROC Finance LLC 12.13 01/09/2018 743,775 0.23 295,000 Springleaf Finance Corporation 7.75 01/10/2021 330,400 0.10 960,000 Springleaf Finance Corporation 6.00 01/06/2020 950,400 0.29 The accompanying notes form an integral part of these financial statements. Putnam World Trust 61

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Diversified Financial Services (4.74%) cont. USD 520,000 Springleaf Finance Corporation 5.25 15/12/2019 USD 509,6000.16 110,000 Springleaf Finance Corporation 6.90 15/12/2017 117,150 0.04 215,000 TMX Finance LLC 8.50 15/09/2018 180,600 0.06 470,000 Walter Investment Management Corporation 7.88 15/12/2021 419,475 0.13 15,204,578 4.74 Electric Utilities (2.65%) 400,000 AES Corporation 4.88 15/05/2023 400,000 0.12 770,000 AES Corporation 7.38 01/07/2021 870,100 0.27 1,463,000 AES Corporation 8.00 01/06/2020 1,671,478 0.52 1,435,000 Calpine Corporation 5.75 15/01/2025 1,452,938 0.45 70,000 Calpine Corporation 5.88 15/01/2024 74,025 0.02 400,000 Dynegy Finance I Inc 7.63 01/11/2024 408,000 0.13 55,000 Dynegy Finance I Inc 7.38 01/11/2022 55,963 0.02 1,080,000 Dynegy Finance I Inc 6.75 01/11/2019 1,098,900 0.34 175,000 GenOn Americas Generation LLC 9.13 01/05/2031 149,625 0.05 370,000 GenOn Americas Generation LLC 8.50 01/10/2021 318,200 0.10 80,000 GenOn Energy Incorporated 9.88 15/10/2020 78,800 0.02 365,000 NRG Energy Incorporated 6.25 15/07/2022 373,213 0.12 405,000 NRG Energy Incorporated 7.88 15/05/2021 436,388 0.14 625,000 NRG Energy Incorporated 7.63 15/01/2018 685,938 0.21 450,000 NRG Yield Operating LLC 5.38 15/08/2024 456,750 0.14 8,530,318 2.65 Engineering and Construction (0.62%) 585,000 MasTec Incorporated 4.88 15/03/2023 549,900 0.17 1,045,000 SBA Communications Corporation 4.88 15/07/2022 1,005,813 0.31 475,000 Weekley Homes LLC 6.00 01/02/2023 451,250 0.14 2,006,963 0.62 Entertainment (2.47%) 240,000 AMC Entertainment Incorporated 5.88 15/02/2022 243,600 0.08 315,000 AMC Entertainment Incorporated 9.75 01/12/2020 342,563 0.11 455,000 CCM Merger Incorporated 9.13 01/05/2019 478,888 0.15 305,000 Cedar Fair LP 5.38 01/06/2024 303,475 0.09 240,000 Cedar Fair LP 5.25 15/03/2021 241,200 0.07 450,000 Cinemark USA Incorporated 4.88 01/06/2023 425,250 0.13 405,000 Cinemark USA Incorporated 5.13 15/12/2022 395,888 0.12 20,000 Cinemark USA Incorporated 7.38 15/06/2021 21,300 0.01 725,000 GLP Capital LP 4.88 01/11/2020 734,063 0.23 130,000 GLP Capital LP 4.38 01/11/2018 132,925 0.04 395,000 Isle of Capri Casinos Incorporated 8.88 15/06/2020 410,800 0.13 775,000 Penn National Gaming Incorporated 5.88 01/11/2021 720,750 0.22 155,000 Regal Entertainment Group 5.75 01/02/2025 143,375 0.04 630,000 Regal Entertainment Group 5.75 15/06/2023 593,712 0.18 665,000 Regal Entertainment Group 5.75 15/03/2022 635,075 0.20 175,000 Scientific Games Corporation 8.13 15/09/2018 148,750 0.05 1,275,000 Scientific Games International Incorporated 10.00 01/12/2022 1,168,219 0.36 480,000 Scientific Games International Incorporated 7.00 01/01/2022 486,000 0.15 165,000 Scientific Games International Incorporated 6.25 01/09/2020 115,500 0.04 225,000 Six Flags Entertainment Corporation 5.25 15/01/2021 225,000 0.07 7,966,333 2.47 Environmental Control (0.57%) 1,850,000 ADS Waste Holdings Incorporated 8.25 01/10/2020 1,850,000 0.57 1,850,000 0.57 Food (0.38%) 595,000 HJ Heinz Company 4.25 15/10/2020 600,950 0.19 115,000 JBS USA LLC 7.25 01/06/2021 118,450 0.04 10,000 JBS USA LLC 8.25 01/02/2020 10,525 - 460,000 WhiteWave Foods Company 5.38 01/10/2022 473,800 0.15 1,203,725 0.38 Health-Care Services (3.79%) 465,000 Acadia Healthcare Company Incorporated 5.13 01/07/2022 458,025 0.14 395,000 Acadia Healthcare Company Incorporated 6.13 15/03/2021 402,900 0.13 The accompanying notes form an integral part of these financial statements. 62 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Health-Care Services (3.79%) cont. USD 295,000 Aviv Healthcare Properties LP 6.00 15/10/2021 USD 306,8000.10 405,000 Centene Corporation 4.75 15/05/2022 406,013 0.13 80,000 CHS/Community Health Systems Incorporated 6.88 01/02/2022 84,750 0.03 1,180,000 CHS/Community Health Systems Incorporated 5.13 01/08/2021 1,224,250 0.38 180,000 CHS/Community Health Systems Incorporated 5.13 15/08/2018 186,300 0.06 1,005,000 DaVita HealthCare Partners Incorporated 5.13 15/07/2024 1,025,100 0.32 200,000 Fresenius Medical Care US Finance II Incorporated 4.75 15/10/2024 202,000 0.06 1,331,000 HCA Incorporated 6.50 15/02/2020 1,489,056 0.46 1,550,000 HCA Incorporated 3.75 15/03/2019 1,553,875 0.48 546,000 IASIS Healthcare LLC 8.38 15/05/2019 573,300 0.18 185,000 Tenet Healthcare Corporation 4.38 01/10/2021 183,613 0.06 415,000 Tenet Healthcare Corporation 4.50 01/04/2021 416,038 0.13 665,000 Tenet Healthcare Corporation 6.00 01/10/2020 714,097 0.22 535,000 Tenet Healthcare Corporation 4.75 01/06/2020 543,025 0.17 820,000 Tenet Healthcare Corporation 6.25 01/11/2018 893,800 0.28 750,000 United Surgical Partners International Incorporated 9.00 01/04/2020 805,313 0.25 670,000 WellCare Health Plans Incorporated 5.75 15/11/2020 691,775 0.21 12,160,030 3.79 Home Builders (1.26%) 740,000 Lennar Corporation 4.75 15/11/2022 725,200 0.23 475,000 Lennar Corporation 4.50 15/06/2019 475,000 0.15 685,000 PulteGroup Incorporated 6.00 15/02/2035 654,175 0.20 220,000 PulteGroup Incorporated 7.88 15/06/2032 250,250 0.08 270,000 Standard Pacific Corporation 5.88 15/11/2024 270,000 0.08 415,000 Standard Pacific Corporation 6.25 15/12/2021 425,375 0.13 160,000 Taylor Morrison Communities Incorporated 5.63 01/03/2024 152,800 0.05 1,095,000 TRI Pointe Holdings Incorporated 5.88 15/06/2024 1,095,000 0.34 4,047,800 1.26 Household Products/Wares (0.38%) 280,000 Prestige Brands Incorporated 5.38 15/12/2021 275,100 0.09 300,000 Spectrum Brands Incorporated 6.13 15/12/2024 304,500 0.09 105,000 Spectrum Brands Incorporated 6.38 15/11/2020 109,463 0.03 535,000 Spectrum Brands Incorporated 6.75 15/03/2020 559,075 0.17 1,248,138 0.38 Insurance (0.57%) 497,000 American International Group Incorporated 8.18 15/05/2058 673,435 0.21 300,000 A-S Co-Issuer Subsidiary Incorporated 7.88 15/12/2020 306,000 0.09 300,000 Genworth Holdings Incorporated 6.15 15/11/2066 184,500 0.06 215,000 Hub Holdings LLC 8.13 15/07/2019 212,850 0.07 445,000 HUB International Limited 7.88 01/10/2021 442,775 0.14 1,819,560 0.57 Iron/Steel (0.60%) 770,000 Ryerson Incorporated 9.00 15/10/2017 791,175 0.25 340,000 Steel Dynamics Incorporated 5.50 01/10/2024 348,500 0.11 140,000 Steel Dynamics Incorporated 5.25 15/04/2023 142,100 0.04 290,000 Steel Dynamics Incorporated 6.38 15/08/2022 307,400 0.10 100,000 Steel Dynamics Incorporated 5.13 01/10/2021 101,875 0.03 210,000 Steel Dynamics Incorporated 7.63 15/03/2020 218,925 0.07 1,909,975 0.60 Lodging/Tourism (1.37%) 465,000 Felcor Lodging LP 6.75 01/06/2019 482,996 0.15 475,000 MGM Resorts International 6.63 15/12/2021 497,563 0.15 710,000 MGM Resorts International 6.75 01/10/2020 745,500 0.23 560,000 MGM Resorts International 5.25 31/03/2020 555,800 0.17 805,000 MGM Resorts International 8.63 01/02/2019 912,669 0.28 1,170,000 MTR Gaming Group Incorporated 11.50 01/08/2019 1,266,525 0.39 4,461,053 1.37 Machinery (0.73%) 501,000 Briggs & Stratton Corporation 6.88 15/12/2020 538,575 0.17 935,000 Manitowoc Company Incorporated 5.88 15/10/2022 949,025 0.29

The accompanying notes form an integral part of these financial statements. Putnam World Trust 63

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Machinery (0.73%) cont. USD 820,000 Zebra Technologies Corporation 7.25 15/10/2022 USD 861,0000.27 2,348,600 0.73 Machinery-Construction and Mining (1.32%) 265,000 Alcoa Incorporated 5.40 15/04/2021 287,004 0.09 100,000 Alcoa Incorporated 5.13 01/10/2024 105,977 0.03 100,000 BlueLine Rental Finance Corporation 7.00 01/02/2019 102,500 0.03 480,000 Compass Minerals International Incorporated 4.88 15/07/2024 466,800 0.14 325,000 Sinclair Television Group Incorporated 5.38 01/04/2021 322,563 0.10 65,000 Sinclair Television Group Incorporated 6.13 01/10/2022 66,138 0.02 305,000 Sinclair Television Group Incorporated 6.38 01/11/2021 314,150 0.10 285,000 Sinclair Television Group Incorporated 5.63 01/08/2024 275,738 0.09 140,000 Sirius XM Radio Incorporated 5.88 01/10/2020 144,550 0.04 255,000 Sirius XM Radio Incorporated 6.00 15/07/2024 260,738 0.08 105,000 Terex Corporation 6.50 01/04/2020 108,675 0.03 1,055,000 Terex Corporation 6.00 15/05/2021 1,076,100 0.33 195,000 Townsquare Radio LLC 9.00 01/04/2019 207,675 0.06 165,000 Univision Communications Incorporated 8.50 15/05/2021 175,725 0.05 400,000 Vander Intermediate Holding II Corporation 9.75 01/02/2019 414,000 0.13 4,328,333 1.32 Manufacturing (0.40%) 415,000 Amsted Industries Incorporated 5.38 15/09/2024 403,588 0.13 145,000 Amsted Industries Incorporated 5.00 15/03/2022 142,463 0.04 335,000 Gates Global LLC 5.75 15/07/2022 373,951 0.12 380,000 Gates Global LLC 6.00 15/07/2022 363,850 0.11 1,283,852 0.40 Media (4.91%) 735,000 Cablevision Systems Corporation 8.00 15/04/2020 830,550 0.26 710,000 CCO Holdings LLC 6.50 30/04/2021 745,500 0.23 410,000 CCO Holdings LLC 6.63 31/01/2022 435,625 0.14 1,625,000 CCO Holdings LLC 5.25 30/09/2022 1,625,000 0.50 920,000 CCO Holdings LLC 5.13 15/02/2023 897,000 0.28 445,000 CCOH Safari LLC 5.50 01/12/2022 451,675 0.14 535,000 CCOH Safari LLC 5.75 01/12/2024 541,019 0.17 129,000 Clear Channel Worldwide Holdings Incorporated 7.63 15/03/2020 135,450 0.04 960,000 Clear Channel Worldwide Holdings Incorporated 6.50 15/11/2022 988,800 0.31 300,000 CSC Holdings LLC 6.75 15/11/2021 330,750 0.10 525,000 CSC Holdings LLC 5.25 01/06/2024 527,625 0.16 598,000 Cumulus Media Holdings Incorporated 7.75 01/05/2019 603,980 0.19 210,000 DISH DBS Corporation 7.88 01/09/2019 238,350 0.07 895,000 DISH DBS Corporation 5.88 15/11/2024 899,475 0.28 465,000 Entercom Radio LLC 10.50 01/12/2019 504,525 0.16 935,000 Gray Television Incorporated 7.50 01/10/2020 963,050 0.30 605,000 iHeartCommunications Incorporated 9.00 01/03/2021 592,900 0.18 2,280,000 iHeartCommunications Incorporated 9.00 15/12/2019 2,245,800 0.70 310,000 LIN Television Corporation 5.88 15/11/2022 306,900 0.10 315,000 Mediacom LLC 7.25 15/02/2022 336,263 0.10 305,000 Nexstar Broadcasting Incorporated 6.88 15/11/2020 316,438 0.10 110,000 Nielsen Finance LLC 4.50 01/10/2020 110,550 0.03 1,130,000 WideOpenWest Finance LLC 10.30 15/07/2019 1,176,613 0.37 15,803,838 4.91 Medical Technology (0.79%) 735,000 Crimson Merger Sub Incorporated 6.63 15/05/2022 660,581 0.21 680,000 Halyard Health Incorporated 6.25 15/10/2022 690,200 0.21 780,000 Kinetic Concepts Incorporated 10.50 01/11/2018 854,100 0.27 310,000 Teleflex Incorporated 5.25 15/06/2024 310,000 0.10 2,514,881 0.79 Oil and Natural Gas Utilities (6.92%) 380,000 Antero Resources Corporation 5.13 01/12/2022 358,150 0.11 800,000 Antero Resources Finance Corporation 5.38 01/11/2021 774,000 0.24 600,000 California Resources Corporation 6.00 15/11/2024 507,000 0.16

The accompanying notes form an integral part of these financial statements. 64 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Oil and Natural Gas Utilities (6.92%) cont. USD 355,000 California Resources Corporation 5.00 15/01/2020 USD 307,963 0.10 90,000 Carrizo Oil & Gas Incorporated 8.63 15/10/2018 90,000 0.03 150,000 Chaparral Energy Incorporated 8.25 01/09/2021 102,000 0.03 195,000 Chesapeake Energy Corporation 5.75 15/03/2023 200,850 0.06 270,000 Chesapeake Energy Corporation 4.88 15/04/2022 262,575 0.08 725,000 Chesapeake Energy Corporation 6.13 15/02/2021 761,250 0.24 255,000 Chesapeake Energy Corporation 6.88 15/11/2020 274,125 0.09 290,000 Chesapeake Energy Corporation 3.50 15/04/2019 284,200 0.09 480,000 Concho Resources Incorporated 5.50 01/04/2023 482,400 0.15 165,000 Concho Resources Incorporated 5.50 01/10/2022 166,650 0.05 880,000 Concho Resources Incorporated 6.50 15/01/2022 924,000 0.29 750,000 Denbury Resources Incorporated 5.50 01/05/2022 686,250 0.21 500,000 EP Energy LLC 7.75 01/09/2022 467,500 0.15 585,000 EP Energy LLC 9.38 01/05/2020 590,850 0.18 60,000 EP Energy LLC 6.88 01/05/2019 60,750 0.02 970,000 Exterran Partners LP 6.00 01/10/2022 824,500 0.26 380,000 FTS International Incorporated 6.25 01/05/2022 277,400 0.09 655,000 Gulfport Energy Corporation 7.75 01/11/2020 640,263 0.20 290,000 Gulfport Energy Corporation 7.75 01/11/2020 283,475 0.09 1,200,000 Halcon Resources Corporation 8.88 15/05/2021 903,000 0.28 130,000 Hiland Partners LP 5.50 15/05/2022 110,500 0.03 370,000 Hiland Partners LP 7.25 01/10/2020 351,500 0.11 500,000 Key Energy Services Incorporated 6.75 01/03/2021 310,000 0.10 526,000 Kodiak Oil & Gas Corporation 5.50 01/02/2022 527,315 0.16 440,000 Linn Energy LLC 6.50 15/09/2021 356,400 0.11 1,415,000 Linn Energy LLC 6.50 15/05/2019 1,209,825 0.38 1,190,000 Milagro Oil & Gas Incorporated 10.50 15/05/2016 880,600 0.27 900,000 Newfield Exploration Company 5.63 01/07/2024 890,438 0.28 710,000 Oasis Petroleum Incorporated 6.88 15/01/2023 639,000 0.20 730,000 Oasis Petroleum Incorporated 6.88 15/03/2022 664,300 0.21 1,140,000 Paragon Offshore PLC 7.25 15/08/2024 684,000 0.21 280,000 Paragon Offshore PLC 6.75 15/07/2022 170,800 0.05 575,000 Rosetta Resources Incorporated 5.88 01/06/2024 511,750 0.16 825,000 Rosetta Resources Incorporated 5.63 01/05/2021 754,958 0.23 490,000 Samson Investment Company 9.75 15/02/2020 203,044 0.06 615,000 Seventy Seven Energy Incorporated 6.50 15/07/2022 362,850 0.11 205,000 SM Energy Company 6.50 15/11/2021 198,850 0.06 485,000 SM Energy Company 6.63 15/02/2019 475,300 0.15 235,000 Southern Star Central Corporation 5.13 15/07/2022 236,175 0.07 95,000 Triangle USA Petroleum Corporation 6.75 15/07/2022 62,700 0.02 810,000 Unit Corporation 6.63 15/05/2021 722,925 0.22 895,000 Whiting Petroleum Corporation 5.75 15/03/2021 818,925 0.25 943,000 WPX Energy Incorporated 6.00 15/01/2022 907,638 0.28 22,278,944 6.92 Packaging and Containers (1.74%) 245,000 Berry Plastics Corporation 5.50 15/05/2022 248,675 0.08 550,000 Berry Plastics Corporation 9.75 15/01/2021 611,875 0.19 375,000 Crown Americas LLC 4.50 15/01/2023 363,750 0.11 335,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 370,175 0.11 940,000 Novelis Incorporated 8.75 15/12/2020 996,400 0.31 490,000 Owens-Brockway Glass Container Incorporated 5.38 15/01/2025 494,900 0.15 200,000 Reynolds Group Issuer Incorporated 8.25 15/02/2021 205,000 0.06 465,000 Reynolds Group Issuer Incorporated 5.75 15/10/2020 476,625 0.15 875,000 Reynolds Group Issuer Incorporated 9.88 15/08/2019 923,125 0.29 250,000 Reynolds Group Issuer Incorporated 9.00 15/04/2019 258,750 0.08 245,000 Sealed Air Corporation 5.13 01/12/2024 247,450 0.08 175,000 Sealed Air Corporation 4.88 01/12/2022 173,688 0.05 240,000 Sealed Air Corporation 6.50 01/12/2020 262,800 0.08 5,633,213 1.74

The accompanying notes form an integral part of these financial statements. Putnam World Trust 65

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Pharmaceuticals (1.61%) USD 1,215,000 Catamaran Corporation 4.75 15/03/2021 USD 1,215,0000.38 270,000 Endo Finance LLC 5.75 15/01/2022 270,675 0.08 570,000 Endo Finance LLC & Endo Finco Incorporated 5.38 15/01/2023 557,175 0.17 95,000 Omnicare Incorporated 5.00 01/12/2024 97,375 0.03 765,000 Omnicare Incorporated 4.75 01/12/2022 776,475 0.24 955,000 Par Pharmaceutical Companies Incorporated 7.38 15/10/2020 997,975 0.31 150,000 Salix Pharmaceuticals Limited 6.00 15/01/2021 153,000 0.05 300,000 Valeant Pharmaceuticals International Incorporated 6.38 15/10/2020 313,500 0.10 815,000 Valeant Pharmaceuticals International Incorporated 5.63 01/12/2021 821,113 0.25 5,202,288 1.61 Pipelines (2.10%) 795,000 Access Midstream Partners LP 4.88 15/05/2023 810,900 0.25 485,000 Access Midstream Partners LP 6.13 15/07/2022 515,313 0.16 235,000 Access Midstream Partners LP 5.88 15/04/2021 244,988 0.08 380,000 Energy Transfer Equity LP 7.50 15/10/2020 421,800 0.13 350,000 Kinder Morgan Incorporated 7.75 15/01/2032 430,500 0.13 420,000 Kinder Morgan Incorporated 7.80 01/08/2031 508,703 0.16 185,000 Kinder Morgan Incorporated 5.00 15/02/2021 192,551 0.06 275,000 Regency Energy Partners LP 5.00 01/10/2022 259,875 0.08 770,000 Regency Energy Partners LP 5.88 01/03/2022 768,075 0.24 290,000 Rose Rock Midstream LP 5.63 15/07/2022 271,150 0.08 275,000 Sabine Pass Liquefaction LLC 5.75 15/05/2024 269,844 0.08 870,000 Sabine Pass Liquefaction LLC 5.63 15/04/2023 850,425 0.26 190,000 Sabine Pass Liquefaction LLC 6.25 15/03/2022 193,325 0.06 655,000 Sabine Pass LNG LP 6.50 01/11/2020 661,550 0.21 190,000 Sabine Pass LNG LP 7.50 30/11/2016 197,600 0.06 15,000 Tennessee Gas Pipeline Company LLC 7.00 15/10/2028 18,163 0.01 65,000 Tesoro Logistics LP 6.25 15/10/2022 64,838 0.02 45,000 Tesoro Logistics LP 5.50 15/10/2019 44,663 0.01 69,000 Williams Companies Incorporated 7.75 15/06/2031 73,894 0.02 6,798,157 2.10 Real Estate (2.12%) 250,000 CBRE Services Incorporated 5.25 15/03/2025 255,000 0.08 470,000 CBRE Services Incorporated 5.00 15/03/2023 480,293 0.15 1,065,000 Corrections Corporation of America 4.63 01/05/2023 1,025,063 0.32 155,000 Corrections Corporation of America 4.13 01/04/2020 150,738 0.05 922,000 Crown Castle International Corporation 5.25 15/01/2023 940,440 0.29 240,000 Crown Castle International Corporation 4.88 15/04/2022 242,400 0.08 525,000 Howard Hughes Corporation 6.88 01/10/2021 543,375 0.17 365,000 Iron Mountain Incorporated 6.00 15/08/2023 379,600 0.12 180,000 iStar Financial Incorporated 5.00 01/07/2019 174,600 0.05 665,000 iStar Financial Incorporated 4.88 01/07/2018 653,363 0.20 408,000 iStar Financial Incorporated 3.00 15/11/2016 515,865 0.16 430,000 MPT Operating Partnership LP 6.38 15/02/2022 460,100 0.14 225,000 MPT Operating Partnership LP 6.88 01/05/2021 240,750 0.07 745,000 Omega Healthcare Investors Incorporated 4.95 01/04/2024 775,277 0.24 6,836,864 2.12 Retail (2.80%) 655,000 AutoNation Incorporated 5.50 01/02/2020 709,038 0.22 305,000 AutoNation Incorporated 6.75 15/04/2018 342,095 0.11 525,000 Bon-Ton Department Stores Incorporated 8.00 15/06/2021 438,375 0.14 21,000 Bon-Ton Department Stores Incorporated 10.63 15/07/2017 20,895 0.01 370,000 CEC Entertainment Incorporated 8.00 15/02/2022 358,900 0.11 795,000 First Cash Financial Services Incorporated 6.75 01/04/2021 826,800 0.26 550,000 Jo-Ann Stores LLC 8.13 15/03/2019 511,500 0.16 675,000 L Brands Incorporated 5.63 15/02/2022 729,000 0.23 375,000 L Brands Incorporated 6.63 01/04/2021 420,938 0.13 670,000 Landry's Incorporated 9.38 01/05/2020 710,200 0.22 895,000 Neiman Marcus Group LLC 7.13 06/01/2028 895,000 0.28 350,000 Neiman Marcus Group LLC 8.75 15/10/2021 371,000 0.12

The accompanying notes form an integral part of these financial statements. 66 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (65.87%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Retail (2.80%) cont. USD 90,000 Neiman Marcus Group LLC 8.00 15/10/2021 USD 95,175 0.03 460,000 Penske Automotive Group Incorporated 5.38 01/12/2024 465,750 0.14 730,000 Penske Automotive Group Incorporated 5.75 01/10/2022 757,375 0.24 435,000 Petco Holdings Incorporated 8.50 15/10/2017 441,525 0.14 775,000 Rite Aid Corporation 9.25 15/03/2020 845,719 0.26 8,939,285 2.80 Semiconductors (0.28%) 196,000 Freescale Semiconductor Incorporated 10.75 01/08/2020 214,130 0.07 259,000 Jazz Technologies Incorporated† 8.00 31/12/2018 367,456 0.11 295,000 Micron Technology Incorporated 5.88 15/02/2022 309,750 0.10 891,336 0.28 Shipbuilding (0.09%) 275,000 Huntington Ingalls Industries Incorporated 5.00 15/12/2021 279,813 0.09 279,813 0.09 Software (0.78%) 1,840,000 First Data Corporation 11.75 15/08/2021 2,111,400 0.66 347,000 First Data Corporation 11.25 15/01/2021 393,845 0.12 2,505,245 0.78 Telecommunications (7.22%) 225,000 Avaya Incorporated 10.50 01/03/2021 192,375 0.06 765,000 Avaya Incorporated 7.00 01/04/2019 745,875 0.23 1,544,000 CenturyLink Incorporated 6.75 01/12/2023 1,690,680 0.52 90,000 Frontier Communications Corporation 7.63 15/04/2024 94,500 0.03 810,000 Frontier Communications Corporation 6.25 15/09/2021 814,050 0.25 550,000 Frontier Communications Corporation 8.13 01/10/2018 621,500 0.19 280,000 Hughes Satellite Systems Corporation 7.63 15/06/2021 308,000 0.10 340,000 Hughes Satellite Systems Corporation 6.50 15/06/2019 364,650 0.11 200,000 Level 3 Communications Incorporated 5.75 01/12/2022 201,250 0.06 755,000 Level 3 Financing Incorporated 5.38 15/08/2022 758,775 0.24 750,000 Level 3 Financing Incorporated 6.13 15/01/2021 776,250 0.24 145,000 Level 3 Financing Incorporated 8.63 15/07/2020 156,419 0.05 290,000 Level 3 Financing Incorporated 7.00 01/06/2020 305,588 0.09 85,000 Qwest Corporation 7.25 15/09/2025 101,233 0.03 940,000 Qwest Corporation 6.75 01/12/2021 1,086,930 0.34 590,000 SBA Telecommunications Incorporated 5.75 15/07/2020 600,502 0.19 1,170,000 Sprint Capital Corporation 6.88 15/11/2028 1,029,600 0.32 4,000,000 Sprint Communications Incorporated 6.00 15/11/2022 3,680,000 1.14 1,155,000 Sprint Communications Incorporated 7.00 15/08/2020 1,149,225 0.36 500,000 Sprint Corporation 7.88 15/09/2023 493,600 0.15 540,000 Syniverse Holdings Incorporated 9.13 15/01/2019 564,300 0.18 310,000 T-Mobile USA Incorporated 6.38 01/03/2025 314,960 0.10 340,000 T-Mobile USA Incorporated 6.84 28/04/2023 351,475 0.11 1,030,000 T-Mobile USA Incorporated 6.63 01/04/2023 1,053,175 0.33 350,000 T-Mobile USA Incorporated 6.00 01/03/2023 350,875 0.11 1,635,000 T-Mobile USA Incorporated 6.13 15/01/2022 1,659,525 0.52 45,000 T-Mobile USA Incorporated 6.63 28/04/2021 45,900 0.01 895,000 T-Mobile USA Incorporated 6.25 01/04/2021 915,138 0.28 150,000 T-Mobile USA Incorporated 6.46 28/04/2019 156,000 0.05 440,000 West Corporation 5.38 15/07/2022 421,300 0.13 540,000 Windstream Corporation 6.38 01/08/2023 504,900 0.16 1,700,000 Windstream Corporation 7.75 01/10/2021 1,734,000 0.54 23,242,550 7.22 Transportation (0.23%) 621,000 Air Medical Group Holdings Incorporated 9.25 01/11/2018 647,393 0.20 100,000 Watco Companies LLC 6.38 01/04/2023 99,000 0.03 746,393 0.23 Total U.S. Corporate Bonds and Notes USD 212,153,760 65.87

The accompanying notes form an integral part of these financial statements. Putnam World Trust 67

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

NON U.S. CORPORATE BONDS AND NOTES (24.64%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Auto Parts and Equipment (0.46%) USD 330,000 Grupo Antolin Dutch BV (Netherlands) 4.75 01/04/2021 USD 414,034 0.13 240,000 Schaeffler Finance BV (Netherlands) 7.75 15/02/2017 325,357 0.10 200,000 Schaeffler Finance BV (Netherlands) 7.75 15/02/2017 223,500 0.07 200,000 Schaeffler Holding Finance BV (Netherlands) 6.75 15/11/2022 209,000 0.06 295,000 Schaeffler Holding Finance BV (Netherlands) 6.88 15/08/2018 308,275 0.10 1,480,166 0.46 Automotive (0.31%) 290,000 Fiat Chrysler Finance Europe (Luxembourg) 6.75 14/10/2019 403,071 0.13 455,000 Volkswagen International Finance NV (Netherlands) 3.75 29/03/2049 586,142 0.18 989,213 0.31 Banking (4.71%) 400,000 Banco Bilbao Vizcaya Argentaria SA (Spain) 9.00 29/05/2049 429,000 0.13 600,000 Banco Santander SA (Spain) 6.25 03/12/2049 711,328 0.22 638,000 Barclays PLC (United Kingdom) 7.00 15/06/2049 952,126 0.30 330,000 Barclays PLC (United Kingdom) 6.50 15/06/2049 388,335 0.12 610,000 BBVA International Preferred SAU (Spain) 5.92 29/04/2049 620,858 0.19 500,000 BPCE SA (France) 4.75 29/12/2049 608,746 0.19 200,000 Commerzbank AG (Germany) 8.13 19/09/2023 229,970 0.07 445,000 Credit Agricole SA (France) 6.63 29/09/2049 432,763 0.13 700,000 Credit Agricole SA (France) 6.50 29/04/2049 860,791 0.27 800,000 Credit Agricole SA (France) 7.59 29/01/2049 1,374,983 0.43 560,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 534,800 0.17 200,000 Credit Suisse Group AG (Switzerland) 6.25 29/12/2049 191,000 0.06 850,000 Lloyds Bank PLC (United Kingdom) 13.00 31/12/2049 2,256,988 0.70 1,200,000 Royal Bank of Scotland Group PLC (United Kingdom) 7.64 31/12/2049 1,260,000 0.39 585,000 Royal Bank of Scotland Group PLC (United Kingdom) 7.65 31/12/2049 681,525 0.21 85,000 Royal Bank of Scotland Group PLC (United Kingdom) 5.50 29/11/2049 98,483 0.03 550,000 Royal Bank of Scotland Group PLC (United Kingdom) 7.09 29/10/2049 697,140 0.22 300,000 Royal Bank of Scotland Group PLC (United Kingdom) 5.25 29/06/2049 343,957 0.11 300,000 Societe Generale SA (France) 7.88 31/12/2049 290,625 0.09 595,000 Societe Generale SA (France) 6.75 04/07/2049 699,396 0.22 860,000 Societe Generale SA (France) 8.88 29/06/2049 1,496,017 0.46 15,158,831 4.71 Building Materials (0.72%) 365,000 Cemex SAB de CV (Mexico) 5.70 11/01/2025 354,050 0.11 1,385,000 Cemex SAB de CV (Mexico) 7.25 15/01/2021 1,450,788 0.45 510,000 Cemex SAB de CV (Mexico) 6.50 10/12/2019 522,495 0.16 2,327,333 0.72 Chemicals (0.51%) 215,000 Ineos Finance PLC (United Kingdom) 8.38 15/02/2019 228,438 0.07 625,000 INEOS Group Holdings SA (Luxembourg) 6.13 15/08/2018 598,438 0.19 815,000 Perstorp Holding AB (Sweden) 8.75 15/05/2017 800,738 0.25 1,627,614 0.51 Commercial Services (0.73%) 810,000 AA Bond Company Limited (Jersey) 9.50 31/07/2019 1,387,135 0.43 355,000 Cerved Group SpA (Italy) 8.00 15/01/2021 460,540 0.14 515,000 Garda World Security Corporation (Canada) 7.25 15/11/2021 510,159 0.16 2,357,834 0.73 Distribution/Wholesale (0.11%) 245,000 Matalan Finance PLC (United Kingdom) 6.88 01/06/2019 365,628 0.11 365,628 0.11 Diversified Financial Services (0.18%) 445,000 Baggot Securities Limited (Ireland) 10.24 29/12/2049 564,050 0.18 564,050 0.18 Electronics (0.79%) 775,000 Techem Energy Metering Service GmbH & Company KG (Germany) 7.88 01/10/2020 1,034,240 0.32 1,190,000 Trionista TopCo GmbH (Germany) 6.88 30/04/2021 1,518,409 0.47 2,552,649 0.79 Engineering and Construction (0.21%) 580,000 Novafives SAS (France) 4.50 30/06/2021 687,217 0.21 687,217 0.21

The accompanying notes form an integral part of these financial statements. 68 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON U.S. CORPORATE BONDS AND NOTES (24.64%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Entertainment (0.16%) USD 310,000 Intralot Capital Luxembourg SA (Luxembourg) 6.00 15/05/2021 USD 312,8050.10 165,000 Snai SpA (Italy) 7.63 15/06/2018 200,345 0.06 513,150 0.16 Environmental Control (0.08%) 250,000 Tervita Corporation (Canada) 9.00 15/11/2018 182,979 0.06 90,000 Tervita Corporation (Canada) 10.88 15/02/2018 55,575 0.02 238,554 0.08 Food (0.79%) 115,000 Bakkavor Finance 2 PLC (United Kingdom) 8.75 15/06/2020 185,821 0.06 330,000 Barry Callebaut Services NV (Belgium) 5.50 15/06/2023 349,356 0.11 185,000 Boparan Finance PLC (United Kingdom) 5.50 15/07/2021 240,128 0.07 225,000 Boparan Finance PLC (United Kingdom) 4.38 15/07/2021 227,197 0.07 570,000 ESAL GmbH (Austria) 6.25 05/02/2023 537,225 0.17 240,000 Findus PIK SCA (Luxembourg) 8.25 01/08/2019 268,660 0.08 485,000 Moy Park Bondco PLC (United Kingdom) 6.25 29/05/2021 726,667 0.23 2,535,054 0.79 Food Service (0.13%) 265,000 Brakes Capital (United Kingdom) 7.13 15/12/2018 408,209 0.13 408,209 0.13 Forest Products&Paper (0.52%) 330,000 Mercer International Incorporated (Canada) 7.75 01/12/2022 334,125 0.10 1,145,000 Smurfit Kappa Treasury Funding Limited (Ireland) 7.50 20/11/2025 1,342,513 0.42 1,676,638 0.52 Health-Care Services (0.39%) 360,000 Holding Medi-Partenaires SAS (France) 7.00 15/05/2020 460,666 0.14 489,762 Priory Group No 3 PLC (United Kingdom) 7.00 15/02/2018 791,954 0.25 1,252,620 0.39 Home Builders (0.14%) 450,000 Brookfield Residential Properties Incorporated (Canada) 6.13 01/07/2022 465,840 0.14 465,840 0.14 Industrial Conglomerates (0.16%) 325,000 AA PIK Company Limited (United Kingdom) 9.50 07/11/2019 521,073 0.16 521,073 0.16 Insurance (0.07%) 100,000 Hastings Insurance Group Finance PLC (Jersey) 8.00 21/10/2020 163,653 0.05 175,000 Towergate Finance PLC (United Kingdom) 10.50 15/02/2019 76,371 0.02 240,024 0.07 Iron/Steel (0.99%) 495,000 ArcelorMittal (Luxembourg) 7.50 15/10/2039 512,325 0.16 2,220,000 ArcelorMittal (Luxembourg) 10.35 01/06/2019 2,680,650 0.83 3,192,975 0.99 Leisure (0.70%) 600,000 Cirsa Funding Luxembourg SA (Luxembourg) 8.75 15/05/2018 745,582 0.23 1,190,000 Thomas Cook Finance PLC (United Kingdom) 7.75 15/06/2020 1,510,115 0.47 2,255,697 0.70 Machinery-Construction and Mining (0.60%) 520,000 First Quantum Minerals Limited (Canada) 7.25 15/05/2022 468,000 0.15 580,000 HudBay Minerals Incorporated (Canada) 9.50 01/10/2020 562,600 0.17 575,000 HudBay Minerals Incorporated (Canada) 9.50 01/10/2020 557,750 0.17 350,000 New Gold Incorporated (Canada) 6.25 15/11/2022 343,000 0.11 1,931,350 0.60 Media (2.14%) 695,000 Numericable-SFR (France) 5.63 15/05/2024 870,419 0.27 310,000 Numericable-SFR (France) 6.25 15/05/2024 312,325 0.10 1,675,000 Numericable-SFR (France) 6.00 15/05/2022 1,691,750 0.53 1,090,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 1,114,525 0.35 325,000 Unitymedia Hessen GmbH & Company KG (Germany) 6.25 15/01/2029 448,347 0.14 390,000 Unitymedia Hessen GmbH & Company KG (Germany) 4.00 15/01/2025 480,584 0.15 200,000 Unitymedia Hessen GmbH & Company KG (Germany) 5.50 15/09/2022 259,737 0.08 605,000 Unitymedia KabelBW GmbH (Germany) 9.50 15/03/2021 816,336 0.25 855,000 Videotron Limited (Canada) 5.00 15/07/2022 869,963 0.27 6,863,986 2.14 The accompanying notes form an integral part of these financial statements. Putnam World Trust 69

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) 31 December 2014

NON U.S. CORPORATE BONDS AND NOTES (24.64%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Medical Technology (0.22%) USD 310,000 3AB Optique Developpement SAS (France) 5.63 15/04/2019 USD 330,079 0.10 230,000 Auris Luxembourg II SA (Luxembourg) 8.00 15/01/2023 285,124 0.09 110,000 Lion/Seneca France 2 (France) 7.88 15/04/2019 103,157 0.03 718,360 0.22 Oil and Natural Gas Utilities (0.83%) 345,000 Baytex Energy Corporation (Canada) 5.63 01/06/2024 293,250 0.09 80,000 Baytex Energy Corporation (Canada) 5.13 01/06/2021 68,000 0.02 576,000 CHC Helicopter SA (Canada) 9.25 15/10/2020 560,160 0.17 285,000 Connacher Oil and Gas Limited (Canada) 8.50 01/08/2019 104,025 0.03 545,000 Legrand France SA (France) 8.50 15/02/2025 764,708 0.24 515,000 Lone Pine Resources Canada Limited (Canada) (F) 10.38 15/02/2017 28 - 740,000 Offshore Group Investment Limited (Cayman Islands) 7.13 01/04/2023 525,400 0.16 255,000 Offshore Group Investment Limited (Cayman Islands) 7.50 01/11/2019 191,250 0.06 200,000 Seven Generations Energy Limited (Canada) 8.25 15/05/2020 192,000 0.06 2,698,821 0.83 Packaging and Containers (0.45%) 830,000 Ardagh Glass Finance PLC (Ireland) 8.75 01/02/2020 1,037,555 0.32 400,000 Coveris Holdings SA (Luxembourg) 7.88 01/11/2019 405,000 0.13 1,442,555 0.45 Pharmaceuticals (0.18%) 95,000 Capsugel SA (Luxembourg) 7.00 15/05/2019 95,950 0.03 465,000 JLL/Delta Dutch Newco BV (Netherlands) 7.50 01/02/2022 471,975 0.15 567,925 0.18 Real Estate (0.17%) 550,000 Mattamy Group Corporation (Canada) 6.50 15/11/2020 552,750 0.17 552,750 0.17 Retail (1.18%) 1,055,000 Enterprise Inns PLC (United Kingdom) 6.50 06/12/2018 1,700,790 0.53 1,135,000 New Red Finance Inc (Canada) 6.00 01/04/2022 1,163,375 0.36 900,000 Phosphorus Holdco PLC (United Kingdom) 10.00 01/04/2019 42,082 0.01 110,000 Pizzaexpress Financing 1 PLC (United Kingdom) 8.63 01/08/2022 174,710 0.05 255,000 Stonegate Pub Company Financing PLC (United Kingdom) 5.75 15/04/2019 390,487 0.12 230,000 Twinkle Pizza PLC (United Kingdom) 6.63 01/08/2021 364,838 0.11 3,836,282 1.18 Telecommunications (6.01%) 1,755,000 Altice SA (Luxembourg) 7.75 15/05/2022 1,755,000 0.54 1,300,000 Altice SA (Luxembourg) 7.25 15/05/2022 1,596,536 0.50 480,000 Digicel Group Limited (Jamaica) 8.25 30/09/2020 465,600 0.14 235,000 Inmarsat Finance PLC (United Kingdom) 4.88 15/05/2022 232,650 0.07 330,000 Intelsat Jackson Holdings SA (Luxembourg) 7.50 01/04/2021 353,100 0.11 1,560,000 Intelsat Luxembourg SA (Luxembourg) 8.13 01/06/2023 1,591,200 0.49 2,300,000 Intelsat Luxembourg SA (Luxembourg) 7.75 01/06/2021 2,305,750 0.72 655,000 Koninklijke KPN NV (Netherlands) 6.13 29/03/2049 847,517 0.26 110,000 NII International Telecom SCA (Luxembourg) 7.88 15/08/2019 78,650 0.02 280,000 OTE PLC (United Kingdom) 7.88 07/02/2018 369,104 0.11 310,000 Play Finance 1 SA (Luxembourg) 6.50 01/08/2019 396,482 0.12 460,000 Play Topco SA (Luxembourg) 7.75 28/02/2020 565,668 0.18 1,435,000 SoftBank Corporation (Japan) 4.50 15/04/2020 1,413,475 0.44 135,000 Telecom Italia SpA (Italy) 4.50 25/01/2021 178,296 0.06 400,000 Telefonica Europe BV (Netherlands) 6.50 29/09/2049 529,397 0.16 1,000,000 Telenet Finance V Luxembourg SCA (Luxembourg) 6.75 15/08/2024 1,356,466 0.42 255,000 UPC Holding BV (Netherlands) 6.75 15/03/2023 339,138 0.11 725,000 UPC Holding BV (Netherlands) 8.38 15/08/2020 940,548 0.29 430,000 Virgin Media Finance PLC (United Kingdom) 7.00 15/04/2023 727,795 0.23 100,000 Virgin Media Secured Finance PLC (United Kingdom) 6.25 28/03/2029 168,362 0.05 415,000 Virgin Media Secured Finance PLC (United Kingdom) 6.00 15/04/2021 680,939 0.21 725,000 Wind Acquisition Finance SA (Luxembourg) 7.00 23/04/2021 859,741 0.27 580,000 Wind Acquisition Finance SA (Luxembourg) 7.38 23/04/2021 547,404 0.17 915,000 Wind Acquisition Finance SA (Luxembourg) 4.00 15/07/2020 1,082,395 0.34 19,381,213 6.01 Total Non U.S. Corporate Bonds and Notes USD 79,403,611 24.64 The accompanying notes form an integral part of these financial statements. 70 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (1.26%) NON-U.S. EQUITIES (-%) Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Automotive (0.14%) Oil and Natural Gas Utilities (-%) 12,715 General Motors Company USD 443,7540.14 64,237 Lone Pine Resources Canada Limited 443,754 0.14 (Canada) (F) USD 2,569 - Banking (0.08%) Total Non U.S. Equities USD 2,569 - 5,462 CIT Group Incorporated 261,138 0.08 261,138 0.08 PREFERRED STOCK (1.44%) Chemicals (0.11%) Number of Value % of 15,125 Huntsman Corporation 344,548 0.11 Shares USD Fund 344,548 0.11 Aerospace and Defense (0.15%) Commercial Services (0.05%) 7,690 United Technologies Corporation USD 471,628 0.15 6,230 Live Nation Entertainment Incorporated 162,603 0.05 471,628 0.15 162,603 0.05 Banking (0.22%) Diversified Financial Services (0.12%) 5,200 Citigroup Incorporated 138,060 0.04 16,430 Ally Financial Incorporated (F) 388,077 0.12 22,520 GMAC Capital Trust I 595,204 0.18 388,077 0.12 733,264 0.22 Entertainment (0.18%) Diversified Financial Services (0.26%) 42,015 Penn National Gaming Incorporated 576,866 0.18 843 Ally Financial Incorporated 842,658 0.26 576,866 0.18 842,658 0.26 Forest Products & Paper (0.19%) Food (0.11%) 14,085 MeadWestvaco Corporation 625,515 0.19 7,148 Tyson Foods Incorporated 359,830 0.11 625,515 0.19 359,830 0.11 Media (0.16%) Home Builders (0.24%) 7,015 DISH Network Corporation 511,183 0.16 29,307 M/I Homes Incorporated† 758,758 0.24 511,183 0.16 758,758 0.24 Oil and Natural Gas Utilities (0.11%) Mining (0.05%) 21,920 EP Energy Corporation 228,845 0.07 2,978 Alcoa Incorporated 150,240 0.05 64,237 Lone Pine Resources (F) 2,569 - 150,240 0.05 13,425 Seventy Seven Energy Incorporated 72,495 0.02 Real Estate (0.41%) 150,642 Vantage Drilling Company 72,414 0.02 3,016 American Tower Corporation 343,447 0.11 3,250 Crown Castle International Corporation 334,718 0.10 376,323 0.11 Telecommunications (0.12%) 28,062 EPR Properties 656,825 0.20 7,650 Level 3 Communications Incorporated 377,681 0.12 1,334,990 0.41 377,681 0.12 Total Preferred Stock USD 4,651,368 1.44 Total U.S. Equities USD 4,067,688 1.26

WARRANTS (-%) Number of Expiration Strike Value % of Warrants Date Price USD Fund 14 Ion Media Networks Incorporated (F) 18/12/2016 USD 0.01 USD 2,520 - 153,867 Tower Semiconductor Limited (F) 30/06/2015 1.70 - - Total Warrants USD 2,520 -

REPURCHASE AGREEMENTS (2.44%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 7,874,000 Repurchase Agreement - Barclays Capital, Incorporated* 0.05 02/01/2015 USD 7,874,000 2.44 Total Repurchase Agreements USD 7,874,000 2.44

* Interest in USD25,000,000 joint repurchase agreement dated 31 December 2014 with Barclays Capital, Inc. due 2 January 2015 -- maturity value of USD7,874,022 for an effective yield of 0.05% (collateralised by U.S. Treasury Bills with coupon rate of 2.125% and due date of 31 December 2021 valued at USD25,252,935).

The accompanying notes form an integral part of these financial statements. Putnam World Trust 71

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. TREASURY BILLS (3.18%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 2,320,000 U.S. Treasury Bill1 0.01-0.05 05/02/2015 USD 2,319,883 0.72 25,000 U.S. Treasury Bill2 0.02 02/01/2015 25,000 0.01 2,180,000 U.S. Treasury Bill3 0.01-0.02 15/01/2015 2,179,959 0.68 3,100,000 U.S. Treasury Bill4 0.001 29/01/2015 3,099,998 0.96 762,000 U.S. Treasury Bill5 0.001 19/02/2015 761,999 0.24 1,852,000 U.S. Treasury Bill 0.01 08/01/2015 1,851,996 0.57 Total U.S. Treasury Bills USD 10,238,835 3.18 Total Value of Investments USD 318,394,351 98.83

1 Security is partly held as collateral by Barclays, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan and UBS. 2 Security is fully held as collateral by UBS. 3 Security is partly held as collateral by Barclays, Citi and JP Morgan. 4 Security is partly held as collateral by Credit Suisse First Boston, Goldman Sachs, UBS and Westpac. 5 Security is fully held as collateral by Barclays, Citi, Credit Suisse First Boston, JP Morgan and Westpac. † Single broker sourced priced securities. (F) is valued at fair value following procedures approved by the Investment Advisor.

Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 29 (“FRS 29”), “Improving Disclosures about Financial Instruments” based on the securities' valuation inputs.

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING (-%) Upfront Premium Fixed payments Unrealised Received Notional Termination received (paid) by Depreciation % of Referenced debt* (paid)** Amount Date Fund per annum USD Fund Barclays Bank PLC NA HY Series 23 Index USD 599,740 USD 10,000,000 20/12/2019 500 bp USD (34,159) (0.01) Unrealised Depreciation on Centrally Cleared Credit Default Contracts Outstanding USD (34,159) (0.01) Variation Margin Settlement to Date USD 25,781 0.01 Cumulative Unrealised less Variation Margin Settlement to Date USD (8,378) -

* Payments related to the referenced debt are made upon a credit default event. ** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.55%) Unrealised Aggregate Appreciation/ Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America N.A. Euro Sell 18/03/2015 1,356,758 1,401,062 USD 44,304 0.01 Euro Sell 18/03/2015 747,406 723,771 (23,635) (0.01) Citibank, N.A. British Pound Sell 18/03/2015 2,454,470 2,479,008 24,538 0.01 British Pound Sell 18/03/2015 28,342,154 28,061,622 (280,532) (0.09) Credit Suisse AG British Pound Sell 18/03/2015 2,628,933 2,655,618 26,685 0.01 British Pound Sell 18/03/2015 27,942,423 27,661,646 (280,777) (0.08) British Pound Sell 18/03/2015 3,281,994 3,288,132 6,138 - Euro Buy 18/03/2015 125,202 128,606 (3,404) - Euro Sell 18/03/2015 5,446,767 5,623,617 176,850 0.06 Euro Sell 18/03/2015 623,688 604,074 (19,614) (0.01) Euro Sell 18/03/2015 659,964 648,050 (11,914) - Deutsche Bank AG British Pound Sell 18/03/2015 2,272,531 2,295,579 23,048 0.01 British Pound Sell 18/03/2015 177,266 177,946 680 - British Pound Sell 18/03/2015 7,209,160 7,210,741 1,581 - British Pound Sell 18/03/2015 27,585,717 27,308,750 (276,967) (0.09) British Pound Sell 18/03/2015 6,431,611 6,380,539 (51,072) (0.02) British Pound Buy 18/03/2015 12,916,653 12,865,048 51,605 0.02 Euro Buy 18/03/2015 445,109 455,945 (10,836) - Euro Sell 18/03/2015 3,169,279 3,272,326 103,047 0.03 Euro Sell 18/03/2015 692,542 670,734 (21,808) (0.01)

The accompanying notes form an integral part of these financial statements. 72 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-0.55%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Goldman Sachs International British Pound Sell 18/03/2015 3,201,848 3,185,023 USD (16,825) (0.01) British Pound Sell 18/03/2015 27,799,941 27,518,024 (281,917) (0.08) Euro Sell 18/03/2015 2,400,268 2,478,371 78,103 0.02 Euro Sell 18/03/2015 650,348 661,495 USD 11,147 - Euro Buy 18/03/2015 89,241 87,399 1,842 - Euro Sell 18/03/2015 629,584 609,743 (19,841) (0.01) HSBC Bank USA, National Association British Pound Sell 18/03/2015 25,455,988 25,203,607 (252,381) (0.08) British Pound Sell 18/03/2015 7,004,041 6,948,734 (55,307) (0.02) British Pound Sell 18/03/2015 5,293,254 5,274,973 (18,281) (0.01) Canadian Pound Buy 21/01/2015 37,169 37,094 75 - Euro Sell 18/03/2015 2,594,610 2,678,618 84,008 0.03 Euro Sell 18/03/2015 1,029,919 997,618 (32,301) (0.01) JPMorgan Chase Bank, N.A. British Pound Sell 18/03/2015 3,184,565 3,217,252 32,687 0.01 British Pound Sell 18/03/2015 27,066,918 26,791,924 (274,994) (0.09) British Pound Sell 18/03/2015 7,004,041 6,948,402 (55,639) (0.02) Canadian Pound Sell 21/01/2015 270,849 280,992 10,143 - Euro Sell 18/03/2015 2,885,093 2,979,209 94,116 0.03 Euro Sell 18/03/2015 110,427 109,285 (1,142) - Euro Sell 18/03/2015 976,854 945,994 (30,860) (0.01) Royal Bank of Scotland PLC British Pound Buy 18/03/2015 1,144,132 1,153,837 (9,705) - British Pound Buy 18/03/2015 508,590 513,376 (4,786) - British Pound Sell 18/03/2015 4,573,724 4,610,245 36,521 0.01 State Street Bank & Trust Company British Pound Sell 18/03/2015 3,063,843 3,094,618 30,775 0.01 British Pound Sell 18/03/2015 30,545,025 30,241,267 (303,758) (0.08) Euro Sell 18/03/2015 3,589,444 3,705,805 116,361 0.04 Euro Buy 18/03/2015 87,742 85,761 1,981 - Euro Sell 18/03/2015 137,509 133,191 (4,318) - UBS AG British Pound Sell 18/03/2015 7,004,041 6,948,822 (55,219) (0.02) British Pound Sell 18/03/2015 27,133,356 26,864,396 (268,960) (0.08) British Pound Buy 18/03/2015 2,656,333 2,635,481 20,852 0.01 Euro Sell 18/03/2015 1,438,611 1,485,076 46,465 0.01 Euro Buy 18/03/2015 264,813 272,689 (7,876) - Euro Sell 18/03/2015 278,496 284,989 6,493 - Euro Sell 18/03/2015 6,046,865 6,198,598 151,733 0.06 Euro Sell 18/03/2015 529,868 541,431 11,563 - Euro Buy 18/03/2015 442,108 430,174 11,934 - Euro Sell 18/03/2015 205,764 199,326 (6,438) - Westpac Banking Corporation British Pound Sell 18/03/2015 27,957,832 27,680,506 (277,326) (0.09) Euro Sell 18/03/2015 790,477 765,578 (24,899) (0.01) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 1,205,275 0.38 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (2,983,332) (0.93) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (1,778,057) (0.55) Total Financial Assets at Fair Value Through Profit or Loss USD 319,599,626 99.21 Total Financial Liabilities at Fair Value Through Profit or Loss USD (2,991,710) (0.93)

% of Analysis of Total Assets Total Assets (a) Transferable securities admitted to official stock exchange listing 94.88 (b) Repurchase Agreements 2..40 (c) OTC financial derivative instruments 0.37 (d) Other assets 2.35 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. Putnam World Trust 73

Putnam Total Return Fund

Schedule of Investments (unaudited) 31 December 2014

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (5.93%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund U.S. Government Agency Mortgage Obligations (4.84%) USD 2,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 6.00 14/01/2045 USD 2,266,875 0.79 9,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 4.00 14/01/2045 9,608,906 3.33 2,000,000 Federal National Mortgage Association Pass-Through Certificates TBA 3.00 20/01/2030 2,079,375 0.72 USD 13,955,156 4.84 U.S. Government Guaranteed Mortgage Obligations (1.09%) USD 3,000,000 Government National Mortgage Association Pass-Through Certificates TBA 3.50 21/01/2045 USD 3,150,234 1.09 USD 3,150,234 1.09 Total U.S. Government and Agency Mortgage Obligations USD 17,105,390 5.93

U.S GOVERNMENT AGENCY OBLIGATIONS (9.70%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund U.S. Government Agency Mortgage Obligations (9.70%) USD 5,000,000 Federal Home Loan Bank 0.06 08/01/2015 USD 4,999,942 1.73 3,000,000 Federal Home Loan Bank Discount Notes 0.09 20/02/2015 2,999,625 1.04 9,000,000 Federal Home Loan Mortgage Corporation Discount Notes 0.06-0.07 16/01/2015 8,999,747 3.12 5,000,000 Federal Home Loan Mortgage Corporation Discount Notes 0.06 08/01/2015 4,999,943 1.73 6,003,000 Federal National Mortgage Association Discount Notes 0.06 21/01/2015 6,002,784 2.08 Total U.S Government Agency Obligations USD 28,002,041 9.70

MORTGAGE-BACKED SECURITIES (7.29%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Agency Collateralised Mortgage Obligations (2.07%) USD 5,000,000 Federal Home Loan Mortgage Corporation 2.88 09/02/2015 USD 5,013,566 1.74 423,750 Federal Home Loan Mortgage Corporation (Class AS) 5.73 15/09/2043 102,539 0.04 442,635 Federal Home Loan Mortgage Corporation (Class AS)† 5.84 15/08/2043 99,746 0.03 1,350,611 Federal Home Loan Mortgage Corporation (Class PI)† 3.00 15/11/2042 181,765 0.06 277,211 Federal Home Loan Mortgage Corporation (Class S2) 5.79 15/03/2044 68,018 0.02 258,947 Federal Home Loan Mortgage Corporation (Class S4)† 5.79 15/09/2043 64,328 0.02 173,969 Federal Home Loan Mortgage Corporation Gold Pool 4.00 01/06/2043 187,221 0.06 265,454 Federal National Mortgage Association (Class AI)† 4.50 25/07/2027 33,819 0.01 20,451 Federal National Mortgage Association (Class SE)† 22.51 25/11/2035 30,226 0.01 376,548 Government National Mortgage Association (Class CS)† 5.98 20/10/2042 60,184 0.02 317,474 Government National Mortgage Association (Class IC)† 5.00 16/01/2044 63,904 0.02 76,419 Government National Mortgage Association (Class QI)† 4.50 20/01/2040 15,387 0.01 385,686 Government National Mortgage Association (Class UI)† 5.00 20/01/2040 81,891 0.03 USD 6,002,594 2.07 Commercial Mortgage-Backed Securities (2.68%) USD 4,001 Banc of America Commercial Mortgage Trust (Class A2)† 5.63 10/04/2049 USD 4,003 - 5,657 Banc of America Commercial Mortgage Trust (Class A2) 5.31 10/10/2045 5,659 - 100,000 Banc of America Commercial Mortgage Trust (Class A3)† 5.39 10/09/2047 100,500 0.03 160,000 Bear Stearns Commercial Mortgage Securities Trust (Class AJ)† 4.99 11/09/2042 162,595 0.06 100,000 CFCRE Commercial Mortgage Trust (Class D)† 5.57 15/12/2047 111,381 0.04 105,000 CFCRE Commercial Mortgage Trust (Class E)† 5.53 15/04/2044 111,011 0.04 218,000 COMM Mortgage Trust (Class C)† 4.74 15/07/2047 230,909 0.08 213,000 COMM Mortgage Trust (Class D) 5.07 10/05/2043 215,248 0.07 1,940,930 COMM Mortgage Trust (Class XA)† 1.44 10/08/2046 141,397 0.05 3,177,994 COMM Mortgage Trust (Class XA)† 0.90 10/02/2047 154,037 0.05 1,801,114 COMM Mortgage Trust (Class XA)† 1.21 10/05/2047 133,879 0.05 1,567,000 COMM Mortgage Trust (Class XA)† 1.09 10/12/2047 111,950 0.04 347,243 COMM Mortgage Trust (Class XA)† 2.17 15/10/2045 38,678 0.01 50,000 Credit Suisse First Boston Mortgage Securities Corporation (Class E)† 5.74 15/05/2036 53,416 0.02 87,748 DBRR Trust (Class A)† 1.64 18/12/2049 88,276 0.03 283,000 GS Mortgage Securities Trust (Class D)† 5.64 10/01/2045 297,914 0.10 1,944,971 GS Mortgage Securities Trust (Class XA)† 2.36 10/11/2045 229,812 0.08 183,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class C) 4.16 15/12/2047 188,042 0.07 295,000 Banc of America Commercial Mortgage Trust (Class A2) 5.21 15/05/2045 301,624 0.10 112,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class C)† 4.06 15/01/2046 112,977 0.04

The accompanying notes form an integral part of these financial statements. 74 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

MORTGAGE-BACKED SECURITIES (7.29%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Commercial Mortgage-Backed Securities (2.68%) cont. USD 123,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class D) 5.57 15/02/2046 USD 135,670 0.05 125,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class D) 4.67 15/10/2045 129,461 0.04 86,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class D) 4.24 15/04/2046 81,606 0.03 149,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class E) 5.57 15/02/2046 159,417 0.06 100,000 JP Morgan Chase Commercial Mortgage Securities Trust (Class E) 4.67 15/10/2045 98,947 0.03 58,000 JPMBB Commercial Mortgage Securities Trust (Class D) 4.09 15/07/2045 54,210 0.02 70,532 JPMorgan Chase Commercial Mortgage Securities Corporation (Class B)† 4.96 15/01/2042 70,694 0.02 4,030 JPMorgan Chase Commercial Mortgage Securities Corporation (Class D)† 5.19 12/01/2037 4,034 - 9,737 JPMorgan Chase Commercial Mortgage Securities Corporation (Class E)† 5.76 12/12/2034 9,737 - 1,399,591 JPMorgan Chase Commercial Mortgage Securities Corporation (Class IO) 1.93 15/05/2045 125,069 0.04 2,896 JPMorgan Chase Commercial Mortgage Securities Trust (Class A2)† 5.77 15/06/2049 2,896 - 17,105 JPMorgan Chase Commercial Mortgage Securities Trust (Class A2)† 5.12 15/07/2041 17,142 0.01 14,692 JPMorgan Chase Commercial Mortgage Securities Trust (Class A3) 5.94 15/02/2051 14,713 0.01 207,000 JPMorgan Chase Commercial Mortgage Securities Trust (Class D)† 6.31 15/06/2043 232,182 0.08 123,424 LB-UBS Commercial Mortgage Trust (Class A2)† 5.30 15/11/2038 123,803 0.04 70,275 LB-UBS Commercial Mortgage Trust (Class A4)† 5.86 15/07/2040 73,880 0.03 52,000 LB-UBS Commercial Mortgage Trust (Class C)† 4.84 15/02/2040 51,981 0.02 34,000 LB-UBS Commercial Mortgage Trust (Class D)† 4.86 15/02/2040 33,988 0.01 8,440 LB-UBS Commercial Mortgage Trust (Class D)† 4.95 15/12/2039 8,435 - 25,310 LB-UBS Commercial Mortgage Trust (Class E)† 5.18 15/08/2036 25,296 0.01 400,000 LB-UBS Commercial Mortgage Trust (Class F) 5.00 15/01/2036 404,570 0.14 52,000 Merrill Lynch Mortgage Trust (Class AJ)† 6.29 12/02/2051 56,794 0.02 150,000 Merrill Lynch Mortgage Trust (Class D)† 5.42 12/01/2044 154,266 0.05 56,000 Merrill Lynch/Countrywide Commercial Mortgage Trust (Class AM)† 5.46 12/07/2046 59,217 0.02 176,000 Morgan Stanley Bank of America Merrill Lynch Trust (Class C)† 4.42 15/08/2046 181,247 0.06 491,698 Morgan Stanley Bank of America Merrill Lynch Trust (Class XA)† 1.29 15/08/2047 38,308 0.01 5,970 Morgan Stanley Capital I Trust (Class A2) 5.61 15/04/2049 5,983 - 114,985 Morgan Stanley Capital I Trust (Class A2)† 5.59 12/04/2049 114,767 0.04 163,000 Morgan Stanley Capital I Trust (Class E)† 5.18 15/07/2049 170,824 0.06 80,000 UBS-Barclays Commercial Mortgage Trust (Class C)† 4.96 10/08/2049 85,154 0.03 44,000 UBS-Barclays Commercial Mortgage Trust (Class D)† 4.96 10/08/2049 43,870 0.02 54,000 UBS-Barclays Commercial Mortgage Trust (Class D)† 4.35 10/04/2046 51,018 0.02 727,307 UBS-Barclays Commercial Mortgage Trust (Class XA) 1.75 10/05/2063 57,658 0.02 373,000 WF-RBS Commercial Mortgage Trust (Class D)† 5.47 15/02/2044 399,498 0.14 79,000 WF-RBS Commercial Mortgage Trust (Class C)† 4.85 15/06/2045 84,053 0.03 346,000 WF-RBS Commercial Mortgage Trust (Class C)† 4.65 15/03/2047 356,553 0.12 200,000 WF-RBS Commercial Mortgage Trust (Class D)† 4.63 15/03/2046 193,244 0.07 155,000 WF-RBS Commercial Mortgage Trust (Class D)† 5.25 15/06/2044 168,628 0.06 76,000 WF-RBS Commercial Mortgage Trust (Class D)† 4.46 15/12/2045 74,053 0.03 270,000 WF-RBS Commercial Mortgage Trust (Class D)† 4.85 15/06/2045 282,369 0.10 132,000 WF-RBS Commercial Mortgage Trust (Class D)† 4.98 15/09/2046 130,011 0.05 118,000 WF-RBS Commercial Mortgage Trust (Class E) 5.25 15/06/2044 123,470 0.04 353,506 WF-RBS Commercial Mortgage Trust (Class XA) 1.50 15/03/2048 28,348 0.01 1,268,189 WF-RBS Commercial Mortgage Trust (Class XA) 1.59 15/12/2046 105,858 0.04 1,222,631 WF-RBS Commercial Mortgage Trust (Class XA)† 1.80 15/12/2045 119,708 0.04 USD 7,735,938 2.68 Residential Mortgage-Backed Securities (Non-Agency) (2.54%) USD 200,000 BCAP LLC Trust (Class 3A3)† 5.21 20/12/2035 USD 199,500 0.07 640,000 BNPP Mortgage Securities LLC (Class A)† 6.00 27/08/2037 694,400 0.24 645,555 MortgageIT Trust (Class 1 M) 0.89 25/02/2035 610,100 0.21 2,413,000 Station Place Securitization (Class A)† 1.05 25/07/2016 2,413,000 0.84 2,505,000 Station Place Securitization (Class A)† 1.00 08/06/2016 2,505,000 0.87 263,650 WaMu Mortgage Pass-Through Certificates Series 2005-AR8 Trust (Class 2A1A) 0.46 25/07/2045 246,217 0.09 511,589 Wells Fargo Mortgage Backed Securities Trust (Class 2A)† 2.61 25/06/2035 503,915 0.17 140,450 Wells Fargo Mortgage Backed Securities Trust (Class 2A) 2.62 25/06/2035 139,881 0.05 USD 7,312,013 2.54 Total Mortgage-Backed Securities USD 21,050,545 7.29

The accompanying notes form an integral part of these financial statements. Putnam World Trust 75

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Advertising (0.11%) USD 85,000 Alliance Data Systems Corporation 5.38 01/08/2022 USD 83,938 0.03 65,000 Lamar Media Corporation 5.88 01/02/2022 67,438 0.02 35,000 Lamar Media Corporation 5.38 15/01/2024 36,050 0.01 50,000 Outfront Media Capital LLC 5.88 15/03/2025 50,375 0.02 95,000 Outfront Media Capital LLC 5.63 15/02/2024 95,950 0.03 333,751 0.11 Aerospace and Defense (0.03%) 5,000 Boeing Capital Corporation 4.70 27/10/2019 5,565 - 20,000 General Dynamics Corporation 3.60 15/11/2042 19,237 0.01 10,000 General Dynamics Corporation 2.25 15/11/2022 9,660 - 35,000 Moog Incorporated 5.25 01/12/2022 35,438 0.01 5,000 Raytheon Company 4.88 15/10/2040 5,705 - 15,000 United Technologies Corporation 4.50 01/06/2042 16,332 0.01 8,000 United Technologies Corporation 5.38 15/12/2017 8,900 - 100,837 0.03 Agriculture (0.11%) 49,000 Altria Group Incorporated 4.00 31/01/2024 51,218 0.02 30,000 Altria Group Incorporated 2.85 09/08/2022 29,250 0.01 4,000 Altria Group Incorporated 9.70 10/11/2018 5,079 - 202,000 Archer-Daniels-Midland Company 5.45 15/03/2018 225,008 0.08 5,000 Bunge Limited Finance Corporation 4.10 15/03/2016 5,164 - 315,719 0.11 Airlines (0.01%) 5,645 Delta Air Lines Class A Pass Through Trust 7.75 17/12/2019 6,534 - 35,000 United Airlines Class A Pass Through Trust 3.75 03/09/2026 35,350 0.01 41,884 0.01 Auto Parts and Equipment (0.21%) 60,000 American Axle & Manufacturing Incorporated 7.75 15/11/2019 67,200 0.02 50,000 Dana Holding Corporation 5.50 15/12/2024 50,625 0.02 95,000 Dana Holding Corporation 6.00 15/09/2023 99,275 0.03 25,000 Dana Holding Corporation 5.38 15/09/2021 25,750 0.01 40,000 Johnson Controls Incorporated 4.95 02/07/2064 41,239 0.01 109,000 Pittsburgh Glass Works LLC 8.00 15/11/2018 114,995 0.04 100,000 Tenneco Incorporated 5.38 15/12/2024 102,500 0.04 80,000 Tenneco Incorporated 6.88 15/12/2020 84,600 0.03 25,000 TRW Automotive Incorporated 4.50 01/03/2021 25,125 0.01 611,309 0.21 Automotive (0.24%) 6,000 Ford Motor Company 7.70 15/05/2097 7,940 - 205,000 Ford Motor Company 7.40 01/11/2046 295,197 0.10 60,000 Ford Motor Company 7.45 16/07/2031 81,456 0.03 55,000 General Motors Company 5.20 01/04/2045 58,025 0.02 60,000 Oshkosh Corporation 5.38 01/03/2022 61,200 0.02 205,000 Toyota Motor Credit Corporation 1.25 05/10/2017 204,388 0.07 708,206 0.24 Banking (1.28%) 40,000 Bank of America Corporation 6.50 29/10/2049 40,716 0.01 145,000 Bank of America Corporation 6.11 29/01/2037 172,970 0.06 202,000 Bank of America Corporation 2.00 11/01/2018 201,846 0.07 135,000 Bank of America Corporation 1.70 25/08/2017 135,031 0.05 20,000 Bank of New York Mellon Corporation 1.97 20/06/2017 20,267 0.01 55,000 CIT Group Incorporated 5.00 01/08/2023 56,238 0.02 250,000 CIT Group Incorporated 5.00 15/08/2022 256,875 0.09 20,000 CIT Group Incorporated 5.38 15/05/2020 21,138 0.01 35,000 CIT Group Incorporated 3.88 19/02/2019 34,913 0.01 130,000 CIT Group Incorporated 5.50 15/02/2019 137,150 0.05 25,000 CIT Group Incorporated 5.50 15/02/2019 26,375 0.01 20,000 CIT Group Incorporated 6.63 01/04/2018 21,700 0.01 25,000 CIT Group Incorporated 5.25 15/03/2018 26,063 0.01 3,000 Citigroup Incorporated 5.90 29/12/2049 2,925 -

The accompanying notes form an integral part of these financial statements. 76 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Banking (1.28%) cont. USD 205,000 Citigroup Incorporated 4.45 10/01/2017 USD 216,7020.08 342,000 Commonwealth Bank of Australia 1.13 13/03/2017 340,793 0.12 41,000 Fifth Third Bancorp 5.10 29/12/2049 37,976 0.01 3,000 Goldman Sachs Group Incorporated 6.75 01/10/2037 3,757- 70,000 Goldman Sachs Group Incorporated 7.50 15/02/2019 83,1620.03 5,000 Goldman Sachs Group Incorporated 3.63 07/02/2016 5,130- 84,000 JPMorgan Chase & Company 7.90 29/04/2049 90,410 0.03 204,000 JPMorgan Chase & Company 2.00 15/08/2017 205,940 0.07 245,000 KeyCorp 2.30 13/12/2018 245,846 0.09 202,000 Morgan Stanley 4.75 22/03/2017 215,169 0.07 250,000 National Australia Bank Limited 2.30 25/07/2018 254,0800.09 250,000 PNC Bank NA 1.13 27/01/2017 249,868 0.09 80,000 Provident Funding Associates LP 6.75 15/06/2021 77,400 0.03 10,000 State Street Capital Trust IV 1.24 15/06/2037 8,388 - 250,000 US Bank NA 1.10 30/01/2017 249,792 0.09 202,000 Wells Fargo & Company 2.10 08/05/2017 205,424 0.07 3,644,044 1.28 Beverages (0.38%) 55,000 Anheuser-Busch Companies LLC 5.60 01/03/2017 59,8550.02 205,000 Anheuser-Busch InBev Finance Incorporated 1.25 17/01/2018 202,7940.07 68,000 Anheuser-Busch InBev Worldwide Incorporated 8.20 15/01/2039 104,9800.04 5,000 Anheuser-Busch InBev Worldwide Incorporated 5.38 15/01/2020 5,663- 40,000 Coca-Cola Company 3.20 01/11/2023 41,151 0.01 127,000 Coca-Cola Company 5.35 15/11/2017 140,832 0.05 10,000 Constellation Brands Incorporated 4.75 15/11/2024 10,125- 25,000 Constellation Brands Incorporated 4.25 01/05/2023 24,8440.01 175,000 Constellation Brands Incorporated 6.00 01/05/2022 193,3750.07 5,000 Constellation Brands Incorporated 3.88 15/11/2019 5,038- 5,000 Constellation Brands Incorporated 7.25 01/09/2016 5,400- 13,000 Diageo Investment Corporation 8.00 15/09/2022 17,1890.01 37,000 Molson Coors Brewing Company 5.00 01/05/2042 40,1620.01 60,000 PepsiCo Incorporated 4.25 22/10/2044 62,6630.02 2,000 PepsiCo Incorporated 7.90 01/11/2018 2,433 - 204,000 PepsiCo Incorporated 1.25 13/08/2017 203,605 0.07 1,120,109 0.38 Biotechnology (0.07%) 10,000 Amgen Incorporated 3.45 01/10/2020 10,399 - 205,000 Amgen Incorporated 2.13 15/05/2017 207,690 0.07 218,089 0.07 Building Materials (0.14%) 100,000 Boise Cascade Company 6.38 01/11/2020 105,000 0.04 140,000 Building Materials Corporation of America 5.38 15/11/2024 139,650 0.05 40,000 Building Materials Corporation of America 6.75 01/05/2021 42,300 0.01 85,000 Louisiana-Pacific Corporation 7.50 01/06/2020 89,4630.03 10,000 Masonite International Corporation 8.25 15/04/2021 10,675- 9,000 Owens Corning 9.00 15/06/2019 10,892 - 20,000 USG Corporation 5.88 01/11/2021 20,200 0.01 418,180 0.14 Chemicals (0.34%) 20,000 Albemarle Corporation 4.15 01/12/2024 20,320 0.01 40,000 Celanese US Holdings LLC 4.63 15/11/2022 39,600 0.01 100,000 Celanese US Holdings LLC 5.88 15/06/2021 106,000 0.04 18,000 CF Industries Incorporated 5.38 15/03/2044 19,5740.01 13,000 CF Industries Incorporated 5.15 15/03/2034 13,626- 15,000 CF Industries Incorporated 7.13 01/05/2020 17,870 0.01 45,000 Cytec Industries Incorporated 3.50 01/04/2023 45,275 0.02 100,000 Dow Chemical Company 3.50 01/10/2024 98,986 0.03 30,000 Eastman Chemical Company 3.80 15/03/2025 30,3200.01 5,000 E.I. du Pont de Nemours & Company 3.63 15/01/2021 5,300 - 20,000 Huntsman International LLC 5.13 15/11/2022 19,700 0.01

The accompanying notes form an integral part of these financial statements. Putnam World Trust 77

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Chemicals (0.34%) cont. USD 45,000 Huntsman International LLC 8.63 15/03/2021 USD 48,2630.02 160,000 Huntsman International LLC 4.88 15/11/2020 158,801 0.06 5,000 Lubrizol Corporation 8.88 01/02/2019 6,242 - 85,000 Monsanto Company 5.50 15/08/2025 97,685 0.03 3,000 Mosaic Company 5.63 15/11/2043 3,444 - 2,000 Mosaic Company 5.45 15/11/2033 2,266 - 70,000 TPC Group Incorporated 8.75 15/12/2020 68,075 0.02 120,000 WR Grace & Company 5.63 01/10/2024 125,100 0.04 65,000 WR Grace & Company 5.13 01/10/2021 66,625 0.02 993,072 0.34 Coal (0.02%) 55,000 CONSOL Energy Incorporated 5.88 15/04/2022 51,150 0.02 51,150 0.02 Commercial Services (0.48%) 110,000 Ashtead Capital Incorporated 6.50 15/07/2022 116,875 0.04 140,000 Avis Budget Car Rental LLC 5.50 01/04/2023 142,800 0.05 15,000 Avis Budget Car Rental LLC 5.13 01/06/2022 15,150 0.01 10,000 Avis Budget Car Rental LLC 9.75 15/03/2020 10,925 - 63,000 ERAC USA Finance LLC 7.00 15/10/2037 84,899 0.03 29,000 ERAC USA Finance LLC 3.85 15/11/2024 29,410 0.01 5,000 Hertz Corporation 6.75 15/04/2019 5,150 - 75,000 Lender Processing Services Incorporated 5.75 15/04/2023 79,313 0.03 115,000 PHH Corporation 6.38 15/08/2021 105,513 0.04 15,000 PHH Corporation 7.38 01/09/2019 15,038 0.01 345,000 Service Corporation International 5.38 15/05/2024 351,900 0.12 90,000 Service Corporation International 5.38 15/01/2022 92,250 0.03 55,000 Service Corporation International 6.75 01/04/2016 57,338 0.02 85,000 TMS International Corporation 7.63 15/10/2021 87,550 0.03 35,000 United Rentals North America Incorporated 5.75 15/11/2024 36,050 0.01 100,000 United Rentals North America Incorporated 6.13 15/06/2023 105,000 0.04 20,000 United Rentals North America Incorporated 7.63 15/04/2022 21,975 0.01 1,357,136 0.48 Computers (0.11%) 108,000 Apple Incorporated 3.85 04/05/2043 108,113 0.04 30,000 Apple Incorporated 3.45 06/05/2024 31,430 0.01 175,000 Hewlett-Packard Company 2.60 15/09/2017 178,285 0.06 317,828 0.11 Cosmetics/Personal Care (0.06%) 85,000 Elizabeth Arden Incorporated 7.38 15/03/2021 77,988 0.03 100,000 Revlon Consumer Products Corporation 5.75 15/02/2021 100,000 0.03 177,988 0.06 Distribution/Wholesale (0.03%) 95,000 HD Supply Incorporated 5.25 15/12/2021 96,663 0.03 96,663 0.03 Diversified Financial Services (1.15%) 135,000 Ally Financial Incorporated 8.00 01/11/2031 172,125 0.06 275,000 Ally Financial Incorporated 7.50 15/09/2020 322,438 0.12 5,000 Ally Financial Incorporated 8.00 15/03/2020 5,900 - 10,000 Ally Financial Incorporated 8.00 31/12/2018 11,350 - 215,000 Ally Financial Incorporated 6.25 01/12/2017 232,200 0.09 5,000 Ally Financial Incorporated 8.30 12/02/2015 5,025 - 127,000 American Express Company 7.00 19/03/2018 146,933 0.05 78,000 American Express Company 6.15 28/08/2017 86,908 0.03 10,000 Associates Corporation of North America 6.95 01/11/2018 11,680 - 4,000 Bear Stearns Companies LLC 7.25 01/02/2018 4,610 - 20,000 Community Choice Financial Incorporated 10.75 01/05/2019 13,000 - 75,000 Credit Acceptance Corporation 6.13 15/02/2021 75,000 0.03 90,000 DFC Finance Corporation 10.50 15/06/2020 76,275 0.03 75,000 E*TRADE Financial Corporation 5.38 15/11/2022 76,688 0.03 115,000 E*TRADE Financial Corporation 6.38 15/11/2019 121,900 0.04 100,000 Ford Motor Credit Company LLC 8.13 15/01/2020 123,900 0.04 The accompanying notes form an integral part of these financial statements. 78 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Diversified Financial Services (1.15%) cont. USD 10,000 GE Capital Trust I 6.38 15/11/2067 USD 10,771- 252,000 General Electric Capital Corporation 6.75 15/03/2032 344,2020.13 203,000 General Electric Capital Corporation 5.40 15/02/2017 220,3800.08 62,000 General Motors Financial Company Incorporated 3.25 15/05/2018 62,078 0.02 88,000 General Motors Financial Company Incorporated 2.75 15/05/2016 89,4300.03 173,000 HSBC Finance Corporation 6.68 15/01/2021 205,2570.07 95,000 Icahn Enterprises LP 5.88 01/02/2022 95,416 0.03 170,000 Icahn Enterprises LP 6.00 01/08/2020 175,134 0.06 40,000 International Lease Finance Corporation 5.88 15/08/2022 43,5000.02 5,000 International Lease Finance Corporation 6.25 15/05/2019 5,463- 12,000 International Lease Finance Corporation 4.88 01/04/2015 12,150- 40,000 Nationstar Mortgage LLC 6.50 01/07/2021 36,400 0.01 75,000 Nationstar Mortgage LLC 7.88 01/10/2020 72,000 0.02 70,000 Navient Corporation 8.45 15/06/2018 78,050 0.03 10,000 Neuberger Berman Group LLC 5.88 15/03/2022 10,525- 5,000 Neuberger Berman Group LLC 5.63 15/03/2020 5,200- 50,000 OneMain Financial Holdings Incorporated 7.25 15/12/2021 51,2500.02 75,000 OneMain Financial Holdings Incorporated 6.75 15/12/2019 76,6880.03 35,000 Springleaf Finance Corporation 5.25 15/12/2019 34,3000.01 110,000 Tiers Trust† 8.13 15/03/2046 114,400 0.04 30,000 TMX Finance LLC 8.50 15/09/2018 25,200 0.01 75,000 Walter Investment Management Corporation 7.88 15/12/2021 66,9380.02 3,320,664 1.15 Electric Utilities (0.68%) 35,000 AES Corporation 4.88 15/05/2023 35,000 0.01 15,000 AES Corporation 7.38 01/07/2021 16,950 0.01 335,000 AES Corporation 8.00 01/06/2020 382,738 0.13 35,000 AES Corporation 8.00 15/10/2017 39,288 0.01 5,000 Appalachian Power Company 4.60 30/03/2021 5,546 - 1,000 Beaver Valley II Funding Corporation 9.00 01/06/2017 1,080 - 12,000 Berkshire Hathaway Energy Company 6.13 01/04/2036 15,0760.01 170,000 Calpine Corporation 5.75 15/01/2025 172,125 0.06 20,000 Calpine Corporation 5.88 15/01/2024 21,150 0.01 80,000 Calpine Corporation 6.00 15/01/2022 85,000 0.03 8,000 Commonwealth Edison Company 5.90 15/03/2036 10,436- 10,000 Consolidated Edison Company of New York Incorporated 4.20 15/03/2042 10,371 - 130,000 Consolidated Edison Company of New York Incorporated 7.13 01/12/2018 154,121 0.05 7,000 DPL Incorporated 6.50 15/10/2016 7,385 - 15,000 Duke Energy Corporation 2.15 15/11/2016 15,283 0.01 5,000 Dynegy Finance I Incorporated 7.63 01/11/2024 5,100- 10,000 Dynegy Finance I Incorporated 7.38 01/11/2022 10,175- 115,000 Dynegy Finance I Incorporated 6.75 01/11/2019 117,0130.04 415,000 FirstEnergy Corporation 4.25 15/03/2023 428,2030.16 28,000 FirstEnergy Corporation 2.75 15/03/2018 28,2160.01 10,000 GenOn Energy Incorporated 9.88 15/10/2020 9,850- 5,000 GenOn Energy Incorporated 9.50 15/10/2018 4,975- 34,000 Midamerican Funding LLC 6.93 01/03/2029 45,137 0.02 5,000 NiSource Finance Corporation 6.13 01/03/2022 5,927 - 180,000 NRG Energy Incorporated 7.88 15/05/2021 193,9500.07 45,000 NRG Yield Operating LLC 5.38 15/08/2024 45,6750.02 25,000 NSTAR Electric Company 2.38 15/10/2022 24,1700.01 5,000 Pacific Gas & Electric Company 6.05 01/03/2034 6,366 - 35,000 PPL Capital Funding Incorporated 4.20 15/06/2022 37,030 0.01 20,000 PPL Capital Funding Incorporated 3.40 01/06/2023 20,0380.01 8,000 Puget Sound Energy Incorporated 6.97 01/06/2067 8,240- 5,000 Union Electric Company 6.40 15/06/2017 5,567 - 1,967,181 0.68 Electronics (0.01%) 5,000 Honeywell International Incorporated 5.38 01/03/2041 6,265- 5,000 Honeywell International Incorporated 4.25 01/03/2021 5,589 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 79

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Electronics (0.01%) cont. USD 20,000 Jabil Circuit Incorporated 8.25 15/03/2018 USD 22,738 0.01 34,592 0.01 Engineering and Construction (0.07%) 40,000 MasTec Incorporated 4.88 15/03/2023 37,600 0.01 160,000 Weekley Homes LLC 6.00 01/02/2023 152,000 0.06 189,600 0.07 Entertainment (0.36%) 55,000 AMC Entertainment Incorporated 5.88 15/02/2022 55,825 0.02 20,000 Cedar Fair LP 5.38 01/06/2024 19,900 0.01 60,000 Cedar Fair LP 5.25 15/03/2021 60,300 0.02 35,000 Cinemark USA Incorporated 4.88 01/06/2023 33,075 0.01 20,000 Cinemark USA Incorporated 5.13 15/12/2022 19,550 0.01 5,000 Cinemark USA Incorporated 7.38 15/06/2021 5,325 - 75,000 Gibson Brands Incorporated 8.88 01/08/2018 71,813 0.02 90,000 GLP Capital LP 4.88 01/11/2020 91,125 0.03 90,000 GLP Capital LP 4.38 01/11/2018 92,026 0.03 50,000 Isle of Capri Casinos Incorporated 5.88 15/03/2021 50,750 0.02 15,000 Isle of Capri Casinos Incorporated 7.75 15/03/2019 15,525 0.01 115,000 Penn National Gaming Incorporated 5.88 01/11/2021 106,950 0.04 95,000 Regal Entertainment Group 5.75 15/06/2023 89,528 0.03 35,000 Regal Entertainment Group 5.75 15/03/2022 33,425 0.01 22,000 Rivers Pittsburgh Borrower LP 9.50 15/06/2019 23,320 0.01 25,000 Scientific Games Corporation 8.13 15/09/2018 21,250 0.01 70,000 Scientific Games International Incorporated 7.00 01/01/2022 70,875 0.02 25,000 Scientific Games International Incorporated 6.25 01/09/2020 17,500 0.01 145,000 Six Flags Entertainment Corporation 5.25 15/01/2021 145,000 0.05 1,023,062 0.36 Food (0.14%) 115,000 HJ Heinz Company 4.25 15/10/2020 116,150 0.05 30,000 JBS USA LLC 7.25 01/06/2021 30,900 0.01 10,000 JBS USA LLC 8.25 01/02/2020 10,525 - 10,000 Kraft Foods Group Incorporated 6.50 09/02/2040 12,893 - 70,000 Kroger Company 6.90 15/04/2038 93,147 0.03 35,000 Tyson Foods Incorporated 6.60 01/04/2016 37,310 0.01 100,000 WhiteWave Foods Company 5.38 01/10/2022 103,000 0.04 403,925 0.14 Health-Care Services (0.59%) 55,000 Acadia Healthcare Company Incorporated 5.13 01/07/2022 54,175 0.02 5,000 Aetna Incorporated 6.75 15/12/2037 6,594 - 95,000 Aviv Healthcare Properties LP 6.00 15/10/2021 98,800 0.03 20,000 Aviv Healthcare Properties LP 7.75 15/02/2019 20,840 0.01 60,000 Centene Corporation 4.75 15/05/2022 60,150 0.02 20,000 CHS/Community Health Systems Incorporated 6.88 01/02/2022 21,188 0.01 90,000 CHS/Community Health Systems Incorporated 5.13 01/08/2021 93,375 0.03 5,000 CHS/Community Health Systems Incorporated 5.13 15/08/2018 5,175 - 10,000 Cigna Corporation 4.50 15/03/2021 10,940 - 85,000 DaVita HealthCare Partners Incorporated 5.13 15/07/2024 86,700 0.03 30,000 Fresenius Medical Care US Finance Incorporated 5.75 15/02/2021 31,988 0.01 30,000 Fresenius Medical Care US Finance II Incorporated 4.75 15/10/2024 30,300 0.01 20,000 Fresenius Medical Care US Finance II Incorporated 5.63 31/07/2019 21,350 0.01 5,000 HCA Holdings Incorporated 7.75 15/05/2021 5,325 - 5,000 HCA Incorporated 7.50 15/02/2022 5,700 - 320,000 HCA Incorporated 6.50 15/02/2020 358,000 0.13 105,000 HCA Incorporated 3.75 15/03/2019 105,263 0.04 70,000 Tenet Healthcare Corporation 4.38 01/10/2021 69,475 0.02 40,000 Tenet Healthcare Corporation 4.50 01/04/2021 40,100 0.01 100,000 Tenet Healthcare Corporation 6.00 01/10/2020 107,383 0.04 15,000 Tenet Healthcare Corporation 4.75 01/06/2020 15,225 0.01 90,000 Tenet Healthcare Corporation 6.25 01/11/2018 98,100 0.03 45,000 UnitedHealth Group Incorporated 3.95 15/10/2042 44,856 0.02 10,000 UnitedHealth Group Incorporated 4.63 15/11/2041 10,784 - The accompanying notes form an integral part of these financial statements. 80 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Health-Care Services (0.59%) cont. USD 45,000 UnitedHealth Group Incorporated 2.75 15/02/2023 USD 44,1510.02 53,000 UnitedHealth Group Incorporated 4.70 15/02/2021 59,0140.02 92,000 UnitedHealth Group Incorporated 6.00 15/02/2018 103,5600.04 95,000 WellCare Health Plans Incorporated 5.75 15/11/2020 98,0880.03 1,706,599 0.59 Home Builders (0.23%) 105,000 Lennar Corporation 4.75 15/11/2022 102,900 0.04 40,000 Lennar Corporation 4.50 15/06/2019 40,000 0.01 20,000 M/I Homes Incorporated 8.63 15/11/2018 20,8000.01 75,000 PulteGroup Incorporated 6.00 15/02/2035 71,6250.02 15,000 PulteGroup Incorporated 7.88 15/06/2032 17,063 0.01 40,000 PulteGroup Incorporated 7.63 15/10/2017 44,800 0.02 40,000 Standard Pacific Corporation 5.88 15/11/2024 40,0000.01 80,000 Standard Pacific Corporation 6.25 15/12/2021 82,0000.03 35,000 Taylor Morrison Communities Incorporated 5.63 01/03/2024 33,425 0.01 75,000 Taylor Morrison Communities Incorporated 5.25 15/04/2021 73,313 0.03 40,000 Taylor Morrison Communities Incorporated 7.75 15/04/2020 42,4000.01 7,000 Taylor Morrison Communities Incorporated 7.75 15/04/2020 7,420- 95,000 TRI Pointe Holdings Incorporated 5.88 15/06/2024 95,0000.03 670,746 0.23 Household Products/Wares (0.02%) 45,000 Spectrum Brands Incorporated 6.13 15/12/2024 45,6750.02 5,000 Spectrum Brands Incorporated 6.63 15/11/2022 5,313 - 5,000 Spectrum Brands Incorporated 6.38 15/11/2020 5,213- 56,201 0.02 Insurance (0.63%) 28,000 Aflac Incorporated 6.90 17/12/2039 38,018 0.01 35,000 Aflac Incorporated 8.50 15/05/2019 43,740 0.02 286,000 American International Group Incorporated 8.18 15/05/2058 387,530 0.13 15,000 American International Group Incorporated 5.85 16/01/2018 16,7640.01 14,000 Berkshire Hathaway Finance Corporation 4.30 15/05/2043 14,8340.01 80,000 Genworth Holdings Incorporated 6.15 15/11/2066 49,2000.02 148,000 Genworth Holdings Incorporated 7.70 15/06/2020 147,6260.05 10,000 Hartford Financial Services Group Incorporated 5.13 15/04/2022 11,224 - 283,000 Liberty Mutual Group Incorporated 7.80 15/03/2037 331,1100.11 205,000 MetLife Incorporated 6.75 01/06/2016 221,010 0.08 35,000 Nationwide Mutual Insurance Company 9.38 15/08/2039 55,640 0.02 18,000 Primerica Incorporated 4.75 15/07/2022 19,7720.01 62,000 Progressive Corporation 6.70 15/06/2037 67,0690.02 110,000 Prudential Financial Incorporated 5.20 15/03/2044 108,900 0.04 107,000 Prudential Financial Incorporated 5.63 15/06/2043 109,943 0.04 90,000 Prudential Financial Incorporated 8.88 15/06/2038 105,1880.04 35,000 Swiss Re Treasury US Corporation 4.25 06/12/2042 36,2670.01 24,000 Travelers Property Casualty Corporation 7.75 15/04/2026 32,431 0.01 1,796,266 0.63 Internet (0.15%) 202,000 Amazon.com Incorporated 1.20 29/11/2017 199,8570.07 205,000 eBay Incorporated 1.35 15/07/2017 203,430 0.07 25,000 Expedia Incorporated 5.95 15/08/2020 27,9360.01 431,223 0.15 Iron/Steel (0.12%) 135,000 Glencore Funding LLC 4.63 29/04/2024 135,206 0.05 50,000 Steel Dynamics Incorporated 5.50 01/10/2024 51,2500.02 48,000 Steel Dynamics Incorporated 5.25 15/04/2023 48,7200.02 5,000 Steel Dynamics Incorporated 6.38 15/08/2022 5,300- 15,000 Steel Dynamics Incorporated 5.13 01/10/2021 15,2810.01 50,000 Steel Dynamics Incorporated 7.63 15/03/2020 52,1250.02 10,000 Steel Dynamics Incorporated 6.13 15/08/2019 10,500 - 318,382 0.12

The accompanying notes form an integral part of these financial statements. Putnam World Trust 81

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Leisure (0.01%) USD 24,000 Sabre GLBL Incorporated 8.50 15/05/2019 USD 25,6800.01 25,680 0.01 Lodging/Tourism (0.15%) 30,000 Felcor Lodging LP 6.75 01/06/2019 31,161 0.01 10,000 Hyatt Hotels Corporation 3.38 15/07/2023 9,855 - 14,000 Marriott International Incorporated 3.00 01/03/2019 14,367 - 45,000 MGM Resorts International 6.63 15/12/2021 47,138 0.02 70,000 MGM Resorts International 6.75 01/10/2020 73,500 0.03 90,000 MGM Resorts International 5.25 31/03/2020 89,325 0.03 145,000 MGM Resorts International 8.63 01/02/2019 164,394 0.06 429,740 0.15 Machinery (0.10%) 125,000 Briggs & Stratton Corporation 6.88 15/12/2020 134,375 0.05 20,000 Deere & Company 2.60 08/06/2022 19,676 0.01 55,000 Manitowoc Company Incorporated 5.88 15/10/2022 55,825 0.02 50,000 Zebra Technologies Corporation 7.25 15/10/2022 52,500 0.02 262,376 0.10 Machinery-Construction and Mining (0.23%) 15,000 Alcoa Incorporated 5.13 01/10/2024 15,897 0.01 20,000 Alcoa Incorporated 5.40 15/04/2021 21,661 0.01 105,000 BlueLine Rental Finance Corporation 7.00 01/02/2019 107,625 0.04 75,000 Compass Minerals International Incorporated 4.88 15/07/2024 72,938 0.03 120,000 JM Huber Corporation 9.88 01/11/2019 132,000 0.05 210,000 Terex Corporation 6.00 15/05/2021 214,200 0.07 50,000 Terex Corporation 6.50 01/04/2020 51,750 0.02 616,071 0.23 Manufacturing (0.03%) 65,000 Amsted Industries Incorporated 5.38 15/09/2024 63,213 0.02 35,000 Amsted Industries Incorporated 5.00 15/03/2022 34,388 0.01 97,601 0.03 Media (1.16%) 18,000 21st Century Fox America Incorporated 7.75 01/12/2045 27,077 0.01 15,000 21st Century Fox America Incorporated 6.20 15/12/2034 19,153 0.01 30,000 21st Century Fox America Incorporated 3.00 15/09/2022 29,798 0.01 5,000 Cablevision Systems Corporation 8.00 15/04/2020 5,650 - 10,000 Cablevision Systems Corporation 7.75 15/04/2018 11,000 - 30,000 Cablevision Systems Corporation 8.63 15/09/2017 33,375 0.01 224,000 CBS Corporation 7.88 30/07/2030 313,066 0.11 80,000 CCOH Safari LLC 5.75 01/12/2024 80,900 0.03 30,000 CCOH Safari LLC 5.50 01/12/2022 30,450 0.01 130,000 CCO LLC 5.13 15/02/2023 126,750 0.04 365,000 CCO LLC 5.25 30/09/2022 365,000 0.13 15,000 CCO LLC 6.63 31/01/2022 15,938 0.01 5,000 CCO LLC 6.50 30/04/2021 5,250 - 35,000 CCO LLC 7.00 15/01/2019 36,356 0.01 60,000 Clear Channel Worldwide Holdings Incorporated 6.50 15/11/2022 61,800 0.02 75,000 Clear Channel Worldwide Holdings Incorporated 7.63 15/03/2020 78,750 0.03 26,000 Comcast Corporation 6.95 15/08/2037 36,631 0.01 60,000 Comcast Corporation 6.45 15/03/2037 79,825 0.03 13,000 Comcast Corporation 6.50 15/11/2035 17,381 0.01 60,000 CSC Holdings LLC 5.25 01/06/2024 60,300 0.02 330,000 CSC Holdings LLC 6.75 15/11/2021 363,825 0.13 90,000 DISH DBS Corporation 5.88 15/11/2024 90,450 0.03 40,000 DISH DBS Corporation 7.88 01/09/2019 45,400 0.02 50,000 Gannett Company Incorporated 4.88 15/09/2021 49,626 0.02 55,000 Gannett Company Incorporated 5.13 15/07/2020 55,963 0.02 70,000 Gannett Company Incorporated 5.13 15/10/2019 71,575 0.02 20,000 LIN Television Corporation 5.88 15/11/2022 19,800 0.01 15,000 Mediacom LLC 7.25 15/02/2022 16,013 0.01 20,000 Sinclair Television Group Incorporated 5.63 01/08/2024 19,350 0.01 15,000 Sinclair Television Group Incorporated 6.13 01/10/2022 15,263 0.01 The accompanying notes form an integral part of these financial statements. 82 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Media (1.16%) cont. USD 80,000 Sinclair Television Group Incorporated 6.38 01/11/2021 USD 82,4000.03 30,000 Sinclair Television Group Incorporated 5.38 01/04/2021 29,7750.01 95,000 Sirius XM Radio Incorporated 6.00 15/07/2024 97,1380.03 10,000 Sirius XM Radio Incorporated 5.25 15/08/2022 10,500- 85,000 Sirius XM Radio Incorporated 5.88 01/10/2020 87,7630.03 80,000 TCI Communications Incorporated 7.13 15/02/2028 107,6170.04 115,000 TCI Communications Incorporated 7.88 15/02/2026 160,4030.06 5,000 Time Warner Cable Incorporated 6.75 15/06/2039 6,536- 28,000 Time Warner Cable Incorporated 7.30 01/07/2038 38,6080.01 107,000 Time Warner Entertainment Company LP 8.38 15/07/2033 160,578 0.06 5,000 Time Warner Incorporated 3.15 15/07/2015 5,070- 55,000 Townsquare Radio LLC 9.00 01/04/2019 58,575 0.02 50,000 Univision Communications Incorporated 7.88 01/11/2020 53,2500.02 5,000 Viacom Incorporated 4.50 01/03/2021 5,400- 5,000 Walt Disney Company 2.75 16/08/2021 5,084 - 205,000 Walt Disney Company 1.10 01/12/2017 203,772 0.07 3,294,184 1.16 Medical Technology (0.13%) 65,000 Halyard Health Incorporated 6.25 15/10/2022 65,9750.02 195,000 Kinetic Concepts Incorporated 10.50 01/11/2018 213,525 0.07 23,000 Medtronic Incorporated 4.38 15/03/2035 24,4000.01 22,000 Medtronic Incorporated 3.50 15/03/2025 22,5050.01 25,000 Teleflex Incorporated 5.25 15/06/2024 25,0000.01 15,000 Teleflex Incorporated 6.88 01/06/2019 15,638 0.01 367,043 0.13 Office/Business Equipment (-%) 1,000 Xerox Corporation 5.63 15/12/2019 1,125 - 1,125 - Oil and Natural Gas Utilities (1.20%) 115,000 Anadarko Petroleum Corporation 6.45 15/09/2036 138,1950.05 5,000 Anadarko Petroleum Corporation 6.95 15/06/2019 5,842 - 5,000 Anadarko Petroleum Corporation 5.95 15/09/2016 5,350 - 65,000 Antero Resources Corporation 5.13 01/12/2022 61,263 0.02 80,000 Antero Resources Finance Corporation 5.38 01/11/2021 77,4000.03 10,000 Apache Corporation 5.10 01/09/2040 9,798 - 11,000 Apache Corporation 3.25 15/04/2022 10,808 - 40,000 Belden Incorporated 5.25 15/07/2024 38,4000.01 20,000 Belden Incorporated 5.50 01/09/2022 19,8500.01 70,000 Calfrac Holdings LP 7.50 01/12/2020 59,150 0.02 135,000 California Resources Corporation 6.00 15/11/2024 114,0750.04 75,000 California Resources Corporation 5.00 15/01/2020 65,063 0.02 50,000 Carrizo Oil & Gas Incorporated 8.63 15/10/2018 50,0000.02 40,000 Chaparral Energy Incorporated 8.25 01/09/2021 27,200 0.01 25,000 Chesapeake Energy Corporation 5.75 15/03/2023 25,7500.01 40,000 Chesapeake Energy Corporation 4.88 15/04/2022 38,9000.01 115,000 Chesapeake Energy Corporation 6.13 15/02/2021 120,7500.04 202,000 Chevron Corporation 1.10 05/12/2017 200,751 0.07 95,000 Concho Resources Incorporated 5.50 01/04/2023 95,4750.03 10,000 Concho Resources Incorporated 5.50 01/10/2022 10,100- 20,000 Concho Resources Incorporated 6.50 15/01/2022 21,0000.01 205,000 ConocoPhillips Company 1.05 15/12/2017 202,379 0.08 55,000 Continental Resources Incorporated 5.00 15/09/2022 53,213 0.02 100,000 Denbury Resources Incorporated 5.50 01/05/2022 91,500 0.03 5,000 Denbury Resources Incorporated 6.38 15/08/2021 4,750 - 10,000 EP Energy LLC 7.75 01/09/2022 9,350 - 50,000 EP Energy LLC 9.38 01/05/2020 50,500 0.02 20,000 EP Energy LLC 6.88 01/05/2019 20,250 0.01 95,000 Exterran Partners LP 6.00 01/10/2022 80,750 0.03 55,000 FTS International Incorporated 6.25 01/05/2022 40,1500.01 45,000 Gulfport Energy Corporation 7.75 01/11/2020 43,9880.02

The accompanying notes form an integral part of these financial statements. Putnam World Trust 83

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Oil and Natural Gas Utilities (1.20%) cont. USD 10,000 Hess Corporation 7.30 15/08/2031 USD 12,424 - 20,000 Hiland Partners LP 5.50 15/05/2022 17,000 0.01 65,000 Hiland Partners LP 7.25 01/10/2020 61,750 0.02 35,000 Hilcorp Energy I LP 5.00 01/12/2024 30,800 0.01 5,000 Kerr-McGee Corporation 7.88 15/09/2031 6,835 - 25,000 Key Energy Services Incorporated 6.75 01/03/2021 15,500 0.01 110,000 Kodiak Oil & Gas Corporation 5.50 01/02/2022 110,275 0.04 45,000 Linn Energy LLC 6.50 15/09/2021 36,450 0.01 165,000 Linn Energy LLC 6.25 01/11/2019 139,425 0.05 35,000 Linn Energy LLC 6.50 15/05/2019 29,925 0.01 95,000 Newfield Exploration Co 5.75 30/01/2022 94,525 0.03 15,000 Oasis Petroleum Incorporated 6.88 15/01/2023 13,500 - 180,000 Oasis Petroleum Incorporated 6.88 15/03/2022 163,800 0.06 150,000 Paragon Offshore PLC 7.25 15/08/2024 90,000 0.03 40,000 Paragon Offshore PLC 6.75 15/07/2022 24,400 0.01 205,000 Phillips 66 2.95 01/05/2017 211,721 0.07 90,000 Rosetta Resources Incorporated 5.88 01/06/2024 80,100 0.03 95,000 Rosetta Resources Incorporated 5.63 01/05/2021 86,935 0.03 80,000 Seventy Seven Energy Incorporated 6.50 15/07/2022 47,200 0.02 25,000 Seventy Seven Operating LLC 6.63 15/11/2019 19,000 0.01 5,000 SM Energy Company 6.50 01/01/2023 4,825 - 10,000 SM Energy Company 6.50 15/11/2021 9,700 - 10,000 SM Energy Company 6.63 15/02/2019 9,800 - 95,000 Southern Star Central Corporation 5.13 15/07/2022 95,475 0.03 55,000 Unit Corporation 6.63 15/05/2021 49,088 0.02 210,000 Whiting Petroleum Corporation 5.75 15/03/2021 192,150 0.07 15,000 WPX Energy Incorporated 6.00 15/01/2022 14,438 0.01 3,458,991 1.20 Packaging and Containers (0.27%) 135,000 Crown Americas LLC 4.50 15/01/2023 130,950 0.05 30,000 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 33,150 0.01 40,000 Novelis Incorporated 8.75 15/12/2020 42,400 0.01 75,000 Owens-Brockway Glass Container Incorporated 5.38 15/01/2025 75,750 0.03 25,000 Packaging Corporation of America 4.50 01/11/2023 26,312 0.01 130,000 Reynolds Group Issuer Incorporated 5.75 15/10/2020 133,250 0.05 20,000 Sealed Air Corporation 6.88 15/07/2033 20,450 0.01 35,000 Sealed Air Corporation 5.13 01/12/2024 35,350 0.01 80,000 Sealed Air Corporation 5.25 01/04/2023 81,200 0.03 25,000 Sealed Air Corporation 4.88 01/12/2022 24,813 0.01 5,000 Sealed Air Corporation 8.38 15/09/2021 5,588 - 120,000 Sealed Air Corporation 6.50 01/12/2020 131,400 0.05 740,613 0.27 Pharmaceuticals (0.39%) 50,000 AbbVie Incorporated 2.90 06/11/2022 49,158 0.02 184,000 AbbVie Incorporated 1.75 06/11/2017 184,400 0.06 110,000 Catamaran Corporation 4.75 15/03/2021 110,000 0.04 80,000 Endo Finance LLC 5.75 15/01/2022 80,200 0.03 65,000 Endo Finance LLC & Endo Finco Incorporated 5.38 15/01/2023 63,538 0.02 128,000 Johnson & Johnson 5.15 15/07/2018 143,672 0.05 177,000 Merck & Company Incorporated 1.30 18/05/2018 175,351 0.06 15,000 Omnicare Incorporated 5.00 01/12/2024 15,375 0.01 75,000 Omnicare Incorporated 4.75 01/12/2022 76,125 0.03 30,000 Salix Pharmaceuticals Limited 6.00 15/01/2021 30,600 0.01 10,000 Valeant Pharmaceuticals International Incorporated 6.38 15/10/2020 10,450 - 74,000 Valeant Pharmaceuticals International Incorporated 6.88 01/12/2018 76,331 0.03 5,000 Valeant Pharmaceuticals International Incorporated 5.63 01/12/2021 5,038 - 70,000 Valeant Pharmaceuticals International Incorporated 6.75 15/08/2018 74,464 0.03 1,094,702 0.39 Pipelines (0.58%) 195,000 Access Midstream Partners LP 4.88 15/05/2023 198,900 0.07

The accompanying notes form an integral part of these financial statements. 84 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Pipelines (0.58%) cont. USD 10,000 Access Midstream Partners LP 6.13 15/07/2022 USD 10,625 - 10,000 Access Midstream Partners LP 5.88 15/04/2021 10,425 - 30,000 Energy Transfer Equity LP 7.50 15/10/2020 33,3000.01 5,000 Energy Transfer Partners LP 6.50 01/02/2042 5,751 - 5,000 Energy Transfer Partners LP 5.20 01/02/2022 5,355 - 37,000 Enterprise Products Operating LLC 4.85 15/08/2042 38,449 0.01 5,000 EQT Midstream Partners LP 4.00 01/08/2024 4,951 - 32,000 Kinder Morgan Energy Partners LP 5.40 01/09/2044 32,066 0.01 48,000 Kinder Morgan Energy Partners LP 4.25 01/09/2024 48,096 0.02 55,000 Kinder Morgan Energy Partners LP 3.50 01/03/2021 54,237 0.02 30,000 Kinder Morgan Incorporated 4.30 01/06/2025 30,0140.01 425,000 Kinder Morgan Incorporated 5.00 15/02/2021 442,346 0.16 80,000 Regency Energy Partners LP 4.50 01/11/2023 73,400 0.03 45,000 Regency Energy Partners LP 5.50 15/04/2023 43,425 0.02 40,000 Regency Energy Partners LP 5.00 01/10/2022 37,800 0.01 80,000 Regency Energy Partners LP 5.88 01/03/2022 79,800 0.03 45,000 Rose Rock Midstream LP 5.63 15/07/2022 42,075 0.01 260,000 Sabine Pass Liquefaction LLC 5.63 15/04/2023 254,150 0.10 25,000 Sabine Pass LNG LP 6.50 01/11/2020 25,250 0.01 10,000 Tesoro Logistics LP 6.25 15/10/2022 9,975- 5,000 Tesoro Logistics LP 5.50 15/10/2019 4,963 - 32,000 Williams Companies Incorporated 8.75 15/03/2032 37,346 0.01 3,000 Williams Companies Incorporated 7.75 15/06/2031 3,213 - 95,000 Williams Companies Incorporated 4.55 24/06/2024 88,348 0.03 4,000 Williams Companies Incorporated 7.88 01/09/2021 4,621 - 30,000 Williams Partners LP 5.40 04/03/2044 29,580 0.01 30,000 Williams Partners LP 4.30 04/03/2024 29,766 0.01 1,678,227 0.58 Real Estate (0.86%) 20,000 American Tower Corporation 3.40 15/02/2019 20,3560.01 10,000 American Tower Corporation 7.00 15/10/2017 11,290 - 100,000 ARC Properties Operating Partnership LP 4.60 06/02/2024 92,254 0.03 10,000 Camden Property Trust 4.88 15/06/2023 11,040 - 357,000 CBL & Associates LP 5.25 01/12/2023 382,522 0.14 35,000 CBRE Services Incorporated 5.25 15/03/2025 35,7000.01 70,000 CBRE Services Incorporated 5.00 15/03/2023 71,5330.02 160,000 Corrections Corporation of America 4.63 01/05/2023 154,0000.05 20,000 Corrections Corporation of America 4.13 01/04/2020 19,4500.01 175,000 Crown Castle International Corporation 5.25 15/01/2023 178,5000.06 40,000 Crown Castle International Corporation 4.88 15/04/2022 40,4000.01 30,000 DDR Corporation 7.88 01/09/2020 36,998 0.01 18,000 Duke Realty LP 4.38 15/06/2022 19,054 0.01 10,000 Duke Realty LP 6.75 15/03/2020 11,772 - 176,000 EPR Properties 5.25 15/07/2023 183,564 0.07 10,000 HCP Incorporated 3.15 01/08/2022 9,838 - 15,000 Hospitality Properties Trust 4.50 15/03/2025 15,1000.01 92,000 Host Hotels & Resorts LP 5.25 15/03/2022 100,401 0.03 14,000 Host Hotels & Resorts LP 6.00 01/10/2021 16,099 0.01 105,000 Howard Hughes Corporation 6.88 01/10/2021 108,6750.04 95,000 Iron Mountain Incorporated 6.00 15/08/2023 98,8000.03 10,000 Iron Mountain Incorporated 7.75 01/10/2019 10,700 - 25,000 iStar Financial Incorporated 5.00 01/07/2019 24,2500.01 45,000 iStar Financial Incorporated 7.13 15/02/2018 47,363 0.02 45,000 iStar Financial Incorporated 3.00 15/11/2016 56,8970.02 100,000 Mid-America Apartments LP 4.30 15/10/2023 105,2700.04 70,000 MPT Operating Partnership LP 6.38 15/02/2022 74,900 0.03 10,000 MPT Operating Partnership LP 6.88 01/05/2021 10,700 - 148,000 Omega Healthcare Investors Incorporated 4.95 01/04/2024 154,015 0.05 10,000 Omega Healthcare Investors Incorporated 6.75 15/10/2022 10,600- 15,000 Realty Income Corporation 4.65 01/08/2023 16,1590.01

The accompanying notes form an integral part of these financial statements. Putnam World Trust 85

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Real Estate (0.86%) cont. USD 5,000 Simon Property Group LP 3.38 15/03/2022 USD 5,147 - 186,000 Simon Property Group LP 1.50 01/02/2018 184,821 0.07 5,000 Vornado Realty LP 4.25 01/04/2015 5,000 - 100,000 Weyerhaeuser Co 7.38 15/03/2032 133,135 0.05 15,000 WP Carey Incorporated 4.60 01/04/2024 15,743 0.01 2,472,046 0.86 Retail (0.51%) 102,000 AutoNation Incorporated 5.50 01/02/2020 110,415 0.04 5,000 AutoNation Incorporated 6.75 15/04/2018 5,608 - 105,000 Bed Bath & Beyond Incorporated 5.17 01/08/2044 109,860 0.04 205,000 CVS Health Corporation 2.25 05/12/2018 206,835 0.08 27,090 CVS Pass-Through Trust 6.04 10/12/2028 31,360 0.01 55,000 Dollar General Corporation 3.25 15/04/2023 50,064 0.02 45,000 First Cash Financial Services Incorporated 6.75 01/04/2021 46,800 0.02 10,000 Home Depot Incorporated 5.95 01/04/2041 13,061 - 4,000 Home Depot Incorporated 5.40 01/03/2016 4,221 - 10,000 L Brands Incorporated 5.63 15/02/2022 10,800 - 55,000 L Brands Incorporated 6.63 01/04/2021 61,738 0.02 66,000 Macy's Retail Holdings Incorporated 4.30 15/02/2043 63,949 0.02 85,000 Macy's Retail Holdings Incorporated 5.13 15/01/2042 92,645 0.03 87,000 Macy's Retail Holdings Incorporated 6.90 01/04/2029 110,741 0.05 15,000 Macy's Retail Holdings Incorporated 7.00 15/02/2028 18,693 0.01 3,000 Macy's Retail Holdings Incorporated 3.63 01/06/2024 3,031 - 5,000 McDonald's Corporation 5.70 01/02/2039 6,141 - 110,000 Neiman Marcus Group LLC 7.13 01/06/2028 110,000 0.04 25,000 Nordstrom Incorporated 5.00 15/01/2044 28,554 0.01 45,000 Nordstrom Incorporated 6.95 15/03/2028 59,299 0.02 10,000 O'Reilly Automotive Incorporated 3.85 15/06/2023 10,347 - 70,000 Penske Automotive Group Incorporated 5.38 01/12/2024 70,875 0.02 65,000 Penske Automotive Group Incorporated 5.75 01/10/2022 67,438 0.02 45,000 QVC Incorporated 4.85 01/04/2024 45,823 0.02 5,000 Rite Aid Corporation 8.00 15/08/2020 5,344 - 50,000 Walgreens Boots Alliance Incorporated/old 3.30 18/11/2021 50,354 0.02 5,000 Wal-Mart Stores Incorporated 5.00 25/10/2040 5,907 - 5,000 Wal-Mart Stores Incorporated 4.88 08/07/2040 5,787 - 50,000 Wal-Mart Stores Incorporated 6.50 15/08/2037 68,801 0.02 1,474,491 0.51 Savings and Loans (0.04%) 108,000 Santander Holdings USA Incorporated 4.63 19/04/2016 112,532 0.04 112,532 0.04 Semiconductors (0.13%) 100,000 Freescale Semiconductor Incorporated 6.00 15/01/2022 104,500 0.04 205,000 Intel Corporation 1.35 15/12/2017 204,700 0.07 65,000 Micron Technology Incorporated 5.88 15/02/2022 68,250 0.02 377,450 0.13 Shipbuilding (0.01%) 40,000 Huntington Ingalls Industries Incorporated 5.00 15/12/2021 40,700 0.01 40,700 0.01 Software (0.07%) 70,000 ACI Worldwide Incorporated 6.38 15/08/2020 73,150 0.03 29,000 Fidelity National Information Services Incorporated 5.00 15/03/2022 30,756 0.01 5,000 First Data Corporation 7.38 15/06/2019 5,263 - 20,000 IMS Health Incorporated 6.00 01/11/2020 20,600 0.01 5,000 Microsoft Corporation 5.30 08/02/2041 6,127 - 5,000 Microsoft Corporation 4.20 01/06/2019 5,498 - 45,000 Oracle Corporation 2.50 15/10/2022 43,651 0.02 185,045 0.07 Telecommunications (1.40%) 205,000 AT&T Incorporated 1.70 01/06/2017 205,814 0.07 380,000 Avaya Incorporated 7.00 01/04/2019 370,500 0.13 90,000 CenturyLink Incorporated 6.75 01/12/2023 98,550 0.03 The accompanying notes form an integral part of these financial statements. 86 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. CORPORATE BONDS AND NOTES (15.08%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Telecommunications (1.40%) cont. USD 20,000 CenturyLink Incorporated 5.63 01/04/2020 USD 20,7500.01 20,000 Cisco Systems Incorporated 3.15 14/03/2017 20,9060.01 93,000 Cisco Systems Incorporated 1.10 03/03/2017 93,0390.03 25,000 Frontier Communications Corporation 7.63 15/04/2024 26,2500.01 10,000 Frontier Communications Corporation 6.25 15/09/2021 10,050- 75,000 Frontier Communications Corporation 8.13 01/10/2018 84,7500.03 20,000 Hughes Satellite Systems Corporation 7.63 15/06/2021 22,0000.01 20,000 Hughes Satellite Systems Corporation 6.50 15/06/2019 21,4500.01 65,000 Level 3 Financing Incorporated 5.38 15/08/2022 65,325 0.02 240,000 Level 3 Financing Incorporated 6.13 15/01/2021 248,4000.09 10,000 Level 3 Financing Incorporated 8.63 15/07/2020 10,788 - 97,000 Qwest Corporation 6.75 01/12/2021 112,162 0.04 60,000 SBA Communications Corporation 4.88 15/07/2022 57,7500.02 10,000 SBA Telecommunications Incorporated 5.75 15/07/2020 10,178- 365,000 Sprint Communications Incorporated 7.00 15/08/2020 363,1750.13 10,000 Sprint Communications Incorporated 9.00 15/11/2018 11,374- 80,000 Sprint Communications Incorporated 8.38 15/08/2017 86,3000.03 210,000 Sprint Corporation 7.88 15/09/2023 207,312 0.07 395,000 Sprint Corporation 7.25 15/09/2021 391,544 0.14 45,000 T-Mobile USA Incorporated 6.38 01/03/2025 45,7200.02 15,000 T-Mobile USA Incorporated 6.84 28/04/2023 15,5060.01 110,000 T-Mobile USA Incorporated 6.63 01/04/2023 112,4750.04 30,000 T-Mobile USA Incorporated 6.00 01/03/2023 30,0750.01 95,000 T-Mobile USA Incorporated 6.13 15/01/2022 96,4250.03 40,000 T-Mobile USA Incorporated 6.63 28/04/2021 40,8000.01 100,000 T-Mobile USA Incorporated 6.25 01/04/2021 102,2500.04 40,000 T-Mobile USA Incorporated 6.46 28/04/2019 41,6000.01 252,000 Verizon Communications Incorporated 6.40 15/02/2038 310,9320.11 55,000 Verizon Communications Incorporated 4.40 01/11/2034 54,6690.02 61,000 Verizon Communications Incorporated 6.40 15/09/2033 75,6850.03 50,000 Verizon Communications Incorporated 4.50 15/09/2020 54,3200.02 130,000 Verizon Communications Incorporated 2.63 21/02/2020 128,5140.04 49,000 Verizon Communications Incorporated 6.35 01/04/2019 56,7790.02 40,000 Verizon New York Incorporated 7.38 01/04/2032 50,1600.02 65,000 West Corporation 5.38 15/07/2022 62,238 0.02 55,000 Windstream Corporation 6.38 01/08/2023 51,425 0.02 85,000 Windstream Corporation 7.75 01/10/2021 86,700 0.03 60,000 Windstream Corporation 7.88 01/11/2017 64,9500.02 4,019,590 1.40 Transportation (0.04%) 15,000 Burlington Northern Santa Fe LLC 5.40 01/06/2041 17,899 0.01 16,000 Burlington Northern Santa Fe LLC 5.75 01/05/2040 19,717 0.01 40,000 CSX Corporation 4.10 15/03/2044 39,624 0.01 5,000 FedEx Corporation 2.63 01/08/2022 4,896 - 26,000 Kansas City Southern Railway Company 4.30 15/05/2043 26,529 0.01 108,665 0.04 Total U.S. Corporate Bonds and Notes USD 43,281,278 15.08

NON-U.S. CORPORATE BONDS AND NOTES (4.61%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Banking (2.24%) USD 220,000 Abbey National Treasury Services PLC (United Kingdom) 1.38 13/03/2017 USD 219,761 0.08 202,000 Bank of Montreal (Canada) 2.50 11/01/2017 206,880 0.07 205,000 Bank of Nova Scotia (Canada) 1.38 18/12/2017 203,6910.07 250,000 Bank of Tokyo-Mitsubishi UFJ Limited (Japan) 1.20 10/03/2017 248,050 0.09 155,000 Barclays Bank PLC (United Kingdom) 10.18 12/06/2021 208,1010.07 212,000 Barclays PLC (United Kingdom) 6.63 29/06/2049 203,520 0.07 130,000 BBVA International Preferred SAU (Spain) 5.92 29/04/2049 132,314 0.05 15,000 BNP Paribas SA (France) 2.38 14/09/2017 15,243 0.01

The accompanying notes form an integral part of these financial statements. Putnam World Trust 87

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. CORPORATE BONDS AND NOTES (4.61%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Banking (2.24%) cont. USD 220,000 BNP Paribas SA (France) 1.38 17/03/2017 USD 219,9960.08 200,000 BPCE SA (France) 5.15 21/07/2024 206,482 0.07 210,000 Commerzbank AG (Germany) 8.13 19/09/2023 241,469 0.08 183,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 3.38 19/01/2017 190,903 0.07 200,000 Credit Suisse Group AG (Switzerland) 7.50 29/12/2049 207,000 0.07 202,000 Deutsche Bank AG (United Kingdom) 6.00 01/09/2017 224,399 0.08 140,000 HBOS PLC (United Kingdom) 6.00 01/11/2033 158,104 0.05 265,000 HSBC Capital Funding LP (Jersey) 10.18 29/12/2049 398,825 0.14 655,000 ING Bank NV (Netherlands) 5.80 25/09/2023 727,081 0.25 450,000 Lloyds Banking Group PLC (United Kingdom) 7.50 31/12/2049 457,875 0.16 45,000 Lloyds Banking Group PLC (United Kingdom) 6.66 31/12/2049 48,038 0.02 205,000 Royal Bank of Canada (Canada) 2.20 27/07/2018 207,276 0.07 235,000 Royal Bank of Scotland Group PLC (United Kingdom) 5.13 28/05/2024 239,040 0.08 55,000 Royal Bank of Scotland Group PLC (United Kingdom) 6.00 19/12/2023 59,532 0.02 65,000 Royal Bank of Scotland Group PLC (United Kingdom) 4.70 03/07/2018 67,271 0.02 250,000 Societe Generale SA (France) 2.75 12/10/2017 256,121 0.09 200,000 Standard Chartered PLC (United Kingdom) 5.70 25/01/2022 215,132 0.07 250,000 Svenska Handelsbanken AB (Sweden) 2.88 04/04/2017 258,393 0.09 800,000 VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.95 17/10/2022 592,000 0.21 5,000 Westpac Banking Corporation (Australia) 4.88 19/11/2019 5,564 - 37,000 Westpac Banking Corporation (Australia) 2.25 30/07/2018 37,541 0.01 5,000 Westpac Banking Corporation (Australia) 3.00 09/12/2015 5,106 - 6,460,708 2.24 Beverages (0.03%) 97,000 Diageo Capital PLC (United Kingdom) 1.50 11/05/2017 97,129 0.03 97,129 0.03 Building Materials (0.01%) 22,000 Ainsworth Lumber Company Limited (Canada) 7.50 15/12/2017 22,779 0.01 22,779 0.01 Chemicals (0.05%) 15,000 Agrium Incorporated (Canada) 5.25 15/01/2045 16,202 0.01 35,000 Methanex Corporation (Canada) 5.65 01/12/2044 35,786 0.01 85,000 Methanex Corporation (Canada) 4.25 01/12/2024 84,629 0.03 3,000 Methanex Corporation (Canada) 3.25 15/12/2019 2,983 - 139,600 0.05 Commercial Services (0.04%) 120,000 Garda World Security Corporation (Canada) 7.25 15/11/2021 118,872 0.04 118,872 0.04 Electric Utilities (0.26%) 420,000 Electricite de France SA (France) 5.63 29/12/2049 442,092 0.16 290,000 Electricite de France SA (France) 5.25 29/01/2049 296,525 0.10 738,617 0.26 Entertainment (0.02%) CAD 50,000 Great Canadian Gaming Corporation (Canada) 6.63 25/07/2022 45,262 0.02 45,262 0.02 Food (0.07%) USD 6,000 Delhaize Group SA (Belgium) 4.13 10/04/2019 6,301 - 215,000 Grupo Bimbo SAB de CV (Mexico) 3.88 27/06/2024 215,136 0.07 221,437 0.07 Forest Products & Paper (0.02%) 50,000 Mercer International Incorporated (Canada) 7.75 01/12/2022 50,625 0.02 10,000 Smurfit Kappa Treasury Funding Limited (Ireland) 7.50 20/11/2025 11,725 - 62,350 0.02 Home Builders (0.06%) 109,000 Brookfield Residential Properties Incorporated (Canada) 6.50 15/12/2020 113,905 0.04 55,000 Brookfield Residential Properties Incorporated (Canada) 6.13 01/07/2022 56,936 0.02 170,841 0.06 Industrial Conglomerates (0.05%) 140,000 Nielsen Company Luxembourg SARL (Luxembourg) 5.50 01/10/2021 140,525 0.05 140,525 0.05

The accompanying notes form an integral part of these financial statements. 88 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. CORPORATE BONDS AND NOTES (4.61%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Insurance (0.06%) USD 170,000 AXA SA (France) 6.38 29/12/2049 USD 184,025 0.06 184,025 0.06 Iron/Steel (0.11%) 20,000 ArcelorMittal (Luxembourg) 7.50 15/10/2039 20,7000.01 230,000 ArcelorMittal (Luxembourg) 10.35 01/06/2019 277,726 0.10 298,426 0.11 Machinery-Construction and Mining (0.18%) 25,000 Eldorado Gold Corporation (Canada) 6.13 15/12/2020 24,313 0.01 65,000 First Quantum Minerals Limited (Canada) 7.00 15/02/2021 58,500 0.02 85,000 HudBay Minerals Incorporated (Canada) 9.50 01/10/2020 82,4500.03 85,000 HudBay Minerals Incorporated (Canada) 9.50 01/10/2020 82,4500.03 55,000 New Gold Incorporated (Canada) 6.25 15/11/2022 53,9000.02 205,000 Rio Tinto Finance USA PLC (United Kingdom) 1.63 21/08/2017 204,915 0.07 506,528 0.18 Manufacturing (0.02%) 55,000 Bombardier Incorporated (Canada) 6.13 15/01/2023 56,100 0.02 56,100 0.02 Media (0.25%) 100,000 Grupo Televisa SAB (Mexico) 6.63 18/03/2025 122,4280.04 200,000 Numericable-SFR (France) 6.00 15/05/2022 202,0000.07 105,000 Quebecor Media Incorporated (Canada) 5.75 15/01/2023 107,3630.04 CAD 280,000 Quebecor Media Incorporated (Canada) 7.38 15/01/2021 255,480 0.09 USD 40,000 Videotron Limited (Canada) 5.00 15/07/2022 40,7000.01 727,971 0.25 Medical Technology (0.08%) 205,000 Covidien International Finance SA (Luxembourg) 6.00 15/10/2017 229,414 0.08 229,414 0.08 Oil and Natural Gas Utilities (0.56%) 65,000 Baytex Energy Corporation (Canada) 5.63 01/06/2024 55,250 0.02 15,000 Baytex Energy Corporation (Canada) 5.13 01/06/2021 12,750 - 205,000 BP Capital Markets PLC (United Kingdom) 1.85 05/05/2017 206,683 0.07 15,000 BP Capital Markets PLC (United Kingdom) 3.20 11/03/2016 15,406 0.01 250,000 Canadian Natural Resources Limited (Canada) 5.70 15/05/2017 271,011 0.10 90,000 CHC Helicopter SA (Canada) 9.25 15/10/2020 87,5250.03 40,000 Legrand France SA (France) 8.50 15/02/2025 56,1250.02 10,000 MEG Energy Corporation (Canada) 6.38 30/01/2023 8,925- 34,000 Noble Holding International Limited (Cayman Islands) 6.05 01/03/2041 29,689 0.01 45,000 Offshore Group Investment Limited (Cayman Islands) 7.13 01/04/2023 31,950 0.01 75,000 Offshore Group Investment Limited (Cayman Islands) 7.50 01/11/2019 56,250 0.02 200,000 Pertamina Persero PT (Indonesia) 5.25 23/05/2021 206,0000.07 60,000 Shelf Drilling Holdings Limited (United Arab Emirates) 8.63 01/11/2018 49,200 0.02 220,000 Shell International Finance BV (Netherlands) 5.20 22/03/2017 238,8340.09 5,000 Shell International Finance BV (Netherlands) 3.10 28/06/2015 5,067- 5,000 Statoil ASA (Norway) 5.10 17/08/2040 5,783 - 202,000 Total Capital International SA (France) 1.55 28/06/2017 202,6890.07 50,000 Weatherford International Limited (Bermuda) 9.88 01/03/2039 62,353 0.02 1,601,490 0.56 Pharmaceuticals (0.09%) 25,000 AstraZeneca PLC (United Kingdom) 6.45 15/09/2037 33,534 0.01 205,000 AstraZeneca PLC (United Kingdom) 5.90 15/09/2017 229,8540.08 5,000 Teva Pharmaceutical Finance II BV (Curaçao) 3.00 15/06/2015 5,048 - 268,436 0.09 Real Estate (0.03%) 100,000 Mattamy Group Corporation (Canada) 6.50 15/11/2020 100,5000.03 100,500 0.03 Telecommunications (0.38%) 27,000 Deutsche Telekom International Finance BV (Netherlands) 8.75 15/06/2030 39,8830.01 455,000 Intelsat Jackson Holdings SA (Luxembourg) 7.50 01/04/2021 486,850 0.18 5,000 Koninklijke KPN NV (Netherlands) 8.38 01/10/2030 7,030 - 7,000 Orange SA (France) 4.13 14/09/2021 7,499 - 35,000 Rogers Communications Incorporated (Canada) 4.50 15/03/2043 35,454 0.01 The accompanying notes form an integral part of these financial statements. Putnam World Trust 89

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. CORPORATE BONDS AND NOTES (4.61%) cont. Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund Telecommunications (0.38%) cont. USD 60,000 SES SA (Luxembourg) 3.60 04/04/2023 USD 60,560 0.02 85,000 Telefonica Emisiones SAU (Spain) 7.05 20/06/2036 113,307 0.04 354,000 Vodafone Group PLC (United Kingdom) 1.25 26/09/2017 349,490 0.12 1,100,073 0.38 Transportation (-%) 14,000 Kansas City Southern de Mexico SA de CV (Mexico) 2.35 15/05/2020 13,421 - 13,421 - Total Non-U.S. Corporate Bonds and Notes USD 13,304,504 4.61

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.02%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund USD 40,000 Poland Government International Bond (Poland) 5.00 23/03/2022 USD 44,808 0.02 Total Foreign Government and Agency Bonds and Notes USD 44,808 0.02

COMMERCIAL PAPER (6.61%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 1,500,000 Bedford Row Funding Corporation 0.14 05/01/2015 USD 1,499,975 0.52 1,500,000 Coca-Cola Company 0.10 13/01/2015 1,499,950 0.52 1,500,000 Collateralized Commercial Paper Company Limited 0.20 19/02/2015 1,499,592 0.52 1,059,000 Fairway Finance Corporation 0.15 07/01/2015 1,058,974 0.37 1,500,000 Gotham Funding Corporation 0.16 26/01/2015 1,499,833 0.52 1,500,000 HSBC Bank PLC (United Kingdom) - 12/02/2015 1,500,093 0.52 1,500,000 Jupiter Securitization Company LLC 0.15 14/01/2015 1,499,919 0.52 1,500,000 Liberty Funding LLC 0.08 11/02/2015 1,499,744 0.52 1,500,000 Manhattan Asset Funding 0.16 09/01/2015 1,499,947 0.52 1,500,000 Old Line Funding LLC 0.15 13/02/2015 1,499,731 0.52 1,500,000 Regency Markets No.1 LLC 0.18 26/01/2015 1,499,812 0.52 1,500,000 Thunder Bay Funding LLC 0.15 25/02/2015 1,499,656 0.52 1,500,000 Victory Receivables 0.05 20/01/2015 1,499,881 0.52 Total Commercial Paper USD 19,057,107 6.61

PREFERRED STOCK (0.08%) NON-U.S. EQUITIES (12.41%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Aerospace and Defense (0.02%) Agriculture (0.14%) cont. 1,110 United Technologies Corporation USD 68,076 0.02 4,660 Imperial Tobacco Group PLC 68,076 0.02 (United Kingdom) USD 205,981 0.07 Banking (0.04%) 420,400 0.14 3,680 Citigroup Incorporated 97,704 0.03 Airlines (0.09%) 1,260 GMAC Capital Trust I 33,302 0.01 104,000 ANA Holdings Incorporated (Japan) 259,783 0.09 230 HSBC USA Incorporated 5,134 - 259,783 0.09 136,140 0.04 Apparel (0.03%) Real Estate (0.02%) 1,396 Adidas AG (Germany) 97,063 0.03 2,205 EPR Properties 51,611 0.02 97,063 0.03 51,611 0.02 Auto Parts and Equipment (0.22%) Total Preferred Stock USD 255,827 0.08 1,667 Continental AG (Germany) 354,716 0.12 2,800 Denso Corporation (Japan) 132,075 0.05 NON-U.S. EQUITIES (12.41%) 1,132 Valeo SA (France) 141,909 0.05 Number of Value % of 628,700 0.22 Shares USD Fund Automotive (0.49%) Aerospace and Defense (0.19%) 1,724 Bayerische Motoren Werke AG (Germany) 187,397 0.06 1,431 Airbus Group NV (Netherlands) USD 71,558 0.02 8,900 Fuji Heavy Industries Limited (Japan) 319,502 0.11 28,563 BAE Systems PLC (United Kingdom) 209,904 0.07 1,954 Renault SA (France) 143,119 0.05 4,484 Safran SA (France) 277,370 0.10 9,800 Suzuki Motor Corporation (Japan) 297,813 0.10 558,832 0.19 7,200 Toyota Motor Corporation (Japan) 454,313 0.17 Agriculture (0.14%) 1,402,144 0.49 3,930 British American Tobacco PLC Banking (1.80%) (United Kingdom) 214,386 0.07 5,991 Australia & New Zealand Banking Group 4,000 Chaoda Modern Agriculture Holdings Limited (Australia) 156,856 0.05 Limited (Hong Kong) (F) 33 - 14,787 Banco Bilbao Vizcaya Argentaria SA (Spain) 1,414 - 14,787 Banco Bilbao Vizcaya Argentaria SA (Spain) 139,744 0.05 The accompanying notes form an integral part of these financial statements. 90 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (12.41%) cont. NON-U.S. EQUITIES (12.41%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Banking (1.80%) cont. Cosmetics/Personal Care (0.20%) 26,117 Banco Santander SA (Spain) USD 220,588 0.08 5,700 Kao Corporation (Japan) USD 226,277 0.08 28,000 Bank of Yokohama Limited (Japan) 153,628 0.05 1,059 L'Oreal SA (France) 178,185 0.06 92,035 Bankia SA (Spain) 136,981 0.05 4,263 Unilever NV (United Kingdom) 168,346 0.06 23,053 Barclays PLC (United Kingdom) 87,491 0.03 572,808 0.20 2,890 BNP Paribas SA (France) 172,072 0.06 Distribution/Wholesale (0.02%) 7,434 Commonwealth Bank of Australia 9,000 Marubeni Corporation (Japan) 54,437 0.02 (Australia) 518,909 0.18 54,437 0.02 18,393 Credit Agricole SA (France) 239,479 0.08 Diversified Financial Services (0.07%) 3,884 Credit Suisse Group AG (Switzerland) 97,940 0.03 111 Altisource Portfolio Solutions SA 13,000 DBS Group Holdings Limited (Singapore) 202,068 0.07 (Luxembourg) 3,750 - 1,063 Home Loan Servicing Solutions Limited 4,654 Deutsche Bank AG (Germany) 141,127 0.05 (Cayman Islands) 20,750 0.01 11,700 Hang Seng Bank Limited (Hong Kong) 194,933 0.07 35,500 Mitsubishi UFJ Lease & Finance Company 44,906 HSBC Holdings PLC (United Kingdom) 425,962 0.15 Limited (Japan) 169,527 0.06 29,000 Joyo Bank Limited (Japan) 145,024 0.05 194,027 0.07 330,543 Lloyds Banking Group PLC (United Electric Utilities (0.18%) Kingdom) 390,613 0.14 41,356 Enel SpA (Italy) 184,958 0.06 36,000 Mitsubishi UFJ Financial Group 3,964 Red Electrica Corporation SA (Spain) 345,358 0.12 Incorporated (Japan) 199,566 0.07 530,316 0.18 6,292 National Australia Bank Limited (Australia) 171,877 0.06 Electronics (0.10%) 609 OFG Bancorp (Puerto Rico) 10,140 - 8,800 Hoya Corporation (Japan) 301,586 0.10 502 Popular Incorporated (Puerto Rico) 17,093 0.01 301,586 0.10 54,700 Resona Holdings Incorporated (Japan) 279,391 0.10 Engineering and Construction (0.13%) Skandinaviska Enskilda Banken AB 9,370 ABB Limited (Switzerland) 199,143 0.07 15,420 (Sweden) 196,915 0.07 3,197 Boskalis Westminster NV (Netherlands) 175,515 0.06 3,800 Sumitomo Mitsui Financial Group Incorporated (Japan) 138,780 0.05 374,658 0.13 7,585 Swedbank AB (Sweden) 190,122 0.07 Food (0.57%) 6,400 Calbee Incorporated (Japan) 223,076 0.08 10,753 UBS Group AG (Switzerland) 184,733 0.06 5,650 Carrefour SA (France) 172,800 0.06 21,035 UniCredit SpA (Italy) 135,794 0.05 16,246 Distribuidora Internacional de Alimentacion 7,024 Westpac Banking Corporation (Australia) 189,350 0.07 SA (Spain) 110,087 0.04 5,138,590 1.80 12,786 Koninklijke Ahold NV (Netherlands) 228,285 0.08 Beverages (0.25%) 8,985 Nestle SA (Switzerland) 658,828 0.23 2,260 Anheuser-Busch InBev NV (Belgium) 255,832 0.09 3,293 Unilever PLC (United Kingdom) 134,830 0.05 5,355 Diageo PLC (United Kingdom) 154,282 0.05 3,358 Woolworths Limited (Australia) 84,081 0.03 2,740 Heineken Holding NV (Netherlands) 172,110 0.06 1,611,987 0.57 2,672 SABMiller PLC (United Kingdom) 139,972 0.05 Food Service (0.06%) 722,196 0.25 10,650 Compass Group PLC (United Kingdom) 182,756 0.06 Biotechnology (0.01%) 182,756 0.06 1,061 Prothena Corporation PLC (Ireland) 22,026 0.01 Forest Products & Paper (0.06%) 22,026 0.01 252 Domtar Corporation (Canada) 10,130 - Building Materials (0.06%) 10,625 UPM-Kymmene OYJ (Finland) 174,981 0.06 213 Caesarstone Sdot-Yam Limited (Israel) 12,733 - 185,111 0.06 527 Geberit AG (Switzerland) 179,377 0.06 Hand/Machine Tools (0.06%) 192,110 0.06 6,800 THK Company Limited (Japan) 166,054 0.06 Chemicals (0.25%) 166,054 0.06 2,366 BASF SE (Germany) 200,638 0.07 Health-Care Services (-%) 367 EMS-Chemie Holding AG (Switzerland) 148,856 0.05 326 Triple-S Management Corporation (Puerto 7,000 Nippon Paint Holdings Company Limited Rico) 7,795 - (Japan) 205,418 0.07 7,795 - 550 Syngenta AG (Switzerland) 176,861 0.06 Home Furnishings (0.07%) 731,773 0.25 17,000 Panasonic Corporation (Japan) 202,388 0.07 Commercial Services (0.26%) 202,388 0.07 9,264 Babcock International Group PLC Household Products/Wares (0.05%) (United Kingdom) 152,763 0.05 1,888 Reckitt Benckiser Group PLC 6,530 Bunzl PLC (United Kingdom) 179,534 0.06 (United Kingdom) 153,311 0.05 5,253 Bureau Veritas SA (France) 116,386 0.04 153,311 0.05 8,669 Experian PLC (Ireland) 147,005 0.05 Industrial Conglomerates (0.05%) 13,877 Securitas AB (Sweden) 168,043 0.06 1,415 Wendel SA (France) 158,706 0.05 763,731 0.26 158,706 0.05 Computers (0.07%) Insurance (1.39%) 24,000 Fujitsu Limited (Japan) 129,077 0.04 6,787 ACE Limited (Switzerland) 779,691 0.27 2,500 NTT Data Corporation (Japan) 94,027 0.03 5,360 Ageas (Belgium) 191,333 0.07 223,104 0.07 The accompanying notes form an integral part of these financial statements. Putnam World Trust 91

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (12.41%) cont. NON-U.S. EQUITIES (12.41%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Insurance (1.39%) cont. Medical Technology (0.12%) 47,800 AIA Group Limited (Hong Kong) USD 265,0540.09 3,969 Coloplast A/S (Denmark) USD 334,741 0.12 1,811 Allianz SE (Germany) 302,523 0.11 376 Trinity Biotech PLC (Ireland) 6,572 - 967 Allied World Assurance Company Holdings 341,313 0.12 AG (Switzerland) 36,669 0.01 Multi-National (0.01%) 3,522 Arch Capital Group Limited (Bermuda) 208,080 0.07 1,177 Banco Latinoamericano de Comercio 11,778 Assicurazioni Generali SpA (Italy) 242,284 0.08 Exterior SA (Panama) 35,404 0.01 7,147 AXA SA (France) 166,089 0.06 35,404 0.01 3,539 Axis Capital Holdings Limited (Bermuda) 180,914 0.06 Office/Business Equipment (0.06%) 14,342 CNP Assurances (France) 255,546 0.09 5,700 Canon Incorporated (Japan) 182,735 0.06 1,670 Everest Re Group Limited (Bermuda) 284,267 0.11 182,735 0.06 44,879 Insurance Australia Group Limited Oil and Natural Gas Utilities (0.96%) (Australia) 228,629 0.08 11,303 AMEC PLC (United Kingdom) 150,272 0.05 52,452 Legal & General Group PLC (United 8,857 BG Group PLC (United Kingdom) 119,395 0.04 Kingdom) 203,235 0.07 57,766 BP PLC (United Kingdom) 369,680 0.13 1,072 Maiden Holdings Limited (Bermuda) 13,711 - 11,200 Brother Industries Limited (Japan) 205,991 0.07 691 Muenchener Rueckversicherungs- 37,448 Centrica PLC (United Kingdom) 162,784 0.06 Gesellschaft AG in Muenchen (Germany) 138,842 0.05 9,619 Eni SpA (Italy) 168,889 0.06 1,798 PartnerRe Limited (Bermuda) 205,026 0.07 2,716 OSRAM Licht AG (Germany) 108,471 0.04 6,486 Prudential PLC (United Kingdom) 150,828 0.05 9,376 Royal Dutch Shell PLC (Netherlands) 314,701 0.11 1,448 RenaissanceRe Holdings Limited (Bermuda) 140,789 0.05 8,543 Royal Dutch Shell PLC (Netherlands) 297,260 0.10 3,993,510 1.39 11,315 Statoil ASA (Norway) 199,185 0.07 Internet (0.07%) 39,000 Tokyo Gas Company Limited (Japan) 212,322 0.07 2,203 MagicJack VocalTec Limited (Israel) 17,888 0.01 6,147 Total SA (France) 316,234 0.11 3,706 United Internet AG (Germany) 167,853 0.06 4,445 Woodside Petroleum Limited (Australia) 137,535 0.05 185,741 0.07 2,762,719 0.96 Investment Companies (0.04%) Packaging and Containers (0.06%) 2,946 EXOR SpA (Italy) 121,346 0.04 14,633 Amcor Limited (Australia) 161,993 0.06 121,346 0.04 161,993 0.06 Iron/Steel (0.22%) Pharmaceuticals (1.27%) 12,193 ArcelorMittal (Luxembourg) 134,071 0.05 2,543 Actelion Limited (Switzerland) 294,663 0.10 13,000 Hitachi Metals Limited (Japan) 223,685 0.08 193 Alkermes PLC (Ireland) 11,300 - 10,313 ThyssenKrupp AG (Germany) 265,683 0.09 13,600 Astellas Pharma Incorporated (Japan) 191,374 0.07 623,439 0.22 5,128 AstraZeneca PLC (United Kingdom) 364,099 0.13 Leisure (0.10%) 3,104 Bayer AG (Germany) 426,118 0.15 2,200 Shimano Incorporated (Japan) 287,444 0.10 2,373 Cardiome Pharma Corporation (Canada) 21,808 0.01 287,444 0.10 14,048 GlaxoSmithKline PLC (United Kingdom) 301,278 0.10 Lodging/Tourism (0.08%) 60,000 MGM China Holdings Limited (Cayman 2,500 Hisamitsu Pharmaceutical Company Islands) 152,579 0.05 Incorporated (Japan) 78,895 0.03 56,000 SJM Holdings Limited (Hong Kong) 88,824 0.03 1,888 Indivior PLC (United Kingdom) 4,376 - 241,403 0.08 706 Jazz Pharmaceuticals PLC (Ireland) 115,544 0.04 Machinery (0.10%) 1,382 Merck KGaA (Germany) 130,957 0.05 1,700 FANUC Corporation (Japan) 283,002 0.10 4,059 Novartis AG (Switzerland) 376,831 0.13 283,002 0.10 5,536 Novo Nordisk A/S (Denmark) 234,080 0.08 Machinery-Construction and Mining (0.51%) 5,300 Otsuka Holdings Company Limited (Japan) 160,000 0.06 9,619 Antofagasta PLC (United Kingdom) 112,741 0.04 1,685 Roche Holding AG (Switzerland) 457,265 0.16 9,931 Atlas CopCompany AB (Sweden) 278,227 0.10 2,941 Sanofi (France) 268,686 0.09 7,103 BHP Billiton Limited (Australia) 169,675 0.06 1,851 Shire PLC (Ireland) 130,776 0.05 6,161 BHP Billiton PLC (United Kingdom) 133,331 0.05 2,000 Suzuken Company Limited (Japan) 55,769 0.02 28,522 Glencore PLC (Switzerland) 132,785 0.05 3,623,819 1.27 24,000 Mitsubishi Electric Corporation (Japan) 289,631 0.10 3,197 Rio Tinto PLC (United Kingdom) 149,436 0.05 Real Estate (0.34%) 11,000 Sumitomo Metal Mining Company Limited 26,444 Dexus Property Group (Australia) 150,474 0.05 (Japan) 166,221 0.06 49,823 GPT Group (Australia) 175,311 0.06 1,432,047 0.51 12,730 Hammerson PLC (United Kingdom) 120,038 0.04 Manufacturing (0.17%) 15,293 Scentre Group (Australia) 43,573 0.02 5,200 FUJIFILM Holdings Corporation (Japan) 160,584 0.05 29,000 Tokyo Tatemono Company Limited (Japan) 213,057 0.07 3,013 Siemens AG (Germany) 342,531 0.12 12,274 Westfield Corporation (Australia) 90,285 0.03 503,115 0.17 45,000 Wheelock & Company Limited (Hong Kong) 209,487 0.07 Media (0.09%) 1,002,225 0.34 76,769 ITV PLC (United Kingdom) 257,492 0.09 Retail (0.35%) 257,492 0.09 1,495 Cie Financiere Richemont SA (Switzerland) 133,455 0.05

The accompanying notes form an integral part of these financial statements. 92 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

NON-U.S. EQUITIES (12.41%) cont. U.S. EQUITIES (33.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Retail (0.35%) cont. Airlines (0.05%) cont. 245 Lululemon Athletica Incorporated (Canada) USD 13,669 - 418 Spirit Airlines Incorporated USD 31,580 0.01 3,489 Next PLC (United Kingdom) 370,053 0.13 135,876 0.05 2,885 Signet Jewelers Limited (Bermuda) 379,493 0.13 Apparel (0.36%) 268 Swatch Group AG (Switzerland) 119,686 0.04 135 Deckers Outdoor Corporation 12,285 - 1,016,356 0.35 3,588 Hanesbrands Incorporated 400,457 0.14 Semiconductors (0.09%) 844 Iconix Brand Group Incorporated 28,493 0.01 2,362 ASML Holding NV (Netherlands) 255,632 0.09 299 Steven Madden Limited 9,517 - 242 Mellanox Technologies Limited (Israel) 10,341 - 7,657 VF Corporation 573,509 0.21 265,973 0.09 1,024,261 0.36 Software (0.03%) Auto Parts and Equipment (0.25%) 550 AVG Technologies NV (Netherlands) 10,857 - 1,193 Cooper Tire & Rubber Company 41,337 0.01 1,272 SAP SE (Germany) 89,750 0.03 980 Dana Holding Corporation 21,295 0.01 100,607 0.03 822 Douglas Dynamics Incorporated 17,615 0.01 Telecommunications (0.63%) 10,580 Johnson Controls Incorporated 511,226 0.18 42,109 BT Group PLC (United Kingdom) 263,509 0.09 645 Miller Industries Incorporated 13,410 - 13,319 Deutsche Telekom AG (Germany) 214,352 0.07 513 Remy International Incorporated 10,727 - 11,200 NTT DOCOMO Incorporated (Japan) 165,270 0.06 899 Standard Motor Products Incorporated 34,243 0.01 11,938 Orange SA (France) 204,405 0.07 257 Tenneco Incorporated 14,549 0.01 4,000 SoftBank Corporation (Japan) 240,741 0.08 1,040 Tower International Incorporated 26,572 0.01 6,205 Tele2 AB (Sweden) 75,577 0.03 181 Visteon Corporation 19,353 0.01 11,322 Telefonica SA (Spain) 163,032 0.06 710,327 0.25 7,373 Telenor ASA (Norway) 149,874 0.05 Automotive (0.01%) 44,830 Telstra Corporation Limited (Australia) 218,497 0.08 2,501 Wabash National Corporation 30,912 0.01 33,548 Vodafone Group PLC (United Kingdom) 116,419 0.04 30,912 0.01 1,811,676 0.63 Banking (1.88%) Transportation (0.17%) 503 Access National Corporation 8,491 - 2,414 Aegean Marine Petroleum Network 15,389 Capital One Financial Corporation 1,270,362 0.44 Incorporated (Greece) 33,820 0.01 919 Cardinal Financial Corporation 18,215 0.01 89,000 ComfortDelGro Corporation Limited 583 Citizens & Northern Corporation 11,992 - (Singapore) 174,688 0.06 1,565 Cullen/Frost Bankers Incorporated 110,552 0.04 5,161 Deutsche Post AG (Germany) 169,304 0.06 1,273 Customers Bancorp Incorporated 24,785 0.01 3,124 Scorpio Tankers Incorporated (MC) 27,148 0.01 348 East West Bancorp Incorporated 13,471 - 1,624 Teekay Corporation (Bermuda) 82,613 0.03 446 Farmers Capital Bank Corporation 10,303 - 487,573 0.17 618 Financial Institutions Incorporated 15,475 0.01 Water (0.07%) 14,602 United Utilities Group PLC 637 First Community Bancshares Incorporated 10,460 - (United Kingdom) 208,470 0.07 683 First NBC Bank Holding Company 24,042 0.01 208,470 0.07 774 FirstMerit Corporation 14,621 0.01 Total Non-U.S. Equities USD 35,785,794 12.41 1,276 Hanmi Financial Corporation 27,830 0.01 397 Heartland Financial USA Incorporated 10,759 - U.S. EQUITIES (33.81%) 3,497 M&T Bank Corporation 439,153 0.15 Number of Value % of 913 MainSource Financial Group Incorporated 19,073 0.01 Shares USD Fund 2,184 Northern Trust Corporation 147,202 0.05 Advertising (0.24%) 533 PacWest Bancorp 24,225 0.01 8,758 Omnicom Group Incorporated USD 678,570 0.24 583 Peoples Bancorp Incorporated 15,117 0.01 678,570 0.24 397 Republic Bancorp Incorporated 9,814 - Aerospace and Defense (0.47%) 1,794 Signature Bank 225,847 0.08 108 Alliant Techsystems Incorporated 12,555 - 633 United Community Banks Incorporated 11,983 - 328 Astronics Corporation 18,142 0.01 18,896 US Bancorp 849,375 0.29 6,920 Lockheed Martin Corporation 1,332,654 0.46 38,198 Wells Fargo & Company 2,094,014 0.74 1,363,351 0.47 5,407,161 1.88 Agriculture (0.55%) 31,890 Altria Group Incorporated 1,570,901 0.54 Beverages (0.56%) 7,081 Dr Pepper Snapple Group Incorporated 507,566 0.17 397 Andersons Incorporated 21,097 0.01 11,742 PepsiCompany Incorporated 1,110,324 0.39 320 Limoneira Company 7,994 - 1,617,890 0.56 1,599,992 0.55 Biotechnology (3.37%) Airlines (0.05%) 472 ACADIA Pharmaceuticals Incorporated 14,986 0.01 1,708 Hawaiian Holdings Incorporated 44,493 0.02 4,667 Actavis PLC 1,202,266 0.42 3,031 JetBlue Airways Corporation 48,072 0.02 1,566 AMAG Pharmaceuticals Incorporated 66,727 0.02 884 SkyWest Incorporated 11,731 - 8,120 AmerisourceBergen Corporation 731,856 0.25

The accompanying notes form an integral part of these financial statements. Putnam World Trust 93

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (33.81%) cont. U.S. EQUITIES (33.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Biotechnology (3.37%) cont. Commercial Services (0.62%) cont. 5,646 ARIAD Pharmaceuticals Incorporated USD 38,788 0.01 1,093 Kforce Incorporated USD 26,374 0.01 1,407 Array BioPharma Incorporated 6,655 - 577 Korn/Ferry International 16,589 0.01 249 BioSpecifics Technologies Corporation 9,577 - 1,339 Lions Gate Entertainment Corporation 42,835 0.01 2,020 Cambrex Corporation 43,632 0.02 1,496 Live Nation Entertainment Incorporated 39,046 0.01 11,415 Cardinal Health Incorporated 921,647 0.32 918 On Assignment Incorporated 30,459 0.01 1,436 Dynavax Technologies Corporation 24,211 0.01 2,774 Performant Financial Corporation 18,447 0.01 20,260 Eli Lilly & Company 1,397,737 0.48 530 PHH Corporation 12,704 - 181 Enanta Pharmaceuticals Incorporated 9,200 - 460 Providence Service Corporation 16,762 0.01 945 Impax Laboratories Incorporated 29,928 0.01 6,043 Total System Services Incorporated 205,160 0.07 351 Inovio Pharmaceuticals Incorporated 3,219 - 1,509 TrueBlue Incorporated 33,575 0.01 754 Insys Therapeutics Incorporated 31,728 0.01 4,383 Vantiv Incorporated 148,671 0.05 397 Isis Pharmaceuticals Incorporated 24,511 0.01 Weight Watchers International 20,531 Johnson & Johnson 2,146,927 0.75 587 Incorporated 14,581 0.01 6,160 McKesson Corporation 1,278,816 0.44 1,787,991 0.62 457 Medicines Company 12,641 - Computers (1.20%) 4,237 Amdocs Limited 197,656 0.07 28,945 Merck & Company Incorporated 1,643,787 0.58 11,001 Apple Incorporated 1,214,290 0.43 1,386 Merrimack Pharmaceuticals Incorporated 15,676 0.01 409 CACI International Incorporated 35,235 0.01 942 Nektar Therapeutics 14,601 0.01 427 Cray Incorporated 14,710 0.01 464 NPS Pharmaceuticals Incorporated 16,593 0.01 1,109 DST Systems Incorporated 104,423 0.04 56 Puma Biotechnology Incorporated 10,599 - 44,788 EMC Corporation 1,332,443 0.47 658 Repligen Corporation 13,022 - 889 Engility Holdings Incorporated 38,049 0.01 9,709,330 3.37 Building Materials (0.02%) 2,273 Jack Henry & Associates Incorporated 141,221 0.05 1,596 Continental Building Products Incorporated 28,297 0.01 313 Lexmark International Incorporated 12,918 - 2,671 PGT Incorporated 25,722 0.01 559 LivePerson Incorporated 7,882 - 414 Trex Company Incorporated 17,628 - 380 Manhattan Associates Incorporated 15,474 0.01 71,647 0.02 225 MAXIMUS Incorporated 12,337 - Chemicals (0.95%) 2,497 Mentor Graphics Corporation 54,734 0.02 443 Aceto Corporation 9,613 - 158 MTS Systems Corporation 11,833 - 299 Cabot Corporation 13,114 - 283 NetScout Systems Incorporated 10,338 - 4,531 Ecolab Incorporated 473,671 0.16 395 Nimble Storage Incorporated 10,859 - 348 Innophos Holdings Incorporated 20,361 0.01 7,579 Quantum Corporation 13,339 - 473 Innospec Incorporated 20,183 0.01 1,636 Spansion Incorporated 55,984 0.02 2,470 International Flavors & Fragrances 550 Synaptics Incorporated 37,846 0.01 Incorporated 250,285 0.09 3,492 Synopsys Incorporated 151,797 0.05 471 Kraton Performance Polymers Incorporated 9,792 - 3,473,368 1.20 160 Minerals Technologies Incorporated 11,112 - Cosmetics/Personal Care (0.21%) 970 OM Group Incorporated 28,906 0.01 496 Avon Products Incorporated 4,652 - 3,269 PPG Industries Incorporated 755,368 0.27 8,271 Colgate-Palmolive Company 572,105 0.20 2,837 Sherwin-Williams Company 746,443 0.26 1,557 Coty Incorporated 32,168 0.01 2,747 Sigma-Aldrich Corporation 377,026 0.13 608,925 0.21 369 Tronox Limited 8,808 - Distribution/Wholesale (0.02%) 954 Zep Incorporated 14,453 0.01 735 Beacon Roofing Supply Incorporated 20,426 - 2,739,135 0.95 367 Core-Mark Holding Company Incorporated 22,728 0.01 Commercial Services (0.62%) 143 MWI Veterinary Supply Incorporated 24,297 0.01 7,913 Automatic Data Processing Incorporated 659,707 0.24 67,451 0.02 233 Bright Horizons Family Solutions Diversified Financial Services (0.71%) Incorporated 10,944 - 334 Arlington Asset Investment Corporation 8,884 - 626 Carmike Cinemas Incorporated 16,439 0.01 21 Ashford Incorporated 1,974 - 2,638 CDK Global Incorporated 107,525 0.04 118 Credit Acceptance Corporation 16,063 0.01 163 Corporate Executive Board Company 11,822 - 702 Encore Capital Group Incorporated 31,169 0.01 909 Deluxe Corporation 56,585 0.02 445 Federal Agricultural Mortgage Corporation 13,501 - 762 Ennis Incorporated 10,257 - 1,644 Gain Capital Holdings Incorporated 14,796 0.01 1,046 Eros International PLC 22,133 0.01 2,318 KCG Holdings Incorporated 27,028 0.01 2,100 Gartner Incorporated 176,841 0.06 709 Nelnet Incorporated 32,855 0.01 3,657 Global Cash Access Holdings Incorporated 26,184 0.01 888 Ocwen Financial Corporation 13,409 - 255 Grand Canyon Education Incorporated 11,896 - 620 PRA Group Incorporated 35,886 0.02 525 Green Dot Corporation 10,752 - 718 Regional Management Corporation 11,352 - 506 Heartland Payment Systems Incorporated 27,284 0.01 6,930 Visa Incorporated 1,817,046 0.64 391 ITT Educational Services Incorporated 3,754 - 663 WisdomTree Investments Incorporated 10,389 - 885 KAR Auction Services Incorporated 30,665 0.01 2,034,352 0.71 The accompanying notes form an integral part of these financial statements. 94 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (33.81%) cont. U.S. EQUITIES (33.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Electric Utilities (0.85%) Industrial Conglomerates (0.01%) 17,166 Duke Energy Corporation USD 1,433,876 0.50 2,669 Harbinger Group Incorporated USD 37,7930.01 20,642 Southern Co 1,013,522 0.35 37,793 0.01 2,447,398 0.85 Insurance (1.16%) Electronics (0.52%) 285 Alleghany Corporation 132,405 0.05 187 FEI Company 16,895 - 1,196 American Equity Investment Life Holding 14,377 Honeywell International Incorporated 1,436,694 0.50 Company 34,911 0.01 602 Sparton Corporation 17,037 0.01 2,120 American Financial Group Incorporated 128,726 0.04 1,444 Stoneridge Incorporated 18,584 0.01 602 AmTrust Financial Services Incorporated 33,863 0.01 1,489,210 0.52 4,072 Arthur J Gallagher & Company 191,628 0.07 Entertainment (0.07%) 14,485 Berkshire Hathaway Incorporated 2,174,923 0.75 177 Demand Media Incorporated 1,083 - 1,274 CNO Financial Group Incorporated 21,938 0.01 1,663 Discovery Communications Incorporated 56,076 0.02 1,288 Employers Holdings Incorporated 30,281 0.01 6,714 Entravision Communications Corporation 43,372 0.02 2,355 Genworth Financial Incorporated 20,018 - 322 Marriott Vacations Worldwide Corporation 24,005 - 651 HCI Group Incorporated 28,156 0.01 3,146 National CineMedia Incorporated 45,208 0.02 223 Markel Corporation 152,367 0.05 524 Penn National Gaming Incorporated 7,195 - 13,405 Progressive Corporation 361,533 0.13 1,345 SeaWorld Entertainment Incorporated 24,076 0.01 1,008 Symetra Financial Corporation 23,244 0.01 124 Vail Resorts Incorporated 11,293 - 1,062 United Insurance Holdings Corporation 23,215 0.01 212,308 0.07 3,357,208 1.16 Environmental Control (0.37%) Internet (0.77%) 237 MSA Safety Incorporated 12,573 - 751 AOL Incorporated 34,651 0.01 6,111 Republic Services Incorporated 245,907 0.09 1,437 Borderfree Incorporated 12,847 - 1,821 Stericycle Incorporated 238,697 0.08 3,132 CDW Corporation 110,090 0.04 2,521 Waste Connections Incorporated 110,899 0.04 602 ChannelAdvisor Corporation 12,991 - 9,093 Waste Management Incorporated 466,653 0.16 25,810 eBay Incorporated 1,448,199 0.51 1,074,729 0.37 991 Google Incorporated 525,815 0.18 Food (0.22%) 1,638 Intralinks Holdings Incorporated 19,476 0.01 307 Boulder Brands Incorporated 3,395 - 513 NIC Incorporated 9,224 - 359 Cal-Maine Foods Incorporated 14,012 - 806 Perficient Incorporated 15,008 0.01 5,349 Hershey Company 555,654 0.20 711 Rocket Fuel Incorporated 11,447 - 608 Pinnacle Foods Incorporated 21,456 0.01 121 Shutterfly Incorporated 5,042 - 239 Sanderson Farms Incorporated 20,076 0.01 1,024 Web.com Group Incorporated 19,446 0.01 496 SpartanNash Company 12,951 - 2,224,236 0.77 627,544 0.22 Investment Companies (0.01%) Forest Products & Paper (0.01%) 1,037 Hercules Technology Growth Capital 1,094 KapStone Paper and Packaging Corporation 32,054 0.01 Incorporated 15,420 - 32,054 0.01 872 Solar Capital Limited 15,713 0.01 Hand/Machine Tools (0.01%) 31,133 0.01 414 Franklin Electric Company Incorporated 15,525 0.01 Leisure (0.01%) 15,525 0.01 644 Brunswick Corporation 33,011 0.01 Health-Care Services (0.16%) 33,011 0.01 533 Amedisys Incorporated 15,644 0.01 Lodging/Tourism (0.01%) 403 Amsurg Corporation 22,052 0.01 1,206 Marcus Corporation 22,323 0.01 130 Centene Corporation 13,501 - 22,323 0.01 485 Chemed Corporation 51,221 0.02 Machinery (0.15%) 381 Health Net Incorporated 20,384 0.01 978 Altra Industrial Motion Corporation 27,765 0.01 682 HealthSouth Corporation 26,209 0.01 553 Kadant Incorporated 23,608 0.01 793 Kindred Healthcare Incorporated 14,401 - 317 Middleby Corporation 31,415 0.01 3,603 MEDNAX Incorporated 238,230 0.08 2,224 Roper Industries Incorporated 347,611 0.12 2,006 Select Medical Holdings Corporation 28,886 0.01 430,399 0.15 Machinery-Construction and Mining (0.18%) 652 Surgical Care Affiliates Incorporated 21,940 0.01 3,537 American Water Works Company 452,468 0.16 Incorporated 188,487 0.07 1,221 Compass Minerals International Home Furnishings (0.02%) Incorporated 105,958 0.04 1,081 Select Comfort Corporation 29,209 0.01 145 Hyster-Yale Materials Handling 2,344 TiVo Incorporated 27,753 0.01 Incorporated 10,601 - 56,962 0.02 1,989 Newmont Mining Corporation 37,552 0.01 Household Products/Wares (0.46%) 2,275 Royal Gold Incorporated 142,643 0.05 4,186 Church & Dwight Company Incorporated 329,899 0.11 1,915 Stillwater Mining Company 28,208 0.01 8,633 Kimberly-Clark Corporation 996,939 0.35 464 US Silica Holdings Incorporated 11,920 - 1,326,838 0.46 525,369 0.18

The accompanying notes form an integral part of these financial statements. Putnam World Trust 95

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (33.81%) cont. U.S. EQUITIES (33.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Manufacturing (0.94%) Oil and Natural Gas Utilities (1.99%) cont. 7,424 3M Company USD 1,219,986 0.42 2,608 Triangle Petroleum Corporation USD 12,571- 279 AZZ Incorporated 13,091 - 256 Unit Corporation 8,730 - 493 Chase Corporation 17,428 0.01 1,651 VAALCompany Energy Incorporated 7,529 - 16,200 Danaher Corporation 1,388,340 0.49 560 W&T Offshore Incorporated 4,105 - 1,056 LSB Industries Incorporated 33,201 0.01 546 Whiting Petroleum Corporation 18,018 0.01 146 Polypore International Incorporated 6,869 - 5,747,017 1.99 259 Standex International Corporation 19,969 0.01 Pharmaceuticals (0.05%) 2,698,884 0.94 395 Nutraceutical International Corporation 8,441 - Media (0.57%) 1,934 POZEN Incorporated 15,453 0.01 3,772 Scripps Networks Interactive Incorporated 283,918 0.10 703 Prestige Brands Holdings Incorporated 24,408 0.02 763 Sinclair Broadcast Group Incorporated 20,876 0.01 180 Receptos Incorporated 22,050 0.01 4,718 Thomson Reuters Corporation 190,324 0.07 904 Sucampo Pharmaceuticals Incorporated 12,900 - 15,087 Viacom Incorporated 1,135,297 0.39 262 TESARO Incorporated 9,744 - 1,630,415 0.57 1,486 Threshold Pharmaceuticals Incorporated 4,711 - Medical Technology (0.47%) 754 Trevena Incorporated 4,479 - 1,300 Accuray Incorporated 9,815 - 121 USANA Health Sciences Incorporated 12,399 - 1,150 Alere Incorporated 43,700 0.02 2,534 XenoPort Incorporated 22,223 0.01 561 AtriCure Incorporated 11,175 - 136,808 0.05 4,237 Becton Dickinson and Company 589,621 0.20 Pipelines (0.21%) 481 Conmed Corporation 21,631 0.01 16,945 Spectra Energy Corporation 614,934 0.21 2,278 CR Bard Incorporated 379,469 0.13 614,934 0.21 258 DexCom Incorporated 14,203 - Real Estate (6.57%) 1,347 GenMark Diagnostics Incorporated 18,306 0.01 290 AG Mortgage Investment Trust Incorporated 5,382 - 604 Globus Medical Incorporated 14,357 - 481 Agree Realty Corporation 14,940 0.01 729 Greatbatch Incorporated 35,918 0.01 278 Alexander & Baldwin Incorporated 10,909 - 629 Hill-Rom Holdings Incorporated 28,670 0.01 317 Alexandria Real Estate Equities 533 ICU Medical Incorporated 43,653 0.02 Incorporated 28,134 0.01 429 Insulet Corporation 19,760 0.01 10,732 American Campus Communities 2,247 OraSure Technologies Incorporated 22,785 0.01 Incorporated 443,876 0.15 604 Spectranetics Corporation 20,874 0.01 12,474 American Realty Capital Properties 1,629 STAAR Surgical Company 14,808 0.01 Incorporated 112,890 0.04 295 Steris Corporation 19,131 0.01 7,234 Apartment Investment & Management 637 West Pharmaceutical Services Incorporated 33,888 0.01 Company 268,743 0.09 749 Apollo Commercial Real Estate Finance 1,341,764 0.47 Incorporated 12,246 - Metal Fabricate/Hardware (0.01%) 1,598 ARMOUR Residential REIT Incorporated 5,881 - 314 LB Foster Company 15,229 - 1,821 Ashford Hospitality Trust Incorporated 19,084 0.01 1,256 NN Incorporated 25,811 0.01 4,834 AvalonBay Communities Incorporated 789,924 0.27 41,040 0.01 5,201 Boston Properties Incorporated 669,317 0.23 Office/Business Equipment (0.01%) 786Pitney Bowes Incorporated 19,131 0.01 4,540 Camden Property Trust 335,234 0.12 19,131 0.01 1,736 Capital Senior Living Corporation 43,226 0.01 Oil and Natural Gas Utilities (1.99%) 673 CBL & Associates Properties Incorporated 13,070 - 1,160 Advanced Energy Industries Incorporated 27,492 0.01 1,005 CYS Investments Incorporated 8,764 - 3,957 Callon Petroleum Company 21,526 0.01 6,967 DCT Industrial Trust Incorporated 248,513 0.09 7,168 Chevron Corporation 804,106 0.28 1,283 DDR Corporation 23,556 0.01 13,653 ConocoPhillips 942,603 0.33 20,002 DiamondRock Hospitality Company 297,430 0.10 1,098 Delek US Holdings Incorporated 29,942 0.01 1,118 Digital Realty Trust Incorporated 74,101 0.03 1,490 Dril-Quip Incorporated 114,313 0.04 12,800 Douglas Emmett Incorporated 363,776 0.13 647 EnerSys 39,933 0.01 15,988 Duke Realty Corporation 322,958 0.11 1,440 EP Energy Corporation 15,034 0.01 12,576 DuPont Fabros Technology Incorporated 418,026 0.14 26,781 Exxon Mobil Corporation 2,475,368 0.86 915 Education Realty Trust Incorporated 33,462 0.01 386 Generac Holdings Incorporated 18,042 0.01 280 EPR Properties 16,128 0.01 5,474 GrafTech International Limited 27,644 0.01 5,888 Equity LifeStyle Properties Incorporated 303,055 0.11 214 Gulfport Energy Corporation 8,932 - 6,428 Equity Residential 461,916 0.16 7,256 ION Geophysical Corporation 19,954 0.01 3,112 Essex Property Trust Incorporated 643,001 0.22 1,318 Matrix Service Company 29,418 0.01 4,980 Extra Space Storage Incorporated 292,027 0.10 4,582 Northern Oil and Gas Incorporated 25,934 0.01 2,658 Federal Realty Investment Trust 354,737 0.12 14,884 Phillips 66 1,067,183 0.37 623 First Industrial Realty Trust Incorporated 12,809 - 229 Rosetta Resources Incorporated 5,107 - 21,224 General Growth Properties Incorporated 597,031 0.21 359 SM Energy Company 13,850 - 6,117 Geo Group Incorporated 246,637 0.09 574 Stone Energy Corporation 9,683 - 12,866 HCP Incorporated 566,490 0.20 The accompanying notes form an integral part of these financial statements. 96 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (33.81%) cont. U.S. EQUITIES (33.81%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Real Estate (6.57%) cont. Retail (2.59%) cont. 20,783 Health Care REIT Incorporated USD 1,572,6500.56 539 Krispy Kreme Doughnuts Incorporated USD 10,640- 1,997 Home Properties Incorporated 131,023 0.05 383 Lumber Liquidators Holdings Incorporated 25,385 0.01 27,019 Host Hotels & Resorts Incorporated 642,512 0.22 15,326 McDonald's Corporation 1,436,046 0.50 469 InvesCompany Mortgage Capital 1,707 MSC Industrial Direct Company Incorporated 7,251 - Incorporated 138,694 0.05 1,394 Investors Real Estate Trust 11,389 - 312 Nu Skin Enterprises Incorporated 13,628 - 17,968 KimCompany Realty Corporation 451,536 0.16 3,595 O'Reilly Automotive Incorporated 692,397 0.24 2,654 Lexington Realty Trust 29,141 0.01 376 Papa John's International Incorporated 20,973 0.01 3,474 Liberty Property Trust 130,727 0.05 427 Popeyes Louisiana Kitchen Incorporated 24,014 0.01 677 LTC Properties Incorporated 29,233 0.01 850 Sonic Automotive Incorporated 22,967 0.01 1,760 Macerich Company 146,731 0.05 856 Sonic Corporation 23,300 0.01 24,429 Medical Properties Trust Incorporated 336,632 0.12 2,099 Starbucks Corporation 172,223 0.06 1,555 MFA Financial Incorporated 12,424 - 7,472,961 2.59 3,043 Mid-America Apartment Communities Savings and Loans (0.11%) Incorporated 227,251 0.08 336 BofI Holding Incorporated 26,141 0.01 405 National Health Investors Incorporated 28,334 0.01 612 Flushing Financial Corporation 12,399 - 2,746 New Residential Investment Corporation 35,066 0.01 589 Heritage Financial Group Incorporated 15,214 0.01 340 Omega Healthcare Investors Incorporated 13,284 - 350 Meta Financial Group Incorporated 12,250 - 636 One Liberty Properties Incorporated 15,029 0.01 14,343 New York Community Bancorp 11,015 Prologis Incorporated 473,865 0.16 Incorporated 229,488 0.09 408 PS Business Parks Incorporated 32,452 0.01 623 Pacific Premier Bancorp Incorporated 10,753 - 7,509 Public Storage 1,388,414 0.48 306,245 0.11 741 Ramco-Gershenson Properties Trust 13,872 - Semiconductors (0.89%) 813 RE/MAX Holdings Incorporated 27,805 0.01 11,312 Analog Devices Incorporated 628,042 0.23 2,894 Realty Income Corporation 138,073 0.05 172 Cavium Incorporated 10,618 - 5,767 Regency Centers Corporation 367,935 0.13 642 CEVA Incorporated 11,646 - 6,510 Select Income REIT 158,779 0.06 447 Cirrus Logic Incorporated 10,531 - 8,373 Simon Property Group Incorporated 1,526,147 0.53 667 Cypress Semiconductor Corporation 9,525 - 617 Fairchild Semiconductor International 4,046 SL Green Realty Corporation 481,636 0.17 Incorporated 10,415 - 138 Sovran Self Storage Incorporated 12,036 - 729 Freescale Semiconductor Limited 18,393 0.01 8,297 Spirit Realty Capital Incorporated 98,568 0.03 1,898 Integrated Silicon Solution Incorporated 31,450 0.01 358 Starwood Property Trust Incorporated 8,316 - 8,444 Linear Technology Corporation 385,046 0.13 22,247 Strategic Hotels & Resorts Incorporated 294,105 0.10 402 Microsemi Corporation 11,401 - 1,745 Summit Hotel Properties Incorporated 21,708 0.01 263 Power Integrations Incorporated 13,600 - 3,213 Tanger Factory Outlet Centers Incorporated 118,752 0.04 2,341 QLogic Corporation 31,159 0.01 4,091 Taubman Centers Incorporated 312,675 0.11 784 Rovi Corporation 17,711 0.01 2,017 UDR Incorporated 62,164 0.02 399 Semtech Corporation 11,000 - 152 Universal Health Realty Income Trust 7,298 - 3,758 Silicon Image Incorporated 20,744 0.01 5,443 Ventas Incorporated 390,318 0.14 24,227 Texas Instruments Incorporated 1,295,175 0.46 5,326 Vornado Realty Trust 626,977 0.22 2,377 Ultra Clean Holdings Incorporated 22,035 0.01 8,840 Weingarten Realty Investors 308,693 0.11 3,466 Xcerra Corporation 31,679 0.01 2,869 WP Carey Incorporated 201,146 0.07 2,570,170 0.89 18,949,220 6.57 Software (0.99%) Retail (2.59%) 387 Acxiom Corporation 7,844 - 330 Advance Auto Parts Incorporated 52,576 0.02 239 Amber Road Incorporated 2,440 - 728 ANN Incorporated 26,550 0.01 2,670 ANSYS Incorporated 218,940 0.08 1,077 AutoZone Incorporated 667,126 0.23 366 Aspen Technology Incorporated 12,817 - 684 Bloomin' Brands Incorporated 16,929 0.01 3,348 Broadridge Financial Solutions Incorporated 154,577 0.05 399 Brown Shoe Company Incorporated 12,828 - 110 Computer Programs & Systems 159 Buffalo Wild Wings Incorporated 28,674 0.01 Incorporated 6,648 - 439 Children's Place Incorporated 25,019 0.01 347 Constant Contact Incorporated 12,731 - 304 Chipotle Mexican Grill Incorporated 207,963 0.07 7,090 Fidelity National Information Services 10,078 CompaniestCompany Wholesale Incorporated 440,998 0.15 Corporation 1,428,557 0.50 5,270 Fiserv Incorporated 374,012 0.13 296 Dillard's Incorporated 37,056 0.01 2,348 InnerWorkings Incorporated 18,291 0.01 7,371 Dollar Tree Incorporated 518,624 0.18 6,903 Intuit Incorporated 636,388 0.23 422 DSW Incorporated 15,741 - 5,859 Microsoft Corporation 272,151 0.09 956 GNC Holdings Incorporated 44,894 0.02 1,112 MobileIron Incorporated 11,053 - 17,028 Home Depot Incorporated 1,786,918 0.62 10,761 Paychex Incorporated 496,728 0.18 108 HSN Incorporated 8,208 - 254 Proofpoint Incorporated 12,248 - 188 Jack in the Box Incorporated 15,031 - 397 PROS Holdings Incorporated 10,902 - The accompanying notes form an integral part of these financial statements. Putnam World Trust 97

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (33.81%) cont. Number of Value % of Shares USD Fund Software (0.99%) cont. 492 PTC Incorporated USD 18,027 0.01 712 SolarWinds Incorporated 35,465 0.01 340 SS&C Technologies Holdings Incorporated 19,883 0.01 500 SYNNEX Corporation 39,070 0.01 166 Tyler Technologies Incorporated 18,167 0.01 147 Ultimate Software Group Incorporated 21,577 0.01 345 Verint Systems Incorporated 20,103 0.01 2,861,060 0.99 Telecommunications (1.30%) 292 Anixter International Incorporated 25,830 0.01 182 ARRIS Group Incorporated 5,495 - 347 Aruba Networks Incorporated 6,308 - 1,024 CalAmp Corporation 18,729 0.01 62,062 Cisco Systems Incorporated 1,725,944 0.61 807 EchoStar Corporation 42,222 0.01 2,322 Extreme Networks Incorporated 8,173 - 3,372 Frontier Communications Corporation 22,458 0.01 573 IDT Corporation 11,638 - 843 Inteliquent Incorporated 16,531 0.01 1,440 Iridium Communications Incorporated 14,040 - 590 NeuStar Incorporated 16,402 0.01 141 Plantronics Incorporated 7,476 - 3,471 RF Micro Devices Incorporated 57,480 0.02 835 Ruckus Wireless Incorporated 10,028 - 908 ShoreTel Incorporated 6,674 - 698 Spok Holdings Incorporated 12,096 - 173 Ubiquiti Networks Incorporated 5,128 - 36,994 Verizon Communications Incorporated 1,729,839 0.61 3,742,491 1.30 Textiles (0.01%) 330 G&K Services Incorporated 23,344 0.01 23,344 0.01 Transportation (0.63%) 1,062 Kirby Corporation 85,757 0.03 1,587 Landstar System Incorporated 115,105 0.04 239 Matson Incorporated 8,243 - 3,118 Quality Distribution Incorporated 33,144 0.01 2,201 Swift Transportation Company 62,971 0.02 13,655 United Parcel Service Incorporated 1,517,890 0.53 80 Universal Truckload Services Incorporated 2,280 - 278 XPO Logistics Incorporated 11,359 - 1,836,749 0.63 Trucking and Leasing (0.01%) 541 Greenbrier Companies Incorporated 29,084 0.01 29,084 0.01 Total U.S. Equities USD 97,478,364 33.81

The accompanying notes form an integral part of these financial statements. 98 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

REPURCHASE AGREEMENTS (5.04%) Principal Coupon Maturity Value % of Amount Rate % Dates USD Fund USD 14,534,000 Repurchase Agreement - Barclays Capital, Incorporated * 0.05 02/01/2015 USD 14,534,000 5.04 Total Repurchase Agreements USD 14,534,000 5.04

* Interest in USD25,000,000 joint repurchase agreement dated 31 December 2014 with Barclays Capital, Inc. due 2 January 2015 - maturity value of USD14,534,040 for an effective yield of 0.05% (collateralised by U.S. Treasury Bills with coupon rate of 2.125% and due date of 31 December 2021 valued at USD25,252,935).

U.S. TREASURY BILLS (9.74%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 264,000 U.S. Treasury Bill1 0.09 11/06/2015 USD 263,897 0.09 5,939,000 U.S. Treasury Bill2 0.04 09/04/2015 5,938,331 2.06 893,000 U.S. Treasury Bill3 0.03 02/04/2015 892,930 0.31 386,000 U.S. Treasury Bill4 0.001 19/02/2015 386,000 0.13 103,000 U.S. Treasury Bill5 0.01 12/02/2015 103,000 0.04 1,910,000 U.S. Treasury Bill6 0.01 05/02/2015 1,909,991 0.66 6,100,000 U.S. Treasury Bill7 0.001 29/01/2015 6,099,995 2.12 5,487,000 U.S. Treasury Bill8 0.01-0.03 22/01/2015 5,486,902 1.90 7,011,000 U.S. Treasury Bill9 0.01 15/01/2015 7,010,987 2.43 Total U.S. Treasury Bills USD 28,092,033 9.74 Total Value of Investments USD 317,991,691 110.32

1 Security is fully held as collateral by Barclays, Deutsche Bank and Westpac. 2 Security is fully held as collateral by Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, UBS and Westpac. 3 Security is fully held as collateral by Barclays and Merrill Lynch. 4 Security is partly held as collateral by Bank of America and Barclays. 5 Security is fully held as collateral by Barclays. 6 Security is partly held as collateral by Barclays. 7 Security is partly held as collateral by Bank of America, Barclays, Deutsche Bank, UBS and Westpac. 8 Security is partly held as collateral by Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, UBS and Westpac. 9 Security is partly held as collateral by Bank of America, Barclays, Credit Suisse, Deutsche Bank and UBS. † Single broker sourced priced securities. (F) is valued at fair value following procedures approved by the Investment Advisor.

Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 29 (“FRS 29”), “Improving Disclosures about Financial Instruments” based on the securities' valuation inputs.

Purchased Equity Options Outstanding (0.60%) Contract Expiration Value % of Amount date/strike price USD Fund USD 64,190 SPDR S&P 500 ETF Trust (Put) Dec-15/USD180.00 USD 466,760 0.16 63,177 SPDR S&P 500 ETF Trust (Put) Nov-15/180.00 427,250 0.15 59,297 SPDR S&P 500 ETF Trust (Put) Oct-15/162.00 198,403 0.07 62,870 SPDR S&P 500 ETF Trust (Put) Sep-15/170.00 244,136 0.08 62,870 SPDR S&P 500 ETF Trust (Put) Aug-15/170.00 209,726 0.07 62,870 SPDR S&P 500 ETF Trust (Put) Jul-15/173.00 196,625 0.07 Total Purchased Equity Options Outstanding USD 1,742,900 0.60

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING (0.01%) Unrealised Upfront Payments Payments Appreciation/ Notional Premium Termination made by received by (Depreciation) % of Amount received/(paid) Date Fund per annum Fund per annum USD Fund - USD 9,900,000 (E) USD (51,724) 18/03/2017 3 month USD-LIBOR-BBA 1.25% USD (14,628) (0.01) 20,488,000 (E) 84,951 18/03/2017 1.25% 3 month USD-LIBOR-BBA 8,182 - 10,600,000 (E) (232,606) 18/03/2020 3 month USD-LIBOR-BBA 2.25% (43,884) (0.02) 6,845,000 (E) 119,922 18/03/2020 2.25% 3 month USD-LIBOR-BBA (1,947) - 79,400,000 (E) (5,025,321) 18/03/2025 3 month USD-LIBOR-BBA 3.00% (370,178) (0.13) 7,306,000 (E) 415,613 18/03/2025 3.00% 3 month USD-LIBOR-BBA (12,730) - 2,100,000 (E) (333,896) 18/03/2045 3 month USD-LIBOR-BBA 3.50% 14,729 0.01 332,000 (E) 46,526 18/03/2045 3.50% 3 month USD-LIBOR-BBA (8,590) - Unrealised Appreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD 22,911 0.01 Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (451,957) (0.16) Net Unrealised Depreciation on Centrally Cleared Interest Rate Swap Contracts Outstanding USD (429,046) (0.15) Variation Margin Settlement to Date USD 445,784 0.16 Cumulative Unrealised Depreciation less Variation Margin Settlement to Date USD 16,738 0.01

(E) See Note 2 to the financial statements regarding extended effective dates. The accompanying notes form an integral part of these financial statements. Putnam World Trust 99

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING (0.01%) Upfront Payments premium received Unrealised received Notional Termination (paid) by Fund appreciation/ % of Referenced debt* (paid)** amount date per annum (depreciation) Fund NA HY Series 23 Index USD (1,094,458) USD 18,227,000 20/12/2019 500 bp USD 60,949 0.02 NA IG Series 23 Index (139,730) 10,000,000 20/12/2019 100 bp22,937 0.01 Net Unrealised Appreciation on Centrally Cleared Credit Default Contracts Outstanding USD 83,886 0.03 Variation Margin Settlement to Date USD (68,077) (0.02) Cumulative Unrealised less Variation Margin Settlement to Date USD 15,809 0.01

* Payments related to the referenced debt are made upon a credit default event. ** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.

WRITTEN SWAP OPTIONS OUTSTANDING (-0.02%) Contract Fixed Obligation % to receive or (pay)/ Expiration Value % of Amount Counterparty Floating rate index/Maturity date date/strike USD Fund USD (444,000) JPMorgan Chase Bank N.A. (6.00 Floor)/3 month USD-LIBOR-BBA/Mar-18 Mar-18/6.00 USD (67,963) (0.02) Total Written Swap Options Outstanding USD (67,963) (0.02)

WRITTEN EQUITY OPTIONS OUTSTANDING (-0.03%) Contract Expiration date/ Value % of Amount Counterparty strike price USD Fund USD (124,824) SPDR S&P 500 ETF Trust (Call) Jan-15/USD214.00 USD (53,674) (0.02) (31,421) SPDR S&P 500 ETF Trust (Call) Jan-15/214.50 (4,708) - (159,232) SPDR S&P 500 ETF Trust (Call) Jan-15/213.00 (20,697) (0.01) (31,428) SPDR S&P 500 ETF Trust (Call) Jan-15/209.00 (11,872)- (31,260) SPDR S&P 500 ETF Trust (Call) Jan-15/212.50 (313) - Total Written Equity Options Outstanding USD (91,264) (0.03)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING (-0.15%) Payments received Unrealised Swap counterparty/ Upfront Premium Notional Termination (paid) by Fund appreciation/ % of Referenced debt* received/(paid)** Amount date per annum (depreciation) Fund Bank of America N.A. CMBX NA BBB- Index USD 2,052 USD 36,000 11/05/2063 300 bp USD 2,167 - CMBX NA BBB- Index 2,161 35,000 11/05/2063 300 bp 2,272 - CMBX NA BBB- Index 1,085 18,000 11/05/2063 300 bp 1,142 - CMBX NA BBB- Index 478 7,000 11/05/2063 300 bp 501 - Barclays Bank PLC CMBX NA BBB- Index 3,548 32,000 11/05/2063 300 bp 3,649 - EM Series 22 Index 1,683,000 20,400,000 20/12/2019 100 bp (434,565) (0.15) Credit Suisse International CMBX NA BBB- Index 2,914 71,000 11/05/2063 300 bp 3,139 - CMBX NA BBB- Index 2,768 38,000 11/05/2063 300 bp 2,889 - CMBX NA BBB- Index 553 36,000 11/05/2063 300 bp 668 - CMBX NA BBB- Index 2,710 35,000 11/05/2063 300 bp 2,821 - CMBX NA BBB- Index 3,842 34,000 11/05/2063 300 bp 3,950 0.01 CMBX NA BBB- Index 2,712 34,000 11/05/2063 300 bp 2,822 - CMBX NA BBB- Index 1,004 33,000 11/05/2063 300 bp 1,109 - CMBX NA BBB- Index 2,149 27,000 11/05/2063 300 bp 2,235 - CMBX NA BBB- Index 267 23,000 11/05/2063 300 bp 340 - CMBX NA BBB- Index 155 20,000 11/05/2063 300 bp 219 - CMBX NA BBB- Index 978 8,000 11/05/2063 300 bp 1,003 - CMBX NA BBB- Index 329 5,000 11/05/2063 300 bp 345 - CMBX NA BBB- Index 2,557 24,000 11/05/2063 300 bp 2,634 - CMBX NA BBB- Index 1,005 21,000 11/05/2063 300 bp 1,072 - CMBX NA BBB- Index (2,034) 36,000 17/01/2047 (300 bp) (1,626) - CMBX NA BBB- Index (2,191) 36,000 17/01/2047 (300 bp) (1,783) - CMBX NA BBB- Index (1,643) 35,000 17/01/2047 (300 bp) (1,247) - CMBX NA BBB- Index (2,050) 35,000 17/01/2047 (300 bp) (1,654) -

The accompanying notes form an integral part of these financial statements. 100 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING (-0.15%) cont. Payments received Unrealised Swap counterparty/ Upfront Premium Notional Termination (paid) by Fund appreciation/ % of Referenced debt* received/(paid)** Amount date per annum (depreciation) Fund Deutsche Bank AG EM Series 22 Index USD 86,500 USD 1,000,000 20/12/2019 100 bp USD (17,302) (0.01) Unrealised Appreciation on OTC Credit Default Contracts Outstanding USD 34,977 0.01 Unrealised Depreciation on OTC Credit Default Contracts Outstanding USD (458,177) (0.16) Net Unrealised Depreciation on OTC Credit Default Contracts Outstanding USD (423,200)(0.15)

* Payments related to the referenced debt are made upon a credit default event. ** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-3.08%)

Upfront Fixed payments Total return Unrealised Swap counterparty Notional premium Termination received (paid) by received by Appreciation/ % of amount received (paid) Date Fund per annum or (paid) by Fund (Depreciation) Fund Bank of America N.A. USD 12,000,000 USD - 19/07/2023 (2.585%) USA Non Revised Consumer Price Index- Urban (CPI-U) USD (976,788) (0.35) baskets 322,450 - 19/10/2015 (3 month USD-LIBOR-BBA A basket (MLTRFCF4) of plus 0.10%) common stocks 4,941,208 1.71 units 8,237 - 19/10/2015 3 month USD-LIBOR-BBA Russell 1000 Total Return minus 0.07% Index (4,393,271) (1.53) Barclays Bank PLC USD 47,420 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (116) - 735,362 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (2,024) - 1,214 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools - - 2,700,000 - 07/12/2022 (2.7475%) USA Non Revised Consumer Price Index- Urban (CPI-U) (302,319) (0.10) 3,550 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools - - 27,432 - 12/01/2040 4.50% (1 month USD-LIBOR) Synthetic MBX Index 4.50% 30 year Fannie Mae pools 75 - 67,597 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 24 - 35,215 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 12 - 6,007 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools (1) - 19,387 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools (2) - 14,199 - 12/01/2040 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools (2) - 14,053 - 12/01/2038 (6.50%) 1 month USD-LIBOR Synthetic MBX Index 6.50% 30 year Fannie Mae pools (36) - 2,463 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (3) - 1,271 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (1) - 1,271 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (1) - 2,463 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (3) - 6,514 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (7) - 2,463 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (3) - 441,049 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,214) - 7,400,000 - 08/05/2023 (2.59%) USA Non Revised Consumer Price Index- Urban (CPI-U) (676,397) (0.24) 2,429 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 1 - 5,005 - 12/01/2039 (5.50%) 1 month USD-LIBOR Synthetic MBX Index 5.50% 30 year Fannie Mae pools (5) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 101

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-3.08%) cont.

Upfront Fixed payments Total return Unrealised Notional premium Termination received (paid) by received by Appreciation/ % of Swap counterparty amount received (paid) Date Fund per annum or (paid) by Fund (Depreciation) Fund Barclays Bank PLC cont. USD 4,800,000 USD - 19/07/2023 (2.569%) USA Non Revised Consumer Price Index- Urban (CPI-U) USD (386,304) (0.13) 63,144 - 12/01/2041 (5.00%) 1 month USD-LIBOR Synthetic TRS Index 5.00% 30 year Fannie Mae pools 101 - 1,000,000 - 07/08/2023 (2.555%) USA Non Revised Consumer Price Index- Urban (CPI-U) (78,680) (0.03) 2,024 - 12/01/2041 5.00% (1 month USD-LIBOR) Synthetic MBX Index 5.00% 30 year Fannie Mae pools 1 - 40,675 - 21/12/2015 (0.18%) S&P GSCI 3M Forward ER Index (311,321) (0.11) Citibank, N.A. 5,000,000 - 07/08/2022 2.515% USA Non Revised Consumer Price Index- Urban (CPI-U) 428,750 0.15 baskets 104 - 17/12/2015 (3 month USD-LIBOR-BBA A basket (CGPUTQL2) of plus 42 bp) common stocks 309,752 0.11 units 2,184 - 17/12/2015 3 month USD-LIBOR-BBA Russell 1000 Total Return plus 15 bp Index (309,259) (0.11) Credit Suisse International USD 261,621 - 12/01/2041 4.50% (1 month USD-LIBOR) Synthetic MBX Index 4.50% 30 year Ginnie Mae II pools 596 - 1,600,000 - 09/01/2023 (2.76%) USA Non Revised Consumer Price Index- Urban (CPI-U) (177,816) (0.06) 6,200,000 - 07/08/2022 (2.515%) USA Non Revised Consumer Price Index- Urban (CPI-U) (533,262) (0.18) 1,400,000 - 08/08/2022 (2.5325%) USA Non Revised Consumer Price Index- Urban (CPI-U) (122,920) (0.04) 13,500,000 - 31/08/2022 (2.575%) USA Non Revised Consumer Price Index- Urban (CPI-U) (1,212,165) (0.43) 5,000,000 - 08/02/2023 (2.81%) USA Non Revised Consumer Price Index- Urban (CPI-U) (564,055) (0.20) 1,000,000 - 07/06/2023 (2.505%) USA Non Revised Consumer Price Index- Urban (CPI-U) (78,270) (0.03) 7,400,000 - 19/07/2023 (2.57%) USA Non Revised Consumer Price Index- Urban (CPI-U) (596,292) (0.21) 288,411 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (794) - shares 44,100 - 26/05/2015 (3 month USD-LIBOR-BBA Vanguard FTSE Emerging plus 0.15%) Markets ETF (114,805) (0.04) units 48,538 - 11/05/2015 (0.15%) S&P GSCI Light Energy Excess Return Index (CPW 4) (637,177) (0.22) Deutsche Bank AG USD 600,000 - 07/11/2021 (2.43%) USA Non Revised Consumer Price Index- Urban (CPI-U) (50,084) (0.02) 2,900,000 - 06/05/2021 (2.875%) USA Non Revised Consumer Price Index- Urban (CPI-U) (371,113) (0.13) shares 48,245 - 22/05/2015 (3 month USD-LIBOR-BBA Vanguard FTSE Emerging plus 25 bp) Markets ETF (82,854) (0.03) Goldman Sachs International USD 20,680,000 - 20/07/2020 (2.31%) USA Non Revised Consumer Price Index- Urban (CPI-U) (1,265,864) (0.45) 21,083 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (58) - 117,496 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (287) - 117,496 - 12/01/2042 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (287) - 115,955 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (319) - 2,400,000 - 05/10/2022 (2.73%) USA Non Revised Consumer Price Index- Urban (CPI-U) (250,152) (0.09) 161,915 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (446) - 598,454 - 12/01/2040 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (1,833) - 193,539 - 12/01/2041 4.00% (1 month USD-LIBOR) Synthetic TRS Index 4.00% 30 year Fannie Mae pools (533) -

The accompanying notes form an integral part of these financial statements. 102 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-3.08%) cont.

Upfront Fixed payments Total return Unrealised Notional premium Termination received (paid) by received by Appreciation/ % of Swap counterparty amount received (paid) Date Fund per annum or (paid) by Fund (Depreciation) Fund Goldman Sachs International cont. USD 3,600,000 USD - 05/04/2023 (2.7475%) USA Non Revised Consumer Price Index- Urban (CPI-U) USD (375,624) (0.13) 5,800,000 - 19/07/2023 (2.58%) USA Non Revised Consumer Price Index- Urban (CPI-U) (473,512) (0.16) baskets 5,337 (F) - 15/12/2015 (1 month USD-LIBOR-BBA A basket (GSCBSAUD) of plus 90 bp) common stocks 32,310 0.01 JPMorgan Chase Bank N.A. USD 3,000,000 - 07/08/2022 2.515% USA Non Revised Consumer Price Index- Urban (CPI-U) 257,718 0.09 shares 1,672 - 30/03/2015 (3 month USD-LIBOR-BBA iShares MSCI Emerging plus 15 bp) Markets Index 49 - shares 128,012 - 14/07/2015 (3 month USD-LIBOR-BBA Common stock of Vanguard plus 26 bp) FTSE Emerging Markets ETF (188,264) (0.07) shares 112,267 - 31/08/2015 (3 month USD-LIBOR-BBA Vanguard FTSE Emerging plus 0.28%) Markets ETF (134,088) (0.05) UBS AG shares 41,990 - 16/07/2015 (3 month USD-LIBOR-BBA Vanguard FTSE Emerging plus 0.20%) Markets ETF (19,873) (0.01) Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 5,970,597 2.07 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (14,690,504) (5.15) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (8,719,907) (3.08)

(F) is valued at fair value following procedures approved by the Investment Advisor.

FUTURES CONTRACTS OUTSTANDING (0.13)% Unrealised Number of Appreciation/ contracts (Depreciation) % of Long/(Short) Broker USD Fund (105) Australian Government Treasury Bond 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated USD (129,169) (0.04) 69 Canadian Government Bond 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 83,043 0.03 63 Euro-Bobl 5 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 62,285 0.02 129 Euro-Bund 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 466,157 0.16 30 Euro-Buxl 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 257,481 0.09 17 Euro-Schatz 2 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 3,652 - 70 FTSE 100 Index Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 65,816 0.02 75 Goldman Sachs Index Jan-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (840,094) (0.29) 89 Japanese Government Bond 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 52,458 0.02 29 Japanese Government Bond 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 162,105 0.06 (44) MSCI EAFE Index Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (35,948) (0.01) 45 Russell 2000 Index Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 191,610 0.07 (27) Russell 2000 Index Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (115,074) (0.04) 40 S&P 500 Index E-Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 56,720 0.02 (159) S&P 500 Index E-Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (226,098) (0.08) (5) S&P Mid Cap 400 Index E-Mini Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (16,960) (0.01) (24) S&P/TSX 60 Index Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (175,285) (0.06) 31 SPI 200 Index Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 171,350 0.06 45 Tokyo Price Index Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (108,743) (0.04) 43 U.K. Gilt 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 217,068 0.08 (162) U.K. Gilt 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (612,724) (0.21) 15 U.S. Treasury Bond 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 59,854 0.02 19 U.S. Treasury Bond Ultra 30 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 138,636 0.05 48 U.S. Treasury Note 2 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (15,154) (0.01) 73 U.S. Treasury Note 5 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 479 - 229 U.S. Treasury Note 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated 180,260 0.06 (131) U.S. Treasury Note 10 yr Mar-15 Merrill Lynch, Pierce, Fenner & Smith Incorporated (104,600) (0.04) Unrealised Appreciation on Futures Contracts USD 2,168,974 0.76 Unrealised Depreciation on Futures Contracts USD (2,379,849) (0.83) Net Unrealised Depreciation on Futures Contracts USD (210,875) (0.07) Variation margin settlement to date USD 589,492 0.20 Cumulative unrealised less variation margin settlement to date USD 378,617 0.13

The accompanying notes form an integral part of these financial statements. Putnam World Trust 103

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America, N.A. Australian Dollar Sell 21/01/2015 216,339 225,653 USD 9,314 - Canadian Dollar Sell 21/01/2015 218,279 218,527 248 - Canadian Dollar Sell 21/01/2015 217,935 218,083 148 - Chinese Yuan (offshore) Buy 13/02/2015 443,020 446,853 (3,833) - Chinese Yuan (offshore) Sell 13/02/2015 443,212 442,873 (339) - Euro Buy 18/03/2015 441,476 451,871 (10,395) - Euro Buy 18/03/2015 212,020 215,180 (3,160) - Euro Sell 18/03/2015 441,234 450,092 8,858 - Euro Sell 18/03/2015 4,655,521 4,508,305 (147,216) (0.05) South Korean Won Buy 13/02/2015 461,438 457,954 3,484 - South Korean Won Sell 13/02/2015 444,388 447,895 3,507 - Swiss Franc Sell 18/03/2015 3,424 3,533 109 - Barclays Bank PLC Australian Dollar Buy 21/01/2015 136,506 145,276 (8,770) - Australian Dollar Buy 21/01/2015 424,849 454,338 (29,489) (0.01) Australian Dollar Buy 21/01/2015 75,103 81,515 (6,412) - Australian Dollar Sell 21/01/2015 212,914 223,165 10,251 - Australian Dollar Sell 21/01/2015 427,051 456,666 29,615 0.01 Australian Dollar Sell 21/01/2015 212,669 225,762 13,093 - Australian Dollar Sell 21/01/2015 209,407 224,089 14,682 0.01 Australian Dollar Sell 21/01/2015 642,574 683,858 41,284 0.02 Canadian Dollar Buy 21/01/2015 223,270 227,749 (4,479) - Canadian Dollar Buy 21/01/2015 443,356 458,668 (15,312) (0.01) Canadian Dollar Buy 21/01/2015 222,925 226,599 (3,674) - Canadian Dollar Sell 21/01/2015 444,560 456,259 11,699 - Canadian Dollar Sell 21/01/2015 222,237 230,327 8,090 - Canadian Dollar Sell 21/01/2015 220,947 229,425 8,478 - Chinese Yuan (offshore) Buy 13/02/2015 489,804 494,658 (4,854) - Chinese Yuan (offshore) Buy 13/02/2015 447,411 452,101 (4,690) - Hong Kong Dollar Sell 13/02/2015 878,051 878,119 68 - Japanese Yen Buy 13/02/2015 207,535 216,856 (9,321) - Japanese Yen Sell 13/02/2015 415,070 437,144 22,074 0.01 Mexican Peso Buy 21/01/2015 209,350 226,781 (17,431) (0.01) Mexican Peso Buy 21/01/2015 208,666 228,432 (19,766) (0.01) Mexican Peso Sell 21/01/2015 2,370 2,597 227 - Mexican Peso Sell 21/01/2015 410,839 447,491 36,652 0.02 Mexican Peso Sell 21/01/2015 4,808 5,238 430 - New Zealand Dollar Buy 21/01/2015 227,205 226,768 437 - New Zealand Dollar Buy 21/01/2015 229,698 230,228 (530) - New Zealand Dollar Buy 21/01/2015 4,128 4,080 48 - New Zealand Dollar Buy 21/01/2015 228,062 224,581 3,481 - New Zealand Dollar Sell 21/01/2015 339,834 336,804 (3,030) - Singapore Dollar Sell 13/02/2015 71,199 73,200 2,001 - South Korean Won Sell 13/02/2015 444,388 447,894 3,506 - Swiss Franc Sell 18/03/2015 444,466 458,670 14,204 - Citibank, N.A Australian Dollar Buy 21/01/2015 850,758 904,322 (53,564) (0.02) Australian Dollar Sell 21/01/2015 106,579 113,812 7,233 - Australian Dollar Sell 21/01/2015 265,918 277,366 11,448 - Australian Dollar Sell 21/01/2015 263,390 282,326 18,936 0.01 Australian Dollar Sell 21/01/2015 214,871 230,858 15,987 0.01 Brazilian Real Buy 05/01/2015 26,672 28,616 (1,944) - Brazilian Real Buy 05/01/2015 824,543 877,562 (53,019) (0.02) Brazilian Real Sell 05/01/2015 209,277 214,738 5,461 - Brazilian Real Sell 05/01/2015 641,938 672,155 30,217 0.02 British Pound Sell 18/03/2015 3,138,611 3,107,545 (31,066) (0.01) Canadian Dollar Buy 21/01/2015 22,370 23,076 (706) - Canadian Dollar Sell 21/01/2015 435,526 436,240 714 -

The accompanying notes form an integral part of these financial statements. 104 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Citibank, N.A cont. Canadian Dollar Sell 21/01/2015 179,304 186,019 USD 6,715 - Danish Krone Sell 18/03/2015 388,172 400,853 12,681 - Euro Buy 18/03/2015 441,476 451,798 (10,322) - Euro Buy 18/03/2015 419,681 430,453 (10,772) - Euro Sell 18/03/2015 1,802,229 1,860,589 58,360 0.03 Euro Sell 18/03/2015 9,977,302 9,664,351 (312,951) (0.12) Euro Sell 18/03/2015 4,604,455 4,460,030 (144,425) (0.05) Japanese Yen Buy 13/02/2015 451,933 459,928 (7,995) - Japanese Yen Sell 13/02/2015 415,071 437,018 21,947 0.01 Japanese Yen Sell 13/02/2015 212,880 214,613 1,733 - Mexican Peso Buy 21/01/2015 430,686 436,000 (5,314) - Mexican Peso Sell 21/01/2015 4,300 4,316 16 - New Zealand Dollar Buy 21/01/2015 227,205 226,899 306 - New Zealand Dollar Buy 21/01/2015 110,682 109,835 847 - New Zealand Dollar Buy 21/01/2015 220,741 223,416 (2,675) - New Zealand Dollar Buy 21/01/2015 227,829 227,828 1 - New Zealand Dollar Sell 21/01/2015 147,835 146,968 (867) - New Zealand Dollar Sell 21/01/2015 37,387 36,982 (405) - Norwegian Krone Sell 18/03/2015 367,447 395,304 27,857 0.01 Swiss Franc Sell 18/03/2015 10,877 11,223 346 - Swiss Franc Sell 18/03/2015 419,186 430,613 11,427 - Credit Suisse AG Australian Dollar Buy 21/01/2015 443,931 471,901 (27,970) (0.01) Australian Dollar Buy 21/01/2015 197,420 214,285 (16,865) (0.01) Australian Dollar Buy 21/01/2015 424,931 454,442 (29,511) (0.01) Australian Dollar Sell 21/01/2015 220,579 219,558 (1,021) - Australian Dollar Sell 21/01/2015 426,969 453,063 26,094 0.01 Australian Dollar Sell 21/01/2015 209,570 224,726 15,156 0.01 Australian Dollar Sell 21/01/2015 215,849 231,493 15,644 0.01 Australian Dollar Sell 21/01/2015 213,892 225,444 11,552 - Australian Dollar Sell 21/01/2015 219,274 222,526 3,252 - Australian Dollar Sell 21/01/2015 1,210,290 1,286,546 76,256 0.04 British Pound Buy 18/03/2015 435,222 436,569 (1,347) - British Pound Buy 18/03/2015 218,857 219,253 (396) - British Pound Sell 18/03/2015 215,742 216,536 794 - British Pound Sell 18/03/2015 2,892,269 2,863,206 (29,063) (0.01) Canadian Dollar Buy 21/01/2015 439,398 455,180 (15,782) (0.01) Canadian Dollar Sell 21/01/2015 473,125 490,778 17,653 0.01 Canadian Dollar Sell 21/01/2015 444,474 456,343 11,869 - Canadian Dollar Sell 21/01/2015 220,000 222,727 2,727 - Euro Buy 18/03/2015 441,476 454,711 (13,235) - Euro Buy 18/03/2015 419,681 430,458 (10,777) - Euro Sell 18/03/2015 419,560 426,011 6,451 - Euro Sell 18/03/2015 432,637 437,096 4,459 - Euro Sell 18/03/2015 214,442 221,404 6,962 - Euro Sell 18/03/2015 441,355 451,749 10,394 - Euro Sell 18/03/2015 47,223 48,507 1,284 - Euro Sell 18/03/2015 9,927,435 9,615,240 (312,195) (0.12) Euro Sell 18/03/2015 4,574,775 4,430,909 (143,866) (0.05) Indian Rupee Buy 13/02/2015 446,083 456,271 (10,188) - Japanese Yen Buy 13/02/2015 450,078 456,559 (6,481) - Japanese Yen Buy 13/02/2015 269,320 283,562 (14,242) - Japanese Yen Sell 13/02/2015 425,761 429,206 3,445 - New Zealand Dollar Buy 21/01/2015 224,168 227,350 (3,182) - New Zealand Dollar Buy 21/01/2015 230,321 227,946 2,375 - New Zealand Dollar Buy 21/01/2015 223,467 222,296 1,171 - New Zealand Dollar Sell 21/01/2015 147,913 147,041 (872) - Norwegian Krone Buy 18/03/2015 216,368 219,496 (3,128) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 105

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Credit Suisse AG cont. Norwegian Krone Sell 18/03/2015 209,070 224,892 15,822 0.01 Norwegian Krone Sell 18/03/2015 215,404 225,210 USD 9,806 - Swedish Krona Buy 18/03/2015 213,050 218,100 (5,050) - Swiss Franc Sell 18/03/2015 419,186 430,631 11,445 - Deutsche Bank AG Australian Dollar Buy 21/01/2015 255,562 271,567 (16,005) (0.01) Australian Dollar Buy 21/01/2015 215,279 227,014 (11,735) - Australian Dollar Sell 21/01/2015 209,407 224,623 15,216 0.01 Australian Dollar Sell 21/01/2015 263,472 282,444 18,972 0.01 British Pound Buy 18/03/2015 1,824,653 1,817,363 7,290 - British Pound Sell 18/03/2015 221,038 222,560 1,522 - British Pound Sell 18/03/2015 3,144,614 3,113,042 (31,572) (0.01) Euro Buy 18/03/2015 217,469 224,540 (7,071) - Euro Buy 18/03/2015 1,443,333 1,490,262 (46,929) (0.02) Euro Buy 18/03/2015 721,546 739,679 (18,133) (0.01) Euro Sell 18/03/2015 419,681 426,145 6,464 - Euro Sell 18/03/2015 12,395,803 12,005,455 (390,348) (0.15) Euro Sell 18/03/2015 4,571,777 4,427,810 (143,967) (0.05) New Zealand Dollar Buy 21/01/2015 110,760 109,911 849 - New Zealand Dollar Buy 21/01/2015 220,507 223,989 (3,482) - New Zealand Dollar Buy 21/01/2015 223,545 224,278 (733) - New Zealand Dollar Sell 21/01/2015 1,791 1,817 26 - New Zealand Dollar Sell 21/01/2015 239,824 239,700 (124) - Norwegian Krone Sell 18/03/2015 916,287 985,214 68,927 0.03 Swedish Krona Buy 18/03/2015 212,562 223,257 (10,695) - Swedish Krona Sell 18/03/2015 215,244 222,396 7,152 - Swiss Franc Sell 18/03/2015 15,410 15,900 490 - Turkish Lira Buy 18/03/2015 854,007 892,224 (38,217) (0.01) Turkish Lira Buy 18/03/2015 427,467 428,982 (1,515) - Turkish Lira Sell 18/03/2015 427,383 432,702 5,319 - Turkish Lira Sell 18/03/2015 427,509 433,218 5,709 - Goldman Sachs International Australian Dollar Buy 21/01/2015 429,334 456,333 (26,999) (0.01) Australian Dollar Sell 21/01/2015 263,472 282,441 18,969 0.01 Australian Dollar Sell 21/01/2015 165,862 173,002 7,140 - British Pound Sell 18/03/2015 395,656 399,710 4,054 - British Pound Sell 18/03/2015 2,571,984 2,545,902 (26,082) (0.01) British Pound Sell 18/03/2015 435,651 433,362 (2,289) - Canadian Dollar Buy 21/01/2015 218,710 225,545 (6,835) - Canadian Dollar Buy 21/01/2015 443,442 458,765 (15,323) (0.01) Canadian Dollar Sell 21/01/2015 624,811 648,167 23,356 0.01 Canadian Dollar Sell 21/01/2015 37,341 38,518 1,177 - Euro Buy 18/03/2015 220,617 226,158 (5,541) - Euro Buy 18/03/2015 212,141 215,303 (3,162) - Euro Sell 18/03/2015 441,234 449,950 8,716 - Euro Sell 18/03/2015 234,905 242,549 7,644 - Euro Sell 18/03/2015 11,553,260 11,189,176 (364,084) (0.14) Euro Sell 18/03/2015 4,571,677 4,427,607 (144,070) (0.05) Japanese Yen Buy 13/02/2015 451,932 459,946 (8,014) - Japanese Yen Buy 13/02/2015 215,561 219,229 (3,668) - Japanese Yen Buy 13/02/2015 828,219 843,049 (14,830) (0.01) Japanese Yen Sell 13/02/2015 424,328 433,016 8,688 - Japanese Yen Sell 13/02/2015 332,151 349,759 17,608 0.01 New Zealand Dollar Buy 21/01/2015 227,984 229,521 (1,537) - HSBC Bank USA, National Association Australian Dollar Buy 21/01/2015 45,584 49,467 (3,883) - Australian Dollar Buy 21/01/2015 212,261 227,679 (15,418) (0.01) Australian Dollar Sell 21/01/2015 210,304 228,222 17,918 0.01

The accompanying notes form an integral part of these financial statements. 106 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund HSBC Bank USA, National Association cont. Australian Dollar Sell 21/01/2015 212,098 226,045 13,947 - Australian Dollar Sell 21/01/2015 44,524 47,327 USD 2,803 - Australian Dollar Sell 21/01/2015 215,279 226,499 11,220 - Australian Dollar Sell 21/01/2015 213,321 227,754 14,433 0.01 British Pound Buy 18/03/2015 217,611 218,297 (686) - British Pound Sell 18/03/2015 2,790,410 2,762,745 (27,665) (0.01) Canadian Dollar Sell 21/01/2015 668,518 693,242 24,724 0.01 Chinese Yuan (offshore) Buy 13/02/2015 451,386 455,035 (3,649) - Euro Buy 18/03/2015 217,105 223,586 (6,481) - Euro Sell 18/03/2015 10,039,261 9,724,405 (314,856) (0.12) Euro Sell 18/03/2015 5,187,170 5,024,487 (162,683) (0.06) Japanese Yen Buy 13/02/2015 451,970 456,139 (4,169) - Japanese Yen Buy 13/02/2015 207,535 216,862 (9,327) - Japanese Yen Sell 13/02/2015 212,880 214,607 1,727 - Japanese Yen Sell 13/02/2015 415,070 437,021 21,951 0.01 New Zealand Dollar Buy 21/01/2015 218,871 217,966 905 - Swedish Krona Buy 18/03/2015 138,090 143,246 (5,156) - Swedish Krona Buy 18/03/2015 3,426 3,601 (175) - Swedish Krona Sell 18/03/2015 216,155 224,730 8,575 - JPMorgan Chase Bank, N.A. Australian Dollar Buy 21/01/2015 219,437 218,909 528 - Australian Dollar Buy 21/01/2015 697,617 741,612 (43,995) (0.02) Australian Dollar Buy 21/01/2015 213,321 227,495 (14,174) - Australian Dollar Buy 21/01/2015 218,377 217,775 602 - Australian Dollar Sell 21/01/2015 433,574 433,591 17 - Australian Dollar Sell 21/01/2015 212,343 227,177 14,834 0.01 Australian Dollar Sell 21/01/2015 213,729 227,147 13,418 - Australian Dollar Sell 21/01/2015 219,274 228,686 9,412 - Australian Dollar Sell 21/01/2015 213,648 227,534 13,886 - Australian Dollar Sell 21/01/2015 209,489 224,816 15,327 0.01 Australian Dollar Sell 21/01/2015 61,730 64,385 2,655 - Australian Dollar Sell 21/01/2015 57,163 60,768 3,605 - Brazilian Real Buy 05/01/2015 938,680 999,079 (60,399) (0.02) Brazilian Real Sell 05/01/2015 61,922 66,350 4,428 - Brazilian Real Sell 05/01/2015 209,239 214,708 5,469 - Brazilian Real Sell 05/01/2015 25,581 26,989 1,408 - Brazilian Real Sell 05/01/2015 641,938 668,652 26,714 0.01 British Pound Buy 18/03/2015 217,455 219,687 (2,232) - British Pound Buy 18/03/2015 762,183 768,287 (6,104) - British Pound Sell 18/03/2015 216,988 218,959 1,971 - British Pound Sell 18/03/2015 2,931,594 2,961,685 30,091 0.01 British Pound Sell 18/03/2015 3,068,471 3,037,296 (31,175) (0.01) Canadian Dollar Buy 21/01/2015 14,971 15,443 (472) - Canadian Dollar Sell 21/01/2015 435,526 435,669 143 - Canadian Dollar Sell 21/01/2015 14,971 15,531 560 - Canadian Dollar Sell 21/01/2015 285,733 296,434 10,701 - Euro Buy 18/03/2015 218,195 223,898 (5,703) - Euro Buy 18/03/2015 434,937 445,329 (10,392) - Euro Buy 18/03/2015 221,343 227,522 (6,179) - Euro Buy 18/03/2015 441,718 452,461 (10,743) - Euro Buy 18/03/2015 444,503 458,559 (14,056) - Euro Sell 18/03/2015 214,442 221,437 6,995 - Euro Sell 18/03/2015 1,612,731 1,653,157 40,426 0.02 Euro Sell 18/03/2015 441,234 453,634 12,400 - Euro Sell 18/03/2015 11,300,927 10,943,919 (357,008) (0.13) Euro Sell 18/03/2015 5,371,648 5,201,952 (169,696) (0.06) Indian Rupee Buy 13/02/2015 433,681 434,952 (1,271) - Indian Rupee Sell 13/02/2015 13,938 14,242 304 -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 107

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund JPMorgan Chase Bank, N.A. cont. Japanese Yen Buy 13/02/2015 215,561 226,961 (11,400) - Japanese Yen Buy 13/02/2015 221,469 223,897 USD (2,428) - Japanese Yen Buy 13/02/2015 358,846 377,824 (18,978) (0.01) Japanese Yen Sell 13/02/2015 215,561 219,220 3,659 - Japanese Yen Sell 13/02/2015 425,758 429,213 3,455 - Malaysian Ringgit Sell 13/02/2015 427,181 446,577 19,396 0.01 Mexican Peso Buy 21/01/2015 2,370 2,597 (227) - Mexican Peso Buy 21/01/2015 428,546 435,406 (6,860) - Mexican Peso Buy 21/01/2015 209,350 226,490 (17,140) (0.01) Mexican Peso Buy 21/01/2015 208,666 227,027 (18,361) (0.01) Mexican Peso Sell 21/01/2015 420,387 457,941 37,554 0.02 New Zealand Dollar Buy 21/01/2015 226,426 226,048 378 - New Zealand Dollar Buy 21/01/2015 227,906 227,889 17 - New Zealand Dollar Buy 21/01/2015 225,258 227,051 (1,793) - New Zealand Dollar Buy 21/01/2015 223,545 224,484 (939) - New Zealand Dollar Buy 21/01/2015 229,231 230,640 (1,409) - New Zealand Dollar Sell 21/01/2015 339,912 336,883 (3,029) - New Zealand Dollar Sell 21/01/2015 220,507 218,474 (2,033) - New Zealand Dollar Sell 21/01/2015 437,041 432,182 (4,859) - Norwegian Krone Sell 18/03/2015 450,397 484,515 34,118 0.02 Norwegian Krone Sell 18/03/2015 32,752 35,233 2,481 - Singapore Dollar Sell 13/02/2015 449,669 456,876 7,207 - Singapore Dollar Sell 13/02/2015 71,123 73,106 1,983 - Swedish Krona Buy 18/03/2015 214,730 225,646 (10,916) - Swedish Krona Sell 18/03/2015 217,156 226,745 9,589 - Swiss Franc Sell 18/03/2015 462,091 476,878 14,787 0.01 Swiss Franc Sell 18/03/2015 434,595 445,419 10,824 - Swiss Franc Sell 18/03/2015 1,352,936 1,396,231 43,295 0.03 Taiwan Dollar Sell 13/02/2015 463,421 480,684 17,263 0.01 Royal Bank of Scotland PLC Australian Dollar Buy 21/01/2015 213,321 225,304 (11,983) - Australian Dollar Buy 21/01/2015 63,850 66,600 (2,750) - Australian Dollar Buy 21/01/2015 440,343 442,657 (2,314) - Australian Dollar Sell 21/01/2015 433,493 433,913 420 - Australian Dollar Sell 21/01/2015 101,116 109,738 8,622 - Australian Dollar Sell 21/01/2015 212,751 225,866 13,115 - British Pound Buy 18/03/2015 293,159 296,109 (2,950) - British Pound Buy 18/03/2015 432,049 432,070 (21) - British Pound Sell 18/03/2015 3,592,073 3,563,617 (28,456) (0.01) British Pound Sell 18/03/2015 938,041 928,697 (9,344) - Canadian Dollar Buy 21/01/2015 217,849 225,769 (7,920) - Canadian Dollar Sell 21/01/2015 220,516 228,007 7,491 - Canadian Dollar Sell 21/01/2015 221,807 227,497 5,690 - Canadian Dollar Sell 21/01/2015 218,796 226,037 7,241 - Euro Buy 18/03/2015 5,207 5,377 (170) - Euro Buy 18/03/2015 721,923 701,508 20,415 0.01 Euro Sell 18/03/2015 441,234 449,473 8,239 - New Zealand Dollar Buy 21/01/2015 231,022 230,437 585 - New Zealand Dollar Buy 21/01/2015 220,896 223,145 (2,249) - Norwegian Krone Buy 18/03/2015 216,355 219,475 (3,120) - Norwegian Krone Sell 18/03/2015 209,070 224,897 15,827 0.01 Singapore Dollar Sell 13/02/2015 446,727 455,903 9,176 - Swedish Krona Buy 18/03/2015 218,028 229,113 (11,085) - Swedish Krona Sell 18/03/2015 215,115 221,962 6,847 - State Street Bank & Trust Company Australian Dollar Buy 21/01/2015 815 885 (70) - Australian Dollar Buy 21/01/2015 319,901 340,089 (20,188) (0.01) Australian Dollar Sell 21/01/2015 214,218 228,278 14,060 -

The accompanying notes form an integral part of these financial statements. 108 Putnam World Trust

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund State Street Bank & Trust Company cont. Australian Dollar Sell 21/01/2015 214,545 225,398 10,853 - Australian Dollar Sell 21/01/2015 106,498 113,734 USD 7,236 - Australian Dollar Sell 21/01/2015 211,854 225,761 13,907 - Australian Dollar Sell 21/01/2015 208,266 224,116 15,850 0.01 Australian Dollar Sell 21/01/2015 57,163 60,770 3,607 - Brazilian Real Buy 05/01/2015 627,718 628,191 (473) - Brazilian Real Buy 05/01/2015 209,239 209,397 (158) - Brazilian Real Buy 05/01/2015 801,708 854,559 (52,851) (0.02) Brazilian Real Buy 05/01/2015 35,249 37,817 (2,568) - Brazilian Real Sell 05/01/2015 801,708 802,312 604 - Brazilian Real Sell 05/01/2015 35,249 35,276 27 - Brazilian Real Sell 05/01/2015 627,718 641,942 14,224 - Brazilian Real Sell 05/01/2015 209,239 214,749 5,510 - British Pound Buy 18/03/2015 216,676 218,853 (2,177) - British Pound Buy 18/03/2015 220,882 219,968 914 - British Pound Buy 18/03/2015 218,546 217,760 786 - British Pound Sell 18/03/2015 220,415 221,978 1,563 - British Pound Sell 18/03/2015 435,222 437,479 2,257 - British Pound Sell 18/03/2015 2,818,826 2,790,794 (28,032) (0.01) Canadian Dollar Buy 21/01/2015 223,528 227,743 (4,215) - Canadian Dollar Buy 21/01/2015 217,763 217,944 (181) - Canadian Dollar Sell 21/01/2015 218,193 218,368 175 - Canadian Dollar Sell 21/01/2015 439,226 451,878 12,652 - Canadian Dollar Sell 21/01/2015 474,588 492,465 17,877 0.01 Euro Buy 18/03/2015 431,184 438,174 (6,990) - Euro Buy 18/03/2015 434,816 445,205 (10,389) - Euro Buy 18/03/2015 220,617 224,684 (4,067) - Euro Buy 18/03/2015 220,254 226,147 (5,893) - Euro Buy 18/03/2015 1,778,224 1,738,084 40,140 0.02 Euro Sell 18/03/2015 217,227 218,668 1,441 - Euro Sell 18/03/2015 441,234 453,634 12,400 - Euro Sell 18/03/2015 10,602,189 10,410,260 (191,929) (0.07) Euro Sell 18/03/2015 6,342,106 6,142,966 (199,140) (0.07) Euro Sell 18/03/2015 4,747,261 4,661,322 (85,939) (0.03) Euro Sell 18/03/2015 2,133,989 2,066,982 (67,007) (0.02) Israeli Shekel Buy 21/01/2015 179 192 (13) - Israeli Shekel Sell 21/01/2015 439,348 457,866 18,518 0.01 Japanese Yen Buy 13/02/2015 415,071 434,987 (19,916) (0.01) Japanese Yen Sell 13/02/2015 415,071 437,072 22,001 0.01 Malaysian Ringgit Sell 13/02/2015 431,515 434,618 3,103 - Mexican Peso Buy 21/01/2015 415,809 451,223 (35,414) (0.01) Mexican Peso Buy 21/01/2015 4,300 4,317 (17) - Mexican Peso Sell 21/01/2015 420,109 450,288 30,179 0.02 New Zealand Dollar Buy 21/01/2015 220,507 223,595 (3,088) - New Zealand Dollar Buy 21/01/2015 223,622 225,279 (1,657) - New Zealand Dollar Buy 21/01/2015 1,791 1,817 (26) - New Zealand Dollar Buy 21/01/2015 218,637 216,970 1,667 - New Zealand Dollar Buy 21/01/2015 225,648 226,485 (837) - New Zealand Dollar Sell 21/01/2015 222,298 219,888 (2,410) - New Zealand Dollar Sell 21/01/2015 147,913 147,045 (868) - Norwegian Krone Sell 18/03/2015 212,110 224,332 12,222 - Swedish Krona Sell 18/03/2015 95,631 100,480 4,849 - Swedish Krona Sell 18/03/2015 95,618 99,187 3,569 - Swiss Franc Sell 18/03/2015 434,495 445,344 10,849 - Swiss Franc Sell 18/03/2015 457,660 472,227 14,567 0.01 Taiwan Dollar Buy 13/02/2015 2,408 2,499 (91) - Turkish Lira Buy 18/03/2015 427,720 446,929 (19,209) (0.01) Turkish Lira Buy 18/03/2015 427,467 430,087 (2,620) -

The accompanying notes form an integral part of these financial statements. Putnam World Trust 109

Putnam Total Return Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-1.33%) cont. Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund State Street Bank & Trust Company cont. Turkish Lira Sell 18/03/2015 427,383 422,257 (5,126) - UBS AG Australian Dollar Buy 21/01/2015 429,660 448,168 USD (18,508)(0.01) Australian Dollar Sell 21/01/2015 214,626 228,689 14,063 - Australian Dollar Sell 21/01/2015 215,034 226,377 11,343 - Australian Dollar Sell 21/01/2015 57,163 60,759 3,596 - British Pound Buy 18/03/2015 226,334 228,279 (1,945) - British Pound Sell 18/03/2015 226,801 229,072 2,271 - British Pound Sell 18/03/2015 2,101,613 2,080,780 (20,833) (0.01) Canadian Dollar Sell 21/01/2015 476,309 495,188 18,879 0.01 Euro Buy 18/03/2015 441,476 454,639 (13,163) - Euro Buy 18/03/2015 6,500,401 6,324,943 175,458 0.07 Euro Buy 18/03/2015 2,872,201 2,794,674 77,527 0.04 Euro Sell 18/03/2015 441,234 449,537 8,303 - Euro Sell 18/03/2015 425,735 439,486 13,751 - Euro Sell 18/03/2015 12,287,275 11,902,829 (384,446) (0.14) Euro Sell 18/03/2015 5,221,347 5,057,981 (163,366) (0.06) Hungarian Forint Buy 18/03/2015 422,531 446,724 (24,193) (0.01) Hungarian Forint Sell 18/03/2015 493 498 5 - Hungarian Forint Sell 18/03/2015 422,038 450,247 28,209 0.01 Japanese Yen Sell 13/02/2015 212,880 214,603 1,723 - New Zealand Dollar Buy 21/01/2015 218,637 216,959 1,678 - Swedish Krona Sell 18/03/2015 95,618 100,469 4,851 - Swiss Franc Sell 18/03/2015 1,047,662 1,081,156 33,494 0.02 Westpac Banking Corporation Australian Dollar Buy 21/01/2015 5,627 5,980 (353) - Australian Dollar Buy 21/01/2015 212,180 227,613 (15,433) (0.01) Australian Dollar Sell 21/01/2015 217,806 236,392 18,586 0.01 Australian Dollar Sell 21/01/2015 263,472 282,444 18,972 0.01 British Pound Sell 18/03/2015 2,744,183 2,716,963 (27,220) (0.01) Canadian Dollar Sell 21/01/2015 219,484 219,035 (449) - Canadian Dollar Sell 21/01/2015 450,153 466,837 16,684 0.01 Euro Sell 18/03/2015 711,980 735,136 23,156 0.01 Euro Sell 18/03/2015 10,575,606 10,242,487 (333,119) (0.13) Euro Sell 18/03/2015 1,835,286 1,777,477 (57,809) (0.02) New Zealand Dollar Buy 21/01/2015 458,072 464,393 (6,321) - New Zealand Dollar Buy 21/01/2015 229,153 227,152 2,001 - New Zealand Dollar Buy 21/01/2015 225,570 228,048 (2,478) - New Zealand Dollar Sell 21/01/2015 367,875 363,846 (4,029) - South Korean Won Buy 13/02/2015 452,493 448,289 4,204 - South Korean Won Sell 13/02/2015 25,155 25,128 (27) - Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 2,388,251 0.83 Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (6,234,589) (2.16) Net Unrealised Depreciation on Forward Foreign Exchange Currency Contracts USD (3,846,338) (1.33) Total Financial Assets at Fair Value through Profit or Loss USD 328,539,580 113.98 Total Financial Liabilities at Fair Value through Profit or Loss USD (21,542,497) (7.52)

% of Analysis of Total Assets Total Assets (a) Transferable securities other than those admitted to official stock exchange listing or dealt in on another regulated market 91.31 (b) Repurchase Agreements 4.37 (c) OTC financial derivative instruments 2.53 (d) Exchange Traded financial derivative instruments 0.64 (e) Centrally Cleared financial derivative instruments 0.01 (f) Other assets 1.14 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. 110 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Investments (unaudited) 31 December 2014

NON-U.S. EQUITIES (9.52%) U.S. EQUITIES (9.52%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Apparel (0.58%) Telecommunications (0.76%) cont. 4,611 Michael Kors Holdings Limited (Hong Kong) USD 346,240 0.58 8,135 Vodafone Group PLC (United Kingdom) USD 277,973 0.47 346,240 0.58 447,568 0.76 Auto Parts and Equipment (0.13%) Total Non-U.S. Equities USD 5,642,695 9.52 42,761 Hota Industrial Manufacturing Company Limited (Taiwan) 75,639 0.13 U.S. EQUITIES (89.74%) 75,639 0.13 Number of Value % of Banking (0.21%) Shares USD Fund 335,896 Bank of Ireland (Ireland) 127,219 0.21 Aerospace and Defense (2.36%) 127,219 0.21 4,120 General Dynamics Corporation USD 567,077 0.96 Chemicals (0.57%) 7,221 United Technologies Corporation 830,415 1.40 5,480 Symrise AG (Germany) 332,615 0.57 1,397,492 2.36 332,615 0.57 Airlines (1.51%) Consumer Services (0.22%) 6,809 American Airlines Group Incorporated 365,099 0.62

1,036 Bigfoot Gmbh (Germany) (F) 26,042 0.04 6,981 Spirit Airlines Incorporated 527,415 0.89 3,740 Zalando Gmbh (Germany) (F) 103,862 0.18 892,514 1.51 129,904 0.22 Apparel (1.23%) Engineering and Construction (0.32%) 7,587 Nike Incorporated 729,187 1.23 3,255 Gaztransport Et Technigaz SA (France) 191,382 0.32 729,187 1.23 191,382 0.32 Banking (1.06%) Home Furnishings (0.46%) 17,257 Bank of America Corporation 308,728 0.52 23,200 Panasonic Corporation (Japan) 276,200 0.46 7,034 PacWest Bancorp 319,695 0.54 276,200 0.46 628,423 1.06 Insurance (0.37%) Beverages (1.62%) 9,483 Prudential PLC (United Kingdom) 220,521 0.37 1,740 Keurig Green Mountain Incorporated 230,306 0.39 220,521 0.37 1,471 Monster Beverage Corporation 159,383 0.27 Internet (1.57%) 5,985 PepsiCo Incorporated 565,942 0.96 5,781 Alibaba Group Holding Limited (China) 600,877 1.01 955,631 1.62 1,465 Baidu Incorporated (China) 333,830 0.56 Biotechnology (11.54%) 934,707 1.57 2,552 Biogen Idec Incorporated 866,506 1.46 Lodging (0.76%) 11,065 Celgene Corporation 1,237,731 2.09 17,429 Melco Crown Entertainment Limited (Hong Kong) 442,697 0.76 17,191 Gilead Sciences Incorporated 1,620,252 2.72 33,270 Neuralstem Incorporated 90,162 0.15 442,697 0.76 Machinery (0.43%) 986 Vertex Pharmaceuticals Incorporated 117,127 0.20 8,938 Hollysys Automation Technologies Limited 7,473 AbbVie Incorporated 488,884 0.83 (China) 218,266 0.37 5,104 Actavis PLC 1,314,841 2.21 955 KION Group AG (Germany) 36,627 0.06 7,908 Bristol-Myers Squibb Company 466,651 0.79 254,893 0.43 3,185 Mead Johnson Nutrition Company 320,156 0.54 Manufacturing (0.65%) 5,734 Mylan Incorporated 323,226 0.55 3,412 Siemens AG (Germany) 387,891 0.65 6,845,536 11.54 387,891 0.65 Building Materials (0.34%) Media (0.56%) 4,432 Fortune Brands Home & Security 3,389 Liberty Global PLC (United Kingdom) 163,689 0.28 Incorporated 200,548 0.34 3,249 Liberty Global PLC (United Kingdom) 163,100 0.28 200,548 0.34 326,789 0.56 Chemicals (3.53%) Metal Fabricate/Hardware (0.40%) 1,454 Air Products & Chemicals Incorporated 209,623 0.35 4,501 Assa Abloy AB (Sweden) 239,498 0.40 10,930 Axalta Coating Systems Limited 284,180 0.48 239,498 0.40 6,420 Axiall Corporation 272,722 0.46 Oil and Natural Gas Utilities (0.52%) 12,830 Chemtura Corporation 317,414 0.54 7,317 Suncor Energy Incorporated (Canada) 232,396 0.39 12,176 Huntsman Corporation 277,369 0.47 6,797 Weatherford International PLC 6,123 Monsanto Company 731,209 1.23 (Switzerland) 77,826 0.13 2,092,517 3.53 310,222 0.52 Commercial Services (1.53%) Packaging and Containers (0.15%) 5,458 KAR Auction Services Incorporated 189,120 0.32 5,288 Constellium NV (Netherlands) 86,776 0.15 23,265 Live Nation Entertainment Incorporated 607,217 1.03 86,776 0.15 3,401 Lions Gate Entertainment Corporation 108,798 0.18 Pharmaceuticals (0.86%) 905,135 1.53 2,651 Alkermes PLC (Ireland) 155,216 0.26 Computers (6.42%) 2,964 AstraZeneca PLC (United Kingdom) 208,606 0.35 24,378 Apple Incorporated 2,690,844 4.53 905 Jazz Pharmaceuticals PLC (Ireland) 148,112 0.25 10,837 Cadence Design Systems Incorporated 205,470 0.35 511,934 0.86 8,388 EMC Corporation 249,543 0.42 Telecommunications (0.76%) 14,500 China Mobile Limited (Hong Kong) 169,595 0.29

The accompanying notes form an integral part of these financial statements. Putnam World Trust 111

Putnam U.S. Large Cap Growth Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (89.74%) cont. U.S. EQUITIES (89.74%) cont. Number of Value % of Number of Value % of Shares USD Fund Shares USD Fund Computers (6.42%) cont. Manufacturing (1.37%) cont. 4,813 SanDisk Corporation USD 471,578 0.80 3,205 Pall Corporation USD 324,250 0.55 1,706 Western Digital Corporation 188,837 0.32 808,805 1.37 3,806,272 6.42 Media (3.13%) Cosmetics/Personal Care (1.80%) 4,269 CBS Corporation 236,204 0.40 2,540 Colgate-Palmolive Company 175,692 0.30 1,477 Charter Communications Incorporated 246,009 0.42 14,686 Coty Incorporated 303,413 0.51 13,366 Comcast Corporation 775,094 1.31 7,668 Estee Lauder Companies Incorporated 584,302 0.99 3,651 DISH Network Corporation 266,048 0.45 1,063,407 1.80 3,823 Time Warner Incorporated 326,561 0.55 Diversified Financial Services (4.64%) 1,849,916 3.13 5,528 American Express Company 514,215 0.87 Medical Technology (3.98%) 16,868 Charles Schwab Corporation 509,076 0.86 2,392 Becton Dickinson and Company 332,871 0.56 3,168 CME Group Incorporated 280,843 0.47 22,258 Boston Scientific Corporation 294,696 0.50 5,539 Visa Incorporated 1,452,326 2.44 1,960 Cooper Companies Incorporated 317,696 0.54 2,756,460 4.64 13,907 GenMark Diagnostics Incorporated 188,996 0.32 Electric Utilities (0.46%) 8,686 Medtronic Incorporated 627,042 1.06 12,306 Calpine Corporation 272,209 0.46 8,205 Spectranetics Corporation 283,565 0.48 272,209 0.46 2,735 Zimmer Holdings Incorporated 310,176 0.52 Electronics (3.90%) 2,355,042 3.98 8,194 Agilent Technologies Incorporated 335,380 0.57 Oil and Natural Gas Utilities (4.22%) 11,432 Honeywell International Incorporated 1,142,400 1.93 5,676 Baker Hughes Incorporated 318,197 0.54 5,974 Keysight Technologies Incorporated 201,921 0.34 9,428 Cabot Oil & Gas Corporation 279,069 0.47 2,145 Thermo Fisher Scientific Incorporated 268,769 0.45 3,067 Cheniere Energy Incorporated 216,592 0.36 8,250 Tyco International PLC 361,845 0.61 5,482 EOG Resources Incorporated 504,673 0.85 2,310,315 3.90 12,222 EP Energy Corporation 127,598 0.22 Health-Care Services (0.44%) 4,508 Gulfport Energy Corporation 188,164 0.32 8,366 AAC Holdings Incorporated 258,677 0.44 10,425 QEP Resources Incorporated 210,794 0.36 258,677 0.44 6,157 Schlumberger Limited 525,746 0.89 Home Builders (0.67%) 3,834 Whiting Petroleum Corporation 126,522 0.21 18,436 PulteGroup Incorporated 395,452 0.67 2,497,355 4.22 395,452 0.67 Packaging and Containers (0.39%) Home Furnishings (1.65%) 2,941 Packaging Corporation of America 229,457 0.39 31,390 TiVo Incorporated 371,658 0.63 229,457 0.39 3,125 Whirlpool Corporation 605,188 1.02 Real Estate (1.03%) 976,846 1.65 3,411 American Tower Corporation 337,211 0.57 Household Products/Wares (0.39%) 7,927 Re/Max Holdings Incorporated 271,103 0.46 9,670 Tumi Holdings Incorporated 229,469 0.39 608,314 1.03 229,469 0.39 Retail (5.08%) Insurance (1.24%) 4,303 Costco Wholesale Corporation 609,950 1.03 4,944 American International Group Incorporated 276,913 0.47 8,308 CVS Health Corporation 800,143 1.35 10,998 Hartford Financial Services Group Incorporated 458,507 0.77 2,993 Dunkin' Brands Group Incorporated 127,622 0.22 5,470 Home Depot Incorporated 574,022 0.97 735,420 1.24 Internet (10.42%) 4,383 Starbucks Corporation 359,625 0.61 2,209 Amazon.com Incorporated 685,563 1.16 7,748 TJX Companies Incorporated 531,280 0.90 6,094 AOL Incorporated 281,177 0.47 3,002,642 5.08 18,790 Facebook Incorporated 1,465,996 2.46 Semiconductors (3.52%) 2,363 Google Incorporated 1,253,784 2.11 3,536 Broadcom Corporation 153,215 0.26 2,341 Google Incorporated 1,232,279 2.07 4,828 Lam Research Corporation 382,909 0.65 13,885 Groupon Incorporated 114,690 0.19 8,480 Maxim Integrated Products Incorporated 270,258 0.46 922 Priceline Group Incorporated 1,051,467 1.77 21,310 Micron Technology Incorporated 746,063 1.26 3,129 Twitter Incorporated 112,206 0.19 4,400 Qualcomm Incorporated 327,008 0.55 2,770 Skyworks Solutions Incorporated 201,407 0.34 6,197,162 10.42 Iron/Steel (0.21%) 2,080,860 3.52 2,032 Reliance Steel & Aluminum Company 124,501 0.21 Software (3.98%) 15,701 Activision Blizzard Incorporated 316,218 0.53 124,501 0.21 Lodging/Tourism (2.22%) 3,731 Castlight Health Incorporated 43,578 0.07 30,130 Hilton Worldwide Holdings Incorporated 785,790 1.33 17,406 Microsoft Corporation 808,509 1.36 6,172 Wyndham Worldwide Corporation 529,311 0.89 13,641 Oracle Corporation 613,436 1.04 1,315,101 2.22 5,969 Red Hat Incorporated 412,637 0.70 Manufacturing (1.37%) 2,108 Synnex Corporation 164,719 0.28 7,130 Eaton Corporation PLC 484,555 0.82 2,359,097 3.98

The accompanying notes form an integral part of these financial statements. 112 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Investments (unaudited) cont. 31 December 2014

U.S. EQUITIES (89.74%) cont. WARRANTS (0.03%) Number of Value % of Number of Value % of Shares USD Fund Warrants USD Fund Telecommunications (0.55%) 20,539 Citigroup Incorporated USD 17,109 0.03 3,668 Anixter International Incorporated USD 324,471 0.55 Total Warrants USD 17,109 0.03 324,471 0.55 Transportation (3.31%) 1,797 Genesee & Wyoming Incorporated 161,568 0.27 2,192 Kirby Corporation 177,004 0.30 11,902 Union Pacific Corporation 1,417,647 2.39 1,877 United Parcel Service Incorporated 208,647 0.35 1,964,866 3.31 Total U.S. Equities USD 53,169,099 89.74

U.S. TREASURY BILLS (2.11%) Principal Effective Maturity Value % of Amount Yield Dates USD Fund USD 253,000 U.S. Treasury Bill1 0.01-0.04 08/01/2015 USD 252,999 0.42 215,000 U.S. Treasury Bill2 0.01-0.02 15/01/2015 214,999 0.35 100,000 U.S. Treasury Bill3 0.01 22/01/2015 99,999 0.17 169,000 U.S. Treasury Bill4 0.001 29/01/2015 169,000 0.29 110,000 U.S. Treasury Bill5 0.02 05/02/2015 109,998 0.19 110,000 U.S. Treasury Bill6 0.001 12/02/2015 110,000 0.19 110,000 U.S. Treasury Bill7 0.001 19/02/2015 110,000 0.19 26,000 U.S. Treasury Bill7 0.03-0.04 09/04/2015 25,997 0.04 45,000 U.S. Treasury Bill8 0.02 26/02/2015 44,999 0.08 111,000 U.S. Treasury Bill9 0.09 11/06/2015 110,957 0.19 Total U.S. Treasury Bills USD 1,248,948 2.11 Total Value of Investments USD 60,077,851 101.40

1 Security is partly held as collateral by Goldman Sachs and JPMorgan. 2 Security is partly held as collateral by Deutsche Bank and Westpac. 3 Security is fully held as collateral by JPMorgan and UBS. 4 Security is fully held as collateral by Citi, Credit Suisse and Deutsche Bank. 5 Security is fully held as collateral by Deutsche Bank and JPMorgan. 6 Security is fully held as collateral by JPMorgan and Westpac. 7 Security is fully held as collateral by Citi and Westpac. 8 Security is fully held as collateral by Barclays. 9 Security is fully held as collateral by Citi. (F) is valued at fair value following procedures approved by the Investment Advisor.

Securities may be classified as Level 2 or Level 3 for Financial Reporting Standard 29 (“FRS 29”), “Improving Disclosures about Financial Instruments” based on the securities' valuation inputs.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING (-0.10%) Unrealised Upfront Fixed payments Total return Appreciation/ Swap Notional premium Termination received (paid) by received by (Depreciation) % of Counterparty Amount received (paid) Date Fund per annum or (paid) by Fund USD Fund JPMorgan Chase Bank N.A. baskets 1,546 USD - 16/07/2015 (3 month USD-LIBOR-BBA A basket plus 30 bp) (JPCMPTMD) of common stocks USD 7,849 0.01 baskets 6,200 - 13/08/2015 (3 month USD-LIBOR-BBA A basket plus 38 bp) (JPCMPNET) of common stocks (63,722) (0.11) Unrealised Appreciation on OTC Total Return Swap Contracts Outstanding USD 7,8490.01 Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (63,722) (0.11) Net Unrealised Depreciation on OTC Total Return Swap Contracts Outstanding USD (55,873) (0.10)

The accompanying notes form an integral part of these financial statements. Putnam World Trust 113

Putnam U.S. Large Cap Growth Fund

Schedule of Investments (unaudited) cont. 31 December 2014

FORWARD FOREIGN EXCHANGE CURRENCY CONTRACTS (-2.99%) Unrealised Aggregate Appreciation Contract Delivery Value face value (Depreciation) % of Counterparty Currency type date USD USD USD Fund Bank of America, N.A. Euro Sell 18/03/2015 3,599,420 3,485,599 USD (113,821) (0.19) Barclays Bank PLC Japanese Yen Sell 13/02/2015 267,050 281,252 14,202 0.02 Citibank, N.A. Euro Sell 18/03/2015 7,290,079 7,061,416 (228,663) (0.39) Credit Suisse AG Euro Sell 18/03/2015 6,555,465 6,349,311 (206,154) (0.35) Deutsche Bank AG Euro Sell 18/03/2015 7,829,822 7,583,25W9 (246,563) (0.41) Goldman Sachs International Euro Sell 18/03/2015 7,588,582 7,349,439 (239,143) (0.40) JPMorgan Chase Bank, N.A. Euro Sell 18/03/2015 230,304 236,223 5,919 0.01 Euro Sell 18/03/2015 770,706 795,848 25,142 0.04 Euro Sell 18/03/2015 6,900,037 6,775,139 (124,898) (0.21) Euro Sell 18/03/2015 6,555,365 6,348,274 (207,091) (0.35) State Street Bank & Trust Company Euro Sell 18/03/2015 5,817,453 5,634,787 (182,666) (0.31) Japanese Yen Buy 13/02/2015 8,614 8,612 2 - UBS AG Euro Buy 18/03/2015 5,299,495 5,156,452 143,043 0.25 Euro Sell 18/03/2015 1,810,703 1,798,963 (11,740) (0.02) Euro Sell 18/03/2015 6,008,227 5,820,241 (187,986) (0.32) Westpac Banking Corporation Euro Sell 18/03/2015 6,758,131 6,545,258 (212,873) (0.36) Unrealised Appreciation on Forward Foreign Exchange Currency Contracts USD 188,308 0.32 Unrealised Depreciation On Forward Foreign Exchange Currency Contracts USD (1,961,598) (3.31) Net Unrealised Depreciation On Forward Foreign Exchange Currency Contracts USD (1,773,290) (2.99) Total Financial Assets at Fair Value through Profit or Loss USD 60,274,008 101.73 Total Financial Liabilities at Fair Value through Profit or Loss USD (2,025,320) (3.42)

% of Analysis of Total Assets Total Assets (a) Transferable securities admitted to official stock exchange listing 97.54 (b) OTC financial derivative instruments 0.32 (c) Other Assets 2.14 Total Assets 100.00

The accompanying notes form an integral part of these financial statements. 114 Putnam World Trust

Profit and Loss Account (unaudited)

Putnam Asia Pacific (Ex Japan) Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Dividend Income $ 64,293$ 141,823$ 70,761 Other Income 973 4,999 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (516,172) 848,037 491,579 $ (450,906) $ 994,859 $ 562,340 Operating Expenses Management Fees (Note 10) 25,838 48,309 23,615 Custody and Trustee Fees (Note 7) 10,936 12,787 8,298 Administrator Fees (Note 7) 10,486 20,374 12,216 Auditors’ Fees 10,226 29,019 12,426 Professional Fees (Note 10) 1,815 3,176 1,815 Other Expenses 9,978 22,384 10,377 Expense Waiver (Note 10) (34,179) (67,308) (37,550) $35,100$68,741$ 31,197 Operating (Loss)/Profit $ (486,006) $ 926,118 $ 531,143 Finance Costs Distributions to redeemable participating Unitholders - - - (Loss)/Profit for the Financial Period $ (486,006) $ 926,118 $ 531,143 Non-reclaimable withholding tax (5,774) (11,190) (7,023) Adjustment from bid market price to last traded market price (Note 3) (19,584) (1,941) 296 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (511,364) $ 912,987 $ 524,416

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 115

Profit and Loss Account (unaudited) cont.

Putnam Emerging Markets Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Dividend Income $ 61,109 $ 109,320 $ 56,626 Other Income 979 5,033 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (475,118) 891,144 526,633 $ (413,030) $ 1,005,497 $ 583,259 Operating Expenses Management Fees (Note 10) 26,727 50,591 24,799 Custody and Trustee Fees (Note 7) 14,586 17,596 9,232 Administrator Fees (Note 7) 13,032 27,097 12,429 Auditors’ Fees 10,216 29,023 12,426 Professional Fees (Note 10) 1,919 3,126 1,865 Other Expenses 10,677 29,782 11,876 Expense Waiver (Note 10) (41,276) (86,307) (40,333) $ 35,881 $ 70,908 $ 32,294 Operating (Loss)/Profit $ (448,911) $ 934,589 $ 550,965 Finance Costs Distributions to redeemable participating Unitholders --- (Loss)/Profit for the Financial Period $ (448,911) $ 934,589 $ 550,965 Non-reclaimable withholding tax (7,465) (13,105) (8,197) Adjustment from bid market price to last traded market price (Note 3) (17,807) (39,866) (38,340) (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (474,183) $ 881,618 $ 504,428

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. 116 Putnam World Trust

Profit and Loss Account (unaudited) cont.

Putnam Global Core Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Interest Income $ - $-$108 Dividend Income 58,123 147,851 48,163 Other Income 975 4,927 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (436,281) 1,494,376 1,148,131 $ (377,183) $ 1,647,154 $ 1,196,402 Operating Expenses Management Fees (Note 10) 36,540 70,856 34,074 Custody and Trustee Fees (Note 7) 8,920 13,307 6,915 Administrator Fees (Note 7) 13,320 26,822 12,355 Auditors’ Fees 10,335 29,067 12,435 Professional Fees (Note 10) 2,045 3,126 1,865 Other Expenses 9,577 24,430 10,377 Expense Waiver (Note 10) (32,131) (70,269) (33,584) $ 48,606 $ 97,339 $ 44,437 Operating (Loss)/Profit $ (425,789) $ 1,549,815 $ 1,151,965 Finance Costs Distributions to redeemable participating Unitholders - -- (Loss)/Profit for the Financial Period $ (425,789) $ 1,549,815 $ 1,151,965 Non-reclaimable withholding tax (7,260) (18,381) (8,069) Adjustment from bid market price to last traded market price (Note 3) (23,172) 4,236 4,877 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (456,221) $ 1,535,670 $ 1,148,773

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 117

Profit and Loss Account (unaudited) cont.

Putnam Global Fixed Income Alpha Fund S2

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 GBP GBP GBP Operating Income Interest Income £ 5,731,242 £ 13,583,521 £ 7,423,288 Dividend Income 22,281 17,760 - Other Income 4,309 75,189 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (5,817,025) 2,890,782 714,454 £ (59,193) £ 16,567,252 £ 8,137,742 Operating Expenses Management Fees (Note 10) 270,095 662,430 330,501 Performance Fees (Note 10) 312,001 1,868,343 467,045 Custody and Trustee Fees (Note 7) 52,013 116,020 60,254 Administrator Fees (Note 7) 133,495 297,876 150,859 Auditors’ Fees 42,395 77,527 45,595 Professional Fees (Note 10) 10,468 33,480 9,568 Other Expenses 98,144 117,264 65,783 Expense Waiver (Note 10) (62,380) (2,923) (6,500) £ 856,231 £ 3,170,017 £ 1,123,105 Operating (Loss)/Profit £ (915,424) £ 13,397,235 £ 7,014,637 Finance Costs Distributions to redeemable participating Unitholders --- (Loss)/Profit for the Financial Period £ (915,424) £ 13,397,235 £ 7,014,637 Non-reclaimable withholding tax (6,417) (5,348) (972) (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders £ (921,841) £ 13,391,887 £ 7,013,665

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. 118 Putnam World Trust

Profit and Loss Account (unaudited) cont.

Putnam Global High Yield Bond Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Interest Income $ 8,844,051 $ 15,460,348 $ 7,425,095 Dividend Income 162,255 285,511 145,306 Other Income 2,200 132,049 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (43,210,151) 34,327,062 18,832,000 $ (34,201,645) $ 50,204,970 $ 26,402,401 Operating Expenses Management Fees (Note 10) 1,178,872 1,813,828 838,697 Custody and Trustee Fees (Note 7) 42,032 66,069 31,959 Administrator Fees (Note 7) 206,475 307,843 182,415 Auditors’ Fees 29,118 54,717 31,918 Professional Fees (Note 10) 24,808 25,375 14,808 Other Expenses 116,096 202,700 144,496 $ 1,597,401 $ 2,470,532 $ 1,244,293 Operating (Loss)/Profit $ (35,799,046) $ 47,734,438 $ 25,158,108 Finance Costs Distributions to redeemable participating Unitholders (8,878,451) (15,304,074) (8,051,693) (Loss)/Profit for the Financial Period $ (44,677,497) $ 32,430,364 $ 17,106,415 Non-reclaimable withholding tax (41,514) (39,401) (27,213) Adjustment from bid market price to last traded market price (Note 3) (2,274) (1,627) (920) (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (44,721,285) $ 32,389,336 17,078,282

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 119

Profit and Loss Account (unaudited) cont.

Putnam Total Return Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Interest Income $ 1,561,446 $ 2,430,061 $ 1,075,369 Dividend Income 1,631,132 3,618,932 1,605,824 Other Income 3,660 35,321 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (34,447,398) 50,641,426 33,197,455 $ (31,251,160) $ 56,725,740 $ 35,878,648 Operating Expenses Management Fees (Note 10) 1,926,181 4,347,467 2,348,615 Custody and Trustee Fees (Note 7) 60,762 128,649 62,500 Administrator Fees (Note 7) 242,251 508,493 262,111 Auditors’ Fees 49,920 114,011 61,851 Professional Fees (Note 10) 14,720 36,020 15,460 Other Expenses 151,464 264,285 112,985 Expense Waiver (Note 10) (42,855) - (1,180) $ 2,402,443 $ 5,398,925 $ 2,862,342 Operating (Loss)/Profit $ (33,653,603) $ 51,326,815 $ 33,016,306 Finance Costs Distributions to redeemable participating Unitholders (1,739,238) (1,927,046) (1,927,046) (Loss)/Profit for the Financial Period $ (35,392,841) $ 49,399,769 $ 31,089,260 Non-reclaimable withholding tax (378,339) (708,030) (363,599) Adjustment from bid market price to last traded market price (Note 3) (240,514) 3,996 (1,600) (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (36,011,694) $ 48,695,735 $ 30,724,061

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. 120 Putnam World Trust

Profit and Loss Account (unaudited) cont.

Putnam U.S. Large Cap Growth Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Operating Income Dividend Income $ 315,530 $ 797,453 $ 280,018 Other Income 799 9,843 - Net Realised and Unrealised (Losses)/Gains on Financial Assets and Liabilities at Fair Value through Profit or Loss (4,585,076) 17,590,686 13,650,586 $ (4,268,747) $ 18,397,982 $ 13,930,604 Operating Expenses Management Fees (Note 10) 463,260 869,735 412,330 Custody and Trustee Fees (Note 7) 11,796 17,539 6,136 Administrator Fees (Note 7) 41,887 77,400 32,723 Auditors’ Fees 10,926 27,364 11,526 Professional Fees (Note 10) 3,281 8,400 3,680 Other Expenses 35,487 71,666 22,424 $ 566,637 $ 1,072,104 $ 488,819 Operating (Loss)/Profit $ (4,835,384) $ 17,325,878 $ 13,441,785 Finance Costs Distributions to redeemable participating Unitholders - -- (Loss)/Profit for the Financial Period $ (4,835,384) $ 17,325,878 $ 13,441,785 Non-reclaimable withholding tax (80,420) (165,262) (81,413) Adjustment from bid market price to last traded market price (Note 3) (20,857) (76) (1) (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders $ (4,936,661) $ 17,160,540 $ 13,360,371

There are no recognised gains or losses arising in the period other than the decrease in Net Assets attributable to redeemable participating Unitholders. In arriving at the results for the financial period, all amounts above relate to continuing operations.

The accompanying notes form an integral part of these financial statements. Putnam World Trust 121

Balance Sheet (unaudited)

Putnam Asia Pacific (Ex-Japan) Equity Fund

31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 4,671,059 $ 5,360,220 $ 4,810,326 Cash at Bank (Note 2) 458,660 249,600 351,820 Receivable for Expense Reimbursement from Manager (Note 10) 15,404 17,145 12,440 Sales of Investments Awaiting Settlement 95 32,137 47,012 Dividend Income Receivable 6,566 17,218 6,989 Total Assets $ 5,151,784 $ 5,676,320 $ 5,228,587 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 10 31,270 9,372 Financial Liabilities at Fair Value through Profit or Loss 33,495 2,368 12,393 Expenses Payable 28,768 61,391 32,539 Total Current Liabilities $ 62,273 $ 95,029 $ 54,304 Net Assets attributable to redeemable participating Unitholders at bid value $ 5,089,511 $ 5,581,291 $ 5,174,283 Adjustments from bid market value to last traded market value $ (10,907) $ 8,677 $ 10,914 Net Assets attributable to redeemable participating Unitholders $ 5,078,604 $ 5,589,968 $ 5,185,197 Class A Units in Issue 3,290 3,290 2,434 Net Assets 73,110 79,154 54,785 Net Asset Value per Unit $ 22.22 $ 24.06 $ 22.50* Class B Units in Issue 728 728 859 Net Assets 15,660 16,997 18,829 Net Asset Value per Unit $ 21.52* $ 23.36* $ 21.91 * Class C Units in Issue 100 100 100 Net Assets 2,201 2,384 2,231 Net Asset Value per Unit $ 22.01 $ 23.84 $ 22.31 Class I Units in Issue 176,922 176,922 176,922 Net Assets 4,110,210 4,434,322 4,133,977 Net Asset Value per Unit $ 23.23 $ 25.06 $ 23.37 Class M Units in Issue 17,061 17,061 17,061 Net Assets 433,455 530,752 498,862 Net Asset Value per Unit € 21.00 € 22.72 € 21.25 Class T Units in Issue 14,120 14,120 14,120 Net Assets 443,968 526,359 476,513 Net Asset Value per Unit £ 20.17 £ 21.78 £ 20.38

* Net asset value per unit may not recalculate due to rounding of fractional shares.

The accompanying notes form an integral part of these financial statements. 122 Putnam World Trust

Balance Sheet (unaudited) cont.

Putnam Emerging Markets Equity Fund

31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 4,972,237 $ 5,454,473 $ 5,047,853 Cash at Bank (Note 2) 90,313 73,108 123,159 Receivable for Expense Reimbursement from Manager (Note 10) 23,533 34,427 16,270 Sales of Investments Awaiting Settlement 16,074 37,913 43,528 Subscription of Units Awaiting Settlement 217 217 217 Dividend Income Receivable 8,011 9,965 7,533 Total Assets $ 5,110,385 $ 5,610,103 $ 5,238,560 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement - 15,978 9,197 Financial Liabilities at Fair Value through Profit or Loss 26,022 1,172 6,539 Expenses Payable 20,486 64,612 28,295 Interest Payable for Short Sales - -575 Total Current Liabilities $ 46,508 $ 81,762 $ 44,606 Net Assets attributable to redeemable participating Unitholders at bid value $ 5,063,877 $ 5,528,341 $ 5,193,954 Adjustments from bid market value to last traded market value $ (10,770) $ 7,037 $ 8,563 Net Assets attributable to redeemable participating Unitholders $ 5,053,107 $ 5,535,378 $ 5,202,517 Class A Units in Issue 4,271 4,271 6,315 Net Assets 77,248 83,310 115,595 Net Asset Value per Unit $ 18.09 $ 19.51 $ 18.30 Class B Units in Issue 1,147 1,565 1,848 Net Assets 20,099 29,637 32,926 Net Asset Value per Unit $ 17.52 $ 18.94 $ 17.82 Class C Units in Issue 100 100 100 Net Assets 1,790 1,931 1,813 Net Asset Value per Unit $ 17.90 $ 19.31 $ 18.13 Class I Units in Issue 214,935 214,935 214,935 Net Assets 4,128,991 4,431,736 4,138,805 Net Asset Value per Unit $ 19.21 $ 20.62 $ 19.26 Class M Units in Issue 18,146 18,146 18,146 Net Assets 370,845 451,997 426,107 Net Asset Value per Unit € 16.89 € 18.19 € 17.07 Class T Units in Issue 17,430 17,430 17,430 Net Assets 454,134 536,767 487,271 Net Asset Value per Unit £ 16.71 £ 18.00 £ 16.88

The accompanying notes form an integral part of these financial statements. Putnam World Trust 123

Balance Sheet (unaudited) cont.

Putnam Global Core Equity Fund

31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 7,320,008 $ 7,857,377 $ 7,368,586 Cash at Bank (Note 2) 210,742 59,188 100,601 Receivable for Expense Reimbursement from Manager (Note 10) 17,573 27,530 13,352 Sales of Investments Awaiting Settlement 169 40,736 - Dividend Income Receivable 17,676 15,401 16,506 Total Assets $ 7,566,168 $ 8,000,232 $ 7,499,045 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement - 26,082 11,875 Financial Liabilities at Fair Value through Profit or Loss 67,886 20,506 39,331 Expenses Payable 32,928 71,298 32,031 Total Current Liabilities $ 100,814 $ 117,886 $ 83,237 Net Assets attributable to redeemable participating Unitholders at bid value $ 7,465,354 $ 7,882,346 $ 7,415,808 Adjustments from bid market value to last traded market value $ (18,773) $ 4,399 $ 5,040 Net Assets attributable to redeemable participating Unitholders $ 7,446,581 $ 7,886,745 $ 7,420,848 Class A Units in Issue 16,832 15,620 11,150 Net Assets 323,474 313,678 214,047 Net Asset Value per Unit $ 19.22 $ 20.08 $19.20 Class B Units in Issue 12,323 12,796 13,165 Net Assets 229,596 249,768 246,267 Net Asset Value per Unit $ 18.63 $ 19.52 $18.71 Class C Units in Issue 100 100 100 Net Assets 1,895 1,982 1,896 Net Asset Value per Unit $ 18.95 $ 19.82 $18.96 Class I Units in Issue 283,083 283,083 283,083 Net Assets 5,683,348 5,917,493 5,637,113 Net Asset Value per Unit $ 20.08 $ 20.90 $ 19.91 Class M Units in Issue 26,123 26,123 26,123 Net Assets 558,577 659,741 633,779 Net Asset Value per Unit € 17.67 € 18.44 €17.64 Class T Units in Issue 23,806 23,806 23,806 Net Assets 649,691 744,083 687,746 Net Asset Value per Unit £ 17.51 £ 18.27 £17.45

The accompanying notes form an integral part of these financial statements. 124 Putnam World Trust

Balance Sheet (unaudited) cont.

Putnam Global Fixed Income Alpha Fund S2

31 December 2014 30 June 2014 31 December 2013 GBP GBP GBP Current Assets Financial Assets at Fair Value through Profit or Loss £ 385,998,730 £474,937,193£562,643,362 Cash at Bank (Note 2) 345,451 - 2,777,028 Broker Cash Held as Collateral for Financial Derivative Instruments 70,547 537,572 301,940 Sales of Investments Awaiting Settlement 162,258,464 303,453,551 295,652,077 Subscription of Units Awaiting Settlement 71,764 -23,129 Premium Paid on Swap Contracts 37,973 59,160 277,161 Dividend Income Receivable 1,515 -- Interest Income Receivable 1,552,934 2,214,259 1,800,864 Total Assets £ 550,337,378 £ 781,201,735 £ 863,475,561 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 161,171,115 282,760,086 287,776,661 Financial Liabilities at Fair Value through Profit or Loss 126,575,668 158,088,303 242,265,366 Broker Cash due to Counterparties for Financial Derivative Instruments 70,547 537,572 301,940 Premium Received on Swap Contracts 258,478 256,170 233,179 Redemption of Units Awaiting Settlement - 34,670,000 46,242 Expenses Payable 362,193 1,011,037 803,906 Due to Broker for Margin 3,003 56,611 12,254 Bank Overdraft (Note 2) - 174,379 - Interest Payable 141,079 214,777 382,550 Total Current Liabilities £ 288,582,083 £ 477,768,935 £ 531,822,098 Net Assets attributable to redeemable participating Unitholders £ 261,755,295 £ 303,432,800 £ 331,653,463 Class S Units in Issue 36,277,757 41,924,037 46,702,750 Net Assets 261,755,295 303,432,800 331,653,463 Net Asset Value per Unit £ 7.22 £ 7.24 £ 7.10

The accompanying notes form an integral part of these financial statements. Putnam World Trust 125

Balance Sheet (unaudited) cont.

Putnam Global High Yield Bond Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 319,599,626 $ 322,830,474 $ 212,618,191 Cash at Bank (Note 2) 709,633 460,468 - Broker Cash Held as Collateral for Financial Derivative Instruments - 1,110,000 - Sales of Investments Awaiting Settlement - 1,628,129 966,183 Subscription of Units Awaiting Settlement 2,048,347 327,108 2,097,324 Interest Income Receivable 4,927,721 4,599,229 3,665,824 Total Assets $ 327,285,327 $ 330,955,408 $219,347,522 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement - 6,963,951 871,143 Financial Liabilities at Fair Value through Profit or Loss 2,991,710 631,498 1,506,142 Broker Cash due to Counterparties for Financial Derivative Instruments - 1,110,000 - Premium Received on Swap Contracts --109,375 Redemption of Units Awaiting Settlement 1,307,268 98,755 659 Expenses Payable 759,082 1,022,875 558,940 Bank Overdraft (Note2) --1,419,593 Total Current Liabilities $ 5,058,060 $ 9,827,079 $ 4,465,852 Net Assets attributable to redeemable participating Unitholders at bid value $ 322,227,267 $ 321,128,329 $ 214,881,670 Adjustments from bid market value to last traded market value $ 616 $ 4,178 $ 4,885 Net Assets attributable to redeemable participating Unitholders $ 322,227,883 $ 321,132,507 $ 214,886,555 Class A Units in Issue 3,191,514 3,311,525 2,505,416 Net Assets 21,369,496 23,584,015 17,405,655 Net Asset Value per Unit $ 6.70 $ 7.12 $ 6.95 Class B Units in Issue 441,947 476,799 538,057 Net Assets 2,944,787 3,376,118 3,713,980 Net Asset Value per Unit $ 6.66 $ 7.08 $ 6.90 Class C Units in Issue 685,620 907,461 831,906 Net Assets 5,815,352 8,181,418 7,313,303 Net Asset Value per Unit $ 8.48 $ 9.02 $ 8.79 Class E Units in Issue 641,984 806,170 790,348 Net Assets 5,858,683 8,863,307 8,513,747 Net Asset Value per Unit € 7.55 € 8.03 € 7.83 Class I Units in Issue 2,804,489 2,233,867 1,575,749 Net Assets 7,194,220 6,100,225 4,200,234 Net Asset Value per Unit $ 2.57 $ 2.73 $ 2.67 Class S Units in Issue 36,585,200 30,478,004 20,736,890 Net Assets 279,045,345 271,027,424 173,739,636 Net Asset Value per Unit £ 4.90 £ 5.19 £ 5.06

Putnam Total Return Fund

The accompanying notes form an integral part of these financial statements. 126 Putnam World Trust

Balance Sheet (unaudited) cont.

31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 328,539,580 $ 348,911,989 $ 358,372,104 Cash at Bank (Note 2) 409,334 410,753 804,203 Broker Cash Held as Collateral for Financial Derivative Instruments 710,000 930,000 - Sales of Investments Awaiting Settlement 1,153,282 410,035 1,219,465 Subscription of Units Awaiting Settlement 383,152 166,646 317,269 Premium Paid for Swap Contracts 7,918 1,808,632 721,580 Receivable for Expense Reimbursement from Manager (Note 10) 26,823 - 31 Dividend Income Receivable 263,134 269,772 239,092 Interest Income Receivable 862,742 756,385 522,771 Total Assets $ 332,355,965 $ 353,664,212 $ 362,196,515 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 17,864,560 14,222,900 15,377,117 Financial Liabilities at Fair Value through Profit or Loss 21,542,497 3,871,899 7,813,865 Broker Cash due to Counterparties for Financial Derivative Instruments 710,000 930,000 - Premium Received on Swap Contracts 1,802,767 43,922 43,922 Redemption of Units Awaiting Settlement 426,145 927,499 1,044,848 Due to Broker for Margin 284,695 350,914 169,250 Expenses Payable 1,203,032 1,774,724 956,914 Interest Payable - - 2,000 Total Current Liabilities $ 43,833,696 $ 22,121,858 $ 25,407,916 Net Assets attributable to redeemable participating Unitholders at bid value $ 288,522,269 $ 331,542,354 $ 336,788,599 Adjustments from bid market value to last traded market value $ (209,100) $ 31,414 $ 25,818 Net Assets attributable to redeemable participating Unitholders $ 288,313,169 $ 331,573,768 $ 336,814,417 Class A Units in Issue 5,805,489 6,963,082 8,273,352 Net Assets 80,168,698 100,413,272 112,981,209 Net Asset Value per Unit $ 13.81 $ 14.42 $ 13.66 Class B Units in Issue 44,608 40,193 42,161 Net Assets 539,506 508,855 506,709 Net Asset Value per Unit $ 12.09 $ 12.66 $ 12.02 Class C Units in Issue 2,657,156 2,760,298 3,099,536 Net Assets 32,739,917 35,561,128 37,860,221 Net Asset Value per Unit $ 12.32 $ 12.88 $ 12.21 Class E Units in Issue 7,205,038 7,103,608 7,094,874 Net Assets 94,471,463 111,083,215 105,172,779 Net Asset Value per Unit € 10.83 € 11.42 € 10.78 Class I Units in Issue 864,253 539,532 177,747 Net Assets 9,258,670 6,014,269 1,869,624 Net Asset Value per Unit $ 10.71 $ 11.15 $ 10.52

The accompanying notes form an integral part of these financial statements. Putnam World Trust 127

Balance Sheet (unaudited) cont.

Putnam Total Return Fund cont.

31 December 2014 30 June 2014 31 December 2013 USD USD USD Class M Units in Issue 3,481,549 3,619,418 4,244,409 Net Assets 42,630,878 52,357,612 58,400,156 Net Asset Value per Unit € 10.12 € 10.57 € 10.00 Class S Units in Issue 5,190,854 4,021,582 3,443,476 Net Assets 28,504,037 25,635,417 20,023,719 Net Asset Value per Unit £ 3.52 £ 3.72 £ 3.51

The accompanying notes form an integral part of these financial statements. 128 Putnam World Trust

Balance Sheet (unaudited) cont.

Putnam U.S. Large Cap Growth Fund

31 December 2014 30 June 2014 31 December 2013 USD USD USD Current Assets Financial Assets at Fair Value through Profit or Loss $ 60,274,008 $ 64,788,986 $ 59,683,483 Cash at Bank (Note 2) 1,148,774 - 1,371,580 Broker Cash Held as Collateral for Financial Derivative Instruments - 20,000 - Sales of Investments Awaiting Settlement 132,007 2,105,169 394,536 Dividend Income Receivable 38,032 38,734 42,835 Other Debtors - 1,025 4,289 Total Assets $ 61,592,821 $ 66,953,914 $ 61,496,723 Creditors (amounts falling due within one year) Purchase of Investments Awaiting Settlement 36,357 251,516 367,400 Financial Liabilities at Fair Value through Profit or Loss 2,025,320 - 6,301 Broker Cash due to Counterparties for Financial Derivative Instruments - 20,000 - Redemption of Units Awaiting Settlement - 92,630 102,209 Expenses Payable 278,211 399,956 177,261 Bank Overdraft (Note 2) - 1,772,301 - Total Current Liabilities $ 2,339,888 $ 2,536,403 $ 653,171 Net Assets attributable to redeemable participating Unitholders at bid value $ 59,252,933 $ 64,417,511 $ 60,843,552 Adjustments from bid market value to last traded market value $ (4,090) $ 16,767 $ 16,842 Net Assets attributable to redeemable participating Unitholders $ 59,248,843 $ 64,434,278 $ 60,860,394 Class A Units in Issue 6,042 6,090 100 Net Assets 86,859 83,970 1,291 Net Asset Value per Unit $ 14.38 $ 13.79 $ 12.91 Class M Units in Issue 3,450,951 3,465,072 3,481,556 Net Assets 59,161,984 64,350,308 60,859,103 Net Asset Value per Unit € 14.16 € 13.56 € 12.71

The accompanying notes form an integral part of these financial statements. Putnam World Trust 129

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

Putnam Asia Pacific (Ex-Japan) Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 5,589,968 $ 4,660,781 $ 4,660,781 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (511,364) 912,987 524,416 Net Increase in Net Assets resulting from Unit Transactions - 16,200 - (Decrease)/Increase in Net Assets (511,364) 929,187 524,416 Net Assets attributable to redeemable participating Unitholders at end of period $ 5,078,604 $ 5,589,968 $ 5,185,197

Putnam Emerging Markets Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 5,535,378 $ 4,698,089 $ 4,698,089 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (474,183) 881,618 504,428 Net Decrease in Net Assets resulting from Unit Transactions (8,088) (44,329) - (Decrease)/Increase in Net Assets (482,271) 837,289 504,428 Net Assets attributable to redeemable participating Unitholders at end of period $ 5,053,107 $ 5,535,378 $ 5,202,517

Putnam Global Core Equity Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 7,886,745 $ 6,279,029 $ 6,279,029 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (456,221) 1,535,670 1,148,773 Net Increase/(Decrease) in Net Assets resulting from Unit Transactions 16,057 72,046 (6,954) (Decrease)/Increase in Net Assets (440,164) 1,607,716 1,141,819 Net Assets attributable to redeemable participating Unitholders at end of period $ 7,446,581 $ 7,886,745 $ 7,420,848

The accompanying notes form an integral part of these financial statements. 130 Putnam World Trust

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders cont.

Putnam Global Fixed Income Alpha Fund S2

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 GBP GBP GBP Net Assets attributable to redeemable participating Unitholders at beginning of period £ 303,432,800 £ 324,600,000 £ 324,600,000 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (921,841) 13,391,887 7,013,665 Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (40,755,664) (34,559,087) 39,798 (Decrease)/Increase in Net Assets (41,677,505) (21,167,200) 7,053,463 Net Assets attributable to redeemable participating Unitholders at end of period £ 261,755,295 £ 303,432,800 £ 331,653,463

Putnam Global High Yield Bond Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 321,132,507 $ 268,427,537 $ 268,427,537 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (44,721,285) 32,389,336 17,078,282 Net Increase/(Decrease) in Net Assets resulting from Unit Transactions 45,816,661 20,315,634 (70,619,264) Increase/(Decrease) in Net Assets 1,095,376 52,704,970 (53,540,982) Net Assets attributable to redeemable participating Unitholders at end of period $ 322,227,883 $ 321,132,507 $ 214,886,555

Putnam Total Return Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 331,573,768 $ 364,051,360 $ 364,051,360 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (36,011,694) 48,695,735 30,724,061 Net Decrease in Net Assets resulting from Unit Transactions (7,248,905) (81,173,327) (57,961,004) Decrease in Net Assets (43,260,599) (32,477,592) (27,236,943) Net Assets attributable to redeemable participating Unitholders at end of period $ 288,313,169 $ 331,573,768 $ 336,814,417

The accompanying notes form an integral part of these financial statements. Putnam World Trust 131

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders cont.

Putnam U.S. Large Cap Growth Fund

Six months ended Year ended Six months ended 31 December 2014 30 June 2014 31 December 2013 USD USD USD Net Assets attributable to redeemable participating Unitholders at beginning of period $ 64,434,278 $ 47,250,388 $ 47,250,388 (Decrease)/Increase in Net Assets attributable to redeemable participating Unitholders from operations (4,936,661) 17,160,540 13,360,371 Net (Decrease)/Increase in Net Assets resulting from Unit Transactions (248,774) 23,350 249,635 (Decrease)/Increase in Net Assets (5,185,435) 17,183,890 13,610,006 Net Assets attributable to redeemable participating Unitholders at end of period $ 59,248,843 $ 64,434,278 $ 60,860,394

The accompanying notes form an integral part of these financial statements. 132 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014

1. Basis of Presentation i) Basis of accounting The accounting policies are consistent with those of the annual financial statements for the year ended 30 June 2014, as described in those financial statements. These condensed interim financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the Financial Reporting Council and published by the Institute of Chartered Accountants in Ireland. The Trust has availed of the exemption available to open-ended investment funds under Financial Reporting Standard No. 1 (Revised) “Cash Flow Statement” not to prepare a cash flow statement. 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. ii) Critical accounting estimates and assumptions Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are outlined below. Fair value of financial instruments The Trust may, from time to time, hold financial instruments that are not quoted in active markets, such as over-the-counter (“OTC”) derivatives. The fair value of such instruments is determined using valuation techniques. Where valuation techniques are used to determine fair value they are validated and periodically reviewed by experienced personnel at Putnam Investments (Ireland) Limited (the “Manager”) or its affiliates, independent of the party that created them. The prices used at the period end which have been sourced from a single broker source are the best estimates of fair value as at the period end date. However, there is a degree of uncertainty in respect of these prices. It may not always be possible to close out the positions at the stated mark with the given counterparty. The Directors believe that the values arrived at are reasonable and prudent, however actual results may differ from these estimates and the differences could be material. All the Trust’s financial assets and financial liabilities are held for the purpose of being traded. 2. Accounting Policies Significant accounting policies adopted by the Trust are as follows: A) Investments i) Valuation of Investments Investments are reported at fair value. The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on bid prices for long positions and offer prices for short positions at the Balance Sheet date. Where any of the investments are not listed on Recognised Stock Exchanges or traded on regulated markets and a quotation from an independent pricing service is not available, such securities shall be valued at their probable realisation value as determined by the Manager or its delegate, each of them being approved by the Trustee as a competent person for such purpose. Securities valued following procedures approved by the Investment Advisor are indicated by “F” in each Fund's Schedule of Investments. The total fair value of securities valued following procedures approved by the Investment Advisor for each Fund is listed below.

Fund Number of Positions Fair Value % of Fund Putnam Asia Pacific (Ex-Japan) Equity Fund USD - - - Putnam Emerging Markets Equity Fund USD - - - Putnam Global Core Equity Fund USD 1 21,205 0.28% Putnam Global Fixed Income Alpha Fund S2 GBP 1 3 - Putnam Global High Yield Bond Fund USD 7 395,769 0.12% Putnam Total Return Fund USD 1 33 - Putnam U.S. Large Cap Growth Fund USD 2 129,904 0.22%

Classification The Trust classifies its investments in debt and equity securities, and related derivatives, as financial assets or financial liabilities at fair value through profit or loss. These financial assets and financial liabilities are classified as held for trading or designated by the Trust’s Manager at fair value through profit or loss at inception. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Trust’s documented investment strategy. The Trust’s policy is for the Investment Advisor to evaluate the information about these financial assets on a fair value basis together with other related financial information.

Putnam World Trust 133

Notes to the Financial Statements as at 31 December 2014 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Fair value estimation The fair value of financial instruments traded in active markets is based upon market prices at the Balance Sheet date. When the Trust holds derivatives with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this mid-price to the net open position, as appropriate. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Trust uses a variety of methods and makes assumptions that are based on market conditions existing at each Balance Sheet date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. Certain securities may be valued on the basis of a price provided by a single broker. Single broker priced securities are highlighted in the Schedule of Investments by the † symbol. Some Funds may invest in securities with contractual cash flows, such as asset-backed securities, collateralised mortgage obligations and commercial mortgage backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate values, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Rights and Warrants Rights and warrants contracts are options to purchase additional securities from the issuer at a specified price during a specified period. Rights and warrants are sometimes used to gain exposure to emerging market equities where custody, liquidity, or other issues make ownership of local shares sub-optimal. The valuation of the rights and warrants depends on the level of trading. If the rights and warrants are actively traded in the market then the market price is used. If the rights and warrants are not actively traded in the market then either the intrinsic value of the right/warrant based on underlying equity price and right/warrant strike price or modified Black-Scholes derived value, adjusted for liquidity or other risks deemed appropriate are used. Premiums paid on rights which expired or were unexercised are recognised on the expiry date as realised gains or losses in the Profit and Loss Account. If a right is exercised, the premium paid is included with the cost of the transaction to determine whether the Fund has realised a gain or loss on the related investment transaction. Futures Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The Funds and the broker agree to exchange an amount of cash based on the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. For open futures, changes in the value of the contract are recognised as unrealised profits or losses by “marking-to-market” the value of the contract at the Balance Sheet date. Unrealised gains or losses on open futures contracts are shown in the Schedules of Investments of each relevant Fund and as appropriate, on the Balance Sheet as part of financial assets and liabilities at fair value through profit or loss. Options Contracts The potential risk to the Funds 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. Realised gains and losses on purchased options are included on the Funds’ Balance Sheet. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments. Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers. Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract. Total Return Swap Contracts The Funds may enter into OTC total return swap contracts, which are arrangements between two parties to exchange a market linked return for a periodic payment, both based on a notional principal amount to help enhance the Funds’ return and manage the Funds’ exposure to risk. 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 Funds 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 unrealised gain or loss. Payments received or made are recorded as realised gains or losses. Certain OTC total return swap contracts may include extended effective dates, and are indicated by “E” in the Schedule of Investments. Payments related to these swap contracts are accrued based on the terms of the contract.

134 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Total Return Swap Contracts cont. The Funds could be exposed to credit or market risk due to unfavourable 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 Funds’ 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 Funds and the counterparty. Risk of loss may exceed amounts recognised on the Balance Sheet. Interest Rate Swap Contracts The Funds may enter into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Funds’ exposure to interest rates. An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment paid/(received) by the Funds is recorded as an asset/(liability) on the Funds’ books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealised gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded as part of financial assets and liabilities at fair value through profit or loss in the Balance Sheet and recorded as unrealised gain or loss. Payments, including upfront premiums, received or made are recorded as realised gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates, and are indicated by "E" in the Schedule of Investments. Payments related to these swap contracts are accrued based on the terms of the contract. The Funds could be exposed to credit or market risk due to unfavourable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The Funds’ maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the Funds and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognised on the Balance Sheet. Credit Default Contracts The Funds may enter into OTC and/or centrally cleared credit default contracts to provide a measure of protection against risk of loss following a default, or other credit event in respect of issuers within an underlying index or a single issuer, or to gain credit exposure to an underlying index or issuer. In OTC and centrally cleared credit default contract, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by a Fund is recorded as a liability on the Funds' books. An upfront payment made by a Fund is recorded as an asset on the Funds’ books. Upfront and periodic payments received or paid by the Funds for OTC and centrally cleared credit default contracts are recorded as realised gains or losses at the reset date or close of the contract. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties are settled through a central clearing agent through variation margin payments. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealised gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Balance Sheet and recorded as unrealised gain or loss. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realised gain or loss. In addition to bearing the risk that the credit event will occur, the Funds could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that a Fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the Funds may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risk of loss may exceed amounts recognised on the Balance Sheet. A Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for the OTC credit default contracts by having a master netting arrangement between that Fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default contracts due to the clearing house guarantee fund and other resources that are available in the event of a clearing member default. Where a Fund is a seller of protection, the maximum potential amount of future payments the Funds may be required to make is equal to the notional amount.

Putnam World Trust 135

Notes to the Financial Statements as at 31 December 2014 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. To Be Announced (“TBA”) Commitments The Funds may enter into TBA commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The Funds hold, and maintain until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the Funds may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date. The Funds may also enter into TBA sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the Funds realise a gain or loss. If the Funds deliver securities under the commitment, the Funds realise a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform. Counterparty risk is mitigated by having a master agreement between the Funds and the counterparty. Unsettled TBA commitments are valued at their fair value. The contract is marked to market daily and the change in fair value is recorded by the Funds as an unrealised gain or loss. Based on market circumstances, the Manager will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement. Repurchase Agreements Securities purchased under agreements to resell are valued at notional value plus accrued interest. Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. Interest earned under such agreements is accounted for on an accruals basis. Investments in Investment Companies Investments in Investment Companies are valued using the latest fair value at the latest available unaudited Net Asset Value for the shares obtained from the relevant administrator unless, in the Manager’s reasonable opinion, there are reasons to justify departing temporarily or permanently from that price. Such reasons may, without limitation include those associated with the liquidity and/ or the pricing methodology being employed by such investment companies. The changes in the daily Net Asset Value of these shares is recognised as part of “Net realised and Net unrealised gains or losses on financial assets and liabilities at fair value through profit or loss” as part of the Profit and Loss Account. Cash and Other Liquid Assets Cash comprises current deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. All Cash at Bank is held with State Street Bank and Trust Company. Cash and other liquid assets will be valued at their face value with interest accrued, where applicable. Accounting for Investments Recognition/derecognition Purchases and sales of investments are recognised on the day the transaction takes place (the trade date). Investments are derecognised when the rights to receive cash flows from the investments have expired or the Trust has transferred substantially all risks and rewards of ownership. Measurement Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Profit and Loss Account. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value in accordance with the policies above. Gains and losses arising from changes in the fair value of the financial assets and financial liabilities at fair value through profit or loss category are presented in the Profit and Loss Account in the period in which they arise. Classification The Funds classify their investments as financial assets or financial liabilities at fair value through profit or loss under FRS 26. Net gains/(losses) on investment activities In respect of each instrument type classified as financial assets or financial liabilities at fair value through profit or loss, the movement in unrealised gains/(losses) since the prior period end and realised gains/(losses) are included in net realised and unrealised gains/ (losses) on financial assets and liabilities at fair value through profit or loss. Realised gains and losses on investment transactions are calculated using the average cost method.

136 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

2. Accounting Policies cont. A) Investments cont. i) Valuation of Investments cont. Collateral The Funds’ assets may be pledged as collateral to, and held by the counterparty and brokers for open futures and swap contracts. The Funds may also receive securities pledged as collateral from counterparties and brokers for open futures and swap contracts. As at 31 December 2014, the fair value of securities received by the Funds as collateral are as follows: Putnam Global Fixed Income Alpha Fund S2 GBP 54,428 (30 June 2014 GBP 2,176,987), Putnam Global High Yield Bond Fund USD Nil (30 June 2014 USD 1,382,205) and Putnam Total Return Fund USD Nil (30 June 2014 USD 2,467,447). Collateral is recognised on the date the relevant Fund becomes a party to the contractual provisions. Cash collateral provided by a Fund is identified in the Balance Sheet as due to/from broker for margin and is not included as a component of cash and cash equivalents. Cash collateral received by a Fund is identified in the Balance Sheet as broker cash held as collateral for financial derivative instruments. The obligation to return the cash collateral is identified in the Balance Sheet as broker cash due to counterparties for financial derivative instruments transactions. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Fund classifies that asset in its Balance Sheet separately from other assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, a disclosure of the collateral provided is made in the notes to the financial statements. B) Income and Expenses i) Dividend Income Dividend income arising on the underlying equity investments of the Trust is credited to the Profit and Loss Account on the date on which the relevant securities are listed as “ex-dividend”. Income is accounted for gross of any non reclaimable/irrecoverable withholding taxes and net of any tax credits. The withholding tax is shown separately in the Profit and Loss Account. ii) Bond Interest Bond interest is recognised as income of the Trust on an effective interest basis. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Trust estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. iii) Interest Income Bank interest is recognised on an accruals basis. iv) Expenses Each Fund shall pay all of its expenses and such proportion of the Trust’s expenses which are allocated to that Fund based on the average Net Asset Value of the Fund when the expense is accrued. The costs and gains or (losses) of any currency hedging transactions will be attributable to the relevant Class in their entirety. To the extent that expenses are attributable entirely to a specific Class of a Fund, that Class shall bear such expenses. All expenses are accrued on a daily basis. v) Transaction Costs Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on the purchase and sale of bonds, forwards, repurchase agreements, swaps and swaptions, are included in the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed. Transaction costs on purchases and sales of equities, futures and options are included in net gains/(losses) on investments in the Profit and Loss Account for each Fund. C) Foreign Exchange Translation i) Functional and Presentation Currency Items included in each Fund’s financial statements are measured and reported using the currency of the primary economic environment in which it operates (the “functional currency”). The Board of Directors of the Manager considers U.S. Dollars as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions for all Funds other than Putnam Global Fixed Income Alpha Fund S2. The U.S. Dollar is the currency in which each Fund (other than Putnam Global Fixed Income Alpha Fund S2) measures its performance and reports its results, as well as the currency in which it receives subscriptions from its investors. For Putnam Global Fixed Income Alpha Fund S2 the functional currency is Sterling. All of the investors in Putnam Global Fixed Income Alpha Fund S2 are residents of the United Kingdom, therefore the Board of Directors of the Manager considers Sterling as the currency that most faithfully represents this Fund.

Putnam World Trust 137

Notes to the Financial Statements as at 31 December 2014 cont.

2. Accounting Policies cont. C) Foreign Exchange Translation cont. ii) Functional and Presentation Currency cont. Assets and liabilities, including net assets attributable to redeemable participating unitholders, are translated at the closing rate at each Balance Sheet date. Exchange differences arising between the rate of translation of subscriptions and redemptions are also attributed to the redeemable participating Unitholders. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period- end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account. ii) Forward Foreign Exchange Currency Contracts The Trust may enter into various types of forward foreign exchange currency contracts including Euro and Sterling Class level hedging, foreign security hedging and security transaction level hedging. The unrealised gain or loss on open forward foreign exchange currency contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts, which have been settled or offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at the Fund level. For Euro and Sterling Class level hedges, these realised and unrealised gains and losses are allocated solely to the Euro and Sterling Unit Classes. While the Trust will attempt to hedge against the U.S. Dollar to Euro and Sterling currency exposure, there can be no guarantee that the value of the Euro and Sterling Classes will not be affected by the value of the Euro and Sterling relative to the U.S. Dollar. D) Redeemable Participating Units and Distributions Redeemable participating units are redeemable at the Unitholder’s option and are classified as financial liabilities. Distributions to redeemable participating unitholders are recognised as a finance cost in the Profit and Loss Account and are recognised on ex- date. The participating unit can be put back to the Trust at any time for cash equal to a proportionate share of the Trust’s Net Asset Value. The participating unit is carried at the redemption amount that is payable at the Balance Sheet date if the Unitholder exercised his/her right to put the unit back to the Trust. Redeemable participating units are issued and redeemed at the unitholder’s option at prices based on a Fund’s Net Asset Value per unit at the time of issue or redemption. The Fund’s Net Asset Value per unit is calculated by dividing the net assets attributable to redeemable participating unitholders of each class of shares with the total number of outstanding shares for each respective class. In accordance with the provisions of the Trust’s Trust Deed, investment positions are valued based on the last traded market price (for listed equities), bid price (for fixed income securities), or settlement price for exchange traded and OTC derivatives, for the purpose of determining the Net Asset Value per unit for subscriptions and redemptions. E) Other Receivables and Payables i) Receivables Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Receivables are recognised at fair value plus transaction costs that are directly attributable to their acquisition origination. ii) Payables Payables are recognised at fair value. iii) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. F) Bank overdrafts Under the Trust Deed between the Manager and State Street Custodial Services (Ireland) Limited, the custodian bank has a lien on the securities of each Fund to the extent permitted by that Fund’s investment restrictions to cover any advances made by the custodian bank for the settlement of securities purchased by the Fund. At the close of the reporting period, the payable to the custodian bank represents the amount due for cash advanced for the settlement of securities purchased. 3. Number of Units in Issue and Net Assets attributable to redeemable Participating Unitholders Each of the units entitles the holder to participate equally on a pro rata basis in the profits and dividends of the Funds attributable to such Class of units and to attend and vote at meetings of the Fund represented by those units. No class of units confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other class of units or any voting rights in relation to matters relating solely to any other class of units. Each unit represents an undivided beneficial interest in the relevant Fund. The return on an investment in the Funds will depend solely upon the investment performance of the assets and liabilities in that Fund and the increase or decrease (as the case may be) in the Net Asset Value of the units. The amount payable to a unitholder in respect of each unit upon liquidation of the relevant Funds will equal the Net Asset Value per unit of that Fund.

138 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

3. Number of Units in Issue and Net Assets attributable to redeemable Participating Unitholders cont. In accordance with the provisions of the Trust’s Trust Deed, listed investments and investments with prices quoted in over-the-counter markets or by market makers are generally stated at the last traded price (for listed equities) or bid price (for fixed income securities) on the valuation day for the purpose of determining Net Asset Value per unit for subscriptions and redemptions and for various fee calculations. However, as stated in note 2A(i), the accounting policy of the Funds for the purpose of compliance with FRS 26 is to value its investments at the relevant bid or offer market prices on the Balance Sheet date. As at 31 December 2014, the difference between the valuation stated in the financial statements of investments and the valuation methodology indicated in the Trust’s Trust Deed is reflected as “adjustments from bid market value to last traded market value” in the Funds' respective Balance Sheets. Net assets attributable to Unitholders represent a liability on the Balance Sheet, carried at the redemption amount that would be payable at the Balance Sheet date if the Unitholder exercised the right to redeem his/her Units to the Trust. Consequently, the differences described above adjust the carrying amount of the net assets attributable to redeemable participating Unitholders and are recognised in the Profit and Loss Account. If the number of Units in a Fund falling to be redeemed on any Dealing Day is equal to 10% or more of the total number of Units in issue or deemed to be in issue in that Fund on such Dealing Day, the Manager may in its discretion refuse to redeem any Units in that Fund in excess of 10% of the total number of Units in issue or deemed to be in issue in that Fund as aforesaid and, if the Manager so refuses, upon notification to the relevant Unitholders, the requests for redemption of Units in that Fund on such Dealing Day shall be reduced rateably and the Units in that Fund to which each request relates which are not redeemed by reason of such refusal shall be treated as if a request for redemption had been made in respect of each subsequent Dealing Day until all the Units in that Fund to which the original request related have been redeemed provided, however, that the Manager may at its discretion, redeem in full the Units of smaller redemption requests (that represent 1% or less of Units in issue or deemed to be in issue) rather than including them in the pro rata calculation with the larger redemption requests received on such Dealing Day. Redemption requests will be dealt with fairly in accordance with the above. The Manager may also apply a provision for market spreads and duties and charges in any other case where it considers such a provision to be in the best interests of a Fund. Any such sum will be paid into the account of the relevant Fund. Notwithstanding the foregoing, the levy with respect to Putnam Global High Yield Bond Fund will not exceed 1% of the Net Asset Value of that Fund under normal market conditions. Distributions payable to Redeemable Participating Unitholders Proposed distributions to holders of redeemable units are recognised in the Profit and Loss Account when the Trust incurs a legal or constructive obligation to pay such a distribution. The distribution on these redeemable units is recognised in the Profit and Loss Account as a finance cost. Certain classes of the Funds were certified as reporting funds by HM Revenue & Customs in the UK for the period ending 31 December 2014. The Trust has been approved for the UK reporting regime for the period ended 31 December 2014. There was no change in the nature of the Trust’s business during the period. 4. Current and Prior Period NAV Details Putnam Asia Pacific (Ex-Japan) Equity Fund

31 December 2014 30 June 2014 31 December 2013 USD USD USD Total Net Asset Value $ 5,078,604 $ 5,589,968 $ 5,185,197 Class A Units in Issue 3,290 3,290 2,434 Net Asset Value per Unit $ 22.22 $ 24.06 $ 22.50 Class B Units in Issue 728 728 859 Net Asset Value per Unit $ 21.52 $ 23.36 $ 21.91 Class C Units in Issue 100 100 100 Net Asset Value per Unit $ 22.01 $ 23.84 $ 22.31 Class I Units in Issue 176,922 176,922 176,922 Net Asset Value per Unit $ 23.23 $ 25.06 $ 23.37 Class M Units in Issue 17,061 17,061 17,061 Net Asset Value per Unit € 21.00 € 22.72 € 21.25 Class T Units in Issue 14,120 14,120 14,120 Net Asset Value per Unit £ 20.17 £ 21.78 £ 20.38

Putnam World Trust 139

Notes to the Financial Statements as at 31 December 2014 cont.

4. Current and Prior Period NAV Details cont. Putnam Emerging Markets Equity Fund

31 December 2014 30 June 2014 31 December 2013

USD USD USD Total Net Asset Value $ 5,053,107 $ 5,535,378 $ 5,202,517 Class A Units in Issue 4,271 4,271 6,315 Net Asset Value per Unit $ 18.09 $ 19.51 $ 18.30 Class B Units in Issue 1,147 1,565 1,848 Net Asset Value per Unit $ 17.52 $ 18.94 $ 17.82 Class C Units in Issue 100 100 100 Net Asset Value per Unit $ 17.90 $ 19.31 $ 18.13 Class I Units in Issue 214,935 214,935 214,935 Net Asset Value per Unit $ 19.21 $ 20.62 $ 19.26 Class M Units in Issue 18,146 18,146 18,146 Net Asset Value per Unit € 16.89 € 18.19 € 17.07 Class T Units in Issue 17,430 17,430 17,430 Net Asset Value per Unit £ 16.71 £ 18.00 £ 16.88

Putnam Global Core Equity Fund 31 December 2014 30 June 2014 31 December 2013

USD USD USD Total Net Asset Value $ 7,446,581 $ 7,886,745 $ 7,420,848 Class A Units in Issue 16,832 15,620 11,150 Net Asset Value per Unit $ 19.22 $ 20.08 $ 19.20 Class B Units in Issue 12,323 12,796 13,165 Net Asset Value per Unit $ 18.63 $ 19.52 $ 18.71 Class C Units in Issue 100 100 100 Net Asset Value per Unit $ 18.95 $ 19.82 $ 18.96 Class I Units in Issue 283,083 283,083 283,083 Net Asset Value per Unit $ 20.08 $ 20.90 $ 19.91 Class M Units in Issue 26,123 26,123 26,123 Net Asset Value per Unit € 17.67 € 18.44 € 17.64 Class T Units in Issue 23,806 23,806 23,806 Net Asset Value per Unit £ 17.51 £ 18.27 £ 17.45

Putnam Global Fixed Income Alpha Fund S2 31 December 2014 30 June 2014 31 December 2013

GBP GBP GBP Total Net Asset Value £ 261,755,295 £ 303,432,800 £ 331,653,463 Class S Units in Issue 36,277,757 41,924,037 46,702,750 Net Asset Value per Unit £ 7.22 £ 7.24 £ 7.10

140 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

4. Current and Prior Period NAV Details cont. Putnam Global High Yield Bond Fund

31 December 2014 30 June 2014 31 December 2013

USD USD USD Total Net Asset Value $ 322,227,883 $ 321,132,507 $ 214,886,555 Class A Units in Issue 3,191,514 3,311,525 2,505,416 Net Asset Value per Unit $ 6.70 $ 7.12 $ 6.95 Class B Units in Issue 441,947 476,799 538,057 Net Asset Value per Unit $ 6.66 $ 7.08 $ 6.90 Class C Units in Issue 685,620 907,461 831,906 Net Asset Value per Unit $ 8.48 $ 9.02 $ 8.79 Class E Units in Issue 641,984 806,170 790,348 Net Asset Value per Unit € 7.55 € 8.03 € 7.83 Class I Units in Issue 2,804,489 2,233,867 1,575,749 Net Asset Value per Unit $ 2.57 $ 2.73 $ 2.67 Class S Units in Issue 36,585,200 30,478,004 20,736,890 Net Asset Value per Unit £ 4.90 £ 5.19 £ 5.06

Putnam Total Return Fund 31 December 2014 30 June 2014 31 December 2013

USD USD USD Total Net Asset Value $ 288,313,169 $ 331,573,768 $ 336,814,417 Class A Units in Issue 5,805,489 6,963,082 8,273,352 Net Asset Value per Unit $ 13.81 $ 14.42 $ 13.66 Class B Units in Issue 44,608 40,193 42,161 Net Asset Value per Unit $ 12.09 $ 12.66 $ 12.02 Class C Units in Issue 2,657,156 2,760,298 3,099,536 Net Asset Value per Unit $ 12.32 $ 12.88 $ 12.21 Class E Units in Issue 7,205,038 7,103,608 7,094,874 Net Asset Value per Unit € 10.83 € 11.42 € 10.78 Class I Units in Issue 864,253 539,532 177,747 Net Asset Value per Unit $ 10.71 $ 11.15 $ 10.52 Class M Units in Issue 3,481,549 3,619,418 4,244,409 Net Asset Value per Unit € 10.12 € 10.57 € 10.00 Class S Units in Issue 5,190,854 4,021,582 3,443,476 Net Asset Value per Unit £ 3.52 £ 3.72 £ 3.51

Putnam World Trust 141

Notes to the Financial Statements as at 31 December 2014 cont.

4. Current and Prior Period NAV Details cont. Putnam U.S. Large Cap Growth Fund 31 December 2014 30 June 2014 31 December 2013

USD USD USD Total Net Asset Value $ 59,248,843 $ 64,434,278 $ 60,860,394 Class A Units in Issue 6,042 6,090 100 Net Asset Value per Unit $ 14.38 $ 13.79 $ 12.91 Class M Units in Issue 3,450,951 3,465,072 3,481,556 Net Asset Value per Unit € 14.16 € 13.56 € 12.71

5. Risks Associated with Financial Instruments As defined in FRS 29 Financial Instruments, risk can be separated into the following components: market risk (which includes market price risk, foreign currency risk and interest rate risk), liquidity risk and credit or default risk. The Trust’s risk management process consists of a multi-layered and cross functional review that provides a system of checks and balances. The Investment Advisor performs reviews at least monthly and agrees on policies for managing each of these risks which are summarised below. The Board of Directors of the Manager of the Trust receives monthly reporting on risk matters and reviews the risk management process on an annual basis. These policies have remained substantially unchanged since the beginning of the period to which these financial statements relate and are in line with the previous annual financial statements as at 30 June 2014. a) Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Trust might suffer through holding market positions in the face of price movements caused by factors specific to the individual investment or factors affecting all instruments traded in the market. The Investment Advisor considers the asset allocation of the portfolios in order to minimise the risk associated with particular countries or industry sectors whilst continuing to follow the Trust’s investment objectives. The Investment Advisor measures both the Fund’s total risk as well as its risk of underperformance versus its stated benchmark (also referred to as active risk or tracking error “TE”). The market risk exposure for each Fund as at 31 December 2014 is equivalent to the fair values of investments held, as reflected in each Fund’s Schedule of Investments. Aggregate Value at Risk The Funds use relative Value at Risk (“VaR”) as a risk measurement technique to measure, monitor and manage risks. The VaR measure estimates the potential loss in pre-taxation profit over a given holding period for a specified confidence level. The VaR methodology is a statistically defined, probability-based approach that takes into account market volatilities as well as risk diversification by recognising offsetting positions and correlations between products and markets. Risks can be measured consistently across all markets and products, and risk measures can be aggregated to arrive at a single risk number. Given the interdependencies between market variables, the Trust also estimates the VaR or threshold loss that is not expected to be exceeded at the 99th percentile confidence level over a 1-day horizon. The Investment Advisor uses a proprietary multi-factor model to estimate the total risk from which VaR estimates can be analytically derived. The VaR estimates presented below are point-in-time and vary over time as a function of market and portfolio composition changes. Given its reliance on historical data, VaR is most effective in estimating risk exposures in markets in which there are no sudden fundamental changes or sudden shifts in market conditions. An inherent limitation of VaR is that the distribution of past changes in market risk factors may not produce accurate predictions of future risk. Different VaR methodologies and distributional assumptions could produce a materially different VaR. Moreover, VaR calculated for a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or offset with hedges within one day. Changes in VaR between reporting periods are generally due to changes in levels of exposure, volatilities and/or correlations among asset classes.

142 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

5. Risks Associated with Financial Instruments cont. a) Market price risk cont. The tables below show the VaR of each Fund, its stated benchmark (if applicable) as well as the ratio between the two measures (also referred to as relative VaR) for Funds in issue as of 31 December 2014, 30 June 2014 and 31 December 2013:

Portfolio VaR Fund 1 Day % Min % Average % Max % Putnam Asia Pacific (Ex-Japan) Equity Fund 31-Dec-14 1.70 1.34 1.67 1.92 30-Jun-14 1.63 1.63 2.05 2.54 31-Dec-13 1.82 1.81 2.18 2.54 Putnam Emerging Markets Equity Fund 31-Dec-14 1.99 1.42 1.72 1.99 30-Jun-14 1.69 1.69 2.06 2.55 31-Dec-13 1.84 1.83 2.16 2.55 Putnam Global Core Equity Fund 31-Dec-14 1.90 1.45 1.79 2.11 30-Jun-14 1.75 1.75 2.06 2.37 31-Dec-13 1.89 1.85 2.17 2.37 Putnam Global Fixed Income Alpha Fund S2 31-Dec-14 0.43 0.42 0.54 0.68 30-Jun-14 0.63 0.41 0.50 0.63 31-Dec-13 0.43 0.40 0.50 0.63 Putnam Global High Yield Bond Fund 31-Dec-14 1.06 0.88 1.06 1.25 30-Jun-14 0.96 0.88 1.20 1.41 31-Dec-13 1.19 0.98 1.33 1.58 Putnam Total Return Fund 31-Dec-14 1.20 0.70 1.06 1.21 30-Jun-14 1.04 0.83 1.10 1.33 31-Dec-13 1.06 1.06 1.33 1.72 Putnam U.S. Large Cap Growth Fund 31-Dec-14 2.04 1.53 1.95 2.30 30-Jun-14 2.08 1.78 2.06 2.30 31-Dec-13 1.84 1.82 2.17 2.55

Benchmark VaR Fund 1 Day % Min % Average % Max % Reference Benchmark Putnam Asia Pacific (Ex-Japan) Equity Fund 31-Dec-14 1.84 1.45 1.71 1.95 MSCI AC Pacific ex Japan Index 30-Jun-14 1.61 1.61 2.04 2.45 31-Dec-13 1.91 1.91 2.16 2.45 Putnam Emerging Markets Equity Fund 31-Dec-14 2.04 1.55 1.83 2.05 MSCI Daily TR EM USD 30-Jun-14 1.73 1.73 2.15 2.52 31-Dec-13 2.00 1.91 2.21 2.52 Putnam Global Core Equity Fund 31-Dec-14 1.90 1.37 1.67 1.90 MSCI Daily TR EM USD 30-Jun-14 1.55 1.55 1.91 2.21 31-Dec-13 1.76 1.75 2.01 2.21 Putnam Global Fixed Income Alpha Fund S2 31-Dec-14 0.02 - 0.02 0.02 BBA Libor GBP 6 Month 30-Jun-14 0.02 0.02 0.02 0.02 31-Dec-13 0.02 - 0.02 0.02 Putnam Global High Yield Bond Fund 31-Dec-14 BofA Merrill Lynch Global High Yield Investment Grade 0.93 0.82 0.91 1.06 Country Constrained Index - 100% Hedged 30-Jun-14 0.82 0.82 1.05 1.25 31-Dec-13 1.04 1.03 1.18 1.35 Putnam Total Return Fund 31-Dec-14 1.15 0.63 1.09 1.23 Custom Dynamic Risk Allocation Index 30-Jun-14 1.04 1.04 1.25 1.56 31-Dec-13 1.17 1.17 1.54 1.74 Putnam U.S. Large Cap Growth Fund 31-Dec-14 1.91 1.43 1.77 1.98 Russell 1000 Growth Index 30-Jun-14 1.89 1.69 1.92 2.16 31-Dec-13 1.74 1.74 2.04 2.33

Putnam World Trust 143

Notes to the Financial Statements as at 31 December 2014 cont.

5. Risks Associated with Financial Instruments cont. a) Market price risk cont.

Relative VaR (ratio of Fund VaR / Benchmark VaR) Fund 1 Day % Putnam Asia Pacific (Ex-Japan) Equity Fund 31-Dec-14 0.92 30-Jun-14 1.01 31-Dec-13 0.95 Putnam Emerging Markets Equity Fund 31-Dec-14 0.98 30-Jun-14 0.98 31-Dec-13 0.92 Putnam Global Core Equity Fund 31-Dec-14 1.00 30-Jun-14 1.13 31-Dec-13 1.07 Putnam Global High Yield Bond Fund 31-Dec-14 1.14 30-Jun-14 1.17 31-Dec-13 1.14 Putnam Total Return Fund 31-Dec-14 1.04 30-Jun-14 1.00 31-Dec-13 0.91 Putnam U.S. Large Cap Growth Fund 31-Dec-14 1.07 30-Jun-14 1.05 31-Dec-13 1.06

Putnam Global Fixed Income Alpha Fund S2 only reports its portfolio VaR. For this Fund, VaR is tracked against a limit of 5% and uses a cash equivalent benchmark and so a VaR ratio is not relevant.

Leverage In accordance with ESMA Guidelines (CESR/10-788), each Fund's leverage during the period is calculated as the gross sum of the notionals of all the derivative instruments used by a Fund, with the sum expressed as a percentage of a Fund’s net assets. As a result of this calculation methodology, each Fund’s level of leverage as depicted by the figures below may be overstated and not representative of the actual exposure represented by the derivative positions in the Fund. The leverage figure calculated takes the absolute sum of long and short derivative positions and sums them. There is no reduction for offsetting or partial offsetting positions or even exposures to positions that have been closed or partially closed. For example, if a Fund opened a long Australian Dollar currency forward position against the British Pound for $1 million notional exposure (i.e., buying Australian Dollar, selling Pounds) and then later closed that position by executing the same trade in the offsetting direction (i.e., selling Australian Dollar, buying Pounds), these trades would count $2 million notional toward the sum despite that these positions have an economic exposure of 0. Another example of how this figure may overstate leverage is in interest rate hedging. If a Fund opens an interest rate swap position to pay on USD rates fixed versus floating for $1 million notional and then re-hedges that interest rate position by receiving on USD rates fixed versus floating for a $1 million notional, these trades would count $2 million notional toward the sum despite the fact that these positions have an economic exposure of 0.

The figures provided below are an average across the period and will vary from time to time. Fund Average % Average % Average % Putnam Asia Pacific (Ex-Japan) Equity Fund 31-Dec-14 64 30-Jun-14 11 31-Dec-13 11 Putnam Emerging Markets Equity Fund 31-Dec-14 63 30-Jun-14 18 31-Dec-13 - Putnam Global Core Equity Fund 31-Dec-14 31 30-Jun-14 34 31-Dec-13 40 Putnam Global Fixed Income Alpha Fund S2 31-Dec-14 663 30-Jun-14 779 31-Dec-13 848 Putnam Global High Yield Bond Fund 31-Dec-14 19 30-Jun-14 21 31-Dec-13 22 Putnam Total Return Fund 31-Dec-14 317 30-Jun-14 316 31-Dec-13 324 Putnam U.S. Large Cap Growth Fund 31-Dec-14 6 30-Jun-14 1 31-Dec-13 1 b) Foreign currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The risk arises on financial instruments that are denominated in a currency other than the functional currency in which these are measured. A substantial proportion of each Fund’s assets are held in currencies other than the base currency with the result that the Funds’ Balance Sheets can be significantly affected by currency movements. Certain Class level hedges as included in the analysis of the Portfolio of Investments are entered into in order to hedge the value of the Euro and Pound Sterling Hedge Classes, in the U.S. Dollar Funds.

144 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

5. Risks Associated with Financial Instruments cont. c) Fair valuation hierarchy FRS 29 requires the Trust to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy of inputs is summarised in the three broad levels listed below: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). • Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgement by the Investment Advisor. The Investment Advisor considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. d) Interest rate risk Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The risk arises on financial instruments whose fair value or future cash flows are affected by changes in interest rates. Short-term securities are less sensitive to interest rate changes than longer-term securities, but they also usually offer lower yields. The Funds invest in both fixed rate and floating rate securities. e) Liquidity risk This is the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities. The Trust’s assets primarily comprise mainly readily realisable securities. The main liability of each Fund is the redemption of any units that investors wish to sell, as well as other liabilities, such as purchases of investments awaiting settlement. The Trust’s financial instruments may include investments in OTC derivative contracts, which are not traded in an organised public market and may be illiquid. As a result, the Trust may not be able to promptly liquidate some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements or to respond to specific events such as deterioration in the credit worthiness of any particular issuer. Market value amounts are presented in the Schedule of Investments to indicate the extent of the Trust’s involvement in such instruments. The trading volumes of stocks and fixed income securities held by each Fund are generally sufficient to satisfy liquidity requirements when necessary. However, to minimise or mitigate the effect of liquidity risk where deemed necessary, the Investment Advisor could either reposition the portfolio or adjust the allocation to obtain a higher concentration of more liquid securities. These adjustments could impact the Funds’ returns. f) Credit risk The Trust is exposed to credit risk from parties with whom it trades and also bears the risk of settlement default. The Trust seeks to minimise concentration of credit risk by undertaking transactions with a large number of counterparties on recognised and reputable exchanges and the over-the-counter market. The Funds’ maximum exposure to credit risk (not taking into account the value of any collateral or other security held) in the event that counterparties fail to perform their obligations as of 31 December 2014 in relation to each class of recognised financial assets, other than derivatives, is the carrying amount of those assets as indicated in the Balance Sheet. It is the Funds’ policy to take custody of securities purchased under repurchase agreements on a daily basis to protect the Funds in the event the securities are not repurchased by the counterparty. The Funds will generally obtain additional collateral if the market value of the underlying securities is less than the obligation to repurchase plus any accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and or retention of the collateral or proceeds may be subject to legal proceedings.

Putnam World Trust 145

Notes to the Financial Statements as at 31 December 2014 cont.

5. Risks Associated with Financial Instruments cont. f) Credit risk cont. Credit default contracts provide a measure of protection against defaults of debt issuers. The use of credit default contracts does not assure their use will be effective or will have the desired result. The credit events are specified in the contract and are intended to identify the occurrence of a significant deterioration in the creditworthiness of the reference asset. On settlement, credit default products may be cash settled or involve the physical delivery of an obligation of the reference entity following a default. The maximum exposure upon entering into credit default contracts is equal to the notional amount which is disclosed in the Schedule of Investments. Buying credit default protection reduces the buyer's exposure to a reference entity (it is intended to reduce risk when a party owns a security issued by or otherwise has exposure to the reference entity or to create a synthetic short position in the reference entity). As the protection buyer, the buyer may lose its investment and recover nothing if a credit event does not occur and may be required to make periodic payments to the protection seller until the contracts matures. The Trust holds interest rate swaps and credit default contracts at period end which are centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing broker through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivative transaction. The Trust's exposure to credit risk on swap contracts in which it has a net gain position is reduced by such gains received in cash from the counterparty under the daily mark-to-market mechanism (variation margin). It will also be exposed on any cash collateral pledged to cover contracts in a net loss position. All funds received by a clearing broker are generally held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust. The clearing and depository operations for the Trust’s security transactions are mainly concentrated with one custodian, namely State Street Custodial Services (Ireland) Limited (the “Custodian”). The long term credit rating of State Street Custodial Services (Ireland) Limited as at 31 December 2014 was A1 (30 June 2014: A1). At 31 December 2014, all cash and cash equivalents and investments are placed in custody with State Street Custodial Services (Ireland) Limited. The Trust also employs Barclays Bank Plc (credit rating of A2 at 31 December 2014 (30 June 2014: A2)) as a clearing broker for its centrally cleared swap transactions. In addition, there are risks involved in dealing with custodians or brokers who settle trades with regard to the segregation of assets. It is expected that all securities and other assets deposited with custodians or brokers will be clearly identified as being assets of the Fund; the Fund should not therefore be exposed to a credit risk with respect to such parties. However, it may not always be possible to achieve this segregation, so the portfolio of the Fund may experience increased exposure to credit risk associated with the applicable custodians or brokers. Bankruptcy or insolvency of the Custodian may cause the Funds' rights with respect to cash and securities held by the Custodian to be delayed or limited and the Funds would be treated as a general creditor of that entity in respect of their cash balances. Risks associated with derivative contracts involve the possibility that the counterparty to the contract may default on its obligation to perform. Counterparty exposure is managed in accordance with the investment restrictions specified in the Trust's Prospectus. The Funds 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 or the possibility that there is no liquid market for these agreements. The Funds’ maximum risk of loss from failure of a counterparty is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the Funds and the counterparty. Risk of loss may exceed amounts recognised on the Balance Sheet. Market Value amounts are presented in the Schedule of Investments to indicate the extent of the Trust’s involvement in such instruments. The table below outlines the credit ratings of each applicable Fund’s bond investments and exposure on derivatives: 30 December 2014 Putnam Global Fixed Moody's/S&P/Fitch Credit Income Putnam Global Putnam Total Rating Alpha Fund S2 High Yield Bond Fund Return Fund AAA 13.27% - 10.06% AA 4.46% - 1.81% A 14.08% 0.24% 5.98% BAA 23.08% 1.94% 12.36% BA 10.81% 33.55% 7.12% B 7.27% 41.66% 8.14% CAA 5.21% 14.78% 0.08% CA 2.74% 0.06% - C - - - D 0.17% 0.31% - P-1* 16.72% - 47.63% P-2* 0.25% - - Not Rated 1.94% 2.23% 6.82% Cash and net other assets - 5.23% - 100.00% 100.00% 100.00%

146 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

5. Risks Associated with Financial Instruments cont. f) Credit risk cont. 30 June 2014 Putnam Global Fixed Moody's/S&P/Fitch Credit Income Putnam Global Putnam Total Rating Alpha Fund S2 High Yield Bond Fund Return Fund AAA 10.90% - 7.74% AA 4.99% - 1.74% A 13.74% 0.25% 5.25% BAA 21.10% 1.83% 8.43% BA 10.65% 30.59% 6.58% B 6.36% 44.10% 7.94% CAA 6.09% 16.52% 0.28% CA 3.50% - - D - 0.52% - P-1* 22.00% - 59.47% P-2* 2.41% - - Not Rated (1.74)% 3.04% 2.57% Cash and other net assets - 3.15% - 100.00% 100.00% 100.00%

The table below outlines the credit ratings of each applicable Fund’s bond investments and exposure on derivatives: 31 December 2013 Putnam Global Fixed S&P/Moody’s Income Putnam Global Putnam Total Quality Breakdown Alpha Fund S2 High Yield Bond Fund Return Fund AAA 16.49% - 1.36% AA 0.38% - 0.11% A 3.06% 0.34% 1.74% BAA 15.81% 2.05% 4.89% BA 7.00% 26.07% 4.22% B 4.97% 40.85% 5.80% CAA 2.59% 23.35% 0.09% CA 3.82% - - D - 0.62% - Net Cash 45.20% 4.16% 81.79% Not Rated 0.68% 2.56% 0.00 100.00% 100.00% 100.00%

* Rated by Moody's. Moody's short-term ratings are opinions of the ability of issuers to honour short-term financial obligations. Ratings may be assigned to issuers, short-term programmes or to individual short-term debt instruments. Such obligations generally have an original maturity date not exceeding thirteen months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment ability of rated issuers: P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. P-2: Issuers (or supporting institutions) rated Prime-1 have a strong ability to repay short-term debt obligations. P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term debt obligations. NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. For Putnam Global Fixed Income Alpha Fund S2 and Putnam Total Return Fund, credit qualities are shown as a percentage of the Funds’ Net Asset Value as of 31 December 2014. A bond rated BAA or higher (Prime-3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody’s ratings; percentages may include bonds or derivatives not rated by Moody’s but rated by Standard & Poor’s (“S&P”) or, if unrated by S&P, by Fitch, and then included in the closest equivalent Moody’s rating. To-be-announced (“TBA”) mortgage commitments, if any, are included based on their issuer ratings. Ratings and portfolio credit quality will vary over time. Derivative instruments, including forward currency contracts, are only included to the extent of any unrealised gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. Derivative offset values are included in the not-rated category and may result in negative weights. The Funds themselves have not been rated by an independent rating agency. For Putnam Global High Yield Bond Fund, credit qualities are shown as a percentage of the Fund’s Net Asset Value as of 31 December 2014. A bond rated BAA or higher (Prime-3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody’s ratings; percentages may include bonds or derivatives not rated by Moody’s but rated by S&P or, if unrated by S&P, by Fitch, and then included in the closest equivalent Moody’s rating. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. The Fund itself has not been rated by an independent rating agency.

Putnam World Trust 147

Notes to the Financial Statements as at 31 December 2014 cont.

6. Taxation Under current law and practice Putnam World Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains. The Trust will be regarded as resident in Ireland for tax purposes if all of the trustees are resident in lreland and the Trust is not regarded as resident elsewhere. It is the intention of the Manager that the business of the Trust will be conducted in such a manner as to ensure that it is Irish Resident for tax purposes. Irish tax can arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Unitholders or any encashment, redemption, cancellation or transfer of Units and the holding of Units at the end of each eight year period beginning with the acquisition of such Units. No Irish tax will arise on the Trust in respect of “chargeable events” in respect of: a) a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 (of Ireland), as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross Payments in the absence of appropriate declarations; and b) certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory declarations. Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Trust or its Unitholders. The Trust intends to comply with any regulations issued by the Irish government to give effect to the Ireland/U.S. Intergovernmental Agreement ("IGA") (signed in December 2012) and to implement the terms of the U.S. Foreign Account Tax Compliance Act ("FATCA"). Under the IGA and any related Irish regulations, Irish financial institutions (as defined under the IGA) will be required to report annually to the Irish Revenue Commissioners (commencing in 2015) details of its U.S. account holders including the name, address and taxpayer identification number (TIN) and certain other details. The Trust was also required to amend its account on-boarding procedures with effect from 1 July 2014 in order to identify new U.S. account holders and report this information to the Irish Revenue. The Trust, in conjunction with assistance from its service providers where necessary, will endeavour to ensure that it satisfies any obligations imposed on it in relation to FATCA. Unitholders are encouraged to consult with their own tax advisors regarding the possible implications of FATCA on their interest in the Trust. 7. Fees The fees of the Manager, the Investment Advisor (if applicable), the Administrator and the Trustee are borne individually by each of the Funds. Trustee, Transfer Agent and Administrator Fee The Administrator, Trustee and Transfer Agent together shall each be entitled to receive out of the assets of each Fund annual fees, and those fees will generally not in total exceed 0.40% of the average Net Asset Value of each Fund calculated on the last Dealing Day of each month (plus VAT if any thereon). Please note that the foregoing fees, along with other operating expenses of certain of the Funds, are currently subject to an overall expense cap, as described in Note 10. The Trustee shall also be entitled to receive out of the assets of each Fund an annual safekeeping (custody) fee not to exceed 0.50% of the average Net Asset Value of each Fund. The Administrator and the Trustee shall also be entitled to be paid any transaction charges and expenses and any sub-custodian fees, which shall be at normal commercial rates. The Administrator shall also be entitled to an annual fee of US$10,000 out of the assets of the Trust for general administration services. This shall be apportioned pro rata among the Funds. The "Average Net Asset Value" shall refer to the average monthly Net Asset Value. Citibank Europe plc, the Transfer Agent, receives its fees out of the assets of the Trust. 8. Soft Commission Arrangements During the period there were soft dollar transactions in the Funds. Soft dollar transactions occurred when the Investment Advisor used certain investment research services which assisted in the management of the Funds’ portfolio investments, which were paid for by certain brokers. These services could include, for example, research and analysis of the relative merits of individual shares or markets. In return, the Investment Advisor placed a proportion of business with these brokers including transactions relating to the Funds’ investments. The Investment Advisor has satisfied itself that it obtained best execution on behalf of the Funds and that these arrangements were to the benefit of the Funds. 9. Master Agreements Each Fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements ("Master Agreements") that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery with certain counterparties 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. 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 Funds and the applicable counterparty. Collateral requirements are determined based on the Funds’ net position with each counterparty. With respect to ISDA Master Agreements, termination events applicable to the Funds may occur upon a decline in the Funds’ 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 Funds’ counterparties to elect early termination could impact the Funds’ future derivative activity.

148 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

9. Master Agreements cont. As of 31 December 2014, due to a decrease in the net asset value during the year for Putnam Total Return Fund and Putnam U.S. Large Cap Growth Fund, such counterparties were entitled to elect, but had not yet elected, to terminate early, and cause settlement of all outstanding derivative and foreign exchange contracts outstanding under the applicable Master Agreements, including the payments by the funds of any losses and costs resulting from such early termination, as reasonably determined by such counterparty. 10. Significant Agreements and Related Party Transactions Transactions with entities who have significant influence The Investment Advisor is paid by the Manager. Fees charged to the Funds by the Manager and the amount due at the period end are shown in the Profit and Loss Account and the Balance Sheet (as part of Expenses Payable), respectively. Management fees The Manager and the Investment Advisor are related parties under FRS 8 “Related Party Transactions”. The fees of the Manager, the Investment Advisor (if applicable), the Administrator and the Trustee are borne individually by each of the Funds. At 31 December 2014 the Manager was entitled to receive a fee out of the assets of each Fund at the annual rate below out of which the Manager will pay the Investment Advisor a fee for the investment advisory services provided by the Investment Advisor. Such fees shall accrue daily and be payable monthly in arrears.

Management fees as of 31 December 2014 (as a % of net assets) Unit Classes Retail Institutional Fund A B C M T E I S Y Putnam Asia Pacific (Ex-Japan) Equity Fund 1.50% 2.00% 1.75% 1.50% 1.50% 0.80% 0.80% 0.80% 0.80% Putnam Emerging Markets Equity Fund 1.75% 2.25% 2.00% 1.75% 1.75% 0.80% 0.80% 0.80% 0.80% Putnam Global Core Equity Fund 1.50% 2.00% 1.75% 1.50% 1.50% 0.80% 0.80% 0.80% 0.80% Putnam Global Fixed Income Alpha Fund S2 n/a n/a n/a n/a n/a 0.20%+ 0.20%+ 0.20%+ 0.20%+ Putnam Global High Yield Bond Fund 1.35% 1.85% 1.75% 1.35% 1.35% 0.65% 0.65% 0.65% 0.65% Putnam Total Return Fund 1.50% 2.00% 1.75% 1.50% 1.50% 0.80% 0.80% 0.80% 0.80% Putnam U.S. Large Cap Growth Fund 1.50% n/a n/a 1.50% n/a n/a n/a n/a n/a

+ A performance fee is payable out of those Funds marked with the symbol + above. The Manager has currently agreed to cap the non-management fee expenses at 0.30% for all Classes of Units of Putnam Asia Pacific (Ex-Japan) Equity Fund, Putnam Emerging Markets Equity Fund, Putnam Global Core Equity Fund and Putnam Total Return Fund and 0.20% for all Classes of Units of and Putnam Global Fixed Income Alpha Fund S2. The Manager may terminate these caps at any time. They are currently expected to continue through 30 June 2015 and may be extended at the Manager’s discretion. During the period/year/period ended 31 December 2014, 30 June 2014 and 31 December 2013 the Manager received the following fees:

Payable Payable To Manager Payable To Manager at 31 December To Manager at 31 December Fund 31 December 2014 30 June 2014 31 December 2013 2014 at 30 June 2014 2013 Putnam Asia Pacific (Ex-Japan) Equity Fund $25,838 $48,309 $23,615 $12,346 $16,966 $8,121 Putnam Emerging Markets Equity Fund $26,727 $50,591 $24,799 $12,769 $17,631 $8,516 Putnam Global Core Equity Fund $36,540 $70,856 $34,074 $17,458 $25,216 $11,892 Putnam Global Fixed Income Alpha Fund S2 £270,095 £662,430 £330,501 £174,177 £237,864 £123,534 Putnam Global High Yield Bond Fund $1,178,872 $1,813,828 $838,697 $575,991 $707,096 $263,647 Putnam Total Return Fund $1,926,181 $4,347,467 $2,348,615 $924,141 $1,347,605 $721,232 Putnam U.S. Large Cap Growth Fund $463,260 $869,735 $412,330 $225,722 $310,283 $145,023

The Manager or Investment Advisor may from time to time voluntarily undertake to waive fees and/or reimburse certain fund expenses. Any such waiver or reimbursement would be voluntary and may be modified or discontinued by the Manager or Investment Advisor at any time without notice.

Putnam World Trust 149

Notes to the Financial Statements as at 31 December 2014 cont.

10. Significant Agreements and Related Party Transactions cont. Management fees cont. During the period/year/period ended 31 December 2014, 30 June 2014 and 31 December 2013 the Manager waived and/or reimbursed the following management fees:

Receivable Receivable from Manager at Receivable from Manager at 31 December from Manager 31 December Fund 31 December 2014 30 June 2014 31 December 2013 2014 at 30 June 2014 2013 Putnam Asia Pacific (Ex-Japan) Equity Fund $34,179 $67,308 $37,550 $15,404 $17,145 $12,440 Putnam Emerging Markets Equity Fund $41,276 $86,307 $40,333 $23,533 $34,427 $16,270 Putnam Global Core Equity Fund $32,131 $70,269 $33,584 $17,573 $27,530 $13,352 Putnam Global Fixed Income Alpha Fund S2 £62,380 £2,923 £6,500 - - - Putnam Global High Yield Bond Fund ------Putnam Total Return Fund $42,855 - $1,180 $26,823 - $31 Putnam U.S. Large Cap Growth Fund ------

Performance fee+ The Manager will be entitled to receive a Performance Fee out of the assets of Putnam Global Fixed Income Alpha Fund S2 allocated to each Class of Unit a portion of which will be payable to the Investment Advisor. The Performance Fee will be calculated on a Unit-by-Unit basis so that each Unit is charged a Performance Fee which equates precisely with that Unit’s performance. The Performance Fee will be payable to the Manager for each Class of Unit at a rate equal to 20% of the “Excess Return” (as defined in the Prospectus) during the Calculation Period, if any, achieved by that Class. If the respective Class of Unit experiences no Excess Return, following payment of the Performance Fee in any previous period, the Manager will retain all Performance Fees previously paid for that Class of Units but no further Performance Fee will be charged until additional “Excess Return” is achieved by the relevant Class of Units. The calculation of the Performance Fee, if any, payable to the Manager in any period, shall be subject to the verification of the Trustee. The Performance Fee shall accrue on each Dealing Day and accordingly the Net Asset Value will be adjusted to reflect such fee. Notwithstanding the foregoing, any accrued Performance Fee referable to Units repurchased prior to the end of the relevant period shall be retained by the Manager following such repurchase. During the period/year/period ended 31 December 2014, 30 June 2014 and 31 December 2013 the following performance fees were earned:

Fund 31 December 2014 30 June 2014 31 December 2013 Putnam Global Fixed Income Alpha Fund S2 £312,001 £1,868,343 £467,045

The Benchmark gain of which the Excess Return is calculated is defined for each Class of Units of Putnam Global Fixed Income Alpha Fund S2 as the daily 6 month LIBOR return in the currency of that Class. Sub-investment advisor The Investment Advisor has entered into a sub-investment advisory agreement with Putnam Investments Limited, an affiliate of The Putnam Advisory Company, LLC. Putnam Investments Limited has its principal office at Cassini House, 57-59 St. James’s Street, London SW1A 1LD and is a company organised under the laws of England and Wales (the “Sub-investment advisor”). The Sub-investment advisor is licensed as an investment manager by the Financial Conduct Authority of the United Kingdom and is registered under the United States Investment Advisers Act of 1940, as amended. The Sub-investment advisor acted as sub-investment advisor for Putnam Global High Yield Bond Fund during the period. The fees of the Sub-investment advisor are being paid out of the fees of the Investment Advisor. Transactions with Trustee affiliate State Street Bank and Trust Company, an affiliate of the Trustee, is a major U.S. bank that may act as counterparty on securities trades for the Trust, subject to the Investment Advisor’s best execution policy. Any open over-the-counter derivatives transactions with State Street Bank and Trust Company at 31 December 2014 are listed in each Fund’s respective “Schedule of Investments”. Transactions with key management personnel Professional fees During the period, the Trust incurred a fee of US$34,715 relating to legal fees provided by Dillon Eustace (30 June 2014: US$47,386; 31 December 2013: US$13,761). David Dillon as a Director of the Manager had an interest in this fee in his capacity as a partner of Dillon Eustace. The Manager is not aware of any other transactions with connected persons during the period, other than those disclosed in these financial statements.

150 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

10. Significant Agreements and Related Party Transactions cont. Connected Party Transactions The Central Bank of Ireland UCITS Notices, UCITS 14.5 – ‘Dealings by promoter, manager, trustee, investment adviser and group companies’ states in paragraph one that any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or group companies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the unitholders. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in paragraph one of UCITS 14.5 are applied to all transactions with connected parties; and the Board is satisfied that transactions with connected parties entered into during the period complied with the obligations set out in this paragraph. Transactions with Other Related Parties At 31 December 2014 Putnam Investments (Ireland) Limited has greater than 5% ownership in the following unit classes:

Fund Unit Classes Putnam Asia Pacific (Ex-Japan) Equity Fund Classes B, C, I, M and T Putnam Emerging Markets Equity Fund Classes B, C, I, M and T Putnam Global Core Equity Fund Classes C, I, M and T

Significant Unitholders The following table details Funds in which Unitholders hold at least 20% of that Fund’s total Units in issue as of 31 December 2014:

Fund Number of Significant Unitholders Value of Holding % of Fund’s Net Assets Putnam Asia Pacific (Ex-Japan) Equity Fund One $ 4,994,343 98.34% Putnam Emerging Markets Equity Fund One $ 4,903,447 97.08% Putnam Global Core Equity Fund One $ 6,832,407 91.74% Putnam Global Fixed Income Alpha Fund S2 Two £ 231,300,379 88.31% Putnam Global High Yield Bond Fund One $ 134,892,225 41.83% Putnam Total Return Fund One $ 94,509,453 32.77% Putnam U.S. Large Cap Growth Fund One $ 59,172,288 99.85%

The following table details Funds in which Unitholders held at least 20% of that Fund’s total Units in issue as of 30 June 2014:

Fund Number of Significant Unitholders Value of Holding % of Fund’s Net Assets Putnam Asia Pacific (Ex-Japan) Equity Fund One $ 5,491,389 98.24% Putnam Emerging Markets Equity Fund One $ 5,348,140 96.62% Putnam Global Core Equity Fund One $ 7,246,775 91.89% Putnam Global Fixed Income Alpha Fund S2 Two £ 227,461,895 74.97% Putnam Global High Yield Bond Fund One $ 150,571,801 46.89% Putnam Total Return Fund One $ 111,082,026 33.50% Putnam U.S. Large Cap Growth Fund One $ 64,350,308 99.87%

The following table details Funds in which Unitholders held at least 20% of that Fund’s total Units in issue as of 31 December 2013:

Fund Number of Significant Unitholders Value of Holding % of Fund’s Net Assets Putnam Asia Pacific (Ex-Japan) Equity Fund One $ 5,119,326 98.67% Putnam Emerging Markets Equity Fund One $ 5,005,219 96.18% Putnam Global Core Equity Fund One $ 6,901,193 92.96% Putnam Global Fixed Income Alpha Fund S2 Two £ 257,016,868 77.50% Putnam Global High Yield Bond Fund One $ 52,801,083 36.73% Putnam Total Return Fund One $ 105,314,864 31.25% Putnam U.S. Large Cap Growth Fund One $ 60,859,103 100.00%

Putnam World Trust 151

Notes to the Financial Statements as at 31 December 2014 cont.

11. Efficient Portfolio Management Each Fund utilises Financial Derivative Instruments (“FDI”) for investment purposes and/or for efficient portfolio management purposes. In addition to the investments in FDI set down in the Prospectus and subject to the conditions and within the limits laid down by the Central Bank, each Fund may employ techniques and instruments relating to transferable securities and money market instruments for efficient portfolio management purposes. Transactions for the purposes of efficient portfolio management may be undertaken with a view to achieving a reduction in risk, a reduction in costs or an increase in capital or income returns to a Fund and may not be speculative in nature. These techniques and instruments may include investments in FDI. New techniques and instruments may be developed which may be suitable for use by a Fund and the Manager may employ such techniques and instruments. Techniques and instruments which relate to transferable securities and money market instruments and which are used for the purpose of efficient portfolio management, including FDI which are not used for direct investment purposes, shall be understood as a reference to techniques and instruments which fulfil the following criteria: (a) they are economically appropriate in that they are realised in a cost-effective way; (b) they are entered into for one or more of the following specific aims: (i) reduction of risk; (ii) reduction of cost; (iii) generation of additional capital or income for the Fund with a level of risk which is consistent with the risk profile of the Fund and the risk diversification rules set out in the UCITS Notices; (c) their risks are adequately captured by the risk management process of the Fund; and (d) they cannot result in a change to the Fund’s declared investment objectives or add supplementary risks in comparison to the general risk policy as described in the sales documents. Investment in FDI are subject to the conditions and limits laid down by the Central Bank. The revenues arising from efficient portfolio management techniques together with the direct and indirect operational costs and fees are not readily identifiable and therefore are not split out separately on the face of the Profit and Loss Accounts. None of the Putnam World Trust funds track an index. Set out below are details of the efficient portfolio management techniques and instruments currently used across the following Funds (which may change over time); Putnam Global Fixed Income Alpha Fund S2, Putnam Global High Yield Bond Fund, Putnam Total Return Fund and Putnam U.S. Large Cap Growth Fund. Repurchase Agreements: The Funds listed above entered into repurchase agreements, which are used as short-term cash management vehicles. The interest income earned on repurchase agreements is disclosed as part of interest income in the Profit and Loss Account. Repurchase agreements are secured by collateral, typically U.S. government or agency securities. It is the Fund’s policy that the Custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, a Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation. 12. Foreign Exchange The exchange rates ruling at 31 December 2014 were: The exchange rates ruling at 30 June 2014 were:

Currency Vs. USD Rate Vs. GBP Rate Currency Vs. USD Rate Vs. GBP Rate Australian Dollar 1.22489 1.90911 Australian Dollar 1.06050 1.81494 Brazilian Real 2.65820 4.14307 Brazilian Real 2.20950 3.78134 British Pound 0.64160 1.00000 British Pound 0.58432 1.00000 Canadian Dollar 1.16180 1.81078 Canadian Dollar 1.06705 1.82615 Chilean Peso 606.90000 945.91498 Chilean Peso 553.01500 946.42976 Chinese Yuan (offshore) 6.21630 9.68873 Chinese Yuan (offshore) 6.20650 10.62180 Chinese Yuan (onshore) 6.20400 9.66956 Chinese Yuan (onshore) 6.20500 10.61924 Czech Republic Koruna 22.89245 35.68020 Czech Republic Koruna 20.04380 34.30296 Danish Krone 6.15445 9.59233 Danish Krone 5.44485 9.31832 Egyptian Pound 7.15005 11.14408 Egyptian Pound 7.15005 12.23659 Euro 0.82641 1.28805 Euro 0.73030 1.24984 Hong Kong Dollar 7.75465 12.08641 Hong Kong Dollar 7.75040 13.26403 Hungarian Forint 261.58840 407.71196 Hungarian Forint 226.17760 387.08030 Indian Rupee 63.12250 98.38280 Indian Rupee 60.14500 102.93214 Indonesian Rupiah 12,385.00000 19,303.27415 Indonesian Rupiah 11,855.00000 20,288.64469

152 Putnam World Trust

Notes to the Financial Statements as at 31 December 2014 cont.

12. Foreign Exchange cont.

The exchange rates ruling at 31 December 2014 were: The exchange rates ruling at 30 June 2014 were:

Currency Vs. USD Rate Vs. GBP Rate Currency Vs. USD Rate Vs. GBP Rate Israeli Shekel 3.90050 6.07932 Israeli Shekel 3.43150 5.87267 Japanese Yen 119.78000 186.68924 Japanese Yen 101.30500 173.37336 Malaysian Ringgit 3.49650 5.44965 Malaysian Ringgit 3.21100 5.49530 Mexican Peso 14.75375 22.99521 Mexican Peso 12.97350 22.20285 New Zealand Dollar 1.28197 1.99808 New Zealand Dollar 1.14214 1.95466 Norwegian Krone 7.45300 11.61625 Norwegian Krone 6.13385 10.49747 Peruvian Nuevo Sol 2.9795 4.64385 Peruvian Nuevo Sol 2.79850 4.78935 Philippine Peso 44.73250 69.72012 Philippine Peso 43.65000 74.70260 Polish Zloty 3.54055 5.51830 Polish Zloty 3.03690 5.19735 Qatari Rial 3.64170 5.67596 Qatari Rial 3.64060 6.23052 Russian Rouble 60.75000 94.68501 Russian Rouble 33.97500 58.14481 Singapore Dollar 1.32465 2.06460 Singapore Dollar 1.24690 2.13394 South African Rand 11.56775 18.02951 South African Rand 10.63500 18.20074 South Korean Won 1,099.15000 1,713.13636 South Korean Won 1,011.80000 1,731.59432 Swedish Krona 7.79555 12.15015 Swedish Krona 6.68155 11.43480 Swiss Franc 0.99420 1.54956 Swiss Franc 0.88680 1.51767 Taiwan Dollar 31.60200 49.25491 Taiwan Dollar 29.85800 51.09898 Thailand Baht 32.90000 51.27797 Thailand Baht 32.45500 55.54348 Turkish Lira 2.33455 3.63863 Turkish Lira 2.11860 3.62577 United Arab Emirates Dirham 3.67305 5.72482 United Arab Emirates Dirham 3.67280 6.28563 US Dollar 1.00000 1.55860 US Dollar 1.00000 1.71140

The exchange rates ruling at 31 December 2013 were: The exchange rates ruling at 31 December 2013 were :

Currency Vs. USD Rate Vs. GBP Rate Currency Vs. USD Rate Vs. GBP Rate Australian Dollar 1.11995 1.85457 Mexican Peso 13.05650 21.62091 Brazilian Real 2.35925 3.90680 New Zealand Dollar 1.21595 2.01356 British Pound 0.60388 1.00000 Norwegian Krone 6.06530 10.04383 Canadian Dollar 1.06225 1.75903 Peruvian Nuevo Sol 2.79670 4.63120 Chinese Yuan (offshore) 6.05720 10.03042 Philippine Peso 44.38250 73.49520 Chinese Yuan (onshore) 6.05390 10.0250 Polish Zloty 3.02105 5.00271 Chilean Peso 525.45000 870.11888 Qatari Rial 3.64150 6.03014 Czech Republic Koruna 19.85935 32.88609 Russian Rouble 32.89100 54.46585 Danish Krone 5.42275 8.97980 Singapore Dollar 1.26195 2.08973 Egyptian Pound 6.94855 11.50645 South African Rand 10.49000 17.37091 Euro 0.72690 1.20371 South Korean Won 1,055.35000 1,747.60674 Hong Kong Dollar 7.75430 12.84073 Swedish Krona 6.43185 10.65082 Hungarian Forint 216.07910 357.81617 Swiss Franc 0.89205 1.47719 Indian Rupee 61.85500 102.42878 Taiwan Dollar 29.80350 49.35310 Indonesian Rupiah 12,170.00000 20,152.91041 Thailand Baht 32.86000 54.41451 Israeli Shekel 3.47200 5.74946 Turkish Lira 2.14900 3.55864 Japanese Yen 105.31000 174.38809 United Arab Emirates Dirham 3.67300 6.08230 Malaysian Ringgit 3.27550 5.42406 US Dollar 1.00000 1.65595

Putnam World Trust 153

Notes to the Financial Statements as at 31 December 2014 cont.

13. Significant Events during the Period Putnam Global Fixed Income Alpha Fund S1 terminated on 10 August 2014. The Fund's annual audited financial statements for the period 1 July 2013 to 10 August 2014 were prepared on a non-going concern basis and were presented separately to the annual financial statements of the Trust for the year ended 30 June 2014. Class E2 Units of Putnam Total Return Fund were authorised by the Central Bank of Ireland on 30 June 2014. 14. Subsequent Events There have been no significant events since the period end. 15. Availability of Portfolio Information Unitholders may obtain information about certain Funds’ portfolio holdings from time to time by contacting the Manager. Portfolio holdings information will only be provided for legitimate purposes as determined by the Manager, and will be subject to a reasonable delay intended to protect the Funds. Unitholders may also request information about each Fund's management team and other relevant information relating to the Trust. 16. Approval of the Financial Statements The Financial Statements were approved by the Directors of the Manager on 12 February 2015.

154 Putnam World Trust

Putnam Asia Pacific (Ex-Japan) Equity Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

No. of Shares Cost USD 13,000 China Mobile Limited 158,433 156,000 CTBC Financial Holding Company Limited 106,817 24,000 Taiwan Semiconductor Manufacturing Company Limited 99,479 68 Samsung Electronics Company Limited 84,173 900 Alibaba Group Holding Limited 81,036 97,000 China Construction Bank Corporation 75,091 66,000 King's Town Bank Company Limited 69,868 258 SK Telecom Company Limited 67,692 636 Cuckoo Electronics Company Limited 65,217 52,000 Advanced Semiconductor Engineering Incorporated 62,817 24,000 Chailease Holding Company Limited 62,804 1,000 Hyundai Engineering & Construction Company Limited 62,372 54,612 Affinity Education Group Limited 61,038 121,000 Bank of China Limited 60,763 18,000 BOC Hong Kong Holdings Limited 59,751 11,012 Insurance Australia Group Limited 57,724 1,054 China Biologic Products Incorporated 57,363 13,225 Western Areas Limited 56,348 71,000 Luye Pharma Group Limited 54,779 15,400 UMW Holdings Bhd 54,241

Largest Sales

No. of Shares Proceeds USD 636 Cuckoo Electronics Company Limited 114,377 22,000 Taiwan Semiconductor Manufacturing Company Limited 90,539 3,273 Australia & New Zealand Banking Group Limited 90,184 67,000 Advanced Semiconductor Engineering Incorporated 79,731 39,000 Pegatron Corporation 74,706 25,000 China Life Insurance Company Limited 74,190 5,000 Sun Hung Kai Properties Limited 71,784 452 Hyundai Motor Company 69,449 258 SK Telecom Company Limited 65,901 4,152 iShares MSCI Taiwan ETF 64,968 72,300 Bank Mandiri Persero Tbk PT 63,090 298 Hyundai Mobis Company Limited 62,851 120,000 China Water Affairs Group Limited 61,670 71,000 Luye Pharma Group Limited 61,572 215 LG Chem Limited 61,033 2,135 Westpac Banking Corporation 60,549 16,200 China Pacific Insurance Group Company Limited 60,159 4,656 Crown Resorts Limited 58,725 13,390 Radiant Opto-Electronics Corporation 56,743 4,141 Suncorp Group Limited 54,860

Putnam World Trust 155

Putnam Emerging Markets Equity Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

No. of Shares Cost USD 11,000 China Mobile Limited 134,270 130,000 CTBC Financial Holding Company Limited 88,980 67 Samsung Electronics Company Limited 84,009 20,000 Taiwan Semiconductor Manufacturing Company Limited 82,673 900 Alibaba Group Holding Limited 81,036 8,586 Tata Motors Limited 72,354 3,826 Sao Martinho SA 68,946 16,236 IRB Infrastructure Developers Limited 67,767 624 Cuckoo Electronics Company Limited 63,987 4,768 Genel Energy PLC 61,816 229 SK Telecom Company Limited 59,997 6,876 Mediclinic International Limited 59,918 8,797 Commercial International Bank Egypt SAE 58,424 48,000 Advanced Semiconductor Engineering Incorporated 57,988 22,000 Chailease Holding Company Limited 57,656 909 Hyundai Engineering & Construction Company Limited 56,741 70,000 Luye Pharma Group Limited 54,007 107,000 Bank of China Limited 53,501 49,000 King's Town Bank Company Limited 51,941 26,642 Abu Dhabi Commercial Bank PJSC 51,766

Largest Sales

No. of Shares Proceeds USD 624 Cuckoo Electronics Company Limited 112,219 4,735 MTN Group Limited 100,409 1,897 Lukoil OAO 83,446 25,000 China Life Insurance Company Limited 74,128 18,000 Taiwan Semiconductor Manufacturing Company Limited 73,955 4,049 Housing Development Finance Corporation Limited 69,768 1,624 Cia Brasileira de Distribuicao 68,785 57,000 Advanced Semiconductor Engineering Incorporated 67,536 412 Hyundai Motor Company 66,827 70,000 Luye Pharma Group Limited 60,705 9,125 Oil & Natural Gas Corporation Limited 59,009 11,095 Steinhoff International Holdings Limited 58,632 229 SK Telecom Company Limited 58,505 273 Hyundai Mobis Company Limited 57,570 4,402 Glenmark Pharmaceuticals Limited 56,698 561 Alibaba Group Holding Limited 56,199 64,400 Bank Mandiri Persero Tbk PT 56,197 13,226 FirstRand Limited 55,579 3,501 iShares MSCI Taiwan ETF 55,185 29,000 Pegatron Corporation 54,870

156 Putnam World Trust

Putnam Global Core Equity Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

No. of Shares Cost USD 1,146 Alibaba Group Holding Limited 104,434 1,565 Halliburton Company 78,910 12,019 Challenger Limited 77,421 211 Amazon.com Incorporated 69,411 241 SK Telecom Company Limited 66,037 2,948 Activision Blizzard Incorporated 64,168 901 Nestle SA 63,730 1,738 Hartford Financial Services Group Incorporated 62,069 1,290 Luxottica Group SpA 61,702 3,000 Yamaha Motor Company Limited 60,602 673 Exxon Mobil Corporation 59,854 1,400 Seven & I Holdings Company Limited 59,268 1,118 Assa Abloy AB 56,327 1,537 Exelon Corporation 55,318 2,481 Calpine Corporation 54,468 1,478 Vodafone Group PLC 48,417 500 Hershey Company 46,486 1,761 Kennedy-Wilson Holdings Incorporated 46,439 388 Union Pacific Corporation 45,161 459 Universal Health Services Incorporated 45,060

Largest Sales

No. of Shares Proceeds USD 1,146 Alibaba Group Holding Limited 103,995 1,000 SoftBank Corporation 76,812 10,238 UniCredit SpA 74,230 43,000 Inotera Memories Incorporated 70,924 1,754 Yahoo! Incorporated 70,352 923 Facebook Incorporated 69,311 1,385 Bristol-Myers Squibb Company 67,781 241 SK Telecom Company Limited 61,578 879 Lam Research Corporation 59,653 1,347 Electronic Arts Incorporated 58,973 3,200 Yamaha Motor Company Limited 55,651 1,540 Royal Dutch Shell PLC 55,023 2,900 Credit Saison Company Limited 54,854 473 Vertex Pharmaceuticals Incorporated 54,502 1,745 Carlyle Group LP 52,456 1,400 Seven & I Holdings Company Limited 50,929 235 Visa Incorporated 50,280 647 HeidelbergCement AG 48,703 232 Allergan Incorporated 48,585 506 Celgene Corporation 47,416

Putnam World Trust 157

Putnam Global Fixed Income Alpha Fund S2

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

Principal Amount USD Cost GBP 280,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 172,709,563 270,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 162,494,444 226,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 148,831,877 204,000,000 Government National Mortgage Association II (TBA) 4.00% 01/12/2099 135,142,989 198,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 125,242,687 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 120,344,400 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 119,087,266 188,000,000 Federal National Mortgage Association (TBA) 4.000% 01/12/2099 118,746,556 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 118,679,347 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/08/2099 117,667,678 184,000,000 Government National Mortgage Association II (TBA) 4.00% 01/12/2099 117,561,776 189,000,000 Federal National Mortgage Association (TBA) 3.50% 14/01/2045 116,721,233 180,000,000 Government National Mortgage Association II (TBA) 4.00% 20/12/2099 115,079,565 170,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 109,696,065 168,000,000 Government National Mortgage Association II (TBA) 3.50% 20/12/2099 103,993,858 176,000,000 Federal National Mortgage Association (TBA) 3.00% 01/12/2099 101,880,162 154,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 92,887,140 136,000,000 Government National Mortgage Association II (TBA) 3.50% 01/12/2099 87,052,158 136,000,000 Federal National Mortgage Association (TBA) 3.50% 01/10/2042 85,381,692 134,000,000 Federal National Mortgage Association (TBA) 3.00% 01/12/2099 78,970,494

Largest Sales

Principal Amount USD Proceeds GBP 274,000,000 Government National Mortgage Association II (TBA) 4.00% 01/12/2099 175,113,729 280,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 171,998,074 270,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 162,670,057 226,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 148,909,191 204,000,000 Government National Mortgage Association II (TBA) 4.00% 01/12/2099 135,203,393 204,000,000 Federal National Mortgage Association (TBA) 3.00% 14/01/2045 122,830,567 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 120,344,400 188,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 118,740,165 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 118,717,540 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 118,568,980 196,000,000 Federal National Mortgage Association (TBA) 3.50% 01/08/2099 117,667,678 180,000,000 Government National Mortgage Association II (TBA) 4.00% 20/12/2099 115,484,611 170,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 109,758,985 168,000,000 Government National Mortgage Association II (TBA) 3.50% 01/12/2099 103,468,854 176,000,000 Federal National Mortgage Association (TBA) 3.00% 01/12/2099 101,880,162 154,000,000 Federal National Mortgage Association (TBA) 3.50% 01/12/2099 92,887,140 136,000,000 Government National Mortgage Association II (TBA) 3.50% 01/12/2099 86,355,673 136,000,000 Federal National Mortgage Association (TBA) 3.50% 01/10/2042 85,347,465 133,000,000 Federal National Mortgage Association (TBA) 3.50% 14/01/2045 82,436,444 134,000,000 Federal National Mortgage Association (TBA) 3.00% 01/12/2099 78,937,181

158 Putnam World Trust

Putnam Global High Yield Bond Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

Principal Amount USD Cost USD 4,000,000 Sprint Communications Incorporated 6.00% 15/11/2022 3,940,000 1,760,000 Fiat Chrysler Finance Europe 6.75% 14/10/2019 2,647,689 1,500,000 Cerved Group SpA 8.00% 15/01/2021 2,266,602 1,500,000 Thomas Cook Finance PLC 7.75% 15/06/2020 2,238,841 1,615,000 Wind Acquisition Finance SA 4.00% 15/07/2020 2,145,318 1,610,000 Ally Financial Incorporated 8.00% 01/11/2031 2,018,084 1,805,000 Chrysler Group LLC 8.25% 15/06/2021 2,011,045 1,880,000 Credit Agricole SA 6.63% 31/12/2049 1,880,000 1,300,000 Altice SA 7.25% 15/05/2022 1,861,399 1,675,000 Sprint Corporation 7.25% 15/09/2021 1,823,913 1,755,000 Altice SA 7.75% 15/05/2022 1,801,244 1,675,000 Numericable SFR 6.00% 15/05/2022 1,705,250 1,500,000 Windstream Corporation 7.75% 01/10/2021 1,589,050 1,550,000 HCA Incorporated 3.75% 15/03/2019 1,557,078 1,490,000 T-Mobile USA Incorporated 6.13% 15/01/2022 1,555,244 1,310,000 First Data Corporation 11.75% 15/08/2021 1,513,013 1,440,000 Reynolds Group Issuer Incorporated 5.75% 15/10/2020 1,500,494 1,455,000 CIT Group Incorporated 5.00% 15/08/2022 1,482,819 1,243,000 AES Corporation 8.00% 01/06/2020 1,467,648 1,435,000 Calpine Corporation 5.75% 15/01/2025 1,436,075

Largest Sales

Principal Amount USD Proceeds USD 2,330,000 First Data Corporation 12.63% 15/01/2021 2,851,394 2,610,000 Sprint Corporation 7.25% 15/09/2021 2,753,550 1,470,000 Fiat Chrysler Finance Europe 6.75% 14/10/2019 2,281,381 1,145,000 Cerved Group SpA 8.00% 15/01/2021 1,632,124 1,435,000 Credit Agricole SA 6.63% 31/12/2049 1,427,619 695,000 Thomas Cook Group PLC 7.75% 22/06/2017 1,262,799 1,165,000 Sprint Corporation 7.88% 15/09/2023 1,234,900 695,000 DFS Furniture Holdings PLC 7.63% 15/08/2018 1,133,473 825,000 Schaeffler Finance BV 6.88% 15/08/2018 1,092,800 990,000 Burlington Coat Factory 10.00% 15/02/2019 1,090,485 910,000 Aguila 3 SA 7.88% 31/01/2018 1,022,169 685,000 Gestamp Funding Lux SA 5.88% 31/05/2020 1,003,773 975,000 Reynolds Group Issuer Incorporated 5.75% 15/10/2020 995,900 880,000 Athlon Holdings LP 7.38% 15/04/2021 963,600 700,000 Wind Acquisition Finance SA 4.00% 15/07/2020 959,325 860,000 Chaparral Energy Incorporated 9.88% 01/10/2020 956,750 850,000 Kinder Morgan Incorporated 7.00% 15/06/2017 952,000 915,000 Claires Stores Incorporated 8.88% 15/03/2019 908,131 830,000 Health Net Incorporated 6.38% 01/06/2017 900,031 610,000 Wind Acquisition Finance SA 12.25% 15/07/2017 885,844

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Putnam Total Return Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

Principal Amount USD Cost USD 16,000,000 Federal National Mortgage Association (TBA) 4.000% 01/12/2099 16,927,422 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/10/2041 16,892,344 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 16,855,469 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 16,831,250 15,000,000 Federal National Mortgage Association (TBA) 4.00% 14/01/2045 15,698,789 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,628,438 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,604,336 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,554,961 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,529,180 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,499,688 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,468,906 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 9,047,031 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/10/2041 9,031,719 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/09/2041 9,010,313 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 8,997,578 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,744,609 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,717,422 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/05/2041 6,695,859 6,000,000 Federal National Mortgage Association (TBA) 6.00% 14/01/2045 6,690,313 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,683,789

Largest Sales

Principal Amount USD Proceeds USD 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 16,953,086 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/10/2041 16,896,680 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 16,874,336 16,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 16,831,211 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,647,500 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,623,555 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,568,750 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,553,262 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,536,367 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,499,688 12,000,000 Federal National Mortgage Association (TBA) 4.00% 01/12/2099 12,418,906 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 9,047,031 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/10/2041 9,044,688 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/09/2041 9,010,313 8,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 8,997,578 7,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 7,724,375 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,756,094 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,717,422 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/05/2041 6,700,781 6,000,000 Federal National Mortgage Association (TBA) 6.00% 01/12/2099 6,698,203

160 Putnam World Trust

Putnam U.S. Large Cap Growth Fund

Schedule of Portfolio Changes for the period ended 31 December 2014

Largest Purchases

No. of Shares Cost USD 8,006 Alibaba Group Holding Limited 732,911 2,597 Actavis PLC 673,891 9,494 Medtronic Incorporated 633,382 8,324 Estee Lauder Companies Incorporated 618,952 8,954 Agilent Technologies Incorporated 507,308 17,836 Live Nation Entertainment Incorporated 415,516 6,258 SYNNEX Corporation 409,987 4,883 Pall Corporation 404,223 17,911 Activision Blizzard Incorporated 395,703 2,494 Charter Communications Incorporated 390,530 1,614 Precision Castparts Corporation 380,480 4,370 Time Warner Incorporated 368,045 6,102 Mylan Incorporated 348,167 6,047 Baker Hughes Incorporated 347,871 2,078 Cooper Companies Incorporated 341,678 2,562 Becton Dickinson and Company 339,427 7,532 PacWest Bancorp 326,302 23,984 Boston Scientific Corporation 321,444 11,015 Melco Crown Entertainment Limited 303,393 936 Biogen Idec Incorporated 300,372

Largest Sales

No. of Shares Proceeds USD 4,322 Allergan Incorporated 904,717 7,086 Apple Incorporated 761,443 7,046 Cubist Pharmaceuticals Incorporated 667,413 6,926 Philip Morris International Incorporated 589,536 11,830 Halliburton Company 499,704 13,878 Delta Air Lines Incorporated 494,383 7,776 St Jude Medical Incorporated 486,431 2,045 Visa Incorporated 458,744 4,216 United Technologies Corporation 450,749 8,369 Comcast Corporation 446,637 3,989 TRW Automotive Holdings Corporation 409,332 3,952 Gilead Sciences Incorporated 406,740 5,453 Baxter International Incorporated 396,282 4,413 Monster Beverage Corporation 381,980 1,614 Precision Castparts Corporation 355,905 5,607 Madison Square Garden Company 342,688 12,740 Tornier NV 340,266 5,713 Dollar General Corporation 339,781 8,180 Whole Foods Market Incorporated 324,454 6,462 Dow Chemical Company 319,685

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Important Information for Investors in Germany

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.

1. J.P. Morgan AG, Taunus Turm, Taunustor 1, 60310 Frankfurt am Main, Germany (physical/visiting address) has assumed the function of the Paying and Information Agent in the Federal Republic of Germany (“Paying Agent”). 2. Exchange requests for Units (which may be distributed in Germany) and redemption requests for the Units can be submitted to the Paying Agent. Upon request, the redemption proceeds, distributions or other payments, if any, to the Unitholders are paid via the Paying Agent. 3. The following documents can be obtained free of charge, in electronic format and/or hard copy at the offices of the Paying Agent; (a) Consolidated Prospectus; (b) Most recent Key Investor Information Documents; (c) Semi-Annual and Annual Reports; (d) Trust Deed pursuant to which the Trustee acts as trustee to the Trust and its Funds; (e) Investment Advisory Agreement dated 18 February, 2000, as novated and amended and as may be amended and restated from time to time, between the Manager and the Investment Advisor pursuant to which the Investment Advisor will manage the investment, realisation and re-investment of the assets of the Trust on a fully discretionary basis; (f) Administration Agreement dated 29 June, 2007, and as may be amended and restated from time to time, pursuant to which the Administrator will act as administrator to the Trust; (g) Transfer Agency Agreement dated 17 October, 2003 as amended and novated and as may be amended and restated from time to time, pursuant to which the Transfer Agent was appointed to act as transfer agent to the Trust; and (h) Distribution Agreement dated 28 November, 2000 and as may be amended and restated from time to time, between the Manager and Putnam Investments Limited, a corporation registered under the laws of England and Wales pursuant to which Putnam Investments Limited was appointed as Distributor; Further Unitholder information, if any, is available at the Paying Agent. 4. The Net Asset Value per Unit of each Fund, the purchase and redemption prices as well as the interim profit and the aggregate amount of income deemed to be received by the holder for the foreign investment units are available on any Business Day at the offices of the Paying Agent. 5. The purchase and redemption prices and the interim profit of each Fund shall be published on www.putnam.com/ucits. Further information for investors, if any, shall be sent to Uniholders by way of letters.

In the following cases, in addition to the provision of the information to investors in Germany by way of letters, the information will also be published on www.putnam.com/ucits: (a) any suspension of the redemption of an investment undertaking’s units; (b) any termination of an investment undertaking’s management or the liquidation of an investment undertaking; (c) amendments to the Fund rules that are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or the reimbursement of expenses that may be taken out of the investment undertaking’s assets, including the reasons for the amendments and the rights of investors, the information must be communicated in an easily understandable form and manner and must indicate where and how further information may be obtained; (d) the merger of investment undertakings in the form of information on the proposed merger, which must be drawn up in accordance with Article 43 of Directive 2009/65/EC; and (e) the conversion of an investment undertaking into a feeder fund or any change to a master fund in the form of information, which must be drawn up in accordance with Article 64 of Directive 2009/65/EC.

162 Putnam World Trust

Organisation

Manager: Legal Advisors: Putnam Investments (Ireland) Limited® Dillon Eustace 33 Sir John Rogerson's Quay Registered Office of the Manager: Dublin 2 Citibank Europe plc Ireland 1 North Wall Quay Dublin 1 Representative and Paying Agent in Switzerland*: Ireland BNP Paribas Securities Services, Paris Succursale de Zurich Directors of the Manager: Selnaustrasse 16 David Dillon (Ireland) (Non-Executive Director) CH-8002 Zurich F. Peter Ferrelli (U.S.) Switzerland Susan G. Malloy (U.S.) Keith E. Thomas (U.K.) Paying and Information Agent in Austria: Stephen J. Tate (U.S.) Erste Bank der Oesterreichischen Sparkassen AG Wyndham Williams (Ireland) (Independent non-Executive Director) Graben 21 A-1010 Wien Investment Advisor: Austria The Putnam Advisory Company, LLC One Post Office Square Paying and Information Agent in Germany*: Boston, Massachusetts 02109 J.P. Morgan AG United States of America Taunus Turm Taunustor 1 Custodian and Trustee: 60310 Frankfurt am Main State Street Custodial Services (Ireland) Limited Germany 78 Sir John Rogerson’s Quay Dublin 2 Paying and Information Agent in Sweden: Ireland SKANDINAVISKA ENSKILDA BANKEN AB SEB Merchant Banking Administrator: Securities Services State Street Fund Services (Ireland) Limited Global Funds, RA6 78 Sir John Rogerson’s Quay Rissenleden 110 Dublin 2 SE-106 40 Stockholm Ireland Sweden

Transfer Agent: Representative in Denmark: Citibank Europe plc Nordea Bank Danmark A/S 1 North Wall Quay Strandgade 3 Dublin 1 DK-0900 Copenhagen C Ireland Denmark

Independent Auditors: PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland

* The management regulations, the Prospectus, the Key Investor Information Documents, the unaudited semi-annual reports, as well as the audited annual reports, can be obtained free of charge from the paying agent and information office in Germany and from the Representative and Paying Agent in Switzerland. A copy of the list of changes in the portfolio during the reference period may be obtained free of charge at the custodian or paying agents, at the paying and information agent in Germany, and at the Representative and Paying Agent in Switzerland.

Putnam World Trust 163

Putnam Investments (Ireland) Limited® Putnam Investments Limited® Putnam Investments Limited® 1 North Wall Quay Cassini House Niederlassung Deutschland Dublin 1 57-59 St. James’s Street Siemensstrasse 8 Ireland London SW1A1LD D-63263 Neu-Isenburg

Authorised and regulated United Kingdom Germany by the Central Bank of Ireland. Tel: +44 (0)20-7907-8200 Tel: +49 (0)6102 56059-0

Authorised and regulated For activities carried out in Germany, by the Financial Conduct Authority. the German branch of Putnam Investments Limited is also subject to limited regulatory supervision by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).

www.putnam.com/ucits

This website is not intended for use by investors in certain jurisdictions. Please refer to the Prospectus.

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